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ResMed| (RMD) stock

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OTC: RMD OTC Health Care Equipment Next results ~January 28, 2027

B+ Fundamentals grade

ResMed| is a US-listed company in the health care equipment industry. Its financial year ends in June.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$280

Cash-flow model

Base case. Range ~$210–$360 across our lower- and higher-growth cases (4.2%–14.2% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 15% below our base value.

Price used: $232.94, November 2, 2026

ResMed| valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 32 sales by directors and officers, last 12 monthsInsider trades
  • Funds389 adding, 491 cuttingOf 65 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter ResMed| files

10-Q filed October 30: ResMed|

ResMed's revenue reached $5.73bn in the twelve months to September 2026, up 9.0% on a year earlier, though growth has eased from the 9.9% pace recorded a quarter earlier. Free-cash-flow margin slipped to 28.1%, down from 33.6% a year before. Even so, the fundamentals grade has moved up from B to B+. Our model value is little changed at $272 a share, above the current price of $252, which keeps the rating at Hold. At that price, the market seems to be pricing in roughly 7.4% a year of cash-flow growth over the next five years, slower than the 9.9% annual revenue growth the company has actually delivered.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where ResMed| stands after its latest 10-K

Revenue for the twelve months to June 2026 was $5.65bn, up 9.9% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to 29.2% from 32.3% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $293 a share, against a share price of $245. At that price, our model says the market is pricing in about 6.8% a year of cash-flow growth for five years, slower than the 12.1% a year revenue growth it has delivered.

10-K on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

ResMed|'s trailing-twelve-month revenue grew 9.0% year on year, with a free-cash-flow margin of 28.1%. Where it stands out: operating margin of 33.0% ranks 2 of 132 health care equipment companies we cover.

Our discounted-cash-flow model values the business at ~$280 per share in the base case (~$210–$360 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 9.0% while net income grew 10.8%: a 20pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 33.0% of revenue is left as operating profit, against a median of -8.3% for health care equipment companies we cover.
  • Strong cash generation. 28.1% of revenue turned into free cash flow, against a median of -3.4% for health care equipment companies we cover.
  • Shrinking share count. Diluted shares fell 1.3% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.8bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 5 insiders sold $22M of stock over the past 365 days and none bought (100% under pre-set trading plans).

Latest results: FY2027 Q1

Filed October 30, 2026
Earnings per share
$2.91 against an average estimate of $2.67: beat by 8.9%
Revenue
$1.41bn, up 5.9% on a year earlier
Share reaction
-8.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
January 28, 2027; average EPS estimate $3.02

ResMed|'s figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.3%
  • 1 week-8.0%
  • 1 month+6.4%
  • This year-2.5%
  • 1 year-4.6%
  • 5 years-9.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.7B
Operating margin
33.0%
Net margin
27.8%
EPS (TTM, diluted)
$10.97

Growth

Revenue growth
+9.0%
Change in growth rate
−0.8 pts
Share count change
−1.3%

Cash

Free cash flow (TTM)
$1.6B
FCF margin
28.1%
Stock pay % of revenue
2.0%

Earnings

Last results
October 29, 2026
Next results (est.)
January 25, 2027

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Product
  4. Insider trade
  5. Results
  6. Insider trade
  7. Announcement
  8. Announcement
  9. Announcement
  10. Announcement
  11. Leadership
  12. Insider trade
  13. Results
  14. Insider trade
  15. Announcement
  16. Results
  17. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

ResMed| valuation models and calculator

What the price is pricing in

The share price implies about 4.5% a year of cash-flow growth for five years.That is slower than the 9.9% a year revenue growth ResMed| has delivered.

