NYSE · Healthcare

Boston Scientific Corporation

BSX · Medical Devices

$56.85

▲ 0.35 (0.62%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Boston Scientific Corporation at $56.85.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 69.0%

Operating Margin 19.8%

Net Income Margin 14.4%

Fin. Health C

Years to Pay Off Debt 3.9 yrs

Working Capital vs Long-Term Debt -$7.7B

Working Capital $3.4B

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.49x

Cash Flow B

Free Cash Flow $3.4B

CapEx % of Net Income 39.0%

Owner Earnings $5.4B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $84.5B

Enterprise Value $93.8B

P/E (TTM) 23.79

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit 69.0%

Operating Margin 19.8%

Net Margin 14.4%

Company Info

Sector Healthcare

Industry Medical Devices

Employees 59000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Boston Scientific Corporation at $56.85.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $56.85, the stock trades at a 113% premium to its Graham Number of $26.68. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Boston Scientific Corporation

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	69.0% ▲	68.6%	69.5%	68.8%	N/A
Operating Margin %	19.8% ▲	17.9%	17.0%	16.0%	N/A
Net Income %	14.4% ▲	11.1%	11.2%	5.5%	N/A
Diluted EPS	1.94 ▲	1.25	1.07	0.45	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$43.7B	$39.4B	$35.1B	$32.5B	N/A
Total Debt	$11.4B ↑	$10.7B	$9.5B	$9.3B	N/A
Working Capital	$3.4B ▲	$521M	$1.6B	$2.0B	N/A
Years to Pay Debt	3.95	5.80	5.96	13.30	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$3.4B ▲	$2.4B	$1.7B	$914M	N/A
Owner Earnings	$5.4B	$4.2B	$3.6B	$2.4B	N/A
CapEx % of Net Income	39.0%	57.7%	50.2%	87.7%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-33,872	-93,972	-34,452	-162,602
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	5,334,000	4,348,000	3,620,000	3,165,000
Total Unusual Items	-232,000	-492,000	-174,000	-418,000
Total Unusual Items Excluding Goodwill	-232,000	-492,000	-174,000	-418,000
Net Income From Continuing Operation Net Minority Interest	2,898,000	1,854,000	1,593,000	698,000
Reconciled Depreciation	1,368,000	1,269,000	1,196,000	1,136,000
Reconciled Cost Of Revenue	5,750,000	4,844,000	3,977,000	3,623,000
EBITDA	5,102,000	3,856,000	3,446,000	2,747,000
EBIT	3,734,000	2,587,000	2,250,000	1,611,000
Net Interest Income	-320,000	-198,000	-243,000	-460,000
Interest Expense	349,000	305,000	265,000	470,000
Interest Income	29,000	107,000	22,000	10,000
Normalized Income	3,096,128	2,252,028	1,732,548	953,398
Net Income From Continuing And Discontinued Operation	2,898,000	1,854,000	1,593,000	698,000
Total Expenses	16,103,000	13,745,000	11,823,000	10,649,000
Total Operating Income As Reported	3,613,000	2,603,000	2,343,000	1,649,000
Diluted Average Shares	1,494,500	1,485,900	1,463,500	1,439,700
Basic Average Shares	1,480,400	1,471,500	1,453,000	1,430,500
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,898,000	1,853,000	1,570,000	642,000
Net Income Common Stockholders	2,898,000	1,853,000	1,570,000	642,000
Preferred Stock Dividends			23,000	55,000	55,000
Net Income	2,898,000	1,854,000	1,593,000	698,000
Minority Interests	6,000	8,000	1,000	0
Net Income Including Noncontrolling Interests	2,892,000	1,846,000	1,592,000	698,000
Net Income Continuous Operations	2,892,000	1,846,000	1,592,000	698,000
Tax Provision	493,000	436,000	393,000	443,000
