Operational efficiency remains high, evidenced by a 2026Q3 OCF/NI ratio of 1.39 and a disciplined CapEx/Revenue ratio that consistently stays below 3.2%.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | 1.89B | 1.75B | 1.4B | 693.3M | 351.15M | 736.72M | 802.25M | 459.05M | 505.03M | 414.05M | 547.93M | 383.18M | 391.27M | 402.82M | 383.16M | 283.19M | 188.21M | 238.88M | 137.84M | 91.11M | 99.03M | 71.08M | 76.54M | 59.28M | 35.64M | 29.52M | 20.27M | 18.2M | 6.8M | 9.5M | 3.5M |
| Operating CF Margin % | - | 34.04% | 29.91% | 16.42% | 9.81% | 23.05% | 27.13% | 17.61% | 21.58% | 20.03% | 29.8% | 22.82% | 25.16% | 26.6% | 28% | 22.78% | 17.23% | 25.94% | 16.5% | 12.72% | 16.31% | 16.7% | 22.56% | 21.67% | 17.46% | 19.03% | 17.54% | 20.54% | 10.23% | 19.31% | 10.12% |
| Operating CF Growth % | 68.74% | 25% | 102.11% | 97.44% | -52.34% | -8.17% | 74.76% | -9.1% | 21.97% | -24.43% | 43% | -2.07% | -2.87% | 5.13% | 35.3% | 50.46% | -21.21% | 73.31% | 51.29% | -8% | 39.32% | -7.14% | 29.11% | 66.34% | 20.73% | 45.6% | 11.4% | 167.65% | -28.42% | 171.43% | 400% |
| Net Income | 1.52B | 1.4B | 1.02B | 897.56M | 779.44M | 474.5M | 621.67M | 404.59M | 315.59M | 342.28M | 352.41M | 352.89M | 345.27M | 307.13M | 254.85M | 226.99M | 190.09M | 146.45M | 110.3M | 66.3M | 88.21M | 64.78M | 57.28M | 45.73M | 37.51M | 11.63M | 22.23M | 16.1M | 10.6M | 7.5M | 4.5M |
| Depreciation & Amortization | 263.32M | 235.81M | 216.21M | 197.56M | 193.84M | 191.52M | 181.37M | 150.79M | 119.96M | 112.16M | 86.85M | 73.06M | 73.45M | 78.28M | 85.86M | 10.15M | 61.56M | 53.96M | 59.48M | 48.14M | 41.62M | 29.13M | 17.87M | 12.58M | 9.97M | 8.45M | 6.25M | 4.6M | 3.7M | 2.6M | 1.3M |
| Stock-Based Compensation | 101.64M | 91.66M | 80.18M | 71.14M | 65.26M | 63.93M | 57.56M | 52.07M | 48.41M | 45.92M | 46.41M | 47.85M | 43.46M | 38.16M | 30.59M | 30.81M | 29.73M | 25.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 216K | 0 | -3.31M | 39.58M | 28.93M | 11.59M | 1.96M | 3.56M | -25.67M | -22.59M | 0 | -12.62M | -11.15M | 3.32M | -26.66M | 8.88M | -18.9M | -11.91M | -8M | 1.26M | 2M | -6.15M | -2.31M | 77K | 500K | 400K | -1M | 0 |
| Other Non-Cash Items | -4.23M | 6.66M | 39.13M | -11.05M | 20.69M | 8.67M | -7K | -286K | 411K | 1.62M | -2.99M | -132K | -6.28M | -11.57M | -21.5M | 49.91M | -17.01M | 16.48M | 22.16M | 5.56M | 22.15M | 11.4M | 4.66M | 758K | 2.49M | 21.17M | 126K | 100K | 100K | -300K | -800K |
| Working Capital Changes | 9.67M | 16.74M | 44.78M | -462.13M | -708.08M | 1.41M | -97.92M | -177.05M | 9.06M | -89.88M | 61.69M | -64.82M | -42.05M | -9.17M | 45.99M | -23.51M | -79.48M | 23.13M | -64.88M | -69.69M | -41.03M | -26.24M | -4.53M | -1.79M | -8.18M | -9.42M | -11.43M | -3.4M | -9.1M | 700K | -1.5M |
| Change in Receivables | -64.78M | -76.68M | -134.28M | -106.51M | 19.35M | -129.19M | 54.38M | -18.01M | -32.36M | -63.6M | -27.31M | -28.26M | -35.11M | -37.27M | -20.29M | -30.8M | -24.74M | -32.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -8.19M | -80.17M | 172.2M | -248.83M | -311.68M | -21.95M | -69.88M | -84.19M | 1.49M | -41.6M | 30.49M | -99.52M | -15.85M | 27.14M | 18.81M | 11.39M | -32.27M | -16.14M | 9.61M | -30.47M | -25.04M | -22.56M | -6.72M | -2.99M | -7.06M | -8.13M | -6.03M | -2.9M | -2.4M | -300K | 300K |
| Change in Payables | 0 | 90.96M | 0 | 31.34M | -247.63M | 210.71M | -23.42M | -27.28M | 200.65M | 34.58M | 46.38M | 85.81M | 3.1M | 29.63M | 72.8M | -1.09B | -695.14M | -512.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -295.26M | -200.04M | -269.78M | -1.16B | -229.92M | -158.46M | -179.86M | -1.08B | -101.82M | -81.89M | -1.13B | -143.07M | -94.99M | -78M | -101.61M | -76.51M | -58.31M | -109.3M | -37.85M | -105.42M | -119.87M | -86.78M | -66.84M | -11.88M | 13.54M | -144.55M | -18.52M | -24.9M | 300K | -5.3M | -6.3M |
| Capital Expenditures | -138.94M | -89.86M | -99.46M | -134M | -156.04M | -116.83M | -105.94M | -77.34M | -71.46M | -71.48M | -67.83M | -71.94M | -81.16M | -71.78M | -61.11M | -75M | -61.64M | -114.22M | -75.78M | -77.56M | -102.75M | -39.69M | -57.25M | -25.64M | -28.18M | -27.46M | -16.17M | -22.5M | -11.8M | -4M | -1.5M |
| CapEx % of Revenue | 2.51% | 1.75% | 2.12% | 3.17% | 4.36% | 3.65% | 3.58% | 2.97% | 3.05% | 3.46% | 3.69% | 4.29% | 5.22% | 4.74% | 4.47% | 6.03% | 5.64% | 12.41% | 9.07% | 10.83% | 16.93% | 9.33% | 16.87% | 9.37% | 13.81% | 17.7% | 13.98% | 25.39% | 17.74% | 8.13% | 4.34% |
| Acquisitions | -163.98M | -139.25M | -133.46M | -1.01B | -42.78M | -39.07M | -27.91M | -951.38M | -902K | -7.27M | -1.04B | -28.47M | -3.85M | -5.42M | -53.32M | -22.45M | -10.66M | -2.39M | -856K | -1.91M | -10.53M | -54.42M | -184K | -300K | -13.87M | -55.07M | -576K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 35.96M | 35.48M | -15.4M | 15.2M | -17.18M | 19.22M | -10.61M | -8.63M | 8.97M | 3.32M | -468K | -937K | -18.41M | -9M | 0 | 7.94M | 17.27M | 9.34M | 23.83M | -4.38M | -4.21M | -2.82M | -2.36M | -1.56M | 12.79M | -516K | -961K | -500K | -400K | -500K | -7.3M |
| Cash from Financing | -907.75M | -606.25M | -1.12B | 422.87M | -128.36M | -764.63M | -317.29M | 580.64M | -1.03B | -262.87M | 612.58M | -255.79M | -297.32M | -153.93M | -177.1M | -79.34M | -61.13M | 1.87M | -63.76M | 38.1M | 97.77M | 25.2M | 1.31M | -16.34M | -21.17M | 139.03M | 6.38M | 1.9M | 800K | 300K | 5M |
| Debt Issued (Net) | -10M | -40M | -730M | 665M | 122M | -522M | -94.01M | 807.49M | -796.24M | -95M | 856.31M | -1.54M | -2.2M | 49.78M | 144.4M | -25.16M | -38.44M | 41.7M | 7.36M | -10.47M | 53.63M | -3.26M | 0 | -9.22M | -23.07M | 131.08M | 0 | -200K | -200K | -300K | 0 |
| Equity Issued (Net) | -524.7M | -225.59M | -96.92M | 49.14M | 47.38M | 37.79M | 48.18M | 13.88M | -69.19M | 38.32M | -74.36M | -160.3M | -168.81M | -117.02M | -330.25M | -68.69M | -35.86M | -43.7M | -74.93M | 36.17M | 34.39M | 28.46M | 1.31M | 5.49M | 1.91M | 7.94M | 6.38M | 2.1M | 1M | 200K | 5M |
