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Boston Scientific (BSX) stock

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NYSE: BSX NYSE Health Care Equipment Next results ~February 3, 2027

B Fundamentals grade

Boston Scientific designs and manufactures medical devices across multiple product lines, used by clinicians to diagnose and treat a range of conditions. Its devices are made in technology centres around the world, either by the company or by third parties, and many require sterilisation before sale. The filing notes that certain products, including capital equipment, and next-generation launches can have a disproportionate effect on the business.

The company's products are bought principally by hospitals, physicians and other health care providers, who in turn bill third-party payers such as Medicare and Medicaid in the United States and private health plans. Reimbursement arrangements, which vary by country, strongly influence which products customers purchase and the prices they pay.

Boston Scientific sells worldwide, citing the United States, Japan, China, Europe and Emerging Markets, with international sales making up 36 percent of global net sales in 2025. It grows partly through acquisitions into adjacent areas. A 2023 global restructuring programme, substantially complete by the end of 2025, aimed to simplify its manufacturing and distribution network. It held investment grade credit ratings from Moody's, Standard & Poor's and Fitch.

Based on Boston Scientific's 10-K filed February 17, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$51

Cash-flow model

Base case. Range ~$36–$70 across our lower- and higher-growth cases (7.1%–17.1% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 13% below our base value.

Price used: $44.32, November 2, 2026

Boston Scientific 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.

Value diary

Our note on each quarter Boston Scientific files

10-Q filed November 2: Boston Scientific

Model value −15.3%

Revenue for the twelve months to September 2026 was $21.1bn, up 8.9% on a year earlier, slower than the 13.5% growth a quarter earlier. Free-cash-flow margin fell to 15.8% from 19.8% a year earlier. Its fundamentals grade moves from C to B. Our model value falls from $60.45 to $51.18 a share, against a share price of $44.32. The rating stays Hold. At that price, our model says the market is pricing in about 6.9% a year of cash-flow growth for five years, slower than the 12.1% a year revenue growth it has delivered.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Boston Scientific stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $21.0bn, up 13.5% on a year earlier, slower than 17.4% a quarter earlier. Free-cash-flow margin fell to 17.3% from 18.8% a year earlier. Operating margin widened to 19.8% from 17.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $69.24 a share, against a share price of $45.41. At that price, our model says the market is pricing in about 7.7% a year of cash-flow growth for five years, slower than the 12.0% a year revenue growth it has delivered.

10-Q 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 ~February 3, 2027 (estimated)

Boston Scientific's trailing-twelve-month revenue grew 8.9% year on year, with a free-cash-flow margin of 15.8%. Where it stands out: net margin of 16.6% ranks 14 of 133 health care equipment companies we cover.

Our discounted-cash-flow model values the business at ~$51 per share in the base case (~$36–$70 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 12.9% while net income grew 25.5%: a 38pp 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

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Growth easing. The growth rate is 4.6 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -4.6pp ranks 103 of 129 health care equipment companies we cover (median -0.6pp).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 7.4% over 90 days.

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$0.73 against an average estimate of $0.72: beat by 0.9%
Revenue
$5.14bn, up 1.4% on a year earlier
Share reaction
-5.3% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
net sales growth (reported basis) growth 4.25% (full year 2026); net sales growth (organic basis) growth 3.75% (full year 2026)
Next report
October 28, 2026; average EPS estimate $0.78

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

Price chart

  • 1 day+5.6%
  • 1 week-2.8%
  • 1 month+4.0%
  • This year-53.5%
  • 1 year-56.0%
  • 5 years+3.3%
  • S&P 500 this year+11.2%

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

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$21.1B
Operating margin
18.7%
Net margin
16.6%
EPS (TTM, diluted)
$2.37

Growth

Revenue growth
+8.9%
Change in growth rate
−4.6 pts
Share count change
−0.9%

Cash

Free cash flow (TTM)
$3.3B
FCF margin
15.8%
Stock pay % of revenue
1.5%

Earnings

Last results
October 28, 2026
Next results (est.)
February 3, 2027

News & updates

Updated November 2, 2026

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

  1. Announcement
  2. Results
  3. Guidance
  4. Leadership
  5. Leadership
  6. Announcement
  7. Insider trade
  8. Results
  9. Restructuring

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

Boston Scientific valuation models and calculator

What the price is pricing in

The share price implies about 6.6% a year of cash-flow growth for five years.That is slower than the 12.1% a year revenue growth Boston Scientific has delivered.