Pretax Income	3,385,000	2,282,000	1,985,000	1,141,000
Other Income Expense	-267,000	-521,000	-188,000	-434,000
Other Non Operating Income Expenses	-35,000	-29,000	-14,000	-16,000
Special Income Charges	-359,000	-397,000	-74,000	-386,000
Gain On Sale Of Business		0	0	-22,000	78,000
Other Special Charges	194,000		-111,000	173,000	430,000
Impairment Of Capital Assets	46,000	386,000	58,000	132,000
Restructuring And Mergern Acquisition	119,000	11,000	127,000	59,000
Gain On Sale Of Security	127,000	-95,000	-100,000	-32,000
Net Non Operating Interest Income Expense	-320,000	-198,000	-243,000	-460,000
Interest Expense Non Operating	349,000	305,000	265,000	470,000
Interest Income Non Operating	29,000	107,000	22,000	10,000
Operating Income	3,971,000	3,002,000	2,417,000	2,034,000
Operating Expense	9,882,000	8,488,000	7,478,000	6,693,000
Other Operating Expenses	46,000	33,000	46,000	47,000
Depreciation Amortization Depletion Income Statement	897,000	856,000	828,000	803,000
Depreciation And Amortization In Income Statement	897,000	856,000	828,000	803,000
Amortization	897,000	856,000	828,000	803,000
Amortization Of Intangibles Income Statement	897,000	856,000	828,000	803,000
Research And Development	2,052,000	1,615,000	1,414,000	1,323,000
Selling General And Administration	6,887,000	5,984,000	5,190,000	4,520,000
Gross Profit	13,853,000	11,490,000	9,895,000	8,727,000
Cost Of Revenue	6,221,000	5,257,000	4,345,000	3,956,000
Total Revenue	20,074,000	16,747,000	14,240,000	12,682,000
Operating Revenue	20,074,000	16,747,000	14,240,000	12,682,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	263,290	263,290	263,290	263,290
Preferred Shares Number	10,062	10,062	10,062	10,062
Ordinary Shares Number	1,483,000	1,474,556	1,465,710	1,433,344
Share Issued	1,746,290	1,737,846	1,729,000	1,696,634
Net Debt	9,346,000	10,206,000	8,232,000	8,002,000
Total Debt	11,436,000	10,746,000	9,492,000	9,282,000
Tangible Book Value	-1,070,000	-2,003,000	-1,109,000	-1,249,000
Invested Capital	35,543,000	32,390,000	28,378,000	26,504,000
Working Capital	3,355,000	521,000	1,581,000	1,957,000
Net Tangible Assets	-1,070,000	-2,003,000	-1,109,000	-1,249,000
Capital Lease Obligations	125,000	126,000	395,000	352,000
Common Stock Equity	24,232,000	21,770,000	19,281,000	17,574,000
Total Capitalization	35,244,000	30,612,000	27,847,000	26,484,000
Total Equity Gross Minority Interest	24,472,000	22,003,000	19,530,000	17,573,000
Minority Interest	239,000	233,000	248,000	0
Stockholders Equity	24,232,000	21,770,000	19,281,000	17,574,000
Gains Losses Not Affecting Retained Earnings	-610,000	275,000	49,000	269,000
Other Equity Adjustments	-610,000	275,000	49,000	269,000
Foreign Currency Translation Adjustments					93,000
Minimum Pension Liabilities					-36,000
Treasury Stock	2,251,000	2,251,000	2,251,000	2,251,000
Retained Earnings	5,571,000	2,673,000	819,000	-750,000
Additional Paid In Capital	21,505,000	21,056,000	20,647,000	20,289,000
Capital Stock	17,000	17,000	17,000	17,000
Common Stock	17,000	17,000	17,000	17,000
Total Liabilities Net Minority Interest	19,201,000	17,392,000	15,606,000	14,896,000
Total Non Current Liabilities Net Minority Interest	13,762,000	10,993,000	10,673,000	11,093,000
Other Non Current Liabilities	2,405,000	1,870,000	625,000	589,000
Derivative Product Liabilities				0	3,000
Non Current Accrued Expenses					197,000
Tradeand Other Payables Non Current		357,000	470,000	597,000	442,000
