BSXBOSTON SCIENTIFIC CORP

Surgical & Medical Instruments & Apparatus

Revenue: $20.1B; 20% YoY
Operating margin: 18.0%; 16% YoY
EBITDA: $5.0B; 29% YoY
Market cap: $58.7B
Employees: 59,000; $340K revenue each
Net debt / EBITDA: 2.1×; $10.3B net debt
AI in 10-K: 1.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
41% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$340K · 40th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.1 per 10K words · 36th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$58.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$13M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$11.9B	$12.7B	$14.2B	$16.7B	$20.1B	20%
Operating income	$1.2B	$1.6B	$2.3B	$2.6B	$3.6B	39%
Operating cash flow	$1.9B	$1.5B	$2.5B	$3.4B	$4.5B	32%
Capex	$554M	$588M	$711M	$790M	$876M	11%
Stock-based comp	$194M	$220M	$233M	$266M	$299M	12%
Buybacks	$0	$0	—	—	—
Dividends	$55M	$55M	$28M	$0	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $10M · 10
Open-market sells, 12 mo: $23M · 7
Net: −$13M

Pay vs performance

No pay-versus-performance disclosure yet.