  • Priced in6.6%
  • Last 12 months8.9%
  • 3 years a year15.3%
  • 5 years a year12.1%

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 ($43.30, 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
~$51
Price used
$43.30close November 3, 2026
Implied change
▲ +18%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Boston Scientific's free cash flow after stock-based pay with after-tax interest added back ($3.5B, FY2026 Q3 TTM), growing 2.2% and 7.7% in the next two years (forecasts, guidance and its record), then back to 12.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$36–~$70 ; 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 Boston Scientific's free cash flow after stock-based pay ( $3.5B, FY2026 Q3 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 Boston Scientific 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 0.88 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. ~$51 ~$36–$70 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. ~$53 ~$47–$84 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$18 ~$13–$26 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$19 ~$16–$22 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. ~$38 ~$18–$53 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Boston Scientific 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 ▼ −28%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▼ −21%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $26$39$55$76$104$140
8.5% $18$27$39$54$74$100
10% $13$20$29$41$56$76

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$18.44$21.63$24.79$35.34$45.22$35.95$42.48$46.27$57.81$89.32$95.35$44.32
Market value$24.7bn$29.8bn$34.5bn$49.5bn$63.8bn$50.9bn$60.9bn$66.6bn$84.6bn$132.7bn$142.5bn$65.6bn
+ Net debt (− = net cash)$5.4bn$5.5bn$5.4bn$6.9bn$9.8bn$7.4bn$7.1bn$8.0bn$8.2bn$10.3bn$9.5bn$11.3bn
Enterprise value$30.1bn$35.3bn$40.0bn$56.4bn$73.6bn$58.3bn$68.0bn$74.6bn$92.8bn$143.1bn$152.0bn$76.9bn
Multiples
Price / sales 3.1x3.3x3.8x5.0x5.9x5.1x5.1x5.3x5.9x7.9x7.1x3.1x
Price / earnings —85.8xn/m29.6x13.6x—61.8x103.8x53.9x71.6x49.2x18.7x
Price / free cash flow 55.7x37.0x31.2x—46.4x45.0x46.3x71.0x47.2x50.2x39.0x19.7x
EV / EBITDA 61.9x27.9x18.8x23.5x29.1x55.9x29.7x26.8x26.2x36.9x30.5x14.3x

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

73 /100

Strong moat

How hard Boston Scientific'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 16 / 20

    Cash operating profit has been a median 12.6% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 68.9%, moving by 1.7 percentage points (standard deviation) across 10 years.

  • Durability 5 / 20

    Operating margin has been a median 15.7%; its worst year was 0.8%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 11.7% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 3.6% over five years; stock-based pay has been a median 1.6% 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

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.18 +4% $21.0bn +4%
Next $3.19 +0% $21.0bn +0%

Next year's EPS estimate has moved −7.4% in 90 days, across 30 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −3.7% on 90 days ago. In the last 30 days, 0 analysts raised Boston Scientific's forecast and 11 cut it.

