NYSE: BSX · Health Care Equipment
Boston Scientific Corporation
Boston Scientific makes minimally invasive medical devices in two segments. Cardiovascular includes the FARAPULSE pulsed field ablation system for atrial fibrillation, the WATCHMAN left atrial appendage closure device, stents and vascular devices, and cardiac rhythm management. MedSurg includes endoscopy, urology and neuromodulation. 2025 net sales rose 19.9% to $20.1 billion, driven by Electrophysiology (up 75% to $3.3 billion) and WATCHMAN (up 29% to $2.0 billion), and net income rose to $2.9 billion. In January 2026 it agreed to buy Penumbra for about $14.5 billion. On August 25, 2026, a cybersecurity incident disrupted its global operations; the company said it was unlikely to meet its 2026 guidance.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 17, 2026
Built on10-K FY2025 · filed 2026-02-1710-Q (quarter ended 2026-09-30) · filed 2026-11-02
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 15.2%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 18.0%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -0.1 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 1.9x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.57x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 19.3x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.79
Higher than 82% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 48% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 30% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 52% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 53% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$45.51close on 2026-11-04
Market cap$67.49B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 19.3x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.8x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 15.5x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 5.4%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 49.2x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 5.8x
Book value at FY2025 year-end
At FY2025 year-end: 30.3x
EBITDA for FY2025
At FY2025 year-end: 2.6%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$5.07B → $5.14B (vs. a year earlier)↑ +1.4%$5.07B → $5.14B (vs. a year earlier)
- Operating margin20.7% → 16.1% (vs. a year earlier)↓ −4.6 pts20.7% → 16.1% (vs. a year earlier)
- Net income$755M → $580M (vs. a year earlier)↓ −23.2%$755M → $580M (vs. a year earlier)
- Diluted EPS$0.51 → $0.40 (vs. a year earlier)↓ −21.6%$0.51 → $0.40 (vs. a year earlier)
- Cash$539M → $609M (vs. previous quarter-end)↑ +13.0%$539M → $609M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 28, 2026.
Management outlook • Issued
Estimates Q4 net sales to decline about 1.0%–3.0% from a year earlier. Source sentence
The company estimates net sales to decline in the fourth quarter of 2026, versus the prior year period, by approximately (3.0) to (1.0) percent on a reported and organic basis.
Key changes
Q3 net sales $5.138B, up 1.5%. Source sentence
Reported net sales of $5.138 billion, representing an increase of 1.5 percent on a reported, operational and organic basis, all compared to the prior year period.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- BOSTON SCIENTIFIC CORP
- Headquarters
- MARLBOROUGH, MA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: BSX
- Industry
- Health Care Equipment
- CIK
- 885725
Workforce (as of FY2025 year-end)
Employees
59,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 31–36 days after quarter end (Feb 4, 2026; Feb 5, 2025; Jan 31, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–36 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 28, 2026 (+28 days) | Nov 2, 2026 10-Q (+33 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Aug 3, 2026 10-Q (+34 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 22, 2026 (+22 days) | May 1, 2026 10-Q (+31 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 17, 2026 10-K (+48 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 22, 2025 (+22 days) | Nov 3, 2025 10-Q (+34 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 23, 2025 (+23 days) | Aug 1, 2025 10-Q (+32 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 23, 2025 (+23 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 5, 2025 (+36 days) | Feb 18, 2025 10-K (+49 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 23, 2024 (+23 days) | Nov 1, 2024 10-Q (+32 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 24, 2024 (+24 days) | Aug 1, 2024 10-Q (+32 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 24, 2024 (+24 days) | May 1, 2024 10-Q (+31 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 31, 2024 (+31 days) | Feb 20, 2024 10-K (+51 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Cardiovascular
FARAPULSE / Electrophysiology
Examples: Pulsed field ablation, OPAL HDx mapping
$3.33B in 2025.
Cardiovascular
WATCHMAN
Examples: Left atrial appendage closure
$1.96B in 2025; the leading device in percutaneous LAAC globally.
