20-quarter listed-company comparison

Medical Instruments & Supplies Stocks

Medical Instruments & Supplies: Medline Inc. owns the largest revenue base; Repligen Corporation has the fastest current growth.

The industry itself · before any single company

How has Medical Instruments & Supplies moved against S&P 500?

The line below covers 5.2 years. Over the most recent two of them this industry is 33% behind S&P 500. Earnings across its companies grew 3% on average over the last four reported quarters — close to flat. It has been ahead of S&P 500 on a rolling three-month view for 6 weeks running.

BREAKING OUT · ahead 6w✓Price down, no fundamental support21 of 35 companies ahead of S&P 500 by 5% or more over three months3 are 20% or more behind over a year while earnings grew 20% or more

RS ↑6w · 21/35 >200d (−3) · 21/35 lead (+5) · EPS 23/34↑

Medical Instruments & Supplies, equal-weighted, based at 200 S&P 500, same base, same start trailing 12-month earnings per share rising falling

Strength anatomy Broadening down the ladderHow much of the industry is participating, how recently, and whether the movers score well.

Together21 of 35 stocks moving

Fresh7 crossed in the last 4 weeks

Backed by scoresmovers score +0 vs the industry average

Down the cap ladder — bar is now, tick is four weeks ago

Large 2/70

Mid 10/13+4

Small 9/15+1

Participation is spreading downward — the mid and small companies added more this month than the large ones did.

Both lines start at 200 in the same week, so the distance between them is the whole story: the industry line is an equal-weighted index of its 35 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the industry taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Medical Instruments & Supplies outperforming S&P 500?

Medical Instruments & Supplies has outperformed S&P 500 by 1.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 13.5%. 14 of 27 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Pulse Biosciences, Inc. is the strongest against the sector itself at +60.5%.

+13.5%Sector vs S&P 500 · 13 weeks

+1.1%Sector vs S&P 500 · 52 weeks

14/27Stocks leading S&P 500

9/27Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Medical Instruments & Supplies has outperformed S&P 500 by 1.1% over 52 weeks and 13.5% over 13 weeks. 14 of 27 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 27 beat the sector itself. Medline Inc. leads with revenue of $29,140 million, based on 21 of 30 comparable companies through Mar 2026.

Is the Medical Instruments & Supplies sector outperforming S&P 500?

Which Medical Instruments & Supplies company is largest by revenue?

Medline Inc. leads with revenue of $29,140 million, based on 21 of 30 comparable companies through Mar 2026.

Which Medical Instruments & Supplies company is growing fastest?

Repligen Corporation has the fastest current revenue growth at 17.2%, across 21 of 30 comparable companies.

Which Medical Instruments & Supplies company has the strongest 4-Factor Sector Score?

West Pharmaceutical Services, Inc. ranks first at 63.1/100 with 58.7% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Medical Instruments & Supplies company reports the most CAPEX?

Alcon Inc. reports the largest latest CAPEX at $139 million, with 30 of 30 companies comparable.

Which Medical Instruments & Supplies company has the least gross debt?

Pulse Biosciences, Inc. has the lowest comparable gross debt at $7 million. Becton, Dickinson and Company has the highest at $17,279 million.

Which Medical Instruments & Supplies company has the lowest comparable PEG?

LeMaitre Vascular, Inc. has the lowest comparable Guarded PEG at 1.09, among 10 of 30 companies that pass the metric’s comparability rules.

How much history does this Medical Instruments & Supplies comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies

complete canonical membership

Combined market value

$449.4B

Intuitive Surgical, Inc.

Revenue growing

16/21

positive TTM year-on-year growth

Beating S&P 500

14/27

positive Mansfield relative strength

Global company selection

00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

West Pharmaceutical Services, Inc. has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 58.7% evidence confidence.

Solventum Corporation has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. West Pharmaceutical Services, Inc. · WST

63.1/100 · Thin evidence · provisional · 59% evidence

Exact sum: 21.5 + 18.3 + 9.6 + 13.7 = 63.1

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

21.5/35Growth & earnings

Revenue — · PAT — · OPM change 5.7 pp

45% evidence

18.3/25Capital efficiency

ROCE 5.3% · debt/equity 0.1×

80% evidence

9.6/20Valuation

P/E 46× · PEG —

15% evidence

13.7/20Relative strength

RS sector 7.8% · RS bench 12.8% · 1Y 40.9%

100% evidence

2. LeMaitre Vascular, Inc. · LMAT

62.1/100 · Mixed-positive evidence · 82% evidence

Exact sum: 26.5 + 16.1 + 13.8 + 5.7 = 62.1

Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -4.2% and the one-year return is 26.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

26.5/35Growth & earnings

Revenue 12.8% · PAT 40% · OPM change 5.6 pp

83% evidence

16.1/25Capital efficiency

ROCE 3.2% · debt/equity 0.47×

80% evidence

13.8/20Valuation

P/E 40.3× · PEG 1.09

65% evidence

5.7/20Relative strength

RS sector -4.2% · RS bench 0.3% · 1Y 26.2%

100% evidence

3. AtriCure, Inc. · ATRC

57.2/100 · Thin evidence · provisional · 53% evidence

Exact sum: 21.4 + 11.7 + 8.9 + 15.2 = 57.2

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

21.4/35Growth & earnings

Revenue — · PAT — · OPM change 5.2 pp

45% evidence

11.7/25Capital efficiency

ROCE 1.7% · debt/equity 0.14×

80% evidence

8.9/20Valuation

P/E 133.2× · PEG —

15% evidence

15.2/20Relative strength

RS sector 4.9% · RS bench 8.9% · 1Y 15.5%

70% evidence

4. ResMed Inc. · RMD

56.9/100 · Mixed-positive evidence · 82% evidence

Exact sum: 23 + 18.3 + 13.7 + 1.9 = 56.9

Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22.5% and the one-year return is -25.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

23.0/35Growth & earnings

Revenue 10.3% · PAT 15.8% · OPM change 1.9 pp

83% evidence

18.3/25Capital efficiency

ROCE 7.1% · debt/equity 0.13×

80% evidence

13.7/20Valuation

P/E 21.6× · PEG 1.32

65% evidence

1.9/20Relative strength

RS sector -22.5% · RS bench -19.5% · 1Y -25.2%

100% evidence

5. Solventum Corporation · SOLV

54.2/100 · Mixed-positive evidence · 72% evidence

Exact sum: 16.6 + 10.4 + 11.4 + 15.8 = 54.2

Decision use: Price leads the evidence: RS versus the benchmark is 7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

16.6/35Growth & earnings

Revenue -0.6% · PAT 100% · OPM change -3.3 pp

83% evidence

10.4/25Capital efficiency

ROCE 0.7% · debt/equity 1.06×

80% evidence

11.4/20Valuation

P/E 8× · PEG —

15% evidence

15.8/20Relative strength

RS sector 2.6% · RS bench 7% · 1Y 20.1%

100% evidence

6. Baxter International Inc. · BAX

51.5/100 · Mixed-positive evidence · 65% evidence

Exact sum: 15.7 + 7.4 + 10.2 + 18.2 = 51.5

Decision use: Price leads the evidence: RS versus the benchmark is 11.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

15.7/35Growth & earnings

Revenue 5.1% · PAT — · OPM change 0.2 pp

62% evidence

7.4/25Capital efficiency

ROCE 0.4% · debt/equity 1.61×

80% evidence

10.2/20Valuation

P/E 39.6× · PEG —

15% evidence

18.2/20Relative strength

RS sector 6.9% · RS bench 11.2% · 1Y 11%

100% evidence

7. Merit Medical Systems, Inc. · MMSI

51.3/100 · Mixed-positive evidence · 82% evidence

Exact sum: 19.6 + 14.3 + 10.1 + 7.3 = 51.3

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

19.6/35Growth & earnings

Revenue 11.1% · PAT 14.8% · OPM change 0.1 pp

83% evidence

14.3/25Capital efficiency

ROCE 1.9% · debt/equity 0.51×

80% evidence

10.1/20Valuation

P/E 29.8× · PEG 2.25

65% evidence

7.3/20Relative strength

RS sector -10.2% · RS bench -6.8% · 1Y -7.7%

100% evidence

8. ICU Medical, Inc. · ICUI

51.1/100 · Mixed-positive evidence · 65% evidence

Exact sum: 14 + 9.2 + 9.2 + 18.7 = 51.1

Decision use: Price leads the evidence: RS versus the benchmark is 13%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

14.0/35Growth & earnings

Revenue -10.9% · PAT — · OPM change 0.5 pp

62% evidence

9.2/25Capital efficiency

ROCE 0.4% · debt/equity 0.61×

80% evidence

9.2/20Valuation

P/E 69.8× · PEG —

15% evidence

18.7/20Relative strength

RS sector 8.4% · RS bench 13% · 1Y 30.1%

100% evidence

9. STAAR Surgical Company · STAA

51.1/100 · Thin evidence · provisional · 53% evidence

Exact sum: 23.7 + 14.5 + 9.1 + 3.8 = 51.1

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

23.7/35Growth & earnings

Revenue — · PAT — · OPM change 76.1 pp

45% evidence

14.5/25Capital efficiency

ROCE 2% · debt/equity 0.1×

80% evidence

9.1/20Valuation

P/E 84.6× · PEG —

15% evidence

3.8/20Relative strength

RS sector -19% · RS bench -15.2% · 1Y 27.6%

70% evidence

10. Envista Holdings Corporation · NVST

50.9/100 · Thin evidence · provisional · 59% evidence

Exact sum: 19.2 + 12.3 + 9.3 + 10.1 = 50.9

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

19.2/35Growth & earnings

Revenue — · PAT — · OPM change 2.1 pp

45% evidence

12.3/25Capital efficiency

ROCE 1.2% · debt/equity 0.52×

80% evidence

9.3/20Valuation

P/E 63× · PEG —

15% evidence

10.1/20Relative strength

RS sector 0.4% · RS bench 5% · 1Y 27.9%

100% evidence

11. Stevanato Group S.p.A. · STVN

49.5/100 · Mixed-negative evidence · 82% evidence

Exact sum: 19 + 15.6 + 8.1 + 6.8 = 49.5

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

19.0/35Growth & earnings

Revenue 6.9% · PAT 12.7% · OPM change 0.7 pp

83% evidence

15.6/25Capital efficiency

ROCE 2% · debt/equity 0.29×

80% evidence

8.1/20Valuation

P/E 23.3× · PEG 2.74

65% evidence

6.8/20Relative strength

RS sector -9.2% · RS bench -5.7% · 1Y -19.8%

100% evidence

12. Align Technology, Inc. · ALGN

48.6/100 · Mixed-negative evidence · 82% evidence

Exact sum: 16.2 + 17.9 + 6.4 + 8.1 = 48.6

Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

16.2/35Growth & earnings

Revenue 2.9% · PAT 5.1% · OPM change 0.2 pp

83% evidence

17.9/25Capital efficiency

ROCE 3.3% · debt/equity 0.02×

80% evidence

6.4/20Valuation

P/E 28.8× · PEG 3.36

65% evidence

8.1/20Relative strength

RS sector -2.8% · RS bench 1.7% · 1Y 28.6%

100% evidence

13. Repligen Corporation · RGEN

48.2/100 · Mixed-negative evidence · 75% evidence

Exact sum: 23.2 + 12.1 + 4 + 8.9 = 48.2

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

23.2/35Growth & earnings

Revenue 17.2% · PAT — · OPM change 4.3 pp

62% evidence

12.1/25Capital efficiency

ROCE 0.6% · debt/equity 0.33×

80% evidence

4.0/20Valuation

P/E 130.9× · PEG 8.74

65% evidence

8.9/20Relative strength

RS sector -5.2% · RS bench -1.4% · 1Y 22.2%

100% evidence

14. Avantor, Inc. · AVTR

48.0/100 · Mixed-negative evidence · 72% evidence

Exact sum: 8.4 + 11 + 11.3 + 17.3 = 48

Decision use: Price leads the evidence: RS versus the benchmark is 7.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

8.4/35Growth & earnings

Revenue -2% · PAT -177.1% · OPM change -3 pp

83% evidence

11.0/25Capital efficiency

ROCE 1% · debt/equity 0.68×

80% evidence

11.3/20Valuation

P/E 13.6× · PEG —

15% evidence

17.3/20Relative strength

RS sector 3.7% · RS bench 7.4% · 1Y 9.3%

100% evidence

15. Intuitive Surgical, Inc. · ISRG

47.8/100 · Thin evidence · provisional · 53% evidence

Exact sum: 22 + 15.9 + 9.7 + 0.2 = 47.8

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

22.0/35Growth & earnings

Revenue — · PAT — · OPM change 5.2 pp

45% evidence

15.9/25Capital efficiency

ROCE 5.2% · debt/equity —

57% evidence

9.7/20Valuation

P/E 45.6× · PEG —

15% evidence

0.2/20Relative strength

RS sector -32.3% · RS bench -29.6% · 1Y -25.1%

100% evidence

16. AptarGroup, Inc. · ATR

47.1/100 · Mixed-negative evidence · 82% evidence

Exact sum: 14.3 + 14.4 + 7.5 + 10.9 = 47.1

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

14.3/35Growth & earnings

Revenue 9% · PAT 4.6% · OPM change -1.9 pp

83% evidence

14.4/25Capital efficiency

ROCE 2.9% · debt/equity 0.53×

80% evidence

7.5/20Valuation

P/E 21.6× · PEG 3.28

65% evidence

10.9/20Relative strength

RS sector -3.6% · RS bench 0.4% · 1Y -2.5%

100% evidence

17. Medline Inc. · MDLN

45.3/100 · Thin evidence · provisional · 52% evidence

Exact sum: 12.9 + 12.1 + 10.3 + 10 = 45.3

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

12.9/35Growth & earnings

Revenue 12.1% · PAT -12.5% · OPM change -2.9 pp

83% evidence

12.1/25Capital efficiency

ROCE 1.2% · debt/equity 0.65×

80% evidence

10.3/20Valuation

P/E 32.6× · PEG —

15% evidence

10.0/20Relative strength

RS sector — · RS bench — · 1Y —

0% evidence

18. Bausch + Lomb Corporation · BLCO

41.7/100 · Mixed-negative evidence · 65% evidence

Exact sum: 21.2 + 7.9 + 8.6 + 4 = 41.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

21.2/35Growth & earnings

Revenue 8.4% · PAT — · OPM change 10 pp

62% evidence

7.9/25Capital efficiency

ROCE 0.3% · debt/equity 0.79×

80% evidence

8.6/20Valuation

P/E 775.5× · PEG —

15% evidence

4.0/20Relative strength

RS sector -7.4% · RS bench -3.4% · 1Y 23%

100% evidence

19. Warby Parker Inc. · WRBY

40.5/100 · Thin evidence · provisional · 59% evidence

Exact sum: 16 + 8.1 + 8.5 + 7.9 = 40.5

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

16.0/35Growth & earnings

Revenue 11.9% · PAT — · OPM change -0.4 pp

62% evidence

8.1/25Capital efficiency

ROCE 0.3% · debt/equity 0.63×

80% evidence

8.5/20Valuation

P/E 1053.5× · PEG —

15% evidence

7.9/20Relative strength

RS sector -5% · RS bench -0.9% · 1Y 10.2%

70% evidence

20. DENTSPLY SIRONA Inc. · XRAY

38.1/100 · Mixed-negative evidence · 65% evidence

Exact sum: 8.9 + 4.8 + 10.9 + 13.5 = 38.1

Decision use: Price leads the evidence: RS versus the benchmark is 3.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

8.9/35Growth & earnings

Revenue -1% · PAT — · OPM change -11.2 pp

62% evidence

4.8/25Capital efficiency

ROCE -0.8% · debt/equity 1.77×

80% evidence

10.9/20Valuation

P/E 22.6× · PEG —

15% evidence

13.5/20Relative strength

RS sector -0.8% · RS bench 3.2% · 1Y -5.7%

100% evidence

21. Teleflex Incorporated · TFX

35.4/100 · Mixed-negative evidence · 72% evidence

Exact sum: 6.7 + 8.7 + 10.7 + 9.3 = 35.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

6.7/35Growth & earnings

Revenue -32.4% · PAT -138.7% · OPM change -14.6 pp

83% evidence

8.7/25Capital efficiency

ROCE 0.3% · debt/equity 0.87×

80% evidence

10.7/20Valuation

P/E 28× · PEG —

15% evidence

9.3/20Relative strength

RS sector -1.9% · RS bench 2.5% · 1Y 15.8%

100% evidence

22. Becton, Dickinson and Company · BDX

34.6/100 · Adverse evidence · 82% evidence

Exact sum: 12.6 + 8.9 + 8.9 + 4.2 = 34.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

12.6/35Growth & earnings

Revenue 6.4% · PAT 4.8% · OPM change -6.5 pp

83% evidence

8.9/25Capital efficiency

ROCE 0.2% · debt/equity 0.72×

80% evidence

8.9/20Valuation

P/E 39.8× · PEG 2.42

65% evidence

4.2/20Relative strength

RS sector -15.6% · RS bench -12.4% · 1Y -5.7%

100% evidence

23. Azenta, Inc. · AZTA

34.5/100 · Thin evidence · provisional · 59% evidence

Exact sum: 8.2 + 9.1 + 11.5 + 5.7 = 34.5

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

8.2/35Growth & earnings

Revenue 2% · PAT — · OPM change -101.8 pp

62% evidence

9.1/25Capital efficiency

ROCE -9.6% · debt/equity 0.04×

80% evidence

11.5/20Valuation

P/E 2.1× · PEG —

15% evidence

5.7/20Relative strength

RS sector -9.2% · RS bench -5.9% · 1Y -10.5%

70% evidence

24. The Cooper Companies, Inc. · COO

30.4/100 · Adverse evidence · 86% evidence

Exact sum: 7.6 + 10 + 7.5 + 5.3 = 30.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

7.6/35Growth & earnings

Revenue 6.1% · PAT -43.1% · OPM change -21.3 pp

95% evidence

10.0/25Capital efficiency

ROCE -0.3% · debt/equity 0.3×

80% evidence

7.5/20Valuation

P/E 53.3× · PEG 2.6

65% evidence

5.3/20Relative strength

RS sector -11.4% · RS bench -7.8% · 1Y 1.7%

100% evidence

25. Alcon Inc. · ALC

29.7/100 · Adverse evidence · 82% evidence

Exact sum: 10.4 + 11.9 + 5.3 + 2.1 = 29.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

