Return on Equity (ROE)
since 2005
Calculation
Boston Scientific Corp., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss)1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 3.97% | = | 100 | × | 698) | ÷ | 17,573) |
| Dec 31, 2021 | 6.26% | = | 100 | × | 1,041) | ÷ | 16,622) |
| Dec 31, 2020 | -0.54% | = | 100 | × | (82) | ÷ | 15,326) |
| Dec 31, 2019 | 33.87% | = | 100 | × | 4,700) | ÷ | 13,877) |
| Dec 31, 2018 | 19.15% | = | 100 | × | 1,671) | ÷ | 8,726) |
| Dec 31, 2017 | 1.48% | = | 100 | × | 104) | ÷ | 7,012) |
| Dec 31, 2016 | 5.15% | = | 100 | × | 347) | ÷ | 6,733) |
| Dec 31, 2015 | -3.78% | = | 100 | × | (239) | ÷ | 6,320) |
| Dec 31, 2014 | -1.84% | = | 100 | × | (119) | ÷ | 6,457) |
| Dec 31, 2013 | -1.85% | = | 100 | × | (121) | ÷ | 6,539) |
| Dec 31, 2012 | -59.21% | = | 100 | × | (4,068) | ÷ | 6,870) |
| Dec 31, 2011 | 3.88% | = | 100 | × | 441) | ÷ | 11,353) |
| Dec 31, 2010 | -9.43% | = | 100 | × | (1,065) | ÷ | 11,296) |
| Dec 31, 2009 | -8.33% | = | 100 | × | (1,025) | ÷ | 12,301) |
| Dec 31, 2008 | -15.45% | = | 100 | × | (2,036) | ÷ | 13,174) |
| Dec 31, 2007 | -3.28% | = | 100 | × | (495) | ÷ | 15,097) |
| Dec 31, 2006 | -23.38% | = | 100 | × | (3,577) | ÷ | 15,298) |
| Dec 31, 2005 | 14.67% | = | 100 | × | 628) | ÷ | 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 performance from 2005 to 2022 is characterized by significant volatility in Return on Equity (ROE), reflecting a prolonged period of instability followed by a sharp peak in profitability and a subsequent return to moderate levels. The long-term trend indicates a transition from frequent net losses to a more stable, though lower, positive return profile.
- Period of High Volatility (2005–2015)
- During this decade, ROE experienced extreme fluctuations, predominantly remaining in negative territory. Following a positive start of 14.67% in 2005, a series of net losses led to negative ROE for most of the period. A critical low occurred in 2012, where ROE plummeted to -59.21%, coinciding with a net loss of 4,068 million USD. Despite a brief recovery in 2011 and 2016, the company struggled to maintain consistent profitability during this phase.
- Profitability Surge (2016–2019)
- A distinct upward trend in ROE is observed starting in 2016. This trajectory accelerated rapidly between 2017 and 2019, with ROE climbing from 1.48% to a peak of 33.87%. This surge was driven by a substantial increase in net income, which rose from 104 million USD in 2017 to 4,700 million USD in 2019, while stockholders' equity grew from 7,012 million USD to 13,877 million USD over the same period.
- Stabilization and Equity Expansion (2020–2022)
- Following the 2019 peak, ROE underwent a correction, dropping to -0.54% in 2020 before recovering to 6.26% in 2021 and 3.97% in 2022. This period is marked by a steady increase in stockholders' equity, which reached 17,573 million USD by December 31, 2022. The combination of rising equity and stabilizing net income has resulted in a more tempered ROE compared to the 2019 anomaly.
