Detailed financial statements for Boston Scientific Corporation (BSX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Boston Scientific Corporation (BSX) operates as a global leader in medical technology, specializing in the design, manufacturing, and commercialization of innovative medical devices tailored for a diverse array of interventional medical specialties across the globe. Its business is strategically organized into three principal segments: MedSurg, Rhythm and Neuro, and Cardiovascular.
Analysis Summary
Boston Scientific Corporation reported revenue of $20.07B in the most recent fiscal year, growing at a 5-year CAGR of 15.2%.
Trailing-twelve-month margins: gross margin 70.4%, operating margin 21.0%, net margin 16.6%. Free cash flow grew at 26.4% CAGR over 5 years.
At $41.98 (closing price, October 30, 2026), BSX trades at a P/E of 17.79 and an ROE of 14.18%. Market capitalisation stands at $60.8B, placing it among large-cap names.
Balance sheet quality for BSX: debt-to-equity ratio of 0.51, current ratio of 1.24 over the last 12 months, net debt of $10.37B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $3.66B represents 127% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.39B | $9.05B | $9.82B | $10.73B | $9.91B | $11.89B | $12.68B | $14.24B | $16.75B | $20.07B |
| Cost of Revenue | $3.04B | $3.18B | $3.35B | $3.86B | $4.34B | $4.43B | $4.97B | $5.41B | $6.48B | $6.22B |
| Gross Profit | $5.34B | $5.87B | $6.48B | $6.88B | $5.58B | $7.46B | $7.71B | $8.83B | $10.27B | $13.85B |
| Research & Development | $920.0M | $997.0M | $1.11B | $1.17B | $1.14B | $1.20B | $1.32B | $1.41B | $1.61B | $2.05B |
| Selling, General & Admin | $3.08B | $3.28B | $3.56B | $3.93B | $3.79B | $4.29B | $4.52B | $5.19B | $5.98B | $6.89B |
| Operating Expenses | $4.11B | $4.35B | $4.74B | $5.17B | $4.97B | $5.54B | $5.89B | $6.65B | $7.63B | $9.88B |
| Operating Income | $1.24B | $1.52B | $1.74B | $1.71B | $601.0M | $1.92B | $1.82B | $2.18B | $2.63B | $3.97B |
| EBITDA | $1.23B | $2.01B | $2.58B | $2.21B | $1.51B | $2.52B | $2.74B | $3.45B | $3.94B | $5.10B |
| Interest Expense | $234.0M | $230.0M | $269.0M | $513.0M | $468.0M | $349.0M | $464.0M | $272.0M | $387.0M | $349.0M |
| Pre-tax Income | $177.0M | $933.0M | $1.42B | $687.0M | -$79.0M | $1.08B | $1.14B | $1.99B | $2.28B | $3.38B |
| Income Tax | -$170.0M | $828.0M | -$249.0M | -$4.01B | $2.0M | $36.0M | $443.0M | $393.0M | $436.0M | $493.0M |
| Net Income | $347.0M | $104.0M | $1.67B | $4.70B | -$82.0M | $1.04B | $698.0M | $1.59B | $1.85B | $2.89B |
| EPS | $0.26 | $0.08 | $1.21 | $3.38 | -$0.08 | $0.69 | $0.45 | $1.08 | $1.26 | $1.96 |
| EPS (Diluted) | $0.25 | $0.07 | $1.19 | $3.33 | -$0.08 | $0.69 | $0.45 | $1.07 | $1.25 | $1.94 |
| Shares Outstanding (Diluted) | 1,377.2 M | 1,392.7 M | 1,401.4 M | 1,410.6 M | 1,416.7 M | 1,433.8 M | 1,439.7 M | 1,463.5 M | 1,485.9 M | 1,494.5 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $5.29B | $5.20B | $5.44B | $5.14B |
| Gross Profit | $3.94B | $3.61B | $3.85B | $3.43B |
| Operating Income | $1.21B | $1.07B | $1.18B | $979.0M |
| EBITDA | $1.32B | $1.60B | $1.51B | $979.0M |
| Net Income | $668.0M | $1.34B | $907.0M | $578.0M |
| EPS | $0.45 | $0.90 | $0.62 | $0.40 |
