Boston Scientific (BSX)
Market Price (12/23/2025): $96.5 | Market Cap: $143.0 BilSector: Health Care | Industry: Health Care Equipment
Boston Scientific (BSX)
Market Price (12/23/2025): $96.5Market Cap: $143.0 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 19% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 40x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 31x, P/EPrice/Earnings or Price/(Net Income) is 51x |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 4.6 Bil, FCF LTM is 3.6 Bil | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% |
| Low stock price volatilityVol 12M is 24% | Key risksBSX key risks include [1] significant financial and reputational damage from product liability lawsuits and settlements for alleged defects or failures, Show more. |
| Megatrend and thematic driversMegatrends include Precision Medicine, Digital Health & Telemedicine, Aging Population & Chronic Disease, and Biotechnology & Genomics. Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 19% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 4.6 Bil, FCF LTM is 3.6 Bil |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include Precision Medicine, Digital Health & Telemedicine, Aging Population & Chronic Disease, and Biotechnology & Genomics. Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 40x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 31x, P/EPrice/Earnings or Price/(Net Income) is 51x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% |
| Key risksBSX key risks include [1] significant financial and reputational damage from product liability lawsuits and settlements for alleged defects or failures, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
Here are key points explaining Boston Scientific's (BSX) stock movement of -8.6% from approximately August 31, 2025, to December 23, 2025: 1. Analyst Downgrades and Price Target Reductions.In late 2025, several financial institutions downgraded Boston Scientific's stock. Wall Street Zen and Erste Group Bank, for example, cut their ratings from "buy" to "hold." Additionally, Truist reduced its price target for BSX from $130 to $120, which may have contributed to downward pressure on investor sentiment. 2. Significant Insider Selling.
Over the three months leading up to December 20, 2025, company insiders were net sellers of approximately 143,095 shares, amounting to about $14.2 million. Such substantial insider transactions can sometimes be interpreted by the market as a signal of reduced confidence in the company's near-term prospects. Show more
Stock Movement Drivers
Fundamental Drivers
The -0.6% change in BSX stock from 9/22/2025 to 12/22/2025 was primarily driven by a -10.7% change in the company's P/E Multiple.| 9222025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 97.03 | 96.43 | -0.62% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 18494.00 | 19350.00 | 4.63% |
| Net Income Margin (%) | 13.54% | 14.43% | 6.53% |
| P/E Multiple | 57.32 | 51.17 | -10.73% |
| Shares Outstanding (Mil) | 1479.90 | 1481.70 | -0.12% |
| Cumulative Contribution | -0.62% |
Market Drivers
9/22/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BSX | -0.6% | |
| Market (SPY) | 2.7% | 15.4% |
| Sector (XLV) | 13.7% | 34.7% |
Fundamental Drivers
The -5.8% change in BSX stock from 6/23/2025 to 12/22/2025 was primarily driven by a -31.2% change in the company's P/E Multiple.| 6232025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 102.36 | 96.43 | -5.79% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 17553.00 | 19350.00 | 10.24% |
| Net Income Margin (%) | 11.58% | 14.43% | 24.64% |
| P/E Multiple | 74.41 | 51.17 | -31.23% |
| Shares Outstanding (Mil) | 1477.20 | 1481.70 | -0.30% |
| Cumulative Contribution | -5.79% |
Market Drivers
6/23/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BSX | -5.8% | |
| Market (SPY) | 14.4% | 17.4% |
| Sector (XLV) | 18.0% | 36.7% |
Fundamental Drivers
The 8.4% change in BSX stock from 12/22/2024 to 12/22/2025 was primarily driven by a 28.2% change in the company's Net Income Margin (%).| 12222024 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 88.95 | 96.43 | 8.41% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 15910.00 | 19350.00 | 21.62% |
| Net Income Margin (%) | 11.26% | 14.43% | 28.18% |
| P/E Multiple | 73.14 | 51.17 | -30.03% |
| Shares Outstanding (Mil) | 1472.70 | 1481.70 | -0.61% |
| Cumulative Contribution | 8.41% |
Market Drivers
12/22/2024 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BSX | 8.4% | |
| Market (SPY) | 16.9% | 55.5% |
