BSXBoston Scientific

Health care · Medical Instruments · NYSE

Boston Scientific Corporation is a global developer, manufacturer and marketer of medical devices that are used in a broad range of interventional medical specialties. 10-K, Item 1

Employees: 59,000
Headquarters: Marlborough, MA
CEO: Michael F. Mahoney
Next results: around Feb 3, 2027

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BSX and 9 peers, year by year

The 9 Health care companies closest to BSX in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
BSX Boston Scientific	FY2025	$20.1B	+19.9%	69.0%	18.0%	14.4%	18.2%	12.0%	0.47
GEHC GE HealthCare	FY2025	$20.6B	+4.8%	40.0%	13.4%	10.1%	7.3%	20.1%	1.01
BDX Becton Dickinson	FY2025	$21.8B	+8.2%	-	11.8%	7.7%	12.2%	6.6%	0.76
UHS Universal Health Services	FY2025	$17.4B	+9.7%	-	11.5%	8.6%	4.9%	20.5%	0.66
IQV IQVIA	FY2025	$16.3B	+5.9%	-	13.4%	8.3%	12.6%	20.9%	2.42
REGN Regeneron Pharmaceuticals	FY2025	$14.3B	+1.0%	-	24.9%	31.4%	28.4%	14.4%	0.06
DHR Danaher Corporation	FY2025	$24.6B	+2.9%	59.1%	19.1%	14.7%	21.4%	6.9%	0.35
SYK Stryker Corporation	FY2025	$25.1B	+11.2%	64.0%	19.5%	12.9%	17.1%	14.5%	0.66
VTRS Viatris	FY2025	$14.3B	−3.0%	35.1%	−18.6%	−24.6%	13.5%	−23.9%	0.98
LH Labcorp	FY2025	$14.0B	+7.2%	28.8%	9.9%	6.3%	8.6%	10.2%	0.65

