BSX
BOSTON SCIENTIFIC CORP
Healthcare • CIK: 0000885725
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Market Cap
$141.16B
P/E (TTM)
48.4x
Rev Growth (TTM)
+19.9%
Net Margin (TTM)
14.4%
FCF Yield (TTM)
2.6%
FCF Margin (TTM)
18.2%
Filing Intelligence
4.0/10
10-K filed Feb 17, 2026 • FY
Executive Summary
The company faces significant legal risks with limited insurance coverage for key liabilities like product liability and environmental claims.. Reorganization of operating segments in Q4 2025 with no...
Key Concerns
- ●Large increases in goodwill and intangible assets due to recent acquisitions.
- ●The company faces significant legal risks with limited insurance coverage for key liabilities like product liability and environmental...
- ●Adverse outcomes in ongoing litigation could materially impact the company's financial position, operations, and liquidity.
Key Strengths
- ●Management characterizes liquidity as strong, with sufficient cash and credit facilities to cover operational needs and planned...
- ●The company is actively pursuing strategic growth through significant acquisitions, including Nalu Medical and Penumbra, Inc., with the...
- ●While reporting strong commercial execution, management expresses caution regarding macroeconomic uncertainties such as inflation, interest...
Cash Flow Health
Free Cash Flow7/8 positive
TTM$3.7B
Q4 '25
$1.0B-13%
Q3 '25
$1.2B+3%
FCF Margin
TTM18.2%
Q4 '2519.2%-16%
Sector: 0.0%Top 10%
OCF Margin22.6%
OCF/NI1.56x
CapEx Coverage5.2x
FCF Yield2.6%
FCF Growth (2Y)+57%
Cash Conversion Cycle
110 days
DSO: 0+DIO: 169−DPO: 59
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$3.7B
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
10.3%
Stable
+0.0% YoY+5.3%
P25MedianP75
75th pctl (med: -0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
15.4%
8Q: 14.2%
Asset Turnover
0.48x
8Q: 0.47x
Leverage (1+D/E)
1.47x
D/E: 0.47x
DuPont: 11.0% ≈ 10.3% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
6.37x
8Q:5.59x
+151.7%
Invested Cap Turn
0.73x
8Q:0.64x
+20.2%
CapEx Intensity
3.2%
8Q:2.7%
CapEx/Depreciation
0.64x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $20.1B | $5.3B↑4.4% | $5.1B↑0.1% | $5.1B↑8.5% | $4.7B↑2.2% | $4.6B↑8.4% | $4.2B↑2.2% | $4.1B↑6.8% | $3.9B |
Operating Income | $3.6B | $825.0M↓21.3% | $1.0B↑28.0% | $819.0M↓11.1% | $921.0M↑36.4% | $675.0M↓7.9% | $733.0M↑41.0% | $520.0M↓23.0% | $675.0M |
Net Income | $2.9B | $672.0M↓11.0% | $755.0M↓5.3% | $797.0M↑18.2% | $674.0M↑19.3% | $565.0M↑20.5% | $469.0M↑44.8% | $324.0M↓34.5% | $495.0M |
Operating Cash Flow | $4.5B | $1.4B↑1.6% | $1.3B↑4.4% | $1.3B↑137.7% | $541.0M↓62.8% | $1.5B↑45.3% | $1.0B↑23.2% | $813.0M↑395.7% | $164.0M |
Free Cash Flow | $3.7B | $1.0B↓12.8% | $1.2B↑2.9% | $1.1B↑218.9% | $354.0M↓70.0% | $1.2B↑43.3% | $823.0M↑25.1% | $658.0M↑4486.7% | $-15.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
48.4x
Volatile
8Q: 213.3x-7974%
Valuation Lenses
Earnings
48.4x
vs – sector
Cash Flow
41.0x
EV/FCF vs –
Growth-Adj
0.9xPEG
Undervalued for growth
Quality-Adj
4.7P/E per %ROIC
ROIC: 10.3%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$141.16B
EV$150.01B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
78/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
12.7%
8Q:–
Return on Invested Capital (ROIC)Top 25%
10.3%
8Q:–
+5.3%
vs Sector:-0.0%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 15.4%
Asset Turnover: 0.48x
Earnings Quality
Cash Conversion
1.56x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin69.0%
Capital Efficiency
Invested Capital Turnover0.73x
Working Capital
Cash Conversion Cycle110 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
19.9%
OpInc Growth YoY
22.2%
EPS Growth YoY
55.2%
FCF 3Y CAGR
57.4%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 7.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
69.0%
Operating
18.0%
Top 25% in sector
Net
14.4%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+3.8 pts
FCF: 18.2% | Net: 14.4%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $9.29B
Interest Coverage
–
Balance sheet risk & solvency analysis