10.4/35Growth & earnings

Revenue 7.1% · PAT -26.9% · OPM change -8.1 pp

83% evidence

11.9/25Capital efficiency

ROCE 0% · debt/equity 0.24×

80% evidence

5.3/20Valuation

P/E 45.4× · PEG 6.35

65% evidence

2.1/20Relative strength

RS sector -18.6% · RS bench -15.3% · 1Y -21.3%

100% evidence

26. Pulse Biosciences, Inc. · PLSE

58.2/100 · Thin evidence · provisional · 44% evidence

Exact sum: 19.3 + 8.9 + 10 + 20 = 58.2

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

19.3/35Growth & earnings

Revenue — · PAT — · OPM change 98992.5 pp

19% evidence

8.9/25Capital efficiency

ROCE -19.4% · debt/equity 0.11×

68% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

20.0/20Relative strength

RS sector 60.5% · RS bench 68.7% · 1Y 140.5%

100% evidence

27. BioLife Solutions, Inc. · BLFS

53.4/100 · Thin evidence · provisional · 48% evidence

Exact sum: 17.8 + 10.2 + 8.7 + 16.7 = 53.4

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

17.8/35Growth & earnings

Revenue — · PAT — · OPM change 2.4 pp

32% evidence

10.2/25Capital efficiency

ROCE 0% · debt/equity 0.04×

80% evidence

8.7/20Valuation

P/E 228.4× · PEG —

15% evidence

16.7/20Relative strength

RS sector 16.4% · RS bench 21.3% · 1Y 53.7%

70% evidence

28. MiniMed Group, Inc. · MMED

50.3/100 · Thin evidence · provisional · 39% evidence

Exact sum: 23.9 + 6.4 + 10 + 10 = 50.3

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

23.9/35Growth & earnings

Revenue 14.3% · PAT — · OPM change 9.3 pp

71% evidence

6.4/25Capital efficiency

ROCE -2.5% · debt/equity —

57% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

10.0/20Relative strength

RS sector — · RS bench — · 1Y —

0% evidence

29. Kestra Medical Technologies, Ltd. · KMTS

42.3/100 · Thin evidence · provisional · 50% evidence

Exact sum: 18 + 7.4 + 10 + 6.9 = 42.3

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

18.0/35Growth & earnings

Revenue — · PAT — · OPM change -5.1 pp

45% evidence

7.4/25Capital efficiency

ROCE -13.9% · debt/equity 0.18×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

6.9/20Relative strength

RS sector -6.8% · RS bench -2.9% · 1Y 54.9%

70% evidence

30. Alamar Biosciences, Inc. · ALMR

40.8/100 · Thin evidence · provisional · 25% evidence

Exact sum: 17.7 + 3.1 + 10 + 10 = 40.8

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

17.7/35Growth & earnings

Revenue — · PAT — · OPM change 17.9 pp

13% evidence

3.1/25Capital efficiency

ROCE -15.2% · debt/equity 1.86×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

10.0/20Relative strength

RS sector — · RS bench — · 1Y —

0% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Medline Inc. has the highest Revenue among the 30 Medical Instruments & Supplies companies compared here, at $29,140 million. Becton, Dickinson and Company is next at $21,366 million. Repligen Corporation has the highest Revenue growth at 17.2%, so level and change sit with different companies. 21 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Medline Inc. is the scale leader at $29,140 million, 36.4% ahead of Becton, Dickinson and Company. Repligen Corporation's growth is 17.2% from a $763 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderMedline Inc. · $29,140 million

Gap36.4% versus #2 · Becton, Dickinson and Company

Persistence5/5 recent comparable periods

Coverage21/30 companies · 506 observations

Investor read: Medline Inc. is the scale benchmark; Repligen Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Medline Inc.'s growth falls below Repligen Corporation's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenuelargest

1Medline Inc. MDLN$29.1B

2Becton, Dickinson and Company BDX$21.4B

3Baxter International Inc. BAX$11.3B

4Alcon Inc. ALC$10.6B

5Solventum Corporation SOLV$8.3B

Revenue growthfastest growers

1Repligen Corporation RGEN17%

2MiniMed Group, Inc. MMED14%

3LeMaitre Vascular, Inc. LMAT13%

4Medline Inc. MDLN12%

5Warby Parker Inc. WRBY12%

Revenue · company comparison

21/30 level · 21/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
Medline Inc. MDLN	$7.4B	11%	Mar 2026
Becton, Dickinson and Company BDX	$4.7B	5.2%	Mar 2026
Intuitive Surgical, Inc. ISRG	$2.8B	23%	Jun 2026
Alcon Inc. ALC	$2.7B	9.4%	Mar 2026
Baxter International Inc. BAX	$2.7B	2.9%	Mar 2026
Solventum Corporation SOLV	$2.0B	-3.0%	Mar 2026
Avantor, Inc. AVTR	$1.6B	0.0%	Mar 2026
ResMed Inc. RMD	$1.4B	11%	Mar 2026
Bausch + Lomb Corporation BLCO	$1.2B	9.4%	Mar 2026
The Cooper Companies, Inc. COO	$1.1B	8.0%	Jun 2026
Align Technology, Inc. ALGN	$1.0B	6.2%	Mar 2026
AptarGroup, Inc. ATR	$983M	11%	Mar 2026
DENTSPLY SIRONA Inc. XRAY	$880M	0.1%	Mar 2026
West Pharmaceutical Services, Inc. WST	$845M	21%	Jun 2026
MiniMed Group, Inc. MMED	$837M	16%	Jun 2026
Envista Holdings Corporation NVST	$706M	3.5%	Jun 2026
Teleflex Incorporated TFX	$548M	32%	Mar 2026
ICU Medical, Inc. ICUI	$530M	-12%	Mar 2026
Merit Medical Systems, Inc. MMSI	$382M	7.6%	Mar 2026
Stevanato Group S.p.A. STVN	$274M	6.6%	Mar 2026
Warby Parker Inc. WRBY	$242M	8.0%	Mar 2026
Repligen Corporation RGEN	$194M	15%	Mar 2026
Azenta, Inc. AZTA	$145M	1.4%	Mar 2026
AtriCure, Inc. ATRC	$141M	14%	Jun 2026
STAAR Surgical Company STAA	$94M	114%	Jun 2026
LeMaitre Vascular, Inc. LMAT	$67M	12%	Mar 2026
BioLife Solutions, Inc. BLFS	$28M	27%	Mar 2026
Alamar Biosciences, Inc. ALMR	$26M	100%	Mar 2026
Kestra Medical Technologies, Ltd. KMTS	$25M	67%	Jun 2026
Pulse Biosciences, Inc. PLSE	$0M	-100%	Mar 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 2021$2.1B

Dec 2021$2.1B

Mar 2022$2.2B

Jun 2022$2.2B

Sep 2022$2.1B

Dec 2022$2.2B

Mar 2023$2.4B

Jun 2023$2.4B

Sep 2023$2.3B

Dec 2023$2.4B

Mar 2024$2.5B

Jun 2024$2.5B

Sep 2024$2.5B

Dec 2024$2.5B

Mar 2025$2.5B

Jun 2025$2.6B

Sep 2025$2.6B

Dec 2025$2.7B

Mar 2026$2.7B

Jun 2026—

Align Technology, Inc. · ALGN

Sep 2021$1.0B

Dec 2021$1.0B

Mar 2022$973M

Jun 2022$970M

Sep 2022$890M

Dec 2022$902M

Mar 2023$943M

Jun 2023$1.0B

Sep 2023$960M

Dec 2023$957M

Mar 2024$997M

Jun 2024$1.0B

Sep 2024$978M

Dec 2024$995M

Mar 2025$979M

Jun 2025$1.0B

Sep 2025$996M

Dec 2025$1.0B

Mar 2026$1.0B

Jun 2026—

AptarGroup, Inc. · ATR

Sep 2021$825M

Dec 2021$814M

Mar 2022$845M

Jun 2022$845M

Sep 2022$837M

Dec 2022$796M

Mar 2023$860M

Jun 2023$896M

Sep 2023$893M

Dec 2023$838M

Mar 2024$915M

Jun 2024$910M

Sep 2024$909M

Dec 2024$848M

Mar 2025$887M

Jun 2025$966M

Sep 2025$961M

Dec 2025$963M

Mar 2026$983M

Jun 2026—

Avantor, Inc. · AVTR

Sep 2021$1.8B

Dec 2021$1.9B

Mar 2022$2.0B

Jun 2022$1.9B

Sep 2022$1.9B

Dec 2022$1.8B

Mar 2023$1.8B

Jun 2023$1.7B

Sep 2023$1.7B

Dec 2023$1.7B

Mar 2024$1.7B

Jun 2024$1.7B

Sep 2024$1.7B

Dec 2024$1.7B

Mar 2025$1.6B

Jun 2025$1.7B

Sep 2025$1.6B

Dec 2025$1.7B

Mar 2026$1.6B

Jun 2026—

Baxter International Inc. · BAX

Sep 2021$3.2B

Dec 2021$3.5B

Mar 2022$3.7B

Jun 2022$3.6B

Sep 2022$3.6B

Dec 2022$3.7B

Mar 2023$3.5B

Jun 2023$3.7B

Sep 2023$2.6B

Dec 2023$2.7B

Mar 2024$2.5B

Jun 2024$2.7B

Sep 2024$2.7B

Dec 2024$2.8B

Mar 2025$2.6B

Jun 2025$2.8B

Sep 2025$2.8B

Dec 2025$3.0B

Mar 2026$2.7B

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 2021$4.8B

Dec 2021$4.7B

Mar 2022$4.8B

Jun 2022$4.6B

Sep 2022$4.8B

Dec 2022$4.6B

Mar 2023$4.8B

Jun 2023$4.9B

Sep 2023$5.1B

Dec 2023$4.7B

Mar 2024$5.0B

Jun 2024$5.0B

Sep 2024$5.4B

Dec 2024$5.2B

Mar 2025$4.5B

Jun 2025$5.5B

Sep 2025$5.9B

Dec 2025$5.3B

Mar 2026$4.7B

Jun 2026—

Intuitive Surgical, Inc. · ISRG

Sep 2021$1.4B

Dec 2021$1.6B

Mar 2022$1.5B

Jun 2022$1.5B

Sep 2022$1.6B

Dec 2022$1.7B

Mar 2023$1.7B

Jun 2023$1.8B

Sep 2023$1.7B

Dec 2023$1.9B

Mar 2024$1.9B

Jun 2024$2.0B

Sep 2024$2.0B

Dec 2024$2.4B

Mar 2025$2.3B

Jun 2025$2.4B

Sep 2025$2.5B

Dec 2025$2.9B

Mar 2026$2.8B

Jun 2026—

Medline Inc. · MDLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024$6.2B

Jun 2024$6.2B

Sep 2024$6.4B

Dec 2024$6.8B

Mar 2025$6.6B

Jun 2025$6.9B

Sep 2025$7.1B

Dec 2025$7.8B

Mar 2026$7.4B

Jun 2026—

ResMed Inc. · RMD

Sep 2021$904M

Dec 2021$895M

Mar 2022$865M

Jun 2022$915M

Sep 2022$950M

Dec 2022$1.0B

Mar 2023$1.1B

Jun 2023$1.1B

Sep 2023$1.1B

Dec 2023$1.2B

Mar 2024$1.2B

Jun 2024$1.2B

Sep 2024$1.2B

Dec 2024$1.3B

Mar 2025$1.3B

Jun 2025$1.3B

Sep 2025$1.3B

Dec 2025$1.4B

Mar 2026$1.4B

Jun 2026—

Solventum Corporation · SOLV

Sep 2021—

Dec 2021—

Mar 2022$2.1B

Jun 2022$2.1B

Sep 2022$2.0B

Dec 2022$2.0B

Mar 2023$2.0B

Jun 2023$2.1B

Sep 2023$2.1B

Dec 2023$2.0B

Mar 2024$2.0B

Jun 2024$2.1B

Sep 2024$2.1B

Dec 2024$2.1B

Mar 2025$2.1B

Jun 2025$2.2B

Sep 2025$2.1B

Dec 2025$2.0B

Mar 2026$2.0B

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 2021$763M

Dec 2021$759M

Mar 2022$787M

Jun 2022$830M

Sep 2022$843M

Dec 2022$848M

Mar 2023$859M

Jun 2023$877M

Sep 2023$930M

Dec 2023$927M

Mar 2024$932M

Jun 2024$943M

Sep 2024$1.0B

Dec 2024$1.0B

Mar 2025$965M

Jun 2025$1.0B

Sep 2025$1.1B

Dec 2025$1.1B

Mar 2026$1.0B

Jun 2026$1.1B

West Pharmaceutical Services, Inc. · WST

Sep 2021$707M

Dec 2021$731M

Mar 2022$720M

Jun 2022$771M

Sep 2022$687M

Dec 2022$709M

Mar 2023$717M

Jun 2023$754M

Sep 2023$747M

Dec 2023$732M

Mar 2024$695M

Jun 2024$702M

Sep 2024$747M

Dec 2024$749M

Mar 2025$698M

Jun 2025$767M

Sep 2025$805M

Dec 2025$805M

Mar 2026$845M

Jun 2026—

Revenue growth · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20225.1%

Sep 20221.8%

Dec 20221.0%

Mar 20237.5%

Jun 20239.3%

Sep 20238.8%

Dec 20238.3%

Mar 20244.6%

Jun 20243.1%

Sep 20245.4%

Dec 20246.4%

Mar 20250.6%

Jun 20254.0%

Sep 20256.5%

Dec 20258.6%

Mar 20269.4%

Jun 2026—

Align Technology, Inc. · ALGN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-4.1%

Sep 2022-12%

Dec 2022-13%

Mar 2023-3.1%

Jun 20233.3%

Sep 20237.9%

Dec 20236.1%

Mar 20245.7%

Jun 20242.6%

Sep 20241.9%

Dec 20244.0%

Mar 2025-1.8%

Jun 2025-1.6%

Sep 20251.8%

Dec 20255.3%

Mar 20266.2%

Jun 2026—

AptarGroup, Inc. · ATR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20224.2%

Sep 20221.5%

Dec 2022-2.2%

Mar 20231.8%

Jun 20236.0%

Sep 20236.7%

Dec 20235.3%

Mar 20246.4%

Jun 20241.6%

Sep 20241.8%

Dec 20241.2%

Mar 2025-3.1%

Jun 20256.2%

Sep 20255.7%

Dec 202514%

Mar 202611%

Jun 2026—

Avantor, Inc. · AVTR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20222.8%

Sep 20221.3%

Dec 2022-5.9%

Mar 2023-8.7%

Jun 2023-8.7%

Sep 2023-7.4%

Dec 2023-4.0%

Mar 2024-5.6%

Jun 2024-2.4%

Sep 2024-0.4%

Dec 2024-2.1%

Mar 2025-5.9%

Jun 2025-1.2%

Sep 2025-5.3%

Dec 2025-1.4%

Mar 20260.0%

Jun 2026—

Baxter International Inc. · BAX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202216%

Sep 202212%

Dec 20226.6%

Mar 2023-5.2%

Jun 20233.1%

Sep 2023-28%

Dec 2023-27%

Mar 2024-29%

Jun 2024-27%

Sep 20243.9%

Dec 20241.0%

Mar 20255.4%

Jun 20254.3%

Sep 20255.0%

Dec 20258.0%

Mar 20262.9%

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20220.7%

Sep 2022-1.8%

Dec 2022-2.8%

Mar 20231.5%

Jun 20235.1%

Sep 20236.9%

Dec 20232.6%

Mar 20244.7%

Jun 20242.3%

Sep 20246.9%

Dec 20249.8%

Mar 2025-11%

Jun 202510%

Sep 20258.4%

Dec 20251.6%

Mar 20265.2%

Jun 2026—

Intuitive Surgical, Inc. · ISRG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20224.0%

Sep 202211%

Dec 20226.7%

Mar 202314%

Jun 202315%

Sep 202312%

Dec 202317%

Mar 202412%

Jun 202414%

Sep 202417%

Dec 202425%

Mar 202519%

Jun 202521%

Sep 202523%

Dec 202519%

Mar 202623%

Jun 2026—

Medline Inc. · MDLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20258.0%

Jun 202511%

Sep 202511%

Dec 202515%

Mar 202611%

Jun 2026—

ResMed Inc. · RMD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20224.5%

Sep 20225.1%

Dec 202216%

Mar 202329%

Jun 202323%

Sep 202316%

Dec 202312%

Mar 20247.2%

Jun 20249.0%

Sep 202411%

Dec 202410%

Mar 20257.9%

Jun 202510%

Sep 20259.1%

Dec 202511%

Mar 202611%

Jun 2026—

Solventum Corporation · SOLV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023-2.3%

Jun 20230.9%

Sep 20233.2%

Dec 20231.6%

Mar 20240.3%

Jun 20240.2%

Sep 20240.4%

Dec 20241.9%

Mar 20252.7%

Jun 20253.8%

Sep 20250.7%

Dec 2025-3.7%

Mar 2026-3.0%

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202210%

Dec 202212%

Mar 20239.2%

Jun 20235.7%

Sep 202310%

Dec 20239.3%

Mar 20248.5%

Jun 20247.5%

Sep 20247.9%

Dec 20249.8%

Mar 20253.5%

Jun 20256.3%

Sep 20255.7%

Dec 20254.6%

Mar 20266.1%

Jun 20268.0%

West Pharmaceutical Services, Inc. · WST

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20226.5%

Sep 2022-2.8%

Dec 2022-3.0%

Mar 2023-0.4%

Jun 2023-2.2%

Sep 20238.7%

Dec 20233.2%

Mar 2024-3.1%

Jun 2024-6.9%

Sep 20240.0%

Dec 20242.3%

Mar 20250.4%

Jun 20259.3%

Sep 20257.8%

Dec 20257.5%

Mar 202621%

Jun 2026—

02 · compare level, then change

Operating Economics & Margin Trend

ResMed Inc. has the highest OPM among the 30 Medical Instruments & Supplies companies compared here, at 34.9%. Intuitive Surgical, Inc. is next at 30.9%. Pulse Biosciences, Inc. has the highest Margin change at +98992.5 percentage points, so level and change sit with different companies. 29 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: ResMed Inc. leads opm at 34.9%; Pulse Biosciences, Inc. leads margin change at +98992.5 percentage points.

LeaderResMed Inc. · 34.9%

Gap12.9% versus #2 · Intuitive Surgical, Inc.

