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Verdict
Quantitative factor alignment verified for current market regime.
Quant Score
Rank
#2615
Positioning
Market Dominance
Manufacturing
Medical Equipment
$144.7B
Michael F. Mahoney
Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties. It operates through three segments: MedSurg, Rhythm and Neuro, and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions; devices to treat various urological and pelvic conditions.
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X-AXIS: EV/EBITDA (LOWER = CHEAPER) | Y-AXIS: ROE (HIGHER = ELITE) | RED CIRCLE = BSX ANALYSIS TARGET
| Stock | Rating | Score▼ | Quality | Value | Momentum | P/E | EV/EBITDA | ROE | ROA | Gross Mgn | Op Mgn | Net Mgn | Rev Growth | Div Yield | D/E | Mkt Cap | AUDIT |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$UL UNILEVER PLC | 78 | 96 | 98 | 59 | - | - | 28.5% | 8.0% | 100.0% | 100.0% | 10.4% | -4.6% | 3.3% | 0.0x | $141.8B | VS | |
$ASML ASML HOLDING NV | 77 | 89 | 86 | 83 | - | - | 46.1% | 16.6% | 51.3% | 31.9% | 26.8% | -4.0% | 1.0% | 25.0x | $272.1B | VS | |
$ESLT ELBIT SYSTEMS LTD | 76 | 81 | 87 | 85 | - | - | 10.3% | 3.1% | 24.1% | 7.2% | 4.7% | 14.3% | 0.8% | 25.0x | $11.4B | VS | |
$MT ArcelorMittal | 75 | 71 | 98 | 85 | - | - | 2.2% | 1.5% | 9.3% | 5.3% | 2.2% | -8.5% | 2.2% | 16.0x | $18.9B | VS | |
$AMAT APPLIED MATERIALS INC /DE | 75 | 85 | 87 | 84 | 20.9x | 13.6x | 35.5% | 19.8% | 48.7% | 29.2% | 24.7% | 4.4% | 0.8% | 32.0x | $181.9B | VS | |
$SIMO Silicon Motion Technology CORP | 75 | 84 | 86 | 85 | - | - | 11.8% | 8.8% | 45.9% | 11.3% | 11.1% | 25.7% | 3.7% | 0.0x | $1.8B | VS | |
$CODA Coda Octopus Group, Inc. | 74 | 83 | 90 | 79 | 16.3x | 11.9x | 7.6% | 7.0% | 66.5% | 17.1% | 15.6% | 39.0% | 0.0% | 0.0x | $115M | VS | |
$GSK GSK plc | 74 | 84 | 90 | 70 | - | - | 22.6% | 4.9% | 71.2% | 12.8% | 9.4% | 1.7% | 5.9% | 124.0x | $72.1B | VS | |
$EFXT Enerflex Ltd. | 74 | 80 | 91 | 83 | - | - | 3.0% | 1.1% | 20.9% | 7.3% | 1.3% | 3.0% | 0.9% | 67.0x | $1.2B | VS | |
$BUD Anheuser-Busch InBev SA/NV | 74 | 84 | 97 | 63 | - | - | 8.2% | 3.5% | 55.3% | 25.9% | 12.4% | 0.7% | 1.7% | 0.0x | $87.0B | VS | |
$BSX BOSTON SCIENTIFIC CORP | 46 | 59 | 55 | 27 | 41.1x | 31.4x | 11.0% | 6.2% | 68.8% | 18.5% | 14.0% | 22.9% | 0.0% | 78.0x | $144.7B | ||
| SECTOR BENCH | - | - | - | - | - | 22.3x | 11.5x | -2.5% | -0.1% | 42.5% | 1.3% | -0.2% | 5.9% | 0.0% | 0.2x | - | REF |
BOSTON SCIENTIFIC CORP (BSX) receives a "Reduce" rating with a composite score of 46.1/100. It ranks #2615 out of 7,333 stocks in our coverage universe and carries a 2-star rating. Ratings are driven by a 6-factor quantitative model measuring quality, value, momentum, investment, stability, and short interest.
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YOY expansion rate
Core pricing power
Operating efficiency
Bottom-line conversion
Equity capital efficiency
Asset base utilization
Financial leverage load
Direct cash return
Michael F. Mahoney
Chief Executive Officer
Labor Force
45,000
59
27
75
Audit Verdict: Average governance indicators based on financial metrics.
No recent insider transactions available for BSX
Lagging peers — losers tend to keep underperforming
Fair valuation relative to peers
Average quality profile
Low volatility — smoother ride and historically better risk-adjusted returns
Aggressive spending — empire-building risk, dilutive growth
Mid-range overall rating
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Relative valuation derived from Manufacturing sector benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Re-calculated daily.
