ABBOTT LABORATORIES (ABT): what the price assumes

In the published model solve dated 2026-Q2, anchored at $112.48, ABBOTT LABORATORIES (ABT) is priced for +13.7% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-25.

Generated: 2026-08-30 · Source: https://boothcheck.com/report/ABT

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

The operating-margin figure is value-band context at year 12: derived from the framework's value band, a separate calculation — not part of the priced-in solve.

Solve inputs: computed at a 7.5% cost of capital with 4% terminal growth over a 5-year stage.

How unusual the bet is: within-range (limited comparison data)

Valuation X-Ray

Asset, earnings-power and peer-multiple models all land far below the price; ONLY the growth-DCF reaches it. The bet is durable compounding the static frames structurally cannot price (a moat/durability premium).

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Growth Families that call it expensive: Asset, Earnings

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 7.9%); the inversion above states its own rate.

Per-Model Detail (n=11)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Bullet Takeaways

• Diabetes Care is the largest single line in the business at about 18% of revenue and also the fastest-moving one: continuous glucose monitoring sales totaled $7.6 billion in 2025 and $6.4 billion in 2024.

• The company has just changed its own risk profile. Abbott closed the roughly $21 billion purchase of Exact Sciences in March 2026, having arranged a 364-day senior unsecured bridge term loan facility for an amount not to exceed $20.0 billion to stand behind it.

• Diagnostics is the line to watch: excluding currency, Diagnostic Products segment sales decreased 4.5 percent in 2025 and 3.9 percent the year before, and Exact Sciences brings roughly $3 billion of annual cancer-screening revenue intended to change that direction.

Bull Case

The structural advantage here is not one product. It is the refusal to depend on one. Sixteen distinct product lines carry meaningful revenue, and the largest of them, Diabetes Care, accounts for about 18% of the total. Core Laboratory diagnostics runs near 12%. Adult and pediatric nutrition together come to roughly 19%. The cardiovascular lines, taken together, sit near 28%. No single approval, recall, reimbursement decision or patent expiry can take out more than a fraction of the whole, and the filing says as much about the patent question directly: There are no significant patent or license expirations in the next three years that are expected to materially affect Abbott. For a healthcare company, that sentence is the moat described in one line.

Diversification that produces mediocrity is not worth much, so look at where the money is being made. Continuous glucose monitoring sales totaled $7.6 billion in 2025 and $6.4 billion in 2024, and the filing records growth across all businesses, with double-digit growth in Diabetes Care, Heart Failure, Electrophysiology, and Structural Heart, and in 2025, Rhythm Management. Five product lines compounding at double digits inside a company this size is unusual. Gross profit margins ran at 52.6 percent, which is the pricing power of a business whose products are chosen by clinicians rather than bought on tender.

Compare that with the peer set and the position sharpens. Abbott turns 16.2% of revenue into operating profit. Teva (TEVA) reports the same 16.2% operating margin but on revenue that fell over the year. Viatris (VTRS) sits close to breakeven at 1.0%, and Perrigo (PRGO) is loss-making at the operating line. Among the larger healthcare names in the comparison set, Qiagen (QGEN) runs at 18.4% and AbbVie (ABBV) at 24.4%. Abbott lands mid-pack on profitability while carrying far less exposure to any single molecule than the pharmaceutical names do, which is precisely the trade a diversified device and diagnostics company is supposed to make.

The manufacturing base is the part that is hardest to copy. The 10-K lists Medical Devices 33 Diagnostic Products 21 Established Pharmaceutical Products 22 Nutritional Products 13 Worldwide Total 89 manufacturing sites. Eighty-nine regulated plants across four therapeutic areas is not an asset a competitor assembles quickly, and it is the reason Abbott can absorb a large acquisition without rebuilding its distribution or its regulatory apparatus.

Which is exactly what the Exact Sciences purchase is meant to exploit. Abbott bought a cancer-screening franchise for around $21 billion and dropped it into a diagnostics organisation that already has the laboratory relationships and the sales force. The second quarter of 2026 showed the early arithmetic: sales up 13.0% on a reported basis and 4.8% comparable, with the company raising its full-year outlook on the strength of structural heart and electrophysiology. Abbott returned $2.1 billion to shareholders in that quarter alone through dividends and buybacks.

