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Globus Medical

GMED NYSE Health Care Equipment Financials FY2016–FY2025

Globus Medical's revenue rose 16.6% to $2.9 billion in fiscal 2025. Its operating margin was 16.3%, up from 6.6% a year earlier. Free cash flow was $589 million, up 45.3%. It paid out $300 million in dividends and buybacks, 51% of free cash flow. The diluted share count fell 0.6%.

Last close · Oct 23, 2026

$81.41

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$2.9B
16.7% vs prior year
Operating margin Operating income as a share of revenue.
16.3%
9.7 pts
Net income Profit after all expenses, interest and tax.
$538M
422.2%
Free cash flow Cash from operations minus capital spending.
$589M
45.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
11.0%
7.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$11.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
20.9x
On $3.90 EPS (TTM)

About these figures. Debt is taken from the balance-sheet lines: the convertible notes Globus Medical took on with NuVasive in 2023, long-term that year and due within a year at the end of 2024, and repaid in 2025. Globus had no borrowings before 2023 or after the repayment, so debt is zero in those years.

What Globus Medical does

No business description yet.

Legal name
GLOBUS MEDICAL, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-011209
0001237831

Revenue and margins

Globus Medical had $2.9B of revenue in fiscal 2025, up 16.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 15.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $589M in fiscal 2025, 20.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Globus Medical returned $300M to shareholders in fiscal 2025, 51% of free cash flow. The diluted share count fell 0.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Globus Medical yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $556M and divides by 137.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 20.9x · peers 51.9x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Globus Medical can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $443M$446M$518M$890M$557M
Debt incl. finance leases $0.0M$0.0M$418M$444M$0.8M
Net debt / EBITDA −1.8x−1.5x−0.4x−1.1x−0.7x
Debt / equity 0.0x0.0x0.1x0.1x0.0x
Current ratio 6.2x6.2x4.9x2.5x4.3x
Quick ratio 4.5x4.3x2.7x1.8x2.7x
Total assets $2.0B$2.1B$5.1B$5.3B$5.3B
Total liabilities $216M$230M$1.1B$1.1B$730M
Shareholders' equity $1.7B$1.8B$4.0B$4.2B$4.6B
Net debt (− = net cash) −$443M−$446M−$99.6M−$446M−$556M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$16.7M

6 insiders

Of sales under plans

36%

$6.0M

DateInsiderTradeSharesPriceValueFiling
Sep 15, 2026 James R TobinDirector Sold 30,000 $74.58 $2.2M Form 4
Aug 18, 2026 Stephen T ZarrilliDirector Sold 25,000 $87.04 $2.2M Form 4
Jun 5, 2026 David D DavidarDirector Sold 25,000 $80.76 $2.0M Form 4
Feb 25, 2026 Kelly HullerEVP, GC, Corporate Secretary Sold plan 20,000 $94.50 $1.9M Form 4
Feb 12, 2026 Kelly HullerEVP, GC, Corporate Secretary Sold plan 10,000 $87.67 $0.9M Form 4
Jan 8, 2026 Kyle KlineSenior Vice President, CFO Sold plan 3,594 $101.10 $0.4M Form 4
Jan 8, 2026 Leslie Norwalk VDirector Sold plan 2,000 $101.10 $0.2M Form 4
Dec 12, 2025 Leslie Norwalk VDirector Sold plan 4,000 $88.85 $0.4M Form 4
Dec 1, 2025 Kyle KlineSenior Vice President, CFO Sold plan 18,542 $90.00 $1.7M Form 4
Nov 25, 2025 Kelly HullerSVP, GC, Corporate Secretary Sold plan 7,500 $90.00 $0.7M Form 4
Nov 12, 2025 David D DavidarDirector Sold 25,000 $86.00 $2.2M Form 4
Nov 11, 2025 Stephen T ZarrilliDirector Sold 25,000 $84.29 $2.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✓ ✕ ✓
F-score 4 / 94 / 99 / 9
Accruals ratio −3.4%−8.1%−4.1%
Altman Z'' 6.736.6610.06

