FirmAtlas
Company handbook · BSX · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
BSX · CIK 885725 · LATEST FILING: 10-Q JUN '26 · FILED AUG 3, 2026
BOSTON SCIENTIFIC CORPORATION
$44.39
+0.25 (+0.57%)
Close, Oct 16, 2026 · 52-week $41–106
Last fiscal year
BOSTON SCIENTIFIC CORPORATION reported revenue of $20.1B for the year ended Dec 31, 2025 (FY25), up 19.9% from FY24. Net income was $2.9B, operating cash flow $4.5B and free cash flow $3.7B. Source: 10-K filed Feb 17, 2026.
Market cap
$66.3B
P/E
18.1
EV/EBITDA
15.1x
P/B
2.7
ROIC
9.5%
Revenue 1Y
19.9%/yr
EPS 1Y
55.2%/yr
Shares 1Y
+0.6%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMichael F. Mahoney
HQMarlborough, MA
AuditorErnst & Young LLP
Employees59,000
Year endsDecember
Revenue by segment · FY25
Cardiovascular66%
Medsurg34%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
6.8%
0.5%
−4.0%
−54.6%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$7.9B deployed
Capex
$1.7B
21.1%
Acquisitions
$6.2B
78.9%
Operating cash flow over the period: $8.0B. Total debt changed by +$391M. R&D of $3.7B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
16,747
20,074+19.9%
20,995
YoY
+19.9%
Gross profit
11,490
13,854+20.6%
14,682
Gross margin
68.6%
69.0%+0.4 pp
—
Operating income
2,603
3,613+38.8%
4,152
Operating margin
15.5%
18.0%+2.5 pp
—
EBITDA
3,872
4,981+28.6%
—
EBITDA margin
23.1%
24.8%+1.7 pp
—
Interest expense
305
349+14.4%
—
Interest coverage
12.70x
14.27x+1.58x
—
Net income
1,853
2,898+56.4%
3,675
YoY
+56.4%
Net margin
11.1%
14.4%+3.4 pp
—
EPS (diluted, $)
1.25
1.94+55.2%
2.47
YoY
+55.2%
Balance sheet
Total assets
39,395
43,673+10.9%
45,216
Cash & short-term investments
606
2,147+254.3%
—
Inventory
2,810
2,943+4.7%
—
Net PP&E
3,294
4,036+22.5%
—
Other assets
32,685
34,547+5.7%
—
Total liabilities
17,625
19,440+10.3%
20,286
Accounts payable
960
1,144+19.2%
—
Total debt
10,746
11,137+3.6%
10,915
Other liabilities
5,919
7,159+20.9%
—
Shareholders’ equity
21,770
24,233+11.3%
24,930
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
3,435
4,534+32.0%
4,529
Net income
1,846
2,892+56.7%
—
Depreciation & amortization
1,269
1,368+7.8%
—
Stock-based compensation
266
299+12.4%
—
Working capital & other
54
(25)−146.3%
—
Cash from investing
(5,687)
(2,640)n/m
—
Capex
(790)
(876)n/m
—
PP&E sold
3
—
—
Acquisitions
(4,640)
(1,593)n/m
—
Other investing
(260)
(171)n/m
—
Cash from financing
1,814
(395)−121.8%
—
Debt raised
2,145
1,558−27.4%
—
Debt repaid
0
—
—
Dividends
0
—
—
Other financing
(331)
(1,953)n/m
—
Net change in cash
(450)
1,541n/m
—
Free cash flow (OCF − capex)
2,645
3,658+38.3%
3,625
Where the cash went
Operating cash flow
3,435
4,534+32.0%
4,529
Reinvested in the business
5,430
2,469−54.5%
—
% of operating cash flow
158.1%
54.5%
Capex
790
876+10.9%
904
Acquisitions
4,640
1,593−65.7%
—
R&D (memo, already in costs)
1,615
2,052+27.1%
—
Free cash flow
2,645
3,658+38.3%
3,625
YoY
+38.3%
Returned to shareholders
0
—
—
% of free cash flow
0.0%
—
Dividends
0
—
—
Change in total debt
—
391
—
Cash left over
—
2,456
—
FCF conversion (FCF ÷ net income)
142.7%
126.2%−16.5 pp
—
Owner earnings
—
3,441
—
Owner earnings margin
—
17.1%
—
Returns & ratios
ROIC (all capital)
6.6%
9.5%+2.9 pp
—
ROIC (operating)
40.9%
56.2%+15.3 pp
—
Net debt / EBITDA
2.62x
1.80x−0.81x
—
Debt / equity
0.49x
0.46x−0.03x
—
ROE
8.5%
12.0%+3.4 pp
—
ROA
4.7%
6.6%+1.9 pp
—
ROCE
7.9%
9.4%+1.6 pp
—
NOPAT
2,106
3,087+46.6%
—
Invested capital (operating)
5,144
5,835+13.4%
—
Invested capital (all)
31,910
33,223+4.1%
—
Reinvestment rate
—
22.4%
—
Inventory days
195
173−22 d
—
Days payable
67
67+0 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
5,065
5,285
5,203
5,442
vs year-ago quarter
Gross profit
3,542
3,678
3,614
3,848
Gross margin
69.9%
69.6%
69.5%
70.7%
Operating income
1,048
825
1,101
1,178
Net income
755
672
1,341
907
vs year-ago quarter
Net margin
14.9%
12.7%
25.8%
16.7%
EPS (diluted, $)
0.51
0.45
0.90
0.61
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
42,707
43,673
44,351
45,216
Cash & equivalents
1,476
2,147
1,643
753
Total debt
11,600
11,137
10,988
10,915
Shareholders’ equity
23,394
24,233
25,864
24,930
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,343
1,364
348
1,474
Capex
181
351
177
195
Free cash flow
1,162
1,013
171
1,279
vs year-ago quarter