| Dividends Paid | -340.16M | -310.88M | -282.32M | -258.28M | -245.34M | -226.71M | -225.09M | -211.71M | -199.5M | -186.35M | -168.13M | -157.26M | -141.52M | -97.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -600.04M | -300.02M | -150.01M | 0 | 0 | 0 | 0 | -22.84M | -53.8M | 0 | -102.06M | -160.3M | -202.17M | -186.26M | -392.74M | -163.34M | -131.08M | -68.59M | -96.56M | -2.09M | 0 | -10.97M | -19.03M | -3.54M | -7.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -32.89M | -29.79M | -10.05M | -32.99M | -52.41M | -53.71M | -46.36M | -29.01M | 38.23M | -19.84M | -1.23M | 63.31M | 15.22M | 10.52M | 8.75M | 14.51M | 13.17M | 3.87M | 3.81M | 12.4M | 9.75M | 0 | 0 | -12.61M | 0 | 0 | 0 | 0 | 0 | 100K | 0 |
| Net Change in Cash | 727.8M | 971.09M | 10.47M | -45.82M | -21.57M | -167.88M | 316.03M | -41.57M | -633.23M | 90.5M | 14.19M | -188.48M | 29.68M | 66.51M | 74.27M | 246.49M | 73.13M | 94.57M | 63.29M | 38.25M | 77.36M | 13.28M | 14.42M | 41.63M | 32.72M | 21.89M | 7.14M | -4.4M | 6.4M | 4M | 2.3M |
| Free Cash Flow | 1.75B | 1.66B | 1.29B | 559.3M | 195.11M | 619.89M | 696.32M | 381.71M | 433.57M | 342.58M | 480.1M | 311.24M | 310.11M | 331.04M | 322.05M | 208.19M | 126.57M | 124.66M | 62.06M | 13.55M | -3.72M | 31.39M | 19.3M | 33.65M | 7.46M | 2.06M | 4.11M | -4.3M | -5M | 5.5M | 2M |
| FCF Margin % | 31.68% | 32.29% | 27.46% | 13.24% | 5.45% | 19.39% | 23.55% | 14.64% | 18.53% | 16.58% | 26.11% | 18.54% | 19.94% | 21.86% | 23.53% | 16.75% | 11.59% | 13.54% | 7.43% | 1.89% | -0.61% | 7.38% | 5.69% | 12.3% | 3.65% | 1.33% | 3.55% | -4.85% | -7.52% | 11.18% | 5.78% |
| FCF Growth % | 12.14% | 29.18% | 130% | 186.66% | -68.53% | -10.98% | 82.42% | -11.96% | 26.56% | -28.65% | 54.26% | 0.36% | -6.32% | 2.79% | 54.69% | 64.49% | 1.54% | 100.88% | 357.99% | 464.15% | -111.85% | 62.67% | -42.66% | 351.36% | 261.72% | -49.82% | 195.51% | 14% | -190.91% | 175% | 281.82% |
| FCF per Share | 11.93 | 11.28 | 8.72 | 3.79 | 1.33 | 4.23 | 4.78 | 2.64 | 3.01 | 2.40 | 3.39 | 2.18 | 2.15 | 2.26 | 2.16 | 1.32 | 0.82 | 0.81 | 0.39 | 0.09 | -0.02 | 0.21 | 0.14 | 0.24 | 0.05 | 0.02 | 0.03 | -0.03 | -0.04 | 0.05 | 0.02 |
| FCF Conversion (FCF/Net Income) | 1.15x | 1.25x | 1.37x | 0.77x | 0.45x | 1.55x | 1.29x | 1.13x | 1.60x | 1.21x | 1.55x | 1.09x | 1.13x | 1.31x | 1.50x | 1.25x | 0.99x | 1.63x | 1.25x | 1.37x | 1.12x | 1.10x | 1.34x | 1.30x | 0.95x | 2.54x | 0.91x | 1.13x | 0.64x | 1.27x | 0.78x |
| Interest Paid | 13.76M | 28.41M | 45.71M | 47.38M | 22.31M | 23.99M | 40.38M | 36.16M | 28.36M | 28.24M | 11.21M | 5.78M | 6.13M | 6.39M | 4.79M | 1.76M | 2.67M | 5.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -135.96M | 214.01M | 278.4M | 216.87M | 478.12M | 221.36M | 180.36M | 242.86M | 170.65M | 92.9M | 68.97M | 48.53M | 90.18M | 85.72M | 55.21M | 85.1M | 96.67M | 16.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Competitive Re-entry and Reimbursement
Based on reported financial data, ResMed consistently demonstrates high-quality earnings, with the OCF/NI ratio frequently exceeding 1.30, as seen in the 2026Q3 figure of 1.39, indicating that the company's accounting profits are well-supported by actual cash inflows from its core medical device and software operations.
The consistent ability to generate operating cash flow in excess of net income suggests that non-cash charges and accruals are managed conservatively. This divergence highlights a robust underlying business model where earnings are not reliant on aggressive revenue recognition or accounting estimates.