| Sector (XLV) | 14.5% | 49.1% |
Fundamental Drivers
The 109.4% change in BSX stock from 12/23/2022 to 12/22/2025 was primarily driven by a 177.7% change in the company's Net Income Margin (%).| 12232022 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 46.06 | 96.43 | 109.36% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 12567.00 | 19350.00 | 53.97% |
| Net Income Margin (%) | 5.20% | 14.43% | 177.69% |
| P/E Multiple | 100.98 | 51.17 | -49.32% |
| Shares Outstanding (Mil) | 1431.60 | 1481.70 | -3.50% |
| Cumulative Contribution | 109.10% |
Market Drivers
12/23/2023 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BSX | 72.5% | |
| Market (SPY) | 47.7% | 49.8% |
| Sector (XLV) | 18.4% | 47.2% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BSX Return | -20% | 18% | 9% | 25% | 55% | 7% | 111% |
| Peers Return | 11% | 9% | -8% | 5% | 3% | 15% | 39% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 113% |
Monthly Win Rates [3] | |||||||
| BSX Win Rate | 42% | 42% | 58% | 58% | 83% | 67% | |
| Peers Win Rate | 57% | 55% | 50% | 52% | 50% | 58% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| BSX Max Drawdown | -43% | -2% | -17% | -3% | -0% | 0% | |
| Peers Max Drawdown | -30% | -7% | -20% | -10% | -6% | -7% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: MDT, ABT, JNJ, SYK, BDX. See BSX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)
How Low Can It Go
| Event | BSX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -25.2% | -25.4% |
| % Gain to Breakeven | 33.7% | 34.1% |
| Time to Breakeven | 181 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.5% | -33.9% |
| % Gain to Breakeven | 77.0% | 51.3% |
| Time to Breakeven | 497 days | 148 days |
| 2018 Correction | ||
| % Loss | -18.7% | -19.8% |
| % Gain to Breakeven | 23.0% | 24.7% |
| Time to Breakeven | 46 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -70.5% | -56.8% |
| % Gain to Breakeven | 239.2% | 131.3% |
| Time to Breakeven | 2,538 days | 1,480 days |
Compare to ABT, ISRG, MDT, BDX, BAX
In The Past
Boston Scientific's stock fell -25.2% during the 2022 Inflation Shock from a high on 4/20/2022. A -25.2% loss requires a 33.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through three segments: MedSurg, Rhythm and Neuro, and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions; devices to treat various urological and pelvic conditions; implantable cardioverter and implantable cardiac resynchronization therapy defibrillators; pacemakers and implantable cardiac resynchronization therapy pacemakers; and remote patient management systems. It also provides medical technologies to diagnose and treat rate and rhythm disorders of the heart comprising 3-D cardiac mapping and navigation solutions, ablation catheters, diagnostic catheters, mapping catheters, intracardiac ultrasound catheters, delivery sheaths, and other accessories; spinal cord stimulator systems for the management of chronic pain; indirect decompression systems; and deep brain stimulation systems. In addition, the company offers interventional cardiology products, including drug-eluting coronary stent systems used in the treatment of coronary artery disease; percutaneous coronary interventions products to treat atherosclerosis; intravascular catheter-directed ultrasound imaging catheters, fractional flow reserve devices, and systems for use in coronary arteries and heart chambers, as well as various peripheral vessels; and structural heart therapies. Further, it provides stents, balloon catheters, wires, and atherectomy systems to treat arterial diseases; thrombectomy and acoustic pulse thrombolysis systems, wires, and stents to treat venous diseases; and peripheral embolization devices, radioactive microspheres, ablation systems, cryotherapy ablation systems, and micro and drainage catheters to treat cancer. The company was incorporated in 1979 and is headquartered in Marlborough, Massachusetts.
AI Analysis | Feedback
Here are 1-3 brief analogies for Boston Scientific (BSX):
- A lot like Medtronic, a global leader in medical technology, providing a wide range of devices for various medical conditions.
- Like Johnson & Johnson's medical device business, focusing on specialized equipment for diagnosis and treatment across many therapeutic areas.
AI Analysis | Feedback
- Coronary Stents and Catheters: Devices used to open blocked arteries in the heart and deliver therapies.
- Peripheral Vascular Devices: Products for treating diseases in arteries and veins outside the heart, such as peripheral artery disease or deep vein thrombosis.
