# Boston Scientific Corporation (BSX)

> Source: Nexqual · https://nexqual.com/BSX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Boston Scientific Corporation (BSX), nexqual.com/BSX" · informational, not investment advice.

**Price:** USD 46.01 (+3.37% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 44.51 · day 44.62–46.05 · 52w 41.39–105.65 · market cap $66.7B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $21.0B, net income $3.67B (17.5% margin), free cash flow $3.63B (SEC filings).
- Valuation: P/E 18.2x (avg 58.1x at the last 3 fiscal year-ends), EV/EBITDA 14.7x, net debt $12.1B.
- 5 of 80 tracked superinvestors hold BSX (13F, Q2 2026): 1 new, 1 added, 3 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 8 Form 4 filings, $10.0M; 1 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -55.1% vs S&P 500 +14.9%; 5Y +2.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.73, revenue estimate $5.07B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $11.9B | $12.7B | $14.2B | $16.7B | $20.1B | $21.0B |
| Gross profit | $8.18B | $8.73B | $9.90B | $11.5B | $13.9B | — |
| Operating income | $1.20B | $1.65B | $2.34B | $2.60B | $3.61B | $4.15B |
| Net income | $1.04B | $698M | $1.59B | $1.85B | $2.89B | $3.67B |
| EPS (diluted) | $0.69 | $0.45 | $1.07 | $1.25 | $1.94 | — |
| Free cash flow | $1.32B | $938M | $1.79B | $2.65B | $3.66B | $3.63B |
| Gross margin | 68.8% | 68.8% | 69.5% | 68.6% | 69.0% | — |
| Operating margin | 10.1% | 13.0% | 16.5% | 15.5% | 18.0% | 19.8% |
| Net margin | 8.8% | 5.5% | 11.2% | 11.0% | 14.4% | 17.5% |
| Revenue growth | +19.9% | +6.7% | +12.3% | +17.6% | +19.9% | — |
| Cash + short-term investments | $1.93B | $928M | $865M | $414M | $1.97B | — |
| Total debt | $9.06B | $8.94B | $9.10B | $10.7B | $11.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 18.2x · P/S 3.2x · EV/EBITDA 14.7x · EV/Sales 3.8x · P/FCF 18.4x · P/B 2.7x · FCF yield 5.44% · Earnings yield 5.50% · Net debt $12.1B · EV $78.8B
P/E at fiscal year-ends: Dec 2025 49.3x, Dec 2024 71.9x, Dec 2023 53.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold BSX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 2.29% | $253M | Added +41.5% |
| Sarah Ketterer | Causeway Capital Management | 0.33% | $30.7M | New position |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $3.7M | Reduced -1.6% |
| Polen Capital | Polen Capital Management | <0.01% | $203K | Reduced -99.2% |
| Mairs & Power | Mairs & Power Funds | <0.01% | $423K | Reduced -2.6% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
8 purchases, $10.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-25 | Morano Susan E | Director | 2,040 | $100K | 49.22 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-05 | Habiger David C | Director | 2,100 | $100K | 47.59 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03…2026-08-04 | Habiger David C | Director | 1,182 | $57K | 48.13 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Mahoney Michael F | Chairman, President & CEO | 186,240 | $9.0M | 48.33 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-31 | Ludwig Edward J | Director | 5,000 | $227K | 45.48 | Too little history (no open-market trades in 2023) |
| 2026-05-20 | Pegus Cheryl | Director | 1,770 | $100K | 56.49 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-20 | Ludwig Edward J | Director | 3,580 | $203K | 56.68 | Too little history (no open-market trades in 2023) |
| 2026-05-19…2026-05-20 | Habiger David C | Director | 4,450 | $251K | 56.43 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Truist Securities | Target lowered | Buy | $57 → $51 |
| 2026-10-07 | Barclays | Initiated | Equal-Weight | $48 |
| 2026-10-05 | Citigroup | Target lowered | Neutral | $50 → $48 |
| 2026-09-24 | Wells Fargo | Target lowered | Equal-Weight | $50 → $48 |
| 2026-09-21 | Oppenheimer | Target lowered | Outperform | $85 → $65 |
| 2026-09-17 | Citigroup | Downgrade | Buy → Neutral | $57 → $50 |
| 2026-09-09 | BTIG | Target lowered | Buy | $60 → $56 |
| 2026-08-25 | TD Cowen | Reiterated | Buy | $56 |
| 2026-07-31 | Argus Research | Downgrade | Buy → Hold |  |
| 2026-07-30 | UBS | Target lowered | Buy | $74 → $67 |
| 2026-07-30 | Citigroup | Target lowered | Buy | $70 → $61 |
| 2026-07-30 | RBC Capital | Target lowered | Outperform | $85 → $70 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -55.1% | +2.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -55.2% | +0.5% |
| Volatility (annualized) | 39.8% | 26.5% |
| Max drawdown | -60.4% (Nov 2025→Oct 2026) | -60.3% (Sep 2025→Sep 2026) |