Operating profit covers interest 13.1 times. That is what lets a company do a deal of this size without the transaction becoming the story of the next three years, and it is the quiet advantage of having spent two decades running the balance sheet conservatively before needing it.

Bear Case

Look at what the company chose to do with its money and the bear case writes itself. In November 2025 Abbott agreed to buy Exact Sciences at a total equity value of approximately $21 billion and an estimated enterprise value of $23 billion, with financing that contemplates absorption of Exact Sciences' estimated $1.8 billion of net debt and a 364-day senior unsecured bridge term loan facility for an amount not to exceed $20.0 billion standing behind it. That is a company spending more than a tenth of its market value in a single decision, in cash and borrowings, in a diagnostics market where its own sales had been shrinking. Management told investors the deal would dilute 2026 adjusted earnings by about $0.20 a share. Acquisitions of that size get judged over a decade, and the decade has not started.

The base it was bolted onto was already carrying debt. Net debt of roughly $26.8 billion stands at 3.74 times operating profit before tax, or 5.04 times operating profit after tax. Interest is covered comfortably, which is the reason none of this is alarming today. But those figures describe the balance sheet as it stood before the acquisition funding was fully absorbed, and the direction of travel is one way. Meanwhile the share count has fallen only about 0.4% a year over the four years to March 2026, so the buyback has been doing little more than offsetting the dilution from stock compensation. The cash that would have bought back shares went into an acquisition instead.

The part of the company being reinforced by that acquisition is the part that has been going backwards. The filing records that, excluding currency, Diagnostic Products segment sales decreased 4.5 percent in 2025 and 3.9 percent in 2024. Two consecutive years of decline in a segment representing roughly a fifth of revenue is a trend, not a comparison artefact. Buying growth into a shrinking segment can work. It also raises the stakes on integration, because the acquired revenue now has to carry both its own price and the drag from what it was bought to fix.

Legal exposure sits underneath all of it. The 10-K discloses that the United States Department of Justice (DOJ), through the United States Attorney's Office for the Western District of Michigan, is conducting a criminal investigation related to Abbott's manufacturing of powdered infant formula and that in January 2023 Abbott received a civil investigative demand from the United States Federal Trade Commission. Separately, preterm infant formula claims were consolidated when the U.S. Judicial Panel on Multidistrict Litigation ordered all federal court cases consolidated for pretrial purposes in the U.S. District Court for the Northern District of Illinois, and Abbott won summary judgment in favor of Abbott on all claims in one of them in May 2025. Winning one case is real progress and is not the same as resolution. These are matters with tails measured in years, attached to a nutrition business that is roughly a fifth of revenue.

Now put that against what the price asks for. The market pays about 29 times what the whole company earns at the operating line, and to support that the business needs operating profit to compound at roughly 13.3% a year over a five-year stage. Abbott's own recent record runs below that pace, and among companies that have grown at that kind of rate, only about half held it for five years. This is not an extreme demand by the standards of what this framework usually finds. It is simply more than the company has been delivering, applied to a business that has just taken on a large integration and a step up in borrowings at the same moment.

Book value is $29.80 a share. Return on equity over the trailing twelve months is 12.1%. The cost of that equity is near 9.3%. Abbott therefore does create value on the equity it retains, but the gap doing that work is a few points wide, no more. Buy the shares at more than three times book and the return the buyer earns on their own outlay is a fraction of the return the company earns on its capital. That arithmetic does not break when the business is good. It simply means the price already contains the answer, and the disappointment case does not require anything to go wrong at all.

Valuation

At today's price of $103.11 the enterprise sits at about 29 times what it earns at the operating line. Invert that and the assumption becomes legible: to support the price the business needs operating profit to compound at roughly 13.3% a year across a five-year stage. That is a real demand on a company of this size, though not an outlandish one. Among companies that have grown at that pace, about half held it for a further five years. The multiple sits in the upper part of its sector's range without being at the edge of it.

