Boston Scientific Corporation (BSX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+100.4%

$88.22

vs $44.02 price

Levered DCF

$91.10

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.89

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	48.65×	70.89×	53.5×	103.1×	61.34×	-442.73×	13.39×	29.21×
P/B	5.82×	6.04×	4.36×	3.77×	3.63×	3.32×	4.53×	5.59×
P/S	7.03×	7.85×	5.9×	5.22×	5.08×	5.14×	5.86×	4.97×
EV / EBITDA	29.7×	36.1×	26.82×	27.2×	26.98×	38.85×	33.01×	21.54×
Gross margin	69.0%	61.3%	62.0%	60.8%	62.8%	56.2%	64.1%	65.9%
Operating margin	19.8%	15.7%	15.3%	14.4%	16.2%	6.1%	15.9%	17.7%
Net margin	14.4%	11.1%	11.2%	5.5%	8.7%	-0.8%	43.8%	17.0%
Current ratio	1.62×	1.08×	1.32×	1.51×	1.48×	1.82×	0.97×	0.76×
Debt / equity	0.51×	0.51×	0.49×	0.53×	0.57×	0.62×	0.74×	0.81×
Interest coverage	11.38×	6.81×	8.02×	3.93×	5.51×	1.28×	3.34×	6.46×
Dividend yield	0.0%	0.0%	0.0%	0.1%	0.1%	0.1%	0.0%	0.0%
Payout ratio	0.0%	0.0%	1.8%	7.9%	5.3%	-34.1%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.9%	8.5%	8.3%	4.0%	6.3%	-0.5%	33.9%	19.2%
Return on invested capital	8.8%	6.1%	5.7%	3.9%	6.6%	2.2%	6.3%	9.7%
Return on assets	6.6%	4.7%	4.5%	2.1%	3.2%	-0.3%	15.4%	8.0%
Free cash flow yield	2.6%	2.0%	2.0%	1.4%	2.2%	2.2%	2.2%	-0.0%
Earnings yield	2.0%	1.4%	1.9%	1.1%	1.7%	-0.2%	7.5%	3.4%
Enterprise value	$151.5B	$142.2B	$92.6B	$74.5B	$67.9B	$58.7B	$73B	$55.7B
Net debt / EBITDA	2.03×	2.73×	2.5×	3.05×	2.99×	5.16×	4.55×	2.66×
Cash conversion cycle (days)	159	160	161	131	122	127	160	149