  • Priced in4.5%
  • Last 12 months9.0%
  • 3 years a year9.4%
  • 5 years a year9.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($224.07, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$280
Price used
$224.07close November 3, 2026
Implied change
▲ +23%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of ResMed|'s free cash flow after stock-based pay with after-tax interest added back ($1.6B, FY2027 Q1 TTM), growing 4.8% and 8.2% in the next two years (forecasts, guidance and its record), then back to 9.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$210–~$360 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of ResMed|'s free cash flow after stock-based pay ( $1.6B, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value ResMed| as an operating company, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.87 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$280 ~$210–$360 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$220 ~$190–$350 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$190 ~$140–$270 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$160 ~$130–$190 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$220 ~$160–$280 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare ResMed| with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −16%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $170$229$307$411$545$719
8.5% $131$174$230$304$400$524
10% $107$141$184$241$314$408

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$56.34$70.79$95.70$114.36$181.77$235.22$201.43$211.59$187.34$254.77$194.32$232.94
Market value$8.0bn$10.1bn$13.8bn$16.5bn$26.5bn$34m$29.6bn$31.2bn$27.6bn$37.5bn$28.4bn$33.8bn
+ Net debt (− = net cash)$441m$258m$93m$1.1bn$713m$360m$502m$1.2bn$469m−$541m−$810m−$601m
Enterprise value$8.4bn$10.3bn$13.9bn$17.6bn$27.2bn$395m$30.1bn$32.4bn$28.1bn$37.0bn$27.6bn$33.2bn
Multiples
Price / sales 4.3x4.9x5.9x6.3x9.0x0.0x8.3x7.4x5.9x7.3x5.0x5.9x
Price / earnings 22.6x29.5x43.7x40.8x42.6x0.1x38.0x34.8x27.1x26.8x18.6x21.2x
Price / free cash flow 16.3x28.7x31.1x42.3x37.5x0.1x136.9x54.4x21.2x22.6x17.2x21.0x
EV / EBITDA 16.3x19.2x21.0x24.2x28.2x0.4x26.0x25.0x18.8x19.6x13.2x15.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

88 /100

Strong moat

How hard ResMed|'s competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 23.7% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 57.5%, moving by 1.6 percentage points (standard deviation) across 10 years.

  • Durability 19 / 20

    Operating margin has been a median 28.1%; its worst year was 20.9%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 10 of 10 years, at a median 18.5% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 32.3% over five years; stock-based pay has been a median 2.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 28, 2027, after the close. Analysts expect revenue of $1.5bn and EPS of $3.02 (range $2.89 to $3.11) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $12.09 +8% $5.8bn +3%
Next $13.26 +10% $6.2bn +7%

Next year's EPS estimate has moved +1.7% in 90 days, across 20 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.2% on 90 days ago. In the last 30 days, 0 analysts raised ResMed|'s forecast and 2 cut it.

Consensus EPS forecast ResMed|, last 90 days
$11.50 $12.00 $12.50 $13.00 $13.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.95 Current fiscal year, 60 days ago: $12.09 Current fiscal year, 30 days ago: $12.09 Current fiscal year, 7 days ago: $12.08 Current fiscal year, Now: $12.09 $12.09 Next fiscal year, 90 days ago: $13.03 Next fiscal year, 60 days ago: $13.22 Next fiscal year, 30 days ago: $13.23 Next fiscal year, 7 days ago: $13.23 Next fiscal year, Now: $13.26 $13.26

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.95$13.03
60 days ago $12.09$13.22
30 days ago $12.09$13.23
7 days ago $12.08$13.23
Now $12.09$13.26

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.67 $2.91 +8.9%
Jun 2026 $2.89 $2.95 +2.0%
Mar 2026 $2.80 $2.86 +2.1%
Dec 2025 $2.72 $2.81 +3.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026

No numeric guidance in ResMed|'s latest earnings release (filed August 6, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows ResMed|'s revenue by +4.8% next year and +8.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.9%, weight 69%) and the company's own record (+9.2%, weight 31%) . How the weights are set.

