ResMed RMD

NYSE · Surgical & Medical Instruments & Apparatus · $34.7B

$239.31−0.50%Nov 5 close · Databento

Every report since 2023 →

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RMD Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $239.311D −0.50%3M +8.75%SMA20 $241.52SMA50 $231.87RSI(14) 51.7

239.31

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 51.7

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2026, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$34.7B

EV / True FCF21.8x

Revenue$5.7B +9.9%

True FCF (ex-SBC)$1.5B −0.7%

Rule of 4039.1%

ROIC27.1%

True FCF Yield4.5%

EPS, diluted$10.43 +9.7%

Modern Valuation (EOD)

Market Cap$34.7B

Enterprise Value$33.6B

EV / True FCF21.76

EV / FCF20.38

EV / Gross Profit9.74

EV / EBIT17.82

EV / Sales5.95

P / E (GAAP)22.78

P / FCF21.03

P / Oper. CF19.21

P / Book5.27

Owner & Cash Yields

True FCF Yield4.5%

FCF Yield4.8%

Owner Earn. Yield4.2%

Earnings Yield4.4%

Shareholder Yield+2.7%

Buyback Yield2.0%

Dividend Yield1.00%

Dividend / sh$2.40

Payout Ratio23%

FCF / sh$11.73

EPS (diluted)$10.43

Compounder & Returns

Rule of 4039.1%

ROIC27.1%

Cash ROIC (CROIC)29.9%

GP / Assets38.5%

ROE23.1%

ROA17.0%

Gross Margin61.1%

Oper. Margin33.4%

Net Margin26.9%

FCF Margin29.2%

True FCF Margin27.3%

Quality & Dilution

Cash Conversion108%

Accrual Ratio−3.2%

SBC % of FCF6.3%

SBC % of Rev1.8%

Reinvest. Rate30%

Sales Growth Y/Y+9.9%

Sales 3Y CAGR+10.2%

EPS Growth Y/Y+9.7%

FCF Growth Y/Y−0.7%

FCF 3Y CAGR+42.2%

Share Change Y/Y−0.9%

Balance Sheet & Scale

Revenue (FY)$5.7B

Gross Profit (FY)$3.5B

Oper. Income (FY)$1.9B

GAAP Net Income$1.5B

True FCF (ex-SBC)$1.5B

Cash & Equiv$1.5B

Total Debt$399.4M

Net Cash (Debt)$1.1B

Net Cash % MCap+3.1%

Debt / FCF (yrs)0.2y

Current Ratio3.10140.66M sh

Price & Technicals (EOD)

Perf Week−5.35%

Perf Month+5.90%

Perf Quarter+12.91%

Perf Half Y+15.67%

Perf YTD+5.82%

SMA 20 Dist−0.91%$241.52

SMA 50 Dist+3.21%$231.87

SMA 100 Dist+8.46%$220.65

Window High−5.49%$253.20

Window Low+30.90%$182.82

RSI (14) · Vol51.746%v

Income Distribution & Cash Flow ConversionHow every dollar of RMD revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2026)

Cost of Revenue (COGS)$2.2B ($38.9 / $100)

R&D Reinvestment$378.3M ($6.7 / $100)

SG&A & Other OpEx$1.2B ($21.0 / $100)

Tax & Non-Operating$363.7M ($6.4 / $100)

Net Profit Kept$1.5B ($26.9 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2026)

GAAP Net Income$1.5B (26.9% margin)

Operating Cash Flow (OCF)$1.8B(31.9% of rev)

Less: Capital Expenditures−$156.3M(2.8% of rev)

Standard Free Cash Flow (FCF)$1.6B(29.2% margin)

Less: Stock-Based Comp (SBC)−$104.3M(6.3% of FCF)