Persistence8/8 recent comparable periods

Coverage29/30 companies · 498 observations

Investor read: ResMed Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

OPMhighest

1ResMed Inc. RMD35%

2Intuitive Surgical, Inc. ISRG31%

3LeMaitre Vascular, Inc. LMAT27%

4West Pharmaceutical Services, Inc. WST21%

5Stevanato Group S.p.A. STVN14%

Margin changefastest expanders

1Pulse Biosciences, Inc. PLSE+98,992.5 pp

2STAAR Surgical Company STAA+76.1 pp

3Alamar Biosciences, Inc. ALMR+17.9 pp

4Bausch + Lomb Corporation BLCO+10.0 pp

5MiniMed Group, Inc. MMED+9.3 pp

Operating margin · company comparison

29/30 level · 30/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	OPM	Margin change	Reported
ResMed Inc. RMD	35%	+1.9 pp	Mar 2026
Intuitive Surgical, Inc. ISRG	31%	+5.2 pp	Jun 2026
LeMaitre Vascular, Inc. LMAT	27%	+5.6 pp	Mar 2026
West Pharmaceutical Services, Inc. WST	21%	+5.7 pp	Jun 2026
Stevanato Group S.p.A. STVN	14%	+0.7 pp	Mar 2026
Align Technology, Inc. ALGN	14%	+0.2 pp	Mar 2026
Merit Medical Systems, Inc. MMSI	12%	+0.1 pp	Mar 2026
AptarGroup, Inc. ATR	11%	−1.9 pp	Mar 2026
Alcon Inc. ALC	11%	−8.1 pp	Mar 2026
Envista Holdings Corporation NVST	8.9%	+2.1 pp	Jun 2026
STAAR Surgical Company STAA	8.5%	+76.1 pp	Jun 2026
Repligen Corporation RGEN	8.2%	+4.3 pp	Mar 2026
Avantor, Inc. AVTR	6.3%	−3.0 pp	Mar 2026
Medline Inc. MDLN	5.7%	−2.9 pp	Mar 2026
Solventum Corporation SOLV	4.0%	−3.3 pp	Mar 2026
Teleflex Incorporated TFX	3.7%	−14.6 pp	Mar 2026
Bausch + Lomb Corporation BLCO	2.7%	+10.0 pp	Mar 2026
ICU Medical, Inc. ICUI	2.6%	+0.5 pp	Mar 2026
Baxter International Inc. BAX	2.4%	+0.2 pp	Mar 2026
Becton, Dickinson and Company BDX	2.0%	−6.5 pp	Mar 2026
Warby Parker Inc. WRBY	0.7%	−0.4 pp	Mar 2026
AtriCure, Inc. ATRC	0.4%	+5.2 pp	Jun 2026
BioLife Solutions, Inc. BLFS	0.1%	+2.4 pp	Mar 2026
The Cooper Companies, Inc. COO	-2.9%	−21.3 pp	Jun 2026
DENTSPLY SIRONA Inc. XRAY	-4.0%	−11.2 pp	Mar 2026
MiniMed Group, Inc. MMED	-11%	+9.3 pp	Jun 2026
Alamar Biosciences, Inc. ALMR	-47%	+17.9 pp	Mar 2026
Azenta, Inc. AZTA	-115%	−101.8 pp	Mar 2026
Kestra Medical Technologies, Ltd. KMTS	-142%	−5.1 pp	Jun 2026
Pulse Biosciences, Inc. PLSE	—	+98,992.5 pp	Mar 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Showing the 12 largest of 29 companies with a series here. The remaining 17 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 20211.0%

Dec 20218.5%

Mar 202211%

Jun 20229.0%

Sep 20229.6%

Dec 20221.0%

Mar 202311%

Jun 202311%

Sep 202313%

Dec 20238.8%

Mar 202415%

Jun 202413%

Sep 202414%

Dec 202416%

Mar 202519%

Jun 20259.5%

Sep 202513%

Dec 202512%

Mar 202611%

Jun 2026—

Align Technology, Inc. · ALGN

Sep 202126%

Dec 202121%

Mar 202220%

Jun 202219%

Sep 202216%

Dec 202213%

Mar 202314%

Jun 202317%

Sep 202317%

Dec 202318%

Mar 202416%

Jun 202414%

Sep 202417%

Dec 202415%

Mar 202513%

Jun 202516%

Sep 20259.7%

Dec 202515%

Mar 202614%

Jun 2026—

AptarGroup, Inc. · ATR

Sep 202110%

Dec 202111%

Mar 202212%

Jun 202212%

Sep 202211%

Dec 202211%

Mar 20239.8%

Jun 202313%

Sep 202313%

Dec 202310%

Mar 202412%

Jun 202414%

Sep 202415%

Dec 202414%

Mar 202513%

Jun 202515%

Sep 202514%

Dec 202511%

Mar 202611%

Jun 2026—

Avantor, Inc. · AVTR

Sep 202113%

Dec 202111%

Mar 202216%

Jun 202216%

Sep 202215%

Dec 202214%

Mar 202313%

Jun 20234.1%

Sep 202312%

Dec 202311%

Mar 20248.7%

Jun 202410%

Sep 20247.3%

Dec 202411%

Mar 20259.3%

Jun 20257.7%

Sep 2025-40%

Dec 20257.9%

Mar 20266.3%

Jun 2026—

Baxter International Inc. · BAX

Sep 202116%

Dec 202111%

Mar 20224.4%

Jun 20227.3%

Sep 2022-80%

Dec 20227.7%

Mar 20233.7%

Jun 2023-0.5%

Sep 20236.9%

Dec 202311%

Mar 20244.6%

Jun 20246.6%

Sep 20245.7%

Dec 2024-16%

Mar 20252.2%

Jun 20256.8%

Sep 20256.1%

Dec 2025-25%

Mar 20262.4%

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 20217.8%

Dec 202115%

Mar 202212%

Jun 202212%

Sep 202210%

Dec 202213%

Mar 202313%

Jun 202311%

Sep 20236.9%

Dec 20239.3%

Mar 202415%

Jun 202412%

Sep 202411%

Dec 20248.8%

Mar 20258.5%

Jun 202516%

Sep 202512%

Dec 202511%

Mar 20262.0%

Jun 2026—

Intuitive Surgical, Inc. · ISRG

Sep 202132%

Dec 202129%

Mar 202227%

Jun 202226%

Sep 202226%

Dec 202223%

Mar 202323%

Jun 202326%

Sep 202327%

Dec 202323%

Mar 202425%

Jun 202428%

Sep 202428%

Dec 202430%

Mar 202526%

Jun 202531%

Sep 202530%

Dec 202530%

Mar 202631%

Jun 2026—

Medline Inc. · MDLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20249.2%

Jun 20248.3%

Sep 20249.0%

Dec 20247.3%

Mar 20258.6%

Jun 20259.3%

Sep 20258.1%

Dec 20255.5%

Mar 20265.7%

Jun 2026—

ResMed Inc. · RMD

Sep 202129%

Dec 202128%

Mar 202227%

Jun 202228%

Sep 202229%

Dec 202227%

Mar 202327%

Jun 202325%

Sep 202326%

Dec 202324%

Mar 202431%

Jun 202431%

Sep 202432%

Dec 202433%

Mar 202533%

Jun 202534%

Sep 202533%

Dec 202535%

Mar 202635%

Jun 2026—

Solventum Corporation · SOLV

Sep 2021—

Dec 2021—

Mar 202222%

Jun 202222%

Sep 202221%

Dec 202219%

Mar 202318%

Jun 202320%

Sep 202324%

Dec 202320%

Mar 202419%

Jun 202412%

Sep 202413%

Dec 20246.6%

Mar 20257.3%

Jun 20259.9%

Sep 202581%

Dec 20256.2%

Mar 20264.0%

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 202113%

Dec 202117%

Mar 202217%

Jun 202216%

Sep 202217%

Dec 202212%

Mar 202317%

Jun 202311%

Sep 202316%

Dec 202315%

Mar 202416%

Jun 202417%

Sep 202419%

Dec 202420%

Mar 202519%

Jun 202518%

Sep 202517%

Dec 202513%

Mar 202621%

Jun 2026-2.9%

West Pharmaceutical Services, Inc. · WST

Sep 202126%

Dec 202125%

Mar 202226%

Jun 202230%

Sep 202227%

Dec 202218%

Mar 202322%

Jun 202324%

Sep 202324%

Dec 202322%

Mar 202418%

Jun 202418%

Sep 202422%

Dec 202421%

Mar 202515%

Jun 202520%

Sep 202521%

Dec 202520%

Mar 202621%

Jun 2026—

Margin change · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−1.9 pp

Sep 2022+8.6 pp

Dec 2022−7.5 pp

Mar 2023+0.2 pp

Jun 2023+2.1 pp

Sep 2023+3.0 pp

Dec 2023+7.8 pp

Mar 2024+3.6 pp

Jun 2024+1.6 pp

Sep 2024+0.9 pp

Dec 2024+7.0 pp

Mar 2025+3.9 pp

Jun 2025−3.2 pp

Sep 2025−0.8 pp

Dec 2025−4.3 pp

Mar 2026−8.1 pp

Jun 2026—

Align Technology, Inc. · ALGN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−7.2 pp

Sep 2022−9.6 pp

Dec 2022−8.9 pp

Mar 2023−6.2 pp

Jun 2023−2.2 pp

Sep 2023+1.2 pp

Dec 2023+5.4 pp

Mar 2024+1.3 pp

Jun 2024−2.9 pp

Sep 2024−0.7 pp

Dec 2024−3.4 pp

Mar 2025−2.1 pp

Jun 2025+1.8 pp

Sep 2025−6.9 pp

Dec 2025+0.3 pp

Mar 2026+0.2 pp

Jun 2026—

AptarGroup, Inc. · ATR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022+1.6 pp

Sep 2022+1.4 pp

Dec 20220.0 pp

Mar 2023−1.8 pp

Jun 2023+1.0 pp

Sep 2023+2.0 pp

Dec 2023−0.7 pp

Mar 2024+2.4 pp

Jun 2024+0.8 pp

Sep 2024+1.8 pp

Dec 2024+4.2 pp

Mar 2025+0.6 pp

Jun 2025+1.1 pp

Sep 2025−1.0 pp

Dec 2025−3.2 pp

Mar 2026−1.9 pp

Jun 2026—

Avantor, Inc. · AVTR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022+1.8 pp

Sep 2022+2.0 pp

Dec 2022+2.8 pp

Mar 2023−2.7 pp

Jun 2023−11.4 pp

Sep 2023−2.7 pp

Dec 2023−3.4 pp

Mar 2024−4.3 pp

Jun 2024+6.2 pp

Sep 2024−4.9 pp

Dec 2024+0.8 pp

Mar 2025+0.6 pp

Jun 2025−2.6 pp

Sep 2025−47.3 pp

Dec 2025−3.5 pp

Mar 2026−3.0 pp

Jun 2026—

Baxter International Inc. · BAX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−6.4 pp

Sep 2022−95.7 pp

Dec 2022−3.2 pp

Mar 2023−0.7 pp

Jun 2023−7.8 pp

Sep 2023+86.7 pp

Dec 2023+3.5 pp

Mar 2024+0.9 pp

Jun 2024+7.1 pp

Sep 2024−1.2 pp

Dec 2024−27.0 pp

Mar 2025−2.4 pp

Jun 2025+0.2 pp

Sep 2025+0.4 pp

Dec 2025−8.7 pp

Mar 2026+0.2 pp

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022+0.9 pp

Sep 2022+2.5 pp

Dec 2022−1.9 pp

Mar 2023+1.1 pp

Jun 2023−0.3 pp

Sep 2023−3.4 pp

Dec 2023−3.5 pp

Mar 2024+1.5 pp

Jun 2024+0.8 pp

Sep 2024+4.5 pp

Dec 2024−0.5 pp

Mar 2025−6.0 pp

Jun 2025+3.9 pp

Sep 2025+0.4 pp

Dec 2025+1.7 pp

Mar 2026−6.5 pp

Jun 2026—

Intuitive Surgical, Inc. · ISRG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−8.8 pp

Sep 2022−5.9 pp

Dec 2022−6.5 pp

Mar 2023−4.5 pp

Jun 2023+0.3 pp

Sep 2023+1.1 pp

Dec 2023+0.8 pp

Mar 2024+1.9 pp

Jun 2024+1.8 pp

Sep 2024+1.6 pp

Dec 2024+7.1 pp

Mar 2025+0.9 pp

Jun 2025+2.3 pp

Sep 2025+2.0 pp

Dec 2025−0.2 pp

Mar 2026+5.2 pp

Jun 2026—

Medline Inc. · MDLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025−0.6 pp

Jun 2025+1.0 pp

Sep 2025−0.9 pp

Dec 2025−1.8 pp

Mar 2026−2.9 pp

Jun 2026—

ResMed Inc. · RMD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022+0.3 pp

Sep 20220.0 pp

Dec 2022−0.7 pp

Mar 2023−0.2 pp

Jun 2023−3.4 pp

Sep 2023−2.8 pp

Dec 2023−3.4 pp

Mar 2024+4.4 pp

Jun 2024+6.7 pp

Sep 2024+5.4 pp

Dec 2024+8.8 pp

Mar 2025+1.7 pp

Jun 2025+2.5 pp

Sep 2025+1.8 pp

Dec 2025+2.1 pp

Mar 2026+1.9 pp

Jun 2026—

Solventum Corporation · SOLV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023−3.3 pp

Jun 2023−1.4 pp

Sep 2023+3.2 pp

Dec 2023+0.7 pp

Mar 2024+0.7 pp

Jun 2024−8.4 pp

Sep 2024−11.1 pp

Dec 2024−13.3 pp

Mar 2025−11.6 pp

Jun 2025−1.8 pp

Sep 2025+67.4 pp

Dec 2025−0.4 pp

Mar 2026−3.3 pp

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+3.5 pp

Dec 2022−4.7 pp

Mar 2023+0.8 pp

Jun 2023−5.0 pp

Sep 2023−0.4 pp

Dec 2023+2.4 pp

Mar 2024−1.0 pp

Jun 2024+6.2 pp

Sep 2024+2.9 pp

Dec 2024+4.9 pp

Mar 2025+2.5 pp

Jun 2025+1.2 pp

Sep 2025−2.6 pp

Dec 2025−6.3 pp

Mar 2026+1.9 pp

Jun 2026−21.3 pp

West Pharmaceutical Services, Inc. · WST

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022+0.4 pp

Sep 2022+1.4 pp

Dec 2022−6.9 pp

Mar 2023−4.6 pp

Jun 2023−5.4 pp

Sep 2023−3.4 pp

Dec 2023+3.7 pp

Mar 2024−4.0 pp

Jun 2024−6.2 pp

Sep 2024−2.1 pp

Dec 2024−0.7 pp

Mar 2025−2.4 pp

Jun 2025+2.1 pp

Sep 2025−0.8 pp

Dec 2025−1.8 pp

Mar 2026+5.7 pp

Jun 2026—

03 · compare level, then change

Profit Scale & Acceleration

ResMed Inc. has the highest Net profit among the 30 Medical Instruments & Supplies companies compared here, at $1,521 million. Solventum Corporation is next at $1,432 million. Solventum Corporation has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: ResMed Inc. leads with $1,521 million of TTM profit, 6.2% above Solventum Corporation. Solventum Corporation shows ≥100% on the scoring scale (277.8% uncapped) growth from a $1,432 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderResMed Inc. · $1,521 million

Gap6.2% versus #2 · Solventum Corporation

Persistence8/8 recent comparable periods

Coverage23/30 companies · 519 observations

Investor read: ResMed Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profitlargest

1ResMed Inc. RMD$1.5B

2Solventum Corporation SOLV$1.4B

3Becton, Dickinson and Company BDX$1.4B

4Medline Inc. MDLN$1.1B

5Alcon Inc. ALC$819M

Profit growthfastest growers

1Solventum Corporation SOLV100%

2LeMaitre Vascular, Inc. LMAT40%

3ResMed Inc. RMD16%

4Merit Medical Systems, Inc. MMSI15%

5Stevanato Group S.p.A. STVN13%

Net profit · company comparison

23/30 level · 13/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Net profit	Profit growth	Reported
Intuitive Surgical, Inc. ISRG	$826M	17%	Jun 2026
ResMed Inc. RMD	$399M	9.3%	Mar 2026
Medline Inc. MDLN	$239M	-26%	Mar 2026
Alcon Inc. ALC	$189M	-46%	Mar 2026
West Pharmaceutical Services, Inc. WST	$139M	54%	Jun 2026
Align Technology, Inc. ALGN	$113M	22%	Mar 2026
AptarGroup, Inc. ATR	$73M	-7.6%	Mar 2026
Avantor, Inc. AVTR	$43M	-34%	Mar 2026
Merit Medical Systems, Inc. MMSI	$41M	37%	Mar 2026
Envista Holdings Corporation NVST	$39M	50%	Jun 2026
ICU Medical, Inc. ICUI	$31M	-571%	Mar 2026
Stevanato Group S.p.A. STVN	$28M	3.7%	Mar 2026
LeMaitre Vascular, Inc. LMAT	$16M	45%	Mar 2026
Solventum Corporation SOLV	$13M	-91%	Mar 2026
Repligen Corporation RGEN	$8M	33%	Mar 2026
STAAR Surgical Company STAA	$5M	-10%	Jun 2026
Warby Parker Inc. WRBY	$3M	0.0%	Mar 2026
BioLife Solutions, Inc. BLFS	$1M	-275%	Mar 2026
AtriCure, Inc. ATRC	$0M	-112%	Jun 2026
Teleflex Incorporated TFX	$-5M	-110%	Mar 2026
DENTSPLY SIRONA Inc. XRAY	$-10M	-153%	Mar 2026
Baxter International Inc. BAX	$-17M	-127%	Mar 2026
Pulse Biosciences, Inc. PLSE	$-18M	—	Mar 2026
Alamar Biosciences, Inc. ALMR	$-21M	—	Mar 2026
Kestra Medical Technologies, Ltd. KMTS	$-34M	—	Jun 2026
Becton, Dickinson and Company BDX	$-37M	-123%	Mar 2026
Bausch + Lomb Corporation BLCO	$-70M	-400%	Mar 2026
The Cooper Companies, Inc. COO	$-78M	-189%	Jun 2026
Azenta, Inc. AZTA	$-157M	-133%	Mar 2026
MiniMed Group, Inc. MMED	$-185M	—	Jun 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 2021$2M

