Boston Scientific Corporation BSX

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 41.98 USD on Nov 1, 2026, −56.0% year to date

Quant rating

Quant rating D Rank 491 of 565 in Health Care

Growth B 214 of 565
Valuation D 429 of 565
Quality C 366 of 565
Revisions D 523 of 565
Momentum D 450 of 565

Wall Street consensus Buy (2.18)Average target 56.00 USD +33.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 60.8B
Enterprise value: 73.2B
52-week range: 39.58 – 105.64
3-year range: 39.58 – 108.14
Dividend yield: –
Beta (5 years): 0.60
Shares outstanding: 1,449M
Next earnings: Feb 4, 2027

About the company

Boston Scientific Corporation is a global developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. The Company's MedSurg segment includes Endoscopy, Urology, and Neuromodulation. Its Endoscopy business develops and manufactures devices to diagnose and treat a range of gastrointestinal conditions with less-invasive technologies. Its Urology business develops and manufactures devices to treat various urological conditions for both male and female anatomies, including kidney stones, benign prostatic hyperplasia, prostate cancer, erectile dysfunction, and incontinence. Its Neuromodulation business develops and manufactures devices to treat various neurological movement disorders and manage chronic pain. Its Cardiovascular segment includes Cardiology and Peripheral Interventions. The Cardiology includes interventional cardiology and vascular therapies (ICVT), watchman, cardiac rhythm management, and electrophysiology.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	20,074	16,747	14,240	12,682	11,888	–
Revenue growth	19.9%	17.6%	12.3%	6.7%	19.9%	15.2%
EPS (basic, normalized)	3.06	2.51	2.05	1.75	1.63	–
EPS growth	21.9%	22.4%	17.1%	7.4%	–	–
Gross margin	69.0%	68.7%	69.6%	69.0%	69.0%	69.1%
Net margin	14.4%	11.1%	11.0%	5.1%	8.3%	10.0%
ROE	12.6%	9.0%	8.6%	4.1%	6.5%	8.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	539
Current ratio	1.24x
Long-term debt (mil)	10,915
Net debt (mil)	12,327
Total equity (mil)	24,930
Net debt / equity	0.49x
Net debt / EBITDA	2.03x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	20,074	+19.9%	3.6x	6,083	+25.7%	12.0x	3.06	+21.9%	13.7x
2026	21,024	+4.7%	3.5x	6,410	+5.4%	11.4x	3.19	+4.1%	13.2x
2027	21,089	+0.3%	3.5x	6,412	0.0%	11.4x	3.17	−0.6%	13.3x
2028	22,262	+5.6%	3.3x	6,877	+7.3%	10.6x	3.41	+7.7%	12.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	21,024	−0.9%	−1.5%	−3.0%	3.19	−2.5%	−3.5%	−5.7%
2027	21,089	−4.7%	−5.6%	−10.5%	3.17	−6.5%	−7.4%	−15.8%
2028	22,262	−5.9%	−7.2%	−13.3%	3.41	−8.8%	−10.2%	−18.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,856	4,120	4,209	4,561	4,663	5,061	5,065	5,286	5,203	5,442
Sales mean (mil)	3,685	4,017	4,039	4,425	4,572	4,892	4,967	5,280	5,170	5,361
Surprise	+4.6%	+2.6%	+4.2%	+3.1%	+2.0%	+3.4%	+2.0%	+0.1%	+0.6%	+1.5%
EPS reported	0.56	0.62	0.63	0.70	0.75	0.75	0.75	0.80	0.80	0.86
EPS mean	0.51	0.58	0.59	0.66	0.67	0.72	0.71	0.78	0.79	0.83
Surprise	+9.2%	+6.8%	+7.3%	+6.7%	+11.7%	+3.5%	+5.1%	+2.6%	+1.7%	+4.0%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BSX Boston Scientific Corporation	60.8B	2.03x	14.4%	2.44x	13.2x	13.3x	11.4x	11.4x
TMO Thermo Fisher Scientific Inc.	257.7B	3.18x	15.0%	4.71x	27.6x	25.1x	23.4x	21.8x
ABT Abbott Laboratories	183.8B	2.36x	14.7%	3.60x	19.2x	17.9x	16.0x	14.5x
DHR Danaher Corporation	163.4B	2.71x	14.7%	3.05x	27.0x	24.9x	21.9x	20.1x
ISRG Intuitive Surgical, Inc.	149.8B	−0.91x	28.4%	9.37x	38.4x	34.7x	26.1x	24.0x
MDT Medtronic PLC	123.5B	1.99x	13.2%	2.46x	16.2x	15.1x	12.8x	12.3x
Mean		1.89x	16.7%	4.27x	23.6x	21.8x	18.6x	17.4x
Median		2.19x	14.7%	3.32x	23.1x	21.4x	19.0x	17.3x