Projection based on user-defined inputs. Re-calculated daily against current market data.
Reverse DCF Framework — Mauboussin Methodology
Institutional-grade Reverse DCF analysis. This model identifies the growth hurdles embedded in current market prices. When implied growth is significantly lower than historical or projected rates, a margin of safety may exist. Re-audited daily.
No analyst ratings for BSX.
View All RatingsMaterial decline in asset turnover efficiency detected
High margin volatility — erratic forensic earnings quality
| Factor | Global | Sector | Tilt |
|---|---|---|---|
| PROFITABILITY | 59 | 54 | +5NEUTRAL |
| MOMENTUM | 27 | 6 | +21ALPHA |
| VALUATION | 55 | 36 | +19ALPHA |
| INVESTMENT | 27 | 24 | +3NEUTRAL |
| STABILITY | 75 | 74 | +1NEUTRAL |
| SHORT INT | 48 | 45 | +3NEUTRAL |
Global = full universe. Sector = relative to industry peers. Positive tilt indicates idiosyncratic strength.
ROIC 29.7% vs WACC 9.1% (spread +20.6%)
GM 69% vs sector 43%, OM 19% vs sector 1%
Capital turnover 1.94x
Rev growth 23%, 10yr history
Interest coverage 10.4x, Net debt/EBITDA 2.9x
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation and elite competitive moats.
Profit generated per dollar of shareholder equity
Efficiency of asset utilization
Pricing power and cost efficiency
Core business profitability
Bottom-line profitability
The Quality factor evaluates the persistence and magnitude of realized cash flows. Companies with scores >70 exhibit superior pricing power and structural financial resilience through diverse economic regimes.
Our uncertainty rating tracks the predictability of future cash flows and potential for permanent capital loss. Moderate visibility with standard industry cyclicality.
BOSTON SCIENTIFIC CORP receives a Reduce rating from our analysis, with a composite score of 46.1/100 and 2 out of 5 stars, ranking #2615 out of 7,333 stocks. BSX's factor profile shows weakness across multiple dimensions, suggesting the stock may underperform going forward. Existing holders may want to consider trimming positions or tightening stop-losses.
With a quality score of 59/100, BSX shows adequate but unremarkable business quality. The company reports a return on equity of 11.0% (sector avg: -2.5%), gross margins of 68.8% (sector avg: 42.5%), net margins of 14.0% (sector avg: -0.2%). This suggests the company generates acceptable returns but may lack the competitive positioning or operational efficiency to stand out from peers.
BSX's value score of 55/100 indicates the stock is fairly valued based on its current fundamentals. Key valuation metrics include a P/E ratio of 41.12x, an EV/EBITDA of 31.41x, a P/B ratio of 4.52x. At this level, neither a clear bargain nor overpriced, the stock's attractiveness depends more on forward growth expectations and qualitative factors.
BOSTON SCIENTIFIC CORP's investment score of 27/100 suggests limited reinvestment activity. Key growth metrics include revenue growth of 22.9% vs. a sector average of 5.9% and a return on assets of 6.2% (sector: -0.1%). While this can be positive for mature, cash-generative businesses returning capital to shareholders, it may also signal a lack of growth opportunities or management conservatism.
BOSTON SCIENTIFIC CORP is experiencing notably weak momentum with a score of just 27/100. The stock has underperformed its peers and is trending below major moving averages. Revenue growth stands at 22.9% year-over-year, while a beta of 0.64 reflects its sensitivity to broader market moves. While deep momentum weakness can occasionally present value opportunities, it often reflects deteriorating fundamentals or structural headwinds that may persist.
BSX shows good financial stability with a score of 75/100. Key stability metrics include a beta of 0.64 and a debt-to-equity ratio of 78.00x (sector avg: 0.2x). This suggests manageable leverage and moderate price volatility, making it appropriate for investors seeking a balance between growth potential and capital preservation.
The short interest score of 48/100 for BSX suggests somewhat elevated bearish positioning by institutional traders. Specific risk factors include elevated leverage (D/E: 78.00x). With a $144.7B market cap (large-cap), BOSTON SCIENTIFIC CORP may experience above-average volatility. Investors should consider whether the short thesis has merit or if it creates a potential short-squeeze opportunity.
BOSTON SCIENTIFIC CORP is a large-cap company in the Manufacturing sector, ranked #0 of 50 in its sector (100th percentile) and #2615 of 7,333 overall (64th percentile). Key comparisons include ROE of 11.0% exceeding the -2.5% sector median and operating margins of 18.5% above the 1.3% sector average. This top-quartile standing reflects exceptional competitive strength relative to Manufacturing peers.