Dec 2021$139M

Mar 2022$168M

Jun 2022$148M

Sep 2022$116M

Dec 2022$-97M

Mar 2023$174M

Jun 2023$169M

Sep 2023$204M

Dec 2023$427M

Mar 2024$248M

Jun 2024$223M

Sep 2024$263M

Dec 2024$284M

Mar 2025$350M

Jun 2025$176M

Sep 2025$237M

Dec 2025$217M

Mar 2026$189M

Jun 2026—

Align Technology, Inc. · ALGN

Sep 2021$181M

Dec 2021$191M

Mar 2022$134M

Jun 2022$113M

Sep 2022$73M

Dec 2022$42M

Mar 2023$88M

Jun 2023$112M

Sep 2023$121M

Dec 2023$124M

Mar 2024$105M

Jun 2024$97M

Sep 2024$116M

Dec 2024$104M

Mar 2025$93M

Jun 2025$125M

Sep 2025$57M

Dec 2025$136M

Mar 2026$113M

Jun 2026—

AptarGroup, Inc. · ATR

Sep 2021$47M

Dec 2021$58M

Mar 2022$62M

Jun 2022$64M

Sep 2022$54M

Dec 2022$59M

Mar 2023$55M

Jun 2023$83M

Sep 2023$84M

Dec 2023$62M

Mar 2024$83M

Jun 2024$90M

Sep 2024$100M

Dec 2024$101M

Mar 2025$79M

Jun 2025$112M

Sep 2025$128M

Dec 2025$74M

Mar 2026$73M

Jun 2026—

Avantor, Inc. · AVTR

Sep 2021$157M

Dec 2021$94M

Mar 2022$190M

Jun 2022$187M

Sep 2022$167M

Dec 2022$142M

Mar 2023$122M

Jun 2023$-7M

Sep 2023$108M

Dec 2023$99M

Mar 2024$60M

Jun 2024$93M

Sep 2024$58M

Dec 2024$500M

Mar 2025$65M

Jun 2025$65M

Sep 2025$-712M

Dec 2025$52M

Mar 2026$43M

Jun 2026—

Baxter International Inc. · BAX

Sep 2021$452M

Dec 2021$242M

Mar 2022$73M

Jun 2022$185M

Sep 2022$-3.0B

Dec 2022$144M

Mar 2023$0M

Jun 2023$-193M

Sep 2023$37M

Dec 2023$219M

Mar 2024$6M

Jun 2024$95M

Sep 2024$61M

Dec 2024$-488M

Mar 2025$64M

Jun 2025$122M

Sep 2025$-51M

Dec 2025$-1.0B

Mar 2026$-17M

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 2021$155M

Dec 2021$568M

Mar 2022$390M

Jun 2022$390M

Sep 2022$288M

Dec 2022$509M

Mar 2023$460M

Jun 2023$407M

Sep 2023$108M

Dec 2023$281M

Mar 2024$537M

Jun 2024$487M

Sep 2024$400M

Dec 2024$303M

Mar 2025$158M

Jun 2025$574M

Sep 2025$493M

Dec 2025$382M

Mar 2026$-37M

Jun 2026—

Intuitive Surgical, Inc. · ISRG

Sep 2021$387M

Dec 2021$383M

Mar 2022$369M

Jun 2022$314M

Sep 2022$325M

Dec 2022$337M

Mar 2023$361M

Jun 2023$426M

Sep 2023$420M

Dec 2023$611M

Mar 2024$547M

Jun 2024$532M

Sep 2024$571M

Dec 2024$688M

Mar 2025$704M

Jun 2025$664M

Sep 2025$709M

Dec 2025$800M

Mar 2026$826M

Jun 2026—

Medline Inc. · MDLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024$295M

Jun 2024$292M

Sep 2024$324M

Dec 2024$289M

Mar 2025$322M

Jun 2025$333M

Sep 2025$322M

Dec 2025$180M

Mar 2026$239M

Jun 2026—

ResMed Inc. · RMD

Sep 2021$204M

Dec 2021$202M

Mar 2022$179M

Jun 2022$195M

Sep 2022$210M

Dec 2022$225M

Mar 2023$233M

Jun 2023$230M

Sep 2023$219M

Dec 2023$209M

Mar 2024$300M

Jun 2024$292M

Sep 2024$311M

Dec 2024$345M

Mar 2025$365M

Jun 2025$380M

Sep 2025$349M

Dec 2025$393M

Mar 2026$399M

Jun 2026—

Solventum Corporation · SOLV

Sep 2021—

Dec 2021—

Mar 2022$351M

Jun 2022$351M

Sep 2022$335M

Dec 2022$307M

Mar 2023$293M

Jun 2023$321M

Sep 2023$460M

Dec 2023$272M

Mar 2024$237M

Jun 2024$89M

Sep 2024$122M

Dec 2024$31M

Mar 2025$137M

Jun 2025$90M

Sep 2025$1.3B

Dec 2025$63M

Mar 2026$13M

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 2021$616M

Dec 2021$110M

Mar 2022$95M

Jun 2022$127M

Sep 2022$98M

Dec 2022$66M

Mar 2023$85M

Jun 2023$40M

Sep 2023$85M

Dec 2023$85M

Mar 2024$81M

Jun 2024$89M

Sep 2024$105M

Dec 2024$118M

Mar 2025$104M

Jun 2025$88M

Sep 2025$98M

Dec 2025$85M

Mar 2026$131M

Jun 2026$-78M

West Pharmaceutical Services, Inc. · WST

Sep 2021$176M

Dec 2021$148M

Mar 2022$174M

Jun 2022$189M

Sep 2022$121M

Dec 2022$103M

Mar 2023$140M

Jun 2023$155M

Sep 2023$161M

Dec 2023$137M

Mar 2024$115M

Jun 2024$111M

Sep 2024$136M

Dec 2024$130M

Mar 2025$90M

Jun 2025$132M

Sep 2025$140M

Dec 2025$132M

Mar 2026$139M

Jun 2026—

Profit growth · reported quarter history

Showing the 12 largest of 26 companies with a series here. The remaining 14 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-2.0%

Sep 20225,700%

Dec 2022-170%

Mar 20233.6%

Jun 202314%

Sep 202376%

Dec 2023—

Mar 202443%

Jun 202432%

Sep 202429%

Dec 2024-33%

Mar 202541%

Jun 2025-21%

Sep 2025-9.9%

Dec 2025-24%

Mar 2026-46%

Jun 2026—

Align Technology, Inc. · ALGN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-44%

Sep 2022-60%

Dec 2022-78%

Mar 2023-34%

Jun 2023-0.9%

Sep 202366%

Dec 2023195%

Mar 202419%

Jun 2024-13%

Sep 2024-4.1%

Dec 2024-16%

Mar 2025-11%

Jun 202529%

Sep 2025-51%

Dec 202531%

Mar 202622%

Jun 2026—

AptarGroup, Inc. · ATR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202216%

Sep 202215%

Dec 20221.7%

Mar 2023-11%

Jun 202330%

Sep 202356%

Dec 20235.1%

Mar 202451%

Jun 20248.4%

Sep 202419%

Dec 202463%

Mar 2025-4.8%

Jun 202524%

Sep 202528%

Dec 2025-27%

Mar 2026-7.6%

Jun 2026—

Avantor, Inc. · AVTR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202218%

Sep 20226.4%

Dec 202251%

Mar 2023-36%

Jun 2023-104%

Sep 2023-35%

Dec 2023-30%

Mar 2024-51%

Jun 2024—

Sep 2024-46%

Dec 2024405%

Mar 20258.3%

Jun 2025-30%

Sep 2025-1,328%

Dec 2025-90%

Mar 2026-34%

Jun 2026—

Baxter International Inc. · BAX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-39%

Sep 2022-762%

Dec 2022-41%

Mar 2023-100%

Jun 2023-204%

Sep 2023—

Dec 202352%

Mar 2024—

Jun 2024—

Sep 202465%

Dec 2024-323%

Mar 2025967%

Jun 202528%

Sep 2025-184%

Dec 2025—

Mar 2026-127%

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-4.2%

Sep 202286%

Dec 2022-10%

Mar 202318%

Jun 20234.4%

Sep 2023-63%

Dec 2023-45%

Mar 202417%

Jun 202420%

Sep 2024270%

Dec 20247.8%

Mar 2025-71%

Jun 202518%

Sep 202523%

Dec 202526%

Mar 2026-123%

Jun 2026—

Intuitive Surgical, Inc. · ISRG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-40%

Sep 2022-16%

Dec 2022-12%

Mar 2023-2.2%

Jun 202336%

Sep 202329%

Dec 202381%

Mar 202452%

Jun 202425%

Sep 202436%

Dec 202413%

Mar 202529%

Jun 202525%

Sep 202524%

Dec 202516%

Mar 202617%

Jun 2026—

Medline Inc. · MDLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20259.2%

Jun 202514%

Sep 2025-0.6%

Dec 2025-38%

Mar 2026-26%

Jun 2026—

ResMed Inc. · RMD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20220.0%

Sep 20222.9%

Dec 202211%

Mar 202330%

Jun 202318%

Sep 20234.3%

Dec 2023-7.1%

Mar 202429%

Jun 202427%

Sep 202442%

Dec 202465%

Mar 202522%

Jun 202530%

Sep 202512%

Dec 202514%

Mar 20269.3%

Jun 2026—

Solventum Corporation · SOLV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023-17%

Jun 2023-8.6%

Sep 202337%

Dec 2023-11%

Mar 2024-19%

Jun 2024-72%

Sep 2024-73%

Dec 2024-89%

Mar 2025-42%

Jun 20251.1%

Sep 2025938%

Dec 2025103%

Mar 2026-91%

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-84%

Dec 2022-40%

Mar 2023-11%

Jun 2023-69%

Sep 2023-13%

Dec 202329%

Mar 2024-4.7%

Jun 2024123%

Sep 202424%

Dec 202439%

Mar 202528%

Jun 2025-1.1%

Sep 2025-6.7%

Dec 2025-28%

Mar 202626%

Jun 2026-189%

West Pharmaceutical Services, Inc. · WST

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20221.1%

Sep 2022-31%

Dec 2022-30%

Mar 2023-20%

Jun 2023-18%

Sep 202333%

Dec 202333%

Mar 2024-18%

Jun 2024-28%

Sep 2024-16%

Dec 2024-5.1%

Mar 2025-22%

Jun 202519%

Sep 20252.9%

Dec 20251.5%

Mar 202654%

Jun 2026—

04 · compare level, then change

Capacity Spending & Returns On It

Alcon Inc. has the highest CAPEX among the 30 Medical Instruments & Supplies companies compared here, at $139 million. Baxter International Inc. is next at $137 million. Kestra Medical Technologies, Ltd. has the highest CAPEX intensity at 40%, so level and change sit with different companies. 30 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Alcon Inc. reports $139 million of CAPEX; Kestra Medical Technologies, Ltd. has the highest covered intensity at 40%. Coverage is only 30 of 30 companies and 507 reported observations, so this is partial evidence—not a complete sector rank.

LeaderAlcon Inc. · $139 million

Gap1.5% versus #2 · Baxter International Inc.

Persistence8/8 recent comparable periods

Coverage30/30 companies · 507 observations

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

CAPEXlargest spenders

1Alcon Inc. ALC$139M

2Baxter International Inc. BAX$137M

3Becton, Dickinson and Company BDX$125M

4Intuitive Surgical, Inc. ISRG$113M

5Bausch + Lomb Corporation BLCO$100M

CAPEX intensityhighest reinvestment intensity

1Kestra Medical Technologies, Ltd. KMTS40%

2Stevanato Group S.p.A. STVN24%

3Bausch + Lomb Corporation BLCO8.0%

4The Cooper Companies, Inc. COO7.9%

5MiniMed Group, Inc. MMED6.7%

Capital expenditure · company comparison

30/30 level · 30/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	CAPEX	CAPEX intensity	Reported
Alcon Inc. ALC	$139M	5.1%	Mar 2026
Baxter International Inc. BAX	$137M	5.1%	Mar 2026
Becton, Dickinson and Company BDX	$125M	2.7%	Mar 2026
Intuitive Surgical, Inc. ISRG	$113M	3.7%	Jun 2026
Bausch + Lomb Corporation BLCO	$100M	8.0%	Mar 2026
Medline Inc. MDLN	$96M	1.3%	Mar 2026
The Cooper Companies, Inc. COO	$86M	7.9%	Jun 2026
Solventum Corporation SOLV	$84M	4.2%	Mar 2026
Stevanato Group S.p.A. STVN	$66M	24%	Mar 2026
AptarGroup, Inc. ATR	$65M	6.6%	Mar 2026
MiniMed Group, Inc. MMED	$56M	6.7%	Jun 2026
DENTSPLY SIRONA Inc. XRAY	$52M	5.9%	Mar 2026
West Pharmaceutical Services, Inc. WST	$43M	5.1%	Jun 2026
ResMed Inc. RMD	$34M	2.4%	Mar 2026
Avantor, Inc. AVTR	$34M	2.2%	Mar 2026
Align Technology, Inc. ALGN	$31M	3.0%	Mar 2026
Teleflex Incorporated TFX	$19M	3.5%	Mar 2026
Merit Medical Systems, Inc. MMSI	$16M	4.2%	Mar 2026
Warby Parker Inc. WRBY	$16M	6.6%	Mar 2026
Envista Holdings Corporation NVST	$13M	1.8%	Jun 2026
ICU Medical, Inc. ICUI	$11M	2.1%	Mar 2026
Kestra Medical Technologies, Ltd. KMTS	$10M	40%	Jun 2026
Azenta, Inc. AZTA	$7M	4.8%	Mar 2026
Repligen Corporation RGEN	$5M	2.6%	Mar 2026
AtriCure, Inc. ATRC	$4M	2.8%	Jun 2026
LeMaitre Vascular, Inc. LMAT	$3M	4.5%	Mar 2026
Alamar Biosciences, Inc. ALMR	$1M	3.8%	Mar 2026
Pulse Biosciences, Inc. PLSE	$0M	0.0%	Mar 2026
BioLife Solutions, Inc. BLFS	$0M	0.0%	Mar 2026
STAAR Surgical Company STAA	$0M	0.0%	Jun 2026