Analyst recommendations

20 analysts, Oct 2026
Buy945%
Hold1050%
Sell15%

Monthly trend

  1. Oct 2026271020
  2. Sep 2026271020
  3. Aug 202671120
  4. Jul 202661018

Counts of recommendations published by analysts covering ResMed|, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.5%
of tradable shares
Days to cover
10.34
at average volume
Short interest, 1 month
−16%
to October 15, 2026
Held by institutions
73%
of shares
Held by insiders
0.5%
of shares
Employees
11,370
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −4.6%

$244.30 on October 31, 2025 to $232.94

ThenNowEffect
Revenue (last 12 months) $5.1bn $5.7bn +9.9%
Net margin 27.2% 26.9% −1.0%
P/E multiple 25.7x 22.3x −13.1%
Share count 147m 146m +0.9%

Biggest factor: p/e multiple.

Last 3 years +57.0%

$148.37 on November 3, 2023 to $232.94

ThenNowEffect
Revenue (last 12 months) $4.2bn $5.7bn +33.9%
Net margin 21.3% 26.9% +26.8%
P/E multiple 24.4x 22.3x −8.4%
Share count 147m 146m +1.0%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
RMD+23%−20%−17%+34%+6%−3%
Industry peers (median)−9%−37%−8%−20%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
RMD50%50%58%50%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
RMD−19%−27%−44%−17%−20%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 54% from September 8, 2021 to October 27, 2023. Getting back needed a 117% gain, reached on August 4, 2025, 647 days after the low.

Price behaviour

52-week range
$182.30 – $273.72
From 52-week high
−14.9%
vs 50-day average
+0.5%
vs 200-day average
+4.0%
Volatility (1 year)
30%
Beta vs S&P 500
0.47

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±6.2%
After a week
7 up, 4 down
typical move ±5.4%
After a month
7 up, 4 down
typical move ±6.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −8.1% −2.1% — —
August 6, 2026 −5.4% +0.5% +1.2% +2.2%
July 7, 2026 −5.8% −0.8% −11.6% +2.6%
April 30, 2026 −3.3% +1.3% −2.4% −11.8%
January 29, 2026 +0.2% −0.5% +3.6% +0.1%
October 30, 2025 −2.7% −0.8% −1.6% −1.8%
July 31, 2025 +0.6% −2.0% +1.0% −0.8%
April 23, 2025 +10.3% +3.7% +10.5% +14.9%
January 30, 2025 −6.6% 0.0% −6.2% −7.6%
October 24, 2024 +7.9% +0.2% +2.1% +2.9%
August 1, 2024 +4.9% −3.3% +0.4% +15.2%
April 25, 2024 +18.7% +0.6% +18.7% +16.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How ResMed|’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

RMD ResMed| Grade B+ $231.62

Sell the $230 put expiring December 18, 2026 (46 days) for $8.20 a share — $820 per contract.

Previous session · Bid $8.20, ask $9.90, quoted Mon 2 Nov, 17:34 New York time with RMD at $231.62. Option prices move with the shares: check the live chain at your broker before trading.

  • If RMD ends above $230: you keep the $820 — 3.6% on the $23,000 set aside, or 28.3% a year at that pace.
  • If it ends below $230: you buy 100 shares at an effective $221.8, 4% below today's price and 21% below our value of ~$280.
$820 $0 −$4.4k Break-even $221.8 Price $231.62 Our value ~$280 →
Profit or loss per contract at expiry, by share price.
Premium
$820
Annualised
28.3%
Break-even
$221.8
Max gain
$820
Chance of buying
~44%

