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U.S. Medical Equipment Industry Analysis

UpdatedFeb 18, 2026
DataAggregated Company Financials
Companies236
  • 7D-0.09%
  • 3M-5.7%
  • 1Y-9.9%
  • YTD-4.7%

Over the last 7 days, the Medical Equipment industry has dropped 1.3%, driven by a pullback from Medtronic of 4.9%. The industry has fallen 11% in the last year. Earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Feb 2026US$1.3tUS$330.7bUS$25.1b30.3x52.5x4x
Fri, 16 Jan 2026US$1.4tUS$325.7bUS$32.8b31.1x42.4x4.3x
Sun, 14 Dec 2025US$1.3tUS$298.3bUS$31.1b30.4x43.4x4.5x
Tue, 11 Nov 2025US$1.3tUS$297.7bUS$31.5b27.5x42x4.4x
Thu, 09 Oct 2025US$1.3tUS$292.5bUS$31.4b30.5x41.6x4.5x
Sat, 06 Sep 2025US$1.3tUS$292.5bUS$31.4b29.5x42.8x4.6x
Mon, 04 Aug 2025US$1.3tUS$290.5bUS$31.3b28.3x41.6x4.5x
Wed, 02 Jul 2025US$1.4tUS$286.7bUS$29.6b30.7x45.7x4.7x
Fri, 30 May 2025US$1.3tUS$286.6bUS$29.6b32.4x45.2x4.7x
Sun, 27 Apr 2025US$1.3tUS$284.4bUS$28.3b31.6x46.1x4.6x
Tue, 25 Mar 2025US$1.3tUS$283.3bUS$27.4b29.8x48.1x4.7x
Thu, 20 Feb 2025US$1.4tUS$287.2bUS$30.4b33x46.7x4.9x
Sat, 18 Jan 2025US$1.4tUS$284.0bUS$23.1b36.4x58.9x4.8x
Mon, 16 Dec 2024US$1.3tUS$284.0bUS$23.6b35.8x56x4.6x
Wed, 13 Nov 2024US$1.3tUS$283.4bUS$23.0b37.9x58.3x4.7x
Fri, 11 Oct 2024US$1.3tUS$279.4bUS$22.1b37.4x59.2x4.7x
Sun, 08 Sep 2024US$1.3tUS$279.6bUS$22.2b37x58.2x4.6x
Tue, 06 Aug 2024US$1.2tUS$278.5bUS$23.2b34.9x53.2x4.4x
Thu, 04 Jul 2024US$1.2tUS$276.4bUS$22.7b36.6x53.8x4.4x
Sat, 01 Jun 2024US$1.2tUS$276.3bUS$22.7b37x54.4x4.5x
Mon, 29 Apr 2024US$1.2tUS$275.5bUS$24.4b36x51.1x4.5x
Wed, 27 Mar 2024US$1.3tUS$265.9bUS$22.6b39.6x56x4.8x
Fri, 23 Feb 2024US$1.3tUS$265.5bUS$22.3b36.4x56.8x4.8x
Sun, 21 Jan 2024US$1.2tUS$267.4bUS$20.2b37.8x61.5x4.6x
Tue, 19 Dec 2023US$1.2tUS$267.4bUS$20.2b36.6x59x4.4x
Thu, 16 Nov 2023US$1.1tUS$267.0bUS$19.7b35.3x55.1x4.1x
Sat, 14 Oct 2023US$1.0tUS$263.9bUS$15.1b33.2x69.1x3.9x
Mon, 11 Sep 2023US$1.2tUS$263.8bUS$15.0b34.4x77.4x4.4x
Wed, 09 Aug 2023US$1.2tUS$263.1bUS$15.3b35.2x78.8x4.6x
Fri, 07 Jul 2023US$1.3tUS$260.7bUS$16.2b36x77.8x4.8x
Sun, 04 Jun 2023US$1.2tUS$261.2bUS$16.2b36.4x75.6x4.7x
Tue, 02 May 2023US$1.3tUS$259.5bUS$17.3b37.8x74x4.9x
Thu, 30 Mar 2023US$1.2tUS$260.2bUS$18.5b35.9x63x4.5x
Sat, 25 Feb 2023US$1.1tUS$259.7bUS$18.7b38.4x61.3x4.4x
Price to Earnings Ratio