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Globus Medical GMED $11.2B 16.7% 16.3% 20.0% 11.0% 20.9x 9
Revvity RVTY $17.7B 3.7% 12.5% 17.8% 3.3% 76.0x 5 Compare →
Insulet PODD $10.3B 30.7% 17.5% 14.0% 20.4% 27.9x 7 Compare →
AdaptHealth AHCO $819M −0.5% 2.8% 6.8% 2.1% — 4 Compare →
Bruker BRKR $8.8B 2.1% 2.0% 1.3% 0.9% — 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $564M $636M $713M $785M $789M $958M $1.0B $1.6B $2.5B $2.9B
Gross profit $429M $486M $554M $605M $572M $719M $759M $1.0B $1.5B $2.0B
Research and development $44.5M $43.7M $55.5M $60.1M $84.5M $97.3M $73.0M $124M $164M $147M
Operating income $154M $162M $169M $172M $111M $172M $228M $133M $166M $480M
Interest expense $0.0M $0.0M $0.0M $0.1M — — — — — —
Pretax income $157M $170M $189M $190M $126M $180M $243M $165M $121M $605M
Income tax $52.9M $62.6M $32.1M $34.7M $23.6M $31.2M $52.8M $42.5M $17.7M $67.2M
Net income $104M $107M $157M $155M $102M $149M $190M $123M $103M $538M
Diluted EPS $1.08 $1.10 $1.54 $1.52 $1.01 $1.44 $1.85 $1.07 $0.75 $3.92
Diluted shares 0.10B 0.10B 0.10B 0.10B 0.10B 0.10B 0.10B 0.11B 0.14B 0.14B
Cash flow
Cash from operations $148M $159M $182M $172M $199M $276M $179M $244M $521M $753M
Capital expenditure $40.9M $51.3M $59.7M $70.8M $63.7M $56.9M $74.0M $78.3M $115M $165M
Free cash flow $107M $108M $122M $101M $135M $219M $104M $165M $405M $589M
Depreciation and amortization $38.8M $42.1M $41.6M $52.7M $62.9M $69.9M $68.3M $146M $253M $277M
Stock-based compensation $11.4M $14.7M $21.9M $26.1M $27.1M $30.6M $32.8M $52.7M $54.2M $49.8M
Acquisitions $76.1M $29.9M $14.8M $23.8M $33.5M $34.5M $31.4M $296M $17.6M $253M
Share buybacks $0.0M $0.0M $0.0M $0.0M $105M $0.0M $145M $226M $85.8M $301M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $105M $0.0M $144M $226M $85.8M $300M
Balance sheet
Cash and short-term investments $67.0M $119M $340M $311M $427M $443M $446M $518M $890M $557M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $417M $443M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.8M $0.5M $0.8M
Current assets $514M $620M $631M $688M $822M $865M $983M $1.9B $2.2B $2.1B
Current liabilities $79.9M $93.1M $96.1M $111M $121M $140M $159M $392M $856M $499M
Inventory $113M $108M $131M $196M $229M $237M $299M $848M $659M $759M
Property and equipment, net $124M $143M $172M $200M $217M $221M $244M $587M $562M $565M
Total assets $928M $1.1B $1.3B $1.5B $1.7B $2.0B $2.1B $5.1B $5.3B $5.3B
Total liabilities $95.6M $111M $115M $130M $173M $216M $230M $1.1B $1.1B $730M
Shareholders' equity $832M $968M $1.2B $1.4B $1.5B $1.7B $1.8B $4.0B $4.2B $4.6B
Margins
Gross margin 76.1% 76.3% 77.6% 77.1% 72.4% 75.0% 74.2% 65.1% 58.9% 67.4%
Operating margin 27.3% 25.5% 23.8% 21.9% 14.1% 18.0% 22.3% 8.5% 6.6% 16.3%
EBITDA margin 34.2% 32.1% 29.6% 28.6% 22.1% 25.2% 29.0% 17.8% 16.7% 25.8%
Net margin 18.5% 16.9% 22.0% 19.8% 13.0% 15.6% 18.6% 7.8% 4.1% 18.3%
FCF margin 19.0% 16.9% 17.1% 12.9% 17.1% 22.9% 10.2% 10.5% 16.1% 20.0%
Returns
Return on capital 14.4% 12.7% 16.6% 14.5% 8.3% 12.0% 13.2% 3.7% 3.7% 11.0%
Return on capital employed 19.3% 17.7% 15.5% 13.1% 7.5% 10.2% 12.2% 4.0% 3.7% 10.4%
Return on equity 13.5% 11.9% 14.5% 12.0% 7.0% 9.2% 10.6% 4.2% 2.5% 12.3%
Return on assets 11.9% 10.7% 13.2% 11.0% 6.4% 8.2% 9.4% 3.4% 2.0% 10.2%
Growth
Revenue growth 3.5% 12.8% 12.1% 10.2% 0.5% 21.4% 6.8% 53.3% 60.6% 16.7%
Net income growth −7.5% 2.9% 45.8% −0.8% −34.1% 45.9% 27.5% −35.4% −16.2% 422.3%
EPS growth −7.7% 1.9% 40.0% −1.3% −33.6% 42.6% 28.5% −42.2% −29.9% 422.7%
FCF growth 46.0% 0.8% 13.2% −17.0% 33.5% 62.3% −52.4% 58.2% 145.3% 45.3%
Share count change 0.4% 1.5% 3.5% 0.7% −1.0% 2.6% −1.0% 11.7% 20.3% −0.6%
Financial health
Net debt / EBITDA −0.4x −0.6x −1.6x −1.4x −2.5x −1.8x −1.5x −0.4x −1.1x −0.7x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.1x 0.1x 0.0x
Interest coverage 4,404.0x 53,946.7x 28,220.8x 2,177.1x — — — — — —
Current ratio 6.4x 6.7x 6.6x 6.2x 6.8x 6.2x 6.2x 4.9x 2.5x 4.3x
Quick ratio 5.0x 5.5x 5.2x 4.4x 4.9x 4.5x 4.3x 2.7x 1.8x 2.7x
Capital allocation
Capex / revenue 7.3% 8.1% 8.4% 9.0% 8.1% 5.9% 7.2% 5.0% 4.6% 5.6%
Stock comp / revenue 2.0% 2.3% 3.1% 3.3% 3.4% 3.2% 3.2% 3.4% 2.2% 1.7%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% 77.5% 0.0% 138.4% 136.5% 21.2% 51.0%
Quality scores
Piotroski F-score 4.0 6.0 5.0 3.0 5.0 6.0 5.0 4.0 4.0 9.0
Altman Z'' 15.5 15.6 16.6 16.8 14.3 13.5 13.7 6.7 6.7 10.1
Accruals ratio −4.9% −5.2% −2.1% −1.2% −6.0% −7.0% 0.6% −3.4% −8.1% −4.1%

Source: SEC EDGAR XBRL filings (CIK 0001237831). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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