Full 20-quarter history · every available company

CAPEX · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 2021$158M

Dec 2021$320M

Mar 2022$118M

Jun 2022$119M

Sep 2022$160M

Dec 2022$239M

Mar 2023$104M

Jun 2023$117M

Sep 2023$124M

Dec 2023$313M

Mar 2024$112M

Jun 2024$92M

Sep 2024$118M

Dec 2024$151M

Mar 2025$106M

Jun 2025$102M

Sep 2025$166M

Dec 2025$169M

Mar 2026$139M

Jun 2026—

Align Technology, Inc. · ALGN

Sep 2021$124M

Dec 2021$109M

Mar 2022$87M

Jun 2022$76M

Sep 2022$75M

Dec 2022$53M

Mar 2023$64M

Jun 2023$59M

Sep 2023$22M

Dec 2023$33M

Mar 2024$9M

Jun 2024$53M

Sep 2024$30M

Dec 2024$23M

Mar 2025$25M

Jun 2025$21M

Sep 2025$20M

Dec 2025$36M

Mar 2026$31M

Jun 2026—

AptarGroup, Inc. · ATR

Sep 2021$80M

Dec 2021$91M

Mar 2022$73M

Jun 2022$74M

Sep 2022$79M

Dec 2022$84M

Mar 2023$78M

Jun 2023$77M

Sep 2023$76M

Dec 2023$81M

Mar 2024$76M

Jun 2024$68M

Sep 2024$67M

Dec 2024$66M

Mar 2025$57M

Jun 2025$63M

Sep 2025$63M

Dec 2025$87M

Mar 2026$65M

Jun 2026—

Avantor, Inc. · AVTR

Sep 2021$33M

Dec 2021$40M

Mar 2022$25M

Jun 2022$36M

Sep 2022$39M

Dec 2022$34M

Mar 2023$28M

Jun 2023$30M

Sep 2023$38M

Dec 2023$51M

Mar 2024$35M

Jun 2024$46M

Sep 2024$41M

Dec 2024$28M

Mar 2025$28M

Jun 2025$30M

Sep 2025$36M

Dec 2025$36M

Mar 2026$34M

Jun 2026—

Baxter International Inc. · BAX

Sep 2021—

Dec 2021$235M

Mar 2022$140M

Jun 2022$171M

Sep 2022$161M

Dec 2022$61M

Mar 2023$165M

Jun 2023$163M

Sep 2023$174M

Dec 2023$92M

Mar 2024$110M

Jun 2024$70M

Sep 2024$134M

Dec 2024$132M

Mar 2025$122M

Jun 2025$140M

Sep 2025$111M

Dec 2025$140M

Mar 2026$137M

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 2021$452M

Dec 2021$183M

Mar 2022$222M

Jun 2022$253M

Sep 2022$315M

Dec 2022$208M

Mar 2023$181M

Jun 2023$191M

Sep 2023$294M

Dec 2023$116M

Mar 2024$134M

Jun 2024$179M

Sep 2024$296M

Dec 2024$105M

Mar 2025$129M

Jun 2025$174M

Sep 2025$352M

Dec 2025$108M

Mar 2026$125M

Jun 2026—

Intuitive Surgical, Inc. · ISRG

Sep 2021$68M

Dec 2021$151M

Mar 2022$94M

Jun 2022$131M

Sep 2022$169M

Dec 2022$139M

Mar 2023$194M

Jun 2023$178M

Sep 2023$256M

Dec 2023$436M

Mar 2024$242M

Jun 2024$309M

Sep 2024$248M

Dec 2024$312M

Mar 2025$117M

Jun 2025$155M

Sep 2025$105M

Dec 2025$163M

Mar 2026$103M

Jun 2026$113M

Medline Inc. · MDLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024$78M

Jun 2024$78M

Sep 2024$107M

Dec 2024$91M

Mar 2025$98M

Jun 2025$110M

Sep 2025$101M

Dec 2025$138M

Mar 2026$96M

Jun 2026—

ResMed Inc. · RMD

Sep 2021$27M

Dec 2021$30M

Mar 2022$48M

Jun 2022$29M

Sep 2022$29M

Dec 2022$27M

Mar 2023$29M

Jun 2023$34M

Sep 2023$30M

Dec 2023$23M

Mar 2024$21M

Jun 2024$25M

Sep 2024$18M

Dec 2024$21M

Mar 2025$21M

Jun 2025$31M

Sep 2025$43M

Dec 2025$29M

Mar 2026$34M

Jun 2026—

Solventum Corporation · SOLV

Sep 2021—

Dec 2021—

Mar 2022$56M

Jun 2022$56M

Sep 2022$57M

Dec 2022$82M

Mar 2023$65M

Jun 2023$71M

Sep 2023$66M

Dec 2023$88M

Mar 2024$102M

Jun 2024$58M

Sep 2024$93M

Dec 2024$127M

Mar 2025$109M

Jun 2025$110M

Sep 2025$97M

Dec 2025$63M

Mar 2026$84M

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 2021$44M

Dec 2021$65M

Mar 2022$57M

Jun 2022$43M

Sep 2022$47M

Dec 2022$95M

Mar 2023$83M

Jun 2023$74M

Sep 2023$91M

Dec 2023$145M

Mar 2024$118M

Jun 2024$74M

Sep 2024$89M

Dec 2024$140M

Mar 2025$89M

Jun 2025$78M

Sep 2025$97M

Dec 2025$98M

Mar 2026$102M

Jun 2026$86M

West Pharmaceutical Services, Inc. · WST

Sep 2021$65M

Dec 2021$77M

Mar 2022$66M

Jun 2022$66M

Sep 2022$58M

Dec 2022$95M

Mar 2023$82M

Jun 2023$75M

Sep 2023$96M

Dec 2023$109M

Mar 2024$91M

Jun 2024$100M

Sep 2024$81M

Dec 2024$105M

Mar 2025$71M

Jun 2025$75M

Sep 2025$63M

Dec 2025$76M

Mar 2026$43M

Jun 2026$43M

CAPEX intensity · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 20217.5%

Dec 202115%

Mar 20225.4%

Jun 20225.4%

Sep 20227.5%

Dec 202211%

Mar 20234.4%

Jun 20234.8%

Sep 20235.3%

Dec 202313%

Mar 20244.6%

Jun 20243.7%

Sep 20244.8%

Dec 20246.0%

Mar 20254.3%

Jun 20253.9%

Sep 20256.4%

Dec 20256.2%

Mar 20265.1%

Jun 2026—

Align Technology, Inc. · ALGN

Sep 202112%

Dec 202111%

Mar 20228.9%

Jun 20227.8%

Sep 20228.4%

Dec 20225.9%

Mar 20236.8%

Jun 20235.9%

Sep 20232.3%

Dec 20233.4%

Mar 20240.9%

Jun 20245.2%

Sep 20243.1%

Dec 20242.3%

Mar 20252.6%

Jun 20252.1%

Sep 20252.0%

Dec 20253.4%

Mar 20263.0%

Jun 2026—

AptarGroup, Inc. · ATR

Sep 20219.7%

Dec 202111%

Mar 20228.6%

Jun 20228.8%

Sep 20229.4%

Dec 202211%

Mar 20239.1%

Jun 20238.6%

Sep 20238.5%

Dec 20239.7%

Mar 20248.3%

Jun 20247.5%

Sep 20247.4%

Dec 20247.8%

Mar 20256.4%

Jun 20256.5%

Sep 20256.6%

Dec 20259.0%

Mar 20266.6%

Jun 2026—

Avantor, Inc. · AVTR

Sep 20211.8%

Dec 20212.1%

Mar 20221.3%

Jun 20221.9%

Sep 20222.1%

Dec 20221.9%

Mar 20231.6%

Jun 20231.7%

Sep 20232.2%

Dec 20233.0%

Mar 20242.1%

Jun 20242.7%

Sep 20242.4%

Dec 20241.7%

Mar 20251.8%

Jun 20251.8%

Sep 20252.2%

Dec 20252.2%

Mar 20262.2%

Jun 2026—

Baxter International Inc. · BAX

Sep 2021—

Dec 20216.7%

Mar 20223.8%

Jun 20224.8%

Sep 20224.5%

Dec 20221.6%

Mar 20234.7%

Jun 20234.4%

Sep 20236.7%

Dec 20233.4%

Mar 20244.4%

Jun 20242.6%

Sep 20245.0%

Dec 20244.8%

Mar 20254.6%

Jun 20255.0%

Sep 20253.9%

Dec 20254.7%

Mar 20265.1%

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 20219.3%

Dec 20213.9%

Mar 20224.7%

Jun 20225.5%

Sep 20226.6%

Dec 20224.5%

Mar 20233.8%

Jun 20233.9%

Sep 20235.8%

Dec 20232.5%

Mar 20242.7%

Jun 20243.6%

Sep 20245.4%

Dec 20242.0%

Mar 20252.9%

Jun 20253.2%

Sep 20256.0%

Dec 20252.1%

Mar 20262.7%

Jun 2026—

Intuitive Surgical, Inc. · ISRG

Sep 20214.8%

Dec 20219.7%

Mar 20226.3%

Jun 20228.6%

Sep 202211%

Dec 20228.4%

Mar 202311%

Jun 202310%

Sep 202315%

Dec 202323%

Mar 202413%

Jun 202415%

Sep 202412%

Dec 202413%

Mar 20255.2%

Jun 20256.4%

Sep 20254.2%

Dec 20255.7%

Mar 20263.7%

Jun 2026—

Medline Inc. · MDLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20241.3%

Jun 20241.3%

Sep 20241.7%

Dec 20241.3%

Mar 20251.5%

Jun 20251.6%

Sep 20251.4%

Dec 20251.8%

Mar 20261.3%

Jun 2026—

ResMed Inc. · RMD

Sep 20213.0%

Dec 20213.4%

Mar 20225.5%

Jun 20223.2%

Sep 20223.1%

Dec 20222.6%

Mar 20232.6%

Jun 20233.0%

Sep 20232.7%

Dec 20232.0%

Mar 20241.8%

Jun 20242.0%

Sep 20241.5%

Dec 20241.6%

Mar 20251.6%

Jun 20252.3%

Sep 20253.2%

Dec 20252.0%

Mar 20262.4%

Jun 2026—

Solventum Corporation · SOLV

Sep 2021—

Dec 2021—

Mar 20222.7%

Jun 20222.7%

Sep 20222.8%

Dec 20224.1%

Mar 20233.2%

Jun 20233.4%

Sep 20233.2%

Dec 20234.3%

Mar 20245.1%

Jun 20242.8%

Sep 20244.5%

Dec 20246.1%

Mar 20255.3%

Jun 20255.1%

Sep 20254.6%

Dec 20253.2%

Mar 20264.2%

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 20215.8%

Dec 20218.6%

Mar 20227.2%

Jun 20225.2%

Sep 20225.6%

Dec 202211%

Mar 20239.7%

Jun 20238.4%

Sep 20239.8%

Dec 202316%

Mar 202413%

Jun 20247.8%

Sep 20248.9%

Dec 202414%

Mar 20259.2%

Jun 20257.8%

Sep 20259.2%

Dec 20259.2%

Mar 202610%

Jun 20267.9%

West Pharmaceutical Services, Inc. · WST

Sep 20219.2%

Dec 202111%

Mar 20229.2%

Jun 20228.6%

Sep 20228.4%

Dec 202213%

Mar 202311%

Jun 20239.9%

Sep 202313%

Dec 202315%

Mar 202413%

Jun 202414%

Sep 202411%

Dec 202414%

Mar 202510%

Jun 20259.8%

Sep 20257.8%

Dec 20259.4%

Mar 20265.1%

Jun 2026—

Annual capital allocation · 7-year view

30/30 capacity base · 30/30 OCF · 30/30 CAPEX · 30/30 FCF

Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.

Full annual capacity base, operating cash flow, CAPEX and free cash flow history

Capacity base · net fixed assets + CWIP · fiscal-year history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Apr 2020—

Jun 2021—

Dec 2021$4.1B

Dec 2022$4.4B

Dec 2023$4.7B

Dec 2024$4.8B

Dec 2025$5.2B

Align Technology, Inc. · ALGN

Apr 2020—

Jun 2021—

Dec 2021$1.2B

Dec 2022$1.4B

Dec 2023$1.4B

Dec 2024$1.4B

Dec 2025$1.2B

AptarGroup, Inc. · ATR

Apr 2020—

Jun 2021—

Dec 2021$1.3B

Dec 2022$1.4B

Dec 2023$1.5B

Dec 2024$1.5B

Dec 2025$1.7B

Avantor, Inc. · AVTR

Apr 2020—

Jun 2021—

Dec 2021$706M

Dec 2022$727M

Dec 2023$738M

Dec 2024$708M

Dec 2025$767M

Baxter International Inc. · BAX

Apr 2020—

Jun 2021—

Dec 2021$5.8B

Dec 2022$5.2B

Dec 2023$3.2B

Dec 2024$3.2B

Dec 2025$3.2B

Becton, Dickinson and Company · BDX

Apr 2020—

Jun 2021—

Dec 2021$6.0B

Dec 2022$6.0B

Dec 2023$6.6B

Dec 2024$6.8B

Dec 2025$6.4B

Intuitive Surgical, Inc. · ISRG

Apr 2020—

Jun 2021—

Dec 2021$1.9B

Dec 2022$2.4B

Dec 2023$3.5B

Dec 2024$4.6B

Dec 2025$5.3B

Medline Inc. · MDLN

Apr 2020—

Jun 2021—

Dec 2021—

Dec 2022—

Dec 2023$4.5B

Dec 2024$4.6B

Dec 2025$4.8B

ResMed Inc. · RMD

Apr 2020—

Jun 2021$592M

Dec 2021$630M

Dec 2022$666M

Dec 2023$699M

Dec 2024$718M

Dec 2025—

Solventum Corporation · SOLV

Apr 2020—

Jun 2021—

Dec 2021$1.3B

Dec 2022$1.3B

Dec 2023$1.5B

Dec 2024$1.6B

Dec 2025$1.3B

The Cooper Companies, Inc. · COO

Apr 2020—

Jun 2021—

Dec 2021$1.3B

Dec 2022$1.4B

Dec 2023$1.6B

Dec 2024$1.9B

Dec 2025$2.1B

West Pharmaceutical Services, Inc. · WST

Apr 2020—

Jun 2021—

Dec 2021$1.1B

Dec 2022$1.3B

Dec 2023$1.5B

Dec 2024$1.7B

Dec 2025$1.8B

Operating cash flow · fiscal-year history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Apr 2020—

Jun 2021—

Dec 2021$1.3B

Dec 2022$1.2B

Dec 2023$1.4B

Dec 2024$2.1B

Dec 2025$2.3B

Align Technology, Inc. · ALGN

Apr 2020—

Jun 2021—

Dec 2021$1.2B

Dec 2022$569M

Dec 2023$786M

Dec 2024$738M

Dec 2025$593M

AptarGroup, Inc. · ATR

Apr 2020—

Jun 2021—

Dec 2021$363M

Dec 2022$479M

Dec 2023$575M

Dec 2024$643M

Dec 2025$570M

Avantor, Inc. · AVTR

Apr 2020—

Jun 2021—

Dec 2021$954M

Dec 2022$844M

Dec 2023$870M

Dec 2024$841M

Dec 2025$624M

Baxter International Inc. · BAX

Apr 2020—

Jun 2021—

Dec 2021$2.2B

Dec 2022$1.2B

Dec 2023$1.7B

Dec 2024$1.0B

Dec 2025$845M

Becton, Dickinson and Company · BDX

Apr 2020—

Jun 2021—

Dec 2021$4.6B

Dec 2022$2.6B

Dec 2023$3.0B

Dec 2024$3.8B

Dec 2025$3.4B

Intuitive Surgical, Inc. · ISRG

Apr 2020—

Jun 2021—

Dec 2021$2.1B

Dec 2022$1.5B

Dec 2023$1.8B

Dec 2024$2.4B

Dec 2025$3.0B

Medline Inc. · MDLN

Apr 2020—

Jun 2021—

Dec 2021—

Dec 2022$187M

Dec 2023$1.7B

Dec 2024$1.8B

Dec 2025$1.7B

ResMed Inc. · RMD

Apr 2020—

Jun 2021$737M

Dec 2021$351M

Dec 2022$693M

Dec 2023$1.4B

Dec 2024$1.8B

Dec 2025—

Solventum Corporation · SOLV

Apr 2020—

Jun 2021—

Dec 2021$2.2B

Dec 2022$1.7B

Dec 2023$1.9B

Dec 2024$1.2B

Dec 2025$369M

The Cooper Companies, Inc. · COO

Apr 2020—

Jun 2021—

Dec 2021$739M

Dec 2022$692M

Dec 2023$608M

Dec 2024$709M

Dec 2025$796M

West Pharmaceutical Services, Inc. · WST

Apr 2020—

Jun 2021—

Dec 2021$584M

Dec 2022$724M

Dec 2023$777M

Dec 2024$653M

Dec 2025$755M

CAPEX · reported cash flow · fiscal-year history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Apr 2020—

Jun 2021—

Dec 2021$700M

Dec 2022$636M

Dec 2023$658M

Dec 2024$473M

Dec 2025$543M

Align Technology, Inc. · ALGN

Apr 2020—

Jun 2021—

Dec 2021$401M

Dec 2022$292M

Dec 2023$178M

Dec 2024$116M

Dec 2025$102M

AptarGroup, Inc. · ATR

Apr 2020—

Jun 2021—

Dec 2021$308M

Dec 2022$310M

Dec 2023$312M

Dec 2024$276M

Dec 2025$270M

Avantor, Inc. · AVTR

Apr 2020—

Jun 2021—

Dec 2021$111M

Dec 2022$133M

Dec 2023$146M

Dec 2024$149M

Dec 2025$129M

Baxter International Inc. · BAX

Apr 2020—

Jun 2021—

Dec 2021$691M

Dec 2022$377M

Dec 2023$432M

Dec 2024$446M

Dec 2025$513M

Becton, Dickinson and Company · BDX

Apr 2020—

Jun 2021—

Dec 2021$1.2B

Dec 2022$973M

Dec 2023$874M

Dec 2024$725M

Dec 2025$760M

Intuitive Surgical, Inc. · ISRG

Apr 2020—

Jun 2021—

Dec 2021$340M

Dec 2022$532M

Dec 2023$1.1B

Dec 2024$1.1B

Dec 2025$540M

Medline Inc. · MDLN

Apr 2020—

Jun 2021—

Dec 2021—

Dec 2022$254M

Dec 2023$275M

Dec 2024$354M

Dec 2025$447M

ResMed Inc. · RMD

Apr 2020—

Jun 2021$103M

Dec 2021$135M

Dec 2022$120M

Dec 2023$99M

Dec 2024$90M

Dec 2025—

Solventum Corporation · SOLV

Apr 2020—

Jun 2021—

Dec 2021$277M

Dec 2022$251M

Dec 2023$290M

Dec 2024$380M

Dec 2025$379M

The Cooper Companies, Inc. · COO

Apr 2020—

Jun 2021—

Dec 2021$214M

Dec 2022$242M

Dec 2023$393M

Dec 2024$421M

Dec 2025$362M

West Pharmaceutical Services, Inc. · WST

Apr 2020—

Jun 2021—

Dec 2021$253M

Dec 2022$285M

Dec 2023$362M

Dec 2024$377M

Dec 2025$286M

Free cash flow · fiscal-year history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Apr 2020—

Jun 2021—

Dec 2021$645M

Dec 2022$581M

Dec 2023$730M

Dec 2024$1.6B

Dec 2025$1.7B

Align Technology, Inc. · ALGN

Apr 2020—

Jun 2021—

Dec 2021$771M

Dec 2022$277M

Dec 2023$608M

Dec 2024$623M

Dec 2025$491M

AptarGroup, Inc. · ATR

Apr 2020—

Jun 2021—

Dec 2021$56M

Dec 2022$168M

Dec 2023$263M

Dec 2024$367M

Dec 2025$300M

Avantor, Inc. · AVTR

Apr 2020—

Jun 2021—

Dec 2021$843M

Dec 2022$710M

Dec 2023$724M

Dec 2024$692M

Dec 2025$495M

Baxter International Inc. · BAX

Apr 2020—

Jun 2021—

Dec 2021$1.5B

Dec 2022$834M

Dec 2023$1.3B

Dec 2024$573M

Dec 2025$332M

Becton, Dickinson and Company · BDX

Apr 2020—

Jun 2021—

Dec 2021$3.5B

Dec 2022$1.7B

Dec 2023$2.1B

Dec 2024$3.1B

Dec 2025$2.7B

Intuitive Surgical, Inc. · ISRG

Apr 2020—

Jun 2021—

Dec 2021$1.8B

Dec 2022$958M

Dec 2023$750M

Dec 2024$1.3B

Dec 2025$2.5B

Medline Inc. · MDLN

Apr 2020—

Jun 2021—

Dec 2021—

Dec 2022$-67M

Dec 2023$1.4B

Dec 2024$1.4B

Dec 2025$1.3B

ResMed Inc. · RMD

Apr 2020—

Jun 2021$634M

Dec 2021$216M

Dec 2022$574M

Dec 2023$1.3B

Dec 2024$1.7B

Dec 2025—

Solventum Corporation · SOLV

Apr 2020—

Jun 2021—

Dec 2021$1.9B

Dec 2022$1.4B

Dec 2023$1.6B

Dec 2024$805M

Dec 2025$-10M

The Cooper Companies, Inc. · COO

Apr 2020—

Jun 2021—

Dec 2021$524M

Dec 2022$450M

Dec 2023$215M

Dec 2024$288M

Dec 2025$434M

West Pharmaceutical Services, Inc. · WST

Apr 2020—

Jun 2021—

Dec 2021$331M

Dec 2022$439M

Dec 2023$415M

Dec 2024$276M

Dec 2025$469M

05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Pulse Biosciences, Inc. has the lowest Gross debt among the 30 Medical Instruments & Supplies companies compared here, at $7 million. BioLife Solutions, Inc. is next at $15 million. Align Technology, Inc. has the lowest Net debt at $977 million net cash, so level and change sit with different companies.

What the numbers say: Align Technology, Inc. has the clearest covered balance-sheet capacity with $977 million net cash and gross debt of $83 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderPulse Biosciences, Inc. · $7 million

Gap53.3% versus #2 · BioLife Solutions, Inc.

Persistence8/8 recent comparable periods

Coverage28/30 companies · 495 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

Gross debtlowest gross debt

1Pulse Biosciences, Inc. PLSE$7M

2BioLife Solutions, Inc. BLFS$15M

3STAAR Surgical Company STAA$37M

4Kestra Medical Technologies, Ltd. KMTS$47M

5Azenta, Inc. AZTA$56M

Net debtlowest net debt

1Align Technology, Inc. ALGN$-977M

2ResMed Inc. RMD$-818M

3Azenta, Inc. AZTA$-325M

4LeMaitre Vascular, Inc. LMAT$-177M

5Kestra Medical Technologies, Ltd. KMTS$-149M

Debt and balance-sheet capacity · company comparison

28/30 level · 28/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Gross debt	Net debt	Reported
Becton, Dickinson and Company BDX	$17.3B	$16.5B	Mar 2026
Medline Inc. MDLN	$12.6B	$10.3B	Mar 2026
Baxter International Inc. BAX	$9.7B	$7.7B	Mar 2026
Solventum Corporation SOLV	$5.3B	$4.7B	Mar 2026
Alcon Inc. ALC	$5.3B	$3.6B	Mar 2026
Bausch + Lomb Corporation BLCO	$5.1B	$4.8B	Mar 2026
Avantor, Inc. AVTR	$3.8B	$3.5B	Mar 2026
Teleflex Incorporated TFX	$2.7B	$2.4B	Mar 2026
The Cooper Companies, Inc. COO	$2.5B	$2.3B	Jun 2026
DENTSPLY SIRONA Inc. XRAY	$2.3B	$2.1B	Mar 2026
Envista Holdings Corporation NVST	$1.6B	$506M	Jun 2026
AptarGroup, Inc. ATR	$1.4B	$1.2B	Mar 2026
ICU Medical, Inc. ICUI	$1.3B	$993M	Mar 2026
ResMed Inc. RMD	$843M	$-818M	Mar 2026
Merit Medical Systems, Inc. MMSI	$822M	$334M	Mar 2026
Repligen Corporation RGEN	$688M	$-97M	Mar 2026
Stevanato Group S.p.A. STVN	$452M	$340M	Mar 2026
West Pharmaceutical Services, Inc. WST	$312M	$-124M	Jun 2026
Warby Parker Inc. WRBY	$238M	$-50M	Mar 2026
LeMaitre Vascular, Inc. LMAT	$190M	$-177M	Mar 2026
Alamar Biosciences, Inc. ALMR	$106M	$41M	Mar 2026
Align Technology, Inc. ALGN	$83M	$-977M	Mar 2026
AtriCure, Inc. ATRC	$71M	$-97M	Jun 2026
Azenta, Inc. AZTA	$56M	$-325M	Mar 2026
Kestra Medical Technologies, Ltd. KMTS	$47M	$-149M	Jun 2026
STAAR Surgical Company STAA	$37M	$-127M	Jun 2026
BioLife Solutions, Inc. BLFS	$15M	$-66M	Mar 2026
Pulse Biosciences, Inc. PLSE	$7M	$-61M	Mar 2026

Full 20-quarter history · every available company

Gross debt · reported quarter history

Showing the 12 largest of 28 companies with a series here. The remaining 16 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 2021$4.5B

