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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $752.9M buybacks = $752.9M returned on $998.3M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Modest payoff on reinvested capital. Current ROIC on all capital: 7%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.10B 100.0% | $4.03B 100.0% | $4.03B 100.0% | $4.86B 100.0% | $5.63B 100.0% | $3.78B 100.0% | $3.37B 100.0% | $3.22B 100.0% | $3.06B 100.0% | $2.83B 100.0% |
| Cost of Revenue | $1.60B 39.0% | $1.57B 39.0% | $1.55B 38.4% | — | — | — | — | $886.6M 27.6% | $881.8M 28.8% | $756.8M 26.7% |
| Cost of Products | — | — | — | — | — | — | — | $886.6M 27.6% | $881.8M 28.8% | $756.8M 26.7% |
| Cost of Services | — | — | — | — | — | — | — | $315.2M 9.8% | $258.9M 8.5% | $219.2M 7.7% |
| Gross Profit | $2.12B 51.6% | $2.23B 55.3% | $2.07B 51.4% | $3.00B 61.6% | $3.80B 67.4% | $2.23B 59.0% | $1.17B 34.8% | $1.70B 52.7% | $1.62B 53.0% | $1.56B 55.2% |
| Research & Development | $248.2M 6.1% | $272.8M 6.8% | $294.3M 7.3% | $283.4M 5.8% | $276.3M 4.9% | $222.5M 5.9% | $232.2M 6.9% | $218.7M 6.8% | $232.8M 7.6% | $232.1M 8.2% |
| Selling, General & Admin | $449.3M 11.0% | $409.4M 10.2% | $392.4M 9.7% | $407.7M 8.4% | $433.2M 7.7% | $355.7M 9.4% | $332.3M 9.9% | $366.1M 11.4% | $343.3M 11.2% | $267.3M 9.4% |
| Total Operating Expenses | $1.40B 34.2% | $1.35B 33.4% | $1.40B 34.8% | $1.36B 27.9% | $1.32B 23.4% | $1.12B 29.7% | $1.29B 38.4% | $1.93B 60.1% | $250.8M 8.2% | $1.01B 35.8% |
| Operating Income | $714.3M 17.4% | $882.6M 21.9% | $668.4M 16.6% | $1.64B 33.7% | $2.48B 44.0% | $1.10B 29.3% | -$123.8M -3.7% | -$237.9M -7.4% | $1.37B 44.8% | $548.6M 19.4% |
| Interest Expense | $117.1M 2.9% | $122.1M 3.0% | $111.1M 2.8% | $95.1M 2.0% | $93.6M 1.7% | $116.5M 3.1% | $140.8M 4.2% | $148.7M 4.6% | $153.2M 5.0% | $155.3M 5.5% |
| Interest & Investment Income | $74.4M 1.8% | $108.7M 2.7% | $120.5M 3.0% | $12.9M 0.3% | $1.4M 0.0% | $4.3M 0.1% | $4.6M 0.1% | $6.3M 0.2% | $3.8M 0.1% | $700K 0.0% |
| Other Income (Expense), net | $9.6M 0.2% | -$4.1M -0.1% | -$1.7M -0.0% | $30.9M 0.6% | -$5.4M -0.1% | $9.1M 0.2% | $3.1M 0.1% | $7.6M 0.2% | $12.9M 0.4% | $26.6M 0.9% |
| Pretax Income | $681.2M 16.6% | $865.1M 21.5% | $676.1M 16.8% | $1.59B 32.7% | $2.36B 41.9% | $1.00B 26.5% | -$257.7M -7.7% | -$418.6M -13.0% | $1.23B 40.2% | $415.3M 14.7% |
| Income Tax Expense | $115.5M 2.8% | $75.6M 1.9% | $220.1M 5.5% | $286.2M 5.9% | $491.4M 8.7% | -$108.6M -2.9% | -$54.1M -1.6% | -$307.3M -9.5% | $475.0M 15.5% | $84.5M 3.0% |
| Net Income | $565.7M 13.8% | $789.5M 19.6% | $456.0M 11.3% | $1.30B 26.8% | $1.87B 33.2% | $1.12B 29.5% | -$203.6M -6.0% | -$111.3M -3.5% | $755.5M 24.7% | $330.8M 11.7% |
| Per Share | ||||||||||
| EPS (Basic) | $2.50 | $3.35 | $1.85 | $5.18 | $7.28 | $4.24 | -$0.76 | -$0.40 | $2.70 | $1.18 |
| EPS (Diluted) | $2.49 | $3.32 | $1.83 | $5.13 | $7.21 | $4.21 | -$0.76 | -$0.40 | $2.64 | $1.16 |
| Weighted Avg Shares (Basic) | 226.2M | 235.7M | 246.8M | 251.5M | 257.0M | 262.7M | 269.4M | 275.1M | 279.8M | 280.2M |
| Weighted Avg Shares (Diluted) | 227.6M | 237.6M | 248.8M | 253.8M | 259.7M | 264.6M | 269.4M | 275.1M | 285.7M | 286.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.96B covers the $2.9M due within a year 675.7× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-09-27 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~4.7% on $2.51B of debt.
