ResMed Inc.

RMD · 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	FY2026	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
Valuation
Market cap	$28,269	$37,523	$28,121	$32,104	$30,666	$35,924	$27,979	$17,783	$15,094	$11,347	$9,214	$8,214	$7,163	$6,389	$4,552	$4,719	$4,589	$3,080	$2,765	$3,165	$3,396	$2,265	$1,717	$1,296	$896	$1,574	$807	$488	$331	$178	$115	$52	$36	$32
Enterprise value	$27,625	$37,166	$28,757	$33,456	$31,309	$36,422	$28,815	$18,906	$15,187	$11,604	$9,655	$7,798	$6,558	$5,813	$3,993	$4,084	$4,222	$2,826	$2,582	$3,003	$3,297	$2,297	$1,689	$1,288	$926	$1,621	$785	$472	$316	$169	$110	$50	$33	$31
P/E (TTM) at period end	18.56×	26.79×	27.54×	35.77×	39.34×	75.71×	45.01×	43.95×	47.83×	33.15×	26.15×	23.28×	20.75×	20.80×	17.86×	20.79×	24.14×	21.03×	25.07×	47.74×	38.49×	34.97×	29.97×	28.33×	23.88×	135.33×	36.30×	30.33×	31.23×	23.73×	25.50×	18.75×	29.86×	40.31×
P/S (TTM) at period end	5.00×	7.29×	6.00×	7.60×	8.57×	11.24×	9.46×	6.82×	6.45×	5.49×	5.01×	4.89×	4.61×	4.22×	3.33×	3.80×	4.20×	3.34×	3.31×	4.42×	5.59×	5.32×	5.06×	4.74×	4.39×	10.14×	6.98×	5.51×	4.98×	3.62×	3.32×	2.23×	2.58×	4.19×
P/B at period end	4.29×	6.29×	5.78×	7.77×	9.12×	12.45×	11.20×	8.58×	7.33×	5.79×	5.44×	5.18×	4.07×	3.97×	2.83×	2.73×	3.56×	2.76×	2.56×	3.40×	4.60×	4.78×	4.75×	4.52×	4.64×	15.68×	8.59×	6.82×	6.52×	3.99×	2.94×	1.82×	6.40×	11.12×
EV / EBITDA (TTM)	13.23×	19.73×	19.21×	25.79×	26.99×	34.35×	29.88×	25.90×	22.95×	21.57×	18.72×	16.17×	13.70×	13.42×	10.50×	12.10×	13.98×	11.57×	12.75×	21.71×	19.07×	18.16×	16.37×	16.13×	–	47.01×	19.93×	15.77×	15.04×	15.55×	22.03×	14.71×	20.33×	34.28×
EV / Sales (TTM)	4.89×	7.22×	6.14×	7.92×	8.75×	11.39×	9.74×	7.25×	6.49×	5.61×	5.25×	4.64×	4.22×	3.84×	2.92×	3.29×	3.87×	3.07×	3.09×	4.19×	5.43×	5.40×	4.98×	4.71×	4.54×	10.45×	6.79×	5.32×	4.75×	3.44×	3.18×	2.13×	2.34×	4.01×
Returns
Return on equity	23.1%	23.5%	21.0%	21.7%	23.2%	16.4%	24.9%	19.5%	15.3%	17.5%	20.8%	22.2%	19.6%	19.1%	15.9%	13.1%	14.8%	13.1%	10.2%	7.1%	12.0%	13.7%	15.8%	16.0%	19.4%	11.6%	23.7%	22.5%	20.9%	16.8%	11.5%	9.7%	21.4%	27.6%
Return on invested capital	25.2%	25.1%	19.4%	16.8%	20.3%	14.3%	20.6%	14.1%	15.2%	15.7%	16.1%	28.3%	28.1%	27.3%	21.5%	18.2%	19.0%	16.0%	11.1%	7.7%	13.6%	12.9%	16.7%	16.1%	(14.4%)	5.3%	28.5%	27.4%	32.1%	15.5%	7.3%	8.0%	37.7%	31.1%
Dividend yield	1.2%	0.8%	1.0%	0.8%	0.8%	0.6%	0.8%	1.2%	1.3%	1.6%	1.8%	1.9%	2.0%	1.5%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.6%	–
Financial health
Current ratio	3.10×	3.44×	2.59×	3.12×	2.80×	1.73×	2.53×	2.06×	2.08×	4.57×	2.23×	5.28×	5.77×	2.52×	5.38×	6.19×	3.15×	3.17×	3.84×	3.30×	3.96×	1.65×	4.67×	4.78×	3.95×	5.29×	3.20×	2.79×	3.38×	4.44×	5.16×	5.79×	2.43×	2.37×
Debt / equity	0.10×	0.11×	0.15×	0.35×	0.23×	0.23×	0.47×	0.61×	0.14×	0.55×	0.69×	0.19×	0.17×	0.19×	0.16×	0.06×	0.09×	0.15×	0.13×	0.12×	0.16×	0.37×	0.31×	0.40×	0.64×	1.49×	–	–	0.00×	0.01×	0.02×	0.03×	0.07×	0.10×
Effective tax rate	20.6%	16.5%	19.3%	18.5%	18.8%	46.3%	15.2%	22.0%	39.5%	18.3%	19.8%	19.0%	19.9%	20.2%	23.2%	25.3%	27.1%	27.4%	30.1%	32.3%	33.9%	33.0%	32.3%	31.9%	31.3%	57.4%	34.9%	34.6%	34.2%	32.4%	31.8%	24.3%	33.3%	33.3%
Share count
Diluted shares outstanding	146	147	148	147	147	146	146	144	144	142	142	143	144	146	149	157	155	154	157	157	154	150	140	138	136	134	129	124	120	117	112	70	53	48

