BSX · Boston Scientific Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $20.07B | $16.75B | $14.24B | $12.68B | $11.89B | $9.91B |
| Cost of Revenue | $6.22B | $5.26B | $4.34B | $3.96B | $3.71B | $3.46B |
| Gross Profit | $13.85B | $11.49B | $9.90B | $8.73B | $8.18B | $6.45B |
| R&D | $2.05B | $1.61B | $1.41B | $1.32B | $1.20B | $1.14B |
| SG&A | $6.89B | $5.98B | $5.19B | $4.52B | $4.36B | $3.79B |
| Total Operating Expenses | $10.24B | $8.89B | $7.55B | $7.08B | $6.98B | $6.53B |
| D&A | $1.37B | $1.27B | $1.20B | $1.14B | $1.09B | $1.12B |
| Operating Income | $3.61B | $2.60B | $2.34B | $1.65B | $1.20B | ($80.00M) |
| Interest Expense | $349.00M | $305.00M | $265.00M | $470.00M | $341.00M | $361.00M |
| Income Tax | $493.00M | $436.00M | $393.00M | $443.00M | $36.00M | $2.00M |
| Net Income | $2.90B | $1.85B | $1.57B | $642.00M | $985.00M | ($115.00M) |
| EPS - Basic | $1.96 | $1.26 | $1.08 | $0.45 | $0.69 | ($0.08) |
| EPS - Diluted | $1.94 | $1.25 | $1.07 | $0.45 | $0.69 | ($0.08) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.97B | $414.00M | $865.00M | $928.00M | $1.93B | $1.73B |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | $2.94B | $2.81B | $2.48B | $1.87B | $1.61B | $1.35B |
| Accounts Payable | $1.14B | $960.00M | $942.00M | $862.00M | $794.00M | $513.00M |
| Current Assets | $8.79B | $6.92B | $6.51B | $5.76B | $6.32B | $6.69B |
| Total Assets | $43.67B | $39.40B | $35.14B | $32.47B | $32.23B | $30.78B |
| Current Liabilities | $5.44B | $6.40B | $4.93B | $3.80B | $4.27B | $3.68B |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $24.23B | $21.77B | $16.62B | $17.57B | $16.62B | $15.33B |
| Retained Earnings | $5.57B | $2.67B | $819.00M | ($750.00M) | ($1.39B) | ($2.38B) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.53B | $3.44B | $2.50B | $1.53B | $1.87B | $1.51B |
| Investing Cash Flow | ($2.64B) | ($5.69B) | ($2.57B) | ($2.01B) | ($1.60B) | ($411.00M) |
| Financing Cash Flow | ($395.00M) | $1.81B | $5.00M | ($548.00M) | ($95.00M) | $293.00M |
| CapEx | $876.00M | $790.00M | $711.00M | $588.00M | $554.00M | $376.00M |
| Free Cash Flow | $3.66B | $2.65B | $1.79B | $938.00M | $1.32B | $1.13B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 69.0% | 68.6% | 69.5% | 68.8% | 68.8% | 65.0% |
| Operating margin | 18.0% | 15.5% | 16.5% | 13.0% | 10.1% | -0.8% |
| EBITDA margin | 24.8% | 23.1% | 24.9% | 22.0% | 19.3% | 10.5% |
| Net margin | 14.4% | 11.1% | 11.0% | 5.1% | 8.3% | -1.2% |
| Free cash flow margin | 18.2% | 15.8% | 12.6% | 7.4% | 11.1% | 11.4% |
| FCF / Net income | 1.26 | 1.43 | 1.14 | 1.46 | 1.34 | -9.84 |
| R&D / Revenue | 10.2% | 9.6% | 9.9% | 10.4% | 10.1% | 11.5% |
| SG&A / Revenue | 34.3% | 35.7% | 36.4% | 35.6% | 36.7% | 38.2% |
| Effective tax rate | 14.5% | 19.0% | 20.0% | 40.8% | 3.5% | - |