There is a second version of the requirement worth stating because it points the other way. Carried out over a twelve-year horizon, the price is also consistent with the company sustaining an operating margin near 8.4%, against the 16.2% it earns now. Depending on which lever you allow to do the work, the price either asks for growth Abbott has not recently produced, or asks for barely half the profitability it already has. Both readings are in the same set of numbers, and the honest summary is that the price is demanding on the growth axis and forgiving on the profitability one.

The methods split the way they usually do for a large, high-quality compounder. Only the forward cash-flow approaches reach the price, and they only just reach it, landing about 5% under it. The price sits about 131% above where the book-value-plus-profitability approaches land and about 271% above the earnings-power approaches. The static frame that comes closest is peer multiples, with the price about 29% above where they land, working off a sector reference near twenty-four times earnings. That configuration is not a mispricing signal. It says the price is paying for durability, and durability is the one thing no method that values the existing balance sheet or the existing profit stream is built to capture.

The reason the static frames land so far under is visible in one comparison. The earnings-power approach capitalises normalised operating profit at the cost of capital and credits no growth at all. For a business whose entire investment case is a pipeline of approvals and a base of recurring diagnostic and monitoring revenue, a no-growth valuation is a floor rather than an estimate. It tells the reader how much of today's price is a claim on the future rather than a claim on what already exists, and for Abbott that share is most of it.

Solvency does not constrain the story, but it has become more relevant than it was. Net debt of about $26.8 billion sits at 3.74 times operating profit before tax, or 5.04 times operating profit after tax, and that profit covers interest 13.1 times. The company is not consuming cash. The share count has fallen about 0.4% a year over the four years to March 2026, which is a buyback running just fast enough to offset issuance rather than one that meaningfully shrinks the base. Against that starting point sits the 364-day senior unsecured bridge term loan facility for an amount not to exceed $20.0 billion arranged for the Exact Sciences purchase. A company covering interest thirteen times over can carry that. What it cannot do is carry it and also compound operating profit in the low teens without the acquisition working.

Catalysts

The defining event of the year has already happened. Abbott completed its acquisition of Exact Sciences on March 23, 2026, after receiving all regulatory clearances, in a transaction the company valued at roughly $21 billion. Abbott told investors the deal would add approximately $3 billion of incremental sales in 2026, lift full-year sales growth by about half a percentage point, and dilute 2026 adjusted earnings per share by approximately $0.20. Exact Sciences brings the Cologuard colorectal screening test, Oncotype Dx, and earlier-stage products in multi-cancer detection and molecular residual disease monitoring, which places Abbott in cancer screening for the first time at scale.

The second quarter, reported on July 16, 2026, was the first clean look at the combined business. Sales rose 13.0% on a reported basis and 4.8% on a comparable basis, with reported diluted earnings of $0.53 a share under GAAP and $1.31 on the company's own adjusted measure. Abbott raised its full-year 2026 adjusted diluted earnings guidance to a range of $5.45 to $5.60, from $5.38 to $5.58 previously, and attributed the improvement mainly to medical devices, specifically the structural heart and electrophysiology portfolios. The company returned $2.1 billion to shareholders during the quarter through dividends and repurchases.

The gap between the reported and comparable sales growth rates is where the next several quarters will be decided. Reported growth is running far ahead because acquired revenue is being added to the base; comparable growth is what the existing business is doing on its own. As the Exact Sciences revenue anniversaries into the comparison, those two numbers converge, and the question of whether a large diagnostics acquisition fixed a declining diagnostics segment stops being a matter of guidance and becomes a matter of arithmetic.

