Price · last 3 months · daily close
BSX price
Loading the price chart...
Daily closing prices via yfinance. Quotes are delayed. Past prices are not a guarantee of future results.
ValeriusBeta - Not investment advice
Research · S&P 500 · Health Care
BSX · Boston Scientific
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5, plus moat evidence
45/60
moderate value scoreEarnings & returns
EPS Trend
5/5Diluted EPS: $0.45 (2022), $1.07 (2023), $1.25 (2024), $1.94 (2025). It rose every year; the framework scores that as 5.
ROE Trend
2/5ROE (net income / common equity): 3.7% (2022), 8.1% (2023), 8.5% (2024), 12.0% (2025). Median 8.3%, lowest 3.7%; the framework scores a median 5-10% as 2.
ROIC
2/5ROIC of 9.4%: operating income of $3.61B divided by $38.23B of capital (total assets $43.67B minus current liabilities $5.44B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 5-10% as 2.
Profit Margins
4/5Net margin of 17.5%; the framework scores 10-20% as 4; gross margin 69.2%, operating margin 22.9%.
Balance sheet & cash
Debt-to-Equity
4/5Debt-to-equity of 0.50; the framework scores 0.3-0.8 as 4 (total debt $12.62B, total cash $539.00M).
Free Cash Flow
5/5Free cash flow (operating cash flow minus capital expenditure): $914.00M (2022), $1.70B (2023), $2.37B (2024), $3.40B (2025). It rose every year; the framework scores that as 5.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): -$750.00M (2022), $819.00M (2023), $2.67B (2024), $5.57B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
5/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $2.47 x (8.5 + 2 x 20.0) x (4.4 / 4.5) = $117.13 (EPS CAGR 34.7% capped at 20%). Current price $44.39; price is 62.1% below the model value.
DCF Value
4/5FCF/share = $1.692, stage 1 growth = 18.7% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $10.69, PV of terminal value = $36.42, DCF value = $47.11. Current price $44.39; price is 5.8% below the model value.
Margin of Safety
4/5Graham value $117.13 (price is 62.1% below the model value); DCF value $47.11 (price is 5.8% below the model value).
Price-to-Book
3/5P/B of 2.58; the framework scores 1.5-3.0 as 3.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 0 of 10 years (2016-2025); lowest -0.3%, highest 9.6%.
Gross margin, each year
Between 65.0% and 71.4% over 10 years (a range of 6.4 points).
Competition, in the company’s own words · 10-K filed Feb 17, 2026
We encounter significant competition across our business segments, product lines and markets, from global and local competitors. Our primary competitors include large manufacturers with multiple lines of business and competing products, as well as a wide range of medical device companies that sell a single or limited number of competitive products or participate in only a specific market segment. We also encounter competition from the entry of low-cost manufacturers, which may lead to increased pricing pressure. In certain countries, and particularly in China, we face competition from domestic medical device companies that may benefit from their status as local suppliers. We also face competition from non-medical device companies, which may offer alternative therapies for disease states that could also be treated using our products, or from companies offering technologies that could augment or replace procedures using our products. We believe that our products and solutions compete primarily on their ability to deliver both differentiated clinical and economic outcomes for our customers by enabling physicians to perform diagnostic and therapeutic procedures safely and effectively often in a less-invasive and cost effective manner. We also compete on ease of use, comparative effectiveness, reliability and physician familiarity.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
2/5Capital allocation, 2022-2025: dividends or buybacks paid in 2 of 4 years (fail); $83.00M paid out against $8.39B of free cash flow (pass); total debt $9.28B to $11.44B, up 23.2%, 2.2x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 1.43B to 1.48B, up 3.5% (fail: up more than 2%). 1 of 4 tests passed; the framework scores that as 2.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
Loading...
These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $2.47, g = 20.0%, Y = 4.5
g capped at 20.0% (3-year EPS CAGR was 34.7%)
IV = $117.13
Current price $44.39 vs Graham value $117.13 — price is 62.1% below the model value.
DCF:
FCF/share = $1.692
Stage 1 growth = 18.7% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $2.008 → PV $1.825
Y2: $2.383 → PV $1.970
Y3: $2.829 → PV $2.125
Y4: $3.358 → PV $2.294
Y5: $3.986 → PV $2.475
Stage 1 PV sum = $10.69
Terminal value at end of Y5 = $58.65
PV of terminal value = $36.42
DCF value = $47.11
Current price $44.39 vs DCF value $47.11 — price is 5.8% below the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $44.39. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
- Loading headlines...
The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.