Consensus EPS forecast Boston Scientific, last 90 days
$3.10 $3.20 $3.30 $3.40 $3.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.30 Current fiscal year, 60 days ago: $3.30 Current fiscal year, 30 days ago: $3.27 Current fiscal year, 7 days ago: $3.24 Current fiscal year, Now: $3.18 $3.18 Next fiscal year, 90 days ago: $3.44 Next fiscal year, 60 days ago: $3.43 Next fiscal year, 30 days ago: $3.41 Next fiscal year, 7 days ago: $3.38 Next fiscal year, Now: $3.19 $3.19

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.30$3.44
60 days ago $3.30$3.43
30 days ago $3.27$3.41
7 days ago $3.24$3.38
Now $3.18$3.19

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.72 $0.73 +0.9%
Jun 2026 $0.83 $0.86 +3.9%
Mar 2026 $0.79 $0.80 +1.6%
Dec 2025 $0.78 $0.80 +2.4%

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

Management guidance

Earnings release, October 28, 2026
  • net sales growth (reported basis) full year 2026 about 4.25% growth Lowered vs 5.5 to 6.5
    “The company now estimates net sales growth for the full year 2026, versus the prior year period, to be approximately 4.25 percent on a reported basis and approximately 3.75 percent on an organic basis.” source
  • net sales growth (organic basis) full year 2026 about 3.75% growth Non-GAAP Lowered vs 5 to 6
    “The company now estimates net sales growth for the full year 2026, versus the prior year period, to be approximately 4.25 percent on a reported basis and approximately 3.75 percent on an organic basis.” source
  • net sales decline (reported and organic basis) fourth quarter of 2026 -3% growth to -1% growth
    “The company estimates net sales to decline in the fourth quarter of 2026, versus the prior year period, by approximately (3.0) to (1.0) percent on a reported and organic basis.” source
  • adjusted EPS full year 2026 $3.16 to $3.18 Non-GAAP Lowered vs 3.28 to 3.32
    “The company now estimates adjusted EPS, excluding certain charges (credits), of $3.16 to $3.18.” source
  • adjusted EPS fourth quarter of 2026 $0.77 to $0.79 Non-GAAP
    “The company estimates adjusted EPS, excluding certain charges (credits), of $0.77 to $0.79.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Boston Scientific's revenue by +2.2% next year and +7.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-0.3%, weight 48%) , management guidance (-0.5%, weight 31%) and the company's own record (+12.1%, weight 21%) . How the weights are set.

Analyst recommendations

31 analysts, Oct 2026
Buy2065%
Hold1135%
Sell00%

Monthly trend

  1. Oct 20266141131
  2. Sep 2026817631
  3. Aug 2026818531
  4. Jul 2026818531

Counts of recommendations published by analysts covering Boston Scientific, 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
2.8%
of tradable shares
Days to cover
2.17
at average volume
Short interest, 1 month
−12%
to October 15, 2026
Held by institutions
95%
of shares
Held by insiders
0.3%
of shares
Employees
59,000
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 −56.0%

$100.72 on October 31, 2025 to $44.32

ThenNowEffect
Revenue (last 12 months) $18.5bn $21.0bn +13.5%
Net margin 13.5% 17.5% +29.2%
P/E multiple 60.0x 18.0x −70.0%
Share count 1491m 1490m +0.1%

Biggest factor: p/e multiple.

Last 3 years −15.6%

$52.53 on November 3, 2023 to $44.32

ThenNowEffect
Revenue (last 12 months) $13.4bn $21.0bn +56.7%
Net margin 6.4% 17.5% +172.4%
P/E multiple 88.2x 18.0x −79.6%
Share count 1446m 1490m −3.0%

Biggest factor: p/e multiple.

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
BSX+18%+9%+25%+55%+7%−54%
Industry peers (median)−9%−37%−9%−20%−16%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BSX42%58%58%83%67%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BSX−17%−25%−11%−7%−16%−58%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 62% from September 8, 2025 to October 7, 2026. Getting back needed a 160% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$41.58 – $104.98
From 52-week high
−57.8%
vs 50-day average
−0.8%
vs 200-day average
−21.3%
Volatility (1 year)
39%
Beta vs S&P 500
0.13