Cardiovascular
Interventional Cardiology & Vascular Therapies
Examples: Stents, balloons, thrombectomy
$4.64B.
Cardiovascular
Cardiac Rhythm Management
Examples: ICDs, CRT-Ds, pacemakers
$2.33B.
MedSurg
Endoscopy, Urology, Neuromodulation
Examples: GI devices, stone management, spinal cord stimulators
$6.82B combined.
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
WATCHMAN left atrial appendage closure (LAAC) device
Percutaneous LAAC worldwide
U.S. share
—
Not disclosedWorldwide share
Leading device
Company-disclosedThe 10-K calls WATCHMAN "the leading device in percutaneous LAAC globally"; no percentage is given.
Sources:
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from the Q2 earnings release and 8-Ks.
Cybersecurity incident
Identified August 25, 2026; global disruption to operations; 2026 guidance unlikely to be met.
Source: 8-Ks filed 2026-08-26 and 2026-09-08
Q2 2026 results
Net sales $5.44B (+7.5%), EPS $0.61.
Source: Q2 2026 earnings release (8-K filed 2026-07-29)
Penumbra acquisition
Agreed January 15, 2026 at $374 per share (about $14.5B), expected to close in 2026.
Source: Form 10-K (FY2025); Rule 425 filings
Restructuring and leadership
2026 Restructuring Plan approved July 21; Joe Fitzgerald to become COO on January 1, 2027.
Source: 8-Ks filed 2026-07-27 and 2026-10-07
Capex ÷ D&A (FY2025)
0.64x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$876M ÷ $1,368M = 0.64x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
10.2%
formularesearch & development expense ÷ revenue × 100
e.g.$2,052M ÷ $20,074M × 100 = 10.2%
M&A spend (6-year total)
$11.85B
Latest year: $1.59B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $376M in FY2020 to $876M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$20.07B
As reported in the 10-K
Revenue CAGR (5 years)
+15.2%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($20,074M ÷ $9,913M) ^ (1÷5) − 1 = 15.2%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
18.0%▲favorable
+18.8pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$3,613M ÷ $20,074M × 100 = 18.0%
ROE (FY2025)
12.6%▲favorable
6-year average: 6.7%
As reported in the 10-K
P/B (FY2025 end)
5.84x
formulafiscal year-end closing price ÷ book value per share
e.g.$95.35 ÷ $16.34 = 5.84x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
30.3x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($141,404M + $11,436M − $1,965M) ÷ ($3,613M + $1,368M) = 30.3x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +15.2% a year over 5 years (strong growth)
From $9.91B in FY2020 to $20.07B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -0.8% → 18.0%
How much operating profit is left per $100 of revenue. It moved +18.8 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 55.5% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 6.7% over 6 years (latest: 12.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Cardiovascular
Device development and clinical trials- Manufacturing and sterilization
MedSurg
Selling minimally invasive tools and implants
06 · what it draws on
Key resources
Cardiovascular
About 59,000 employees, 60% outside the U.S.- R&D ($2.05B company-wide in 2025)
MedSurg
Device development and manufacturing
02 · why customers buy
Value propositions
- Less invasive medical devices (e.g. FARAPULSE ablation, WATCHMAN) that Boston Scientific believes generate favorable clinical outcomes, value and cost efficiency.
04 · how it keeps them
Customer relationships
- Physician education, including remote education, and digital tools for patient engagement.
03 · how it reaches them
Channels
- Own direct sales force to hospitals and physicians; distributors and dealers in some countries.
01 · who it serves
Customer segments
Cardiovascular
Hospitals, electrophysiologists and cardiologistsMedSurg
Hospitals, gastroenterologists, urologists, neurologists
09 · where money goes
Cost structure
FY2025, share of revenue ($20.07B)
- Cost of revenue31.0%
- Research & development10.2%
- Selling, general & administrative34.3%
- Other operating costs6.5%
Operating profit left: 18.0% of revenue. Depreciation & amortization (inside the costs above): $1.37B. Capital spending: $876M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Cardiovascular
Device and system salesMedSurg
Device sales
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Cardiovascular
Electrophysiology (FARAPULSE pulsed field ablation, mapping), WATCHMAN, interventional cardiology and vascular therapies, cardiac rhythm management, and interventional oncology and embolization.
