Boston Scientific Corp (BSX)
Health Care · Health Care Equipment · US stock · S&P 500 component
$46.01
▲ +1.50 (3.37%)
Fair valueUndervalued
$62 +34.9% to fair value
$31fair band $53–$75$93
Day's range
$44.62 – $46.05
52-week range
$41.39 – $105.65
About Boston Scientific Corp
Boston Scientific develops, manufactures and sells medical devices used in minimally invasive procedures. Its products treat heart rhythm disorders, blocked arteries, structural heart conditions, kidney stones, digestive and pelvic disorders, and chronic pain. It sells mainly to hospitals and physicians through a direct sales force worldwide. Revenue comes from device sales, many of which are single-use items used repeatedly in procedures, and from related equipment and services.
Revenue over the last twelve months was $21.0 billion, with growth of 16.5% a year over three years. The operating margin stands at 19.8%. The return on invested capital is shown as 10%. Net debt to EBITDA is 2.2 times. The company does not pay a dividend. Its X-Ray Score is 67 out of 100. These numbers describe past results and current financial position, and they are shown for reference only.
Price chart
52-wk range $41.39 – $105.65Volume 16,390,778Daily, split-adjusted
Vitals
Market cap$67.9B
52-week range$41.39 – $105.65
Volume (last day)16,390,778
P/E (TTM)18.7
EBIT / EV yield5.2%
Free-cash-flow yield5.3%
Dividend yieldNo dividend
Revenue (TTM)$21.0B
Net income (TTM)$3.7B
Operating margin19.8%
Return on capital10.1%
Debt incl. leases$12.6B
Cash & securities$539M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$62middle half of models $60 – $72
Undervalued
+34.9% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $46
Undervalued < $53Fair $53 – $75Overvalued > $75
P/E multiple
$63
P/B multiple
$62
P/S multiple
$64
EV/EBITDA multiple
$61
EV/EBIT multiple
$84
EV/revenue multiple
$60
10-year DCF, EBITDA exit
$74
5-year DCF, EBITDA exit
$72
10-year DCF, revenue exit
$72
5-year DCF, revenue exit
$69
10-year DCF, growth exit
$48
5-year DCF, growth exit
$42
Earnings power value
$37
Growth the price implies
11.4%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, but the price is low
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
79/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield5.2%
Free-cash-flow yield5.3%
Fair value vs price1.3×
Growth
Strong
89/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)16.5%
EPS growth (3y)62.8%
Growth consistency100%
Profitability
Weak
45/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital10.1%
Operating margin19.8%
Gross profitability32.5%
Financial health
Fair
55/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA2.2×
Interest cover11.4×
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+20.9%
Mar '25
+22.8%
Jun '25
+20.3%
Sep '25
+15.9%
Dec '25
+11.6%
Mar '26
+7.5%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $5.4B, diluted EPS $0.61.
Compare with peers
DXCM Dexcom Inc78 PODD Insulet Corp72 RMD Resmed Inc70 IDXX Idexx Laboratories Inc66Other Health Care Equipment companies by X-Ray Score.
SWOT analysis: Boston Scientific Corp
Strengthsinside the company
- Revenue has grown 16.5% a year over three years (median 8.5% for industry peers).
- Earnings per share have compounded at 62.8% a year over three years.
- Free cash flow equals 5.3% of the market value, which funds dividends, buybacks or debt paydown.
- Passes 8 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Trades at 18.5x earnings, 41% below the 31.2x median of industry peers.
- The price is 35% below our fair value estimate, with the gap larger than the margin we allow for error.
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare BSX with peers and sector
Medians of 15 Health Care Equipment peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): ABT 41, ISRG 62, MDT 57, SYK 56, BDX 47, EW 55.