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
7 up, 5 down
typical move ±5.4%
After a week
7 up, 4 down
typical move ±5.7%
After a month
7 up, 4 down
typical move ±6.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −5.3% 0.0% — —
July 29, 2026 −0.1% +0.1% +3.6% +1.3%
April 22, 2026 +10.4% +0.6% −4.0% −4.0%
February 4, 2026 −15.3% −1.7% −19.8% −22.1%
October 22, 2025 +2.5% +0.1% +0.4% −3.3%
July 23, 2025 +3.0% +0.9% +3.5% +2.0%
April 23, 2025 +6.4% +3.7% +8.2% +9.9%
February 5, 2025 +1.4% +0.8% +2.2% −4.3%
October 23, 2024 −3.3% −0.7% −4.6% +4.0%
July 24, 2024 −5.5% −2.8% −6.0% +1.3%
April 24, 2024 +6.2% −0.4% +4.7% +7.8%
January 31, 2024 +5.5% −0.3% +6.2% +9.3%

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 Boston Scientific’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.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.18× the last 60 days’ realised volatility , richer than 50% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

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.

Boston Scientific 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) Boston Scientific
$14B $16B $18B $20B $22B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $14.2B Revenue (TTM), FY24 Q1: $14.7B Revenue (TTM), FY24 Q2: $15.2B Revenue (TTM), FY24 Q3: $15.9B Revenue (TTM), FY24 Q4: $16.7B Revenue (TTM), FY25 Q1: $17.6B Revenue (TTM), FY25 Q2: $18.5B Revenue (TTM), FY25 Q3: $19.4B Revenue (TTM), FY25 Q4: $20.1B Revenue (TTM), FY26 Q1: $20.6B Revenue (TTM), FY26 Q2: $21B Revenue (TTM), FY26 Q3: $21.1B $21.1B

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $14.2B
FY24 Q1 $14.7B
FY24 Q2 $15.2B
FY24 Q3 $15.9B
FY24 Q4 $16.7B
FY25 Q1 $17.6B
FY25 Q2 $18.5B
FY25 Q3 $19.4B
FY25 Q4 $20.1B
FY26 Q1 $20.6B
FY26 Q2 $21B
FY26 Q3 $21.1B
Revenue growth, TTM YoY Boston Scientific
5% 10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 12.3% Revenue growth, TTM YoY, FY24 Q1: 12.7% Revenue growth, TTM YoY, FY24 Q2: 13.6% Revenue growth, TTM YoY, FY24 Q3: 15.7% Revenue growth, TTM YoY, FY24 Q4: 17.6% Revenue growth, TTM YoY, FY25 Q1: 19.4% Revenue growth, TTM YoY, FY25 Q2: 21.4% Revenue growth, TTM YoY, FY25 Q3: 21.6% Revenue growth, TTM YoY, FY25 Q4: 19.9% Revenue growth, TTM YoY, FY26 Q1: 17.4% Revenue growth, TTM YoY, FY26 Q2: 13.5% Revenue growth, TTM YoY, FY26 Q3: 8.9% 8.9%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 12.3%
FY24 Q1 12.7%
FY24 Q2 13.6%
FY24 Q3 15.7%
FY24 Q4 17.6%
FY25 Q1 19.4%
FY25 Q2 21.4%
FY25 Q3 21.6%
FY25 Q4 19.9%
FY26 Q1 17.4%
FY26 Q2 13.5%
FY26 Q3 8.9%
Operating margin (TTM) Boston Scientific
14% 16% 18% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 16.5% Operating margin (TTM), FY24 Q1: 16.8% Operating margin (TTM), FY24 Q2: 16.2% Operating margin (TTM), FY24 Q3: 15.8% Operating margin (TTM), FY24 Q4: 15.5% Operating margin (TTM), FY25 Q1: 16.2% Operating margin (TTM), FY25 Q2: 17.0% Operating margin (TTM), FY25 Q3: 17.9% Operating margin (TTM), FY25 Q4: 18.0% Operating margin (TTM), FY26 Q1: 18.4% Operating margin (TTM), FY26 Q2: 19.8% Operating margin (TTM), FY26 Q3: 18.7% 18.7%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 16.5%
FY24 Q1 16.8%
FY24 Q2 16.2%
FY24 Q3 15.8%
FY24 Q4 15.5%
FY25 Q1 16.2%
FY25 Q2 17.0%
FY25 Q3 17.9%
FY25 Q4 18.0%
FY26 Q1 18.4%
FY26 Q2 19.8%
FY26 Q3 18.7%
FCF margin (TTM) Boston Scientific
10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 12.6% FCF margin (TTM), FY24 Q1: 11.5% FCF margin (TTM), FY24 Q2: 12.1% FCF margin (TTM), FY24 Q3: 13.6% FCF margin (TTM), FY24 Q4: 15.8% FCF margin (TTM), FY25 Q1: 17.2% FCF margin (TTM), FY25 Q2: 18.8% FCF margin (TTM), FY25 Q3: 19.8% FCF margin (TTM), FY25 Q4: 18.2% FCF margin (TTM), FY26 Q1: 16.9% FCF margin (TTM), FY26 Q2: 17.3% FCF margin (TTM), FY26 Q3: 15.8% 15.8%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 12.6%
FY24 Q1 11.5%
FY24 Q2 12.1%
FY24 Q3 13.6%
FY24 Q4 15.8%
FY25 Q1 17.2%
FY25 Q2 18.8%
FY25 Q3 19.8%
FY25 Q4 18.2%
FY26 Q1 16.9%
FY26 Q2 17.3%
FY26 Q3 15.8%