True FCF (Owner Cash ex-SBC)$1.5B(27.3% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2022	FY2023	FY2024	FY2025	FY2026	YoY Δ	4Y CAGR
Income Statement
Revenue	$3.6B	$4.2B	$4.7B	$5.1B	$5.7B	+9.9%	+12.1%
Cost of Revenue (COGS)	$1.6B	$1.9B	$2.0B	$2.1B	$2.2B	+5.3%	+9.1%
Gross Profit	$2.0B	$2.4B	$2.7B	$3.1B	$3.5B	+13.0%	+14.3%
Research & Development (R&D)	$253.6M	$287.6M	$307.5M	$331.3M	$378.3M	+14.2%	+10.5%
Selling, General & Admin (SG&A)	$737.5M	$874.0M	$917.1M	$993.0M	$1.1B	+12.7%	+11.0%
Total Operating Expenses	$1.0B	$1.2B	$1.3B	$1.4B	$1.6B	+14.3%	+11.2%
Operating Income (EBIT)	$1.0B	$1.1B	$1.3B	$1.7B	$1.9B	+11.9%	+17.2%
Interest Expense	—	—	—	—	$24.0M	—	—
Income Tax Expense	$181.0M	$204.1M	$243.8M	$276.8M	$396.1M	+43.1%	+21.6%
GAAP Net Income	$779.0M	$898.0M	$1.0B	$1.4B	$1.5B	+8.7%	+18.2%
Diluted EPS	$5.30	$6.09	$6.92	$9.51	$10.43	+9.7%	+18.4%
Diluted Shares	147.0M	147.5M	147.6M	147.3M	146.1M	−0.9%	−0.2%
Balance Sheet
Cash & Equivalents	$273.7M	$227.9M	$238.4M	$1.2B	$1.5B	+21.5%	+52.2%
Inventory	$743.9M	$998.0M	$822.3M	$927.7M	$945.8M	+2.0%	+6.2%
Total Current Assets	$1.9B	$2.4B	$2.4B	$3.5B	$4.3B	+23.4%	+22.3%
Total Assets	$5.1B	$6.8B	$6.9B	$8.2B	$9.0B	+9.7%	+15.2%
Total Current Liabilities	$689.3M	$758.5M	$910.7M	$1.0B	$1.4B	+36.9%	+19.3%
Total Debt (Short + Long Term)	$765.3M	$1.4B	$697.3M	$658.4M	$399.4M	−39.3%	−15.0%
Total Liabilities	$1.7B	$2.6B	$2.0B	$2.2B	$2.4B	+7.9%	+8.2%
Stockholders' Equity	$3.4B	$4.1B	$4.9B	$6.0B	$6.6B	+10.3%	+18.3%
Net Cash / (Net Debt)	$-491.6M	$-1.2B	$-459.0M	$551.0M	$1.1B	+94.1%	—
Invested Capital	$3.9B	$5.3B	$5.3B	$5.4B	$5.5B	+1.8%	+9.4%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$351.1M	$693.3M	$1.4B	$1.8B	$1.8B	+3.1%	+50.6%
Depreciation & Amortization (D&A)	$159.6M	$165.2M	$176.9M	$198.5M	$201.3M	+1.4%	+6.0%
Stock-Based Compensation (SBC)	$65.3M	$71.1M	$80.2M	$91.7M	$104.3M	+13.8%	+12.5%
Capital Expenditures (CapEx)	$134.8M	$119.7M	$99.5M	$89.9M	$156.3M	+73.9%	+3.8%
Free Cash Flow (FCF)	$216.3M	$573.6M	$1.3B	$1.7B	$1.6B	−0.7%	+66.2%
True FCF (ex-SBC Owner Cash)	$151.1M	$502.5M	$1.2B	$1.6B	$1.5B	−1.6%	+78.8%
Share Repurchases (Buybacks)	$0	$0	$150.0M	$300.0M	$700.0M	+133.3%	—
Dividends Paid	$245.3M	$258.3M	$282.3M	$310.9M	$349.7M	+12.5%	+9.3%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what RMD did at the next close after each story

No Wire story has named RMD yet.

