ResMed
RMDNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $234.11 Prior regular-session close from the quote source.
- $230.00–$238.59 Regular-session low and high so far today.
- 930.5K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $180.27–$277.67 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own RMD if ResMed converts a growing installed base of durable sleep and breathing devices into recurring consumables and connected-software revenue, which—combined with operating leverage and strong cash generation—can produce steady revenue and EPS growth that justifies.
RMD price history
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Investment thesis
What must happen next
An expanding installed base and recurring consumable/subscription demand will sustain mid-single- to high-single-digit organic revenue growth even if device unit growth slows.StrengtheningMateriality: High
revenue rose year-over-year: 4685297000.0 (FY2024) -> 5146327000.0 (FY2025) -> 5653443000.0 (FY2026). If recurring demand holds, revenue is predictable and less cyclical, supporting valuation; if attach rates fall, revenue growth will decelerate and margin/valuation are at risk.
Watch: Significant payer (e.g., CMS) reimbursement cuts for CPAP/therapy that reduce prescriptions and device adoption.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
revenue rose year-over-year: 4685297000.0 (FY2024) -> 5146327000.0 (FY2025) -> 5653443000.0 (FY2026).
Open source ↗Revenue growth should continue to convert into operating-income and operating-margin expansion because of high gross margins and operating leverage in the business model.StrengtheningMateriality: High
operating_income climbed: 1319893000.0 (FY2024) -> 1685363000.0 (FY2025) -> 1886715000.0 (FY2026). Margin expansion magnifies EPS and free-cash-flow gains; failure to expand margins would limit EPS upside and strain the premium multiple.
Watch: Sustained COGS inflation or supply-chain cost increases that compress gross margins.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_income climbed: 1319893000.0 (FY2024) -> 1685363000.0 (FY2025) -> 1886715000.0 (FY2026).
Open source ↗Strong operating cash flow will continue to fund buybacks/dividends and support EPS growth without meaningful leverage, because operations generate repeatable free cash flow.StrengtheningMateriality: Medium
operating_cash_flow increased: 1401260000.0 (FY2024) -> 1751588000.0 (FY2025) -> 1805829000.0 (FY2026). If cash generation persists, the company can return capital and drive EPS via buybacks rather than rely on risky acquisitions or dilution; if cash falls, EPS growth and the return-of-capital story weaken.
Watch: A strategic shift to capital-intensive products or large M&A that materially increases capex or debt.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow increased: 1401260000.0 (FY2024) -> 1751588000.0 (FY2025) -> 1805829000.0 (FY2026).
Open source ↗
Full investment case & evidence
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Original research
An expanding installed base and recurring consumable/subscription demand will sustain mid-single- to high-single-digit organic revenue growth even if device unit growth slows. If recurring demand holds, revenue is predictable and less cyclical, supporting valuation; if attach rates fall, revenue growth will decelerate and margin/valuation are at risk.
Revenue growth should continue to convert into operating-income and operating-margin expansion because of high gross margins and operating leverage in the business model. Margin expansion magnifies EPS and free-cash-flow gains; failure to expand margins would limit EPS upside and strain the premium multiple.
Strong operating cash flow will continue to fund buybacks/dividends and support EPS growth without meaningful leverage, because operations generate repeatable free cash flow. If cash generation persists, the company can return capital and drive EPS via buybacks rather than rely on risky acquisitions or dilution; if cash falls, EPS growth and the return-of-capital story weaken.
All standing thesis claims
Original report summary
ResMed converts a growing installed base of durable sleep and breathing devices into recurring consumables and connected-software revenue, which—combined with operating leverage and strong cash generation—can produce steady revenue and EPS growth that justifies.
Bull case and bear case
Bull case and bear case for Resmed
Where the evidence on Resmed stands: Strengthening on the latest evidence (Nov 7, 2026). Of its 3 thesis points, 3 strengthening.
Bull case: what the evidence supports
An expanding installed base and recurring consumable/subscription demand will sustain mid-single- to high-single-digit organic revenue growth even if device unit growth slows.
Revenue growth should continue to convert into operating-income and operating-margin expansion because of high gross margins and operating leverage in the business model.
Strong operating cash flow will continue to fund buybacks/dividends and support EPS growth without meaningful leverage, because operations generate repeatable free cash flow.
Bear case: what would count against it
Significant payer (e.g., CMS) reimbursement cuts for CPAP/therapy that reduce prescriptions and device adoption.
Sustained COGS inflation or supply-chain cost increases that compress gross margins.
A strategic shift to capital-intensive products or large M&A that materially increases capex or debt.
Thesis-Break Engine
Thesis-break watch · Resmed
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Resmed filed an SEC 8-K on 2026-10-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedOther material event.
Resmed filed an SEC 8-K on 2026-09-01: Other material event. It is a dated development that tests the current thesis.
- MixedChanged certifying accountant.
Resmed filed an SEC 8-K on 2026-08-17: Changed certifying accountant. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Significant payer (e.g., CMS) reimbursement cuts for CPAP/therapy that reduce prescriptions and device adoption.
- Sustained COGS inflation or supply-chain cost increases that compress gross margins.
- A strategic shift to capital-intensive products or large M&A that materially increases capex or debt.
RMD news
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Financial statements
RMD income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
RMD: quick answers
- Which well-known investors own RMD?
- 1 of the 37 well-known funds tracked here reported RMD shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.1%. Fund portfolios
RMD in well-known investors’ portfolios
1 of 37 funds reported RMD shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.05% | $13.1M | +71.7% | Q2 2026 |