ResMed Inc.
RMDResMed issues FY27 outlook for slower 5–7% core revenue growth and flags Astral, MatrixCare, Noctrix EPS headwinds
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.15B | $4.69B | $4.22B | $3.58B | $3.20B | $2.96B | $2.61B | $2.34B |
| Cost of Revenue | $2.09B | $2.03B | $1.87B | $1.55B | $1.36B | $1.24B | $1.07B | $978.03M |
| Gross Profit | $3.05B | $2.66B | $2.36B | $2.02B | $1.84B | $1.72B | $1.54B | $1.36B |
| Gross Margin | 59.36% | 56.67% | 55.78% | 56.57% | 57.53% | 58.09% | 58.95% | 58.21% |
| Operating Expenses | $1.37B | $1.34B | $1.22B | $1.02B | $935.42M | $908.13M | $957.32M | $820.33M |
| Operating Income | $1.69B | $1.32B | $1.13B | $1.00B | $903.68M | $809.66M | $579.26M | $541.83M |
| Operating Margin | 32.75% | 28.17% | 26.80% | 27.96% | 28.27% | 27.38% | 22.22% | 23.15% |
| Net Income | $1.40B | $1.02B | $897.56M | $779.44M | $474.50M | $621.67M | $404.59M | $315.59M |
| Net Margin | 27.22% | 21.79% | 21.25% | 21.78% | 14.84% | 21.02% | 15.52% | 13.49% |
| EPS (Basic) | $9.55 | $6.94 | $6.12 | $5.34 | $3.27 | $4.31 | $2.83 | $2.21 |
| EBITDA | $1.91B | $1.53B | $1.36B | $1.18B | $1.10B | $990.43M | $705.80M | $680.22M |
| Stock Option Compensation Expense | $91.66M | $80.18M | $71.14M | $65.26M | $63.93M | $57.56M | $52.07M | $48.41M |
| Price To Earnings Ratio | 27.02 | 26.92 | 35.73 | 39.28 | 75.49 | 44.58 | 43.78 | 46.86 |
| Price To Sales Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Shares Outstanding | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Market Capitalization | $37.85B | $27.48B | $32.07B | $30.62B | $35.82B | $27.71B | $17.71B | $14.79B |
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Short Term Receivables | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Inventories | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Property, Plant & Equipment | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Investments and Advances | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Note Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Intangible Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Assets | $8.17B | $6.87B | $6.75B | $5.10B | $4.73B | $4.59B | $4.11B | $3.06B |
| Short Term Debt Incl. Current Port. of LT Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Provision for Risks Charges | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.21B | $2.01B | $2.62B | $1.74B | $1.84B | $2.09B | $2.04B | $1.00B |
| Non-Equity Reserves | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Preferred Stock - Carrying Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Common Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Shareholders Equity | $5.97B | $4.86B | $4.13B | $3.36B | $2.89B | $2.50B | $2.07B | $2.06B |
| Accumulated Minority Interest | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $5.97B | $4.86B | $4.13B | $3.36B | $2.89B | $2.50B | $2.07B | $2.06B |
| Total Liabilities & Stockholders Equity | $8.17B | $6.87B | $6.75B | $5.10B | $4.73B | $4.59B | $4.11B | $3.06B |
| Book Value Per Share | $40.68 | $33.08 | $28.14 | $23.01 | $19.86 | $17.30 | $14.48 | $14.42 |
| Tangible Book Value Per Share | $16.74 | $10.45 | $5.50 | $7.38 | $3.89 | $1.10 | $-2.14 | $5.43 |
| Full-Time Employees | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Book Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 17.14% | 14.86% | 13.29% | 15.30% | 10.04% | 13.55% | 9.85% | 10.30% |
| Return on Equity | 23.47% | 20.99% | 21.73% | 23.19% | 16.44% | 24.90% | 19.52% | 15.33% |
| Return on Invested Capital | 19.56% | 17.77% | 15.31% | 18.29% | 12.60% | 17.09% | 12.68% | 12.79% |
| Quick Ratio | 2.53 | 1.69 | 1.81 | 1.72 | 1.23 | 1.84 | 1.43 | 1.56 |
| Current Ratio | 3.44 | 2.59 | 3.12 | 2.80 | 1.73 | 2.53 | 2.06 | 2.08 |
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Net Income | $1.40B | $1.02B | $897.56M | $779.44M | $474.50M | $621.67M | $404.59M | $315.59M |
| Depreciation | $235.81M | $216.21M | $196.52M | $193.84M | $191.52M | $181.37M | $150.79M | $119.96M |
| Other Funds (Non Cash) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Funds from Operations | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Extraordinary Item | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Changes in Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Taxes Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Operating Activities | $1.75B | $1.40B | $693.30M | $351.15M | $736.72M | $802.25M | $459.05M | $505.03M |
| Capital Expenditures | $89.86M | $114.86M | $134.00M | $156.04M | $116.83M | $105.94M | $77.34M | $71.46M |
| Net Assets From Acquisitions | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale of Fixed Assets and Businesses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase or Sale of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale Or Maturity of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Sources | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Investing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Dividends Paid | $310.88M | $282.32M | $258.28M | $245.34M | $226.71M | $225.09M | $211.71M | $199.50M |
| Change in Capital Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Repurchase of Common Pref Stock | $300.02M | $150.01M | $0.00 | $0.00 | $0.00 | $0.00 | $22.84M | $53.80M |
| Sale of Common Pref Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Proceeds from Stock Options | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance or Reduction of Debt, Net | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Change in Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Reduction of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Financing Active Other Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Financing Activities Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Financing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Exchange Rate Effect | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Change in Cash | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | $1.66B | $1.29B | $559.30M | $195.11M | $619.89M | $696.32M | $381.71M | $433.57M |
| Preferred Dividends (Cash Flow) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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About the company
ResMed Inc. is a leading global medical technology enterprise engaged in the creation, production, distribution, and marketing of healthcare devices and connected digital solutions. The company operates through two primary segments: Sleep and Respiratory Care, and Software as a Service. Its extensive product range addresses a variety of respiratory disorders, encompassing advanced medical and consumer technologies, ventilation devices, diagnostic equipment, mask systems for both clinical and personal use, headgear, and related accessories, alongside dental devices. ResMed also provides sophisticated cloud-based informatics to enhance patient management and operational efficiency. Notable software offerings in its respiratory portfolio include AirView, for remote device monitoring and setting adjustments; myAir, a personalized application designed to support sleep apnea patients with education and troubleshooting for better engagement and adherence; and U-Sleep, a compliance tracking platform for home medical equipment providers. Complementing these are connectivity modules and Propeller solutions. Furthermore, ResMed offers a robust suite of out-of-hospital software. This includes Brightree, a business management platform for various home care service providers (e.g., HME, pharmacy, infusion, orthotics, prosthetics); MatrixCare, providing care management for senior living, skilled nursing, and hospice organizations; and HEALTHCAREfirst, which supplies electronic health records, billing, coding services, and analytics for home health and hospice agencies. ResMed distributes its offerings primarily to sleep clinics, home healthcare dealers, and hospitals via a global network of distributors and a direct sales force, serving approximately 140 countries. Founded in 1989, the company's headquarters are located in San Diego, California.