Resmed Inc (RMD)
Health Care · Health Care Equipment · US stock · S&P 500 component
$252.86
▼ -0.20 (0.08%)
Fair valueFair
$265 +4.7% to fair value
$132fair band $225–$321$397
Day's range
$248.72 – $255.57
52-week range
$180.27 – $277.67
About Resmed Inc
ResMed makes devices and software that treat sleep apnea and other respiratory conditions, including masks, flow generators and cloud-connected monitoring tools. It sells to home medical equipment suppliers, hospitals and healthcare systems worldwide. Revenue comes from the initial sale of devices and from recurring replacement of masks and accessories, which helps connect its results to patient numbers and reimbursement policies.
Revenue at Resmed Inc was $5.7 billion across the last twelve months. Across three years, sales expanded by 10.2% a year. Operating profit was 33.4% of revenue. It earned a return on invested capital of 25%. Net debt to EBITDA is -0.3 times, which means the company holds more cash than debt. Shareholders receive a dividend yielding 1.0%. On the site's X-Ray Score, it rates 70 out of 100.
Price chart
52-wk range $180.27 – $277.67Volume 1,008,441Daily, split-adjusted
Vitals
Market cap$36.9B
52-week range$180.27 – $277.67
Volume (last day)1,008,441
P/E (TTM)24.3
EBIT / EV yield5.2%
Free-cash-flow yield4.5%
Dividend yield1.0%
Revenue (TTM)$5.7B
Net income (TTM)$1.5B
Operating margin33.4%
Return on capital25.2%
Debt incl. leases$826M
Cash & securities$1.5B
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
$265middle half of models $247 – $299
Fair
+4.7% to fair value
Average of the 15 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 Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $253
Undervalued < $225Fair $225 – $321Overvalued > $321
P/E multiple
$261
P/B multiple
$273
P/S multiple
$264
EV/EBITDA multiple
$273
EV/EBIT multiple
$298
EV/revenue multiple
$261
10-year DCF, EBITDA exit
$304
5-year DCF, EBITDA exit
$301
10-year DCF, revenue exit
$304
5-year DCF, revenue exit
$299
10-year DCF, growth exit
$232
5-year DCF, growth exit
$217
Dividend discount, stable
$168
Dividend discount, multi-stage
$282
Earnings power value
$231
Growth the price implies
11.3%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 4.96%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Strong business at a fair price
The price sits inside our fair-value band. 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
Fair
61/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield5.2%
Free-cash-flow yield4.5%
Fair value vs price1.0×
Growth
Strong
75/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)10.2%
EPS growth (3y)19.6%
Growth consistency100%
Profitability
Fair
69/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital25.2%
Operating margin33.4%
Gross profitability38.5%
Financial health
Strong
79/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA-0.3×
Interest coverNo interest cost
Dividends
Fair
66/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.0%
Dividends vs free cash flow22%
Dividend growth10.6%
Quarterly results: last 6 quarters
+7.9%
Mar '25
+10.2%
Jun '25
+9.1%
Sep '25
+11.0%
Dec '25
+10.8%
Mar '26
+8.6%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.5B.
Compare with peers
DXCM Dexcom Inc78 PODD Insulet Corp72 BSX Boston Scientific Corp67 IDXX Idexx Laboratories Inc66Other Health Care Equipment companies by X-Ray Score.
SWOT analysis: Resmed Inc
Strengthsinside the company
- Return on invested capital is 25.2%, against a median of 10.1% for industry peers.
- Operating margin of 33.4% is well above the 18.1% median of industry peers, a sign of pricing power or lower costs.
- Revenue has grown 10.2% a year over three years (median 8.5% for industry peers).
- Earnings per share have compounded at 19.6% a year over three years.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Trades at 24.2x earnings, 22% below the 31.1x median of industry peers.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
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 RMD 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, BSX 67, BDX 48.