Non Current Deferred Liabilities	220,000	155,000	445,000	433,000
Non Current Deferred Revenue		329,000	311,000	289,000	276,000
Non Current Deferred Taxes Liabilities	220,000	155,000	134,000	144,000
Long Term Debt And Capital Lease Obligation	11,137,000	8,968,000	8,961,000	9,262,000
Long Term Capital Lease Obligation	125,000	126,000	395,000	352,000
Long Term Debt	11,012,000	8,842,000	8,566,000	8,910,000
Long Term Provisions		149,000	172,000	212,000	284,000
Current Liabilities	5,439,000	6,399,000	4,933,000	3,803,000
Other Current Liabilities	482,000	582,000	328,000	308,000
Current Deferred Liabilities	313,000	306,000	266,000	220,000
Current Deferred Revenue	313,000	306,000	266,000	220,000
Current Debt And Capital Lease Obligation	299,000	1,778,000	531,000	20,000
Current Debt	299,000	1,778,000	531,000	20,000
Current Provisions		177,000	206,000	231,000	264,000
Payables And Accrued Expenses	4,345,000	3,733,000	3,602,000	3,024,000
Current Accrued Expenses	3,201,000	2,773,000	2,440,000	1,930,000
Payables	1,144,000	960,000	1,162,000	1,094,000
Total Tax Payable		268,000	220,000	232,000	209,000
Accounts Payable	1,144,000	960,000	942,000	862,000
Total Assets	43,673,000	39,395,000	35,136,000	32,469,000
Total Non Current Assets	34,878,000	32,477,000	28,621,000	26,710,000
Other Non Current Assets	1,866,000	1,754,000	572,000	558,000
Non Current Deferred Assets	3,675,000	3,655,000	3,841,000	3,942,000
Non Current Deferred Taxes Assets	3,675,000	3,655,000	3,841,000	3,942,000
Financial Assets		79,000	107,000	149,000	169,000
Investments And Advances		555,000	413,000	407,000	412,000
Goodwill And Other Intangible Assets	25,302,000	23,773,000	20,390,000	18,823,000
Other Intangible Assets	7,020,000	6,684,000	6,003,000	5,903,000
Goodwill	18,282,000	17,089,000	14,387,000	12,920,000
Net PPE	4,035,000	3,295,000	3,298,000	2,831,000
Accumulated Depreciation	-3,610,000	-3,533,000	-3,484,000	-3,282,000
Gross PPE	7,645,000	6,828,000	6,782,000	6,113,000
Construction In Progress	1,161,000	1,035,000	857,000	598,000
Other Properties		449,000	439,000	386,000	435,000
Machinery Furniture Equipment	3,827,000	3,630,000	3,503,000	3,297,000
Buildings And Improvements	2,484,000	2,019,000	1,843,000	1,695,000
Land And Improvements	173,000	144,000	140,000	137,000
Current Assets	8,794,000	6,920,000	6,514,000	5,760,000
Other Current Assets	661,000	831,000	333,000	350,000
Hedging Assets Current		305,000	159,000	232,000	226,000
Restricted Cash		111,000	130,000	149,000	188,000
Prepaid Assets	299,000	307,000	315,000	264,000
Inventory	2,943,000	2,810,000	2,484,000	1,867,000
Other Inventories	-1,000			1,000	1,000
Finished Goods	1,849,000	1,798,000	1,537,000	1,171,000
Work In Process	246,000	193,000	174,000	147,000
Raw Materials	849,000	819,000	773,000	548,000
Receivables	2,926,000	2,558,000	2,228,000	1,970,000
Accounts Receivable	2,926,000	2,558,000	2,228,000	1,970,000
Allowance For Doubtful Accounts Receivable	-132,000	-109,000	-110,000	-109,000
Gross Accounts Receivable	3,058,000	2,667,000	2,338,000	2,079,000
Cash Cash Equivalents And Short Term Investments	1,965,000	414,000	865,000	928,000
Cash And Cash Equivalents	1,965,000	414,000	865,000	928,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	3,404,000	2,365,000	1,703,000	914,000
Repayment Of Debt	-2,049,000	-529,000	-4,000	-3,435,000
Issuance Of Debt	1,558,000	2,332,000	0	3,270,000
Capital Expenditure	-1,130,000	-1,070,000	-800,000	-612,000
Interest Paid Supplemental Data	319,000	250,000	259,000	450,000