Cash of $1.96B fully covers short-term debt of $2.9M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Ranked against 88 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ISRG | $152.6B | 54.9× | 42.1× | 15.2× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | -0.9× | 693 |
| MDT | $123.5B | 25.9× | 15.9× | 3.4× | 8.4% | 65.0% | 13.2% | 9.7% | 6.2% | 2.8× | 748 |
| SYK | $111.9B | 34.8× | 19.2× | 4.5× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 1.8× | 738 |
| MMM | $89.9B | 29.1× | 17.3× | 3.6× | 1.5% | 39.9% | 13.0% | 69.1% | 18.8% | 2.1× | 788 |
| BSX | $60.8B | 21.6× | 11.9× | 3.0× | 19.9% | 69.0% | 14.4% | 11.9% | 11.8% | -0.3× | 407 |
| BDX | $53.9B | 34.0× | 14.4× | 2.5× | 8.2% | 45.4% | 7.7% | 6.6% | 3.8% | 3.7× | 458 |
| EW | $53.0B | 50.3× | 35.7× | 8.7× | 11.5% | 78.0% | 17.7% | 10.4% | 9.8% | -1.6× | 399 |
| GEHC | $34.6B | 16.8× | 13.2× | 1.7× | 4.8% | 40.0% | 10.1% | 20.1% | 10.2% | 1.8× | 356 |
| RMD | $32.3B | 22.1× | 15.1× | 5.7× | 9.9% | 61.1% | 26.9% | 23.1% | 21.0% | -0.4× | — |
| DXCM | $31.1B | 39.4× | 25.9× | 6.7× | 15.6% | 60.1% | 17.9% | 30.5% | 30.5% | -0.8× | 287 |
| WST | $28.8B | 60.8× | 37.3× | 9.4× | 6.3% | 35.9% | 16.1% | 15.5% | 14.6% | -0.8× | 237 |
| MDLN | $28.2B | — | 12.0× | 1.0× | — | 26.4% | 4.1% | 10.8% | 5.0% | 3.3× | 84 |
| STE | $22.1B | 28.6× | 14.9× | 3.7× | 8.7% | 44.2% | 13.2% | 10.9% | 8.6% | 0.9× | 204 |
| ZBH | $18.0B | 26.6× | 11.4× | 2.2× | 7.2% | 69.7% | 8.6% | 5.6% | 3.5% | 3.2× | 253 |
| GKOS | $14.1B | — | — | 27.7× | 32.3% | 55.7% | -37.0% | -28.6% | -28.6% | — | 82 |
| SOLV | $13.8B | 9.2× | 6.7× | 1.7× | 0.9% | 53.5% | 18.7% | 30.8% | 15.4% | 1.6× | 246 |
| PEN | $12.6B | 70.6× | 59.9× | 8.9× | 17.5% | 67.1% | 12.7% | 12.4% | 12.4% | -0.9× | 76 |
| BAX | $11.9B | — | 28.8× | 1.1× | 5.7% | 30.1% | -8.5% | -15.6% | -6.1% | 11.1× | 197 |
| ALGN | $10.6B | 26.5× | 12.2× | 2.6× | 0.9% | 67.2% | 10.2% | 10.1% | 10.1% | -1.4× | 152 |
| GMED | $10.5B | 19.9× | 13.2× | 3.6× | 16.7% | 67.4% | 18.3% | 11.8% | 11.8% | -0.7× | 146 |
| PODD | $10.4B | 43.0× | 18.4× | 3.8× | 30.7% | 71.6% | 9.1% | 16.3% | 16.1% | 0.0× | 164 |
| MSA | $6.9B | 25.2× | 16.5× | 3.7× | 3.7% | 46.5% | 14.9% | 20.4% | 14.3% | 0.9× | 104 |
| TFX | $5.9B | — | 46.9× | 3.0× | 17.2% | 56.2% | -45.4% | -29.0% | -15.7% | 13.0× | 73 |
| HAE | $5.4B | 58.4× | 29.5× | 4.1× | -2.0% | 59.0% | 7.3% | 12.2% | 4.8% | 4.5× | 58 |
| MMSI | $5.1B | 40.5× | 17.7× | 3.4× | 11.8% | 48.7% | 8.5% | 8.1% | 5.5% | 0.9× | 94 |
| HOLX | — | — | — | — | 1.7% | 51.6% | 13.8% | 11.2% | 7.5% | 0.7× | — |
Peers = companies sharing HOLX's sector (X-Ray Apparatus & Tubes & Related Irradiation Apparatus) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
No current price collected.