| EPS (Diluted) | $0.45 | $0.90 | $0.61 | $0.40 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $196.0M | $188.0M | $146.0M | $217.0M | $1.73B | $1.93B | $928.0M | $865.0M | $414.0M | $2.04B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.47B | $1.55B | $1.61B | $1.83B | $1.53B | $1.78B | $1.97B | $2.23B | $2.56B | $2.93B |
| Inventory | $955.0M | $1.08B | $1.17B | $1.58B | $1.35B | $1.61B | $1.87B | $2.48B | $2.81B | $2.94B |
| Total Current Assets | $3.24B | $3.82B | $4.00B | $4.70B | $6.69B | $6.32B | $5.76B | $6.51B | $6.92B | $8.79B |
| Property, Plant & Equipment | $1.63B | $1.70B | $1.78B | $2.42B | $2.54B | $2.69B | $2.83B | $3.30B | $3.74B | $4.50B |
| Goodwill | $6.68B | $7.00B | $7.91B | $10.18B | $9.95B | $11.99B | $12.92B | $14.39B | $17.09B | $18.28B |
| Intangible Assets | $5.88B | $5.84B | $6.37B | $7.89B | $5.92B | $6.12B | $5.90B | $6.00B | $6.68B | $7.02B |
| Total Assets | $18.10B | $19.04B | $21.00B | $30.57B | $30.78B | $32.23B | $32.47B | $35.14B | $39.40B | $43.67B |
| Accounts Payable | $447.0M | $530.0M | $349.0M | $542.0M | $513.0M | $794.0M | $862.0M | $942.0M | $960.0M | $1.14B |
| Short-term Debt | $64.0M | $1.80B | $2.25B | $1.42B | $13.0M | $261.0M | $20.0M | $531.0M | $1.78B | $389.0M |
| Total Current Liabilities | $3.59B | $5.65B | $5.26B | $4.87B | $3.68B | $4.27B | $3.80B | $4.93B | $6.40B | $5.44B |
| Long-term Debt | $5.42B | $3.81B | $4.80B | $8.59B | $9.12B | $8.80B | $8.91B | $8.57B | $8.84B | $11.46B |
| Total Liabilities | $11.36B | $12.03B | $12.27B | $16.69B | $15.45B | $15.61B | $14.90B | $15.61B | $17.39B | $19.20B |
| Retained Earnings | -$8.58B | -$8.39B | -$6.95B | -$2.25B | -$2.38B | -$1.39B | -$750.0M | $819.0M | $2.67B | $5.57B |
| Total Equity | $6.73B | $7.01B | $8.72B | $13.88B | $15.33B | $16.62B | $17.57B | $19.28B | $21.77B | $24.23B |
| Total Debt | $5.48B | $5.58B | $7.03B | $10.28B | $9.54B | $9.45B | $9.28B | $9.49B | $11.15B | $12.42B |
| Net Debt | $5.29B | $5.39B | $6.88B | $10.06B | $7.80B | $7.53B | $8.35B | $8.63B | $10.73B | $10.37B |
| Working Capital | -$348.0M | -$1.83B | -$1.26B | -$167.0M | $3.01B | $2.04B | $1.96B | $1.58B | $521.0M | $3.35B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.27B | $2.04B | $1.52B | $539.0M |
| Total Assets | $42.71B | $43.67B | $44.35B | $45.22B |
| Total Liabilities | $19.08B | $19.20B | $18.25B | $20.04B |
| Total Equity | $23.39B | $24.23B | $25.86B | $24.93B |
| Total Debt | $12.05B | $12.42B | $11.03B | $12.62B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $347.0M | $104.0M | $1.67B | $4.70B | -$82.0M | $1.04B | $698.0M | $1.59B | $1.85B | $2.89B |
| Depreciation & Amortization | $815.0M | $844.0M | $894.0M | $1.01B | $1.12B | $1.09B | $1.14B | $1.20B | $1.27B | $1.37B |
| Stock-based Compensation | $116.0M | $127.0M | $140.0M | $157.0M | $170.0M | $194.0M | $220.0M | $233.0M | $266.0M | $299.0M |
| Change in Working Capital | -$4.0M | $66.0M | -$2.16B | -$282.0M | $42.0M | -$351.0M | -$1.00B | -$770.0M | -$462.0M | -$246.0M |
| Operating Cash Flow | $972.0M | $1.43B | $310.0M | $1.84B | $1.51B | $1.87B | $1.53B | $2.50B | $3.44B | $4.53B |
| Capital Expenditure | -$376.0M | -$319.0M | -$316.0M | -$461.0M | -$376.0M | -$554.0M | -$612.0M | -$800.0M | -$790.0M | -$876.0M |
