ResMed

RMD

Medical - Devices · Healthcare

Also trades as: RMD.AX · 0KW4.L

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Strong

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

ResMed makes medical devices and software that help people breathe better while they sleep. Its main products are CPAP machines and masks used to treat sleep apnea, a condition where people stop breathing during the night. ResMed sells to hospitals, sleep clinics, and directly to patients, and it is one of the two largest sleep apnea device makers in the world.

The company earns money by selling hardware like CPAP machines and replacement masks, and also through software subscriptions that help doctors and home care companies manage patients remotely. ResMed operates in over 140 countries, with most revenue coming from the United States, Europe, and Asia-Pacific. Its large installed base of connected devices creates switching costs that make it hard for customers to move to a competitor, but a key risk is that new weight-loss drugs like GLP-1 medications could reduce the number of people diagnosed with sleep apnea over time, which would slow demand for its core products.

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Growth Profile

For growth stock investors

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

Revenue Growth

+8.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-8.1% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

ResMed is growing revenue at 9% 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.

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Quality

Profit per sale

Gross Margin

58.4%

Premium pricing power — 58.4% gross margin

Profit after running costs

Operating Margin

30.7%

Excellent — 30.7% operating margin

Return on the money invested

ROCE

25.5%

Exceptional — 25.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+9.9%

Steady sales growth (+9.9% YoY)

Profit growth

EPS YoY

+6.5%

Modest earnings growth (+6.5% YoY)

Single-digit earnings growth — steady but not exciting.

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

207%

Turns 207% of profit into real cash

Spare cash per sale

FCF Margin

51.1%

Converts sales into free cash efficiently (51.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.13

Conservative — low debt load (0.13)

Covers its interest

Interest Cover

37.92x

Comfortably covers interest (37.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

22.2x

no trend

Growth-priced — P/E 22.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+5.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (22.2 → 16.7)

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Dividends

Dividend

Dividend Yield

1.09%

no trend

Small dividend — 1.09% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+12.3%

no trend

Dividend growing fast (12.3% YoY)

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