A Business at a Glance
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GLOBUS MEDICAL INC
GMED
$10.5B
Mkt Cap
$76.49
+1.42%
GLOBUS MEDICAL INC (GMED) has a current P/E ratio of 19.5, compared to its historical median P/E of 38.7. The stock is currently considered Cheap based on its historical valuation range.
GLOBUS MEDICAL INC (GMED) has a 5-year average return on invested capital (ROIC) of 8.8%. This is below average and may indicate limited pricing power.
GLOBUS MEDICAL INC (GMED) has a market capitalization of $10.6B. It is classified as a large-cap stock.
GLOBUS MEDICAL INC (GMED) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.04%.
Based on historical P/E analysis, GLOBUS MEDICAL INC (GMED) appears cheap. The current P/E of 19.5 is 50% below its historical median of 38.7. The estimated fair value CAGR (P/E method) is -0.4%.
GLOBUS MEDICAL INC (GMED) operates in the Surgical & Medical Instruments & Apparatus industry, within the Healthcare sector.
GLOBUS MEDICAL INC (GMED) reported annual revenue of $2.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Globus Medical is an engineering-driven medical device company headquartered in Audubon, Pennsylvania, that develops and commercializes healthcare solutions for patients with musculoskeletal disorders across 65 countries worldwide. The company operates through two major product categories—Musculoskeletal Solutions and Enabling Technologies—and generates revenue through a combination of direct sales representatives employed by Globus and exclusive independent distributors who operate on commission-based models in the United States, while internationally employing a mix of direct sales and exclusive distributor arrangements. The company's business model emphasizes rapid product innovation and commercialization, with nine product launches in 2025 including the Excelsius XR robotic system and Reline 3D Towers spinal products, supported by an integrated product development engine that incorporates active surgeon input. Globus has significantly expanded its scale and reach through strategic acquisitions, including the September 2023 merger with NuVasive and the April 2025 acquisition of Nevro, which brought spinal cord stimulation and neuromodulation capabilities into the portfolio. The primary market is the United States, where the company pursues growth through expanding its direct and distributor sales forces, while international operations represent approximately 19.4% of total sales with opportunities for further penetration in existing and new markets. The company's competitive positioning is built on its engineering capabilities, surgeon-centric product development approach, and comprehensive portfolio spanning spine, orthopedic, robotic, and neuromodulation solutions.
【Margin expansion and operational leverage】 Management expects continued gross profit margin improvement throughout 2026, with adjusted gross profit margins anticipated to reach the 69%-70% range for the full year and progression toward the long-term mid-70s target as manufacturing and supply chain initiatives gain traction. The company is pursuing above-market profitable growth by increasing sales force productivity and geographic penetration, particularly in the United States, while managing near-term lumpiness in the Nevro business as it transitions to Globus's selling model and expects to return to historical revenue run rates in the second half of 2026. Research and development spending is expected to increase to 5%-6% of net sales in 2026 to accelerate innovation timelines and support new product launches across spine, orthopedic, robotic, and broader musculoskeletal markets. Capital allocation priorities remain focused on driving long-term profitable growth through organic investment and complementary M&A, with the company demonstrating confidence in its ability to deliver synergies ahead of schedule, as evidenced by exceeding NuVasive synergy targets by $30 million and achieving Nevro accretion 15 months ahead of initial expectations.
