Boston Scientific Corp. (BSX) intrinsic value & 10-year financials
Boston Scientific Corp. (BSX) has a Graham intrinsic value of $64.44 per share. At $44.39 on Oct 17, 2026, the stock trades 31% below that value. Over the last 10 fiscal years revenue grew 10.2% a year to $20.1B, with an average return on invested capital of 6.3%.
- Graham intrinsic value
- $64.44
- Share price (Oct 17, 2026)
- $44.39
- Price vs Graham value
- 31% below
- Market cap
- $66.3B
- Revenue (FY2025)
- $20.1B
- Revenue growth (10-yr CAGR)
- 10.2%
- ROIC (10-yr avg)
- 6.3%
- Free cash flow (FY2025)
- $3.7B
BSX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $20.1B | $2.9B | $1.94 | $3.7B | 18.0% | 9.7% |
| FY2024 | $16.7B | $1.8B | $1.25 | $2.6B | 15.5% | 7.3% |
| FY2023 | $14.2B | $1.6B | $1.07 | $1.8B | 16.5% | 7.2% |
| FY2022 | $12.7B | $698.0M | $0.45 | $938.0M | 13.0% | 4.1% |
| FY2021 | $11.9B | $1.0B | $0.69 | $1.3B | 10.1% | 5.0% |
| FY2020 | $9.9B | -$82.0M | -$0.08 | $1.1B | -0.8% | -0.4% |
| FY2019 | $10.7B | $4.7B | $3.33 | $1.4B | 14.1% | 8.5% |
| FY2018 | $9.8B | $1.7B | $1.19 | -$6.0M | 15.3% | 12.5% |
| FY2017 | $9.0B | $104.0M | $0.08 | $1.1B | 14.2% | 5.7% |
| FY2016 | $8.4B | $347.0M | $0.25 | $596.0M | 5.3% | 3.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Boston Scientific is a consistent compounder, expanding top-line revenue at 10.2% annually over the past decade.
Boston Scientific has historically struggled to out-earn its cost of capital, averaging just 6.3% ROIC.
Over the decade, Boston Scientific shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Boston Scientific is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $64.44 per share.