While BSX currently exhibits a REDUCE profile, superior opportunities exist within the MANUFACTURING sector. Our model identifies several "Strong Buy" candidates with higher quality scores and more attractive valuations among direct industry competitors.
View Top Manufacturing Alpha →Quant Factor Profile
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Improvement in Momentum (27) would have the largest impact on the composite score.
EV/EBITDA 174% ABOVE SECTOR MEDIAN
ROE 543% BELOW SECTOR MEDIAN
Gross Margin 62% ABOVE SECTOR MEDIAN (FAVORABLE)
AUDIT DATA AS OF SEP 30, 2025 (Q2 FY2025)
We rate BOSTON SCIENTIFIC CORP (BSX) as a Reduce with a composite score of 46.1/100 at a current price of $75.18. The quantitative profile shows weakness across multiple dimensions, suggesting limited upside potential and elevated risk of underperformance relative to peers over the next 12 months.
The rating is primarily driven by strength in stability (75th percentile) and quality (59th percentile), which together account for the majority of the composite score. Offsetting weakness in momentum (27th percentile) and investment (27th percentile) tempers our overall conviction. We assign a Narrow Moat rating (66/100), Low uncertainty, and Standard capital allocation.
Key items to watch: momentum to confirm whether the current price trend has legs; sustainability of the current growth rate. Any material change in these dynamics could warrant a reassessment of our rating. The moat trend is stable, which suggests the competitive landscape is stable for now.
BOSTON SCIENTIFIC CORP holds a top-quartile position (#0 of 50) within the Manufacturing sector, based on our composite quantitative scoring across quality, value, momentum, and stability factors. The composite score of 46.1/100 places it at rank #2615 in our full 7,333-stock universe. With a $144.7B market capitalization, BOSTON SCIENTIFIC CORP operates at meaningful scale within the Manufacturing sector, providing competitive advantages in distribution, procurement, and customer reach.
Revenue is growing at 23%, though momentum at the 27th percentile suggests the market has not yet fully recognized this trajectory. This potential disconnect between fundamental improvement and market recognition could represent an opportunity for patient investors if the growth trend persists.
The margin cascade tells an important story: gross margins of 69% (+26.3pp vs sector) narrow to operating margins of 19% (+17.2pp vs sector) and net margins of 14.0%, yielding a gross-to-net conversion rate of 20%. This conversion rate is typical for the sector, suggesting a standard cost structure without notable efficiency advantages or disadvantages.
At a current price of $75.18, BOSTON SCIENTIFIC CORP is trading near fair value based on current fundamentals. Our value factor score of 55/100 reflects a composite assessment across multiple valuation metrics including price-to-earnings, price-to-book, EV/EBITDA, and price-to-sales ratios relative to both sector peers and the broader market. Valuation metrics are mixed, with no strong signal of mispricing in either direction.
The stock currently trades at a P/E of 41.1x (a 85% premium to the sector median of 22.3x), EV/EBITDA of 31.4x (at a premium), P/B of 4.5x, P/S of 5.8x. The above-sector P/E multiple suggests the market is pricing in superior growth or quality, which our analysis finds only partially justified by current fundamentals.
Gross margins of 69% signal strong pricing power and brand/IP advantages — businesses with margins above 40% have historically demonstrated more resilient earnings through economic cycles.
Revenue growth of 23% confirms the business is expanding its addressable market — growth at this level typically supports multiple expansion and attracts institutional capital.
The Reduce rating (composite 46.1/100) reflects multi-factor weakness, and historically, stocks in this scoring range have underperformed the market by a meaningful margin.
A P/E of 41.1x leaves little room for execution misses — any earnings disappointment could trigger a sharp multiple compression.
Weak momentum (27th percentile) suggests institutional selling pressure and unfavorable technical dynamics that may persist.
We assign a Low uncertainty rating to BOSTON SCIENTIFIC CORP. The company exhibits strong financial stability with a beta of 0.64, and a stability factor in the 75th percentile. The predictable nature of the business model and solid financial position reduce the range of potential outcomes, giving us confidence in our fair value estimate.
Specific risk factors that inform our assessment include: low beta of 0.64 — while defensive, this may indicate limited upside participation in bull markets; elevated valuation multiple (P/E 41.1x) that leaves limited margin for error. Each of these factors independently widens the distribution of potential outcomes, and in combination they create a risk profile that demands careful position sizing. The stability factor at the 75th percentile and quality factor at the 59th percentile provide a quantitative summary of the overall risk landscape.