| Metric | BSX | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 67 | 56 | 49 |
| Valuation | 79 | 57 | 52 |
| Growth | 89 | 66 | 47 |
| Profitability | 45 | 55 | 51 |
| Financial health | 55 | 64 | 48 |
| Dividends | – | 46 | 51 |
Sector leaders: highest X-Ray Score in Health Care
BSX ranks #6 of 60 in Health Care and #4 of 16 in Health Care Equipment by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for BSX
Each factor is rated by where BSX stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 10 Good · 8 Average · 4 Bad of 22
Growth: 3 · 0 · 0
Profitability: 2 · 3 · 0
Financial strength: 1 · 2 · 1
Valuation: 3 · 2 · 0
Cash flow: 1 · 1 · 2
Efficiency: 0 · 0 · 1
| Factor | BSX | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +16.5% | Good beats 93% | +5.5% | – | – |
| Revenue growth, last year | +19.9% | Good beats 93% | +7.1% | +17.6% | ▲ Better |
| EPS growth, 3 years a year | +62.8% | Good beats 94% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 69.9% | Good beats 69% | 65.0% | 68.8% | ≈ In line |
| Operating margin | 19.8% | Average beats 63% | 16.4% | 15.5% | ▲ Better |
| Net margin | 17.5% | Good beats 72% | 11.1% | 11.0% | ▲ Better |
| Return on invested capital | 10.1% | Average beats 43% | 12.2% | – | – |
| Return on equity | 14.7% | Average beats 58% | 13.7% | 8.3% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 2.2x | Average beats 46% | 2.0x | 2.7x | ▲ Better |
| Interest cover | 11.4x | Average beats 52% | 9.4x | 8.5x | ▲ Better |
| Current ratio | 1.24 | Bad beats 31% | 1.52 | 1.48 | ▼ Worse |
| Piotroski F-score | 8 / 9 | Good beats 85% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 18.5x | Good beats 82% | 28.2x | 58.5x | ▲ Better |
| Price / book | 2.7x | Good beats 72% | 3.7x | 4.4x | ▲ Better |
| Price / sales | 3.2x | Average beats 56% | 3.7x | 5.9x | ▲ Better |
| EV / EBITDA | 14.4x | Good beats 71% | 17.6x | 29.7x | ▲ Better |
| Free cash flow yield | 5.3% | Average beats 63% | 4.4% | 2.1% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 17.3% | Average beats 55% | 16.3% | 12.6% | ▲ Better |
| Cash from operations / net income | 1.23 | Bad beats 26% | 1.61 | 1.80 | ▼ Worse |
| Free cash flow growth, 3 years a year | +57.4% | Good beats 97% | +4.3% | – | – |
| Accruals (lower is better) | −1.9% | Bad beats 21% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.0x | Bad beats 29% | 2.9x | 2.1x | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 7 Good · ● 7 Average · ● 2 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldAverage
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Good
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDAAverage
Interest coverAverage
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginAverage
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 63/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $11.9B | $12.7B | $14.2B | $16.7B | $20.1B |
| Operating income | $1.2B | $1.6B | $2.3B | $2.6B | $3.6B |
| Net income | $1.0B | $698M | $1.6B | $1.8B | $2.9B |
| Operating cash flow | $1.9B | $1.5B | $2.5B | $3.4B | $4.5B |
| Operating margin | 10.1% | 13.0% | 16.5% | 15.5% | 18.0% |
| Free cash flow | $1.3B | $938M | $1.8B | $2.6B | $3.7B |
| Diluted EPS | $0.69 | $0.45 | $1.07 | $1.25 | $1.94 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
9 bullish · 1 neutral · 6 bearish
Weekly
Bearish
3 bullish · 1 neutral · 8 bearish
Monthly
Strongly bearish
0 bullish · 1 neutral · 7 bearish
Moving averages (daily)
| SMA 10 | 44.26 | Bullish |
| EMA 10 | 44.49 | Bullish |
| SMA 20 | 43.61 | Bullish |
| EMA 20 | 44.21 | Bullish |
| SMA 50 | 45.66 | Bullish |
| EMA 50 | 45.13 | Bullish |
| SMA 100 | 45.85 | Bullish |
| EMA 100 | 48.49 | Bearish |
| SMA 200 | 58.09 | Bearish |
| EMA 200 | 57.68 | Bearish |
Oscillators (daily)
| RSI (14) | 59.23 | Neutral |
| MACD (12, 26) | 0.05 | Bullish |
| Momentum (12) | 9.05 | Bullish |
| Stochastic %K (14) | 99.14 | Bearish |
| Williams %R (14) | -0.86 | Bearish |
| CCI (20) | 155.2 | Bearish |
Pivot points (classic, last session)
S3 43.64 | S2 44.13 | S1 45.07 | Pivot 45.56 | R1 46.50 | R2 46.99 | R3 47.93 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold BSX
| ETF | Share of the fund |
|---|---|
| IHI iShares U.S. Medical Devices | 3.99% |
| IYH iShares U.S. Healthcare | 1.14% |
| VHT Vanguard Health Care | 1.13% |
| XLV Health Care Select Sector SPDR | 1.10% |
| FHLC Fidelity MSCI Health Care Index | 1.00% |
| IXJ iShares Global Healthcare | 0.82% |
| CURE Direxion Daily Healthcare Bull 3X | 0.80% |
| CRTC Xtrackers US National Critical Technol... | 0.33% |
The eight funds with the largest weight in BSX among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
BSX stock splits
BSX has split its stock 2 times since 1998. The latest was a 2-for-1 split on 6 Nov 2003.
Full BSX stock split history →BSX SEC filings
8-KSEC EDGAR
Director or officer change; Other events
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Current report
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Exit or restructuring costs
8-KSEC EDGAR
Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.