01 what it draws on
Inputs & resources
- About 59,000 employees, 60% outside the U.S.
- R&D ($2.05B company-wide in 2025)
02 what it does
Activities
- Device development and clinical trials
- Manufacturing and sterilization
- Physician training
03 who it serves
Customers
- Hospitals, electrophysiologists and cardiologists
04 how money comes in
How it earns
- Device and system sales
Cardiovascular: how it makes money
- 2025 net sales $13.25B (+23.2%), segment operating income $4.30B (32.4%).
- Electrophysiology $3.33B (vs. $1.90B in 2024); FARAPULSE is now the predominant part of that business.
MedSurg
Endoscopy (gastrointestinal and pancreaticobiliary devices), Urology and Neuromodulation (pain and brain).
01 what it draws on
Inputs & resources
- Device development and manufacturing
02 what it does
Activities
- Selling minimally invasive tools and implants
03 who it serves
Customers
- Hospitals, gastroenterologists, urologists, neurologists
04 how money comes in
How it earns
- Device sales
MedSurg: how it makes money
- 2025 net sales $6.82B (+13.9%), segment operating income $2.27B (33.2%).
- Urology $2.71B (+23%), Neuromodulation $1.20B.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Boston Scientific needs FDA authorization, through 510(k) or premarket approval, to sell each device in the U.S.
Approvals & licenses
FDA device clearance
U.S. sales require FDA 510(k) clearance or premarket approval for each device; noncompliance can bring warning letters, recalls or other sanctions.
Supports and constrainsTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Cardiovascular
13,250 (66%)profit 4,303 · margin 32.5%
MedSurg
6,824 (34%)profit 2,268 · margin 33.2%
Source: Form 10-K (FY2025) — segment information Profit is segment operating income, before $958M of corporate expenses, amortization and other unallocated charges.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 64% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
12,864 (64%)International
7,210 (36%)
Source: Form 10-K (FY2025) — net sales by business and region Emerging markets were $2.99B.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Boston Scientific sells devices to hospitals and health systems; demand depends on procedure volumes, physician adoption and reimbursement.
Device sales
$20.1B (2025)
Typical term: Purchases by hospitals and health systems
Q2 2026 net sales grew 7.5%.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Hospitals, clinics and physicians worldwide.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- 64% of 2025 net sales were in the U.S.; emerging markets were $3.0B. (Form 10-K (FY2025))
Suppliers
Component suppliers and sterilization capacity.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- Sterilization facilities were among the operations restored after the 2026 cybersecurity incident. (8-K filed 2026-09-08)
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Boston Scientific's 10-K says it faces significant competition from large multi-line manufacturers, focused device companies, low-cost manufacturers, domestic companies in markets such as China, and non-device therapies. It names no competitors.
Competitors named in the 10-K
Boston Scientific's 10-K describes competitor types but doesn't name them.
Peer group the company chose
2025 Peer Companies, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Healthcare equipment, services, pharmaceutical, biotechnology and life sciences companies of comparable revenue and market capitalization.
- Abbott Laboratoriessite ↗
- Agilent Technologiessite ↗
- Baxter Internationalsite ↗
- Becton Dickinsonsite ↗
- Danahersite ↗
- Edwards Lifesciencessite ↗
- GE HealthCaresite ↗
- Hologicsite ↗
- Intuitive Surgicalsite ↗
- Medtronicsite ↗
- Quest Diagnosticssite ↗
- Strykersite ↗
- Thermo Fisher Scientificsite ↗
- Zimmer Biometsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Boston Scientific makes frequent device acquisitions; Penumbra would be the largest recent one.