| Metric | Target | Period |
|---|---|---|
| Revenue | $3.18 billion–$3.22 billion | FY2026 |
| Non-GAAP fully diluted earnings per share | $4.70–$4.80 | FY2026 |
| Adjusted gross profit margin | 69%–70% | FY2026 |
| Non-GAAP tax rate | 24%–25% | FY2026 |
| CapEx as % of net sales | 5%–6% | FY2026 |
Revenue (FY2026): “Globus Medical reaffirms its full year 2026 revenue guidance of $3.18 billion-$3.22 billion”
Non-GAAP fully diluted earnings per share (FY2026): “we are increasing our guidance for non-GAAP fully diluted earnings per share to be in the range of $4.70-$4.80 from the previous range of $4.40-$4.50”
Adjusted gross profit margin (FY2026): “we reiterate our expectation of adjusted gross profit margin falling in the range of 69%-70% in 2026”
Non-GAAP tax rate (FY2026): “As we look ahead to 2026, we expect our non-GAAP tax rate to be in the range of 24%-25%”
CapEx as % of net sales (FY2026): “As we look ahead to 2026, we expect CapEx to be in the range of 5%-6% of net sales”
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 | 3.1B | 2.9B | 2.5B | 1.6B | 1.0B | 958M |
| Net Income | 587M | 538M | 103M | 123M | 190M | 149M |
| EPS | $4.26 | $3.92 | $0.75 | $1.07 | $1.85 | $1.44 |
| Free Cash Flow | 610M | 589M | 405M | 165M | 104M | 219M |
| ROIC | 11.6% | 10.8% | 3.9% | 4.0% | 13.2% | 11.9% |
| Gross Margin | - | 67.4% | 58.9% | 65.1% | 74.2% | 75.0% |
| Debt/Equity | 0.00 | 0.03 | 0.13 | 0.03 | 0.00 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 533M | 480M | 166M | 133M | 228M | 172M |
| Operating Margin | 17.2% | 16.3% | 6.6% | 8.5% | 22.3% | 17.9% |
| ROE | 12.4% | 12.3% | 2.5% | 4.2% | 10.6% | 9.2% |
| Shares Outstanding | 138M | 137M | 137M | 115M | 103M | 104M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 474M | 545M | 564M | 636M | 713M | 785M | 789M | 958M | 1.0B | 1.6B | 2.5B | 2.9B | 3.1B |
| Gross Margin | 76.6% | 75.7% | 76.1% | 76.3% | 77.6% | 77.1% | 72.4% | 75.0% | 74.2% | 65.1% | 58.9% | 67.4% | N/A |
| R&D | 31M | 36M | 45M | 44M | 55M | 60M | 85M | 97M | 73M | 124M | 164M | 147M | 151M |
| SG&A | 189M | 210M | 222M | 268M | 312M | 355M | 355M | 408M | 432M | 644M | 981M | 1.2B | 1.2B |
| EBIT | 138M | 172M | 154M | 162M | 169M | 172M | 111M | 172M | 228M | 133M | 166M | 480M | 533M |
| Op. Margin | 29.2% | 31.6% | 27.3% | 25.4% | 23.7% | 21.9% | 14.1% | 17.9% | 22.3% | 8.5% | 6.6% | 16.3% | 17.2% |
| Net Income | 92M | 113M | 104M | 107M | 156M | 155M | 102M | 149M | 190M | 123M | 103M | 538M | 587M |
| Net Margin | 19.5% | 20.7% | 18.5% | 16.9% | 21.9% | 19.8% | 13.0% | 15.6% | 18.6% | 7.8% | 4.1% | 18.3% | 18.9% |
| Non-Recurring | 7.0M | 9.9M | 13M | 0 | 3.6M | -866K | -809K | -464K | -299K | -1.5M | 24M | 2.5M | 20M |
| Returns on Capital | |||||||||||||
| ROIC | 31.2% | 28.2% | 20.7% | 17.1% | 19.3% | 13.6% | 7.9% | 11.9% | 13.2% | 4.0% | 3.9% | 10.8% | 11.6% |
| ROE | 17.5% | 17.3% | 13.5% | 11.9% | 14.5% | 12.0% | 7.0% | 9.2% | 10.6% | 4.2% | 2.5% | 12.3% | 12.4% |
| ROA | 14.6% | 14.7% | 11.8% | 10.7% | 13.2% | 11.0% | 6.4% | 8.2% | 9.4% | 3.4% | 2.0% | 10.2% | 10.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 79M | 124M | 148M | 159M | 182M | 172M | 199M | 276M | 178M | 243M | 521M | 753M | 779M |
| Free Cash Flow | 54M | 73M | 107M | 108M | 122M | 101M | 135M | 219M | 104M | 165M | 405M | 589M | 610M |
