Explain this page
Arphra AIPlain-English read on Boston Scientific Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +62.76% | +60.83% | +62.02% | +61.31% | +69.01% | +64.96% | +62.41% | +65.70% | +63.19% |
| Operating margin | +16.17% | +14.38% | +15.32% | +15.73% | +19.78% | +16.53% | +16.63% | +16.98% | +16.72% |
| EBITDA margin | +21.18% | +21.61% | +24.25% | +23.51% | +18.60% | +22.04% | +22.59% | +21.82% | +21.95% |
| EBIT margin | +11.99% | +12.66% | +15.85% | +15.94% | +18.60% | +17.01% | +17.19% | +16.73% | +16.35% |
| Pre-tax margin | +9.05% | +9.00% | +13.94% | +13.63% | +16.86% | +15.11% | +14.57% | +14.98% | +14.76% |
| Net margin | +8.75% | +5.50% | +11.19% | +11.07% | +14.38% | +12.52% | +12.07% | +12.26% | +11.97% |
| Cost structure | |||||||||
| Cost of revenue / sales | +37.24% | +39.17% | +37.98% | +38.69% | +30.99% | +34.97% | +36.59% | +36.57% | +36.27% |
| R&D intensity | +10.13% | +10.43% | +9.93% | +9.64% | +10.22% | +10.17% | +10.09% | +10.15% | +10.15% |
| SG&A intensity | +36.05% | +35.64% | +36.45% | +35.73% | +34.31% | +34.79% | +35.73% | +36.22% | +35.85% |
| Effective tax rate | +3.35% | +38.83% | +19.80% | +19.11% | +14.56% | +17.93% | +18.14% | +17.58% | +18.02% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +6.26% | +3.97% | +8.16% | +8.43% | +11.79% | +9.37% | +9.34% | +9.50% | +9.10% |
| Return on assets (ROA) | +3.23% | +2.15% | +4.53% | +4.71% | +6.61% | +5.47% | +5.10% | +5.15% | +5.19% |
| Return on capital (ROC) | +7.37% | +6.79% | +7.51% | +7.95% | +10.76% | +8.27% | +8.50% | +8.72% | +8.43% |
| Return on invested capital (ROIC) | +3.99% | +2.60% | +5.49% | +5.59% | +7.82% | +6.27% | +6.17% | +6.29% | +6.04% |
| Asset turnover | +36.88% | +39.06% | +40.53% | +42.51% | +45.96% | +43.73% | +42.25% | +42.04% | +43.37% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +8.75% | +5.50% | +11.19% | +11.07% | +14.38% | +12.52% | +12.07% | +12.26% | +11.97% |
| Asset turnover (× revenue / assets) | +36.88% | +39.06% | +40.53% | +42.51% | +45.96% | +43.73% | +42.25% | +42.04% | +43.37% |
| Equity multiplier (× assets / equity) | +193.89% | +184.76% | +179.91% | +179.04% | +178.46% | +171.09% | +183.27% | +184.34% | +175.32% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.37 | 0.39 | 0.41 | 0.43 | 0.46 | 0.44 | 0.42 | 0.42 | 0.43 |
| Fixed-asset turnover | 4.43 | 4.48 | 4.32 | 4.47 | 4.46 | — | — | — | — |
| Inventory turnover | 2.75 | 2.66 | 2.18 | 2.31 | 2.11 | — | — | — | — |
| Receivables turnover | 6.69 | 6.44 | 6.39 | 6.55 | 6.86 | — | — | — | — |
| Payables turnover | 5.58 | 5.76 | 5.74 | 6.75 | 5.44 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 54.59 | 56.70 | 57.11 | 55.75 | 53.20 | — | — | — | — |
| Days inventory outstanding (DIO) | 132.74 | 137.17 | 167.62 | 158.28 | 172.73 | — | — | — | — |
| Days payables outstanding (DPO) | 65.46 | 63.33 | 63.57 | 54.07 | 67.12 | — | — | — | — |
| Cash conversion cycle | 121.87 | 130.54 | 161.16 | 159.96 | 158.81 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.80 | 2.19 | 1.57 | 1.85 | 1.57 | 1.57 | 1.72 | 1.70 | 1.65 |
| FCF / Net income | 1.27 | 1.31 | 1.07 | 1.43 | 1.27 | 1.25 | 1.29 | 1.23 | 1.32 |
| FCF margin | +11.07% | +7.21% | +11.96% | +15.79% | +18.22% | +15.68% | +15.57% | +15.03% | +15.77% |
| OCF margin | +15.74% | +12.03% | +17.58% | +20.51% | +22.59% | +19.68% | +20.73% | +20.81% | +19.79% |