Cash spent on acquisitions, FY2020–FY2025: $11.85B
Expected 2026
Penumbra
$374 per share, about $14.5B (cash, new debt and stock)
Mechanical thrombectomy products, including Lightning Bolt and Lightning Flash CAVT systems.
- Stated purpose (company)
- Not stated.
Source: Form 10-K (FY2025)
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 9,913 | 11,888 | 12,682 | 14,240 | 16,747 | 20,074 |
| Operating income | -80 | 1,199 | 1,649 | 2,343 | 2,603 | 3,613 |
| Pretax income | -79 | 1,076 | 1,141 | 1,985 | 2,282 | 3,385 |
| Net income (attributable) | -82 | 1,041 | 698 | 1,592 | 1,846 | 2,892 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 19.9% | 6.7% | 12.3% | 17.6% | 19.9% |
| Operating margincalcoperating income ÷ revenue × 100 | -0.8% | 10.1% | 13.0% | 16.5% | 15.5% | 18.0% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -0.8% | 8.8% | 5.5% | 11.2% | 11.0% | 14.4% |
| Balance sheet ($M) | ||||||
| Total assets | 30,777 | 32,229 | 32,469 | 35,136 | 39,395 | 43,673 |
| Total equity | 15,326 | 16,622 | 17,573 | 19,530 | 22,003 | 24,472 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 9,143 | 9,065 | 8,935 | 9,102 | 10,746 | 11,436 |
| Equity ratio | 49.8% | 51.6% | 54.1% | 54.9% | 55.3% | 55.5% |
| ROE | -0.5% | 6.5% | 4.1% | 8.6% | 9.0% | 12.6% |
| Cash flow ($M) | ||||||
| Operating CF | 1,508 | 1,870 | 1,526 | 2,503 | 3,435 | 4,534 |
| Investing CF | -411 | -1,597 | -2,011 | -2,574 | -5,687 | -2,640 |
| Financing CF | 293 | -95 | -548 | 5 | 1,814 | -395 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,132 | 1,316 | 938 | 1,792 | 2,645 | 3,658 |
| Cash and equivalents | 1,734 | 1,925 | 928 | 865 | 414 | 1,965 |
| Per share & other | ||||||
| EPS ($) | -0.08 | 0.69 | 0.45 | 1.07 | 1.25 | 1.94 |
| BVPS ($) | 10.82 | 11.66 | 12.26 | 13.16 | 14.76 | 16.34 |
| P/E (x) | — | 61.6 | 102.8 | 54.0 | 71.5 | 49.2 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 55.9 | 29.5 | 26.7 | 26.3 | 36.7 | 30.3 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 3.32 | 3.64 | 3.77 | 4.39 | 6.05 | 5.84 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $5.14B+1.4% | $828M-21.0% | $580M-23.2% | $0.40 |
| 2026-06-30 | $5.44B+7.5% | $1.18B+43.8% | $905M+13.8% | $0.61 |
| 2026-03-31 | $5.2B+11.6% | $1.1B+19.5% | $1.34B+99.3% | $0.90 |
| 2025-12-31 † | $5.29B+15.8% | $825M+22.2% | $670M+19.0% | — |
| 2025-09-30 | $5.07B | $1.05B | $755M | $0.51 |
| 2025-06-30 | $5.06B | $819M | $795M | $0.53 |
| 2025-03-31 | $4.66B | $921M | $672M | $0.45 |
| 2024-12-31 † | $4.56B | $675M | $563M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
8.7%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$3,613M × (1 − 17.5%) ÷ $34,329M × 100 = 8.7%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.79%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $141.4B ÷ ($141.4B + $11.44B) = 92.5%
e.g.Debt weight: $11.44B ÷ ($141.4B + $11.44B) = 7.5%
e.g.WACC: 9.3% × 92.5% + 3.1% × (1 − 17.5%) × 7.5% = 8.79%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.2%–10.7% and ROIC − WACC runs −2.0 to +1.5 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 8.79% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.79 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 9.30%
- Cost of debt
- 3.05%
- Tax rate
- 17.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 93% : 7%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.79%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.79 (price-derived adjusted beta. Raw β 0.69, R² 0.12, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.688 + 0.33 = 0.791
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.79 × 5.5% = 9.3%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
4.0%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.8% − 4.8%
Past FCF growth (FY2020–FY2025)