## Peers (Medical Devices)
EW (Edwards Lifesciences Corporatio) USD 90.09 +1.91% · SYK (Stryker Corporation) USD 307.08 +3.19% · MDT (Medtronic plc.) USD 96.59 +3.83% · GEHC (GE HealthCare Technologies Inc.) USD 71.42 +3.49% · DXCM (DexCom, Inc.) USD 78.32 -2.42% · PHG (Koninklijke Philips N.V. NY Reg) USD 26.92 +2.63%

## More
Full page: https://nexqual.com/BSX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name BSX in their own reports (relationship from BSX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | BRENX LTD. (BRNX) | 20-F 2026-03-25 | "medical device incubator in Israel established in partnership with Boston Scientific Corporation and Sheba Medical Center." |
| partner | ELUTIA INC. (ELUT) | 10-K 2026-03-13 | "Prior to the divestiture, we marketed EluPro and CanGaroo in the United States through our direct sales force, supported by a commercial partner, BSC." |
| partner | LIGAND PHARMACEUTICALS INC (LGND) | 10-K 2026-02-27 | "In October 2025, we executed a third amendment to our agreement with Elutia in connection with Elutia's sale of its BioEnvelope business, including the EluPro™ and CanGaroo® bioenvelopes, to Boston Sc…" |
| partner | Penumbra Inc (PEN) | 10-K 2026-02-25 | "On January 14, 2026, we entered into the Merger Agreement with Boston Scientific Corporation and Merger Sub, pursuant to which Boston Scientific Corporation has agreed to acquire us for $374 per share…" |
| supplier | Integer Holdings Corp (ITGR) | 10-K 2026-02-23 | "During 2025, three of our customers, Abbott Laboratories, Boston Scientific and Medtronic were each in excess of 10% of total sales and collectively accounted for 49% of our total sales." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Cardiovascular | $3.62B | 66.6% | +8.3% |
| MedSurg | $1.82B | 33.4% | +5.9% |
| Total revenue | $5.44B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Interventional Cardiology & Vascular Therapies | $1.33B | 24.5% | +13.2% |
| Electrophysiology | $916.0M | 16.8% | +9.0% |
| Endoscopy | $793.0M | 14.6% | +7.6% |
| Urology | $684.0M | 12.6% | +1.2% |
| Cardiac Rhythm Management | $585.0M | 10.7% | -0.8% |
| Watchman | $507.0M | 9.3% | +4.3% |
| Neuromodulation | $341.0M | 6.3% | +12.5% |
| Interventional Oncology & Embolization | $283.0M | 5.2% | +12.7% |
| Total revenue | $5.44B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $3.43B | 63.0% | +6.3% |
| Int'l | $2.02B | 37.1% | +9.8% |
| Total revenue | $5.44B | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "Guidance for Full Year and Third Quarter 2026 The company now estimates net sales growth for the full year 2026, versus the prior year period, to be approximately 5.5 to 6.5 percent on a reported basis and 5 to 6 percent on an organic basis."
- "Full year organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales."
- "Third quarter organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.73 | $0.84 | -12.6% | $5.07B | 24 |
| Next quarter (ends 2026-12-31) | $0.83 | $0.89 | -6.6% | $5.40B | 22 |
| Current fiscal year (ends 2026-12-31) | $3.24 | $3.36 | -3.7% | $21.14B | 27 |
| Next fiscal year (ends 2027-12-31) | $3.38 | $3.71 | -9.0% | $22.14B | 27 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-28): ±9.2%; last 8 reports averaged ±5.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 77.6% | ±9.2% |
| 2026-11-06 | 14 | 64.0% | ±10.4% |
| 2026-11-13 | 21 | 55.4% | ±10.9% |
| 2026-11-20 | 28 | 50.2% | ±11.3% |
| 2026-11-27 | 35 | 48.2% | ±12.1% |
| 2026-12-04 | 42 | 47.8% | ±13.1% |
| 2026-12-18 | 56 | 44.4% | ±14.0% |
| 2027-01-15 | 84 | 44.1% | ±17.0% |