What happened · big days

23 big days in a year, and what we hold on each

A big day is a close more than 3.05% from the one before, three times RMD’s median day (1.02%). On 9 of the 23, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.05%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayRMDWhat we hold that dayGroup (median of 4) · each

1 Feb 4, 2026+4.62%
Before our storiesgroup +0.3%, did not move with it
1Feb 4, 2026+4.62%
Before our stories
+0.3% did not move with itMMM +5.2 · BDX +0.7 · SYK −0.0 · BSX −17.6
2 Feb 10, 2026−4.50%
Before our storiesgroup +0.8%, did not move with it
2Feb 10, 2026−4.50%
Before our stories
+0.8% did not move with itBDX −17.2 · BSX +0.2 · SYK +1.4 · MMM +1.9
3 Feb 12, 2026−5.35%
Before our storiesgroup +0.7%, did not move with it
3Feb 12, 2026−5.35%
Before our stories
+0.7% did not move with itBDX −1.6 · SYK +0.6 · BSX +0.9 · MMM +1.0
4 Feb 24, 2026−3.51%
Before our storiesgroup −0.4%, did not move with it
4Feb 24, 2026−3.51%
Before our stories
−0.4% did not move with itBDX −1.0 · SYK −0.9 · MMM +0.1 · BSX +1.1
5 Mar 12, 2026−3.22%
Before our storiesgroup −2.3%, moved with RMD
5Mar 12, 2026−3.22%
Before our stories
−2.3% moved with RMDMMM −3.9 · SYK −2.5 · BDX −2.2 · BSX −1.6
6 May 1, 2026−4.11%
Resultsgroup −2.3%, moved with RMD
6May 1, 2026−4.11%
ResultsFirst close after the Apr 30 results filing
−2.3% moved with RMDSYK −6.5 · MMM −2.7 · BSX −1.9 · BDX +0.2
7 May 11, 2026−3.87%
Before our storiesgroup −1.0%, did not move with it
7May 11, 2026−3.87%
Before our stories
−1.0% did not move with itBDX −4.2 · BSX −1.0 · SYK −1.0 · MMM +0.0
8 May 29, 2026−6.32%
Before our storiesgroup −0.8%, did not move with it
8May 29, 2026−6.32%
Before our stories
−0.8% did not move with itBSX −1.6 · BDX −0.9 · SYK −0.8 · MMM +0.2
9 Jun 4, 2026+4.22%
Before our storiesgroup +2.3%, moved with RMD
9Jun 4, 2026+4.22%
Before our stories
+2.3% moved with RMDBDX +2.7 · BSX +2.4 · SYK +2.1 · MMM +0.7
10 Jun 17, 2026−3.94%
Nothing on RMDgroup −2.8%, moved with RMD
10Jun 17, 2026−3.94%
Nothing on RMDNo RMD story, brief or results filing in our record that day
−2.8% moved with RMDBSX −4.2 · SYK −3.0 · BDX −2.5 · MMM −1.5
11 Jul 1, 2026+3.19%
Nothing on RMDgroup +0.2%, did not move with it
11Jul 1, 2026+3.19%
Nothing on RMDNo RMD story, brief or results filing in our record that day
+0.2% did not move with itBDX +1.0 · BSX +0.9 · SYK −0.5 · MMM −1.2
12 Jul 2, 2026+4.24%
Nothing on RMDgroup +3.8%, moved with RMD
12Jul 2, 2026+4.24%
Nothing on RMDNo RMD story, brief or results filing in our record that day
+3.8% moved with RMDBSX +4.8 · SYK +4.2 · BDX +3.4 · MMM +0.3
13 Jul 6, 2026+4.18%
Nothing on RMDgroup −1.0%, did not move with it
13Jul 6, 2026+4.18%
Nothing on RMDNo RMD story, brief or results filing in our record that day
−1.0% did not move with itSYK −0.6 · MMM −0.8 · BSX −1.2 · BDX −1.6
14 Jul 8, 2026−6.33%
Nothing on RMDgroup −1.6%, did not move with it
14Jul 8, 2026−6.33%
Nothing on RMDNo RMD story, brief or results filing in our record that day
−1.6% did not move with itBDX −3.7 · MMM −2.1 · BSX −1.1 · SYK −0.9
15 Jul 27, 2026+4.00%
Nothing on RMDgroup +2.4%, moved with RMD
15Jul 27, 2026+4.00%
Nothing on RMDNo RMD story, brief or results filing in our record that day
+2.4% moved with RMDMMM +3.3 · BSX +2.9 · SYK +2.0 · BDX +1.6
16 Aug 4, 2026+3.69%
Nothing on RMDgroup +0.7%, did not move with it
16Aug 4, 2026+3.69%
Nothing on RMDNo RMD story, brief or results filing in our record that day
+0.7% did not move with itMMM +2.4 · BSX +1.4 · BDX −0.1 · SYK −1.5
17 Aug 7, 2026−5.06%
Resultsgroup +0.2%, did not move with it
17Aug 7, 2026−5.06%
ResultsFirst close after the Aug 6 results filing
+0.2% did not move with itBDX −0.1 · BSX +0.0 · SYK +0.5 · MMM +1.2
18 Aug 10, 2026+3.83%
Nothing on RMDgroup +1.8%, did not move with it
18Aug 10, 2026+3.83%
Nothing on RMDNo RMD story, brief or results filing in our record that day
+1.8% did not move with itBSX +2.3 · SYK +2.0 · BDX +1.6 · MMM −0.5
19 Aug 19, 2026+4.85%
Nothing on RMDgroup +2.8%, moved with RMD
19Aug 19, 2026+4.85%
Nothing on RMDNo RMD story, brief or results filing in our record that day
+2.8% moved with RMDBDX +3.8 · BSX +3.0 · SYK +2.6 · MMM −0.1
20 Sep 1, 2026−3.64%
Nothing on RMDgroup −0.7%, did not move with it
20Sep 1, 2026−3.64%
Nothing on RMDNo RMD story, brief or results filing in our record that day
−0.7% did not move with itSYK −2.0 · MMM −0.9 · BDX −0.5 · BSX −0.5
21 Sep 8, 2026−3.20%
Nothing on RMDgroup −4.5%, moved with RMD
21Sep 8, 2026−3.20%
Nothing on RMDNo RMD story, brief or results filing in our record that day
−4.5% moved with RMDSYK −8.8 · BSX −5.9 · BDX −3.0 · MMM −0.6
22 Oct 30, 2026−9.05%
Resultsgroup −1.7%, did not move with it
22Oct 30, 2026−9.05%
ResultsFirst close after the Oct 29 results filing
−1.7% did not move with itSYK −6.4 · MMM −1.7 · BSX −1.7 · BDX −0.2
23 Nov 4, 2026+5.91%
Nothing on RMDgroup +7.5%, moved with RMD
23Nov 4, 2026+5.91%
Nothing on RMDNo RMD story, brief or results filing in our record that day
+7.5% moved with RMDMMM +9.6 · SYK +9.4 · BDX +5.6 · BSX +5.3