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

ResMed| in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) ResMed|
$4.5B $5B $5.5B $6B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $4.5B Revenue (TTM), FY24 Q3: $4.6B Revenue (TTM), FY24 Q4: $4.7B Revenue (TTM), FY25 Q1: $4.8B Revenue (TTM), FY25 Q2: $4.9B Revenue (TTM), FY25 Q3: $5B Revenue (TTM), FY25 Q4: $5.1B Revenue (TTM), FY26 Q1: $5.3B Revenue (TTM), FY26 Q2: $5.4B Revenue (TTM), FY26 Q3: $5.5B Revenue (TTM), FY26 Q4: $5.7B Revenue (TTM), FY27 Q1: $5.7B $5.7B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $4.5B
FY24 Q3 $4.6B
FY24 Q4 $4.7B
FY25 Q1 $4.8B
FY25 Q2 $4.9B
FY25 Q3 $5B
FY25 Q4 $5.1B
FY26 Q1 $5.3B
FY26 Q2 $5.4B
FY26 Q3 $5.5B
FY26 Q4 $5.7B
FY27 Q1 $5.7B
Revenue growth, TTM YoY ResMed|
5% 10% 15% 20% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 19.7% Revenue growth, TTM YoY, FY24 Q3: 14.2% Revenue growth, TTM YoY, FY24 Q4: 10.9% Revenue growth, TTM YoY, FY25 Q1: 9.9% Revenue growth, TTM YoY, FY25 Q2: 9.4% Revenue growth, TTM YoY, FY25 Q3: 9.5% Revenue growth, TTM YoY, FY25 Q4: 9.8% Revenue growth, TTM YoY, FY26 Q1: 9.4% Revenue growth, TTM YoY, FY26 Q2: 9.6% Revenue growth, TTM YoY, FY26 Q3: 10.3% Revenue growth, TTM YoY, FY26 Q4: 9.9% Revenue growth, TTM YoY, FY27 Q1: 9.0% 9.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 19.7%
FY24 Q3 14.2%
FY24 Q4 10.9%
FY25 Q1 9.9%
FY25 Q2 9.4%
FY25 Q3 9.5%
FY25 Q4 9.8%
FY26 Q1 9.4%
FY26 Q2 9.6%
FY26 Q3 10.3%
FY26 Q4 9.9%
FY27 Q1 9.0%
Operating margin (TTM) ResMed|
25% 30% 35% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 25.3% Operating margin (TTM), FY24 Q3: 26.5% Operating margin (TTM), FY24 Q4: 28.2% Operating margin (TTM), FY25 Q1: 29.5% Operating margin (TTM), FY25 Q2: 31.7% Operating margin (TTM), FY25 Q3: 32.1% Operating margin (TTM), FY25 Q4: 32.7% Operating margin (TTM), FY26 Q1: 33.2% Operating margin (TTM), FY26 Q2: 33.7% Operating margin (TTM), FY26 Q3: 34.2% Operating margin (TTM), FY26 Q4: 33.4% Operating margin (TTM), FY27 Q1: 33.0% 33.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 25.3%
FY24 Q3 26.5%
FY24 Q4 28.2%
FY25 Q1 29.5%
FY25 Q2 31.7%
FY25 Q3 32.1%
FY25 Q4 32.7%
FY26 Q1 33.2%
FY26 Q2 33.7%
FY26 Q3 34.2%
FY26 Q4 33.4%
FY27 Q1 33.0%
FCF margin (TTM) ResMed|
20% 25% 30% 35% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 21.4% FCF margin (TTM), FY24 Q3: 23.8% FCF margin (TTM), FY24 Q4: 27.8% FCF margin (TTM), FY25 Q1: 28.1% FCF margin (TTM), FY25 Q2: 28.2% FCF margin (TTM), FY25 Q3: 31.2% FCF margin (TTM), FY25 Q4: 32.3% FCF margin (TTM), FY26 Q1: 33.6% FCF margin (TTM), FY26 Q2: 33.2% FCF margin (TTM), FY26 Q3: 31.7% FCF margin (TTM), FY26 Q4: 29.2% FCF margin (TTM), FY27 Q1: 28.1% 28.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 21.4%
FY24 Q3 23.8%
FY24 Q4 27.8%
FY25 Q1 28.1%
FY25 Q2 28.2%
FY25 Q3 31.2%
FY25 Q4 32.3%
FY26 Q1 33.6%
FY26 Q2 33.2%
FY26 Q3 31.7%
FY26 Q4 29.2%
FY27 Q1 28.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar ResMed| took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $5.7B
  2. Other income $32.7M · 0.6%
  3. Cost of revenue $2.2B · 38.9%
  4. Gross profit $3.5B · 61.1%
  5. Research and development $378M · 6.7%
  6. Selling, general and admin $1.1B · 19.8%
  7. Other operating costs $67.2M · 1.2%
  8. Operating income $1.9B · 33.4%
  9. Income tax $396M · 7.0%
  10. Net income $1.5B · 26.9%