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

Where the money goes

FY2025, from the 10-K

Each dollar Boston Scientific took in during FY2025, 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 $20.1B
  2. Cost of revenue $6.2B · 31.0%
  3. Gross profit $13.9B · 69.0%
  4. Research and development $2.1B · 10.2%
  5. Selling, general and admin $6.9B · 34.3%
  6. Other operating costs $1.3B · 6.5%
  7. Operating income $3.6B · 18.0%
  8. Income tax $493M · 2.5%
  9. Interest and other $222M · 1.1%
  10. Net income $2.9B · 14.4%

Shares of revenue. Source: Boston Scientific's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

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

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 8.2 7.8 7.6 7.0 7.1 7.5 8.1 9.1 9.0 9.8 10.7 9.9 11.9 12.7 14.2 16.7 20.1 21.1
Gross profit 5.6 5.2 5.0 4.9 5.0 5.2 5.3 6.0 6.5 7.0 7.6 6.4 8.2 8.7 9.9 11.5 13.9 14.6
EBITDA −0.1 0.2 1.6 −3.2 0.8 0.4 0.5 1.3 2.1 2.4 2.5 1.0 2.3 2.8 3.5 3.9 5.0 5.4
Operating income −0.9 −0.7 0.9 −3.9 0.1 −0.3 −0.3 0.4 1.3 1.5 1.5 −0.1 1.2 1.6 2.3 2.6 3.6 3.9
Net income −1.0 −1.1 0.4 −4.1 −0.1 −0.1 −0.2 0.3 0.1 1.7 4.7 −0.1 1.0 0.6 1.6 1.9 2.9 3.5
Diluted EPS −$0.68 −$0.70 $0.29 −$2.89 −$0.09 −$0.09 −$0.18 $0.25 $0.08 $1.19 $3.33 −$0.08 $0.69 $0.45 $1.07 $1.25 $1.94 $2.37
Growth (year on year)
Revenue +1.7% −4.7% −2.4% −8.7% +1.6% +5.5% +8.1% +12.5% −0.3% +8.6% +9.3% −7.7% +19.9% +6.7% +12.3% +17.6% +19.9% +8.9%
EBITDA — — +913.1% −296.5% — −47.6% +14.6% +159.7% +68.7% +12.7% +5.4% −58.8% +119.8% +21.5% +27.1% +9.4% +28.6% +22.9%
Operating income — — — −527.9% — — — — +187.5% +17.2% +0.8% −105.3% — +37.5% +42.1% +11.1% +38.8% +13.5%
Net income — — — <−999% — — — — −70.0% — +181.3% −102.4% — −34.8% +144.5% +18.0% +56.4% +25.5%
Diluted EPS — — — <−999% — — — — −68.0% — +179.8% −102.4% — −34.8% +137.8% +16.8% +55.2% +26.6%
Margins
Gross margin 68.5% 66.7% 65.1% 70.4% 70.3% 69.3% 65.7% 65.7% 71.3% 71.4% 71.0% 65.0% 68.8% 68.8% 69.5% 68.6% 69.0% 69.1%
EBITDA margin −0.7% 2.0% 21.3% −45.8% 11.4% 5.7% 6.0% 13.9% 23.5% 24.4% 23.6% 10.5% 19.3% 22.0% 24.9% 23.1% 24.8% 25.5%
