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Boston Scientific key statistics and ratios

In fiscal 2025, Boston Scientific had return on equity of 12.6%, an operating margin of 18.0%, debt equal to 47.2% of equity and a current ratio of 1.62. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin68.5%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%
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 margin6.4%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%
Return on equity−8.3%−9.0%3.9%−44.6%−1.8%−1.8%−3.7%5.3%1.5%21.2%41.6%−0.8%6.2%3.8%8.5%9.0%12.6%14.0%
Return on assets−4.1%−4.5%2.0%−21.2%−0.7%−0.7%−1.4%1.9%0.6%8.3%18.2%−0.4%3.1%2.0%4.6%5.0%7.0%7.9%
Asset turnover0.330.330.350.360.420.440.460.500.490.490.420.320.380.390.420.450.480.47
Current ratio1.521.391.721.711.651.271.430.900.680.760.971.821.481.511.321.081.621.36
Debt to equity48.1%48.2%37.5%62.0%64.8%65.7%89.8%84.2%80.1%80.9%72.1%59.7%54.5%50.8%47.2%49.4%47.2%46.6%
Interest cover (operating income ÷ interest)n/mn/m3.2xn/m0.4xn/mn/m1.9x5.6x6.2x3.2xn/m3.5x3.5x8.8x8.5x10.4x10.5x
Effective tax rate——31.3%—————88.7%−17.5%——3.3%38.8%19.8%19.1%14.6%4.4%
R&D as % of revenue12.6%12.0%11.7%12.7%12.2%10.9%10.9%10.1%11.0%11.3%10.9%11.5%10.1%10.4%9.9%9.6%10.2%10.2%
SG&A as % of revenue32.2%33.1%32.6%36.4%37.8%38.9%35.6%34.1%36.4%36.3%36.7%38.2%36.7%35.6%36.4%35.7%34.3%33.7%
Capital spending as % of revenue3.8%3.5%4.0%3.2%3.5%3.5%3.1%4.1%3.5%3.2%4.3%3.8%4.7%4.6%5.0%4.7%4.4%4.3%
Free cash flow ÷ net income——159.6%————232.3%>999%−0.4%29.3%—133.6%146.1%114.1%142.7%126.2%95.1%
Dividends ÷ net income—————————0.0%0.0%—5.6%8.6%1.8%0.0%——
Dividends and buybacks ÷ free cash flow——69.9%56.9%57.8%12.4%0.0%0.0%——0.0%49.7%4.2%5.9%1.6%0.0%——

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: BSX vs GEHCBSX vs PHGBSX vs SYK

More: Health Care Equipment stocks compared, Health Care sector, rankings of US companies

Figures from Boston Scientific's SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Boston Scientific.