| Return on assets | 6.6% | 4.7% | 4.5% | 2.0% | 3.1% | -0.4% |
| Return on equity | 12.0% | 8.5% | 9.4% | 3.7% | 5.9% | -0.8% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 1.62 | 1.08 | 1.32 | 1.51 | 1.48 | 1.82 |
| Quick ratio | 1.08 | 0.64 | 0.82 | 1.02 | 1.10 | 1.45 |
| Cash ratio | 0.36 | 0.06 | 0.18 | 0.24 | 0.45 | 0.47 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | 10.4x | 8.5x | 8.8x | 3.5x | 3.5x | -0.2x |
| Equity multiplier | 1.80 | 1.81 | 2.11 | 1.85 | 1.94 | 2.01 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 0.46 | 0.43 | 0.41 | 0.39 | 0.37 | 0.32 |
| Inventory turnover | 2.11 | 1.87 | 1.75 | 2.12 | 2.30 | 2.56 |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | 173d | 195d | 209d | 172d | 158d | 142d |
| Days payable outstanding | 67d | 67d | 79d | 80d | 78d | 54d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 49.1x | 71.5x | 54.0x | 102.8x | 61.6x | - |
| P / B | 5.9x | 6.1x | 5.1x | 3.8x | 3.7x | 3.3x |
| P / S | 7.1x | 7.9x | 5.9x | 5.3x | 5.1x | 5.1x |
| EV / EBITDA | 28.2x | 34.2x | 23.7x | 23.6x | 25.7x | 47.2x |
| Growth | ||||||
| Revenue growth (YoY) | 19.9% | 17.6% | 12.3% | 6.7% | 19.9% | -7.7% |
| Revenue CAGR (3y) | 16.5% | 12.1% | 12.8% | 5.7% | 12.3% | 3.1% |
| Revenue CAGR (5y) | 15.2% | 9.3% | 11.2% | 7.0% | 5.5% | 4.2% |
| Gross profit growth (YoY) | 20.6% | 16.1% | 13.4% | 6.7% | 26.8% | -15.4% |
| Operating income growth (YoY) | 38.8% | 11.1% | 42.1% | 37.5% | - | - |
| Net income growth (YoY) | 56.4% | 18.0% | 144.5% | -34.8% | - | - |
| EPS growth (YoY) | 55.2% | 16.8% | 137.8% | -34.8% | - | - |
| EPS CAGR (3y) | 62.8% | 21.9% | - | -48.7% | -16.6% | - |
| EPS CAGR (5y) | - | -17.8% | -2.1% | 41.3% | 22.5% | - |
| FCF growth (YoY) | 38.3% | 47.6% | 91.0% | -28.7% | 16.3% | -17.7% |
| FCF CAGR (5y) | 26.4% | 14.0% | - | -3.3% | 17.2% | 26.2% |
| Book value growth (YoY) | 11.3% | 31.0% | -5.4% | 5.7% | 8.5% | 10.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$20.07B totalCardiovascular$13.25B · 66.0%
Medsurg$6.82B · 34.0%
Product / service
$12.87B totalElectrophysiology EP$2.31B · 18.0%
Interventional Cardiology Vascular Therapies$2.01B · 15.6%
Global Urologyand Pelvic Health Reporting Unit$2.00B · 15.5%
Global Endoscopy Endo Reporting Unit$1.80B · 14.0%
Watchman$1.79B · 13.9%
Cardiac Rhythm Management$1.43B · 11.1%
Global Neuromodulation Nm Reporting Unit$914.00M · 7.1%
Interventional Oncology Embolization$615.00M · 4.8%
Geographic
$17.02B totalUS$4.71B · 27.7%
EMEA$3.45B · 20.3%
Asia Pacific$3.08B · 18.1%
Emerging Markets$2.98B · 17.5%
Non Us$2.11B · 12.4%
Latin Americaand Canada$678.00M · 4.0%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
8/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Surgical & Medical Instruments & Apparatus
Comparing BOSTON SCIENTIFIC CORP against the 5 most active filers in the same SIC group.