Operating margin −10.9% −8.4% 11.9% −55.6% 1.7% −4.0% −3.5% 4.9% 14.2% 15.3% 14.1% −0.8% 10.1% 13.0% 16.5% 15.5% 18.0% 18.7%
Net margin −12.5% −13.6% 5.8% −58.5% −1.7% −1.6% −3.0% 3.8% 1.1% 17.0% 43.8% −1.2% 8.3% 5.1% 11.0% 11.1% 14.4% 16.6%
Free-cash-flow margin 6.4% 0.7% 9.2% 15.1% 12.2% 13.5% 5.5% 8.9% 12.2% −0.1% 12.8% 11.4% 11.1% 7.4% 12.6% 15.8% 18.2% 15.8%
Cash flow
Cash from operations 0.8 0.3 1.0 1.3 1.1 1.3 0.7 1.2 1.4 0.3 1.8 1.5 1.9 1.5 2.5 3.4 4.5 4.2
Capital spending 0.3 0.3 0.3 0.2 0.2 0.3 0.2 0.4 0.3 0.3 0.5 0.4 0.6 0.6 0.7 0.8 0.9 0.9
Free cash flow 0.5 0.1 0.7 1.1 0.9 1.0 0.4 0.8 1.1 −0.0 1.4 1.1 1.3 0.9 1.8 2.6 3.7 3.3
Stock-based pay 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3
Free cash flow after stock pay 0.4 −0.1 0.6 0.9 0.8 0.9 0.3 0.7 1.0 −0.1 1.2 1.0 1.1 0.7 1.6 2.4 3.4 3.0
Balance sheet
Cash 0.9 0.2 0.3 0.2 0.2 0.6 0.3 0.2 0.2 0.1 0.2 1.7 1.9 0.9 0.9 0.4 2.0 0.6
Total debt 5.9 5.5 4.3 4.3 4.2 4.2 5.7 5.7 5.6 7.1 10.0 9.1 9.1 8.9 9.1 10.7 11.4 12.0
Net debt (negative = net cash) 5.1 5.2 4.0 4.0 4.0 3.7 5.4 5.5 5.4 6.9 9.8 7.4 7.1 8.0 8.2 10.3 9.5 11.3
Diluted shares 1,508m 1,518m 1,519m 1,407m 1,341m 1,324m 1,341m 1,377m 1,393m 1,401m 1,411m 1,417m 1,434m 1,440m 1,464m 1,486m 1,495m 1,479m
Returned to shareholders
Dividends — — — — — — — — — 0.0 0.0 0.0 0.1 0.1 0.0 0.0 — —
Buybacks — — 0.5 0.6 0.5 0.1 0.0 0.0 — 0.0 0.0 0.5 0.0 0.0 — — — —
Total returned — — 0.5 0.6 0.5 0.1 0.0 0.0 — 0.0 0.0 0.6 0.1 0.1 0.0 0.0 — —

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

4 of 6 checks passed · September 30, 2026
What it owns · $45.5bn
Short-term assets $8.2bnLonger-term assets $37.3bn
What it owes, and who funded it · $31.6bn
Short-term liabilities $6.0bnShareholders' equity $25.6bn
  • Short-term assets cover short-term liabilities $8.2bn of assets due within a year against $6.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $609m of cash against $12.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 47% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 54% to 47% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.2bn of operating cash flow against $12.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $3.9bn against $376m of interest.

