Latest Ratios: P/E Ratio 23.4x · EV/EBITDA 14.6x · ROE 12.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $67.3B | $142.5B | $132.7B | $84.6B | $66.6B | $60.9B | $50.9B | $63.8B | $49.5B | $34.5B | $29.8B |
| Enterprise Value | $77.7B | $152.9B | $143.5B | $93.2B | $75.0B | $68.4B | $58.7B | $73.8B | $56.4B | $39.9B | $35.1B |
| P/E Ratio → | 23.35 | 49.15 | 71.46 | 53.89 | 103.77 | 61.83 | — | 13.57 | 29.70 | 331.86 | 86.52 |
| P/S Ratio | 3.35 | 7.10 | 7.93 | 5.94 | 5.25 | 5.12 | 5.14 | 5.94 | 5.04 | 3.82 | 3.55 |
| P/B Ratio | 2.77 | 5.82 | 6.03 | 4.33 | 3.79 | 3.66 | 3.32 | 4.60 | 5.68 | 4.92 | 4.42 |
| P/FCF | 18.41 | 38.96 | 50.18 | 49.68 | 72.88 | 46.28 | 44.99 | 46.39 | — | 31.19 | 49.98 |
| P/OCF | 14.85 | 31.43 | 38.64 | 33.80 | 43.65 | 32.57 | 33.77 | 34.74 | 159.76 | 24.21 | 30.65 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.62 | 8.57 | 6.55 | 5.91 | 5.76 | 5.93 | 6.88 | 5.74 | 4.41 | 4.18 |
| EV / EBITDA | 14.55 | 28.63 | 36.75 | 27.61 | 25.33 | 22.70 | 34.09 | 27.13 | 21.44 | 16.85 | 17.10 |
| EV / EBIT | 19.57 | 40.94 | 53.75 | 41.31 | 46.71 | 48.02 | 150.99 | 61.54 | 33.36 | 34.32 | 85.35 |
| EV / FCF | — | 41.79 | 54.24 | 54.75 | 82.02 | 52.00 | 51.89 | 53.71 | — | 36.06 | 58.85 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.0% | 69.0% | 61.3% | 62.0% | 60.8% | 62.8% | 56.2% | 64.1% | 65.9% | 64.9% | 63.7% |
| Operating Margin | 19.8% | 19.8% | 15.7% | 15.3% | 14.4% | 16.2% | 6.1% | 15.9% | 17.7% | 16.9% | 14.7% |
| Net Profit Margin | 14.4% | 14.4% | 11.1% | 11.2% | 5.5% | 8.7% | -0.8% | 43.8% | 17.0% | 1.1% | 4.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.4% | 12.4% | 8.9% | 8.6% | 4.1% | 6.5% | -0.6% | 41.6% | 21.2% | 1.5% | 5.3% |
| ROA | 6.9% | 6.9% | 5.0% | 4.7% | 2.2% | 3.3% | -0.3% | 18.2% | 8.3% | 0.6% | 1.9% |
| ROIC | 8.8% | 8.8% | 6.5% | 6.0% | 5.5% | 6.1% | 1.9% | 6.5% | 9.3% | 9.4% | 7.8% |
| ROCE | 11.1% | 11.1% | 8.3% | 7.4% | 6.4% | 7.0% | 2.3% | 8.3% | 11.9% | 10.9% | 8.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.51 | 0.51 | 0.51 | 0.49 | 0.53 | 0.57 | 0.62 | 0.74 | 0.81 | 0.80 | 0.81 |
| Debt / EBITDA | 2.33 | 2.33 | 2.86 | 2.81 | 3.14 | 3.13 | 5.54 | 3.78 | 2.67 | 2.35 | 2.67 |
| Net Debt / Equity | — | 0.42 | 0.49 | 0.44 | 0.48 | 0.45 | 0.51 | 0.72 | 0.79 | 0.77 | 0.79 |
| Net Debt / EBITDA | 1.94 | 1.94 | 2.75 | 2.55 | 2.82 | 2.50 | 4.53 | 3.70 | 2.62 | 2.28 | 2.58 |
| Debt / FCF | — | 2.84 | 4.06 | 5.07 | 9.14 | 5.72 | 6.89 | 7.32 | — | 4.87 | 8.87 |
| Interest Coverage | 10.70 | 10.70 | 6.90 | 8.30 | 3.46 | 4.08 | 0.83 | 2.34 | 6.29 | 5.06 | 1.76 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.62 | 1.62 | 1.08 | 1.32 | 1.51 | 1.48 | 1.82 | 0.97 | 0.76 | 0.68 | 0.90 |
| Quick Ratio | 1.08 | 1.08 | 0.64 | 0.82 | 1.02 | 1.10 | 1.45 | 0.64 | 0.54 | 0.49 | 0.64 |
| Cash Ratio | 0.38 | 0.38 | 0.06 | 0.18 | 0.24 | 0.45 | 0.47 | 0.04 | 0.03 | 0.03 | 0.05 |
| Asset Turnover | — | 0.46 | 0.43 | 0.41 | 0.39 | 0.37 | 0.32 | 0.35 | 0.47 | 0.48 | 0.46 |
| Inventory Turnover | 2.11 | 2.11 | 2.31 | 2.18 | 2.66 | 2.75 | 3.21 | 2.44 | 2.87 | 2.95 | 3.19 |
| Days Sales Outstanding | — | 53.20 | 55.75 | 57.11 | 56.70 | 54.59 | 56.37 | 62.15 | 59.75 | 62.45 | 64.07 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 0.0% | 0.1% | 0.1% | 0.1% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 2.0% | 1.4% | 1.9% | 1.0% | 1.6% | — | 7.4% | 3.4% | 0.3% | 1.2% |
| FCF Yield | 5.4% | 2.6% | 2.0% | 2.0% | 1.4% | 2.2% | 2.2% | 2.2% | — | 3.2% | 2.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.1% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $1.5B | $1.5B | $1.5B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B |
Regulatory M&A scrutiny
According to current market data, Boston Scientific trades at a TTM P/E of 22.80, which suggests investors are pricing in significant growth expectations relative to the broader medical device sector and historical averages for the company's core cardiovascular and rhythm management franchises.
