Boston Scientific Corporation

BSX · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991
Valuation
Market cap	$141,351	$131,642	$84,691	$66,273	$60,534	$51,228	$64,438	$50,359	$35,326	$30,823	$26,277	$17,547	$16,121	$8,060	$8,060	$11,490	$13,571	$11,598	$17,293	$21,882	$20,236	$29,728	$30,440	$17,239	$10,019	$5,549	$8,821	$10,410	$8,926	$11,658	$8,786	$1,829	$1,235	$2,037	$1,627
Enterprise value	$152,043	$142,608	$93,566	$74,627	$68,060	$59,033	$74,498	$57,243	$40,716	$36,111	$31,635	$21,222	$20,144	$12,109	$12,054	$16,715	$18,625	$16,702	$24,030	$29,116	$21,408	$30,455	$31,494	$17,897	$11,038	$6,323	$10,021	$12,731	$9,362	$11,887	$8,742	$1,782	$1,210	$1,968	$1,646
P/E (TTM) at period end	48.78×	71.04×	53.94×	103.23×	61.46×	–	13.71×	30.14×	339.67×	88.83×	–	–	–	–	18.28×	–	–	–	–	–	32.22×	27.99×	64.49×	46.22×	–	14.88×	23.78×	–	64.08×	69.77×	1098.25×	22.95×	17.72×	35.99×	38.92×
P/S (TTM) at period end	7.04×	7.86×	5.95×	5.23×	5.09×	5.17×	6.00×	5.13×	3.90×	3.68×	3.51×	2.38×	2.26×	1.11×	1.06×	1.47×	1.66×	1.44×	2.07×	2.80×	3.22×	5.29×	8.76×	5.91×	3.75×	2.08×	3.10×	4.66×	4.77×	7.97×	7.94×	4.07×	3.25×	6.46×	7.07×
P/B at period end	5.83×	6.05×	4.39×	3.77×	3.64×	3.34×	4.64×	5.77×	5.04×	4.58×	4.16×	2.72×	2.47×	1.17×	0.71×	1.02×	1.10×	0.88×	1.15×	1.43×	4.73×	7.39×	10.64×	6.99×	4.97×	2.87×	5.12×	12.68×	9.05×	12.72×	11.67×	5.38×	5.01×	8.18×	18.02×
EV / EBITDA (TTM)	30.52×	36.83×	26.44×	26.80×	29.69×	56.60×	29.46×	23.85×	19.12×	28.61×	65.09×	50.05×	24.90×	–	7.44×	104.47×	–	–	26.58×	14.44×	9.16×	14.88×	35.27×	23.21×	33.25×	7.39×	11.10×	–	18.67×	29.48×	26.90×	12.81×	10.52×	20.20×	22.28×
EV / Sales (TTM)	7.57×	8.52×	6.57×	5.88×	5.73×	5.96×	6.94×	5.83×	4.50×	4.31×	4.23×	2.88×	2.82×	1.67×	1.58×	2.14×	2.27×	2.07×	2.88×	3.72×	3.41×	5.42×	9.06×	6.13×	4.13×	2.37×	3.53×	5.70×	5.00×	8.13×	7.90×	3.97×	3.18×	6.24×	7.16×
Returns
Return on equity	12.0%	8.5%	8.1%	3.7%	5.9%	(0.8%)	33.9%	19.1%	1.5%	5.2%	(3.8%)	(1.8%)	(1.9%)	(59.2%)	3.9%	(9.4%)	(8.3%)	(15.5%)	(3.3%)	(23.4%)	14.7%	26.4%	16.5%	15.1%	(2.7%)	19.3%	21.5%	(32.2%)	14.1%	18.2%	1.1%	23.4%	28.3%	22.7%	46.3%
Return on invested capital	8.8%	6.4%	6.7%	3.9%	4.8%	(0.3%)	6.3%	9.6%	1.2%	3.7%	(0.9%)	(0.7%)	0.6%	(35.1%)	4.0%	(4.0%)	(4.0%)	(8.2%)	(0.1%)	5.5%	26.2%	24.7%	13.1%	13.3%	–	17.6%	16.3%	(6.8%)	18.1%	16.8%	3.8%	27.4%	31.2%	31.9%	39.4%
Dividend yield	–	–	0.0%	0.1%	0.1%	0.1%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.0%	–
Financial health
Current ratio	1.62×	1.08×	1.32×	1.51×	1.48×	1.82×	0.97×	0.76×	0.68×	0.90×	1.43×	1.27×	1.65×	1.71×	1.72×	1.39×	1.52×	1.69×	1.82×	1.86×	1.78×	1.26×	1.35×	1.31×	1.33×	1.21×	1.00×	0.78×	1.32×	1.61×	1.98×	3.58×	3.78×	5.55×	3.47×
Debt / equity	0.47×	0.49×	0.47×	0.51×	0.55×	0.60×	0.72×	0.81×	0.80×	0.81×	0.90×	0.66×	0.65×	0.62×	0.38×	0.48×	0.48×	0.51×	0.54×	0.58×	0.47×	0.59×	0.60×	0.38×	0.60×	0.43×	0.74×	2.91×	0.50×	0.31×	0.09×	0.13×	0.14×	0.10×	0.28×
Effective tax rate	14.6%	19.1%	19.8%	38.8%	3.3%	(2.5%)	(584.1%)	(17.5%)	88.7%	(96.0%)	63.2%	76.6%	45.7%	0.9%	31.3%	(0.2%)	21.6%	(0.2%)	13.0%	(1.2%)	29.5%	28.9%	26.6%	32.1%	222.7%	29.2%	34.0%	4.0%	38.0%	43.7%	90.6%	38.2%	36.3%	38.1%	38.8%
Share count
Diluted shares outstanding	1,494	1,486	1,464	1,440	1,434	1,417	1,411	1,401	1,393	1,377	1,341	1,324	1,341	1,407	1,519	1,518	1,508	1,498	1,487	1,274	837	856	843	829	831	820	824	776	800	796	736	421	395	390	380