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2026	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
Revenue and gross profit
Revenue	$5,653	$5,653	$5,146	$4,685	$4,223	$3,578	$3,197	$2,957	$2,607	$2,340	$2,067	$1,839	$1,679	$1,555	$1,514	$1,369	$1,243	$1,092	$921	$835	$716	$607	$426	$339	$274	$204	$155	$116	$89	$66	$49	$35	$24	$14	$8
Cost of revenue	($2,202)	($2,202)	($2,091)	($2,030)	($1,867)	($1,554)	($1,358)	($1,239)	($1,113)	($978)	($865)	($772)	($668)	($565)	($574)	($548)	($502)	($437)	($367)	($342)	($332)	($230)	($151)	($123)	($100)	($71)	($50)	($31)	($25)	($19)	($18)	($16)	($11)	($6)	($3)
Gross profit	$3,452	$3,452	$3,055	$2,655	$2,356	$2,024	$1,839	$1,718	$1,494	$1,335	$1,202	$1,066	$1,011	$990	$941	$821	$741	$655	$554	$494	$384	$377	$275	$217	$173	$133	$105	$85	$64	$47	$32	$19	$13	$8	$5
Operating expenses
Research and development	($378)	($378)	($331)	($308)	($288)	($254)	($225)	($202)	($181)	($155)	($144)	($119)	($115)	($118)	($120)	($110)	($92)	($75)	($63)	($61)	($50)	($37)	($30)	($26)	($21)	($15)	($11)	($8)	($6)	($5)	($4)	($3)	–	–	–
Selling, general and administrative	($1,120)	($1,120)	($993)	($917)	($874)	($738)	($670)	($677)	($645)	($600)	($554)	($488)	($479)	($450)	($431)	($403)	($372)	($329)	($290)	($278)	($237)	($200)	($136)	($105)	($85)	($64)	($50)	($37)	($27)	($21)	($17)	($11)	($9)	($6)	($4)
Total operating expenses	($1,565)	($1,565)	($1,370)	($1,335)	($1,224)	($1,024)	($935)	($908)	($915)	($793)	($776)	($638)	($602)	($585)	($586)	($526)	($474)	($415)	($363)	($351)	($294)	($246)	($178)	($131)	($106)	($184)	($79)	($52)	($38)	($30)	($23)	($15)	($10)	($7)	($4)
Total costs and expenses	($3,767)	($3,767)	($3,461)	($3,365)	($3,091)	($2,578)	($2,293)	($2,147)	($2,027)	($1,798)	($1,641)	($1,410)	($1,270)	($1,150)	($1,160)	($1,074)	($976)	($852)	($730)	($692)	($626)	($476)	($328)	($254)	($206)	($255)	($129)	($82)	($63)	($49)	($41)	($31)	($21)	($13)	($7)
Operating income	$1,887	$1,887	$1,685	$1,320	$1,132	$1,000	$904	$810	$579	$542	$426	$429	$409	$405	$355	$294	$267	$240	$190	$143	$90	$131	$97	$85	$67	($51)	$26	$33	$25	$17	$8	$4	$3	$1	$1
Earnings
EBITDA	$2,088	$2,088	$1,884	$1,497	$1,297	$1,160	$1,060	$965	$730	$662	$538	$516	$482	$479	$433	$380	$338	$302	$244	$202	$138	$173	$126	$103	$80	($41)	$34	$39	$30	$21	$11	$5	$3	$2	$1
Interest income	–	–	–	–	($47)	($12)	$0	$1	$2	$16	$17	$17	$26	$31	$39	$34	$28	$17	$10	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	$50	$50	$4	($46)	($47)	($22)	($24)	($40)	($36)	($28)	($28)	($11)	($6)	($6)	($6)	($5)	($2)	($3)	($10)	($10)	($1)	($1)	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,919	$1,919	$1,678	$1,265	$1,102	$960	$884	$733	$519	$521	$419	$440	$436	$431	$385	$332	$304	$261	$202	$158	$98	$133	$97	$85	$67	$55	$27	$34	$25	$16	$11	$7	$4	$2	$1
Income tax expense	($396)	($396)	($277)	($244)	($204)	($181)	($409)	($111)	($114)	($206)	($76)	($87)	($83)	($86)	($78)	($77)	($77)	($71)	($55)	($48)	($32)	($45)	($32)	($27)	($21)	($17)	($16)	($12)	($8)	($6)	($4)	($2)	($1)	($1)	($0)
Net income	$1,523	$1,523	$1,401	$1,021	$898	$779	$475	$622	$405	$316	$342	$352	$353	$345	$307	$255	$227	$190	$146	$110	$66	$88	$65	$57	$46	$38	$12	$22	$16	$11	$8	$4	$3	$1	$1
Per share
Diluted EPS (GAAP)	$10.43	$10.43	$9.51	$6.92	$6.09	$5.30	$3.24	$4.27	$2.80	$2.19	$2.40	$2.49	$2.47	$2.39	$2.10	$1.71	$1.44	$1.23	$0.95	$0.70	$0.43	$0.58	$0.46	$0.41	$0.33	$0.28	$0.0875	$0.17	$0.13	$0.0881	$0.0638	$0.04	$0.04	$0.0225	$0.015
Basic EPS (GAAP)	$10.47	$10.47	$9.55	$6.94	$6.12	$5.34	$3.27	$4.31	$2.83	$2.21	$2.42	$2.51	$2.51	$2.44	$2.15	$1.75	$1.49	$1.26	$0.97	$0.72	$0.43	$0.61	$0.47	$0.43	$0.35	$0.29	$0.0925	$0.19	$0.14	$0.0913	$0.0638	$0.04	$0.04	$0.0225	$0.015
Basic shares outstanding	146	146	147	147	147	146	145	144	143	143	141	140	140	141	143	146	152	151	151	155	153	145	137	135	132	129	125	121	118	116	117	112	70	53	48
Margins
Gross margin	61.1%	61.1%	59.4%	56.7%	55.8%	56.6%	57.5%	58.1%	57.3%	57.0%	58.1%	58.0%	60.2%	63.7%	62.1%	60.0%	59.6%	60.0%	60.1%	59.1%	53.7%	62.1%	64.6%	63.9%	63.3%	65.3%	67.5%	73.4%	72.0%	70.8%	64.0%	54.6%	54.5%	57.6%	62.3%
Operating margin	33.4%	33.4%	32.7%	28.2%	26.8%	28.0%	28.3%	27.4%	22.2%	23.2%	20.6%	23.3%	24.4%	26.1%	23.4%	21.5%	21.5%	22.0%	20.7%	17.1%	12.6%	21.6%	22.9%	25.2%	24.6%	(25.1%)	16.8%	28.7%	28.6%	26.0%	16.9%	10.7%	11.9%	9.4%	9.1%
Net margin	26.9%	26.9%	27.2%	21.8%	21.3%	21.8%	14.8%	21.0%	15.5%	13.5%	16.6%	19.2%	21.0%	22.2%	20.3%	18.6%	18.3%	17.4%	15.9%	13.2%	9.3%	14.5%	15.2%	16.9%	16.7%	18.4%	7.5%	19.2%	18.2%	15.9%	15.2%	13.0%	11.9%	8.6%	10.4%