| Owner Earnings | 50M | 90M | 98M | 102M | 118M | 93M | 109M | 176M | 77M | 45M | 213M | 427M | 449M |
| CapEx | 25M | 51M | 41M | 51M | 60M | 71M | 64M | 57M | 74M | 78M | 115M | 165M | 168M |
| Maint. CapEx | 22M | 24M | 39M | 42M | 42M | 53M | 63M | 70M | 68M | 146M | 253M | 277M | 281M |
| Growth CapEx | 3.0M | 27M | 2.1M | 9.2M | 18M | 18M | 784K | 0 | 5.8M | 0 | 0 | 0 | 0 |
| D&A | 22M | 24M | 39M | 42M | 42M | 53M | 63M | 70M | 68M | 146M | 253M | 277M | 281M |
| CapEx/OCF | 31.3% | 40.9% | 27.7% | 32.3% | 32.9% | 41.1% | 32.0% | 20.6% | 41.5% | 32.1% | 22.2% | 21.9% | 21.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 105M | 105M | 144M | 226M | 86M | 300M | 110M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 1.6% | 1.4% | 1.9% | 3.6% | 0.7% | 2.5% | 1.0% |
| Stock-Based Comp | 7.1M | 9.6M | 11M | 15M | 22M | 26M | 27M | 31M | 33M | 53M | 54M | 50M | 49M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | -184M | -422M | -438M | -440M | -414M | -353M | -438M | -629M |
| Cash & Equiv. | 82M | 58M | 67M | 119M | 140M | 195M | 239M | 193M | 150M | 467M | 784M | 526M | 630M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 337K | 298K | 436K | 398K |
| Debt/Equity | 0.20 | 0.17 | 0.11 | 0.11 | 0.10 | 0.09 | 0.00 | 0.00 | 0.00 | 0.03 | 0.13 | 0.03 | 0.00 |
| Interest Coverage | 171.9 | 132.1 | 50.4 | 24.5 | 12.8 | 9.9 | 8.0 | 18.5 | 16.0 | 6.6 | 39.6 | 12626.7 | 14410.8 |
| Equity | 585M | 715M | 832M | 968M | 1.2B | 1.4B | 1.5B | 1.7B | 1.8B | 4.0B | 4.2B | 4.6B | 4.7B |
| Total Assets | 704M | 834M | 928M | 1.1B | 1.3B | 1.5B | 1.7B | 2.0B | 2.1B | 5.1B | 5.3B | 5.3B | 5.4B |
| Total Liabilities | 118M | 119M | 96M | 111M | 115M | 130M | 173M | 216M | 230M | 1.1B | 1.1B | 730M | 707M |
| Intangibles | 35M | 33M | 62M | 79M | 87M | 79M | 87M | 69M | 64M | 925M | 795M | 745M | 721M |
| Retained Earnings | 412M | 525M | 629M | 736M | 893M | 1.0B | 1.0B | 1.2B | 1.2B | 1.1B | 1.2B | 1.4B | 1.5B |
| Working Capital | 381M | 462M | 434M | 527M | 535M | 576M | 701M | 724M | 824M | 1.5B | 1.3B | 1.6B | 1.7B |
| Current Assets | 470M | 545M | 514M | 620M | 631M | 687M | 822M | 865M | 983M | 1.9B | 2.2B | 2.1B | 2.2B |
| Current Liabilities | 89M | 83M | 80M | 93M | 96M | 111M | 121M | 140M | 159M | 392M | 856M | 498M | 482M |
| Per Share Data | |||||||||||||
| EPS | 0.97 | 1.17 | 1.08 | 1.10 | 1.54 | 1.52 | 1.01 | 1.44 | 1.85 | 1.07 | 0.75 | 3.92 | 4.26 |
| Owner EPS | 0.53 | 0.94 | 1.01 | 1.05 | 1.16 | 0.91 | 1.07 | 1.70 | 0.75 | 0.39 | 1.55 | 3.11 | 3.25 |
| Book Value | 6.14 | 7.42 | 8.61 | 9.92 | 11.67 | 13.73 | 14.87 | 16.81 | 17.96 | 34.81 | 30.42 | 33.33 | 34.24 |
| Cash Flow/Share | 0.83 | 1.29 | 1.53 | 1.63 | 1.79 | 1.68 | 1.96 | 2.67 | 1.74 | 2.12 | 3.79 | 5.49 | 6.28 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 95.3M | 96.4M | 96.6M | 97.6M | 101.6M | 102.1M | 101.3M | 103.6M | 102.8M | 114.8M | 137.3M | 137.2M | 138.2M |
| Valuation | |||||||||||||
| P/E Ratio | 25.1 | 23.8 | 22.7 | 37.9 | 27.9 | 38.7 | 64.6 | 50.5 | 39.3 | 50.5 | 111.4 | 22.6 | 18.0 |
| P/FCF | 42.6 | 36.7 | 22.1 | 37.7 | 35.8 | 59.4 | 48.9 | 34.4 | 71.6 | 37.5 | 28.3 | 20.6 | 17.3 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 33.9 | N/A | N/A | N/A | 45.8 | 66.4 | 24.1 | 18.6 |
| Price/Book | 4.0 | 3.8 | 2.8 | 4.2 | 3.7 | 4.3 | 4.4 | 4.3 | 4.1 | 1.6 | 2.7 | 2.7 | 2.2 |