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991
Revenue and gross profit
Revenue	$20,996	$20,074	$16,747	$14,240	$12,682	$11,888	$9,913	$10,735	$9,823	$9,048	$8,386	$7,477	$7,380	$7,143	$7,249	$7,622	$7,806	$8,188	$8,050	$8,357	$7,821	$6,283	$5,624	$3,476	$2,919	$2,673	$2,664	$2,842	$2,234	$1,872	$1,462	$1,107	$449	$380	$315	$230
Cost of revenue	($6,315)	($6,221)	($5,257)	($4,345)	($3,956)	($3,711)	($3,465)	($3,116)	($2,813)	($2,593)	($2,424)	($2,173)	($2,210)	($2,174)	($2,349)	($2,659)	($2,599)	($2,576)	($2,469)	($2,342)	($2,737)	($1,538)	($1,347)	($961)	($870)	($919)	($742)	($900)	($659)	($464)	($340)	($277)	($153)	($134)	($112)	($78)
Gross profit	$14,683	$13,854	$11,490	$9,896	$8,727	$8,177	$6,448	$7,620	$7,011	$6,455	$5,962	$5,304	$5,170	$4,969	$4,900	$4,963	$5,207	$5,612	$5,581	$6,015	$5,084	$4,745	$4,277	$2,515	$2,049	$1,754	$1,922	$1,942	$1,575	$1,409	$1,122	$830	$296	$246	$203	$152
Operating expenses
Research and development	($2,153)	($2,052)	($1,615)	($1,414)	($1,323)	($1,204)	($1,143)	($1,174)	($1,113)	($997)	($920)	($876)	($817)	($861)	($886)	($895)	($939)	($1,035)	($1,006)	($1,091)	($1,008)	($680)	($569)	($452)	($343)	($275)	($199)	($197)	($882)	($197)	–	–	($30)	–	–	–
Selling, general and administrative	($7,159)	($6,887)	($5,984)	($5,190)	($4,520)	($4,359)	($3,787)	($3,941)	($3,569)	($3,294)	($3,099)	($2,873)	($2,902)	($2,674)	($2,535)	($2,487)	($2,580)	($2,635)	($2,589)	($2,909)	($2,610)	($1,814)	($1,742)	($1,171)	($1,002)	($961)	($867)	($842)	($786)	($710)	($719)	($505)	($127)	($131)	($106)	($78)
Total operating expenses	($10,531)	($10,241)	($8,887)	($7,553)	($7,078)	($6,978)	($6,528)	($6,102)	($5,505)	($5,170)	($5,515)	($5,587)	($5,471)	($4,849)	($8,768)	($4,059)	($5,863)	($6,506)	($7,086)	($6,029)	($3,849)	($2,721)	($2,506)	($1,818)	($1,439)	($1,654)	($1,247)	($1,217)	($1,797)	($994)	($781)	($545)	($166)	($138)	($110)	($81)
Total costs and expenses	($16,844)	($16,461)	($14,144)	($11,897)	($11,033)	($10,689)	($9,993)	($9,217)	($8,317)	($7,763)	($7,939)	($7,760)	($7,681)	($7,023)	($11,117)	($6,718)	($8,462)	($9,082)	($9,555)	($8,371)	($6,586)	($4,259)	($3,853)	($2,779)	($2,309)	($2,573)	($1,989)	($2,117)	($2,456)	($1,458)	($1,120)	($822)	($319)	($272)	($222)	($160)
Operating income	$4,152	$3,613	$2,603	$2,343	$1,649	$1,199	($80)	$1,518	$1,506	$1,285	$447	($283)	($301)	$120	($3,868)	$904	($656)	($894)	($1,505)	($14)	$1,235	$2,024	$1,771	$697	$610	$100	$675	$725	($222)	$415	$342	$285	$130	$109	$93	$70
Earnings
EBITDA	$5,565	$4,981	$3,872	$3,539	$2,785	$2,292	$1,043	$2,529	$2,400	$2,129	$1,262	$486	$424	$809	($3,185)	$1,621	$160	($60)	($641)	$904	$2,016	$2,338	$2,046	$893	$771	$332	$856	$903	($94)	$502	$403	$325	$139	$115	$97	$74