| Acquisitions | -$408.0M | -$560.0M | -$1.45B | -$4.29B | $12.0M | -$1.43B | -$1.54B | -$1.81B | -$4.64B | -$1.59B |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$535.0M | 0 | $136.0M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -$28.0M | -$55.0M | -$55.0M | -$28.0M | 0 | 0 |
| Free Cash Flow | $596.0M | $1.11B | -$6.0M | $1.38B | $1.13B | $1.32B | $914.0M | $1.70B | $2.65B | $3.66B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.34B | $1.36B | $348.0M | $1.47B |
| Capital Expenditure | -$181.0M | -$351.0M | -$177.0M | -$195.0M |
| Free Cash Flow | $1.16B | $1.01B | $171.0M | $1.28B |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $79.0M | 0 | 0 | $87.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.9% | +8.6% | +9.3% | -7.7% | +19.9% | +6.7% | +12.3% | +17.6% | +19.9% | |
| Net Income Growth (YoY) | -70.0% | +1,506.7% | +181.3% | -101.7% | +1,368.3% | -32.9% | +128.2% | +16.4% | +55.7% | |
| EPS Growth (YoY) | -69.2% | +1,412.5% | +179.1% | -102.4% | +952.8% | -35.2% | +140.8% | +16.6% | +55.6% | |
| Shares Change (YoY) | +1.1% | +0.6% | +0.7% | +0.4% | +1.2% | +0.4% | +1.7% | +1.5% | +0.6% | |
| FCF Growth (YoY) | +85.7% | -100.5% | +23,016.7% | -17.7% | +16.3% | -30.5% | +86.3% | +55.3% | +38.3% | |
| Gross Margin | 63.7% | 64.9% | 65.9% | 64.1% | 56.2% | 62.8% | 60.8% | 62.0% | 61.3% | 69.0% |
| Operating Margin | 14.7% | 16.9% | 17.7% | 15.9% | 6.1% | 16.2% | 14.4% | 15.3% | 15.7% | 19.8% |
| EBITDA Margin | 14.6% | 22.2% | 26.3% | 20.6% | 15.3% | 21.2% | 21.6% | 24.2% | 23.5% | 25.4% |
| Net Margin | 4.1% | 1.1% | 17.0% | 43.8% | -0.8% | 8.7% | 5.5% | 11.2% | 11.1% | 14.4% |
| FCF Margin | 7.1% | 12.2% | -0.1% | 12.8% | 11.4% | 11.1% | 7.2% | 12.0% | 15.8% | 18.2% |
| Effective Tax Rate | -96.0% | 88.7% | -17.5% | -584.1% | -2.5% | 3.3% | 38.8% | 19.8% | 19.1% | 14.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.43 | $0.79 | -$0.00 | $0.97 | $0.80 | $0.92 | $0.63 | $1.16 | $1.78 | $2.45 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.02 | $0.04 | $0.04 | $0.02 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 1,357.6 M | 1,370.1 M | 1,381.0 M | 1,391.5 M | 1,416.7 M | 1,422.3 M | 1,430.5 M | 1,453.0 M | 1,471.5 M | 1,480.4 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 14.18% |
| Return on Invested Capital | 10.46% |
| Return on Assets | 7.72% |
| Gross Margin | 70.37% |
| Operating Margin | 21.05% |
| Net Margin | 16.56% |
Financial Health
| Debt / Equity | 0.51 |
| Current Ratio | 1.24 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 5.44 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 83.19 | 309.88 | 29.21 | 13.39 | -442.73 | 61.34 | 103.10 | 53.50 | 70.89 | 48.65 |
| P/B | 4.36 | 4.84 | 5.59 | 4.53 | 3.32 | 3.63 | 3.77 | 4.36 | 6.04 | 5.82 |
| P/S | 3.50 | 3.75 | 4.97 | 5.86 | 5.14 | 5.08 | 5.22 | 5.90 | 7.85 | 7.03 |
| Gross Margin | 63.7% | 64.9% | 65.9% | 64.1% | 56.2% | 62.8% | 60.8% | 62.0% | 61.3% | 69.0% |
| Operating Margin | 14.7% | 16.9% | 17.7% | 15.9% | 6.1% | 16.2% | 14.4% | 15.3% | 15.7% | 19.8% |
| Net Margin | 4.1% | 1.1% | 17.0% | 43.8% | -0.8% | 8.7% | 5.5% | 11.2% | 11.1% | 14.4% |
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Explore sector: Healthcare · Medical - Devices
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