Key risk mitigants include: healthy gross margins of 69% provide a buffer against cost pressures; above-average stability (75th percentile) suggests predictable business dynamics; large-cap scale ($144.7B) provides resilience. These factors partially offset the identified risks and provide downside protection in adverse scenarios. On balance, the risk-reward profile is favorable for long-term investors.
We rate BOSTON SCIENTIFIC CORP's capital allocation as Standard. Management has shown adequate — though not exceptional — stewardship of shareholder capital. Returns on equity stand at 11.0%, and the balance sheet is managed within acceptable parameters (D/E: 78%). Exemplary allocators typically sustain ROE above 20% and D/E below 50%; BOSTON SCIENTIFIC CORP falls short on at least one dimension.
There is room for improvement in optimizing the capital structure or enhancing shareholder returns. Absent a dividend, the overall capital allocation framework would benefit from either higher reinvestment returns, improved balance sheet efficiency, or increased shareholder distributions. We will monitor for signs of strategic improvement that could warrant an upgrade.
In summary, BOSTON SCIENTIFIC CORP receives a Reduce rating with a composite score of 46.1/100 (rank #2615 of 7,333). Our quantitative framework assigns a Narrow Moat (66/100, trend: stable), Low uncertainty, and Standard capital allocation. The average factor score across quality, value, momentum, stability, and investment is 49/100.
Our analysis does not support a constructive view on BOSTON SCIENTIFIC CORP at this time. The combination of the current quantitative profile, low uncertainty, and standard capital allocation suggests unfavorable risk-reward at current levels. We recommend investors avoid new positions and existing holders consider reducing exposure.
Analysis derived from Blank Capital Research quantitative terminal. For informational purposes only. No trade solicitation. Past performance not indicative of future results. Consult a qualified advisor.
We assign BOSTON SCIENTIFIC CORP a Narrow Moat rating with a composite moat score of 66/100. The ROIC-WACC spread of +20.6% is the primary signal of economic value creation. The company possesses identifiable competitive advantages, though they are less entrenched than those of wide-moat peers. Our analysis indicates that BOSTON SCIENTIFIC CORP can sustain above-average returns on invested capital for at least 10 years, with the strongest contributor being margin superiority at 18.5/20.
The strongest moat sources are margin superiority (18.5/20) and growth durability (15.5/20). GM 69% vs sector 43%, OM 19% vs sector 1%. Rev growth 23%, 10yr history. These pillars form the core of BOSTON SCIENTIFIC CORP's competitive identity and are the primary drivers of excess returns in our framework.
Areas of relative weakness include reinvestment efficiency (3.5/20) and financial resilience (13.5/20). Capital turnover 1.94x. Improvement in these areas could meaningfully widen the moat over time, while deterioration would be an early warning of competitive erosion.
Our moat trend assessment is Stable. Multi-year ROIC and operating margin trajectories show neither meaningful improvement nor deterioration, suggesting the competitive position is steady. We expect BOSTON SCIENTIFIC CORP's moat profile to remain largely unchanged absent a material shift in return on capital or industry dynamics.
Key profit drivers include gross margins of 69% providing a solid profitability foundation, operating margins of 19% reflecting effective cost management, robust top-line growth of 23% expanding the revenue base. The margin cascade from 69% gross to 19% operating to 14.0% net reveals the company's cost structure and reinvestment intensity. Our analysis indicates that profit quality is adequate though not exceptional, with the quality factor at the 59th percentile.
The margin profile shows gross margins of 69%, operating margins of 19%, net margins of 14.0%. Return metrics include ROE of 11.0% and ROA of 6.2%. Relative to the Manufacturing sector, gross margins are 26.3 percentage points above the sector median of 43%, and ROE of 11.0% compares to a sector median of -2.5%.
The balance sheet reflects moderate leverage with D/E of 78%, revenue growth of 23%. The sector median D/E is 0%, putting BOSTON SCIENTIFIC CORP at higher leverage than the typical peer. Overall balance sheet health is adequate for the current business environment.
Above 50MA
37.18%
Net New Highs
+51081
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If you are wondering whether Boston Scientific is fairly priced or offering value at current levels, this article will walk through what the numbers are actually saying about the stock. The share price closed at US$74.37 recently, with returns of a 0.5% decline over 7 days, a 19.6% decline over 30 days, a 21.5% decline year to date, but gains of 58.8% over 3 years and 91.2% over 5 years. Recent headlines around Boston Scientific have focused on its position as a major medical device player...
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