- Cardiac Rhythm Management Devices: Includes pacemakers, defibrillators, and lead systems to regulate heart rhythms and treat heart failure.
- Urology and Pelvic Health Products: Devices for managing kidney stones, treating enlarged prostate (BPH), and addressing urinary incontinence.
- Endoscopy Devices: Instruments for minimally invasive diagnosis and treatment of conditions within the digestive and respiratory tracts.
- Neuromodulation Systems: Implantable devices for managing chronic pain and certain neurological disorders, such as Parkinson's disease.
AI Analysis | Feedback
Boston Scientific (symbol: BSX) sells primarily to other companies, specifically healthcare providers and institutions worldwide.
Due to the highly diversified and global nature of its business, Boston Scientific serves thousands of hospitals, clinics, ambulatory surgical centers, and other healthcare facilities. As such, the company does not disclose specific "major customers" (e.g., those accounting for 10% or more of net sales) in its public financial filings.
However, to illustrate the types of organizations that are among Boston Scientific's customer base or key purchasing intermediaries, here are examples of large publicly traded healthcare systems and prominent Group Purchasing Organizations (GPOs) that would procure or facilitate the procurement of medical devices like those from Boston Scientific:
- Hospital Systems (direct customers and end-users of products):
- HCA Healthcare (symbol: HCA)
- Universal Health Services, Inc. (symbol: UHS)
- Tenet Healthcare Corporation (symbol: THC)
- Community Health Systems, Inc. (symbol: CHS)
- Group Purchasing Organizations (GPOs - key intermediaries that negotiate contracts and facilitate purchases for member hospitals and health systems):
- Premier, Inc. (symbol: PINC)
- Vizient (a major GPO, though privately held)
- HealthTrust Performance Group (a subsidiary of HCA Healthcare, symbol: HCA)
These examples represent the vast network of healthcare organizations that utilize Boston Scientific's medical technologies, rather than singular entities accounting for a dominant share of its revenue.
AI Analysis | Feedback
null
AI Analysis | Feedback
Michael F. Mahoney, Chairman and Chief Executive Officer
Michael F. Mahoney has more than 25 years of experience in medical device, capital equipment, and healthcare IT businesses. He joined Boston Scientific in October 2011, became CEO in November 2012, and assumed the role of Chairman in 2016. Prior to Boston Scientific, he served as Worldwide Chairman of the Medical Devices and Diagnostics division of Johnson & Johnson. Before that, he was President and Chief Executive Officer of Global Healthcare Exchange (GHX), which he built through organic development and strategic acquisitions. He began his career at General Electric Medical Systems.
Jonathan Monson, Executive Vice President and Chief Financial Officer
Jonathan Monson became Executive Vice President and Chief Financial Officer in June 2025. He joined Boston Scientific in 1999 and has over 25 years of experience with the company. His previous roles include Senior Vice President, Investor Relations; Global Controller and Chief Accounting Officer; Vice President and Controller of the Urology business; and Vice President, Corporate Accounting. Before his tenure at Boston Scientific, he worked as a senior auditor at Arthur Andersen LLP. He is a Certified Public Accountant.
Arthur C. Butcher, Executive Vice President and Group President, MedSurg and Asia Pacific
Arthur C. Butcher joined Boston Scientific in 1997 and has held numerous management roles with increasing responsibility. Since May 2022, he has served as Executive Vice President and Group President, MedSurg and Asia Pacific, overseeing the Asia Pacific and China regions, as well as the Urology, Endoscopy, and Neuromodulation businesses. His prior positions include executive vice president and president, Asia Pacific, and senior vice president and president, Endoscopy.
Brad Sorenson, Executive Vice President, Global Operations
Brad Sorenson has been with Boston Scientific for over 20 years. As Executive Vice President, Global Operations, a position he has held since May 2022, he is responsible for the oversight of Global Supply Chain, Quality and Regulatory Affairs, Global Enterprise Excellence, Information Technology (IT), Security, Corporate Research and Development, and Global Facilities. Previously, he served as Senior Vice President, Global Supply Chain, and Senior Vice President, Manufacturing and Supply Chain. Before joining Boston Scientific, he was president and chief operating officer of QRS Diagnostic.
