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Global medical device maker specializing in cardiovascular (structural heart, electrophysiology), endoscopy and urology devices.
Global medical device maker specializing in cardiovascular (structural heart, electrophysiology), endoscopy and urology devices.
Sells single-use devices used in each procedure, through its own sales force and clinical staff who train physicians, so revenue follows procedure volume. Hospitals buy under negotiated purchasing contracts. Growth has come partly from bought technology, such as the Farapulse ablation system acquired in 2021, rather than only internal development.
Moat: wide (IP / patents, switching costs, installed base). Leading positions in structural heart (Watchman) and electrophysiology with strong physician training lock-in.
Headquarters: Marlborough, Massachusetts, USA · Founded: 1979 · Employees: 59,000
Size Boston Scientific (BSX) is a United States Health Care company (Medical Specialties) with a market value of $62.0B, the 213th largest of 3,117 United States companies the cockpit tracks. Shares closed at $42.75 on 6 Nov 2026.
Performance Over six months the shares fell 20.7%, against +28.3% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 8.9% over the last twelve months (peer median +8.2%); the operating margin is 21.4% (peer median 21.8%).
Valuation It trades at 13.8× forward earnings against a peer median of 26.7× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.1 points above its cost of capital (7.5% WACC).
Credit Boston Scientific has 8 bonds outstanding ($4.57B), rated A- by the agencies and trading like A+ at a weighted spread of 64 bp.
Short interest Short interest is 2.8% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $21.1B | $20.1B | $16.7B | $14.2B | $12.7B |
| Revenue growth | — | +20% | +18% | +12% | — |
| Gross profit | $13.8B | $13.1B | $10.3B | $8.83B | $7.71B |
| EBITDA | $5.95B | $5.44B | $3.90B | $3.38B | $2.96B |
| Net income | $3.50B | $2.90B | $1.85B | $1.59B | $698M |
| Free cash flow | $3.33B | $3.66B | $2.65B | $1.79B | $938M |
| Capital expenditure | $903M | $876M | $790M | $711M | $588M |
| Total debt | $12.0B | $12.0B | $11.2B | $9.49B | $9.28B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Boston Scientific BSX | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
| Abbott Laboratories ABT | $190B | +30% | +10% | 14% | 18.8× | 5.6% |
| Edwards Lifesciences EW | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BSX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.7% | +14.3% | 4th lowest of 21 |
| 6-month return | -20.7% | +28.3% | 2nd lowest of 21 |
| Distance from 52-week high | -59.5% | -9.5% | lowest of 21 |
| Revenue growth (TTM) | +8.9% | +8.2% | 10th highest of 21 |
| Operating margin | 21.4% | 21.8% | 11th highest of 21 |
| Forward P/E | 13.8× | 26.7× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 5.0% | 17.2% | 4th least demanding of 21 |
| Growth delivered (Del g) | +15.2% | +8.3% | 2nd highest of 21 |
| Hurdle (Req g minus delivered) | -10.2 pp | +5.8 pp | least demanding of 21 |
| ROIC minus cost of capital | +2.1 pp | +5.0 pp | 9th lowest of 21 |
| EV / EBITDA | 12.3× | 19.5× | 2nd cheapest of 20 |
| Net debt / EBITDA | 1.9× | 1.6× | 8th most indebted of 20 |
| Bond spread | 64 bp | 69 bp | 4th tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Boston Scientific BSX | United States | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% | +15.2% |
| Edwards Lifesciences EW | United States | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% | +6.7% |
| Becton Dickinson BDX | United States | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% | +6.3% |
| Siemens Healthineers SHL.DE | Germany | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% | +10.1% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| EssilorLuxottica EL.PA | France | $101B | +12% | +8% | 12% | 26.6× | 19.4% | +14.6% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| Stryker SYK | United States | $124B | +14% | +8% | 25% | 20.4× | 10.6% | +11.8% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| Medtronic MDT | United States | $130B | +35% | +10% | 20% | 16.9× | 8.6% | +3.8% |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
Boston Scientific has 8 bonds outstanding with $4.57B face value. The agencies rate it A-; its bonds trade like A+. Weighted yield 5.01%, a spread of 64 bp over government bonds.