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Comparison to Competitors
Boston Scientific Corp., ROE, long-term trends, comparison to competitors
| Boston Scientific Corp. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2022 | 3.97% | 18.90% | 16.59% | 11.98% | 9.59% | 25.87% |
| Dec 31, 2021 | 6.26% | 19.75% | 16.93% | 14.32% | 7.01% | 24.09% |
| Dec 31, 2020 | -0.54% | 13.71% | 13.77% | 10.90% | 9.44% | 23.52% |
| Dec 31, 2019 | 33.87% | 11.86% | 15.15% | 16.69% | 9.25% | 24.02% |
| Dec 31, 2018 | 19.15% | 7.76% | 13.14% | 16.89% | 6.12% | 23.19% |
| Dec 31, 2017 | 1.48% | 1.54% | 14.50% | 13.97% | 8.01% | 22.10% |
| Dec 31, 2016 | 5.15% | 6.82% | 9.84% | 12.74% | 6.80% | 18.33% |
| Dec 31, 2015 | -3.78% | 20.85% | 11.11% | 13.63% | 5.03% | 17.18% |
| Dec 31, 2014 | -1.84% | 10.61% | 10.60% | 12.39% | 15.76% | 17.31% |
| Dec 31, 2013 | -1.85% | 10.23% | 10.05% | 19.16% | 18.57% | 17.50% |
| Dec 31, 2012 | -59.21% | 22.32% | 11.16% | 18.34% | 21.14% | 17.72% |
| Dec 31, 2011 | 3.88% | 19.35% | 11.36% | 18.71% | 19.39% | 18.17% |
| Dec 31, 2010 | -9.43% | 20.66% | 12.12% | 18.74% | 21.18% | 17.94% |
| Dec 31, 2009 | -8.33% | 25.14% | 19.09% | 15.13% | 16.88% | 16.19% |
| Dec 31, 2008 | -15.45% | 27.92% | 11.62% | 16.13% | 19.34% | 14.33% |
| Dec 31, 2007 | -3.28% | 20.28% | 14.55% | 16.26% | 25.53% | 23.20% |
| Dec 31, 2006 | -23.38% | 12.22% | 12.59% | 12.22% | 27.14% | 19.99% |
| Dec 31, 2005 | 14.67% | 23.39% | 9.86% | 21.27% | 17.26% | 18.61% |
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 | |
|---|---|---|
| Dec 31, 2022 | 3.97% | 18.40% |
| Dec 31, 2021 | 6.26% | 17.28% |
| Dec 31, 2020 | -0.54% | 15.80% |
| Dec 31, 2019 | 33.87% | 15.85% |
| Dec 31, 2018 | 19.15% | 13.28% |
| Dec 31, 2017 | 1.48% | 12.21% |
| Dec 31, 2016 | 5.15% | 10.70% |
| Dec 31, 2015 | -3.78% | 11.84% |
| Dec 31, 2014 | -1.84% | 13.81% |
| Dec 31, 2013 | -1.85% | 14.22% |
| Dec 31, 2012 | -59.21% | 17.99% |
| Dec 31, 2011 | 3.88% | 17.02% |
| Dec 31, 2010 | -9.43% | 17.62% |
| Dec 31, 2009 | -8.33% | 19.50% |
| Dec 31, 2008 | -15.45% | 17.63% |
| Dec 31, 2007 | -3.28% | 20.02% |
| Dec 31, 2006 | -23.38% | 16.70% |
| Dec 31, 2005 | 14.67% | 16.22% |
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., ROE, long-term trends, comparison to industry (health care)
| Boston Scientific Corp. | Health Care | |
|---|---|---|
| Dec 31, 2022 | 3.97% | 24.82% |
| Dec 31, 2021 | 6.26% | 25.44% |
| Dec 31, 2020 | -0.54% | 16.70% |
| Dec 31, 2019 | 33.87% | 23.30% |
| Dec 31, 2018 | 19.15% | 21.27% |
| Dec 31, 2017 | 1.48% | 13.77% |
| Dec 31, 2016 | 5.15% | 18.53% |
| Dec 31, 2015 | -3.78% | 18.52% |
| Dec 31, 2014 | -1.84% | 19.17% |
| Dec 31, 2013 | -1.85% | 18.81% |
| Dec 31, 2012 | -59.21% | 18.20% |
| Dec 31, 2011 | 3.88% | 15.90% |
| Dec 31, 2010 | -9.43% | 14.85% |
| Dec 31, 2009 | -8.33% | 20.14% |
| Dec 31, 2008 | -15.45% | 20.29% |
| Dec 31, 2007 | -3.28% | 17.87% |
| Dec 31, 2006 | -23.38% | 20.49% |
| Dec 31, 2005 | 14.67% | 18.28% |
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).