Revenuepeer median $17.4B

Sales growthpeer median +5.9%

Gross marginpeer median 40.0%

BSX 69.0%
SYK 64.0%
DHR 59.1%
GEHC 40.0%
VTRS 35.1%
LH 28.8%
BDX -
UHS -
IQV -
REGN -

Operating marginpeer median 13.4%

Net marginpeer median 8.6%

FCF marginpeer median 12.6%

Return on equitypeer median 14.4%

Debt / equitypeer median 0.66

IQV 2.42
GEHC 1.01
VTRS 0.98
BDX 0.76
SYK 0.66
UHS 0.66
LH 0.65
BSX 0.47
DHR 0.35
REGN 0.06

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BSX Dec	$9.1B	$9.0B	$9.8B	$10.7B	$9.9B	$11.9B	$12.7B	$14.2B	$16.7B	$20.1B
GEHC Dec	-	-	-	-	-	$17.6B	$18.3B	$19.6B	$19.7B	$20.6B
BDX Sep	$12.5B	$12.1B	$16.0B	$17.3B	$16.1B	$19.1B	$18.9B	$19.4B	$20.2B	$21.8B
UHS Dec	$9.8B	$10.4B	$10.8B	$11.4B	$11.6B	$12.6B	$13.4B	$14.3B	$15.8B	$17.4B
IQV Dec	$6.9B	$9.7B	$10.4B	$11.1B	$11.4B	$13.9B	$14.4B	$15.0B	$15.4B	$16.3B
REGN Dec	$4.9B	$5.9B	$5.1B	$6.6B	$8.5B	$16.1B	$12.2B	$13.1B	$14.2B	$14.3B
DHR Dec	$16.9B	$18.3B	$19.9B	$17.9B	$22.3B	$24.8B	$26.6B	$23.9B	$23.9B	$24.6B
SYK Dec	$11.3B	$12.4B	$13.6B	$14.9B	$14.4B	$17.1B	$18.4B	$20.5B	$22.6B	$25.1B
VTRS Dec	-	-	$11.4B	$11.5B	$11.9B	$17.9B	$16.3B	$15.4B	$14.7B	$14.3B
LH Dec	$9.6B	$10.3B	$11.3B	$11.6B	$14.0B	$11.9B	-	$12.2B	$13.0B	$14.0B
Peer median	$9.8B	$10.4B	$11.4B	$11.5B	$13.0B	$17.1B	$17.3B	$15.4B	$15.8B	$17.4B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BSX Dec	+12.2%	+7.9%	+8.6%	+9.3%	−7.7%	+19.9%	+6.7%	+12.3%	+17.6%	+19.9%
GEHC Dec	-	-	-	-	-	-	+4.3%	+6.6%	+0.6%	+4.8%
BDX Sep	+21.4%	−3.1%	+32.2%	+8.2%	−1.0%	+19.0%	−1.4%	+2.7%	+4.2%	+8.2%
UHS Dec	+8.0%	+6.6%	+3.5%	+5.6%	+1.6%	+9.4%	+6.0%	+6.6%	+10.8%	+9.7%
IQV Dec	+19.9%	+42.4%	+7.3%	+6.5%	+2.4%	+22.1%	+3.9%	+4.0%	+2.8%	+5.9%
REGN Dec	+18.4%	+20.8%	+14.3%	+27.4%	+29.6%	+89.1%	−24.3%	+7.8%	+8.3%	+1.0%
DHR Dec	+17.0%	+8.6%	+9.9%	+5.1%	+24.4%	+32.2%	+7.4%	−10.3%	−0.1%	+2.9%
SYK Dec	+13.9%	+9.9%	+9.3%	+9.4%	−3.6%	+19.2%	+7.8%	+11.1%	+10.2%	+11.2%
VTRS Dec	-	-	-	+0.9%	+4.0%	+50.7%	−9.0%	−5.1%	−4.5%	−3.0%
LH Dec	+11.1%	+7.9%	+9.9%	+2.0%	+21.0%	−9.7%	-	+2.5%	+7.0%	+7.2%
Peer median	+17.0%	+8.6%	+9.9%	+6.1%	+3.2%	+20.7%	+4.1%	+4.0%	+4.2%	+5.9%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BSX Dec	65.7%	71.3%	71.4%	71.0%	65.0%	68.8%	68.8%	69.5%	68.6%	69.0%
GEHC Dec	-	-	-	-	-	40.8%	39.1%	40.5%	41.7%	40.0%
BDX Sep	48.0%	49.1%	45.5%	47.9%	47.1%	-	-	-	-	-
UHS Dec	-	-	-	-	-	-	-	-	-	-
IQV Dec	-	-	-	-	-	-	-	-	-	-
REGN Dec	-	-	-	-	-	-	-	-	-	-
DHR Dec	55.3%	46.8%	47.8%	55.7%	56.0%	61.4%	60.8%	58.7%	59.5%	59.1%
SYK Dec	66.3%	65.7%	65.7%	65.1%	63.1%	64.1%	62.8%	63.7%	63.9%	64.0%
VTRS Dec	-	-	35.0%	33.9%	31.8%	31.2%	40.0%	41.7%	38.2%	35.1%
LH Dec	29.9%	30.0%	28.0%	28.1%	35.4%	31.3%	-	27.7%	27.9%	28.8%
Peer median	51.6%	47.9%	45.5%	47.9%	47.1%	40.8%	50.4%	41.7%	41.7%	40.0%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BSX Dec	4.9%	14.2%	15.3%	14.1%	−0.8%	10.1%	13.0%	16.5%	15.5%	18.0%
GEHC Dec	-	-	-	-	-	15.9%	13.8%	12.5%	13.3%	13.4%
BDX Sep	11.5%	12.6%	9.4%	10.2%	5.7%	11.8%	12.1%	10.9%	11.9%	11.8%
UHS Dec	13.1%	12.3%	10.9%	10.7%	11.8%	10.8%	7.5%	8.2%	10.6%	11.5%
IQV Dec	8.4%	6.8%	7.1%	7.0%	6.4%	10.0%	12.5%	13.2%	14.3%	13.4%
REGN Dec	27.4%	35.4%	49.3%	33.7%	42.1%	55.7%	38.9%	30.9%	28.1%	24.9%
DHR Dec	16.2%	14.0%	15.4%	18.3%	19.0%	25.7%	28.3%	21.8%	20.4%	19.1%
SYK Dec	19.2%	18.5%	18.7%	18.2%	15.5%	15.1%	15.4%	19.0%	16.3%	19.5%
VTRS Dec	-	-	7.9%	6.2%	−1.8%	−0.2%	9.9%	5.0%	0.1%	−18.6%
LH Dec	13.3%	12.7%	11.7%	11.5%	17.5%	12.1%	-	6.0%	8.4%	9.9%
Peer median	13.3%	12.7%	11.3%	11.1%	13.6%	12.1%	13.1%	12.5%	13.3%	13.4%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BSX Dec	3.8%	1.1%	17.0%	43.8%	−1.2%	8.3%	5.1%	11.0%	11.1%	14.4%