+26.4%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+15.2%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $3.66B (operating CF − capex); enterprise value $76.96B = market cap $67.49B (latest close, 2026-11-04) + debt $11.44B − cash and short-term investments $1.97B; r = WACC of 8.8% using this page’s default assumptions (β 0.79, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$76.21B
FCF $3.66B ÷ (8.8% − 4.0%)
Theoretical ÷ actual enterprise value
0.99x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.8% | 7.8% | 8.8% | 9.8% | 10.8% |
|---|---|---|---|---|---|
| 0% | 0.70x | 0.61x | 0.54x | 0.48x | 0.44x |
| 2% | 0.99x | 0.82x | 0.70x | 0.61x | 0.54x |
| 4% | 1.70x | 1.25x | 0.99x | 0.82x | 0.70x |
| 6% | 5.94x | 2.64x | 1.70x | 1.25x | 0.99x |
| 8% | — | — | 5.94x | 2.64x | 1.70x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.80x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.0%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 107%
Most profit comes from core operations.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$4,534M ÷ $2,892M = 1.57x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$3,613M ÷ $3,385M × 100 = 107%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($2,810M + $2,943M) ÷ 2 ÷ $6,221M × 365 = 169 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 92.1%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 7.9%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 164 of 416
- Beta (adjusted)
- 0.79
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 39% of covered companies have more
above 1 = swings more than the market
- 1,335.3M shares reported by 1,475 13F filers ÷ 1,449.2M shares outstanding on 2026-07-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-18 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-30)
20
Strengths & weaknessesSite analysis
Strengths
1. Category-leading growth products
Electrophysiology sales grew from $0.8B (2023) to $3.3B (2025) and WATCHMAN from $1.3B to $2.0B.
Evidence: Form 10-K (FY2025)
2. Strong growth and margins
Net sales grew 19.9% in 2025; segment operating margins were about 32–33%.
Evidence: Form 10-K (FY2025)
3. Buybacks
A $2B accelerated share repurchase in May 2026 under a $5B authorization.
Evidence: 8-K filed 2026-05-18
Weaknesses
1. Cyberattack disruption
A network outage from August 25, 2026 affected manufacturing and order processing worldwide; the company expects a material impact on 2026 results.
Evidence: 8-Ks filed 2026-08-26 and 2026-09-08
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
49.2x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
2.6%
(Operating CF − capex) ÷ market cap
1. High-growth device franchises
FARAPULSE and WATCHMAN drove 20% sales growth in 2025, and Penumbra would add peripheral thrombectomy.
- What has to hold
- Adoption of pulsed field ablation and LAAC keeps growing.
- The other side
- The cyberattack hurt 2026 results, and the Penumbra deal adds debt and shares.
Evidence: Form 10-K (FY2025); 8-Ks
These summarize facts in Boston Scientific's filings, not a recommendation.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
6.6x
$1.97B vs. $299M
Interest coverage (operating income ÷ interest expense)
10.4x
$3.61B vs. $349M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash generation
Operating cash flow of $4.5B in 2025.
Source: SEC EDGAR XBRL
Credit line
$3B revolving credit agreement maturing 2031.
Source: 8-K filed 2026-02-26
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Boston Scientific had a $42 million patent verdict reversed on appeal in July 2026. It still faces remaining transvaginal mesh claims, a new spinal cord stimulator MDL, and a 2026 securities class action over electrophysiology guidance. Its accrual for probable legal matters was $282 million at June 30, 2026.
3 open matters · 1 settled or closed
Spinal cord stimulator product-liability MDL
PendingProduct liabilityIn re Boston Scientific Spinal Cord Stimulator Products Liability Litigation (MDL No. 3181, C.D. Cal.)
