ResMed

ResMed generated $1.75B operating cash flow in FY2025 and $457M in Q1 FY2026, with modest capex (~$115M TTM) producing robust free cash flow. As of September 30, 2025, cash was ~$1.38B against ~$668M of debt, implying ~+$0.7B net cash. GAAP operating income rose to $1.69B in FY2025; ROE remained above 20%.

The company raised its quarterly dividend to $0.60 in July 2025 and repurchased ~$300M of shares in FY2025 plus ~$150M in Q1 FY2026, all while growing cash balances. Liquidity and interest coverage are excellent, and the balance sheet provides ample flexibility for organic investment and bolt‑on M&A.