GEHC Dec	-	-	-	-	-	12.8%	10.4%	8.0%	10.1%	10.1%
BDX Sep	7.8%	9.1%	1.9%	7.1%	5.4%	10.9%	9.4%	7.7%	8.4%	7.7%
UHS Dec	7.2%	7.2%	7.2%	7.2%	8.2%	7.8%	5.0%	5.0%	7.2%	8.6%
IQV Dec	1.0%	13.1%	2.5%	1.7%	2.5%	7.0%	7.6%	9.1%	8.9%	8.3%
REGN Dec	18.4%	20.4%	47.5%	32.3%	41.3%	50.2%	35.6%	30.1%	31.1%	31.4%
DHR Dec	15.1%	13.6%	13.3%	16.8%	16.4%	25.9%	27.1%	19.9%	16.3%	14.7%
SYK Dec	14.5%	8.2%	26.1%	14.0%	11.1%	11.7%	12.8%	15.4%	13.2%	12.9%
VTRS Dec	-	-	3.1%	0.1%	−5.6%	−7.1%	12.8%	0.4%	−4.3%	−24.6%
LH Dec	7.5%	11.9%	7.8%	7.1%	11.1%	10.8%	-	3.4%	5.7%	6.3%
Peer median	7.8%	11.9%	7.5%	7.1%	9.6%	10.9%	11.6%	8.0%	8.9%	8.6%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BSX Dec	$806.0M	$1.1B	−$6.0M	$1.4B	$1.1B	$1.3B	$938.0M	$1.8B	$2.6B	$3.7B
GEHC Dec	-	-	-	-	-	$1.4B	$1.8B	$1.7B	$1.6B	$1.5B
BDX Sep	$1.9B	$1.8B	$2.0B	$2.4B	$2.8B	$3.5B	$1.5B	$2.1B	$3.1B	$2.7B
UHS Dec	$813.9M	$690.1M	$609.8M	$804.4M	$1.6B	$28.0M	$262.0M	$524.7M	$1.1B	$849.2M
IQV Dec	$696.0M	$601.0M	$795.0M	$835.0M	$1.3B	$2.3B	$1.6B	$1.5B	$2.1B	$2.1B
REGN Dec	$974.0M	$1.0B	$1.8B	$2.0B	$2.0B	$6.5B	$4.4B	$3.9B	$3.7B	$4.1B
DHR Dec	$2.9B	$2.9B	$3.4B	$3.3B	$5.4B	$7.1B	$7.4B	$5.8B	$5.3B	$5.3B
SYK Dec	$1.4B	$961.0M	$2.0B	$1.5B	$2.8B	$2.7B	$2.0B	$3.1B	$3.5B	$4.3B
VTRS Dec	-	-	$2.1B	$1.6B	$988.8M	$2.6B	$2.6B	$2.5B	$2.0B	$1.9B
LH Dec	$918.2M	$1.2B	$925.6M	$1.0B	$1.8B	$1.5B	-	$874.1M	$1.1B	$1.2B
Peer median	$974.0M	$1.0B	$1.9B	$1.6B	$1.9B	$2.6B	$1.9B	$2.1B	$2.1B	$2.1B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BSX Dec	8.9%	12.2%	−0.1%	12.8%	11.4%	11.1%	7.4%	12.6%	15.8%	18.2%
GEHC Dec	-	-	-	-	-	7.7%	9.9%	8.8%	7.9%	7.3%
BDX Sep	14.9%	15.1%	12.3%	13.7%	17.2%	18.0%	7.9%	10.9%	15.5%	12.2%
UHS Dec	8.3%	6.6%	5.7%	7.1%	14.1%	0.2%	2.0%	3.7%	7.1%	4.9%
IQV Dec	10.1%	6.2%	7.6%	7.5%	11.8%	16.6%	11.0%	10.0%	13.7%	12.6%
REGN Dec	20.0%	17.6%	35.2%	30.5%	23.6%	40.6%	36.3%	29.5%	25.8%	28.4%
DHR Dec	17.4%	15.9%	17.3%	18.5%	24.3%	28.7%	27.8%	24.2%	22.2%	21.4%
SYK Dec	12.6%	7.7%	15.0%	10.4%	19.4%	16.0%	11.0%	15.3%	15.4%	17.1%
VTRS Dec	-	-	18.3%	13.8%	8.3%	14.3%	15.9%	16.4%	13.4%	13.5%
LH Dec	9.6%	11.5%	8.2%	9.0%	12.5%	12.9%	-	7.2%	8.4%	8.6%
Peer median	12.6%	11.5%	13.7%	12.0%	15.7%	16.0%	11.0%	10.9%	13.7%	12.6%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BSX Dec	5.2%	1.5%	19.1%	33.9%	−0.8%	5.9%	3.7%	8.1%	8.5%	12.0%
GEHC Dec	-	-	-	-	-	13.5%	20.5%	22.0%	23.6%	20.1%
BDX Sep	12.8%	8.5%	1.5%	5.8%	3.7%	8.8%	7.0%	5.8%	6.6%	6.6%
UHS Dec	15.5%	15.1%	14.5%	14.8%	14.9%	16.3%	11.4%	11.7%	17.1%	20.5%
IQV Dec	0.8%	16.0%	3.9%	3.2%	4.6%	16.0%	18.9%	22.2%	22.6%	20.9%
REGN Dec	20.1%	19.5%	27.9%	19.1%	31.9%	43.0%	19.1%	15.2%	15.0%	14.4%
DHR Dec	11.1%	9.5%	9.4%	9.9%	9.2%	14.2%	14.4%	8.9%	7.9%	6.9%
SYK Dec	17.2%	10.2%	30.3%	16.3%	12.2%	13.4%	14.2%	17.0%	14.5%	14.5%
VTRS Dec	-	-	2.9%	n/m	−2.9%	−6.2%	9.9%	0.3%	−3.4%	−23.9%
LH Dec	12.9%	18.0%	12.5%	10.8%	16.5%	12.7%	-	5.3%	9.3%	10.2%
Peer median	12.9%	15.1%	11.0%	10.8%	10.7%	13.5%	14.3%	11.7%	14.5%	14.4%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BSX Dec	0.80	0.80	0.81	0.72	0.60	0.55	0.51	0.47	0.49	0.47
GEHC Dec	-	-	-	-	-	-	0.88	1.46	1.24	1.01
BDX Sep	1.51	1.46	1.02	0.92	0.75	0.74	0.64	0.62	0.78	0.76
UHS Dec	0.91	0.81	0.74	0.72	0.61	0.69	0.81	0.80	0.68	0.66
IQV Dec	0.84	1.28	1.64	1.94	2.09	2.01	2.21	2.24	2.30	2.42
REGN Dec	-	-	-	0.00	0.18	0.11	0.09	0.08	0.07	0.06
DHR Dec	0.65	0.41	0.35	0.72	0.53	0.49	0.40	0.38	0.33	0.35
SYK Dec	0.72	0.66	0.72	0.80	1.01	0.84	0.71	0.59	0.59	0.66
VTRS Dec	-	-	-	n/m	1.13	1.13	0.91	0.89	0.75	0.98
LH Dec	1.05	0.99	0.85	0.87	0.61	0.53	-	0.64	0.79	0.65
Peer median	0.87	0.90	0.80	0.80	0.68	0.72	0.76	0.64	0.75	0.66