Dec 2021$4.5B

Mar 2022$4.5B

Jun 2022$4.4B

Sep 2022$4.3B

Dec 2022$5.1B

Mar 2023$5.1B

Jun 2023$5.1B

Sep 2023$5.1B

Dec 2023$5.1B

Mar 2024$5.1B

Jun 2024$5.1B

Sep 2024$5.1B

Dec 2024$5.1B

Mar 2025$5.2B

Jun 2025$5.3B

Sep 2025$5.2B

Dec 2025$5.2B

Mar 2026$5.3B

Jun 2026—

Align Technology, Inc. · ALGN

Sep 2021$74M

Dec 2021$103M

Mar 2022$105M

Jun 2022$98M

Sep 2022$97M

Dec 2022$100M

Mar 2023$99M

Jun 2023$105M

Sep 2023$99M

Dec 2023$97M

Mar 2024$95M

Jun 2024$98M

Sep 2024$96M

Dec 2024$88M

Mar 2025$86M

Jun 2025$90M

Sep 2025$87M

Dec 2025$83M

Mar 2026$83M

Jun 2026—

AptarGroup, Inc. · ATR

Sep 2021$1.2B

Dec 2021$1.2B

Mar 2022$1.5B

Jun 2022$1.4B

Sep 2022$1.2B

Dec 2022$1.2B

Mar 2023$1.2B

Jun 2023$1.3B

Sep 2023$1.2B

Dec 2023$1.2B

Mar 2024$1.2B

Jun 2024$1.1B

Sep 2024$1.1B

Dec 2024$900M

Mar 2025$1.1B

Jun 2025$1.1B

Sep 2025$1.3B

Dec 2025$1.5B

Mar 2026$1.4B

Jun 2026—

Avantor, Inc. · AVTR

Sep 2021$5.6B

Dec 2021$7.0B

Mar 2022$6.9B

Jun 2022$6.5B

Sep 2022$6.2B

Dec 2022$6.3B

Mar 2023$6.1B

Jun 2023$5.9B

Sep 2023$5.6B

Dec 2023$5.5B

Mar 2024$5.3B

Jun 2024$5.1B

Sep 2024$4.9B

Dec 2024$4.1B

Mar 2025$4.1B

Jun 2025$4.2B

Sep 2025$3.9B

Dec 2025$3.9B

Mar 2026$3.8B

Jun 2026—

Baxter International Inc. · BAX

Sep 2021$6.4B

Dec 2021$18.2B

Mar 2022$17.7B

Jun 2022$17.2B

Sep 2022$16.9B

Dec 2022$17.1B

Mar 2023$16.9B

Jun 2023$16.9B

Sep 2023$16.9B

Dec 2023$14.0B

Mar 2024$14.2B

Jun 2024$13.3B

Sep 2024$13.2B

Dec 2024$13.4B

Mar 2025$10.3B

Jun 2025$9.7B

Sep 2025$9.7B

Dec 2025$9.7B

Mar 2026$9.7B

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 2021$17.6B

Dec 2021$17.4B

Mar 2022$18.6B

Jun 2022$16.4B

Sep 2022$16.1B

Dec 2022$16.5B

Mar 2023$18.2B

Jun 2023$16.8B

Sep 2023$15.9B

Dec 2023$16.1B

Mar 2024$18.0B

Jun 2024$19.3B

Sep 2024$20.1B

Dec 2024$18.8B

Mar 2025$19.3B

Jun 2025$19.3B

Sep 2025$19.2B

Dec 2025$19.5B

Mar 2026$17.3B

Jun 2026—

Medline Inc. · MDLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023$16.5B

Dec 2023$16.5B

Mar 2024—

Jun 2024—

Sep 2024$16.5B

Dec 2024$16.5B

Mar 2025$16.6B

Jun 2025$16.6B

Sep 2025$16.6B

Dec 2025$12.6B

Mar 2026$12.6B

Jun 2026—

Repligen Corporation · RGEN

Sep 2021$314M

Dec 2021$366M

Mar 2022$394M

Jun 2022$417M

Sep 2022$419M

Dec 2022$423M

Mar 2023$421M

Jun 2023$423M

Sep 2023$420M

Dec 2023$712M

Mar 2024$738M

Jun 2024$743M

Sep 2024$672M

Dec 2024$686M

Mar 2025$684M

Jun 2025$686M

Sep 2025$689M

Dec 2025$690M

Mar 2026$688M

Jun 2026—

ResMed Inc. · RMD

Sep 2021$950M

Dec 2021$837M

Mar 2022$832M

Jun 2022$918M

Sep 2022$931M

Dec 2022$1.9B

Mar 2023$1.7B

Jun 2023$1.6B

Sep 2023$1.5B

Dec 2023$1.4B

Mar 2024$1.2B

Jun 2024$874M

Sep 2024$850M

Dec 2024$840M

Mar 2025$840M

Jun 2025$852M

Sep 2025$846M

Dec 2025$848M

Mar 2026$843M

Jun 2026—

Solventum Corporation · SOLV

Sep 2021$0M

Dec 2021$0M

Mar 2022—

Jun 2022—

Sep 2022$0M

Dec 2022$0M

Mar 2023$0M

Jun 2023$0M

Sep 2023$0M

Dec 2023$0M

Mar 2024$8.3B

Jun 2024$8.3B

Sep 2024$8.1B

Dec 2024$8.0B

Mar 2025$7.9B

Jun 2025$7.8B

Sep 2025$5.1B

Dec 2025$5.0B

Mar 2026$5.3B

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 2021$1.9B

Dec 2021$1.5B

Mar 2022$3.5B

Jun 2022$3.5B

Sep 2022$3.1B

Dec 2022$2.8B

Mar 2023$2.6B

Jun 2023$2.6B

Sep 2023$2.6B

Dec 2023$2.6B

Mar 2024$2.8B

Jun 2024$2.7B

Sep 2024$2.6B

Dec 2024$2.6B

Mar 2025$2.5B

Jun 2025$2.6B

Sep 2025$2.5B

Dec 2025$2.5B

Mar 2026$2.5B

Jun 2026$2.5B

West Pharmaceutical Services, Inc. · WST

Sep 2021$316M

Dec 2021$325M

Mar 2022$331M

Jun 2022$333M

Sep 2022$300M

Dec 2022$318M

Mar 2023$314M

Jun 2023$311M

Sep 2023$307M

Dec 2023$309M

Mar 2024$307M

Jun 2024$311M

Sep 2024$305M

Dec 2024$302M

Mar 2025$303M

Jun 2025$303M

Sep 2025$298M

Dec 2025$321M

Mar 2026$316M

Jun 2026$312M

Net debt · reported quarter history

Showing the 12 largest of 28 companies with a series here. The remaining 16 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 2021$2.9B

Dec 2021$2.9B

Mar 2022$3.5B

Jun 2022$3.4B

Sep 2022$3.2B

Dec 2022$4.1B

Mar 2023$4.2B

Jun 2023$4.4B

Sep 2023$4.1B

Dec 2023$4.1B

Mar 2024$3.9B

Jun 2024$3.7B

Sep 2024$3.4B

Dec 2024$3.3B

Mar 2025$3.8B

Jun 2025$3.9B

Sep 2025$3.7B

Dec 2025$3.6B

Mar 2026$3.6B

Jun 2026—

Align Technology, Inc. · ALGN

Sep 2021$-1.2B

Dec 2021$-1.1B

Mar 2022$-908M

Jun 2022$-802M

Sep 2022$-994M

Dec 2022$-900M

Mar 2023$-785M

Jun 2023$-903M

Sep 2023$-1.2B

Dec 2023$-876M

Mar 2024$-804M

Jun 2024$-684M

Sep 2024$-946M

Dec 2024$-956M

Mar 2025$-787M

Jun 2025$-811M

Sep 2025$-918M

Dec 2025$-1.0B

Mar 2026$-977M

Jun 2026—

AptarGroup, Inc. · ATR

Sep 2021$1.0B

Dec 2021$1.1B

Mar 2022$1.1B

Jun 2022$1.1B

Sep 2022$1.1B

Dec 2022$1.1B

Mar 2023$1.1B

Jun 2023$1.1B

Sep 2023$1.1B

Dec 2023$961M

Mar 2024$958M

Jun 2024$907M

Sep 2024$807M

Dec 2024$674M

Mar 2025$920M

Jun 2025$966M

Sep 2025$985M

Dec 2025$1.1B

Mar 2026$1.2B

Jun 2026—

Avantor, Inc. · AVTR

Sep 2021$4.2B

Dec 2021$6.7B

Mar 2022$6.6B

Jun 2022$6.3B

Sep 2022$5.9B

Dec 2022$5.9B

Mar 2023$5.8B

Jun 2023$5.6B

Sep 2023$5.4B

Dec 2023$5.3B

Mar 2024$5.1B

Jun 2024$4.8B

Sep 2024$4.6B

Dec 2024$3.8B

Mar 2025$3.8B

Jun 2025$3.8B

Sep 2025$3.6B

Dec 2025$3.6B

Mar 2026$3.5B

Jun 2026—

Baxter International Inc. · BAX

Sep 2021$3.2B

Dec 2021$15.2B

Mar 2022$15.4B

Jun 2022$15.3B

Sep 2022$15.3B

Dec 2022$15.4B

Mar 2023$15.2B

Jun 2023$15.2B

Sep 2023$11.1B

Dec 2023$10.9B

Mar 2024$11.1B

Jun 2024$11.2B

Sep 2024$11.8B

Dec 2024$11.6B

Mar 2025$8.0B

Jun 2025$8.0B

Sep 2025$8.0B

Dec 2025$7.7B

Mar 2026$7.7B

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 2021$15.3B

Dec 2021$15.5B

Mar 2022$15.5B

Jun 2022$13.8B

Sep 2022$15.1B

Dec 2022$15.8B

Mar 2023$16.2B

Jun 2023$15.9B

Sep 2023$14.5B

Dec 2023$14.9B

Mar 2024$14.8B

Jun 2024$14.0B

Sep 2024$17.9B

Dec 2024$18.0B

Mar 2025$18.6B

Jun 2025$18.6B

Sep 2025$18.6B

Dec 2025$18.8B

Mar 2026$16.5B

Jun 2026—

Medline Inc. · MDLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023$15.0B

Dec 2023$15.0B

Mar 2024—

Jun 2024—

Sep 2024$16.3B

Dec 2024$16.3B

Mar 2025$16.0B

Jun 2025$16.0B

Sep 2025$15.6B

Dec 2025$10.6B

Mar 2026$10.3B

Jun 2026—

Repligen Corporation · RGEN

Sep 2021$-307M

Dec 2021$-238M

Mar 2022$-191M

Jun 2022$-180M

Sep 2022$-154M

Dec 2022$-201M

Mar 2023$-197M

Jun 2023$-181M

Sep 2023$-211M

Dec 2023$-39M

Mar 2024$-43M

Jun 2024$-66M

Sep 2024$-112M

Dec 2024$-71M

Mar 2025$-13M

Jun 2025$-23M

Sep 2025$-60M

Dec 2025$-78M

Mar 2026$-97M

Jun 2026—

ResMed Inc. · RMD

Sep 2021$674M

Dec 2021$643M

Mar 2022$630M

Jun 2022$644M

Sep 2022$724M

Dec 2022$1.7B

Mar 2023$1.5B

Jun 2023$1.4B

Sep 2023$1.3B

Dec 2023$1.2B

Mar 2024$929M

Jun 2024$636M

Sep 2024$424M

Dec 2024$318M

Mar 2025$-93M

Jun 2025$-357M

Sep 2025$-538M

Dec 2025$-569M

Mar 2026$-818M

Jun 2026—

Solventum Corporation · SOLV

Sep 2021$-91M

Dec 2021$-91M

Mar 2022—

Jun 2022—

Sep 2022$-61M

Dec 2022$-61M

Mar 2023$-39M

Jun 2023$-39M

Sep 2023$-42M

Dec 2023$-194M

Mar 2024$7.3B

Jun 2024$7.4B

Sep 2024$7.3B

Dec 2024$7.2B

Mar 2025$7.4B

Jun 2025$7.3B

Sep 2025$3.5B

Dec 2025$4.2B

Mar 2026$4.7B

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 2021$1.8B

Dec 2021$1.4B

Mar 2022$3.3B

Jun 2022$3.1B

Sep 2022$2.9B

Dec 2022$2.6B

Mar 2023$2.5B

Jun 2023$2.5B

Sep 2023$2.5B

Dec 2023$2.4B

Mar 2024$2.6B

Jun 2024$2.6B

Sep 2024$2.5B

Dec 2024$2.5B

Mar 2025$2.4B

Jun 2025$2.5B

Sep 2025$2.4B

Dec 2025$2.4B

Mar 2026$2.4B

Jun 2026$2.3B

West Pharmaceutical Services, Inc. · WST

Sep 2021$-372M

Dec 2021$-438M

Mar 2022$-337M

Jun 2022$-386M

Sep 2022$-429M

Dec 2022$-576M

Mar 2023$-572M

Jun 2023$-485M

Sep 2023$-592M

Dec 2023$-545M

Mar 2024$-295M

Jun 2024$-135M

Sep 2024$-186M

Dec 2024$-183M

Mar 2025$-101M

Jun 2025$-207M

Sep 2025$-331M

Dec 2025$-470M

Mar 2026$-205M

Jun 2026$-124M

06 · compare level, then change

Return On Capital Employed

ResMed Inc. has the highest ROCE among the 30 Medical Instruments & Supplies companies compared here, at 7.1%. West Pharmaceutical Services, Inc. is next at 5.3%. Kestra Medical Technologies, Ltd. has the highest ROCE change at +21.7 percentage points, so level and change sit with different companies. 30 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: ResMed Inc. leads ROCE at 7.1%, 1.8 percentage points above West Pharmaceutical Services, Inc.. Kestra Medical Technologies, Ltd. has the strongest latest improvement at +21.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderResMed Inc. · 7.1%

Gap34% versus #2 · West Pharmaceutical Services, Inc.

Persistence8/8 recent comparable periods

Coverage30/30 companies · 522 observations

Investor read: ResMed Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

ROCEhighest

1ResMed Inc. RMD7.1%

2West Pharmaceutical Services, Inc. WST5.3%

3Intuitive Surgical, Inc. ISRG5.2%

4Align Technology, Inc. ALGN3.3%

5LeMaitre Vascular, Inc. LMAT3.2%

ROCE changefastest improvers

1Kestra Medical Technologies, Ltd. KMTS+21.7 pp

2STAAR Surgical Company STAA+9.3 pp

3AtriCure, Inc. ATRC+2.9 pp

4Pulse Biosciences, Inc. PLSE+1.9 pp

5MiniMed Group, Inc. MMED+1.7 pp

Return on capital · company comparison

30/30 level · 30/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	ROCE	ROCE change	Reported
ResMed Inc. RMD	7.1%	+0.4 pp	Mar 2026
West Pharmaceutical Services, Inc. WST	5.3%	+0.3 pp	Jun 2026
Intuitive Surgical, Inc. ISRG	5.2%	+0.8 pp	Jun 2026
Align Technology, Inc. ALGN	3.3%	+0.1 pp	Mar 2026
LeMaitre Vascular, Inc. LMAT	3.2%	+0.3 pp	Mar 2026
AptarGroup, Inc. ATR	2.9%	−0.6 pp	Mar 2026
Stevanato Group S.p.A. STVN	2.0%	+0.1 pp	Mar 2026
STAAR Surgical Company STAA	2.0%	+9.3 pp	Jun 2026
Merit Medical Systems, Inc. MMSI	1.9%	0.0 pp	Mar 2026
AtriCure, Inc. ATRC	1.7%	+2.9 pp	Jun 2026
Medline Inc. MDLN	1.2%	−2.2 pp	Mar 2026
Envista Holdings Corporation NVST	1.2%	+0.2 pp	Jun 2026
Avantor, Inc. AVTR	1.0%	−0.4 pp	Mar 2026
Solventum Corporation SOLV	0.7%	−0.5 pp	Mar 2026
Repligen Corporation RGEN	0.6%	+0.4 pp	Mar 2026
Baxter International Inc. BAX	0.4%	+0.1 pp	Mar 2026
ICU Medical, Inc. ICUI	0.4%	+0.1 pp	Mar 2026
Teleflex Incorporated TFX	0.3%	−0.7 pp	Mar 2026
Bausch + Lomb Corporation BLCO	0.3%	+1.0 pp	Mar 2026
Warby Parker Inc. WRBY	0.3%	−0.2 pp	Mar 2026
Becton, Dickinson and Company BDX	0.2%	−0.6 pp	Mar 2026
Alcon Inc. ALC	0.0%	−1.7 pp	Mar 2026
BioLife Solutions, Inc. BLFS	0.0%	+0.1 pp	Mar 2026
The Cooper Companies, Inc. COO	-0.3%	−1.9 pp	Jun 2026
DENTSPLY SIRONA Inc. XRAY	-0.8%	−2.1 pp	Mar 2026
MiniMed Group, Inc. MMED	-2.5%	+1.7 pp	Jun 2026
Azenta, Inc. AZTA	-9.6%	−8.7 pp	Mar 2026
Kestra Medical Technologies, Ltd. KMTS	-14%	+21.7 pp	Jun 2026
Alamar Biosciences, Inc. ALMR	-15%	0.0 pp	Mar 2026
Pulse Biosciences, Inc. PLSE	-19%	+1.9 pp	Mar 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 20210.1%

Dec 20210.7%

Mar 20221.0%

Jun 20220.8%

Sep 20220.8%

Dec 20220.1%

Mar 20231.0%

Jun 20231.0%

Sep 20231.1%

Dec 20230.8%

Mar 20241.4%

Jun 20241.2%

Sep 20241.2%

Dec 20241.4%

Mar 20251.7%

Jun 20250.9%

Sep 20251.2%

Dec 20251.1%

Mar 20260.0%

Jun 2026—

Align Technology, Inc. · ALGN

Sep 20217.3%

Dec 20215.9%

Mar 20225.1%

Jun 20224.9%

Sep 20223.6%

Dec 20222.8%

Mar 20233.3%

Jun 20234.3%

Sep 20234.0%

Dec 20234.3%

Mar 20243.8%

Jun 20243.6%

Sep 20243.8%

Dec 20243.5%

Mar 20253.2%

Jun 20253.9%

Sep 20252.2%

Dec 20253.7%

Mar 20263.3%

Jun 2026—

AptarGroup, Inc. · ATR

Sep 20212.6%

Dec 20212.7%

Mar 20222.9%

Jun 20223.0%

Sep 20223.0%

Dec 20222.6%

Mar 20232.5%

Jun 20233.5%

Sep 20233.9%

Dec 20232.6%

Mar 20243.4%

Jun 20243.8%

Sep 20244.1%

Dec 20243.7%

Mar 20253.5%

Jun 20254.3%

Sep 20253.8%

Dec 20252.9%

Mar 20262.9%

Jun 2026—

Avantor, Inc. · AVTR

Sep 20212.4%

Dec 20212.0%

Mar 20222.9%

Jun 20222.7%

Sep 20222.5%

Dec 20222.1%

Mar 20231.9%

Jun 20230.6%

Sep 20231.8%

Dec 20231.6%

Mar 20241.3%

Jun 20241.5%

Sep 20241.1%

Dec 20241.8%

Mar 20251.4%

Jun 20251.2%

Sep 2025-6.1%

Dec 20251.3%

Mar 20261.0%

Jun 2026—

Baxter International Inc. · BAX

Sep 20213.1%

Dec 20211.7%

Mar 20220.7%

Jun 20221.2%

Sep 2022-14%

Dec 20221.1%

Mar 20230.5%

Jun 2023-0.1%

Sep 20230.7%

Dec 20231.3%

Mar 20240.5%

Jun 20240.8%

Sep 20240.7%

Dec 2024-2.1%

Mar 20250.3%

Jun 20251.0%

Sep 20250.9%

Dec 2025-4.0%

Mar 20260.4%

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 20210.8%

Dec 20211.5%

Mar 20221.2%

Jun 20221.2%

Sep 20221.1%

Dec 20221.3%

Mar 20231.3%

Jun 20231.2%

Sep 20230.8%

Dec 20231.0%

Mar 20241.6%

Jun 20241.3%

Sep 20241.3%

Dec 20241.0%

Mar 20250.8%

Jun 20251.8%

Sep 20251.5%

Dec 20251.2%

Mar 20260.2%

Jun 2026—

Intuitive Surgical, Inc. · ISRG

Sep 20214.1%

Dec 20214.0%

Mar 20223.5%

Jun 20223.3%

Sep 20223.3%

Dec 20223.1%

Mar 20233.2%

Jun 20233.7%

Sep 20233.7%

Dec 20233.6%

Mar 20243.6%

Jun 20244.1%

Sep 20244.0%

Dec 20244.8%

Mar 20253.6%

Jun 20254.4%

Sep 20254.5%

Dec 20254.9%

Mar 20264.8%

Jun 20265.2%

Medline Inc. · MDLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 20230.0%

Dec 20230.0%

Mar 2024—

Jun 2024—

Sep 20241.7%

Dec 20241.5%

Mar 20253.4%

Jun 20253.8%

Sep 20251.7%

Dec 20251.2%

Mar 20261.2%

Jun 2026—

ResMed Inc. · RMD

Sep 20216.4%

Dec 20216.1%

Mar 20225.9%

Jun 20226.2%

Sep 20226.4%

Dec 20225.6%

Mar 20235.9%

Jun 20235.3%

Sep 20235.5%

Dec 20234.6%

Mar 20246.2%

Jun 20246.4%

Sep 20246.3%

Dec 20246.7%

Mar 20256.7%

Jun 20256.9%

Sep 20256.7%

Dec 20257.3%

Mar 20267.1%

Jun 2026—

Solventum Corporation · SOLV

Sep 20210.0%

Dec 20210.0%

Mar 2022—

Jun 2022—

Sep 20223.4%

Dec 20223.1%

Mar 20236.0%

Jun 20236.8%

Sep 20234.1%

Dec 20233.3%

Mar 20243.0%

Jun 20242.0%

Sep 20242.3%

Dec 20241.1%

Mar 20251.2%

Jun 20251.7%

Sep 202515%

Dec 20251.1%

Mar 20260.7%

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 2021—

Dec 20211.8%

Mar 20221.5%

Jun 20221.5%

Sep 20221.5%

Dec 20221.1%

Mar 20231.5%

Jun 20230.9%

Sep 20231.5%

Dec 20231.3%

Mar 20241.4%

Jun 20241.5%

Sep 20241.8%

Dec 20241.8%

Mar 20251.6%

Jun 20251.6%

Sep 20251.6%

Dec 20251.2%

Mar 20261.9%

Jun 2026-0.3%

West Pharmaceutical Services, Inc. · WST

Sep 20217.7%

Dec 20217.3%

Mar 20227.6%

Jun 20228.7%

Sep 20226.8%

Dec 20224.5%

Mar 20235.3%

Jun 20236.1%

Sep 20235.8%

Dec 20235.1%

Mar 20244.0%

Jun 20244.2%

Sep 20245.1%

Dec 20245.1%

Mar 20253.5%

Jun 20255.0%

Sep 20255.1%

Dec 20254.7%

Mar 20265.4%

Jun 20265.3%

ROCE change · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+0.7 pp

Dec 2022−0.6 pp

Mar 20230.0 pp

Jun 2023+0.2 pp

Sep 2023+0.3 pp

Dec 2023+0.7 pp

Mar 2024+0.4 pp

Jun 2024+0.2 pp

Sep 2024+0.1 pp

Dec 2024+0.6 pp

Mar 2025+0.3 pp

Jun 2025−0.3 pp

Sep 20250.0 pp

Dec 2025−0.3 pp

Mar 2026−1.7 pp

Jun 2026—

Align Technology, Inc. · ALGN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−3.7 pp