The forward P/E of 13.15 implies a substantial expected earnings expansion, likely driven by the rapid adoption of the Farapulse PFA system and WATCHMAN procedural growth. While this valuation appears elevated compared to legacy peers like Medtronic, it reflects the market's confidence in the company's ability to maintain its category leadership through high-margin, innovation-led revenue streams.
Based on reported figures, Boston Scientific's ROIC has remained in a tight range between 1.4% and 2.6% over the last ten quarters, indicating that the company's aggressive inorganic growth strategy is currently diluting the efficiency of its invested capital base.
The persistent gap between the company's operational success and its low ROIC suggests that the heavy reliance on goodwill-intensive acquisitions is creating a significant drag on capital returns. Investors should monitor whether the integration of these assets can eventually drive margin expansion sufficient to overcome the current dilution of invested capital.
As reported in financial statements, the company's cash conversion cycle has trended upward, reaching 158 days in 2026Q1, which highlights increasing complexity in managing inventory and collection cycles as the firm scales its global footprint and consignment-heavy distribution model.
The elevated DIO of 172 days suggests that the company is carrying significant consignment inventory at hospital sites, which is a structural necessity for its procedural dominance but creates a persistent drain on liquidity. This trend warrants further investigation into whether the inventory build-up is a strategic move to secure market share or a sign of slowing end-user demand.
According to recent SEC filings, Boston Scientific maintains a D/E ratio of 0.42, suggesting a relatively conservative capital structure that provides the firm with sufficient financial flexibility to continue its tuck-in acquisition strategy despite the current interest rate environment.
The interest coverage ratio of 13.91 indicates that debt service remains comfortable, allowing the company to navigate potential regulatory hurdles in its M&A pipeline without immediate solvency concerns. However, the reliance on debt to fund growth remains a key risk factor if the company is forced to overpay for assets in a competitive bidding environment.
The P/E ratio is frequently misapplied to Boston Scientific because it fails to account for the significant non-cash amortization of intangible assets resulting from the company's frequent, acquisition-heavy growth strategy, which artificially depresses reported net income and distorts the true earnings power.
Analysts should instead focus on EV/EBITDA or free cash flow metrics to better capture the underlying cash-generating capacity of the business. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation, as it ignores the substantial cash flows that are being reinvested into the business rather than flowing through to the bottom line.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BSX stock.
Boston Scientific Corporation's current P/E ratio is 23.4x. The historical average is 49.5x. This places it at the 18th percentile of its historical range.
Boston Scientific Corporation's current EV/EBITDA is 14.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.1x.
Boston Scientific Corporation's return on equity (ROE) is 12.4%. The historical average is 4.1%.
Based on historical data, Boston Scientific Corporation is trading at a P/E of 23.4x. This is at the 18th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Boston Scientific Corporation has 69.0% gross margin and 19.8% operating margin. Operating margin between 10-20% is typical for established companies.
Boston Scientific Corporation's Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.