Meghan Scanlon, Senior Vice President and President, Urology and Pelvic Health
Meghan Scanlon has served as Senior Vice President and President, Urology and Pelvic Health since February 2020. In this role, she is responsible for developing and commercializing innovative solutions for urological, urogynecological, and gynecological diseases. She joined Boston Scientific in 2014 as Vice President, Global Marketing for Endoscopy and has since advanced through various leadership positions. Prior to Boston Scientific, she spent nearly 15 years in leadership roles within the Johnson & Johnson medical device business.
AI Analysis | Feedback
Key Risks to Boston Scientific (BSX)
- Regulatory and Legal Challenges: Boston Scientific operates in a highly regulated industry, facing ongoing risks related to compliance with stringent domestic and international laws and regulations. This includes the potential for product recalls, which can result in significant financial impacts and reputational damage. The company is also exposed to inherent product liability claims, particularly given that many of its medical devices are implanted in the human body, leading to potential lawsuits and substantial settlements for alleged defects or failures.
- Intense Competition and the Need for Continuous Innovation: The medical technology industry is characterized by rapid technological advancements and intense competition. Boston Scientific must continuously invest in research and development to innovate new products and improve existing ones to maintain its market share against numerous competitors. A slowdown in its innovation pipeline or the introduction of superior products by rivals could adversely affect its revenue and market position.
- Economic, Industry, and Geopolitical Risks: Boston Scientific is susceptible to various macroeconomic factors, including economic downturns, geopolitical tensions, trade disputes, and fluctuations in foreign currency exchange rates, which can disrupt global supply chains, increase raw material costs, and impact financial performance. Additionally, changes in healthcare reimbursement policies and potential federal healthcare cutbacks, such as those impacting Medicaid and Medicare, could negatively affect the company's revenue streams.
AI Analysis | Feedback
The clear emerging threat for Boston Scientific is the accelerating adoption and efficacy of GLP-1 receptor agonist drugs (e.g., Ozempic, Wegovy) for weight loss and diabetes management. These drugs address underlying conditions that contribute to a range of comorbidities for which Boston Scientific provides interventional medical devices, particularly in its Cardiovascular, Peripheral Interventions, and certain Gastroenterology portfolios. As these drugs become more widely used and demonstrate long-term benefits in reducing obesity, type 2 diabetes, and related cardiovascular risks, there is an emerging potential for a decrease in the addressable patient population or the severity of conditions requiring some of Boston Scientific's therapeutic interventions over the medium to long term.
AI Analysis | Feedback
Boston Scientific operates in several key medical technology markets. The addressable market sizes for their main products and services are outlined below:
- Cardiovascular Devices: The global cardiovascular devices market was valued at approximately USD 61.39 billion in 2023 and is projected to grow to USD 117.68 billion by 2032. North America represented a significant portion of this market, with a share of 52.24% (USD 32.07 billion) in 2023. Specifically, the global interventional cardiology devices market is estimated at USD 27.80 billion in 2024 and is projected to reach USD 37.27 billion by 2029.
- Peripheral Interventions: The global peripheral interventions market was valued at USD 9.51 billion in 2023, estimated at USD 10.37 billion in 2024, and is expected to grow to approximately USD 22.57 billion by 2033. In North America, this market was valued at USD 3.42 billion in 2023 and is expected to reach around USD 8.24 billion by 2033. The U.S. peripheral interventions market alone surpassed USD 2.40 billion in 2023 and is projected to reach about USD 5.81 billion by 2033.
- Urology and Pelvic Health (Urological Devices): The global urological device market was valued at over USD 9.2 billion in 2024 and is expected to increase to over USD 13.8 billion by 2031. Other estimates place the global market at USD 36.34 billion in 2024, projected to grow to USD 64.33 billion by 2032. The North American urology devices market held a 37.45% share in 2024. The U.S. market specifically was valued at USD 14.4 billion in 2024.
- Neuromodulation: The global neuromodulation market is expected to be USD 6.81 billion in 2025 and is projected to grow to USD 10.68 billion by 2030. Another source indicates the market size was approximately USD 6.63 billion in 2023, with a projection to reach USD 9.61 billion by 2028. The U.S. neuromodulation market size was USD 2.60 billion in 2024 and is projected to be around USD 8.36 billion by 2034.
