Boston Scientific Corporation

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Cardiovascular was 66% and MedSurg was 34% of revenue; MedSurg fell from 38% in the fiscal year to Dec 2023.

Quarters: Boston Scientific Corporation's SEC filings, named by the month they end. Fiscal years: Boston Scientific Corporation's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $14.4 ends up as net income. Net margin rose from 5.1% to 14.4% over the past 3 years.

Circled: Mar 2026 (net 25.8%, operating 21.2%). Net margin is usually about 5 points below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Boston Scientific Corporation's annual reports to the SEC; quarters: SEC filings.

How much goes into research?

Boston Scientific spent $2.2B on research and development in the four quarters to Sep 2026, 10.2% of its revenue, against 10.0% a year earlier. Over the year its research spending rose 11.2% and its revenue rose 8.9%.

From Boston Scientific Corporation's SEC filings: research and development expense by quarter, the fourth being the year minus nine months; its share is the four quarters' expense over their revenue. Some companies count the research they buy, through licences and acquisitions, in this line, so it jumps in the quarter they pay; others report that on a line of its own, not shown here.

Is it expensive?

P/E of 18.7x, below the peer median of 33.3x, with earnings still growing.

Priced 44% below the peer median of 33.3x.

At 18.7× trailing earnings BSX is below most of its five-year range; the five-year median is 67.8×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $49.60, 12% above the current price; 61% of 31 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 19 analysts (61%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $127.40 to $52.32 (−59%), while BSX went from $104.98 to $44.20 (−58%). In the past three months targets were raised once and cut 19 times. No upgrades and 7 downgrades over the year; the latest: TD Cowen moved it to Hold from Buy on Oct 30, 2026.

The day after each of these reports the stock moved −15.3% (Dec 2025, beat); +10.4% (Mar 2026, beat); −0.1% (Jun 2026, beat); −5.3% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.78 a share, 3% less than the $0.80 of a year earlier, and revenue of $5.2B, down 2% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $3.13 a share, 1% less than the year before's estimate of $3.17.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $3.3B in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Boston Scientific had 1.45B diluted shares in the quarter ended Sep 2026, 2.9% fewer than a year earlier, and 0.5% more each year on average since Jun 2020.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.6, no pressure to repay short-term debt; debt-to-equity 0.5, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 9 funds whose copy leaves BSX out (not traded on the exchange): Maverick Capital, Temasek Holdings (Private), Canada Pension Plan Investment Board, Rob Bresnahan, Swiss National Bank, Norges Bank and 4 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 16 held BSX at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 8 cut, 1 bought new, 1 sold all and 1 held the same. The largest of them is Norges Bank, 21.17M shares worth $904M at Jun 30, 2026, 8.2% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of BSX at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

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