Shares of revenue. Source: ResMed|'s 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Jun 2010 2011 Jun 2011 2012 Jun 2012 2013 Jun 2013 2014 Jun 2014 2015 Jun 2015 2016 Jun 2016 2017 Jun 2017 2018 Jun 2018 2019 Jun 2019 2020 Jun 2020 2021 Jun 2021 2022 Jun 2022 2023 Jun 2023 2024 Jun 2024 2025 Jun 2025 2026 Jun 2026 LTM Sept 2026
Income
Revenue 1,092 1,243 1,369 1,514 1,555 1,679 1,839 2,067 2,340 2,607 2,957 3,197 3,578 4,223 4,685 5,146 5,653 5,733
Gross profit 655 741 821 941 990 1,011 1,066 1,202 1,335 1,494 1,718 1,839 2,024 2,356 2,655 3,055 3,452 3,501
EBITDA 302 338 380 433 479 482 516 538 662 730 965 1,060 1,160 1,297 1,497 1,884 2,088 2,089
Operating income 240 267 294 355 405 409 429 426 542 579 810 904 1,000 1,132 1,320 1,685 1,887 1,893
Net income 190 227 255 307 345 353 352 342 316 405 622 475 779 898 1,021 1,401 1,523 1,593
Diluted EPS $1.23 $1.44 $1.71 $2.10 $2.39 $2.47 $2.49 $2.40 $2.19 $2.80 $4.27 $3.24 $5.30 $6.09 $6.92 $9.51 $10.43 $10.97
Growth (year on year)
Revenue +18.6% +13.8% +10.1% +10.7% +2.7% +8.0% +9.5% +12.4% +13.2% +11.4% +13.4% +8.1% +11.9% +18.0% +10.9% +9.8% +9.9% +9.0%
EBITDA +23.6% +11.8% +12.7% +13.9% +10.5% +0.8% +6.9% +4.3% +23.0% +10.3% +32.1% +9.9% +9.4% +11.8% +15.4% +25.9% +10.8% +7.3%
Operating income +26.3% +11.0% +10.3% +20.5% +14.2% +1.0% +4.8% −0.7% +27.3% +6.9% +39.8% +11.6% +10.7% +13.2% +16.6% +27.7% +11.9% +8.5%
Net income +29.8% +19.4% +12.3% +20.5% +12.4% +2.2% −0.1% −2.9% −7.8% +28.2% +53.7% −23.7% +64.3% +15.2% +13.7% +37.2% +8.8% +10.8%
Diluted EPS +29.5% +17.1% +18.8% +22.8% +13.8% +3.3% +0.8% −3.6% −8.8% +27.9% +52.5% −24.1% +63.6% +14.9% +13.6% +37.4% +9.7% +12.3%
Margins
Gross margin 60.0% 59.6% 60.0% 62.1% 63.7% 60.2% 58.0% 58.1% 57.0% 57.3% 58.1% 57.5% 56.6% 55.8% 56.7% 59.4% 61.1% 61.1%
EBITDA margin 27.6% 27.2% 27.8% 28.6% 30.8% 28.7% 28.1% 26.0% 28.3% 28.0% 32.6% 33.2% 32.4% 30.7% 31.9% 36.6% 36.9% 36.4%
Operating margin 22.0% 21.5% 21.5% 23.4% 26.1% 24.4% 23.3% 20.6% 23.2% 22.2% 27.4% 28.3% 28.0% 26.8% 28.2% 32.7% 33.4% 33.0%
Net margin 17.4% 18.3% 18.6% 20.3% 22.2% 21.0% 19.2% 16.6% 13.5% 15.5% 21.0% 14.8% 21.8% 21.3% 21.8% 27.2% 26.9% 27.8%
Free-cash-flow margin 12.0% 17.4% 24.6% 22.4% 20.5% 19.1% 26.6% 17.0% 18.9% 15.0% 23.9% 19.8% 6.0% 13.6% 27.8% 32.3% 29.2% 28.1%
Cash flow
Cash from operations 188 283 383 403 391 383 548 414 505 459 802 737 351 693 1,401 1,752 1,806 1,771
Capital spending 57 67 47 64 73 63 59 62 63 69 95 103 135 120 99 90 156 162
Free cash flow 131 217 336 339 319 321 489 352 442 390 707 634 216 574 1,302 1,662 1,650 1,609
Stock-based pay 30 31 31 38 43 48 46 46 48 52 58 64 65 71 80 92 104 113
Free cash flow after stock pay 102 186 305 301 275 273 443 306 394 338 649 570 151 502 1,222 1,570 1,545 1,496
Balance sheet
Cash 489 735 810 876 906 717 731 822 189 147 463 295 274 228 238 1,209 1,469 1,011
Total debt 122 100 251 301 301 301 1,173 1,080 281 1,271 1,176 655 775 1,441 707 668 659 410
Net debt (negative = net cash) −367 −635 −559 −575 −605 −417 441 258 93 1,124 713 360 502 1,213 469 −541 −810 −601
Diluted shares 155m 157m 149m 146m 144m 143m 142m 142m 144m 144m 146m — 147m 147m 148m 147m 146m 145m
Returned to shareholders
Dividends — — — 97 142 157 168 186 199 212 225 227 245 258 282 311 350 357
Buybacks 131 163 393 186 202 160 102 — 54 23 — — 0 0 150 300 700 1,486
Total returned 131 163 393 283 344 318 270 186 253 235 225 227 245 258 432 611 1,050 1,843