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BSX Dec	$0.25	$0.08	$1.19	$3.33	−$0.08	$0.69	$0.45	$1.07	$1.25	$1.94
GEHC Dec	-	-	-	-	-	$4.95	$4.22	$3.03	$4.34	$4.55
BDX Sep	$4.49	$4.60	$0.60	$3.94	$2.71	$6.85	$5.88	$4.94	$5.86	$5.82
UHS Dec	$7.14	$7.81	$8.31	$9.13	$10.99	$11.82	$9.14	$10.23	$16.82	$23.10
IQV Dec	$0.47	$5.74	$1.24	$0.96	$1.43	$4.95	$5.72	$7.29	$7.49	$7.84
REGN Dec	$7.70	$10.34	$21.29	$18.46	$30.52	$71.97	$38.22	$34.77	$38.34	$41.48
DHR Dec	$3.65	$3.53	$3.74	$4.05	$4.89	$8.61	$9.66	$6.38	$5.29	$5.05
SYK Dec	$4.35	$2.68	$9.34	$5.48	$4.20	$5.21	$6.17	$8.25	$7.76	$8.40
VTRS Dec	-	-	$0.68	$0.03	−$1.11	−$1.05	$1.71	$0.05	−$0.53	−$3.00
LH Dec	$6.82	$11.81	$8.61	$8.35	$15.88	$13.97	-	$4.77	$8.84	$10.46
Peer median	$4.49	$5.74	$6.03	$4.77	$4.54	$6.85	$6.03	$6.38	$7.49	$7.84

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out BSX and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on BSX in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/BSX/export.csv") into a cell.