Latest Ratios: P/E Ratio 17.8x · EV/EBITDA 13.4x · 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 | $63.5B | $142.5B | $132.7B | $84.6B | $66.6B | $60.9B | $50.9B | $63.8B | $49.5B | $34.5B | $29.8B |
| Enterprise Value | $73.9B | $152.9B | $143.5B | $93.2B | $75.0B | $68.4B | $58.7B | $73.8B | $56.4B | $39.9B | $35.1B |
| P/E Ratio → | 17.79 | 49.15 | 71.46 | 53.89 | 103.77 | 61.83 | — | 13.57 | 29.70 | 331.86 | 86.52 |
| P/S Ratio | 3.02 | 7.10 | 7.93 | 5.94 | 5.25 | 5.12 | 5.14 | 5.94 | 5.04 | 3.82 | 3.55 |
| P/B Ratio | 2.61 | 5.82 | 6.03 | 4.33 | 3.79 | 3.66 | 3.32 | 4.60 | 5.68 | 4.92 | 4.42 |
| P/FCF | 19.08 | 38.96 | 50.18 | 49.68 | 72.88 | 46.28 | 44.99 | 46.39 | — | 31.19 | 49.98 |
| P/OCF | 14.01 | 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 | 13.42 | 28.63 | 36.75 | 27.61 | 25.33 | 22.70 | 34.07 | 27.12 | 21.44 | 16.85 | 17.10 |
| EV / EBIT | 18.61 | 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 | 5.53 | 3.77 | 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 | 3.69 | 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 | 5.6% | 2.0% | 1.4% | 1.9% | 1.0% | 1.6% | — | 7.4% | 3.4% | 0.3% | 1.2% |
| FCF Yield | 5.2% | 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
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Quick answers to the most common questions about buying BSX stock.
Boston Scientific Corporation's current P/E ratio is 17.8x. The historical average is 49.5x. This places it at the 12th percentile of its historical range.
Boston Scientific Corporation's current EV/EBITDA is 13.4x. 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 17.8x. This is at the 12th 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
Acquisition-dependent growth model
Metrics are mathematically derived from official filings.
Premium Multiples Pricing Forward Recovery
BSX trades at 22.0x trailing earnings and 13.5x forward earnings, a compression of roughly 39% that, based on reported figures, implies the market expects a sharp rebound in earnings power after the recent slowdown.
The gap between trailing P/E of 22.04 and forward P/E of 13.52 is wide enough to suggest that consensus earnings expectations are pricing in a substantial earnings recovery rather than a continuation of recent trends. Against the peer set, BSX screens below Edwards Lifesciences at 55.8x and Stryker at 38.8x on trailing earnings, but above Medtronic at 27.3x on a forward-adjusted basis, which indicates a relative premium that the market attributes to its procedural franchise rather than to current growth. Investors should monitor whether forward estimates hold, since the valuation case depends heavily on the earnings step-up rather than on the present quarter's reported profitability.
Margins Holding Above Peer Median Levels
Operating margin of 19.1% in 2026Q3 and a 66.7% gross margin, as reported in the latest quarterly filings, sit above Medtronic and Zimmer Biomet, suggesting durable pricing power despite recent volatility.
Operating margin has ranged from 12.9% to 22.8% over the ten quarters, and the swing is wider than the stability typically associated with large-cap device franchises, which points to sensitivity in operating costs relative to revenue. The net margin of 11.2% in the latest quarter is considerably lower than the 25.7% reported in 2026Q1, a divergence that appears driven by below-the-line items rather than core operations and warrants reconciliation before earning power is estimated. On a normalized basis, the operating margin is the more reliable indicator of earning power, and it suggests the business remains structurally profitable even as reported net income proves noisy.
Debt Burden Modest Against Coverage Trend
Debt-to-equity of 0.46 and debt-to-EBITDA of 12.2x in 2026Q3, based on reported figures, indicate that while leverage on equity is contained, the EBITDA-based debt burden has risen notably from 5.2x in 2024Q4.
Interest coverage has compressed from 12.0x in 2026Q2 to 9.8x in 2026Q3, and the debt-to-EBITDA multiple has swung between 5.2x and 12.2x across the period, meaning the debt service picture is less comfortable on a cash-earnings basis than the low book leverage figure would suggest. The appearance of stable total debt near $11B to $12.6B alongside a rising EBITDA-based ratio suggests recent earnings softness rather than new borrowing is the primary driver. Investors should monitor whether coverage continues to decline, as further compression would narrow the margin for funding acquisitions from operating cash.
Working Capital Cycle Lengthening Modestly
Cash conversion cycle has moved from 141 days in 2024Q4 to 165 days in 2026Q3, according to reported quarterly figures, driven primarily by a rising inventory holding period that appears to signal slower device throughput.
Days inventory outstanding climbed from 135 to 176 over the ten quarters, while days payable outstanding has stayed in a relatively tight band, meaning the lengthening cycle is mainly an inventory-side phenomenon rather than a supplier-financing shift. Asset turnover has held near 0.11 to 0.12, indicating the asset base is growing in step with revenue and not generating meaningfully more sales per dollar of assets. The inventory build may reflect consignment dynamics at hospitals, which would be consistent with the earlier caution around end-user demand, though the reported data alone does not confirm the cause.
Misapplied Trailing P/E Obscures Earnings Quality
Trailing P/E of 22.0x may be the most misapplied metric for BSX, since reported EPS swung from $0.90 to $0.40 across recent quarters, as reported in financial statements, making a single-period earnings base unreliable.
Because BSX's reported net income is distorted by acquisition amortization, contingent consideration remeasurements, and volatile below-the-line items, trailing P/E conflates accounting noise with operating earning power. EV/EBITDA of 13.8x or an adjusted free-cash-flow yield may give a steadier read, though EBITDA itself is sensitive to the same acquisition-related items. Analysts should monitor normalized earnings, excluding amortization and one-time items, before drawing conclusions about relative valuation.