Peer Cohorts (Per Segment, With Filing Citations)

Established Pharmaceutical Products (reported)

• TEVA (TEVA PHARMACEUTICAL INDUSTRIES LIMITED)
• FY2025 10-K: …of our net sales from our major customers, see note 19 to our consolidated financial statements. Our revenues and profits from generic products may decline as a result of competition from other pharmaceutical companies and changes in regulatory policy. Our generic products face intense competition. Prices of generic…
• FY2025 10-K: …and • promoted product stewardship by conducting environmental risk assessments and supporting antimicrobial resistance initiatives. Quality We are committed to complying with global quality and safety requirements and guidance by developing and manufacturing our products in accordance with Current Good Clinical…
• VTRS (Viatris Inc)
• FY2025 10-K: …their own authorized generic product prior to or at the same time or after generic competition initially enters the market; • pricing a branded product at a discount equivalent to generic pricing; • filing frivolous petitions with the FDA or other regulatory bodies seeking to prevent or delay approvals, including…
• FY2025 10-K: …We expect pricing pressures on our products included in the VBP bidding process to continue to increase as a result of this policy. We have failed, and may continue to fail, to win bids due to various factors, including uncompetitive bidding prices. In addition, the URP policy will cap reimbursement of molecules at…
• AMRX (AMNEAL PHARMACEUTICALS, INC.)
• FY2025 10-K: …labeled versions of pharmaceutical products introduced by brand companies (directly or through a third-party) under the brand's NDA, have also increased competition in the generic pharmaceutical industry. Authorized generic pharmaceutical products may be sold prior to, during and subsequent to the 180-day exclusivity…
• FY2025 10-K: …The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. In December 2025, the FASB issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements ("ASU 2025-11"), which are amendments intended to improve the navigability and clarity of interim…
• ANIP (ANI PHARMACEUTICALS, INC)
• FY2025 10-K: …above a set growth level, plus extra for an £400m investment fund in clinical trials and manufacturing, aiming to balance access to innovation with a sustainable NHS and boost UK life sciences. 14 Table of Contents Generic medicinal products in the EU and the UK are authorized through a well-established regulatory…
• FY2025 10-K: …generic companies will begin to market an authorized generic, a generic equivalent of a branded product, at the same time generic competition initially enters the market; • launching a generic version of their own branded product at the same time generic competition initially enters the market; • filing citizen…
• PRGO (Perrigo Company plc)
• FY2025 10-K: …Kingdom and parts of Europe and Asia. We leverage our broad marketing, sales, regulatory, manufacturing and distribution infrastructure to drive market share, innovate new products and brands, in-license and expand product lines, and sell and distribute third-party brands. The CSCI segment products are sold primarily…
• FY2025 10-K: …primarily in Europe and Australia. During the first quarter of 2026, we have begun transitioning from a geographic segment reporting structure to a category-based segment view, enabling us to better align our financial disclosures and operational analysis with our product offerings and strategic priorities. The…
• BHC (Bausch Health Companies Inc.)
• FY2025 10-K: …for a number of our products (including Xifaxan ® 550 mg, Trulance ® , Cabtreo ® and Lumify ® in the U.S), we have commenced (or anticipate commencing) and have (or may have) ongoing infringement proceedings against potential generic competitors in the U.S. If we are not successful in these proceedings, we may face…
• FY2025 10-K: …with Accounting Standards Codifications ("ASC") 470-60 which has resulted in certain debt being carried at a premium relative to its principal amount as well as a portion of contractual interest cost being recorded as a reduction of that premium rather than as interest expense when paid. Foreign Currency Translation…

Nutritional Products (reported)

