At a glance
Boston Scientific Corp is worth $64.24B, about 23 times its fiscal 2025 earnings. Revenue grew 19.9% to $20.07B in fiscal 2025, with 14.4% kept as profit; over 5 years it has grown 15.2% a year. It pays no dividend. The stock returned −56.0% over the past year with dividends reinvested and +0.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.0% in the 2020 crash (S&P 500: 33.7%) and 25.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 6 months after the lows.
The business in plain English
Boston Scientific makes devices for less-invasive medical procedures, where doctors work through a thin tube (catheter) or scope instead of open surgery. Its products address heart, digestive, urological, neurological and some cancers. Its customers are hospitals and other health care facilities. Much of its revenue comes from items used or implanted in each procedure, such as catheters, stents, single-use scopes and pacemakers, so sales depend on procedure volumes and how insurers and government programs pay.
In fiscal 2025 (ended December 31, 2025), revenue rose 19.9% to $20.1 billion. The Cardiovascular segment supplied 66%. Its largest units are Interventional Cardiology and Vascular Therapies (23% of revenue), for blocked arteries and blood clots, and Electrophysiology (17%), for heart-rhythm problems such as atrial fibrillation (AF), an irregular heartbeat. The 10-K says its FARAPULSE system for treating AF, launched in 2024, has become the unit's main product. Cardiac Rhythm Management (12%) makes defibrillators and pacemakers. Watchman (10%), an implant, lowers stroke risk for some AF patients.
MedSurg supplied the other 34%, led by Endoscopy (15%), for digestive conditions, and Urology (13%), for kidney stones, enlarged prostate and incontinence. The U.S. supplied 64% of revenue; Europe, the Middle East and Africa 17%; and Asia-Pacific 15%. In January 2026 it agreed to acquire Penumbra, a maker of clot-removal devices, for about $14.5 billion.
Price history
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BSX -56.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Interventional Cardiology & Vascular Therapies | $4.64B | 23.1% |
| Electrophysiology | $3.33B | 16.6% |
| Endoscopy | $2.92B | 14.5% |
| Urology | $2.71B | 13.5% |
| Cardiac Rhythm Management | $2.33B | 11.6% |
| Watchman | $1.96B | 9.8% |
| Neuromodulation | $1.20B | 6% |
| Interventional Oncology & Embolization | $996.0M | 5% |
By business segment
| Cardiovascular | $13.25B | 66% |
| MedSurg | $6.82B | 34% |
By geography
| U.S. | $12.86B | 64.1% |
| Europe, Middle East and Africa | $3.45B | 17.2% |
| Asia-Pacific | $3.08B | 15.3% |
| Latin America and Canada | $678.0M | 3.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $5.14B, up 1.4% from a year earlier, and net income was $582.0M (-22.9%).
- For fiscal 2025, revenue was $20.07B (+19.9% year over year; +15.2% a year from FY2020 to FY2025) with a 14.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +15.2% good |
|---|---|
| Operating margin | 18% good |
| Free cash flow margin | 18.2% good |
| Return on equity (FY2025) | 12% watch |
| Return on assets (FY2025) | 6.6% watch |
| Net cash (cash minus debt) | $-11.34B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $9.91B | $-115.0M | $1.13B |
| FY2021 | $11.89B | $985.0M | $1.32B |
| FY2022 | $12.68B | $642.0M | $938.0M |
| FY2023 | $14.24B | $1.57B | $1.79B |
| FY2024 | $16.75B | $1.85B | $2.65B |
| FY2025 | $20.07B | $2.90B | $3.66B |
Valuation snapshot
| Market value | $64.24B |
|---|---|
| P/E ratio | 22.8 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Boston Scientific’s market value went from $29.45B at the end of 2016 to $64.24B on Nov 2, 2026, about 2.2 times as much; since the end of 2025 it is down 55%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $64.24B | -54.6% |
| 2025 | $141.35B | +7.4% |
| 2024 | $131.64B | +55.4% |
| 2023 | $84.69B | +27.8% |
| 2022 | $66.27B | +9.5% |
| 2021 | $60.53B | +17.6% |
| 2020 | $51.48B | -18.3% |
| 2019 | $63.03B | +28.9% |
| 2018 | $48.90B | +43.7% |
| 2017 | $34.04B | +15.6% |
| 2016 | $29.45B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BSX price data to Nov 2, 2026 | -53.5% | -56.0% | -5.5% | +0.5% | +7.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -53.5% |
| 2025 | +6.8% |
| 2024 | +54.5% |
| 2023 | +24.9% |
| 2022 | +8.9% |
| 2021 | +18.2% |
| 2020 | -20.5% |
| 2019 | +28.0% |
| 2018 | +42.6% |
| 2017 | +14.6% |
| 2016 | +17.3% |
| 2015 | +39.2% |
| 2014 | +10.2% |
| 2013 | +109.8% |
| 2012 | +7.3% |
| 2011 | -29.5% |
| 2010 | -15.9% |
| 2009 | +16.3% |
| 2008 | -33.5% |
| 2007 | -32.3% |
| 2006 | -29.9% |
| 2005 | -31.1% |
| 2004 | -3.3% |
| 2003 | +72.9% |
| 2002 | +76.3% |
| 2001 | +76.2% |
| 2000 | -37.4% |
| 1999 | -18.4% |
| 1998 | +16.9% |
| 1997 | -23.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 58.1% over that stretch · deepest drop along the way 63.5%, back to its old high 74.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40% over that stretch · deepest drop along the way 40%, back to its old high 13.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.2% over that stretch · deepest drop along the way 25.2%, back to its old high 5.9 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 10 open-market purchases ($10.0M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 3, 2026 | Michael F Mahoney Chairman, President & CEO, Director | buy | $9.0M |
| Jul 31, 2026 | Edward J Ludwig Director | buy | $227K |
| May 20, 2026 | Edward J Ludwig Director | buy | $203K |
| May 20, 2026 | David C Habiger Director | buy | $126K |
| May 19, 2026 | David C Habiger Director | buy | $125K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.6% | Mar 31, 2025 |
| Vanguard Capital Management | 7.47% | Mar 31, 2026 |
| FMR LLC | 3.1% | Jun 30, 2026 |
ETFs with the most weight in BSX
| IHI iShares U.S. Medical Devices ETF | 11.64% |
| GDOC Future Health Care Equity ETF | 9.03% |
| FMED Fidelity Disruptive Medicine ETF | 6.09% |
| BMED iShares Health Innovation Active ETF | 4.5% |
| AGNG Global X Aging Population ETF | 4.09% |
| JDOC JPMorgan Healthcare Leaders ETF | 3.74% |
| PTH Invesco Dorsey Wright Healthcare Momentum ETF | 3.71% |
| STNC Hennessy Stance ESG ETF | 3.66% |
What could go wrong
- Big Penumbra deal adds debt and integration risk. The $14.5 billion purchase was set to use about $11 billion of cash and new debt, plus stock. Debt exceeded cash by $12.1 billion as of June 30, 2026, and absorbing Penumbra could prove difficult.