Income Tax Paid Supplemental Data	561,000	656,000	512,000	662,000
End Cash Position	2,147,000	606,000	1,055,000	1,126,000
Beginning Cash Position	606,000	1,055,000	1,126,000	2,168,000
Effect Of Exchange Rate Changes	42,000	-11,000	-4,000	-9,000
Changes In Cash	1,499,000	-438,000	-67,000	-1,033,000
Financing Cash Flow	-395,000	1,814,000	5,000	-548,000
Cash Flow From Continuing Financing Activities	-395,000	1,814,000	6,000	-547,000
Net Other Financing Charges	-55,000	-132,000	-117,000	-411,000
Proceeds From Stock Option Exercised	151,000	143,000	126,000	83,000
Cash Dividends Paid		0	-28,000	-55,000	-55,000
Preferred Stock Dividend Paid		0	-28,000	-55,000	-55,000
Net Issuance Payments Of Debt	-491,000	1,803,000	-4,000	-165,000
Net Short Term Debt Issuance	-1,791,000	-317,000	-4,000	-251,000
Short Term Debt Payments	-1,791,000	-504,000	-4,000	-251,000
Short Term Debt Issuance		187,000	0	0	0
Net Long Term Debt Issuance	1,300,000	2,120,000	0	86,000
Long Term Debt Payments	-258,000	-25,000	0	-3,184,000
Long Term Debt Issuance	1,558,000	2,145,000	0	3,270,000
Investing Cash Flow	-2,640,000	-5,687,000	-2,574,000	-2,011,000
Cash Flow From Continuing Investing Activities	-2,639,000	-5,687,000	-2,574,000	-2,011,000
Net Other Investing Changes	83,000	23,000	37,000		-1,000
Net Investment Purchase And Sale		0	2,000	56,000	15,000
Sale Of Investment		0	2,000	56,000	15,000
Purchase Of Investment				-24,000
Net Business Purchase And Sale	-1,593,000	-4,640,000	-1,811,000	-1,537,000
Sale Of Business		0	0	5,000	826,000
Purchase Of Business	-1,593,000	-4,640,000	-1,811,000	-1,542,000
Net Intangibles Purchase And Sale	-254,000	-280,000	-89,000	46,000
Sale Of Intangibles		20,000	30,000	70,000	361,000
Purchase Of Intangibles	-254,000	-280,000	-89,000	-24,000
Net PPE Purchase And Sale	-876,000	-790,000	-711,000	-576,000
Sale Of PPE		3,000	4,000	12,000	14,000
Purchase Of PPE	-876,000	-790,000	-711,000	-588,000
Operating Cash Flow	4,534,000	3,435,000	2,503,000	1,526,000
Cash Flow From Continuing Operating Activities	4,534,000	3,434,000	2,505,000	1,527,000
Change In Working Capital	-246,000	-462,000	-770,000	-1,005,000
Change In Other Current Assets	-85,000	-126,000	10,000	-209,000
Change In Payables And Accrued Expense	296,000	243,000	118,000	-255,000
Change In Payable	296,000	243,000	118,000	-255,000
Change In Account Payable	296,000	243,000	118,000	-255,000
Change In Inventory	-188,000	-228,000	-660,000	-321,000
Change In Receivables	-269,000	-351,000	-238,000	-220,000
Changes In Account Receivables	-269,000	-351,000	-238,000	-220,000
Other Non Cash Items	192,000	49,000	109,000	191,000
Stock Based Compensation	299,000	266,000	233,000	220,000
Asset Impairment Charge	170,000	458,000	85,000	132,000
Deferred Tax	-2,000	-70,000	-1,000	-63,000
Deferred Income Tax	-2,000	-70,000	-1,000	-63,000
Depreciation Amortization Depletion	1,368,000	1,269,000	1,196,000	1,136,000
Depreciation And Amortization	1,368,000	1,269,000	1,196,000	1,136,000
Amortization Cash Flow	897,000	856,000	828,000	803,000
Amortization Of Intangibles	897,000	856,000	828,000	803,000
Depreciation	471,000	412,000	367,000	333,000
Operating Gains Losses	-139,000	79,000	59,000	217,000
Gain Loss On Investment Securities	-139,000	79,000	59,000	1,000
Net Foreign Currency Exchange Gain Loss					27,000
Gain Loss On Sale Of Business		0	0	22,000	-78,000
Net Income From Continuing Operations	2,892,000	1,846,000	1,592,000	698,000