- Endoscopy: The global endoscopes market size was estimated at USD 25.08 billion in 2024 and is projected to reach USD 33.45 billion by 2030. The U.S. gastrointestinal endoscopic devices market alone was valued at over USD 5.9 billion in 2023 and is expected to reach over USD 9.2 billion. North America held the largest revenue share of 40.9% in the endoscopes market in 2024.
AI Analysis | Feedback
Boston Scientific (BSX) is poised for future revenue growth over the next 2-3 years, driven by several key strategic initiatives and market dynamics. These drivers include the strong performance and expansion of its innovative product portfolio, strategic acquisitions, and continued growth in high-potential market segments, both domestically and internationally.
- Continued Success and Expansion of Key Product Franchises: Boston Scientific expects significant revenue growth from its established, high-performing product lines, particularly within its Cardiovascular segment. The FARAPULSE pulsed field ablation (PFA) system for atrial fibrillation has been a major growth engine, generating over $1 billion in its first year and is anticipated to continue driving substantial sales. The WATCHMAN Left Atrial Appendage Closure Device, including newer iterations like WATCHMAN FLX Pro, also continues to demonstrate strong market penetration and growth. Additionally, the company's broad calcium portfolio, encompassing products like Rotablator and WOLVERINE, is experiencing mid-teens growth in the U.S..
- Strategic New Product Launches and Pipeline Innovation: The company's robust pipeline and planned new product introductions are critical for future revenue. Expected launches include a new treatment for painful diabetic peripheral neuropathy on its spinal cord stimulation device (WaveWriter Alpha) in early 2024. The Agent drug-coated balloon for blocked arteries is also anticipated to contribute to growth. Boston Scientific is also preparing for launches of devices like SEISMIQ IVL and WATCHMAN Elite, further diversifying its offerings and addressing unmet patient needs across various medical specialties. Recent launches such as the Intera 3000 Hepatic Artery Infusion Pump and the TIVUS™ Intravascular Ultrasound System will also contribute.
- Impact of Strategic Acquisitions: Boston Scientific has actively pursued strategic acquisitions to expand its product portfolio and market reach. The recently completed acquisition of Silk Road Medical (Q3 2024) is expected to accelerate growth in the U.S. and facilitate international expansion. The anticipated closing of the Axonics acquisition in Q4 2024 is projected to significantly strengthen the company's Urology business. Furthermore, the agreement to acquire Nalu Medical, expected to finalize in the first half of 2026, will enhance Boston Scientific's Neuromodulation division in chronic pain management.
- Robust Growth in High-Potential Market Segments and International Expansion: Boston Scientific's strategy of category leadership is driving strong performance in several high-growth segments. The Cardiovascular segment, particularly Electrophysiology and Structural Heart, consistently reports exceptional growth rates, with EP sales growing 63% to 177% in recent quarters. The Urology and Endoscopy businesses are also performing strongly, often achieving double-digit growth. Geographically, the company continues to see double-digit growth in its international segments, with strong operational growth in the Asia Pacific region, specifically in Japan and China. The global adoption of FARAPULSE across the U.S., Europe, the Middle East, Africa, Japan, and China further underscores its international growth potential.
AI Analysis | Feedback
Share Repurchases
- Boston Scientific authorized a new stock repurchase program of up to $1.0 billion in December 2020.
- Approximately $535 million was repurchased in the fourth quarter of 2020, exhausting the previous 2013 authorization.
- The $1.0 billion share repurchase authorization remained largely dormant, with no shares repurchased in the first nine months of 2024 or 2025.
Share Issuance
- Shares outstanding have shown a consistent increase over the last few years, rising by 0.41% in 2022, 1.65% in 2023, and 1.53% in 2024.
- For the quarter ending September 30, 2025, shares outstanding were 1.496 billion, representing a 0.54% increase year-over-year.
Outbound Investments
- Boston Scientific has maintained an aggressive focus on fueling growth through strategic acquisitions, allocating $1.5 billion toward business acquisitions (net of cash acquired) in the first nine months of 2025.
- Significant acquisitions in recent years include Axonics for $3.7 billion (January 2024), Silk Road Medical for $1.16 billion (June 2024), and Relievant Medsystems for $850 million (September 2023).
- More recently, the company acquired SoniVie for $360 million in March 2025 and completed the acquisition of Intera Oncology for approximately $180 million in the second quarter of 2025.