From Boston Scientific'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

Diluted share count
−0.9%
year over year
R&D spending
10.2%
of revenue
Sales & admin spending
33.7%
of revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated BSX GEHC PHG SYK MDT BAX Median
Revenue, last 12 months $21.1bn $21.6bn $20.2bn $26.3bn $37.5bn $11.6bn $99m
Revenue growth, last 12 months 8.9% 6.9% 3.4% 7.9% 9.8% 5.3% 9.2%
Revenue growth, 3-year average 15.3% 3.9% — 9.8% 6.0% 0.7% 13.5%
Revenue growth, latest quarter 1.4% 7.2% — 7.6% 13.7% 5.0% 10.2%
Gross margin 69.1% 39.9% 45.2% 65.3% 65.0% 30.1% 61.2%
Operating margin 18.7% 13.3% 8.0% 20.7% 18.1% −1.9% −8.5%
Operating margin, 3-year average 17.4% 13.2% 6.6% 18.5% 17.3% 1.7% −17.9%
Net margin 16.6% 10.0% 5.0% 13.8% 13.9% −6.2% −12.0%
Cash from operations / revenue 20.1% 11.2% — 20.7% 21.4% 14.1% −1.9%
Free-cash-flow margin 15.8% 8.7% — 17.4% 16.3% 8.4% −3.9%
Free-cash-flow margin, 3-year average 16.4% 8.1% — 16.2% 15.9% 4.1% −7.0%
Stock pay / revenue 1.5% 0.7% 0.8% 1.0% 1.3% 0.9% 6.1%
Change in share count −0.9% −0.6% 3.1% −0.1% 0.0% 0.7% 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 8.9% 9.1% 67 of 129
Change in growth rate Growth -4.6pp -0.6pp 103 of 129
Gross margin Profitability 69.1% 61.9% 42 of 123
Operating margin Profitability 18.7% -8.3% 15 of 132
Net margin Profitability 16.6% -12.0% 14 of 133
Free-cash-flow margin Cash generation 15.8% -3.4% 21 of 128
Stock pay as % of revenue Cash generation 1.5% 6.1% 21 of 123
Long-term debt as % of assets Balance sheet 24.0% 24.2% 43 of 87
Change in share count Balance sheet -0.9% 3.3% 24 of 115

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

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue YoY
United States $12.9B ▲ 26.0%
Outside the US $7.2B ▲ 10.3%
EMEA $3.5B ▲ 6.9%
Asia Pacific $3.1B ▲ 14.7%
Emerging Markets $3B ▲ 11.4%
Latin America and Canada $678M ▲ 8.7%

These categories overlap or exclude eliminations, so shares aren't shown.

From Boston Scientific's 10-K filed February 17, 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
$57.1B
Institutions reporting
1,470
Shares held vs prior quarter
▼ 0.8%
Positions opened / closed
128 / 321

Top buyers and sellers, Q2 2026: 707 institutions bought and 934 sold ; the biggest buyer was Primecap Management Co (+18.0M shares) and the biggest seller FMR LLC (−28.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.5B 129.7M 9.7% ▼ 1.6%
Vanguard Capital Management LLC $4.1B 97.1M 7.3% ▲ 0.7%
State Street Corp $3B 70.1M 5.2% ▲ 3.1%
Primecap Management Co $2.2B 50.5M 3.8% ▲ 55.3%
FMR LLC $2B 45.7M 3.4% ▼ 38.4%
Geode Capital Management, LLC $1.4B 33.4M 2.5% ▲ 0.5%
Vanguard Portfolio Management LLC $1.3B 29.8M 2.2% 0.0%
D. E. Shaw & Co., Inc. $1.1B 25.5M 1.9% ▲ 4.7%
Jpmorgan Chase & Co $1B 23.9M 1.8% ▼ 28.3%
Massachusetts Financial Services Co $1B 22.8M 1.8% ▲ 107.8%
Arrowstreet Capital, Limited Partnership $994M 23.3M 1.7% ▲ 67.7%
Norges Bank $904M 21.2M 1.6% —