Where each multiple sits in its own 14-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 11% against ROIC 7% — 4% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 27.6 | — | — | — | — | 38.4 | 39.0 | 39.0 |
| Gross Profit | 52.7 | 34.8 | 59.0 | 67.4 | 61.6 | 51.4 | 55.3 | 51.6 |
| R&D | 6.8 | 6.9 | 5.9 | 4.9 | 5.8 | 7.3 | 6.8 | 6.1 |
| SG&A | 11.4 | 9.9 | 9.4 | 7.7 | 8.4 | 9.7 | 10.2 | 11.0 |
| Operating Income | -7.4 | -3.7 | 29.3 | 44.0 | 33.7 | 16.6 | 21.9 | 17.4 |
| Income Tax | -9.5 | -1.6 | -2.9 | 8.7 | 5.9 | 5.5 | 1.9 | 2.8 |
| Net Income | -3.5 | -6.0 | 29.5 | 33.2 | 26.8 | 11.3 | 19.6 | 13.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on HOLX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 55.2% | 19.4% | 11.7% |
| FY2017 | 53.0% | 44.8% | 24.7% |
| FY2018 | 52.7% | -7.4% | -3.5% |
| FY2019 | 34.8% | -3.7% | -6.0% |
| FY2020 | 59.0% | 29.3% | 29.5% |
| FY2021 | 67.4% | 44.0% | 33.2% |
| FY2022 | 61.6% | 33.7% | 26.8% |
| FY2023 | 51.4% | 16.6% | 11.3% |
| FY2024 | 55.3% | 21.9% | 19.6% |
| FY2025 | 51.6% | 17.4% | 13.8% |
Leverage and buybacks account for 4 points of the 11% return on equity in FY2025. The business earns 7% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: beta, market_cap.
Converts 1.63x of reported profit into free cash flow over 5 years, with accruals negative.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Covers interest 4.3x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 6.10x |
| 5% | 5.79x |
| 10% | 5.49x |
| 15% | 5.18x |
| 20% | 4.88x |
| 25% | 4.57x |
| 30% | 4.27x |
| 35% | 3.96x |
| 40% | 3.66x |
| 45% | 3.35x |
| 50% | 3.05x |
| 55% | 2.74x |
| 60% | 2.44x |
Ladder as of 2025-09-27 (10-K); cash from the 2025-09-27 balance sheet; FCF from FY2025.
Balance sheet at 2025-09-27. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
No current price or share count, so the market's assumption cannot be solved for.
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. No TTM point: the four most recent quarters do not form a usable window.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: market_cap.
| Step | Amount | Running total |
|---|---|---|
| Net income | $566M | $566M |
| Share-based comp | $84M | $650M |
| Other non-cash & working capital | $407M | $1.06B |
| Operating cash flow | $1.06B | $1.06B |
| Capex | −$59M | $998M |
| Free cash flow | $998M | $998M |
| FCF after SBC | $914M | $914M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 12.2% | 58.6% | 46.5 points |
| FY2021 | 49.1% | -8.4% | -57.5 points |
| FY2022 | -13.7% | -34.5% | -20.8 points |
| FY2023 | -17.1% | 1.3% | 18.4 points |
| FY2024 | 0.0% | -4.0% | -4.0 points |
| FY2025 | 1.7% | 0.1% | -1.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 70.3 days | not reported | not reported | not reported |
| FY2020 | 99.4 days | not reported | not reported | not reported |
| FY2021 | 61.1 days | not reported | not reported | not reported |
| FY2022 | 46.4 days | not reported | not reported | not reported |
| FY2023 | 56.7 days | 145.5 days | 41.3 days | 160.9 days |
| FY2024 | 54.4 days | 157.9 days | 47.3 days | 164.9 days |
| FY2025 | 53.5 days | 155 days | 44.1 days | 164.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -13.2 percent |
| FY2020 | 3.0 percent |
| FY2021 | -5.1 percent |
| FY2022 | -9.1 percent |
| FY2023 | -6.5 percent |
| FY2024 | -5.4 percent |
| FY2025 | -5.5 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 2 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.