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U.S. Medical Equipment Industry Analysis

UpdatedAug 21, 2026
DataAggregated Company Financials
Companies232
  • 7D-1.2%
  • 3M7.9%
  • 1Y-12.8%
  • YTD-12.4%

Over the last 7 days, the Medical Equipment industry has dropped 1.2%, driven by Intuitive Surgical declining 6.7%. Overall the industry is down 13% in 12 months. Earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

Has the U.S. Medical Equipment Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 21 Aug 2026US$1.2tUS$340.3bUS$26.5b27.2x45.8x3.6x
Sun, 19 Jul 2026US$1.1tUS$336.6bUS$24.5b27.2x45.5x3.3x
Tue, 16 Jun 2026US$1.1tUS$334.7bUS$25.3b24.6x43.2x3.3x
Thu, 14 May 2026US$1.1tUS$335.4bUS$25.9b24.1x42x3.2x
Sat, 11 Apr 2026US$1.2tUS$329.7bUS$25.1b26.2x47.9x3.6x
Mon, 09 Mar 2026US$1.3tUS$333.7bUS$26.5b27.6x48.7x3.9x
Wed, 04 Feb 2026US$1.4tUS$327.6bUS$25.8b30.6x52.7x4.2x
Fri, 02 Jan 2026US$1.4tUS$325.7bUS$32.4b29.6x43.3x4.3x
Sun, 30 Nov 2025US$1.4tUS$298.2bUS$31.1b28.9x44.8x4.7x
Tue, 28 Oct 2025US$1.3tUS$294.2bUS$31.9b28.9x42.1x4.6x
Thu, 25 Sep 2025US$1.3tUS$292.5bUS$31.4b28.5x41.9x4.5x
Sat, 23 Aug 2025US$1.3tUS$292.5bUS$31.4b30.3x42.7x4.6x
Mon, 21 Jul 2025US$1.3tUS$287.5bUS$30.1b31.2x43.8x4.6x
Wed, 18 Jun 2025US$1.3tUS$286.7bUS$29.6b29.6x44.8x4.6x
Fri, 16 May 2025US$1.3tUS$286.2bUS$29.3b33x45.8x4.7x
Sun, 13 Apr 2025US$1.2tUS$282.8bUS$27.7b28.9x45x4.4x
Tue, 11 Mar 2025US$1.4tUS$283.2bUS$27.4b31.3x49.7x4.8x
Thu, 06 Feb 2025US$1.4tUS$286.9bUS$30.5b35.5x46.6x4.9x
Sat, 04 Jan 2025US$1.3tUS$284.0bUS$23.6b34.5x54.7x4.5x
Mon, 02 Dec 2024US$1.4tUS$283.9bUS$23.4b37.6x57.7x4.8x
Wed, 30 Oct 2024US$1.3tUS$281.3bUS$22.6b36.7x58.1x4.7x
Fri, 27 Sep 2024US$1.3tUS$279.4bUS$22.2b39.9x58.8x4.7x
Sun, 25 Aug 2024US$1.3tUS$279.6bUS$22.2b35.4x58.4x4.6x
Tue, 23 Jul 2024US$1.3tUS$277.1bUS$22.8b39x55.1x4.5x
Thu, 20 Jun 2024US$1.2tUS$276.4bUS$22.7b36.4x54.9x4.5x
Sat, 18 May 2024US$1.3tUS$277.1bUS$23.0b37.9x55.6x4.6x
Mon, 15 Apr 2024US$1.3tUS$274.1bUS$23.9b38.1x52.6x4.6x
Wed, 13 Mar 2024US$1.3tUS$266.0bUS$22.7b39.3x56.8x4.8x
Fri, 09 Feb 2024US$1.3tUS$264.5bUS$22.2b35.9x56.9x4.8x
Sun, 07 Jan 2024US$1.2tUS$267.4bUS$20.1b37.9x59.6x4.5x
Tue, 05 Dec 2023US$1.1tUS$267.4bUS$20.1b35.8x57.1x4.3x
Thu, 02 Nov 2023US$1.0tUS$265.3bUS$15.6b33.7x66.4x3.9x
Sat, 30 Sep 2023US$1.1tUS$263.8bUS$15.0b34x75x4.3x
Mon, 28 Aug 2023US$1.2tUS$263.7bUS$15.0b35.2x78.4x4.5x
Price to Earnings Ratio

78.4x


Total Market Cap: US$1.2tTotal Earnings: US$15.0bTotal Revenue: US$263.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Medical Equipment Industry Price to Earnings3Y Average 51.7x202420252026
Current Industry PE
  • Investors are pessimistic on the American Medical Equipment industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 45.8x which is lower than its 3-year average PE of 51.7x.
  • The 3-year average PS ratio of 4.4x is higher than the industry's current PS ratio of 3.6x.
Past Earnings Growth
  • The earnings for companies in the Medical Equipment industry have grown 21% per year over the last three years.
  • Revenues for these companies have grown 8.9% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Healthcare industry?