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · September 30, 2026
What it owns · $8.2bn
Short-term assets $3.5bnLonger-term assets $4.7bn
What it owes, and who funded it · $8.2bn
Short-term liabilities $1.3bnLonger-term liabilities $940mShareholders' equity $5.9bn
  • Short-term assets cover short-term liabilities $3.5bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.5bn short-term assets against $940m of longer-dated liabilities.
  • More cash than debt $1.0bn of cash against $410m of debt.
  • Debt below 40% of shareholders' equity Debt is 7% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 20% to 7% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.8bn of operating cash flow against $410m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From ResMed|'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q1 TTM
Buybacks (TTM)
$1.5B
Dividends (TTM)
$357M
Returned to shareholders
115%
of free cash flow
Buybacks, last 3 fiscal years
$1.2B
Diluted share count
−1.3%
year over year
Total shareholder yield
5.6%
dividends 1.1% + buybacks 4.5% of market value
Dividend payout ratio
22%
of net income paid out
R&D spending
6.9%
of revenue
Sales & admin spending
20.5%
of revenue
Days sales outstanding
62 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated RMD STE BLCO DXCM EW IDXX Median
Revenue, last 12 months $5.7bn $6.0bn $5.4bn $5.1bn $6.5bn $4.7bn $99m
Revenue growth, last 12 months 9.0% 8.4% 8.9% 13.0% 14.6% 11.9% 9.2%
Revenue growth, 3-year average 9.4% 9.0% 10.9% 14.5% 15.3% 9.1% 13.5%
Revenue growth, latest quarter 5.9% 7.3% 7.3% 11.2% 13.6% 9.9% 10.2%
Gross margin 61.1% 44.4% — 63.4% 77.8% 62.7% 61.2%
Operating margin 33.0% 18.9% 7.1% 24.0% 22.3% 32.3% −8.5%
Operating margin, 3-year average 31.9% 17.1% 3.8% 19.0% 25.2% 30.9% −17.9%
Net margin 27.8% 13.3% −2.0% 19.4% 15.4% 25.4% −12.0%
Cash from operations / revenue 30.9% 21.3% 10.2% 27.7% 26.4% 30.4% −1.9%
Free-cash-flow margin 28.1% 15.3% 4.7% 21.5% 22.0% 28.0% −3.9%
Free-cash-flow margin, 3-year average 29.9% 14.3% −0.2% 19.5% 14.4% 23.9% −7.0%
Stock pay / revenue 2.0% 1.0% 3.2% 3.0% 2.6% 1.4% 6.1%
Change in share count −1.3% −0.5% 1.2% −3.9% −1.6% −2.2% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 9.0% 9.1% 66 of 129
Change in growth rate Growth -0.8pp -0.6pp 70 of 129
Gross margin Profitability 61.1% 61.9% 66 of 123
Operating margin Profitability 33.0% -8.3% 2 of 132
Net margin Profitability 27.8% -12.0% 5 of 133
Free-cash-flow margin Cash generation 28.1% -3.4% 6 of 128
Stock pay as % of revenue Cash generation 2.0% 6.1% 30 of 123
Long-term debt as % of assets Balance sheet 3.0% 24.2% 17 of 87
Change in share count Balance sheet -1.3% 3.3% 23 of 115
Days sales outstanding Balance sheet 62 days 57 days 75 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to June 30, 2026
Segments
Line of business Revenue Share YoY
Sleep and Breathing Health $5B 88.0% ▲ 10.5%
Residential Care Software $676M 12.0% ▲ 5.4%
Products and services
Line of business Revenue Share YoY
Sleep and Breathing Health $5B 88.0% ▲ 10.5%
Residential Care Software $676M 12.0% ▲ 5.4%
Geography
Region Revenue Share YoY
United States $3.6B 63.0% ▲ 8.4%
Outside the US $2.1B 37.0% ▲ 12.4%

