Latest Ratios: P/E Ratio 23.0x · EV/EBITDA 14.4x · ROE 12.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $66.3B | $142.5B | $132.7B | $84.6B | $66.6B | $60.9B | $50.9B | $63.8B | $49.5B | $34.5B | $29.8B |
| Enterprise Value | $76.7B | $152.9B | $143.5B | $93.2B | $75.0B | $68.4B | $58.7B | $73.8B | $56.4B | $39.9B | $35.1B |
| P/E Ratio → | 23.00 | 49.15 | 71.46 | 53.89 | 103.77 | 61.83 | — | 13.57 | 29.70 | 331.86 | 86.52 |
| P/S Ratio | 3.30 | 7.10 | 7.93 | 5.94 | 5.25 | 5.12 | 5.14 | 5.94 | 5.04 | 3.82 | 3.55 |
| P/B Ratio | 2.72 | 5.82 | 6.03 | 4.33 | 3.79 | 3.66 | 3.32 | 4.60 | 5.68 | 4.92 | 4.42 |
| P/FCF | 18.13 | 38.96 | 50.18 | 49.68 | 72.88 | 46.28 | 44.99 | 46.39 | — | 31.19 | 49.98 |
| P/OCF | 14.63 | 31.43 | 38.64 | 33.80 | 43.65 | 32.57 | 33.77 | 34.74 | 159.76 | 24.21 | 30.65 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.62 | 8.57 | 6.55 | 5.91 | 5.76 | 5.93 | 6.88 | 5.74 | 4.41 | 4.18 |
| EV / EBITDA | 14.36 | 28.63 | 36.75 | 27.61 | 25.33 | 22.70 | 34.09 | 27.13 | 21.44 | 16.85 | 17.10 |
| EV / EBIT | 19.31 | 40.94 | 53.75 | 41.31 | 46.71 | 48.02 | 150.99 | 61.54 | 33.36 | 34.32 | 85.35 |
| EV / FCF | — | 41.79 | 54.24 | 54.75 | 82.02 | 52.00 | 51.89 | 53.71 | — | 36.06 | 58.85 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.0% | 69.0% | 61.3% | 62.0% | 60.8% | 62.8% | 56.2% | 64.1% | 65.9% | 64.9% | 63.7% |
| Operating Margin | 19.8% | 19.8% | 15.7% | 15.3% | 14.4% | 16.2% | 6.1% | 15.9% | 17.7% | 16.9% | 14.7% |
| Net Profit Margin | 14.4% | 14.4% | 11.1% | 11.2% | 5.5% | 8.7% | -0.8% | 43.8% | 17.0% | 1.1% | 4.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.4% | 12.4% | 8.9% | 8.6% | 4.1% | 6.5% | -0.6% | 41.6% | 21.2% | 1.5% | 5.3% |
| ROA | 6.9% | 6.9% | 5.0% | 4.7% | 2.2% | 3.3% | -0.3% | 18.2% | 8.3% | 0.6% | 1.9% |
| ROIC | 8.8% | 8.8% | 6.5% | 6.0% | 5.5% | 6.1% | 1.9% | 6.5% | 9.3% | 9.4% | 7.8% |
| ROCE | 11.1% | 11.1% | 8.3% | 7.4% | 6.4% | 7.0% | 2.3% | 8.3% | 11.9% | 10.9% | 8.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.51 | 0.51 | 0.51 | 0.49 | 0.53 | 0.57 | 0.62 | 0.74 | 0.81 | 0.80 | 0.81 |
| Debt / EBITDA | 2.33 | 2.33 | 2.86 | 2.81 | 3.14 | 3.13 | 5.54 | 3.78 | 2.67 | 2.35 | 2.67 |
| Net Debt / Equity | — | 0.42 | 0.49 | 0.44 | 0.48 | 0.45 | 0.51 | 0.72 | 0.79 | 0.77 | 0.79 |
| Net Debt / EBITDA | 1.94 | 1.94 | 2.75 | 2.55 | 2.82 | 2.50 | 4.53 | 3.70 | 2.62 | 2.28 | 2.58 |
| Debt / FCF | — | 2.84 | 4.06 | 5.07 | 9.14 | 5.72 | 6.89 | 7.32 | — | 4.87 | 8.87 |
| Interest Coverage | 10.70 | 10.70 | 6.90 | 8.30 | 3.46 | 4.08 | 0.83 | 2.34 | 6.29 | 5.06 | 1.76 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.62 | 1.62 | 1.08 | 1.32 | 1.51 | 1.48 | 1.82 | 0.97 | 0.76 | 0.68 | 0.90 |
| Quick Ratio | 1.08 | 1.08 | 0.64 | 0.82 | 1.02 | 1.10 | 1.45 | 0.64 | 0.54 | 0.49 | 0.64 |
| Cash Ratio | 0.38 | 0.38 | 0.06 | 0.18 | 0.24 | 0.45 | 0.47 | 0.04 | 0.03 | 0.03 | 0.05 |
| Asset Turnover | — | 0.46 | 0.43 | 0.41 | 0.39 | 0.37 | 0.32 | 0.35 | 0.47 | 0.48 | 0.46 |
| Inventory Turnover | 2.11 | 2.11 | 2.31 | 2.18 | 2.66 | 2.75 | 3.21 | 2.44 | 2.87 | 2.95 | 3.19 |
| Days Sales Outstanding | — | 53.20 | 55.75 | 57.11 | 56.70 | 54.59 | 56.37 | 62.15 | 59.75 | 62.45 | 64.07 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 0.0% | 0.1% | 0.1% | 0.1% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 2.0% | 1.4% | 1.9% | 1.0% | 1.6% | — | 7.4% | 3.4% | 0.3% | 1.2% |
| FCF Yield | 5.5% | 2.6% | 2.0% | 2.0% | 1.4% | 2.2% | 2.2% | 2.2% | — | 3.2% | 2.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.1% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $1.5B | $1.5B | $1.5B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BSX stock.