61.3x


Total Market Cap: US$1.1tTotal Earnings: US$18.7bTotal Revenue: US$259.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Medical Equipment Industry Price to Earnings3Y Average 56.3x202420252026
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 52.2x which is lower than its 3-year average PE of 56.3x.
  • The 3-year average PS ratio of 4.6x is higher than the industry's current PS ratio of 4.0x.
Past Earnings Growth
  • The earnings for companies in the Medical Equipment industry have grown 11% per year over the last three years.
  • Revenues for these companies have grown 8.3% 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-1.58%
Healthcare0.56%
Medical Equipment-0.088%
Medical Equipment-0.009%
Medical Supplies-0.78%
Industry PE
  • Investors are most optimistic about the Medical Supplies industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 21.1%, which is higher than its past year's earnings decline of 0.7% per year.
  • Investors are most pessimistic about the Medical Equipment industry, which is trading close to its 3-year average of 52.9x.
Forecasted Growth
  • Analysts are most optimistic on the Medical Supplies industry, expecting annual earnings growth of 21% over the next 5 years.
  • This is better than its past earnings decline of 0.7% per year.
  • In contrast, the Medical Equipment industry is expected to see its earnings grow by 16% 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
SYK StrykerUS$369.182.2%
+US$3.2b		-4.3%PE43.5x
BSX Boston ScientificUS$76.292.7%
+US$3.0b		-27.6%PE39x
MASI MasimoUS$174.6930.3%
+US$2.2b		-3.1%PS4.3x
BDX Becton DickinsonUS$177.383.3%
+US$1.6b		-21.2%PE28.7x
ZBH Zimmer Biomet HoldingsUS$97.156.3%
+US$1.1b		-4.9%PE27.3x

Latest News

MDT
US$96.41
Medtronic
7D
-4.9%
1Y
12.0%
MASI
US$174.69
Masimo
7D
30.3%
1Y
-3.1%
ZBH
US$97.15
Zimmer Biomet Holdings
7D
6.3%
1Y
-4.9%
BAX
US$20.74
Baxter International
7D
-5.5%
1Y
-33.5%

BAX: Q4 Results And 2026 Outlook Will Clarify Fairly Balanced Risks

The updated analyst price target for Baxter International has decreased by about $1.50, as analysts cite limited visibility around the company’s 2026 outlook while still accounting for modest adjustments to growth, margins, and future P/E expectations. Analyst Commentary Recent research updates show a mix of caution and selective optimism around Baxter International, with several firms revising price targets and reassessing how much uncertainty is already reflected in the shares.
BDX
US$177.38
Becton Dickinson
7D
3.3%
1Y
-21.2%
RMD
US$255.82
ResMed
7D
-2.9%
1Y
10.9%

RMD: AI Sleep Therapy Personalization And Buyback Will Support Long Term Upside

Our updated ResMed narrative reflects a modest lift in the implied analyst price target to about $297.47, with analysts pointing to slightly higher assumed revenue growth, a small improvement in profit margins, and a marginally lower future P/E multiple as key drivers of the change. Analyst Commentary Recent Street research shows a cluster of upward price target revisions for ResMed, with several firms lifting their targets by between $3 and $15.
IDXX
US$626.17
IDEXX Laboratories
7D
-3.1%
1Y
39.4%
EW
US$78.45
Edwards Lifesciences
7D
1.8%
1Y
3.7%
GEHC
US$81.61
GE HealthCare Technologies
7D
3.0%
1Y
-11.9%
ALGN
US$187.22
Align Technology
7D
-4.6%
1Y
-7.4%
SYK
US$369.18
Stryker
7D
2.2%
1Y
-4.3%
BSX
US$76.29
Boston Scientific
7D
2.7%
1Y
-27.6%
PODD
US$246.34
Insulet
7D
-2.4%
1Y
-12.2%

PODD: Type 2 Diabetes Ramp Will Support Multi Year Market Leadership

Narrative Update: Insulet Insulet's analyst price target edges lower by about $4 to reflect analysts' updated assumptions for slightly softer long term revenue growth and P/E multiple, partly offset by marginally higher profit margin expectations. Analyst Commentary Recent research on Insulet shows a split view, with some analysts trimming targets and ratings on competitive and valuation concerns, while others still see support from the company’s long term growth ambitions shared at its Investor Day.
ISRG
US$493.35
Intuitive Surgical
7D
-0.4%
1Y
-17.9%

ISRG: Future Procedure And Platform Execution Will Test Premium Multiple Assumptions

Analysts nudged their price targets higher on Intuitive Surgical, with a modest fair value move to about $468 per share. They recalibrated assumptions around slightly lower revenue growth, higher profit margins, and a somewhat lower future P/E multiple, following a mix of recent target hikes and trims across the Street.
SOLV
US$73.73
Solventum
7D
-8.4%
1Y
-0.8%

SOLV: Top-Idea Status And Buybacks Will Support Future Upside Potential

Analysts have nudged their price target on Solventum higher, with the fair value estimate moving from about $88.55 to $89.25. This change reflects updated expectations for slightly faster revenue growth and modestly higher future P/E multiples following recent upgrades and more constructive views on large cap MedTech coverage.
MDLN
US$46.16
Medline
7D
1.9%
1Y
n/a