Dec 2022−3.1 pp

Mar 2023−1.8 pp

Jun 2023−0.6 pp

Sep 2023+0.4 pp

Dec 2023+1.5 pp

Mar 2024+0.5 pp

Jun 2024−0.7 pp

Sep 2024−0.2 pp

Dec 2024−0.8 pp

Mar 2025−0.6 pp

Jun 2025+0.3 pp

Sep 2025−1.6 pp

Dec 2025+0.2 pp

Mar 2026+0.1 pp

Jun 2026—

AptarGroup, Inc. · ATR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+0.4 pp

Dec 2022−0.1 pp

Mar 2023−0.4 pp

Jun 2023+0.5 pp

Sep 2023+0.9 pp

Dec 20230.0 pp

Mar 2024+0.9 pp

Jun 2024+0.3 pp

Sep 2024+0.2 pp

Dec 2024+1.1 pp

Mar 2025+0.1 pp

Jun 2025+0.5 pp

Sep 2025−0.3 pp

Dec 2025−0.8 pp

Mar 2026−0.6 pp

Jun 2026—

Avantor, Inc. · AVTR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+0.1 pp

Dec 2022+0.1 pp

Mar 2023−1.0 pp

Jun 2023−2.1 pp

Sep 2023−0.7 pp

Dec 2023−0.5 pp

Mar 2024−0.6 pp

Jun 2024+0.9 pp

Sep 2024−0.7 pp

Dec 2024+0.2 pp

Mar 2025+0.1 pp

Jun 2025−0.3 pp

Sep 2025−7.2 pp

Dec 2025−0.5 pp

Mar 2026−0.4 pp

Jun 2026—

Baxter International Inc. · BAX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−17.3 pp

Dec 2022−0.6 pp

Mar 2023−0.2 pp

Jun 2023−1.3 pp

Sep 2023+14.9 pp

Dec 2023+0.2 pp

Mar 20240.0 pp

Jun 2024+0.9 pp

Sep 20240.0 pp

Dec 2024−3.4 pp

Mar 2025−0.2 pp

Jun 2025+0.2 pp

Sep 2025+0.2 pp

Dec 2025−1.9 pp

Mar 2026+0.1 pp

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+0.3 pp

Dec 2022−0.2 pp

Mar 2023+0.1 pp

Jun 20230.0 pp

Sep 2023−0.3 pp

Dec 2023−0.3 pp

Mar 2024+0.3 pp

Jun 2024+0.1 pp

Sep 2024+0.5 pp

Dec 20240.0 pp

Mar 2025−0.8 pp

Jun 2025+0.5 pp

Sep 2025+0.2 pp

Dec 2025+0.2 pp

Mar 2026−0.6 pp

Jun 2026—

Intuitive Surgical, Inc. · ISRG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−0.8 pp

Dec 2022−0.9 pp

Mar 2023−0.3 pp

Jun 2023+0.4 pp

Sep 2023+0.4 pp

Dec 2023+0.5 pp

Mar 2024+0.4 pp

Jun 2024+0.4 pp

Sep 2024+0.3 pp

Dec 2024+1.2 pp

Mar 20250.0 pp

Jun 2025+0.3 pp

Sep 2025+0.5 pp

Dec 2025+0.1 pp

Mar 2026+1.2 pp

Jun 2026+0.8 pp

Medline Inc. · MDLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024+1.7 pp

Dec 2024+1.5 pp

Mar 2025—

Jun 2025—

Sep 20250.0 pp

Dec 2025−0.3 pp

Mar 2026−2.2 pp

Jun 2026—

ResMed Inc. · RMD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20220.0 pp

Dec 2022−0.5 pp

Mar 20230.0 pp

Jun 2023−0.9 pp

Sep 2023−0.9 pp

Dec 2023−1.0 pp

Mar 2024+0.3 pp

Jun 2024+1.1 pp

Sep 2024+0.8 pp

Dec 2024+2.1 pp

Mar 2025+0.5 pp

Jun 2025+0.5 pp

Sep 2025+0.4 pp

Dec 2025+0.6 pp

Mar 2026+0.4 pp

Jun 2026—

Solventum Corporation · SOLV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+3.4 pp

Dec 2022+3.1 pp

Mar 2023—

Jun 2023—

Sep 2023+0.7 pp

Dec 2023+0.2 pp

Mar 2024−3.0 pp

Jun 2024−4.8 pp

Sep 2024−1.8 pp

Dec 2024−2.2 pp

Mar 2025−1.8 pp

Jun 2025−0.3 pp

Sep 2025+12.5 pp

Dec 20250.0 pp

Mar 2026−0.5 pp

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022−0.7 pp

Mar 20230.0 pp

Jun 2023−0.6 pp

Sep 20230.0 pp

Dec 2023+0.2 pp

Mar 2024−0.1 pp

Jun 2024+0.6 pp

Sep 2024+0.3 pp

Dec 2024+0.5 pp

Mar 2025+0.2 pp

Jun 2025+0.1 pp

Sep 2025−0.2 pp

Dec 2025−0.6 pp

Mar 2026+0.3 pp

Jun 2026−1.9 pp

West Pharmaceutical Services, Inc. · WST

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−0.9 pp

Dec 2022−2.8 pp

Mar 2023−2.3 pp

Jun 2023−2.6 pp

Sep 2023−1.0 pp

Dec 2023+0.6 pp

Mar 2024−1.3 pp

Jun 2024−1.9 pp

Sep 2024−0.7 pp

Dec 20240.0 pp

Mar 2025−0.5 pp

Jun 2025+0.8 pp

Sep 20250.0 pp

Dec 2025−0.4 pp

Mar 2026+1.9 pp

Jun 2026+0.3 pp

07 · compare level, then change

Valuation Against Growth & Quality

LeMaitre Vascular, Inc. has the lowest Guarded PEG among the 30 Medical Instruments & Supplies companies compared here, at 1.09×. ResMed Inc. is next at 1.32×. Azenta, Inc. has the lowest P/E at 2.08×, so level and change sit with different companies. 10 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: LeMaitre Vascular, Inc. has the lowest comparable Guarded PEG at 1.09×, 17.4% below ResMed Inc.. Only 10 of 30 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderLeMaitre Vascular, Inc. · 1.09×

Gap17.4% versus #2 · ResMed Inc.

Persistence0/8 recent comparable periods

Coverage10/30 companies · 82 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

Guarded PEGlowest PEG

1LeMaitre Vascular, Inc. LMAT1.1

2ResMed Inc. RMD1.3

3Merit Medical Systems, Inc. MMSI2.3

4Becton, Dickinson and Company BDX2.4

5The Cooper Companies, Inc. COO2.6

P/Elowest P/E

1Azenta, Inc. AZTA2.1

2Solventum Corporation SOLV8.0

3Avantor, Inc. AVTR13.6

4AptarGroup, Inc. ATR21.6

5ResMed Inc. RMD21.6

Valuation · company comparison

10/30 level · 26/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Guarded PEG	P/E	Reported
STAAR Surgical Company STAA	11.6	84.6	Jun 2026
Repligen Corporation RGEN	8.7	130.9	Mar 2026
Alcon Inc. ALC	6.4	45.4	Mar 2026
Align Technology, Inc. ALGN	3.4	28.8	Mar 2026
AptarGroup, Inc. ATR	3.3	21.6	Mar 2026
Stevanato Group S.p.A. STVN	2.7	23.3	Mar 2026
Intuitive Surgical, Inc. ISRG	2.7	45.6	Jun 2026
The Cooper Companies, Inc. COO	2.6	53.3	Jun 2026
Becton, Dickinson and Company BDX	2.4	39.8	Mar 2026
Merit Medical Systems, Inc. MMSI	2.3	29.8	Mar 2026
West Pharmaceutical Services, Inc. WST	1.9	46.0	Jun 2026
ResMed Inc. RMD	1.3	21.7	Mar 2026
LeMaitre Vascular, Inc. LMAT	1.1	40.3	Mar 2026
Medline Inc. MDLN	—	32.6	Mar 2026
Solventum Corporation SOLV	—	8.0	Mar 2026
Baxter International Inc. BAX	—	39.6	Mar 2026
Avantor, Inc. AVTR	—	13.6	Mar 2026
Teleflex Incorporated TFX	—	28.0	Mar 2026
Bausch + Lomb Corporation BLCO	—	775.5	Mar 2026
Envista Holdings Corporation NVST	—	63.0	Jun 2026
ICU Medical, Inc. ICUI	—	69.8	Mar 2026
Warby Parker Inc. WRBY	—	1,053.5	Mar 2026
DENTSPLY SIRONA Inc. XRAY	—	22.6	Mar 2026
AtriCure, Inc. ATRC	—	133.2	Jun 2026
BioLife Solutions, Inc. BLFS	—	228.4	Mar 2026
Azenta, Inc. AZTA	—	2.1	Mar 2026

Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20256.4

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Align Technology, Inc. · ALGN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20231.8

Mar 20241.1

Jun 20240.9

Sep 20241.8

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 20263.4

Jun 2026—

AptarGroup, Inc. · ATR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20236.2

Jun 20233.2

Sep 20231.6

Dec 20231.6

Mar 20240.9

Jun 20241.1

Sep 20241.8

Dec 20240.9

Mar 20251.5

Jun 20251.2

Sep 20250.8

Dec 20253.3

Mar 20263.3

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 20242.2

Dec 20240.9

Mar 20253.2

Jun 20252.4

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Intuitive Surgical, Inc. · ISRG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 20235.7

Dec 20231.8

Mar 20241.4

Jun 20241.7

Sep 20241.7

Dec 20243.0

Mar 20253.1

Jun 20253.3

Sep 20252.8

Dec 20253.1

Mar 20262.7

Jun 2026—

LeMaitre Vascular, Inc. · LMAT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20235.0

Sep 20231.7

Dec 20231.0

Mar 2024—

Jun 20241.0

Sep 20241.0

Dec 20241.1

Mar 20251.4

Jun 20251.7

Sep 20251.4

Dec 20251.1

Mar 20261.1

Jun 2026—

Merit Medical Systems, Inc. · MMSI

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20231.0

Sep 2023—

Dec 20231.9

Mar 20242.5

Jun 20241.5

Sep 20242.7

Dec 20241.9

Mar 20253.0

Jun 2025—

Sep 2025—

Dec 2025—

Mar 20262.3

Jun 2026—

Repligen Corporation · RGEN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20238.7

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

ResMed Inc. · RMD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20233.5

Jun 20232.4

Sep 20231.6

Dec 20232.9

Mar 20242.8

Jun 20242.0

Sep 20241.4

Dec 20240.7

Mar 20250.7

Jun 20250.7

Sep 20251.0

Dec 20251.2

Mar 20261.3

Jun 2026—

Stevanato Group S.p.A. · STVN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20233.0

Jun 20232.4

Sep 20238.9

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 20254.8

Sep 20252.0

Dec 20252.1

Mar 20262.7

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 20243.0

Sep 20241.8

Dec 20241.7

Mar 20251.1

Jun 20251.9

Sep 20252.6

Dec 2025—

Mar 2026—

Jun 2026—

West Pharmaceutical Services, Inc. · WST

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 20261.9

Jun 2026—

P/E · reported quarter history

Showing the 12 largest of 26 companies with a series here. The remaining 14 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 2021120.1

Dec 2021114.6

Mar 202285.3

Jun 202276.0

Sep 202250.6

Dec 2022100.8

Mar 2023103.7

Jun 2023114.0

Sep 202385.6

Dec 202339.9

Mar 202439.5

Jun 202440.1

Sep 202442.8

Dec 202441.4

Mar 202542.2

Jun 202541.1

Sep 202535.5

Dec 202539.8

Mar 202645.4

Jun 2026—

Align Technology, Inc. · ALGN

Sep 202171.6

Dec 202167.8

Mar 202249.0

Jun 202230.3

Sep 202232.0

Dec 202245.8

Mar 202382.5

Jun 202386.9

Sep 202364.7

Dec 202347.2

Mar 202454.0

Jun 202441.0

Sep 202443.4

Dec 202437.1

Mar 202528.9

Jun 202531.9

Sep 202524.3

Dec 202527.6

Mar 202628.8

Jun 2026—

AptarGroup, Inc. · ATR

Sep 202133.7

Dec 202133.9

Mar 202235.7

Jun 202230.1

Sep 202226.8

Dec 202230.6

Mar 202334.1

Jun 202330.8

Sep 202329.7

Dec 202329.1

Mar 202430.9

Jun 202429.6

Sep 202432.2

Dec 202428.4

Mar 202527.1

Jun 202526.9

Sep 202521.4

Dec 202520.7

Mar 202621.6

Jun 2026—

Avantor, Inc. · AVTR

Sep 202151.8

Dec 202149.6

Mar 202238.0

Jun 202233.4

Sep 202220.9

Dec 202220.9

Mar 202323.0

Jun 202332.6

Sep 202339.0

Dec 202348.6

Mar 202465.6

Jun 202439.3

Sep 202456.2

Dec 202420.3

Mar 202515.6

Jun 202513.6

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Baxter International Inc. · BAX

Sep 202121.6

Dec 202133.9

Mar 202237.1

Jun 202232.1

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 20237.5

Dec 20237.4

Mar 20248.3

Jun 20246.0

Sep 202439.6

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 202135.0

Dec 202142.4

Mar 202240.9

Jun 202242.5

Sep 202237.9

Dec 202248.0

Mar 202346.4

Jun 202347.9

Sep 202352.3

Dec 202357.8

Mar 202454.5

Jun 202448.1

Sep 202441.1

Dec 202438.1

Mar 202544.3

Jun 202531.4

Sep 202532.2

Dec 202531.7

Mar 202639.8

Jun 2026—

Intuitive Surgical, Inc. · ISRG

Sep 202171.4

Dec 202177.1

Mar 202267.0

Jun 202251.1

Sep 202249.5

Dec 202272.7

Mar 202369.8

Jun 202385.7

Sep 202368.8

Dec 202367.1

Mar 202472.0

Jun 202476.4

Sep 202479.0

Dec 202481.3

Mar 202572.6

Jun 202575.8

Sep 202559.2

Dec 202572.0

Mar 202655.9

Jun 202645.6

Medline Inc. · MDLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 202632.6

Jun 2026—

ResMed Inc. · RMD

Sep 202177.3

Dec 202173.4

Mar 202245.7

Jun 202239.6

Sep 202240.8

Dec 202237.8

Mar 202337.3

Jun 202335.9

Sep 202324.0

Dec 202328.4

Mar 202430.4

Jun 202427.7

Sep 202432.3

Dec 202427.0

Mar 202525.1

Jun 202527.1

Sep 202528.0

Dec 202523.8

Mar 202621.7

Jun 2026—

Solventum Corporation · SOLV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20249.3

Jun 20248.7

Sep 202416.8

Dec 202423.9

Mar 202535.2

Jun 202535.1

Sep 20258.4

Dec 20258.9

Mar 20268.0

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 2021—

Dec 20217.1

Mar 202221.1

Jun 202219.0

Sep 202237.8

Dec 202235.2

Mar 202346.1

Jun 202365.5

Sep 202370.4

Dec 202352.7

Mar 202463.9

Jun 202452.4

Sep 202452.1

Dec 202453.4

Mar 202546.9

Jun 202539.7

Sep 202534.8

Dec 202537.4

Mar 202640.3

Jun 202653.3

West Pharmaceutical Services, Inc. · WST

Sep 202152.7

Dec 202154.1

Mar 202245.6

Jun 202233.6

Sep 202229.7

Dec 202230.5

Mar 202347.6

Jun 202355.8

Sep 202350.6

Dec 202344.7

Mar 202452.2

Jun 202446.9

Sep 202444.5

Dec 202449.0

Mar 202535.2

Jun 202532.8

Sep 202538.9

Dec 202540.5

Mar 202633.5

Jun 202646.0

08 · compare level, then change

Enterprise Value & Book Value

Solventum Corporation has the lowest EV/EBITDA among the 30 Medical Instruments & Supplies companies compared here, at 6.17×. AptarGroup, Inc. is next at 11.7×. Azenta, Inc. has the lowest P/BV at 0.63×, so level and change sit with different companies. 26 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Solventum Corporation leads ev/ebitda at 6.17×; Azenta, Inc. leads p/bv at 0.63×.

LeaderSolventum Corporation · 6.17×

Gap47.3% versus #2 · AptarGroup, Inc.

