Boston Scientific

Health Care Health Care Equipment Marlborough, Massachusetts Last filing Feb 17, 2026 · FY2025

                    Revenue
                    FY2025
                
$20.1B
                    3y CAGR +16.5%
                    
                    P92
                    
                    +19.9%
                    
                    Net income
                    FY2025
                
$2.9B
                    Net margin +14.4%
                    
                    P59
                    
                    +56.7%
                    
                    Total assets
                    FY2025
                
$43.7B
                    ROA +6.6%
                    
                    P59
                    
                    +10.9%
                    
                    Operating cash flow
                    FY2025
                
$4.5B
                    FCF margin +18.2%
                    
                    P65
                    
                    +32.0%

19 yrs · FY2007–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 3 years

Total assets $43.7B

Total liabilities ~$19.4B

Shareholders equity $24.2B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	9.8%	2.5%	6.1%
Accounts Receivable	14.6%	15.3%	15.6%
Inventory	14.7%	16.8%	17.4%
Prepaid Expenses	4.8%	6.8%	6.6%
Total Current Assets	43.8%	41.3%	45.7%
Property,Plant and Equipment	20.1%	19.7%	20.1%
Goodwill	91.1%	102.0%	101.0%
Intangible Assets	35.0%	39.9%	42.2%
Deferred Tax Assets	18.3%	21.8%	27.0%
Other Noncurrent Assets	9.3%	10.5%	10.8%
Total Assets	217.6%	235.2%	246.7%
Liabilities
Accounts Payable	5.7%	5.7%	6.6%
Accrued Liabilities	15.9%	16.6%	18.6%
Current Portion of Long Term Debt	1.5%	10.6%	3.7%
Other Current Liabilities	4.0%	5.3%	5.7%
Total Current Liabilities	27.1%	38.2%	34.6%
Long Term Debt	55.5%	53.5%	60.2%
Deferred Tax Liabilities	1.1%	0.9%	0.9%
Other Noncurrent Liabilities	12.0%	11.2%	13.8%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.1%	0.1%	0.1%
Additional Paid In Capital	107.1%	125.7%	145.0%
Retained Earnings	27.8%	16.0%	5.8%
Treasury Stock	11.2%	13.4%	15.8%
Accumulated Other Comprehensive Income	-3.0%	1.6%	0.3%
Total Stockholders Equity	120.7%	130.0%	135.4%
Noncontrolling Interest	1.2%	1.4%	1.7%
Total Liabilitiesand Equity	217.6%	235.2%	246.7%

Income Statement

Revenue, expense, and profitability

20 accounts · 3 years

Revenue $20.1B

Operating income $3.6B

Net income $2.9B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	31.0%	31.4%	30.5%
Other Income Expense Gross Profit	69.0%	68.6%	69.5%
Expenses Research and Development	10.2%	9.6%	9.9%
Expenses Selling,General and Administrative	34.3%	35.7%	36.4%
Expenses Depreciation and Amortization	4.5%	5.1%	5.8%
Expenses Restructuring and Asset Impairment	0.7%	2.4%	0.9%
Expenses Other Operating Expenses	1.3%	0.2%	-0.0%
Expenses Operating Expenses	51.0%	53.1%	53.0%
Other Income Expense Operating Income	18.0%	15.5%	16.5%
Other Income Expense Interest Expense	1.7%	1.8%	1.9%
Other Income Expense Other Income/expense	0.6%	-0.1%	-0.7%
Other Income Expense Income Before Tax	16.9%	13.6%	13.9%
Income Tax Income Tax Expense	2.5%	2.6%	2.8%
net Income Other Items Below Tax	0.0%	0.0%	-0.2%
net Income net Income	14.4%	11.0%	11.2%
net Income Comprehensive Income	10.0%	12.4%	9.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	7.4%	8.9%	10.3%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $4.5B

Investing cash flow $-2.6B

Financing cash flow $-395.0M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	14.4%	11.0%	11.2%
Operating Activities Depreciation and Amortization	7.7%	10.2%	8.8%
Operating Activities Stock Based Compensation	1.5%	1.6%	1.6%
Operating Activities Deferred Income Taxes	-0.0%	-0.4%	-0.0%
Operating Activities Changes In Operating Assets and Liabilities	-1.2%	-2.8%	-5.4%
Operating Activities Other Non Cash Items	0.2%	0.9%	1.3%
Operating Activities net Cash From Operating Activities	22.6%	20.5%	17.6%
Investing Activities Capital Expenditures	-4.4%	-4.7%	-5.0%
Investing Activities Business Acquisitions	-9.2%	-29.4%	-13.3%
Investing Activities Other Investing Activities	0.4%	0.1%	0.3%
Investing Activities net Cash From Investing Activities	-13.2%	-34.0%	-18.1%
Financing Activities Proceeds From Debt	7.8%	12.8%	0.0%
Financing Activities Repayment of Debt	-10.2%	-2.0%	-0.0%
Financing Activities Proceeds From Stock Issuance	1.4%	1.4%	1.3%
Financing Activities Tax Withholding On Stock Based Compensation	-0.7%	-0.5%	-0.4%
Financing Activities Other Financing Activities	-0.3%	-0.8%	-0.8%
Financing Activities net Cash From Financing Activities	-2.0%	10.8%	0.0%
Cash Reconciliation Effect of Exchange Rate On Cash	0.2%	-0.1%	-0.0%
Cash Reconciliation net Change In Cash	7.7%	-2.7%	-0.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+69.0%	+68.6%	+69.5%
Operating margin	+18.0%	+15.5%	+16.5%
Net margin	+14.4%	+11.0%	+11.2%
FCF margin	+18.2%	+15.8%	+12.6%
Growth
Revenue CAGR (3y)	+16.5%	+12.1%	+12.8%
Returns
ROE	+11.9%	+8.5%	+8.3%
ROA	+6.6%	+4.7%	+4.5%
ROIC	+9.2%	+6.6%	+6.8%
Liquidity
Current ratio	1.62x	1.08x	1.32x
Quick ratio	0.90x	0.46x	0.63x
Leverage
D/E	0.80x	0.81x	0.82x
Interest coverage	10.35x	8.53x	8.84x
Efficiency
Asset turnover	0.46x	0.43x	0.41x
Cash conversion cycle	+159d	+184d	+187d

Valuation

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Boston Scientific

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