• JNJ (Johnson & Johnson)
• FY2025 10-K: …amounts such as estimated costs associated with settlements, damages and other losses. Product liability accruals can represent projected product liability for thousands of claims around the world, each in different litigation environments and with different fact patterns. Changes to the accruals may be required in…
• FY2025 10-K: …jnj:WholesalerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2024-12-30 2025-12-28 0000200406 jnj:Wholesaler2Member jnj:WholesalerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2024-12-30 2025-12-28 0000200406 jnj:Wholesaler3Member jnj:WholesalerConcentrationRiskMember us-gaap:SalesRevenueNetMember…
• BHC (Bausch Health Companies Inc.)
• FY2025 10-K: …that we believe will drive growth in our core businesses, while creating efficiencies in our R&D efforts and expenses. Although we primarily rely on our R&D organization to build-out and refresh our product portfolio, to supplement those efforts, we continually seek out opportunities, such as co-promotions, licensing…
• FY2025 10-K: …formulation, packaging, labeling and advertising of the Company's dietary supplement products are also subject to regulation by certain federal, state and foreign agencies, including the FDA, the FTC, and the Consumer Product Safety Commission, in the U.S., and by Health Canada in Canada. The FDA has authority in the…
• QGEN (QIAGEN N.V.)
• FY2025 20-F: …kits, assay solutions, reagents and instrumentation. We compete with other suppliers through innovative technologies and products, offering a comprehensive solution for nucleic acid collection, pre-treatment, separation and purification needs as well as downstream applications. Our products provide significant…
• FY2025 20-F: …discounted future cash flows. Accordingly, actual results could differ from such estimates. QIAGEN N.V. | Financial Report 2025 Management Report Corporate Governance Financial Statements Appendices Page 124 Notes to the Consolidated Financial Statements 4. Revenue Nature of Goods and Services Our revenues are…
• ABBV (AbbVie Inc.)
• FY2025 10-K: …companies that research, develop, manufacture, market and sell proprietary pharmaceutical products and biologics. All of these competitors may introduce new products or develop technological advances that compete with AbbVie's products in therapeutic areas such as immunology, neuroscience, oncology and aesthetics. In…
• FY2025 10-K: …chronic) North America, European Union Juvenile idiopathic arthritis (moderate to severe polyarticular) North America, European Union Ulcerative colitis (moderate to severe) North America, European Union Non-radiographic axial spondyloarthritis European Union Pediatric Crohn's disease (moderate to severe) North…
• PFE (Pfizer Inc.)
• FY2025 10-K: …pfe:PrimaryCareMember pfe:BiopharmaSegmentMember 2025-01-01 2025-12-31 0000078003 pfe:OtherPrimaryCareProductsMember pfe:PrimaryCareMember pfe:BiopharmaSegmentMember 2024-01-01 2024-12-31 0000078003 pfe:OtherPrimaryCareProductsMember pfe:PrimaryCareMember pfe:BiopharmaSegmentMember 2023-01-01 2023-12-31 0000078003…
• FY2025 10-K: ProductsMember pfe:BiopharmaSegmentMember 2025-01-01 2025-12-31 0000078003 pfe:B7H4VFelmetatugVedotinMember us-gaap:InProcessResearchAndDevelopmentMember pfe:BiopharmaSegmentMember 2024-01-01 2024-12-31 0000078003 pfe:MedrolMember pfe:BrandMember pfe:BiopharmaSegmentMember 2024-01-01 2024-12-31 0000078003…
• BMY (Bristol-Myers Squibb Company)
• FY2025 10-K: …discounts and rebates. U.S. GTN adjustments percentage increased primarily due to the redesign of the U.S. Medicare Part D program and higher government channel mix, which has higher GTN adjustment percentages. 47 Total Revenues by Product: Year Ended December 31, Dollars in millions 2025 2024 % Change Growth…
• FY2025 10-K: …product, but we continue to develop scientific data and other information about potential additional uses of our products and provide such information as scientific exchange at scientific congresses or we share information about our products in other appropriate ways, including the development of publications, or in…
• NVS (Novartis AG)
• FY2025 20-F: …to conform with 2025 presentation of brands by therapeutic area and established brands. 2 For an explanation of non-IFRS measures and reconciliation tables, see "-Non-IFRS measures as defined by Novartis." 45 The following table provides the top 20 product net sales from continuing operations 1 in 2025, as well as…
• FY2025 20-F: "FDA" are to the US Food and Drug Administration; "Latin America" are to Central and South America, including the Caribbean; "NYSE" are to the New York Stock Exchange; the "SEC" are to the US Securities and Exchange Commission; "SIX" are to the SIX Swiss Exchange; "US dollars," "USD" or "$" are to the lawful currency…
• GSK (GSK plc)
• FY2025 20-F: …For example, in the US, there is increased oversight and enforcement of laws governing direct to consumer (DTC) pharmaceutical advertising, and increased scrutiny on the use of social media influencers, and DTC telehealth companies. Geopolitical events in key markets, inflationary trends and restricted customer…
• FY2025 20-F: …Seasonal Flu † mRNA vaccine Seasonal flu Phase II mRNA COVID-19 † mRNA vaccine COVID-19 Phase II Measles, mumps, rubella & varicella new seed Live, attenuated vaccine Measles, mumps, rubella, and varicella Phase II Urinary tract infection (UTI) Adjuvanted recombinant subunit vaccine Urinary tract infection (UTI)…