From ResMed|'s 10-K filed August 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$19.5B
Institutions reporting
882
Shares held vs prior quarter
▲ 2.8%
Positions opened / closed
79 / 135

Top buyers and sellers, Q2 2026: 389 institutions bought and 491 sold ; the biggest buyer was First Trust Advisors LP (+741K shares) and the biggest seller Morgan Stanley (−758K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.4B 12.3M 12.3% ▲ 1.8%
Vanguard Capital Management LLC $1.8B 9.5M 9.5% ▲ 0.1%
Vanguard Portfolio Management LLC $1.5B 7.9M 7.9% ▲ 0.6%
State Street Corp $1.3B 6.7M 6.7% ▲ 0.6%
Geode Capital Management, LLC $845M 4.4M 4.3% 0.0%
Bank Of New York Mellon Corp $818M 4.2M 4.2% ▼ 14.8%
First Trust Advisors LP $444M 2.3M 2.3% ▲ 48.2%
Invesco Ltd. $402M 2.1M 2.1% ▲ 5.5%
Morgan Stanley $376M 1.9M 1.9% ▼ 28.2%
Northern Trust Corp $331M 1.7M 1.7% ▼ 1.7%
Nordea Investment Management AB $270M 1.4M 1.4% ▲ 34.3%
Deutsche Bank Ag\ $258M 1.3M 1.3% ▼ 7.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not ResMed|'s complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $22.4M 32 trades by 5 insiders · 100% under pre-set plans
Net ▼ $22.4M net selling
Insider Date Trade Shares Price Value
Rider Michael J Global General Counsel October 23, 2026 Sell pre-set plan 400 $255.00 $102,000
Farrell Michael J. Chairman and CEO October 7, 2026 Sell pre-set plan 4,991 $226.33 $1.1M
Farrell Michael J. Chairman and CEO September 8, 2026 Sell pre-set plan 4,991 $222.44 $1.1M
Farrell Peter C Director September 2, 2026 Sell pre-set plan 970 $234.73 $227,688
Farrell Michael J. Chairman and CEO August 7, 2026 Sell pre-set plan 4,991 $205.69 $1M
Farrell Peter C Director August 5, 2026 Sell pre-set plan 8,000 $225.00 $1.8M
Farrell Michael J. Chairman and CEO July 7, 2026 Sell pre-set plan 4,991 $218.55 $1.1M
Farrell Michael J. Chairman and CEO June 8, 2026 Sell pre-set plan 4,991 $193.96 $968,054
Farrell Michael J. Chairman and CEO May 7, 2026 Sell pre-set plan 4,991 $207.82 $1M
Farrell Michael J. Chairman and CEO April 7, 2026 Sell pre-set plan 4,991 $225.50 $1.1M
Farrell Peter C Director April 1, 2026 Sell pre-set plan 2,000 $225.00 $450,000
Sandercock Brett Chief Financial Officer April 1, 2026 Sell pre-set plan 1,000 $224.31 $224,310