| Metric | RMD | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 70 | 56 | 48 |
| Valuation | 61 | 57 | 53 |
| Growth | 75 | 66 | 47 |
| Profitability | 69 | 49 | 49 |
| Financial health | 79 | 55 | 48 |
| Dividends | 66 | 36 | 50 |
Sector leaders: highest X-Ray Score in Health Care
RMD ranks #4 of 60 in Health Care and #3 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 RMD
Each factor is rated by where RMD 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: 13 Good · 8 Average · 2 Bad of 23
Growth: 3 · 0 · 0
Profitability: 4 · 1 · 0
Financial strength: 3 · 1 · 0
Valuation: 1 · 3 · 1
Cash flow: 2 · 1 · 1
Efficiency: 0 · 2 · 0
| Factor | RMD | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +10.2% | Good beats 71% | +5.5% | – | – |
| Revenue growth, last year | +9.9% | Good beats 68% | +7.1% | +10.9% | ≈ In line |
| EPS growth, 3 years a year | +19.6% | Good beats 77% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 61.1% | Average beats 43% | 65.0% | 56.7% | ≈ In line |
| Operating margin | 33.4% | Good beats 94% | 16.4% | 28.2% | ▲ Better |
| Net margin | 26.9% | Good beats 89% | 11.1% | 21.8% | ▲ Better |
| Return on invested capital | 25.2% | Good beats 83% | 12.2% | – | – |
| Return on equity | 23.1% | Good beats 75% | 13.7% | 23.1% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | -0.3x | Good beats 89% | 2.0x | 0.3x | ▲ Better |
| Interest cover | 50.0x | Good beats 82% | 9.4x | – | – |
| Current ratio | 3.10 | Good beats 88% | 1.52 | 3.10 | ≈ In line |
| Piotroski F-score | 7 / 9 | Average beats 62% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 24.2x | Good beats 71% | 28.2x | 27.7x | ▲ Better |
| Price / book | 5.6x | Average beats 39% | 3.6x | 6.4x | ▲ Better |
| Price / sales | 6.5x | Bad beats 26% | 3.7x | 7.4x | ▲ Better |
| EV / EBITDA | 17.4x | Average beats 52% | 17.5x | 19.9x | ▲ Better |
| Free cash flow yield | 4.5% | Average beats 51% | 4.5% | 4.4% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 29.2% | Good beats 90% | 16.3% | 27.8% | ≈ In line |
| Cash from operations / net income | 1.19 | Bad beats 23% | 1.61 | 1.19 | ≈ In line |
| Free cash flow growth, 3 years a year | +42.2% | Good beats 91% | +4.3% | – | – |
| Accruals (lower is better) | −3.2% | Average beats 38% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.3x | Average beats 38% | 2.9x | 2.3x | ≈ In line |
| Days sales outstanding | 67 days | Average beats 38% | 62 days | 65 days | ≈ 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
● 12 Good · ● 4 Average · ● 0 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Good
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Good
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceAverage
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 73/100.
Financials
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | $3.6B | $4.2B | $4.7B | $5.1B | $5.7B |
| Operating income | $1.0B | $1.1B | $1.3B | $1.7B | $1.9B |
| Net income | $779M | $898M | $1.0B | $1.4B | $1.5B |
| Operating cash flow | $351M | $693M | $1.4B | $1.8B | $1.8B |
| Operating margin | 28.0% | 26.8% | 28.2% | 32.7% | 33.4% |
| Free cash flow | $216M | $574M | $1.3B | $1.7B | $1.6B |
| Diluted EPS | $5.30 | $6.09 | $6.92 | $9.51 | $10.43 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 242.4 | Bullish |
| EMA 10 | 243.0 | Bullish |
| SMA 20 | 232.8 | Bullish |
| EMA 20 | 236.8 | Bullish |
| SMA 50 | 229.5 | Bullish |
| EMA 50 | 228.8 | Bullish |
| SMA 100 | 216.0 | Bullish |
| EMA 100 | 223.9 | Bullish |
| SMA 200 | 224.2 | Bullish |
| EMA 200 | 225.7 | Bullish |
Oscillators (daily)
| RSI (14) | 77.25 | Bearish |
| MACD (12, 26) | 6.79 | Bullish |
| Momentum (12) | 11.89 | Bullish |
| Stochastic %K (14) | 92.40 | Bearish |
| Williams %R (14) | -7.60 | Bearish |
| CCI (20) | 144.4 | Bearish |
Pivot points (classic, last session)
S3 242.4 | S2 245.5 | S1 249.2 | Pivot 252.4 | R1 256.0 | R2 259.2 | R3 262.9 |
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.
Dividends
Paid, last 12 months
2.46 USD
Yield on today's price
0.97%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.6600 | |
| 0.6000 | |
| 0.6000 | |
| 0.6000 | |
| 0.6000 | |
| 0.5300 | |
| 0.5300 | |
| 0.5300 | |
| 0.5300 | |
| 0.4800 | |
| 0.4800 | |
| 0.4800 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold RMD
| ETF | Share of the fund |
|---|---|
| IHI iShares U.S. Medical Devices | 4.38% |
| FTCS First Trust Capital Strength | 1.72% |
| XOVR ERShares Private-Public Crossover | 1.36% |
| RDVI FT Cboe Vest Rising Dividend Achievers... | 1.20% |
| VFLO VictoryShares Free Cash Flow | 1.12% |
| RDVY First Trust Rising Dividend Achievers | 1.11% |
| SPLV Invesco S&P 500 Low Volatility | 0.81% |
| VOT Vanguard Mid-Cap Growth | 0.62% |
The eight funds with the largest weight in RMD 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.
RMD stock splits
RMD has split its stock 4 times since 1998. The latest was a 2-for-1 split on 31 Aug 2010.
Full RMD stock split history →RMD SEC filings
DEF 14ASEC EDGAR
Proxy statement
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Change of auditor; Director or officer change
10-KSEC EDGAR
Annual report
8-KSEC EDGAR
Results of operations; Other events
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Director or officer change
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.