A Business at a Glance
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BOSTON SCIENTIFIC CORP
BSX
$66.1B
Mkt Cap
$44.25
+1.54%
BOSTON SCIENTIFIC CORP (BSX) has a current P/E ratio of 22.8, compared to its historical median P/E of 52.6. The stock is currently considered Cheap based on its historical valuation range.
BOSTON SCIENTIFIC CORP (BSX) has a 5-year average return on invested capital (ROIC) of 6.5%. This is below average and may indicate limited pricing power.
BOSTON SCIENTIFIC CORP (BSX) has a market capitalization of $66.2B. It is classified as a large-cap stock.
BOSTON SCIENTIFIC CORP (BSX) does not currently pay a regular dividend.
Based on historical P/E analysis, BOSTON SCIENTIFIC CORP (BSX) appears cheap. The current P/E of 22.8 is 57% below its historical median of 52.6. The estimated fair value CAGR (P/E method) is 3.1%.
BOSTON SCIENTIFIC CORP (BSX) operates in the Surgical & Medical Instruments & Apparatus industry, within the Healthcare sector.
BOSTON SCIENTIFIC CORP (BSX) reported annual revenue of $20.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Boston Scientific Corporation is a global medical device manufacturer and marketer with a 45-year history of advancing less-invasive medicine across interventional specialties. The company operates through two reportable segments—MedSurg and Cardiovascular—offering a broad portfolio of devices for diagnosing and treating cardiovascular, respiratory, digestive, oncological, neurological, and urological diseases. MedSurg comprises Endoscopy (hemostatic clips, stent systems, single-use scopes, endoluminal surgery, and infection prevention products), Urology (stone management, laser systems, prosthetic devices, sacral neuromodulation, and pelvic floor treatments), and Neuromodulation (spinal cord stimulation, intraosseous nerve ablation, radiofrequency ablation, and deep brain stimulation systems). Cardiovascular includes Interventional Cardiology and Vascular Therapies (intravascular imaging, vessel preparation technologies, drug-eluting stents, peripheral vascular therapies, thrombectomy systems, and injectable venous treatments), WATCHMAN left atrial appendage closure devices, and Electrophysiology (pulsed field ablation systems, mapping systems, and cardiac ablation technologies). The company pursues a strategy centered on strengthening category leadership, expanding into high-growth adjacencies, driving global expansion, and developing key capabilities through internal innovation and strategic acquisitions. Boston Scientific distributes its products globally through relationships with leading physicians and clinical research programs, with significant presence in the United States, Europe, Asia-Pacific, and emerging markets, leveraging an international footprint to accelerate product launches and access technological developments across divisions.
【Organic growth moderating from 2025 peaks】 Management expects 2026 organic revenue growth of 6.5%-8.0%, a significant deceleration from 2025's 15.8% organic growth, reflecting unanticipated headwinds and changing business patterns across multiple units. Key growth drivers include continued momentum in Electrophysiology and WATCHMAN, with EP expected to grow approximately 10% globally (mid-single digits in the U.S., +20% internationally) and WATCHMAN mid-teens growth globally, though U.S. WATCHMAN growth is anticipated to decelerate due to tougher comparisons and standalone procedure normalization. Urology is expected to return to low- to mid-single-digit growth as supply chain disruptions resolve and new products launch, including FDA-approved Asurys and a slim ureteroscope, while sacral neuromodulation stabilizes following commercial model restructuring. The company anticipates adjusted operating margin expansion of 50-75 basis points in 2026 and adjusted earnings per share growth of 9%-11%, supported by operational leverage and efficiency initiatives, though gross margin is expected to be slightly below 2025 levels due to lower product mix benefits and incremental supply chain investments. Boston Scientific remains committed to its long-range plan targeting 10%+ organic revenue growth, 150 basis points of operating margin expansion, and leveraged double-digit EPS growth through 2028, with the pending Penumbra acquisition expected to close in the second half of 2026 and contribute to future growth in mechanical thrombectomy and neurovascular markets.
| Metric | Target | Period |
|---|---|---|
| Adjusted operating margin expansion | 50-75 basis points | FY2026 |
| Adjusted earnings per share | $3.34-$3.41 | FY2026 |
| Free cash flow | approximately $4 billion | FY2026 |
| Electrophysiology organic growth | approximately 10% | FY2026 |
| WATCHMAN organic growth | mid-teens | FY2026 |
| Urology organic growth | low- to mid-single digits | FY2026 |
Adjusted operating margin expansion (FY2026): “We continue to expect full year 2026 adjusted operating margin expansion of 50 basis points-75 basis points driven by OpEx leverage as we drive strong spend controls and continue to implement efficiency initiatives and optimize our organizational structure.”
Adjusted earnings per share (FY2026): “we now expect our full-year adjusted EPS to be $3.34-$3.41, representing growth of 9%-11%.”