US Market-2.09%
Healthcare2.40%
Medical Equipment-1.15%
Medical Equipment-0.84%
Medical Supplies-3.61%
Industry PE
  • Investors are most optimistic about the Medical Supplies industry which is trading above its 3-year average PE ratio of 42.2x.
    • Analysts are expecting annual earnings growth of 23.7%, which is higher than its past year's earnings decline of 5.5% per year.
  • Investors are most pessimistic about the Medical Equipment industry, which is trading below its 3-year average of 49.2x.
Forecasted Growth
  • Analysts are most optimistic on the Medical Supplies industry, expecting annual earnings growth of 24% over the next 5 years.
  • This is better than its past earnings decline of 5.5% per year.
  • In contrast, the Medical Equipment industry is expected to see its earnings grow by 17% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ABT Abbott LaboratoriesUS$114.142.6%
+US$5.0b		-13.5%PE36.6x
MDT MedtronicUS$92.301.9%
+US$2.2b		1.3%PE24.6x
BDX Becton DickinsonUS$187.623.1%
+US$1.5b		-4.6%PE31x
HAE HaemoneticsUS$108.2219.7%
+US$811.7m		100.5%PE51.1x
SOLV SolventumUS$88.612.5%
+US$366.0m		23.1%PE10.5x

Latest News

ISRG
US$374.48
Intuitive Surgical
7D
-5.1%
1Y
-21.4%
Seeking Alpha • 7h

Intuitive Surgical: Stock Price Too High Even For Great Business

Summary Intuitive Surgical remains a high-quality business with a likely wide economic moat, driven by high switching costs and recurring revenue. Despite robust Q2/26 results—18.5% revenue growth and 26.5% EPS growth—ISRG trades at elevated valuation multiples, even after a 36% pullback. Management guides for 13.5–15.5% revenue growth and 68–69% gross margin in 2026, supported by strong market expansion and margin improvement. I rate ISRG a hold, as even optimistic DCF scenarios suggest the stock is at or above intrinsic value. Read the full article on Seeking Alpha
BAX
US$26.41
Baxter International
7D
-2.4%
1Y
10.7%
ABT
US$114.14
Abbott Laboratories
7D
2.6%
1Y
-13.5%
MDT
US$92.30
Medtronic
7D
1.9%
1Y
1.3%
Seeking Alpha • 20h

Medtronic: Expecting Strong Revenue Growth In Fiscal Q1

Summary Medtronic is reiterated as a "Buy," with shares offering over 10% fundamental upside and attractive valuation metrics. Q4 delivered 6.6% organic revenue growth—best in a decade—driven by double-digit gains in the Cardiovascular and Diabetes segments. FY 2027 guidance targets 6.75%-7.25% organic revenue growth and $5.90-$6.00 non-GAAP EPS, despite tariff and competitive headwinds. Technical trends are improving, with resistance at $95-$96 and support near the 200-day moving average around $89-$90. Read the full article on Seeking Alpha
HAE
US$108.22
Haemonetics
7D
19.7%
1Y
100.5%
SYK
US$327.70
Stryker
7D
-3.9%
1Y
-14.8%
BDX
US$187.62
Becton Dickinson
7D
3.1%
1Y
-4.6%
RMD
US$228.44
ResMed
7D
0.7%
1Y
-20.8%
IDXX
US$545.86
IDEXX Laboratories
7D
-0.9%
1Y
-15.4%
Seeking Alpha • Aug 18

IDEXX Labs Executing, But Valuation Continues To Weigh On That Execution

Summary IDEXX Laboratories remains a dominant, high-quality player in veterinary diagnostics but trades at a demanding valuation reflecting long-established operational strength. IDXX delivered healthy Q2 results, raising guidance to over 9% organic revenue growth and 32%+ operating margin, driven by recurring diagnostics revenue, growing system placements, and expanding test menus. Long-term growth levers include aging pet demographics, menu expansion, and international markets, but declining U.S. vet visits and affordability concerns temper enthusiasm. While multiples-based valuation suggests double-digit upside, I require a greater margin of safety or stabilizing vet visit trends before increasing exposure to this richly valued stock. Read the full article on Seeking Alpha
BSX
US$49.37
Boston Scientific
7D
-4.5%
1Y
-53.1%
ALGN
US$158.94
Align Technology
7D
-12.3%
1Y
6.3%
ASST
US$16.13
Strive
7D
28.2%
1Y
-80.5%
MDLN
US$32.58
Medline
7D
-8.4%
1Y
n/a
Narrative Update • Aug 13

MDLN: FDA Compliance And Legal Overhang Will Shape Future Upside Potential

Analysts have trimmed their price target on Medline to $44.62 from $50.65 as they now factor in a slightly higher discount rate, more moderate revenue growth, a lower profit margin outlook, and a marginally higher future P/E assumption. What’s in the News for Medline Medline Inc.
SOLV
US$88.61
Solventum
7D
2.5%
1Y
23.1%
EW
US$89.83
Edwards Lifesciences
7D
-2.9%
1Y
10.7%
Seeking Alpha • Aug 12

Edwards Lifesciences: Cheap Against Itself, Expensive Against Everything Else

Summary Edwards Lifesciences is rated Hold, trading 14% below its five-year average multiple but 75% above sector median, with a probability-weighted upside of just 4%. Three scenario modeling yields a $93.55/share fair value, with meaningful downside in the bear case and a wide spread dependent on 2027 guidance clarity. Q2 saw 13.6% YoY sales growth, 47.7% TMTT growth, and double-digit TAVR gains, but Q3 guidance implies a sequential decline attributed to tough comps, not demand. Key risks include a potentially permanent tax rate reset, an IRS transfer-pricing dispute, and TAVR concentration; December 4 investor conference is a critical catalyst. Read the full article on Seeking Alpha
PLSE
US$47.85
Pulse Biosciences
7D
6.5%
1Y
199.1%
Narrative Update • Aug 12

PLSE: Clinical And Regulatory Progress Will Test Access To 3b Ablation Market

The analyst price target for Pulse Biosciences has been reset from about $30.67 to $41.00, with analysts pointing to improving success probabilities for its nanosecond pulsed field ablation platform and continued clinical and regulatory progress as key drivers of their updated views. Analyst Commentary Recent Street research on Pulse Biosciences highlights both optimism around the nanosecond pulsed field ablation platform and a focus on the execution risks that come with an early stage commercial story.