Resmed Inc. (RSMDF) intrinsic value & 10-year financials
Resmed Inc. (RSMDF) has a Graham intrinsic value of $346.44 per share. Over the last 10 fiscal years revenue grew 11.8% a year to $5.7B, with an average return on invested capital of 19.6%.
- Graham intrinsic value
- $346.44
- Revenue (FY2026)
- $5.7B
- Revenue growth (10-yr CAGR)
- 11.8%
- ROIC (10-yr avg)
- 19.6%
- Free cash flow (FY2026)
- $1.6B
RSMDF 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $5.7B | $1.5B | $10.43 | $1.6B | 33.4% | 26.1% |
| FY2025 | $5.1B | $1.4B | $9.51 | $1.7B | 32.7% | 25.5% |
| FY2024 | $4.7B | $1.0B | $6.92 | $1.3B | 28.2% | 19.5% |
| FY2023 | $4.2B | $897.6M | $6.09 | $573.6M | 26.8% | 19.5% |
| FY2022 | $3.6B | $779.4M | $5.30 | $216.3M | 28.0% | 22.1% |
| FY2021 | $3.2B | $474.5M | $3.24 | $634.0M | 28.3% | 14.5% |
| FY2020 | $3.0B | $621.7M | $4.27 | $706.9M | 27.4% | 21.1% |
| FY2019 | $2.6B | $404.6M | $2.80 | $390.3M | 22.2% | 16.9% |
| FY2018 | $2.3B | $315.6M | $2.19 | $442.4M | 23.2% | 15.0% |
| FY2017 | $2.1B | $342.3M | $2.40 | $351.8M | 20.6% | 15.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
RESMED INC is a consistent compounder, expanding top-line revenue at 11.8% annually over the past decade.
RESMED INC has earned high returns on invested capital, averaging 19.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
RESMED INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, RESMED INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $346.44 per share.