Persistence0/8 recent comparable periods

Coverage26/30 companies · 392 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

EV/EBITDAlowest EV/EBITDA

1Solventum Corporation SOLV6.2

2AptarGroup, Inc. ATR11.7

3Envista Holdings Corporation NVST13.2

4Align Technology, Inc. ALGN13.9

5Merit Medical Systems, Inc. MMSI14.2

P/BVlowest P/BV

1Azenta, Inc. AZTA0.6

2Bausch + Lomb Corporation BLCO0.9

3Avantor, Inc. AVTR1.0

4MiniMed Group, Inc. MMED1.0

5Envista Holdings Corporation NVST1.4

Enterprise and book valuation · company comparison

26/30 level · 29/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	EV/EBITDA	P/BV	Reported
BioLife Solutions, Inc. BLFS	274.1	2.5	Mar 2026
DENTSPLY SIRONA Inc. XRAY	151.1	1.8	Mar 2026
AtriCure, Inc. ATRC	102.4	2.7	Jun 2026
Avantor, Inc. AVTR	69.5	1.0	Mar 2026
STAAR Surgical Company STAA	51.9	2.9	Jun 2026
Repligen Corporation RGEN	45.4	3.2	Mar 2026
Warby Parker Inc. WRBY	44.4	6.9	Mar 2026
Teleflex Incorporated TFX	41.6	1.7	Mar 2026
Azenta, Inc. AZTA	35.0	0.6	Mar 2026
Intuitive Surgical, Inc. ISRG	32.0	7.8	Jun 2026
Alcon Inc. ALC	29.8	1.7	Mar 2026
West Pharmaceutical Services, Inc. WST	29.2	8.5	Jun 2026
LeMaitre Vascular, Inc. LMAT	27.7	6.1	Mar 2026
Becton, Dickinson and Company BDX	26.9	1.8	Mar 2026
Baxter International Inc. BAX	24.3	1.4	Mar 2026
Bausch + Lomb Corporation BLCO	20.9	0.9	Mar 2026
Stevanato Group S.p.A. STVN	17.7	2.1	Mar 2026
Medline Inc. MDLN	17.3	3.1	Mar 2026
ICU Medical, Inc. ICUI	17.2	1.5	Mar 2026
The Cooper Companies, Inc. COO	16.5	1.5	Jun 2026
ResMed Inc. RMD	14.7	5.0	Mar 2026
Merit Medical Systems, Inc. MMSI	14.2	2.5	Mar 2026
Align Technology, Inc. ALGN	13.9	3.0	Mar 2026
Envista Holdings Corporation NVST	13.2	1.4	Jun 2026
AptarGroup, Inc. ATR	11.7	3.1	Mar 2026
Solventum Corporation SOLV	6.2	2.3	Mar 2026
MiniMed Group, Inc. MMED	—	1.0	Jun 2026
Pulse Biosciences, Inc. PLSE	—	22.2	Mar 2026
Kestra Medical Technologies, Ltd. KMTS	—	4.7	Jun 2026

Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Showing the 12 largest of 26 companies with a series here. The remaining 14 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 202122.1

Dec 202125.3

Mar 202222.7

Jun 202219.6

Sep 202216.4

Dec 202221.2

Mar 202321.2

Jun 202323.8

Sep 202320.7

Dec 202318.8

Mar 202419.1

Jun 202419.8

Sep 202421.6

Dec 202417.2

Mar 202519.5

Jun 202518.3

Sep 202515.5

Dec 202516.5

Mar 202629.8

Jun 2026—

Align Technology, Inc. · ALGN

Sep 202147.8

Dec 202146.7

Mar 202231.5

Jun 202217.9

Sep 202217.4

Dec 202220.0

Mar 202334.9

Jun 202337.4

Sep 202330.5

Dec 202325.1

Mar 202429.7

Jun 202422.3

Sep 202423.3

Dec 202419.2

Mar 202514.7

Jun 202517.1

Sep 202511.4

Dec 202512.9

Mar 202613.9

Jun 2026—

AptarGroup, Inc. · ATR

Sep 202115.6

Dec 202115.7

Mar 202215.0

Jun 202213.1

Sep 202211.9

Dec 202213.5

Mar 202314.8

Jun 202314.2

Sep 202314.4

Dec 202314.0

Mar 202415.3

Jun 202414.7

Sep 202415.9

Dec 202414.6

Mar 202514.1

Jun 202514.3

Sep 202512.4

Dec 202511.4

Mar 202611.7

Jun 2026—

Avantor, Inc. · AVTR

Sep 202122.5

Dec 202124.7

Mar 202219.9

Jun 202218.6

Sep 202212.8

Dec 202213.1

Mar 202313.9

Jun 202315.8

Sep 202316.8

Dec 202318.9

Mar 202422.2

Jun 202417.2

Sep 202421.5

Dec 202412.2

Mar 202514.2

Jun 202524.5

Sep 2025—

Dec 202569.5

Mar 2026—

Jun 2026—

Baxter International Inc. · BAX

Sep 202174.2

Dec 202126.3

Mar 202236.7

Jun 202236.1

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 202316.4

Dec 202318.1

Mar 202418.9

Jun 202415.3

Sep 202417.7

Dec 202426.3

Mar 202527.5

Jun 202524.2

Sep 202520.2

Dec 202526.1

Mar 202624.3

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 202118.6

Dec 202120.2

Mar 202220.6

Jun 202219.1

Sep 202217.3

Dec 202219.9

Mar 202319.2

Jun 202320.4

Sep 202320.4

Dec 202320.1

Mar 202419.8

Jun 202418.5

Sep 202418.7

Dec 202417.5

Mar 202540.9

Jun 202514.3

Sep 202514.3

Dec 202529.5

Mar 202626.9

Jun 2026—

Intuitive Surgical, Inc. · ISRG

Sep 202154.0

Dec 202157.8

Mar 202248.3

Jun 202232.7

Sep 202230.6

Dec 202245.1

Mar 202343.4

Jun 202356.2

Sep 202345.5

Dec 202350.3

Mar 202459.4

Jun 202463.2

Sep 202467.1

Dec 202463.1

Mar 202558.4

Jun 202559.8

Sep 202545.5

Dec 202553.9

Mar 202640.3

Jun 202632.0

Medline Inc. · MDLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 202516.5

Mar 202617.3

Jun 2026—

ResMed Inc. · RMD

Sep 202134.3

Dec 202133.2

Mar 202230.6

Jun 202226.2

Sep 202227.2

Dec 202226.2

Mar 202325.9

Jun 202325.2

Sep 202317.0

Dec 202319.6

Mar 202421.0

Jun 202418.7

Sep 202422.2

Dec 202419.1

Mar 202517.9

Jun 202519.5

Sep 202519.9

Dec 202516.7

Mar 202614.7

Jun 2026—

Solventum Corporation · SOLV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 20247.9

Sep 202410.5

Dec 202411.7

Mar 202515.2

Jun 202515.6

Sep 20256.0

Dec 20256.7

Mar 20266.2

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 2021—

Dec 202126.9

Mar 202227.9

Jun 202225.4

Sep 202221.9

Dec 202218.9

Mar 202322.5

Jun 202325.5

Sep 202325.3

Dec 202319.9

Mar 202423.2

Jun 202420.7

Sep 202420.7

Dec 202421.6

Mar 202519.7

Jun 202516.7

Sep 202514.8

Dec 202515.2

Mar 202616.7

Jun 202616.5

West Pharmaceutical Services, Inc. · WST

Sep 202138.8

Dec 202139.3

Mar 202233.9

Jun 202224.2

Sep 202219.5

Dec 202219.7

Mar 202330.6

Jun 202335.6

Sep 202335.0

Dec 202331.2

Mar 202436.4

Jun 202432.4

Sep 202429.9

Dec 202432.4

Mar 202522.4

Jun 202511.9

Sep 202524.6

Dec 202525.6

Mar 202621.1

Jun 202629.2

P/BV · reported quarter history

Showing the 12 largest of 29 companies with a series here. The remaining 17 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alcon Inc. · ALC

Sep 20212.1

Dec 20212.2

Mar 20222.0

Jun 20221.8

Sep 20221.5

Dec 20221.7

Mar 20231.8

Jun 20232.0

Sep 20231.9

Dec 20231.9

Mar 20242.0

Jun 20242.1

Sep 20242.3

Dec 20242.0

Mar 20252.1

Jun 20252.0

Sep 20251.7

Dec 20251.7

Mar 20261.7

Jun 2026—

Align Technology, Inc. · ALGN

Sep 202114.9

Dec 202114.3

Mar 20229.4

Jun 20225.1

Sep 20224.4

Dec 20224.5

Mar 20237.4

Jun 20237.4

Sep 20236.2

Dec 20235.7

Mar 20246.6

Jun 20244.8

Sep 20244.8

Dec 20244.0

Mar 20253.1

Jun 20253.5

Sep 20252.3

Dec 20252.8

Mar 20263.0

Jun 2026—

AptarGroup, Inc. · ATR

Sep 20214.0

Dec 20214.1

Mar 20223.9

Jun 20223.5

Sep 20223.3

Dec 20223.5

Mar 20233.7

Jun 20233.5

Sep 20233.7

Dec 20233.5

Mar 20244.1

Jun 20243.9

Sep 20244.2

Dec 20244.2

Mar 20253.9

Jun 20253.8

Sep 20253.2

Dec 20252.9

Mar 20263.1

Jun 2026—

Avantor, Inc. · AVTR

Sep 20216.1

Dec 20216.1

Mar 20224.7

Jun 20224.7

Sep 20222.9

Dec 20222.9

Mar 20232.9

Jun 20232.8

Sep 20232.8

Dec 20232.9

Mar 20243.3

Jun 20242.7

Sep 20243.2

Dec 20242.4

Mar 20251.8

Jun 20251.5

Sep 20251.5

Dec 20251.4

Mar 20261.0

Jun 2026—

Baxter International Inc. · BAX

Sep 20214.6

Dec 20214.7

Mar 20224.3

Jun 20223.7

Sep 20224.9

Dec 20224.4

Mar 20233.5

Jun 20234.1

Sep 20232.4

Dec 20232.3

Mar 20242.7

Jun 20242.2

Sep 20242.5

Dec 20242.1

Mar 20252.5

Jun 20252.1

Sep 20251.6

Dec 20251.6

Mar 20261.4

Jun 2026—

Becton, Dickinson and Company · BDX

Sep 20212.9

Dec 20212.9

Mar 20223.0

Jun 20222.8

Sep 20222.5

Dec 20222.8

Mar 20232.7

Jun 20233.0

Sep 20232.9

Dec 20232.8

Mar 20242.8

Jun 20242.6

Sep 20242.7

Dec 20242.6

Mar 20252.6

Jun 20251.9

Sep 20252.1

Dec 20252.2

Mar 20261.8

Jun 2026—

Intuitive Surgical, Inc. · ISRG

Sep 202110.4

Dec 202110.8

Mar 20229.0

Jun 20226.0

Sep 20225.8

Dec 20228.4

Mar 20238.0

Jun 202310.1

Sep 20238.2

Dec 20238.9

Mar 202410.1

Jun 202410.8

Sep 202411.2

Dec 202411.3

Mar 202510.4

Jun 202510.9

Sep 20259.4

Dec 202511.3

Mar 20269.4

Jun 20267.8

Medline Inc. · MDLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 20253.2

Mar 20263.1

Jun 2026—

ResMed Inc. · RMD

Sep 202112.7

Dec 202112.1

Mar 202210.8

Jun 20229.1

Sep 20229.3

Dec 20228.2

Mar 20238.2

Jun 20237.8

Sep 20235.1

Dec 20235.7

Mar 20246.3

Jun 20245.8

Sep 20246.9

Dec 20246.4

Mar 20255.9

Jun 20256.3

Sep 20256.5

Dec 20255.6

Mar 20265.0

Jun 2026—

Solventum Corporation · SOLV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 20243.2

Sep 20243.8

Dec 20243.9

Mar 20254.0

Jun 20253.6

Sep 20252.5

Dec 20252.7

Mar 20262.3

Jun 2026—

The Cooper Companies, Inc. · COO

Sep 2021—

Dec 20213.0

Mar 20222.8

Jun 20222.5

Sep 20222.3

Dec 20221.9

Mar 20232.3

Jun 20232.6

Sep 20232.6

Dec 20232.0

Mar 20242.4

Jun 20242.3

Sep 20242.3

Dec 20242.6

Mar 20252.4

Jun 20252.0

Sep 20251.7

Dec 20251.7

Mar 20261.9

Jun 20261.5

West Pharmaceutical Services, Inc. · WST

Sep 202114.3

Dec 202114.9

Mar 202213.1

Jun 20229.2

Sep 20227.4

Dec 20226.5

Mar 20239.3

Jun 202310.3

Sep 20239.7

Dec 20239.0

Mar 202410.8

Jun 20249.3

Sep 20247.9

Dec 20248.8

Mar 20256.0

Jun 20253.1

Sep 20256.2

Dec 20256.2

Mar 20265.9

Jun 20268.5

09 · let price answer last

Market action

Pulse Biosciences, Inc. has the strongest one-year price move in Medical Instruments & Supplies at +140.5%. It also leads on Mansfield relative strength against the S&P 500 at +68.7%. 14 of 27 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.

Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Medical Instruments & Supplies comparison names 4 specific ways its own evidence can mislead, all listed below. All 30 companies here report on comparable dates, so no rank carries a stale marker. A high growth rate can still be a low-base artefact.

Keep these limits visible

A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

10 · the complete set

Which companies are included?

All 30 companies in the canonical Medical Instruments & Supplies membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

Company	Market value	Price	Priced to	Latest fundamentals
Intuitive Surgical, Inc. ISRGLAGGING, FUNDAMENTALS UP	$127.8B	$362	2026-07-28	Jun 2026
Medline Inc. MDLN	$53.2B	$40.5	2026-07-28	Mar 2026
Becton, Dickinson and Company BDX	$45.8B	$166	2026-07-28	Mar 2026
Alcon Inc. ALC	$33.7B	$69.1	2026-07-28	Mar 2026
ResMed Inc. RMD	$30.1B	$209	2026-07-28	Mar 2026
West Pharmaceutical Services, Inc. WSTAHEAD	$23.7B	$337	2026-07-28	Jun 2026
Solventum Corporation SOLVAHEAD	$14.9B	$86.2	2026-07-28	Mar 2026
The Cooper Companies, Inc. COOAHEAD	$14.1B	$72.1	2026-07-28	Jun 2026
Baxter International Inc. BAXAHEAD	$12.6B	$24.4	2026-07-28	Mar 2026
Align Technology, Inc. ALGN	$12.6B	$176	2026-07-28	Mar 2026
AptarGroup, Inc. ATRAHEAD	$8.8B	$138	2026-07-28	Mar 2026
Avantor, Inc. AVTRAHEAD	$8.5B	$12.4	2026-07-28	Mar 2026
Repligen Corporation RGENAHEAD	$8.2B	$145	2026-07-28	Mar 2026
Teleflex Incorporated TFXAHEAD	$5.9B	$134	2026-07-28	Mar 2026
Bausch + Lomb Corporation BLCO	$5.9B	$16.6	2026-07-28	Mar 2026
Stevanato Group S.p.A. STVNAHEAD	$5.5B	$20.2	2026-07-28	Mar 2026
MiniMed Group, Inc. MMED	$5.0B	$17.6	2026-07-28	Jun 2026
Merit Medical Systems, Inc. MMSIAHEAD	$4.7B	$78.3	2026-07-28	Mar 2026
Envista Holdings Corporation NVST	$4.4B	$26.6	2026-07-28	Jun 2026
ICU Medical, Inc. ICUIAHEAD	$4.1B	$166	2026-07-28	Mar 2026
Warby Parker Inc. WRBYAHEAD	$3.2B	$26.0	2026-07-28	Mar 2026
DENTSPLY SIRONA Inc. XRAYAHEAD	$2.7B	$13.5	2026-07-28	Mar 2026
Pulse Biosciences, Inc. PLSEAHEAD24/26 WEEKS	$2.5B	$35.5	2026-07-28	Mar 2026
LeMaitre Vascular, Inc. LMAT	$2.3B	$102	2026-07-28	Mar 2026
AtriCure, Inc. ATRCAHEAD	$2.0B	$39.8	2026-07-28	Jun 2026
Alamar Biosciences, Inc. ALMR	$1.7B	$24.7	2026-07-28	Mar 2026
BioLife Solutions, Inc. BLFSAHEAD	$1.6B	$32.0	2026-07-28	Mar 2026
Kestra Medical Technologies, Ltd. KMTS	$1.4B	$23.8	2026-07-28	Jun 2026
Azenta, Inc. AZTAAHEAD	$1.3B	$28.9	2026-07-28	Mar 2026
STAAR Surgical Company STAA	$1.1B	$22.7	2026-07-28	Jun 2026

Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 30 Medical Instruments & Supplies companies, normalized to a common $ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-28. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-07-28 · weekly price and relative-strength history

Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Questions investors ask · short, speakable answers

Medical Instruments & Supplies company comparison FAQs

These 18 answers restate the Medical Instruments & Supplies comparison above in question form. Every one is computed from the same 30 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-28. Nothing here is estimated, and none of it is a recommendation.

Which Medical Instruments & Supplies company is the biggest?

Medline Inc. is the largest, with trailing-twelve-month revenue of $29,140 million, ahead of Becton, Dickinson and Company at $21,366 million. That covers 21 of 30 companies with comparable reporting through Mar 2026.

Which Medical Instruments & Supplies company is growing fastest?

Repligen Corporation has the fastest revenue growth at 17.2% year on year, across 21 of 30 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Medical Instruments & Supplies company has the best profit margins?

ResMed Inc. has the highest operating margin at 34.9%, from 29 of 30 comparable companies. Pulse Biosciences, Inc. shows the biggest recent improvement, at +98992.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Medical Instruments & Supplies company makes the most profit?

ResMed Inc. earns the most, at $1,521 million of trailing-twelve-month net profit, from 23 of 30 comparable companies. Solventum Corporation has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Medical Instruments & Supplies company earns the highest return on capital?

ResMed Inc. leads on return on capital employed at 7.1%, across 30 of 30 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Medical Instruments & Supplies stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — LeMaitre Vascular, Inc. screens cheapest at 1.09×. Only 10 of 30 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Medical Instruments & Supplies company has the strongest balance sheet?

Pulse Biosciences, Inc. carries the lowest comparable gross debt at $7 million, from 28 of 30 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Medical Instruments & Supplies company is investing most in new capacity?

Alcon Inc. reports the largest capital spending at $139 million, across 30 of 30 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

Is the Medical Instruments & Supplies sector beating the market?

Medical Instruments & Supplies has outperformed S&P 500 by 1.1% over the last 52 weeks and 13.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 14 of 27 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Medical Instruments & Supplies stock has the strongest price momentum?

Pulse Biosciences, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Medical Instruments & Supplies company scores highest for research priority?

West Pharmaceutical Services, Inc. scores 63.1 out of 100 with 58.7% evidence confidence, from 21.5 points on growth and earnings, 18.3 on capital efficiency, 9.6 on valuation and 13.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Medical Instruments & Supplies companies does this comparison cover, and over what period?

It compares 30 listed companies over up to 20 reported quarters of fundamentals and 7 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Medical Instruments & Supplies sector?

The 30 Medical Instruments & Supplies companies on this page carry $449,417 million of combined market value. Intuitive Surgical, Inc. is the largest at $127,816 million, about 28% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

What is the Medical Instruments & Supplies sector's P/E ratio?

The median price-to-earnings ratio across the 30 Medical Instruments & Supplies companies on this page is 40.3×, measured on the 26 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

How is the Medical Instruments & Supplies sector performing?

14 of the 27 covered Medical Instruments & Supplies companies are beating S&P 500 on Mansfield relative strength. The sector itself is 1.1% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

How many Medical Instruments & Supplies stocks are listed in the US?

This comparison covers 30 listed Medical Instruments & Supplies companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.