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Boston Scientific Corp. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Analysis of Revenues
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Calculation
ROE | = | 100 | × | Net income (loss)1 | ÷ | Stockholders’ equity1 | |
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Dec 31, 2022 | = | 100 | × | ÷ | |||
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Dec 31, 2005 | = | 100 | × | ÷ |
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
- Net Income (Loss) Trends
- The net income demonstrates significant volatility over the period analyzed. Initially, a positive net income of $628 million was recorded, followed by substantial losses in several subsequent years, notably in 2006 (-$3,577 million) and 2012 (-$4,068 million). The data reveals a mixed pattern of losses and profits, with a pronounced recovery apparent in 2019 when net income peaked at $4,700 million. However, this was followed by a sharp decline in 2020 (-$82 million) before modest positive earnings returned in the following years. The fluctuations indicate periods of operational challenges interspersed with brief recoveries.
- Stockholders’ Equity Evolution
- Stockholders' equity exhibited a generally increasing trend across the observed years. Starting at $4,282 million, the equity rose sharply to $15,298 million in 2006, maintaining a relatively stable level with minor decreases in some years such as 2012 ($6,870 million) and 2013 ($6,539 million). From 2014 onward, equity values showed consistent growth, reaching $17,573 million by 2022. The growth reflects accumulated retained earnings coupled with capital infusions or revaluation effects strengthening the company’s financial foundation over time despite periodic earnings setbacks.
- Return on Equity (ROE) Patterns
- ROE exhibits considerable variability, mirroring the net income’s fluctuations relative to equity. The early period shows positive returns, with a peak of 14.67% in 2005, followed by negative returns over many years, reaching a significant low in 2012 at -59.21%. Subsequent years yielded marginally positive or negative returns until 2019, which marked the highest ROE in the dataset at 33.87%, indicating improved profitability relative to equity. Post-2019, ROE declined again but remained positive, suggesting moderate profitability recovery. These swings reinforce the inference of an unstable profitability performance impacted by varying net income results despite equity growth.
- Overall Insights
- The financial data reveals a company experiencing cyclical profitability issues but managing to grow its equity base steadily over time. The disproportionate swings in net income and ROE imply operational or external challenges impacting earnings efficiency, while equity growth suggests strategic financial management or capital raising efforts. The peak in 2019 indicates a notable performance improvement, but the subsequent volatility highlights ongoing risks to consistent profitability. The company appears to maintain a solid capital base, which could provide resilience against earnings volatility.
Comparison to Competitors
Boston Scientific Corp. | Abbott Laboratories | CVS Health Corp. | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
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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., ROE, long-term trends, comparison to sector (health care equipment & services)
Boston Scientific Corp. | Health Care Equipment & Services | |
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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. | Health Care | |
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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).