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 11 trades and filings

No trades in ResMed| disclosed in the last 12 months; 11 earlier trades on record.

  • Kelly Morrison(D-MN 3):Sale (full), $1,001 - $15,000, traded June 4, 2025, filed June 18, 2025
  • Kelly Morrison(D-MN 3):Sale (full), $1,001 - $15,000, traded June 4, 2025, filed June 18, 2025
  • Kelly Morrison(D-MN 3):Sale (full), $1,001 - $15,000, traded June 4, 2025, filed June 18, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 6, 2026
  • July 7, 2026
  • April 30, 2026
  • January 29, 2026
  • October 30, 2025

Recent SEC filings

Data status

When each part of this page on ResMed| was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

ResMed| in brief

What does ResMed| do?
ResMed| is a US-listed company in the health care equipment industry. Its financial year ends in June.
What is ResMed|'s stock ticker?
ResMed| trades under the ticker RMD on OTC. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is ResMed|'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, ResMed| reported revenue of $5.7B, 9.0% higher than a year earlier, according to its SEC filings.
What is ResMed|'s free cash flow?
ResMed|'s free-cash-flow margin is 28.1% of revenue over the trailing twelve months, ranking 6 of the 128 health care equipment companies we cover.
What is ResMed|'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of ResMed|'s free cash flow after stock-based pay gives ~$280 per share in the base case, and ~$210–$360 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are ResMed|'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is ResMed| buying back stock, and does it pay a dividend?
ResMed| spent $1.5B on share repurchases over the trailing twelve months, and its diluted share count fell 1.3% over the year.
What is ResMed|'s market cap?
On November 2, 2026, ResMed|'s market capitalisation was about $33.8B, with a price-to-earnings ratio of 21.2 and net debt of -$601M. Market figures come from third-party market data and may be delayed.
Does ResMed| pay a dividend?
Yes: ResMed| paid $357M in dividends over the trailing twelve months, a dividend yield of 1.09% and a payout ratio of 22.4%.
How much debt does ResMed| have?
ResMed|'s debt-to-equity ratio is 6.9%, from its latest balance sheet (20.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are ResMed|'s competitors?
In our Health Care Equipment peer group, the companies closest to ResMed| are Steris, Bausch & Lomb Corp, Dexcom, Edwards Lifesciences and Idexx Laboratories. The side-by-side comparison below sets their revenue, margins and growth against ResMed|'s.
Are insiders buying or selling ResMed| stock?
Over the last 12 months, ResMed|'s directors and officers reported 0 open-market purchases and 32 sales on Form 4. The insider trading page charts every trade.
When is ResMed|'s next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — ResMed| announces its own schedule.