Analyst consensus

Hold35 analysts

Bearish · 5 · Hold · 16 · Bullish · 14

Earnings history

	EPS	Estimate
Q1 2025	$2.20	$2.04	Beat
Q2 2025	$2.43	$2.32	Beat
Q3 2025	$2.37	$2.38	Miss
Q4 2025	$2.55	$2.46	Beat
Q1 2026	$2.55	$2.51	Beat
Q2 2026	$2.81	$2.74	Beat
Q3 2026	$2.86	$2.80	Beat
Q4 2026	$2.95	$2.89	Beat

Peers

Company overview

IPO dateJun 2, 1995

CEOMichael J. Farrell

Employees11,370

SectorHealthcare

IndustryMedical - Instruments & Supplies

CountryUS

ExchangeNew York Stock Exchange

Websitewww.resmed.com

ResMed Inc. is a leading global medical technology enterprise engaged in the creation, production, distribution, and marketing of healthcare devices and connected digital solutions. The company operates through two primary segments: Sleep and Respiratory Care, and Software as a Service. Its extensive product range addresses a variety of respiratory disorders, encompassing advanced medical and consumer technologies, ventilation devices, diagnostic equipment, mask systems for both clinical and personal use, headgear, and related accessories, alongside dental devices. ResMed also provides sophisticated cloud-based informatics to enhance patient management and operational efficiency. Notable software offerings in its respiratory portfolio include AirView, for remote device monitoring and setting adjustments; myAir, a personalized application designed to support sleep apnea patients with education and troubleshooting for better engagement and adherence; and U-Sleep, a compliance tracking platform for home medical equipment providers. Complementing these are connectivity modules and Propeller solutions. Furthermore, ResMed offers a robust suite of out-of-hospital software. This includes Brightree, a business management platform for various home care service providers (e.g., HME, pharmacy, infusion, orthotics, prosthetics); MatrixCare, providing care management for senior living, skilled nursing, and hospice organizations; and HEALTHCAREfirst, which supplies electronic health records, billing, coding services, and analytics for home health and hospice agencies. ResMed distributes its offerings primarily to sleep clinics, home healthcare dealers, and hospitals via a global network of distributors and a direct sales force, serving approximately 140 countries. Founded in 1989, the company's headquarters are located in San Diego, California.

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