Interest income	–	–	$107	$22	$10	$4	$3	$30	$3	$5	$5	$5	$5	$6	$5	$7	$13	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($363)	($349)	($305)	($265)	($470)	($341)	($361)	($473)	($241)	($229)	($233)	($284)	($216)	($324)	($261)	($281)	($393)	($407)	($468)	($570)	($435)	($90)	($64)	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$3,861	$3,385	$2,282	$1,985	$1,141	$1,076	($79)	$687	$1,422	$933	$177	($650)	($509)	($223)	($4,107)	$642	($1,063)	($1,308)	($2,031)	($569)	($3,535)	$891	$1,494	$643	$549	$44	$527	$562	($275)	$259	$297	$85	$129	$110	$92	$68
Income tax expense	($192)	($493)	($436)	($393)	($443)	($36)	($2)	$4,013	$249	($828)	$170	$411	$390	$102	$39	($201)	($2)	$283	($5)	$74	($42)	($263)	($432)	($171)	($176)	($98)	($154)	($191)	$11	($98)	($130)	($77)	($49)	($40)	($35)	($26)
Net income	$3,675	$2,898	$1,854	$1,592	$698	$1,041	($82)	$4,700	$1,671	$104	$347	($239)	($119)	($121)	($4,068)	$441	($1,065)	($1,025)	($2,036)	($495)	($3,577)	$628	$1,062	$472	$373	($54)	$373	$371	($264)	$139	$167	$8	$80	$70	$57	$42
Per share
Diluted EPS (GAAP)	$2.47	$1.94	$1.25	$1.07	$0.45	$0.69	($0.08)	$3.33	$1.19	$0.08	$0.25	($0.18)	($0.09)	($0.09)	($2.89)	$0.29	($0.70)	($0.68)	($1.36)	($0.33)	($2.81)	$0.75	$1.24	$0.56	$0.45	($0.065)	$0.45	$0.45	($0.34)	$0.17	$0.21	$0.0109	$0.19	$0.18	$0.14	$0.11
Basic EPS (GAAP)	$2.48	$1.96	$1.26	$1.08	$0.45	$0.69	($0.08)	$3.38	$1.21	$0.08	$0.26	($0.18)	($0.09)	($0.09)	($2.89)	$0.29	($0.70)	($0.68)	($1.36)	($0.33)	($2.81)	$0.76	$1.27	$0.57	$0.46	($0.065)	$0.46	$0.46	($0.34)	$0.18	$0.22	$0.0109	$0.19	$0.18	$0.14	$0.11
Basic shares outstanding	1,480	1,480	1,472	1,453	1,430	1,422	1,417	1,392	1,381	1,370	1,358	1,341	1,324	1,341	1,407	1,509	1,518	1,508	1,498	1,487	1,274	826	836	828	811	831	811	807	776	778	777	736	421	395	390	380
Margins
Gross margin	69.9%	69.0%	68.6%	69.5%	68.8%	68.8%	65.0%	71.0%	71.4%	71.3%	71.1%	70.9%	70.1%	69.6%	67.6%	65.1%	66.7%	68.5%	69.3%	72.0%	65.0%	75.5%	76.0%	72.4%	70.2%	65.6%	72.1%	68.3%	70.5%	75.2%	76.8%	75.0%	65.9%	64.8%	64.5%	65.9%
Operating margin	19.8%	18.0%	15.5%	16.5%	13.0%	10.1%	(0.8%)	14.1%	15.3%	14.2%	5.3%	(3.8%)	(4.1%)	1.7%	(53.4%)	11.9%	(8.4%)	(10.9%)	(18.7%)	(0.2%)	15.8%	32.2%	31.5%	20.1%	20.9%	3.7%	25.3%	25.5%	(10.0%)	22.2%	23.4%	25.7%	29.0%	28.6%	29.4%	30.7%
Net margin	17.5%	14.4%	11.1%	11.2%	5.5%	8.8%	(0.8%)	43.8%	17.0%	1.1%	4.1%	(3.2%)	(1.6%)	(1.7%)	(56.1%)	5.8%	(13.6%)	(12.5%)	(25.3%)	(5.9%)	(45.7%)	10.0%	18.9%	13.6%	12.8%	(2.0%)	14.0%	13.1%	(11.8%)	7.4%	11.4%	0.7%	17.8%	18.3%	18.0%	18.2%

