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Surgical & medical instruments & apparatus company · DE · FY ends Jun · Revenue $5.54B · 34.18% margin · $1.75B FCF
$182.82
$3.62 (-1.94%)
Last close via Marketstack
Margins and capital returns are both well above average: 32.75% operating margin, ROIC at 22.43%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 9.8%, steady but not accelerating.
Even for strong businesses, today's 18x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
17.6x earnings, 15.2x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$5.54B
▲ +9.8% YoY
Net Income (TTM)
$1.52B
▲ +37.2% YoY
Op. Margin
34.18%
▲ +4.6pp YoY
ROIC
21.33%
▲ +3.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.75B
▲ +27.6% YoY
Op. Cash Flow (TTM)
$1.89B
▲ +25.0% YoY
Net Debt
-$817M
Net Cash Position
Cash & Equiv.
$1.66B
5Y CAGR: +11.7%
5Y CAGR: +18.6%
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