Diagnostic Products (reported)

• DGX (QUEST DIAGNOSTICS INC)
• FY2025 10-K: …expanding opportunities presented by the growth of consumer-initiated testing and of the demand for expanded access to health and wellness services. We continually evaluate technologies with the potential to improve choice and convenience for patients and consumers. We offer patients and consumers experiencing…
• FY2025 10-K: …other diseases, and offer advanced tests in many fields, including endocrinology, immunology, neurology and oncology. Increasingly, we are focused on providing solutions and insights to our customers, based on the testing that we perform, the data that we gather and our extensive medical, information and connectivity…
• LH (LABCORP HOLDINGS INC.)
• FY2025 10-K: …largest portion of the clinical laboratory market, and Dx supports this demand through an expansive test menu that includes clinical, anatomic pathology, genetic, and genomic tests. In addition, Dx performs testing for a wide range of other customers and purposes, including employment and occupational testing,…
• FY2025 10-K: …to pathology data, and enhanced consistency across diagnostic workflows and clinical trials. • Provider and Payer Digital Platforms : Online applications for providers, MCOs, and ACOs to obtain test results and population and health management data. • CDS Reporting : Analytics-enabled reporting solutions, with nearly…
• QGEN (QIAGEN N.V.)
• FY2025 20-F: …and standardizes lab procedures. Molecular testing is the most dynamic segment of the global in vitro diagnostics market. The pandemic has demonstrated the value of molecular testing in healthcare, and we expect the market to provide significant growth opportunities. We have built a position as a preferred partner to…
• FY2025 20-F: …kits, assay solutions, reagents and instrumentation. We compete with other suppliers through innovative technologies and products, offering a comprehensive solution for nucleic acid collection, pre-treatment, separation and purification needs as well as downstream applications. Our products provide significant…
• BIO (Bio-Rad Laboratories, Inc.)
• FY2025 10-K: …food producers and testing laboratories. Clinical Diagnostics Segment Our Clinical Diagnostics segment designs, manufactures, markets, and supports diagnostic test systems, informatics solutions, test kits, and specialized quality controls for clinical laboratories in the global diagnostics market. Our products…
• FY2025 10-K: …products due to the breadth of its portfolio and specialization of its product lines. Major competitors in this market include Becton Dickinson, Danaher, Merck KGaA, Qiagen N.V. and Thermo Fisher Scientific. We compete primarily based on meeting performance specifications, technical support, and offering…
• TECH (BIO-TECHNE Corp)
• FY2025 10-K: …failure. Immunoassays can also be useful in clinical diagnostics. In fact, we have received Food and Drug Administration (FDA) marketing clearance for a few of our immunoassays for use as in vitro diagnostic devices. Protein Sciences Segment Customers and Distribution Methods Our customers for this segment include…
• FY2025 10-K: …spending by our customers and the availability of government research funding can fluctuate due to changes in available resources, mergers of pharmaceutical and biotechnology companies, spending priorities, general economic conditions and institutional and governmental budgetary policies. 15 Table of Contents Our…
• NEOG (Neogen Corporation)
• FY2025 10-K: …Company's food safety diagnostic instruments and readers are produced by third-party vendors to our specifications and then shipped to customers. Culture media products are manufactured in an ISO-approved facility in Lansing and in Heywood, England. Products are blended following strict formulations or custom blended…
• FY2025 10-K: …in the U.S and internationally. Neogen utilizes third-party validations and certifications on many of our products and associated methods to provide our customers with confidence that our products perform to specified levels. These include validation by, among others, the AOAC International, independently…

Medical Devices (reported)