Capital Expenditures
- Capital expenditures were approximately $802 million in the last 12 months.
- For the first nine months of 2025, capital expenditures were stable at $525 million.
- Annual capital expenditures were -$790 million in FY2024, -$800 million in FY2023, and -$612 million in FY2022.
Latest Trefis Analyses
Trade Ideas
Select ideas related to BSX. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11142025 | CRL | Charles River Laboratories International | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 21.0% | 21.0% | -3.7% |
| 11142025 | GDRX | GoodRx | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -8.8% | -8.8% | -11.8% |
| 11142025 | ASTH | Astrana Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 11.5% | 11.5% | -5.5% |
| 11142025 | SGRY | Surgery Partners | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.7% | 2.7% | -1.4% |
| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 13.8% | 13.8% | -5.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Boston Scientific
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 160.97 |
| Mkt Cap | 139.6 |
| Rev LTM | 29,570 |
| Op Inc LTM | 5,752 |
| FCF LTM | 4,640 |
| FCF 3Y Avg | 4,099 |
| CFO LTM | 5,972 |
| CFO 3Y Avg | 5,289 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.3% |
| Rev Chg 3Y Avg | 5.6% |
| Rev Chg Q | 7.6% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Mgn LTM | 19.3% |
| Op Mgn 3Y Avg | 18.3% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 20.6% |
| CFO/Rev 3Y Avg | 19.6% |
| FCF/Rev LTM | 16.2% |
| FCF/Rev 3Y Avg | 14.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 139.6 |
| P/S | 5.2 |
| P/EBIT | 23.9 |
| P/E | 29.9 |
| P/CFO | 22.3 |
| Total Yield | 5.9% |
| Dividend Yield | 2.0% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.4% |
| 3M Rtn | 1.3% |
| 6M Rtn | 5.1% |
| 12M Rtn | 10.0% |
| 3Y Rtn | 33.0% |
| 1M Excs Rtn | -4.8% |
| 3M Excs Rtn | -2.5% |
| 6M Excs Rtn | -8.9% |
| 12M Excs Rtn | -5.4% |
| 3Y Excs Rtn | -43.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Cardiovascular | 8,714 | 7,599 | 7,212 | 3,876 | 4,208 |
| MedSurg | 5,378 | 4,805 | 4,616 | 3,066 | 3,307 |
| Impact of foreign currency fluctuations | 149 | 338 | 47 | ||
| Other | -60 | 13 | 219 | 81 | |
| Rhythm and Neuro | 2,752 | 3,140 | |||
| Total | 14,241 | 12,682 | 11,888 | 9,913 | 10,736 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Cardiovascular | 2,281 | 1,748 | 1,888 | 661 | 1,137 |
| MedSurg | 1,834 | 1,458 | 1,524 | 1,079 | 1,204 |
| Corporate expenses, including hedging activities and impact of foreign currency fluctuations on | -377 | 96 | -406 | -405 | -264 |
| Goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges | -567 | -789 | -1,070 | -1,208 | -582 |
| Amortization expense | -828 | -803 | -741 | -789 | -699 |
| Other | -60 | 4 | 143 | 56 | |
| Rhythm and Neuro | 439 | 666 | |||
| Total | 2,343 | 1,650 | 1,199 | -80 | 1,518 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Goodwill | 14,387 | 12,920 | 11,988 | 9,951 | 10,176 |
| Other intangible assets, net | 6,003 | 5,902 | 6,121 | 5,917 | 7,886 |
| Cardiovascular | 5,988 | 5,205 | 4,417 | 2,461 | 2,535 |
| All other corporate assets | 5,869 | 5,941 | 7,525 | 7,850 | 6,082 |
| MedSurg | 2,888 | 2,501 | 2,178 | 1,638 | 1,803 |
| Other | 1,133 | 211 | |||
| Rhythm and Neuro | 1,827 | 1,873 | |||
| Total | 35,135 | 32,469 | 32,229 | 30,777 | 30,566 |
Price Behavior
Price Behavior
| Market Price | $96.43 | |
| Market Cap ($ Bil) | 142.9 | |
