Stock Analysis on Net
Stock Analysis on Net

Boston Scientific Corp. (NYSE:BSX)

This company has been moved to the archive! The financial data has not been updated since May 4, 2023.

Debt to Equity
since 2005

Microsoft Excel

Calculation

Boston Scientific Corp., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Total debt1 ÷ Stockholders’ equity1
Dec 31, 2022 0.51 = 8,935 ÷ 17,573
Dec 31, 2021 0.55 = 9,065 ÷ 16,622
Dec 31, 2020 0.60 = 9,143 ÷ 15,326
Dec 31, 2019 0.72 = 10,008 ÷ 13,877
Dec 31, 2018 0.81 = 7,056 ÷ 8,726
Dec 31, 2017 0.80 = 5,616 ÷ 7,012
Dec 31, 2016 0.81 = 5,484 ÷ 6,733
Dec 31, 2015 0.90 = 5,677 ÷ 6,320
Dec 31, 2014 0.66 = 4,262 ÷ 6,457
Dec 31, 2013 0.65 = 4,240 ÷ 6,539
Dec 31, 2012 0.62 = 4,256 ÷ 6,870
Dec 31, 2011 0.38 = 4,261 ÷ 11,353
Dec 31, 2010 0.48 = 5,438 ÷ 11,296
Dec 31, 2009 0.48 = 5,918 ÷ 12,301
Dec 31, 2008 0.51 = 6,745 ÷ 13,174
Dec 31, 2007 0.54 = 8,189 ÷ 15,097
Dec 31, 2006 0.60 = 9,124 ÷ 15,298
Dec 31, 2005 0.47 = 2,020 ÷ 4,282

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The financial data indicates a dynamic shift in capital structure between 2005 and 2022, characterized by distinct cycles of leverage expansion and equity growth.

Total Debt Trends
A significant escalation in total debt occurred between 2005 and 2006, rising from $2.02 billion to $9.12 billion. This was followed by a sustained period of deleveraging from 2007 through 2014, where debt levels declined to a low of $4.24 billion. A subsequent increase in borrowing was observed from 2015 to 2019, with total debt peaking at $10.01 billion before experiencing a slight decline to $8.94 billion by 2022.
Stockholders' Equity Evolution
Equity levels increased sharply in 2006 to $15.30 billion, followed by a decade of gradual erosion, reaching a minimum of $6.32 billion in 2014. Starting in 2015, a strong and consistent recovery phase began, with equity growing annually to reach a period high of $17.57 billion by the end of 2022.
Debt to Equity Ratio Analysis
The leverage ratio remained relatively stable and low between 2005 and 2011, fluctuating between 0.38 and 0.60. A period of increasing leverage began in 2012, culminating in a peak ratio of 0.90 in 2015. Since 2015, the ratio has followed a consistent downward trajectory, ending at 0.51 in 2022, reflecting a strategic shift toward a more equity-heavy capital structure and reduced relative indebtedness.

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Comparison to Competitors

Boston Scientific Corp., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
Boston Scientific Corp. Abbott Laboratories Elevance Health Inc. Intuitive Surgical Inc. Medtronic PLC UnitedHealth Group Inc.
Dec 31, 2022 0.51 0.46 0.66 0.00 0.46 0.74
Dec 31, 2021 0.55 0.50 0.64 0.00 0.51 0.64
Dec 31, 2020 0.60 0.57 0.60 0.00 0.49 0.66
Dec 31, 2019 0.72 0.58 0.63 0.00 0.51 0.71
Dec 31, 2018 0.81 0.64 0.67 0.00 0.51 0.71
Dec 31, 2017 0.80 0.90 0.75 0.00 0.66 0.66
Dec 31, 2016 0.81 1.07 0.63 0.00 0.60 0.86
Dec 31, 2015 0.90 0.42 0.69 0.00 0.68 0.95
Dec 31, 2014 0.66 0.36 0.62 0.00 0.61 0.54
Dec 31, 2013 0.65 0.26 0.59 0.00 0.57 0.52
Dec 31, 2012 0.62 0.77 0.63 0.00 0.62 0.54
Dec 31, 2011 0.38 0.63 0.42 0.00 0.62 0.41
Dec 31, 2010 0.48 0.85 0.38 0.00 0.65 0.43
Dec 31, 2009 0.48 0.72 0.34 0.00 0.57 0.47
Dec 31, 2008 0.51 0.65 0.41 0.00 0.60 0.62
Dec 31, 2007 0.54 0.69 0.39 0.00 0.55 0.55
Dec 31, 2006 0.60 0.88 0.29 0.00 0.84 0.36
Dec 31, 2005 0.47 0.46 0.27 0.00 0.23 0.40

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Health Care Equipment & Services)

Boston Scientific Corp., debt to equity, long-term trends, comparison to sector (health care equipment & services)

Microsoft Excel
Boston Scientific Corp. Health Care Equipment & Services
Dec 31, 2022 0.51 0.57
Dec 31, 2021 0.55 0.55
Dec 31, 2020 0.60 0.56
Dec 31, 2019 0.72 0.58
Dec 31, 2018 0.81 0.60
Dec 31, 2017 0.80 0.71
Dec 31, 2016 0.81 0.72
Dec 31, 2015 0.90 0.69
Dec 31, 2014 0.66 0.52
Dec 31, 2013 0.65 0.47
Dec 31, 2012 0.62 0.61
Dec 31, 2011 0.38 0.49
Dec 31, 2010 0.48 0.55
Dec 31, 2009 0.48 0.51
Dec 31, 2008 0.51 0.55
Dec 31, 2007 0.54 0.53
Dec 31, 2006 0.60 0.50
Dec 31, 2005 0.47 0.34

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Health Care)

Boston Scientific Corp., debt to equity, long-term trends, comparison to industry (health care)

Microsoft Excel
Boston Scientific Corp. Health Care
Dec 31, 2022 0.51 0.72
Dec 31, 2021 0.55 0.80
Dec 31, 2020 0.60 0.92
Dec 31, 2019 0.72 0.90
Dec 31, 2018 0.81 0.80
Dec 31, 2017 0.80 0.82
Dec 31, 2016 0.81 0.77
Dec 31, 2015 0.90 0.69
Dec 31, 2014 0.66 0.54
Dec 31, 2013 0.65 0.50
Dec 31, 2012 0.62 0.54
Dec 31, 2011 0.38 0.47
Dec 31, 2010 0.48 0.43
Dec 31, 2009 0.48 0.42
Dec 31, 2008 0.51 0.42
Dec 31, 2007 0.54 0.36
Dec 31, 2006 0.60 0.32
Dec 31, 2005 0.47 0.30

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).