As evidenced by quarterly cash flow statements, ResMed maintains a strong free cash flow trajectory, with margins peaking at 43.0% in 2025Q3, which underscores the company's ability to convert its high-margin revenue streams into significant liquidity despite periodic fluctuations in working capital requirements.
The volatility in FCF margins appears largely tied to working capital swings rather than structural deterioration in profitability. Investors should note that even in lower-margin quarters, the company maintains positive free cash flow, providing a buffer against potential competitive pricing pressures.
According to historical cash flow filings, ResMed maintains a low capital intensity, with CapEx/Revenue ratios consistently hovering between 1.5% and 3.2%, suggesting that the firm's digital-first strategy requires minimal physical asset replacement compared to traditional, hardware-heavy medical device manufacturers in the same industry.
This low capital requirement allows the company to direct excess cash toward strategic acquisitions and shareholder returns without compromising its core manufacturing capabilities. The stability of these expenditures indicates that the company is not currently facing a need for massive, lumpy infrastructure investments.
Analysis of recent quarterly statements reveals that working capital changes are a primary driver of cash flow variability, with a notable $142.3 million outflow in 2026Q2 contrasting with a $117.0 million inflow in 2026Q3, reflecting the cyclical nature of inventory and receivables management.
These fluctuations suggest that the company's cash position is sensitive to the timing of HME distributor orders and inventory stocking cycles. While these swings are typical for the industry, they warrant monitoring to ensure that they do not signal a buildup of obsolete inventory or delayed collections.
Based on the provided financial statements, ResMed utilizes its robust cash generation to fund a consistent dividend and share repurchase program, with $175.0 million allocated to buybacks in 2026Q3, demonstrating a clear commitment to returning capital to shareholders while maintaining a fortress balance sheet.
The combination of steady dividend payments and opportunistic share repurchases suggests management's confidence in the long-term sustainability of its cash flows. This disciplined approach to capital allocation provides a defensive floor for the stock, particularly in periods of broader market uncertainty.
Quick answers to the most common questions about buying RMD stock.
ResMed Inc. (RMD) generated $1.75B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ResMed Inc. (RMD) generated $1.66B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ResMed Inc. (RMD) spent $89.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, ResMed Inc. (RMD) returned $310.9M to shareholders via cash dividends and spent $300.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.