| CapEx / Revenue | +4.66% | +4.83% | +5.62% | +4.72% | +4.36% | +4.94% | +4.76% | +4.97% | +4.84% |
| CapEx / D&A | 0.51 | 0.54 | 0.67 | 0.62 | 0.64 | — | — | — | — |
| Stock-based comp / Revenue | +1.63% | +1.73% | +1.64% | +1.59% | +1.49% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 0.69 | 0.45 | 1.07 | 1.25 | 1.94 | 3.37 | 3.74 | 4.17 | 4.74 |
| EPS · basic | 0.69 | 0.45 | 1.08 | 1.26 | 1.96 | 3.40 | 3.81 | 4.18 | 4.71 |
| Book value / share | 11.59 | 12.21 | 13.34 | 14.81 | 16.37 | 19.28 | 20.40 | 21.96 | 24.88 |
| Tangible BV / share | -1.04 | -0.87 | -0.59 | -1.19 | -0.55 | 19.28 | 20.40 | 21.96 | 24.88 |
| Sales / share | 8.29 | 8.81 | 9.73 | 11.27 | 13.43 | 14.43 | 15.79 | 17.02 | 18.92 |
| Operating CF / share | 1.30 | 1.06 | 1.71 | 2.31 | 3.03 | 2.84 | 3.27 | 3.54 | 3.74 |
| Free cash flow / share | 0.92 | 0.63 | 1.16 | 1.78 | 2.45 | 2.26 | 2.46 | 2.56 | 2.98 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +6.68% | +12.29% | +17.61% | +19.87% | +7.85% | +8.10% | +8.36% | +10.62% | +11.33% |
| Gross profit · YoY | — | +3.39% | +14.48% | +16.26% | +34.93% | +1.52% | +3.85% | +14.06% | +6.40% | +11.42% |
| Profit | ||||||||||
| Operating income · YoY | — | -5.10% | +19.57% | +20.82% | +50.70% | -9.89% | +8.73% | +10.65% | +8.93% | +11.79% |
| EBITDA · YoY | — | +8.86% | +25.98% | +14.05% | -5.21% | +27.82% | +10.80% | +4.66% | +11.30% | +11.83% |
| Net income · YoY | — | -32.88% | +128.22% | +16.38% | +55.66% | -6.09% | +4.20% | +10.07% | +8.01% | +15.78% |
| Operating | ||||||||||
| EBIT · YoY | — | +12.63% | +40.62% | +18.25% | +39.87% | -1.33% | +9.19% | +5.46% | +8.16% | +15.74% |
| R&D · YoY | — | +9.88% | +6.88% | +14.21% | +27.06% | +7.28% | +7.28% | +8.98% | +10.62% | +11.36% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -35.09% | +140.59% | +16.52% | +55.20% | +73.72% | +10.93% | +11.55% | +13.55% | +27.29% |
| EPS · basic · YoY | — | -35.19% | +140.75% | +16.61% | +55.56% | +73.23% | +12.19% | +9.73% | +12.75% | +27.09% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $9.45B | $9.28B | $9.49B | $11.15B | $12.42B | $14.32B | $15.53B | $16.66B | $18.72B |
| Net debt | $7.53B | $8.35B | $8.63B | $10.73B | $10.37B | $12.93B | $14.09B | $15.09B | $17.02B |
| Net debt / EBITDA | 2.99 | 3.05 | 2.50 | 2.73 | 2.78 | 2.71 | 2.66 | 2.73 | 2.76 |
| Debt / equity | 0.57 | 0.53 | 0.49 | 0.51 | 0.51 | 0.49 | 0.51 | 0.51 | 0.51 |
| Debt / assets | +29.32% | +28.59% | +27.02% | +28.30% | +28.43% | +28.93% | +28.03% | +27.61% | +28.95% |
| Equity / assets | +51.58% | +54.12% | +55.58% | +55.85% | +56.03% | +58.45% | +54.57% | +54.25% | +57.04% |
| Coverage | |||||||||
| EBITDA / interest expense | 7.21 | 5.91 | 12.69 | 10.18 | 10.70 | 11.43 | 11.44 | 10.82 | 11.37 |
| Operating income / interest | 5.51 | 3.93 | 8.02 | 6.81 | 11.38 | 8.58 | 8.42 | 8.42 | 8.66 |
| Interest expense | $349M | $464M | $272M | $387M | $349M | $417.27M | $462.24M | $511.36M | $541.52M |
| Liquidity | |||||||||
| Current ratio | 1.48 | 1.51 | 1.32 | 1.08 | 1.62 | — | — | — | — |
| Quick ratio | 0.87 | 0.76 | 0.63 | 0.46 | 0.91 | — | — | — | — |
| Cash ratio | 0.45 | 0.24 | 0.18 | 0.06 | 0.38 | — | — | — | — |
| Working capital | $2.04B | $1.96B | $1.58B | $521M | $3.36B | — | — | — | — |
| Working capital / revenue | +17.19% | +15.43% | +11.10% | +3.11% | +16.71% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).