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 Boston Scientific's complete shareholder register. Values are as reported by the filers ; 9 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $10M 10 trades by 5 insiders, last 12 months Insider sales History → $23M 7 trades by 4 insiders · 100% under pre-set plans
Net ▼ $13M net selling
Insider Date Trade Shares Price Value
Morano Susan E Director August 25, 2026 Buy 2,040 $49.22 $100,408
Habiger David C Director August 5, 2026 Buy 2,100 $47.59 $99,937
Habiger David C Director August 4, 2026 Buy 140 $48.59 $6,802
Mahoney Michael F Chairman, President & CEO August 3, 2026 Buy 186,240 $48.33 $9M
Habiger David C Director August 3, 2026 Buy 1,042 $48.07 $50,084
Ludwig Edward J Director July 31, 2026 Buy 5,000 $45.48 $227,400
Habiger David C Director May 20, 2026 Buy 2,250 $55.92 $125,819
Ludwig Edward J Director May 20, 2026 Buy 3,580 $56.68 $202,914
Pegus Cheryl Director May 20, 2026 Buy 1,770 $56.49 $99,987
Habiger David C Director May 19, 2026 Buy 2,200 $56.95 $125,279
Mahoney Michael F Chairman, President & CEO February 2, 2026 Sell pre-set plan 159,701 $93.49 $14.9M
Mahoney Michael F Chairman, President & CEO February 2, 2026 Sell pre-set plan 1,200 $94.06 $112,868

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 92 trades and filings

In the last 12 months, 2 members of Congress disclosed 8 purchases and 8 sales of Boston Scientific shares.

  • Kevin Hern(R-OK 1):Sale (full), $50,001 - $100,000, traded September 9, 2026, filed September 25, 2026
  • Kevin Hern(R-OK 1):Sale (partial), $50,001 - $100,000, traded September 4, 2026, filed September 25, 2026
  • Kevin Hern(R-OK 1):Sale (full), $1,001 - $15,000, traded September 3, 2026, filed September 25, 2026

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

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 22, 2026
  • February 4, 2026
  • October 22, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Boston Scientific 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.

Boston Scientific in brief

What does Boston Scientific do?
Boston Scientific is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Boston Scientific's stock ticker?
Boston Scientific trades under the ticker BSX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Boston Scientific's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Boston Scientific reported revenue of $21.1B, 8.9% higher than a year earlier, according to its SEC filings.
What is Boston Scientific's free cash flow?
Boston Scientific's free-cash-flow margin is 15.8% of revenue over the trailing twelve months, ranking 21 of the 128 health care equipment companies we cover.
What is Boston Scientific's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Boston Scientific's free cash flow after stock-based pay gives ~$51 per share in the base case, and ~$36–$70 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Boston Scientific'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 State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Boston Scientific's market cap?
On November 2, 2026, Boston Scientific's market capitalisation was about $65.6B, with a price-to-earnings ratio of 18.7 and net debt of $11.3B. Market figures come from third-party market data and may be delayed.
How much debt does Boston Scientific have?
Boston Scientific's debt-to-equity ratio is 46.6%, from its latest balance sheet (54.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Boston Scientific's competitors?
In our Health Care Equipment peer group, the companies closest to Boston Scientific are GE HealthCare, Koninklijke Philips NV, Stryker Corporation, Medtronic and Baxter International. The side-by-side comparison below sets their revenue, margins and growth against Boston Scientific's.
Are insiders buying or selling Boston Scientific stock?
Over the last 12 months, Boston Scientific's directors and officers reported 10 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is Boston Scientific's next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Boston Scientific announces its own schedule.