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Leading maker of devices and masks for treating sleep apnea and other respiratory conditions, plus digital health care-coordination software.
Leading maker of devices and masks for treating sleep apnea and other respiratory conditions, plus digital health care-coordination software.
Sells mainly through home medical equipment suppliers that set patients up and are reimbursed by insurers and government programs, so reimbursement rules matter. Masks and accessories need regular replacement, producing repeat sales on top of the one-time device. It also owns care-management software businesses such as Brightree and MatrixCare.
Moat: wide (installed base, switching costs, brand). Large installed device/mask base plus connected-care software creates recurring, sticky revenue.
Headquarters: San Diego, California, USA · Founded: 1989 · Employees: 11,370
Size ResMed (RMD) is a United States Health Care company (Medical Specialties) with a market value of $33.1B, the 336th largest of 3,117 United States companies the cockpit tracks. Shares closed at $235.30 on 6 Nov 2026.
Performance Over six months the shares gained 14.1%, against +28.7% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 9.0% over the last twelve months (peer median +7.7%); the operating margin is 33.9% (peer median 20.1%).
Valuation It trades at 19.1× forward earnings against a peer median of 27.0× (3rd cheapest of 20).
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 +12%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.2 points above its cost of capital (8.6% WACC).
Backlog Backlog (remaining performance obligations) was $386M at 30 Sep 2026 — 0.1 years of trailing revenue. Backlog detail →
Short interest Short interest is 8.5% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $5.73B | $5.65B | $5.15B | $4.69B | $4.22B |
| Revenue growth | — | +10% | +10% | +11% | — |
| Gross profit | $3.47B | $3.41B | $3.01B | $2.61B | $2.31B |
| EBITDA | $2.18B | $2.17B | $1.92B | $1.60B | $1.35B |
| Net income | $1.59B | $1.52B | $1.40B | $1.02B | $898M |
| Free cash flow | $1.61B | $1.65B | $1.66B | $1.30B | $574M |
| Capital expenditure | $183M | $177M | $101M | $115M | $134M |
| Total debt | $611M | $826M | $852M | $874M | $1.58B |
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 |
|---|---|---|---|---|---|---|
| ResMed RMD | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% |
| Koninklijke Philips PHIA.AS | $29.8B | +24% | -1% | 10% | 16.5× | 5.7% |
| Inspire Medical Systems INSP | $1.85B | +45% | 0% | 2% | 45.4× | 30.9% |
| Draegerwerk AG & Co. KGaA DRW8.DE | $1.89B | +17% | +5% | 7% | 9.4× | -12.6% |
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 | RMD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.8% | +11.8% | 5th lowest of 21 |
| 6-month return | +14.1% | +28.7% | 4th lowest of 21 |
| Distance from 52-week high | -14.8% | -7.6% | 6th lowest of 21 |
| Revenue growth (TTM) | +9.0% | +7.7% | 9th highest of 21 |
| Operating margin | 33.9% | 20.1% | highest of 21 |
| Forward P/E | 19.1× | 27.0× | 3rd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 4.9% | 17.1% | 4th least demanding of 20 |
| Growth delivered (Del g) | +12.1% | +8.7% | 5th highest of 20 |
| Hurdle (Req g minus delivered) | -7.2 pp | +6.8 pp | 2nd least demanding of 20 |
| ROIC minus cost of capital | +19.2 pp | +4.1 pp | 6th highest of 21 |
| EV / EBITDA | 15.0× | 22.2× | 4th cheapest of 19 |
| Net debt / EBITDA | -0.2× | 1.0× | 3rd least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| 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% |
| Steris STE | United States | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% | +13.8% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Terumo 4543.T | Japan | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% | +13.0% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Straumann STMN.SW | Switzerland | $20.4B | +25% | +2% | 21% | 31.9× | 15.2% | +12.8% |
| Sonova SOON.SW | Switzerland | $20.3B | +62% | -7% | 21% | 25.6× | 7.1% | +6.7% |
| Guardant Health GH | United States | $20.2B | +58% | +43% | -40% | n/a | n/a | n/a |
| Zimmer Biomet ZBH | United States | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% | +3.2% |
| Sartorius SRT.DE | Germany | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% | +8.7% |
ResMed reported $386M of remaining performance obligations at 30 Sep 2026. That is 0.1 years of trailing revenue already under contract.