Boston Scientific Corporation's current P/E ratio is 23.0x. The historical average is 49.5x. This places it at the 18th percentile of its historical range.
Boston Scientific Corporation's current EV/EBITDA is 14.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.1x.
Boston Scientific Corporation's return on equity (ROE) is 12.4%. The historical average is 4.1%.
Based on historical data, Boston Scientific Corporation is trading at a P/E of 23.0x. This is at the 18th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Boston Scientific Corporation has 69.0% gross margin and 19.8% operating margin. Operating margin between 10-20% is typical for established companies.
Boston Scientific Corporation's Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Working capital volatility and goodwill concentration
Metrics are mathematically derived from official filings.
Premium Valuation Reflects Growth Expectations
Boston Scientific trades at a forward P/E of 14.62 and EV/EBITDA of 10.57, a significant discount to its trailing multiples, suggesting the market is pricing in substantial earnings growth ahead, as indicated by the company's recent financial statements.
The forward multiples are notably lower than the trailing figures, implying analysts expect a sharp acceleration in profitability. Compared to peers like Stryker (forward P/E ~25) and Edwards Lifesciences (forward P/E ~35), BSX appears attractively priced on a growth-adjusted basis. However, the premium over Medtronic (forward P/E ~16) and Zimmer Biomet (forward P/E ~12) indicates the market is rewarding BSX's superior growth trajectory and margin expansion.
Margin Expansion Drives Earning Power
Operating margin has expanded from 16.7% in 2024Q1 to 21.6% in 2026Q2, demonstrating significant operating leverage as revenue scales, according to the company's quarterly financial data.
The improvement in operating margin is the primary driver of enhanced profitability, outpacing the expansion in gross margin. This suggests effective control over operating expenses relative to revenue growth. Net margin has been more volatile due to non-operating items, making operating margin the more reliable indicator of core business earning power. The current operating margin is now well above the peer average, indicating a potential structural advantage in cost management.
ROIC Trend Shows Compounding Potential
Return on Invested Capital has improved from 1.7% in 2024Q1 to 2.4% in 2026Q2, indicating the company is beginning to generate better returns on the capital deployed for its acquisition-driven growth strategy, based on reported financial figures.
While the absolute ROIC level remains modest, the upward trend is encouraging and suggests the integration of acquired assets is starting to yield returns. The improvement is primarily driven by expanding operating margins rather than a significant increase in asset turnover, which has remained stable. For a company with 41% of its assets in goodwill, this trend is critical to monitor; a sustained rise would validate the acquisition strategy, while stagnation would raise concerns about capital allocation efficiency.
Working Capital Cycle Extends, Tying Up Cash
The cash conversion cycle has lengthened to 164 days in 2026Q2 from 141 days in 2024Q4, primarily driven by a significant increase in days inventory outstanding to 181 days, as reported in the company's financial statements.
The extension of the CCC is a notable headwind to cash conversion, as it indicates capital is tied up in inventory for longer periods. This may reflect strategic inventory builds to support growth or potential integration challenges from recent acquisitions. While the company has maintained strong free cash flow margins, this working capital trend warrants monitoring, as a further deterioration could pressure liquidity without corresponding revenue growth.
Leverage Stable, Coverage Comfortable
Boston Scientific maintains a debt-to-equity ratio of 0.50 and an interest coverage ratio of 12.04x in 2026Q2, indicating a stable leverage profile and comfortable ability to service debt from operating earnings, according to recent SEC filings.
The leverage ratio has remained remarkably consistent around 0.50 over the past ten quarters, suggesting a deliberate capital structure target. The interest coverage ratio has improved significantly from 5.20x in 2024Q4, driven by the expansion in operating income. This provides a substantial cushion and indicates that debt service is not a near-term concern, even as the company pursues an aggressive acquisition strategy.
The Misleading Power of the P/E Ratio
The trailing P/E of 24.90 is the most commonly misapplied ratio for Boston Scientific, as it obscures the significant earnings growth trajectory implied by the forward P/E of 14.62 and the company's recent margin expansion.
For a high-growth industrial company like BSX, the trailing P/E is a poor valuation metric because it is based on historical earnings that do not reflect the current operating leverage and improved profitability. The forward P/E and EV/EBITDA multiples are far more relevant, as they incorporate the expected earnings power from the company's scaled operations and recent acquisitions. Investors relying solely on the trailing P/E may misjudge the company's valuation relative to its growth prospects.