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Boston Scientific Corporation

BSX
68
Medical - Devices · Healthcare
Also trades as: 0HOY.L GBP 0.45 (-0.87%)
Price
$45.69
-0.32 (-0.70%)
Market Cap
$66.22B
Winston Score
68
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Exceptional
18/20
Cash Flow
Exceptional
9/10
Stability
Strong
8/10
Valuation
Strong
8/10
Ownership
Weak
1/15
Dividends
Not counted
n/a

65 of 95 counted points = Winston Score 68. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+4.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.43B (2021) → 1.49B (2025)

§Winston Score History

The full picture

Boston Scientific makes medical devices — tools that doctors use to treat patients without major surgery. Its main products include stents (tiny tubes that keep arteries open), pacemakers, catheters, and devices that treat conditions like irregular heartbeats, chronic pain, and urological problems. The company sells primarily to hospitals and clinics around the world.

Boston Scientific earns money by selling its devices directly to healthcare providers, with some recurring revenue from disposable components used in procedures. It operates globally, with significant sales in the United States, Europe, and Asia, and generates roughly $14 billion in annual revenue. The company's competitive position comes from its broad product portfolio, deep relationships with hospitals, and a large library of patents that make it hard for competitors to copy its designs. The key growth driver is an aging global population that will need more heart and other minimally invasive procedures over time, though the company faces ongoing risk from regulatory approvals, product liability lawsuits, and pricing pressure from hospital purchasing groups.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.5% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

+14.8% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.54

30 Jun 2026: $0.62

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$2.1B/ year

↑ Rising (+27% vs prior year)

10.2% of revenue

Below sector average (18%)

Investing heavily in future products and technology

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$2.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Boston Scientific Corporation is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
70.7%
Premium pricing power — 70.7% gross margin
Profit after running costs
Operating Margin
21.6%
Excellent — 21.6% operating margin
Return on the money invested
ROCE
12.0%
Below par — 12.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+13.5%
Fast-growing sales (+13.5% YoY)
Profit growth
EPS YoY
+46.0%
Earnings growing fast (+46.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
124%
Turns 124% of profit into real cash
Spare cash per sale
FCF Margin
17.3%
Converts sales into free cash efficiently (17.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.51
Conservative — low debt load (0.51)
Covers its interest
Interest Cover
12.41x
Comfortably covers interest (12.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
18.4x
Fair value — P/E 18.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+6.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (18.4 → 12.1)

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Dividends

Not applicable for this business.
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