| Price/Sales | 4.5 | 4.4 | 4.1 | 4.8 | 7.2 | 6.2 | 6.6 | 7.8 | 6.6 | 4.1 | 3.6 | 3.3 | 3.4 |
| FCF Yield | 2.3% | 2.7% | 4.5% | 2.7% | 2.8% | 1.7% | 2.0% | 2.9% | 1.4% | 2.7% | 3.5% | 4.9% | 5.8% |
| Market Cap | 2.3B | 2.7B | 2.4B | 4.1B | 4.4B | 6.0B | 6.6B | 7.5B | 7.5B | 6.2B | 11.5B | 12.1B | 10.6B |
| Avg. Price | 22.59 | 24.99 | 23.70 | 30.96 | 50.41 | 47.57 | 51.61 | 71.82 | 65.89 | 56.63 | 65.72 | 69.91 | 76.49 |
| Year-End Price | 24.30 | 27.88 | 24.48 | 41.64 | 42.95 | 58.88 | 65.22 | 72.76 | 72.78 | 54.02 | 83.56 | 88.41 | 76.49 |
GLOBUS MEDICAL INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
GLOBUS MEDICAL INC trades at 19.5x trailing earnings, compared to its 15-year median P/E of 38.7x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 17.6x vs a median of 36.7x. The company's 5-year average ROIC is 8.8% with a gross margin of 68.1%. Total shareholder yield (buybacks) is 1.0%. At current prices, the estimated annualized return to fair value is +12.0%.
GLOBUS MEDICAL INC (GMED) has a net profit margin of 18.3%. This is a healthy margin.
GLOBUS MEDICAL INC (GMED) generated $589 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
GLOBUS MEDICAL INC (GMED) has a debt-to-equity ratio of 0.03. This indicates a conservatively financed balance sheet.
GLOBUS MEDICAL INC (GMED) reported earnings per share (EPS) of $3.92 in its most recent fiscal year.
GLOBUS MEDICAL INC (GMED) has a return on equity (ROE) of 12.3%. This indicates moderate shareholder returns.
GLOBUS MEDICAL INC (GMED) has a 5-year average gross margin of 68.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for GLOBUS MEDICAL INC (GMED), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GLOBUS MEDICAL INC (GMED) has a book value per share of $33.33, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued gross profit margin improvement throughout 2026, with adjusted gross profit margins anticipated to reach the 69%-70% range for the full year and progression toward the long-term mid-70s target as manufacturing and supply chain initiatives gain traction. The company is pursuing above-market profitable growth by increasing sales force productivity and geographic penetration, particularly in the United States, while managing near-term lumpiness in the Nevro business as it transitions to Globus's selling model and expects to return to historical revenue run rates in the second half of 2026. Research and development spending is expected to increase to 5%-6% of net sales in 2026 to accelerate innovation timelines and support new product launches across spine, orthopedic, robotic, and broader musculoskeletal markets. Capital allocation priorities remain focused on driving long-term profitable growth through organic investment and complementary M&A, with the company demonstrating confidence in its ability to deliver synergies ahead of schedule, as evidenced by exceeding NuVasive synergy targets by $30 million and achieving Nevro accretion 15 months ahead of initial expectations.
Based on recent SEC filings and earnings calls, GLOBUS MEDICAL INC (GMED) has provided the following forward guidance: Revenue: $3.18 billion–$3.22 billion (FY2026); Non-GAAP fully diluted earnings per share: $4.70–$4.80 (FY2026); Adjusted gross profit margin: 69%–70% (FY2026); Non-GAAP tax rate: 24%–25% (FY2026); CapEx as % of net sales: 5%–6% (FY2026).