- Rivals could overtake its key heart products. Cardiovascular products supplied 66% of fiscal 2025 revenue. The 10-K warns that rival technologies or low-cost alternatives could make its devices less competitive, and delays to next-generation launches could cost market share.
- Trial results, approvals or recalls can hurt sales. Products need U.S. and foreign regulatory approval and face ongoing studies by the company and rivals. Unfavorable trial results, quality lapses or recalls could slow sales of devices such as FARAPULSE or Watchman.
- Hospitals, insurers and governments push prices down. Consolidating hospital groups, government bidding programs and insurers press for discounts. Shifts to outpatient and office settings can change payment, and health policy changes could cut what the company earns per device.
- Cyberattacks, with one incident already disclosed. The company depends on IT systems and software-based products. On September 8, 2026, it filed a report disclosing a cybersecurity incident. Breaches can disrupt operations, expose sensitive data and add costs.
- Patent fights and injury lawsuits. The company faces pending patent cases and product liability claims (allegations that devices caused harm), plus securities and shareholder suits. The 10-K warns these can be costly and disruptive.
Recent events
- Quarterly results released
- Executive or board change; Other company announcement
- Executive or board change
- Cybersecurity incident
- Other company announcement
- Quarterly results released
- Restructuring or exit costs
- Other company announcement
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
For income and retirement investors
Boston Scientific pays no dividend, so there is no record of increases or payout ratio to track. It made no share buybacks from fiscal 2021 through 2025, and its share count rose 1.7% between October 2021 and July 2026. It generated $3.66 billion of free cash flow (cash left after running and investing in the business) in fiscal 2025, but its strategy leans on acquisitions such as Penumbra, to be funded with about $11 billion of cash and new debt plus new shares. For an income investor, returns depend entirely on the share price.
The price has dropped sharply in downturns. It fell 63.5% in the 2008 financial crisis and took about 74 months to recover. It fell 40% in the 2020 COVID crash and 25.2% in 2022, recovering within about 13 and six months. As of October 30, 2026, it was down 56% for the year to date. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Boston Scientific make money?
Boston Scientific makes money from medical devices for less-invasive procedures, which physicians use in hospitals and other health care facilities. Revenue was $20.1 billion in fiscal 2025, which ended December 31, 2025, with $2.9 billion of net income. The Cardiovascular segment, including artery stents, heart-rhythm ablation systems, defibrillators, pacemakers and the Watchman stroke-prevention implant, supplied 66%. The MedSurg segment, covering endoscopy, urology, chronic-pain devices and cancer treatments, supplied 34%. The U.S. accounted for 64.1% of revenue.
Does Boston Scientific pay a dividend?
No. Boston Scientific pays no dividend, so it has no streak of increases or payout ratio to track. It also made no share buybacks from fiscal 2021 through 2025, and its share count rose 1.7% between October 2021 and July 2026. The company generated $3.66 billion of free cash flow (cash left after running and investing in the business) in fiscal 2025 but has focused on research and acquisitions. For income investors, any return has to come from the share price.
How much has Boston Scientific stock fallen?
Sharply. As of October 30, 2026, Boston Scientific shares were down 56% for the year to date and 58.3% over one year. Its one-year beta, a measure of how closely a stock tracks the market, was 0.17, which points to company-specific causes more than a market slump. Over 10 years the stock gained 90% in total. Insider filings for the year to October 29, 2026 show purchases of about $10 million, including a $9 million purchase on August 3, 2026, by Michael Mahoney, listed as chairman and CEO.
How did Boston Scientific stock hold up in past market crashes?
It has suffered deep drops and uneven recoveries. The shares fell 63.5% between October 2007 and November 2008 and took about 74 months, until February 2015, to regain their peak. In the 2020 COVID crash they dropped 40% and recovered in about 13 months. In the 2022 bear market they fell 25.2% between April and June but recovered by December 2022. Across about 30 years of price history, the deepest fall was 89.2%.
What is Boston Scientific's Penumbra deal?
Boston Scientific agreed on January 15, 2026, to acquire all of Penumbra, a medical technology company focused on devices that remove blood clots and blockages, for $374 a share, or about $14.5 billion. It planned to pay about $11 billion with cash on hand and new debt and the rest in its own shares, which would increase its share count. Its 10-K, filed February 17, 2026, said the deal was expected to close during 2026, subject to customary conditions.