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Surgical & medical instruments & apparatus company · DE · FY ends Dec · Revenue $4.82B · 21.45% margin · $1.43B FCF
$71.90
+$0.46 (+0.64%)
Price from 15 days ago
19.56% operating margin is respectable but not wide. ROIC at 17.28%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue up 15.6% YoY with margins expanding 4.7pp.
At 31x earnings, the current multiple leaves limited room for execution misses or growth deceleration.
30.9x earnings, 19.8x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$4.82B
▲ +15.6% YoY
Net Income (TTM)
$930M
▲ +45.1% YoY
Op. Margin
21.45%
▲ +4.7pp YoY
ROIC
18.40%
▲ +5.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.43B
▲ +70.8% YoY
Op. Cash Flow (TTM)
$1.78B
▲ +45.6% YoY
Net Debt
-$813M
Net Cash Position
Cash & Equiv.
$2.20B
5Y CAGR: +19.3%
5Y CAGR: +31.2%
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