Current EV
Historical EV

Boston Scientific Corp., current enterprise value calculation

Current share price (P)	$51.94
No. shares of common stock outstanding	1,437,698,101
US$ in millions
Common equity (market value)¹	74,674)
Add: Preferred stock, $0.01 par value (per books)	—)
Total equity	74,674)
Add: Current debt obligations (per books)	20)
Add: Long-term debt (per books)	8,915)
Total equity and debt	83,609)
Less: Cash and cash equivalents	928)
Enterprise value (EV)	82,681)

Based on: 10-K (reporting date: 2022-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 51.94 × 1,437,698,101

Boston Scientific Corp., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$47.18	$43.71	$38.75	$39.91	$39.86
No. shares of common stock outstanding¹	1,434,780,104	1,426,724,712	1,417,165,707	1,396,195,349	1,385,961,926
US$ in millions
Common equity (market value)³	67,693)	62,362)	54,915)	55,722)	55,244)
Add: Preferred stock, $0.01 par value (book value)	—)	—)	—)	—)	—)
Total equity	67,693)	62,362)	54,915)	55,722)	55,244)
Add: Current debt obligations (book value)	20)	261)	13)	1,416)	2,253)
Add: Long-term debt (book value)	8,915)	8,804)	9,130)	8,592)	4,803)
Total equity and debt	76,628)	71,427)	64,058)	65,730)	62,300)
Less: Cash and cash equivalents	928)	1,925)	1,734)	217)	146)
Enterprise value (EV)	75,700)	69,502)	62,324)	65,513)	62,154)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Boston Scientific Corp. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 47.18 × 1,434,780,104

Common Equity and Total Equity: Both common equity and total equity exhibited fluctuations over the period from 2018 to 2022. Starting at approximately $55.2 billion in 2018, equity remained fairly stable through 2019 and 2020, noting a slight decline in 2020. However, there was a noticeable increase in 2021, which continued upward in 2022, reaching around $67.7 billion. This trend indicates a recovery and growth phase after a minor dip in 2020.
Total Equity and Debt: Total equity and debt showed a consistent upward trajectory over the entire five-year span. Beginning at about $62.3 billion in 2018, the figure increased each year, with a minor dip in 2020 aligning with the equity decline observed, but resumed growth thereafter. By 2022, total equity and debt reached about $76.6 billion, suggesting increased leverage or debt financing alongside equity growth.
Enterprise Value (EV): The enterprise value closely mirrored the trend in total equity and debt. It started slightly below total equity and debt in 2018 at around $62.1 billion, increasing steadily until 2019, then experiencing a decline in 2020 consistent with other measures. After 2020, enterprise value rose again, attaining approximately $75.7 billion in 2022, indicative of a rebound in market valuation or operational improvements impacting enterprise valuation.
Overall Insights: The data reveals a period of relative stability in equity and market valuation from 2018 through 2019, followed by a contraction in 2020, likely reflecting external economic challenges during that year. Subsequently, both equity and enterprise value increased substantially through 2021 and 2022, signaling recovery and potential expansion. The rise in total equity and debt also indicates that the company might have increased its capital structure leverage or invested more heavily during the latter years. These patterns suggest a positive outlook post-2020 disruption, with strengthened financial positioning by the end of 2022.

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Boston Scientific Corp. (NYSE:BSX)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)