Boston Scientific CorporationBSX
NYSE•Healthcare•Medical Devices
Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. The company operates in two segments, MedSurg and Cardiovascular. It offers devices to diagnose and treat a range of gastrointestinal conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, SpyGlass, single-use scopes used for diagnostic and therapeutic procedures in the pancreaticobiliary system, in endoscopic retrograde cholangiopancreatography procedures, and single-use duodenoscopes, as well as endoluminal surgery and infection prevention products; devices to treat urological conditions, including ureteral stents, catheters, baskets, guidewires, urinary and bowel dysfunction, sheaths, balloons, single-use digital flexible ureteroscopes, holmium laser systems, penile implants, artificial urinary sphincter, laser system, and hydrogel systems; and devices to treat neurological movement disorders and manage chronic pain, such as spinal cord stimulator systems, radiofrequency ablation, and intraosseous nerve ablation and deep brain stimulation systems. The company also provides technologies for diagnosing and treating a range of diseases and abnormalities of the heart; WATCHMAN FLX, a left atrial appendage closure (LAAC) device; and implantable devices that monitor the heart and deliver electricity to treat cardiac abnormalities, such as cardioverter and cardiac resynchronization therapy defibrillators, MRI S-ICD systems, cardiac resynchronization therapy pacemakers, remote patient management systems, insertable cardiac monitor systems, and remote cardiac monitoring systems. In addition, it offers diagnosis and treatment of rate and rhythm disorders of the heart; peripheral arterial and venous diseases; and products to diagnose and treat forms of cancer. The company was incorporated in 1979 and is headquartered in Marlborough, Massachusetts.
Boston Scientific Corporation (BSX) reported trailing twelve months revenue of $20.61B as of March 2026, a 17.4% increase year-over-year. Quarterly revenue reached $5.20B, reflecting continued top-line momentum.
Boston Scientific Corporation generated $3.56B in TTM net income, with quarterly EBITDA of $1.45B. The operating margin expanded from 19.8% to 21.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (21.2%) and net margin (25.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 14.4% a year ago, signaling stronger bottom-line efficiency.
BSX trades at a P/E of 26.3x (in line with broad market averages) and a P/S of 4.5x. The price-to-book ratio of 3.6x reflects a moderate premium to book value.
The company generated $171.00M in free cash flow over the trailing twelve months, a 51.7% decrease year-over-year, indicating cash generation ability. The balance sheet shows $44.35B in total assets with $10.99B in long-term debt against $25.62B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~17.3%, suggesting durable pricing power and cost discipline.
ROE is positive at ~10.6% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~35.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~18.4% — no sign of cost or pricing stress.
FCF covers net income by 1.4x on average — earnings are well-supported by cash generation.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation