ResMed

Capital deployment balances R&D ($294M in FY2025), targeted M&A (e.g., May 2025 VirtuOx to streamline diagnostics), dividends ($2.12/share FY2025, raised to $0.60 quarterly), and buybacks ($300M FY2025; $150M in Q1 FY2026). Stock‑based compensation is moderate ($92M FY2025) and offset by repurchases.

Management has prioritized margin restoration and supply chain resilience over near‑term share gains, which we view positively. We see discipline on acquisitions and continued investment in software, AI/ML, and diagnostics that reinforce the ecosystem.