Free cash flow (FY2026): “We now expect full year 2026 free cash flow to be approximately $4 billion.”
Electrophysiology organic growth (FY2026): “Looking ahead, we now expect our global EP business to grow approximately 10% in 2026.”
WATCHMAN organic growth (FY2026): “For full year 2026, we now expect global WATCHMAN growth to be mid-teens with low to mid-teens in the U.S.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 20.6B | 20.1B | 16.7B | 14.2B | 12.7B | 11.9B |
| Net Income | 3.6B | 2.9B | 1.9B | 1.6B | 642M | 985M |
| EPS | $2.17 | $1.94 | $1.25 | $1.07 | $0.45 | $0.69 |
| Free Cash Flow | 3.5B | 3.7B | 2.6B | 1.8B | 938M | 1.3B |
| ROIC | 10.4% | 9.4% | 7.0% | 7.1% | 4.1% | 5.1% |
| Gross Margin | 69.2% | 69.0% | 68.6% | 69.5% | 68.8% | 68.8% |
| Debt/Equity | 0.43 | 0.46 | 0.50 | 0.47 | 0.51 | 0.55 |
| Dividends/Share | $0.00 | - | $0.00 | $0.02 | $0.04 | $0.04 |
| Operating Income | 3.8B | 3.6B | 2.6B | 2.3B | 1.6B | 1.2B |
| Operating Margin | 18.4% | 18.0% | 15.5% | 16.5% | 13.0% | 10.1% |
| ROE | 13.8% | 12.6% | 9.0% | 8.5% | 3.8% | 6.2% |
| Shares Outstanding | 1,495M | 1,494M | 1,482M | 1,467M | 1,427M | 1,428M |
BOSTON SCIENTIFIC CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
BOSTON SCIENTIFIC CORP trades at 22.8x trailing earnings, compared to its 15-year median P/E of 52.6x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 18.0x vs a median of 46.1x. The company's 5-year average ROIC is 6.5% with a gross margin of 68.9%. At current prices, the estimated annualized return to fair value is +26.5%.
BOSTON SCIENTIFIC CORP (BSX) has a net profit margin of 14.4%. This is a healthy margin.
BOSTON SCIENTIFIC CORP (BSX) generated $3.7 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BOSTON SCIENTIFIC CORP (BSX) has a debt-to-equity ratio of 0.46. This indicates a conservatively financed balance sheet.
BOSTON SCIENTIFIC CORP (BSX) reported earnings per share (EPS) of $1.94 in its most recent fiscal year.
BOSTON SCIENTIFIC CORP (BSX) has a return on equity (ROE) of 12.6%. This indicates moderate shareholder returns.
BOSTON SCIENTIFIC CORP (BSX) has a 5-year average gross margin of 68.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for BOSTON SCIENTIFIC CORP (BSX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BOSTON SCIENTIFIC CORP (BSX) has a book value per share of $16.22, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 organic revenue growth of 6.5%-8.0%, a significant deceleration from 2025's 15.8% organic growth, reflecting unanticipated headwinds and changing business patterns across multiple units. Key growth drivers include continued momentum in Electrophysiology and WATCHMAN, with EP expected to grow approximately 10% globally (mid-single digits in the U.S., +20% internationally) and WATCHMAN mid-teens growth globally, though U.S. WATCHMAN growth is anticipated to decelerate due to tougher comparisons and standalone procedure normalization. Urology is expected to return to low- to mid-single-digit growth as supply chain disruptions resolve and new products launch, including FDA-approved Asurys and a slim ureteroscope, while sacral neuromodulation stabilizes following commercial model restructuring. The company anticipates adjusted operating margin expansion of 50-75 basis points in 2026 and adjusted earnings per share growth of 9%-11%, supported by operational leverage and efficiency initiatives, though gross margin is expected to be slightly below 2025 levels due to lower product mix benefits and incremental supply chain investments. Boston Scientific remains committed to its long-range plan targeting 10%+ organic revenue growth, 150 basis points of operating margin expansion, and leveraged double-digit EPS growth through 2028, with the pending Penumbra acquisition expected to close in the second half of 2026 and contribute to future growth in mechanical thrombectomy and neurovascular markets.
Based on recent SEC filings and earnings calls, BOSTON SCIENTIFIC CORP (BSX) has provided the following forward guidance: Adjusted operating margin expansion: 50-75 basis points (FY2026); Adjusted earnings per share: $3.34-$3.41 (FY2026); Free cash flow: approximately $4 billion (FY2026); Electrophysiology organic growth: approximately 10% (FY2026); WATCHMAN organic growth: mid-teens (FY2026), plus 1 additional metric.
Urology organic growth (FY2026): “we now expect our full-year urology growth to be low- to mid-single digits in 2026.”