Boston Scientific Corporation (BSX)
Boston Scientific makes minimally invasive medical devices for cardiology, urology, and other specialties.
BSX vs MDT: how the two businesses compare
- Bigger business: MDT, with $36.4B of yearly revenue, about 1.8× BSX's $20.1B.
- More cash from each sale: BSX turns 23 cents of each sales dollar into operating cash flow, against 20 cents at MDT.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Medtronic (MDT) is the larger business by reported revenue: $36.4B in its fiscal year ended Apr 2026, about 1.8× BSX's $20.1B (fiscal year ended Dec 2025). The SEC places them in related industries (Surgical & Medical Instruments & Apparatus; Electromedical & Electrotherapeutic Apparatus), and both map to the International markets research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Health Care
- Different
- Separate classifications
- Different
- BSX December 31 · MDT April 24
- Jun 18, 2026
BSX vs MDT: quick comparison
| Company fact | BSX | MDT |
|---|---|---|
| Company | Boston Scientific Corporation | Medtronic plc |
| Exchange | NYSE | NYSE |
| SEC industry | Surgical & Medical Instruments & Apparatus | Electromedical & Electrotherapeutic Apparatus |
| Fiscal year-end | December 31 | April 24 |
| Latest annual filing | 10-K · 2026-02-17 | 10-K · 2026-06-18 |
BSX vs MDT: audited financials
- Scale: MDT's $36.4B of revenue is about 1.8× BSX's $20.1B.
- Cash conversion: operating cash flow equalled BSX 22.6% of revenue; MDT 20.2% of revenue. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 4 months apart (2025-12-31 for BSX, 2026-04-24 for MDT), so each figure reflects somewhat different demand and cost conditions.
| Metric | BSX | MDT |
|---|---|---|
| Revenue | $20.1B2025-01-01 to 2025-12-31 · SEC filing | $36.4B2025-04-26 to 2026-04-24 · SEC filing |
| Operating cash flow | $4.5B2025-01-01 to 2025-12-31 · SEC filing | $7.3B2025-04-26 to 2026-04-24 · SEC filing |
| Diluted EPS | $1.942025-01-01 to 2025-12-31 · SEC filing | $3.732025-04-26 to 2026-04-24 · SEC filing |
BSX: FY ending 2025-12-31 · MDT: FY ending 2026-04-24. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where BSX and MDT overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 38.
- Shared research theme: International markets.
Differences
- Different four-digit SIC codes: BSX is 3841 (Surgical & Medical Instruments & Apparatus); MDT is 3845 (Electromedical & Electrotherapeutic Apparatus).
- Offset fiscal calendars: BSX's year ends December 31 and MDT's April 24, about 4 months apart.
- Scale: MDT reported about 1.8× the annual revenue of BSX.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Medtronic plc (MDT)
Medtronic makes medical devices for cardiac, diabetes, neurological, and surgical care.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves BSX
We have not yet published a company-specific driver list for BSX. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-17.
What moves MDT
We have not yet published a company-specific driver list for MDT. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-06-18.
The investment question
You now know MDT reports about 1.8× BSX's revenue. Those are the facts. The investment question is what each share price already assumes about their exposure to international markets, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. BSX's fiscal year ends December 31, while MDT's ends April 24. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 39 matched transaction rows for BSX and 20 matched transaction rows for MDT. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
BSX primary filings
MDT primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving BSX or MDT
BSX vs MDT FAQs
Are BSX and MDT direct competitors?
Not necessarily. Boston Scientific files as Surgical & Medical Instruments & Apparatus and Medtronic as Electromedical & Electrotherapeutic Apparatus. The pair is compared because both map to the International markets research theme, not because the filings show head-to-head competition.
Is BSX or MDT the bigger company by revenue?
Medtronic (MDT) is the larger business by reported revenue: $36.4B in its fiscal year ended Apr 2026, about 1.8× BSX's $20.1B (fiscal year ended Dec 2025). The SEC places them in related industries (Surgical & Medical Instruments & Apparatus; Electromedical & Electrotherapeutic Apparatus), and both map to the International markets research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, BSX or MDT?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this BSX vs MDT comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Boston Scientific Corporation and Medtronic plc tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
BSX vs MDT compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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