A story on the same day is not a cause, and a group move is not proof either. Group: the median of SYK, MMM, BSX and BDX that day, the largest companies in RMD’s SEC industry; “moved with RMD” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). RMD reports after the close, so day 1 is the next close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Oct 30, 2025

day 1−2.13%day 6−0.31%

Reported Jan 29, 2026

day 1+0.27%day 6+5.44%

Reported Apr 30, 2026

day 1−4.11%day 6−3.30%

Reported Aug 6, 2026

day 1−5.06%day 6+0.55%

Next report: expected late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 29 report: −5.35%. Four reports is a small sample.

Every report since 2023 →

Each line is RMD’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

RMD against four medical device peers, a year at 100

RMD is down 4.8% in a year. Becton Dickinson is up 20.1% and 3M 13.9%. Of these four, Stryker (−5.9%) and Boston Scientific (−55.4%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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RMD −4.8%. Becton Dickinson +20.1%, 3M +13.9%, Stryker −5.9%, Boston Scientific −55.4%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in RMD’s SEC industry (Surgical & Medical Instruments & Apparatus) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

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SYK	Stryker	$130.3B	−1.35%
MMM	3M	$100.0B	−3.19%
BSX	Boston Scientific	$66.4B	−2.58%
BDX	Becton Dickinson	$57.0B	+2.08%
DXCM	Dexcom	$33.4B	−4.54%
MDLN	Medline	$32.7B	−1.46%
WST	West Pharmaceutical Services	$28.8B	−3.99%
SOLV	Solventum	$15.2B	−2.43%