Technical analysis

1M−4.8%
3M−8.9%
1Y−58.4%
3Y−15.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Boston Scientific Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	20,074	16,747	14,240	12,682	11,888	9,913
Cost of revenue	6,221	5,238	4,322	3,932	3,681	3,446
Gross profit	13,853	11,509	9,918	8,750	8,207	6,467
Selling, general & administrative expenses	6,887	5,984	5,190	4,520	4,287	3,736
Research & development	2,052	1,615	1,414	1,323	1,204	1,139
Depreciation/amortization	897	856	828	803	741	789
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	387	454	−109	616	913	982
Other operating expenses	17.0	−3.0	58.0	33.0	−137	−99.0
Operating income	3,613	2,603	2,537	1,455	1,199	−80.0
Net interest income (expense)	−193	−293	−537	−298	−114	−7.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−35.0	−28.0	−15.0	−16.0	−9.0	8.0
Net income before taxes	3,385	2,282	1,985	1,141	1,076	−79.0
Provision for taxes	493	436	393	443	36.0	2.0
Minority interest	6.0	8.0	1.0	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,898	1,854	1,593	698	1,040	−81.0
Extraordinary items	–	–	–	–	–	–
Net income	2,898	1,854	1,593	698	1,040	−81.0
EBIT, normalized	4,487	3,673	2,801	2,442	1,828	1,017
EBITDA, normalized	5,855	4,942	3,997	3,578	2,921	2,140
Basic EPS, normalized	3.06	2.51	2.05	1.75	1.63	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Boston Scientific Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,965	414	865	928	1,925	1,734
Receivables	2,926	2,558	2,228	1,970	1,778	1,531
Total inventory	2,943	2,810	2,484	1,867	1,610	1,351
Prepaid expenses	299	307	315	264	205	194
Other current assets	661	831	622	731	799	1,884
Total current assets	8,794	6,920	6,514	5,760	6,317	6,694
Property, plant & equipment	4,501	3,743	3,298	2,832	2,687	2,542
Goodwill	18,282	17,089	14,387	12,920	11,988	9,951
Intangibles	7,019	6,684	6,003	5,902	6,121	5,917
Long-term investments	681	555	413	407	412	918
Note receivable	–	–	–	–	–	–
Other long-term assets	4,396	4,404	4,521	4,648	4,704	4,755
Total assets	43,673	39,395	35,136	32,469	32,229	30,777
Liabilities
Accounts payable	1,144	960	942	862	794	513
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3,291	2,677	2,516	1,990	2,243	1,762
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	299	1,778	531	20.0	261	13.0
Other current liabilities	705	984	944	931	976	1,393
Total current liabilities	5,439	6,399	4,933	3,803	4,274	3,681
Long-term debt	11,137	8,968	8,571	8,915	8,804	9,130
Minority interest	239	233	248	–	–	–
Other liabilities	2,625	2,025	2,102	2,178	2,529	2,640
Total liabilities	19,440	17,625	15,854	14,896	15,607	15,451
Shareholders' equity
Preferred stock	0	–	0	0	–	–
Common stock	17.0	17.0	17.0	17.0	17.0	17.0
Additional paid-in capital	21,505	21,056	20,647	20,289	19,986	19,732
Retained earnings (accumulated deficit)	5,571	2,673	819	−750	−1,392	−2,378
Treasury stock	−2,251	−2,251	−2,251	−2,251	−2,251	−2,251
Other equity	−609	275	50.0	268	262	206
Total equity	24,233	21,770	19,282	17,573	16,622	15,326
Total liabilities & shareholders' equity	43,673	39,395	35,136	32,469	32,229	30,777

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Boston Scientific Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,892	1,846	1,592	698	1,041	−82.0
Depreciation, depletion & amortization	1,368	1,269	1,196	1,136	1,093	1,123
Deferred taxes	−2.0	−70.0	−1.0	−63.0	−124	−82.0
Non-cash items	522	851	487	761	212	508
Changes in working capital	−246	−462	−771	−1,006	−351	41.0
Cash from operations	4,534	3,434	2,503	1,526	1,871	1,508
Investing activities
Capital expenditures	−876	−790	−711	−588	−554	−522
Other investing cash flows	−1,764	−4,897	−1,863	−1,423	−1,043	111
Cash from investing	−2,640	−5,687	−2,574	−2,011	−1,597	−411
Financing activities
Financing cash flow items	−186	−243	−145	−464	−150	−206
Cash dividends paid	–	0	−28.0	−55.0	−55.0	−28.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−209	2,057	178	−29.0	110	527
Cash from financing	−395	1,814	5.0	−548	−95.0	293
Foreign exchange effects	42.0	−11.0	−4.0	−9.0	−6.0	−2.0
Net change in cash	1,541	−450	−70.0	−1,042	173	1,388
Free cash flow	3,658	2,644	1,792	938	1,317	986

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.