Analyst consensus

Buy44 analysts

Bearish · 0 · Hold · 7 · Bullish · 37

Earnings history

	EPS	Estimate
Q3 2024	$0.63	$0.59	Beat
Q4 2024	$0.70	$0.66	Beat
Q1 2025	$0.75	$0.67	Beat
Q2 2025	$0.75	$0.72	Beat
Q3 2025	$0.75	$0.71	Beat
Q4 2025	$0.80	$0.78	Beat
Q1 2026	$0.80	$0.79	Beat
Q2 2026	$0.86	$0.83	Beat

Peers

Company overview

IPO dateMay 19, 1992

CEOMichael F. Mahoney

Employees59,000

SectorHealthcare

IndustryMedical - Devices

CountryUS

ExchangeNew York Stock Exchange

Websitewww.bostonscientific.com

Boston Scientific Corporation (BSX) operates as a global leader in medical technology, specializing in the design, manufacturing, and commercialization of innovative medical devices tailored for a diverse array of interventional medical specialties across the globe. Its business is strategically organized into three principal segments: MedSurg, Rhythm and Neuro, and Cardiovascular. Within these divisions, the company provides a comprehensive portfolio of solutions addressing various gastrointestinal and pulmonary ailments, as well as urological and pelvic health concerns. This extends to advanced implantable devices for managing cardiac rhythm disorders, such as cardioverter-defibrillators, cardiac resynchronization therapy devices, and pacemakers, complemented by remote patient management systems. Furthermore, Boston Scientific offers sophisticated technologies for diagnosing and treating complex heart rate and rhythm irregularities. These encompass 3-D cardiac mapping and navigation tools, along with a suite of specialized catheters (including ablation, diagnostic, mapping, and intracardiac ultrasound types), delivery sheaths, and related accessories. Its offerings also extend to neurological conditions, providing spinal cord stimulator systems for chronic pain management, indirect decompression systems, and deep brain stimulation systems. In the realm of interventional cardiology, the company's innovations include drug-eluting coronary stent systems designed for treating coronary artery disease, products for percutaneous coronary interventions to combat atherosclerosis, and intravascular imaging catheters (such as ultrasound and fractional flow reserve devices) for assessing coronary arteries, heart chambers, and peripheral vessels. It also develops structural heart therapies. Beyond this, Boston Scientific supplies an array of stents, balloon catheters, wires, and atherectomy systems for the treatment of arterial diseases. For venous conditions, it provides thrombectomy and acoustic pulse thrombolysis systems, alongside wires and stents. Critically, the company also contributes to cancer treatment through peripheral embolization devices, radioactive microspheres, various ablation systems (including cryotherapy), and micro and drainage catheters. The organization was established in 1979 and maintains its corporate headquarters in Marlborough, Massachusetts.

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