On June 5, 2026 the JPML consolidated all federal SCS injury cases against Boston Scientific into one MDL.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Securities class action over electrophysiology guidance
PendingClass actionIndiana Public Retirement System (lead) v. Boston Scientific (D. Mass.)
Filed March 5, 2026 after the stock fell on February 4, 2026, alleging misleading statements about guidance and U.S. electrophysiology growth. An amended complaint was filed July 20, 2026.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Transvaginal surgical mesh claims
PendingProduct liabilityPlaintiffs in the U.S., Canada, U.K., Ireland and Australia
Most cases are resolved through individual and master settlements. An accrual covers remaining claims, and the final resolution could be material.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
University of Texas Synergy stent patent case
ResolvedPatent / IPBoard of Regents, University of Texas System and TissueGen (D. Del.; Fed. Cir.)
A 2023 jury awarded UT $42 million plus about $7 million interest. On July 27, 2026 the Federal Circuit reversed, holding the patent invalid and not infringed.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Information security
Cybersecurity incident
- Company disclosure (summarized from the 10-K)
- Unauthorized activity caused a network outage affecting manufacturing, order processing and shipping; distribution and most manufacturing had resumed by early September 2026, but full recovery timing was uncertain.
- Company’s stated mitigation
- Incident response with third-party experts; restoration of systems.
- This site’s assessment
- Impact High / Likelihood High
- 2Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with large diversified device makers, focused device companies, low-cost manufacturers and local companies (especially in China), and non-device therapies.
- Company’s stated mitigation
- Innovation and category leadership.
- This site’s assessment
- Impact Med / Likelihood High
- 3M&A & integration
Penumbra deal
- Company disclosure (summarized from the 10-K)
- The $14.5B Penumbra acquisition is to be funded with about $11B of cash and new debt plus shares.
- Company’s stated mitigation
- $3B revolving credit agreement signed February 2026.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Costs & inflation
Restructuring
- Company disclosure (summarized from the 10-K)
- A 2026 restructuring program (through 2029) will move production lines and reduce some headcount.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
No longer in the text (3)
In addition, certain foreign governments, state governments (including that of Massachusetts, where we are headquartered) and the U.S. Read more
federal government have enacted legislation aimed at increasing transparency of our interactions with health care providers. As an example, compliance with the U.S. Physician Payment Sunshine Act requires us by law to disclose payments and other transfers of value to all U.S. physicians and U.S. teaching hospitals at the U.S. federal level made after August 1, 2013. Failure to comply with these legal and regulatory requirements could impact our business. In addition, we have and may continue to devote substantial additional time and financial resources to further develop and implement enhanced structure, policies, systems and processes to comply with enhanced legal and regulatory requirements, which may also impact our business.
Many provisions of the Tax Cuts and Jobs Act (TCJA) enacted in the U.S. Read more
in 2017 expire at the end of 2025. Other provisions of the TCJA are modified beginning in 2026. The U.S. Congress and the current administration have indicated that they intend to pursue legislation in 2025 to make permanent the 2017 TCJA provisions but there is no guarantee that this initiative will be successful. Any new U.S. corporate tax legislation that is enacted in 2025 could have a material adverse effect on our financial condition and results of operations.
The Group of Twenty (G20), the Organization for Economic Co-operation and Development (OECD), the European Commission (EC) and individual taxing jurisdictions where we and our affiliates do business have recently focused on issues
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 17, 2026 ↗ with the 10-K filed Feb 18, 2025 ↗.
26
What to watch going forwardSite analysis
- Recovery from the August 2026 cybersecurity incident and updated guidance.
- Closing and integration of Penumbra.
- FARAPULSE and WATCHMAN growth.
- Executive changes: new COO from January 2027; MedSurg group president retiring.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 17, 2026
Built on10-K FY2025 · filed 2026-02-17
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Boston Scientific Corporation’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.