• MDT (Medtronic plc)
• FY2025 10-K: …growth from spinal cord stimulation (SCS) therapy for treating chronic pain and Diabetic Peripheral Neuropathy (DPN) on the Inceptiv closed-loop rechargeable neurostimulator, Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator. The Inceptiv closed-loop rechargeable SCS received U.S. FDA…
• FY2025 10-K: Medicaid and comparable non-U.S. programs), private insurance plans and managed care plans, for the healthcare services provided to their patients. The ability of our customers to obtain appropriate reimbursement for products and services from third-party payors is critical because it affects which products customers…
• BSX (BOSTON SCIENTIFIC CORP)
• FY2025 10-K: …costs, improve efficiencies and/or increase patient access. Although we believe our products and technologies generate favorable clinical outcomes, value and cost efficiency, while also being less invasive than alternatives, the resources and evidence necessary to demonstrate value to our customers, patients, payers…
• FY2025 10-K: …technological changes in the medical devices industry or low-cost competitive offerings, which could have an adverse effect on our business, financial condition or results of operations. The medical device markets in which we participate are highly competitive. We encounter significant competition across our product…
• EW (EDWARDS LIFESCIENCES CORPORATION)
• FY2025 10-K: …$628.1 million over 2024, driven primarily by sales growth of our TAVR and TMTT products. Our gross profit increased in 2025, driven by our sales growth. Gross profit as a percentage of sales decreased primarily due to higher operational expenses. The decrease in our net income and diluted earnings per share in 2025…
• FY2025 10-K: …considerations, regulatory reform, industry and customer consolidation, and evolving patient needs. The ability to provide products and technologies that demonstrate value while improving clinical outcomes is becoming increasingly important for medical technology manufacturers. We believe that we are a leading global…
• SYK (STRYKER CORP)
• FY2025 10-K: …technologies and, together with our customers, we are driven to make healthcare better. We offer innovative products and services in MedSurg, Neurotechnology and Orthopaedics that help improve patient and healthcare outcomes. Our products include surgical equipment and surgical navigation systems; endoscopic and…
• FY2025 10-K: …quality systems, labeling and post- market surveillance. Extended transition timelines were published in 2023 which range from May 2026 through December 2028 depending on the type of device and we are on track to meet these timelines. Initiatives to limit the growth of general healthcare expenses and hospital costs…
• DXCM (DEXCOM, INC.)
• FY2025 10-K: …Such competitors may benefit from guidance issued on January 6, 2026 by the FDA's Center for Devices and Radiological Health that effectively broadens the range of products that may be considered "general wellness devices," including wearables that provide readings around bodily functions and vital signs such as…
• FY2025 10-K: …In addition to our CGM devices, we have a Class I data management service which we market to clinics. This service helps healthcare providers and patients see, understand and use blood glucose meter data to diagnose and manage diabetes. The service also allows researchers to control the transfer of data from certain…
• PODD (INSULET CORPORATION)
• FY2025 10-K: …from MDI. Our distributors have also implemented virtual training programs. Customer Support We seek to provide our customers with high quality customer support, from product ordering to insurance investigation, order fulfillment, and ongoing support. Our customer support systems are integrated with our sales,…
• FY2025 10-K: …recall of products, and record keeping. Unless an exemption applies, each medical device we seek to commercially distribute in the United States will require either prior 510(k) clearance or pre-market approval ("PMA") from the FDA. A 510(k) pre-market notification filing must contain information establishing that…
• TNDM (Tandem Diabetes Care, Inc.)
• FY2025 10-K: …introduction of new products, treatment techniques or technologies, or other market activities of industry participants. We compete in markets worldwide with companies that manufacture insulin delivery devices, primarily Beta Bionics, Insulet, Medtronic, mylife (formerly Ypsomed) and Sequel. There are also a number…
• FY2025 10-K: …entered into application on May 26, 2021, repealing and replacing both Directive 93/42/EEC concerning medical devices (MDD) and Directive 90/385/EEC concerning active implantable medical devices (AIMDD). The MDR and its associated guidance documents and harmonized standards regulating the design, development,…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.