These metrics estimate what Boston Scientific Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$26.68

Margin of Safety

Market Cap ÷ Company Value

1.44

P/B Ratio

3.49

Warren's Owner Earnings

$5.4B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$20.1B

vs > $1.5B revenue

❌ Strong Financial Condition

1.62x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

✅ Earnings Growth

+331.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

23.8x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.49x P/B (P/E×P/B: 82.9)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-7.00

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$29.69

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	39.0%	57.7%	50.2%	87.7%	N/A
Repurchase of Capital Stock	N/A	N/A	N/A	$0M	$0M
Free Cash Flow	$3.4B ▲	$2.4B ▲	$1.7B ▲	$914M •	N/A •
Warren's Owner Earnings	$5.4B	$4.2B	$3.6B	$2.4B	N/A

Peers & Industry Comparison

Medical Devices — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
BSX	$56.85	$84.5B	23.79	69.0%	14.4%	$20.1B
MDT Medtronic plc.	$78.30	$100.5B	21.9	65.2%	13.0%	$35.5B
ABT Abbott Laboratories	$87.54	$152.5B	24.5	56.5%	13.9%	$45.1B
SYK Stryker Corporation	$290.88	$111.4B	34.6	64.7%	13.2%	$25.3B
EW Edwards Lifesciences Corporatio	$83.33	$48.0B	45.0	77.9%	17.4%	$6.3B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.21%

Low — management has little skin in the game

Return on Equity (ROE)

12.0%

Adequate — returns are moderate

Return on Assets (ROA)

6.6%

Strong — management uses assets efficiently

Debt Trend YoY

+6.4% YoY

Debt is roughly stable

Leadership Team

Michael Mahoney

Chairman, President & CEO

Age 60

Pay: $5,732,403

0.198% of net income

Jonathan Monson

Executive VP & CFO

Age 51

Pay: $1,470,301

0.051% of net income

Joseph Fitzgerald

Executive VP & Group President of Cardiovascular

Age 61

Pay: $2,396,262

0.083% of net income

Arthur Crosswell Butcher

Executive VP and Group President of MedSurg & Asia Pacific

Age 54

Pay: $1,976,990

0.068% of net income

Paudie O'Connor

Executive Vice President of Global Operations

Age 57

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.40%	139,685,997
Blackrock Inc.	9.15%	135,987,245
FMR, LLC	6.55%	97,386,941
State Street Corporation	4.43%	65,846,059
Geode Capital Management, LLC	2.18%	32,383,765
Primecap Management Company	2.09%	31,096,184
Capital World Investors	1.83%	27,151,575
JPMORGAN CHASE & CO	1.71%	25,372,886

Risk Analysis

Beta (Market Risk)

0.62

Low volatility — more stable than the market

Short Interest

1.7% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.42x

Conservative balance sheet — low financial risk

Current Ratio

1.90x

Adequate liquidity

52-Week Price Range

Low: $56.05 Current: $56.85 High: $109.50

Currently at 1% of 52-week range

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