Boston Scientific

Balance sheet and cash generation support resilience and reinvestment. As of September 30, 2025, total debt was $11.6 billion with current obligations of $0.5 billion and cash and cash equivalents of $1.275 billion; fixed‑rate notes comprise nearly all borrowings and the leverage ratio under the revolver covenant is 2.02x, indicating ample cushion.

The 2024 10‑K shows $2.65 billion of free cash flow and continued double‑digit adjusted EPS growth; 2025 quarterly results show substantial cash generation and margin expansion. Euro notes issued in early 2025 ladder maturities at attractive coupons.

We deduct points for product liability and recall risk and moderate net leverage, but overall financial strength is solid for a large‑cap compounder.