| First Trading Date | 05/19/1992 | |
| Distance from 52W High | -10.8% | |
| 50 Days | 200 Days | |
| DMA Price | $98.55 | $100.92 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -2.2% | -4.4% |
| 3M | 1YR | |
| Volatility | 21.8% | 24.1% |
| Downside Capture | 15.61 | 57.71 |
| Upside Capture | 10.51 | 56.63 |
| Correlation (SPY) | 14.2% | 55.4% |
BSX Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.45 | 0.34 | 0.20 | 0.30 | 0.69 | 0.62 |
| Up Beta | 0.81 | 0.77 | 0.83 | 0.92 | 0.69 | 0.68 |
| Down Beta | -1.80 | 0.48 | 0.25 | -0.12 | 0.86 | 0.83 |
| Up Capture | 71% | 28% | -11% | 12% | 47% | 27% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 12 | 24 | 32 | 61 | 132 | 414 |
| Down Capture | 67% | 8% | 12% | 42% | 66% | 63% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 7 | 17 | 30 | 63 | 113 | 333 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of BSX With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| BSX | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 6.6% | 13.6% | 14.7% | 67.3% | 6.8% | -0.5% | -16.6% |
| Annualized Volatility | 24.1% | 17.3% | 19.7% | 19.3% | 15.2% | 17.6% | 35.4% |
| Sharpe Ratio | 0.21 | 0.57 | 0.57 | 2.54 | 0.23 | -0.18 | -0.25 |
| Correlation With Other Assets | 49.5% | 56.2% | 10.0% | 19.4% | 47.9% | 17.7% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of BSX With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| BSX | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 23.6% | 8.7% | 15.0% | 18.9% | 11.8% | 5.1% | 35.8% |
| Annualized Volatility | 22.5% | 14.5% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | 0.91 | 0.42 | 0.71 | 0.98 | 0.51 | 0.18 | 0.63 |
| Correlation With Other Assets | 55.1% | 54.0% | 9.4% | 11.3% | 44.7% | 20.2% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of BSX With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| BSX | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 18.0% | 10.0% | 14.9% | 14.9% | 6.7% | 5.5% | 69.9% |
| Annualized Volatility | 26.1% | 16.7% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.66 | 0.50 | 0.71 | 0.84 | 0.30 | 0.23 | 0.90 |
| Correlation With Other Assets | 64.1% | 62.6% | 2.5% | 20.7% | 52.7% | 13.2% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2025 | 4.0% | 1.1% | -2.9% |
| 7/23/2025 | 4.5% | 3.2% | 2.8% |
| 4/23/2025 | 4.1% | 8.1% | 10.1% |
| 2/5/2025 | 1.4% | 2.4% | -2.6% |
| 10/23/2024 | -0.6% | -3.9% | 2.5% |
| 7/24/2024 | -1.1% | -5.8% | 0.3% |
| 4/24/2024 | 5.7% | 4.2% | 9.2% |
| 1/31/2024 | 3.0% | 5.5% | 7.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 16 |
| # Negative | 9 | 9 | 8 |
| Median Positive | 3.5% | 3.5% | 4.5% |
| Median Negative | -1.3% | -2.9% | -4.8% |
| Max Positive | 6.2% | 9.2% | 17.4% |
| Max Negative | -6.2% | -5.8% | -8.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11032025 | 10-Q 9/30/2025 |
| 6302025 | 8012025 | 10-Q 6/30/2025 |
| 3312025 | 5012025 | 10-Q 3/31/2025 |
| 12312024 | 2182025 | 10-K 12/31/2024 |
| 9302024 | 11012024 | 10-Q 9/30/2024 |
| 6302024 | 8012024 | 10-Q 6/30/2024 |
| 3312024 | 5012024 | 10-Q 3/31/2024 |
| 12312023 | 2202024 | 10-K 12/31/2023 |
| 9302023 | 11012023 | 10-Q 9/30/2023 |
| 6302023 | 8032023 | 10-Q 6/30/2023 |
| 3312023 | 5042023 | 10-Q 3/31/2023 |
| 12312022 | 2232023 | 10-K 12/31/2022 |
| 9302022 | 11032022 | 10-Q 9/30/2022 |
| 6302022 | 8042022 | 10-Q 6/30/2022 |
| 3312022 | 5052022 | 10-Q 3/31/2022 |
| 12312021 | 2232022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.