RESMED INC (RMD)
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RMD

RMD - RESMED INC

FNArena Sector : Medical Equipment & Devices
Year End: June
GICS Industry Group : Health Care Equipment & Services
Debt/EBITDA: 0.44
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

ResMed is the global market leader in providing devices for the treatment of sleep apnoea and chronic pulmonary disease. Formed in Australia in 1989 the company listed on the ASX in 1999 and is also listed on the NYSE. ResMed's head office is in San Diego, California.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$45.07

25 Aug
2025

0.380

OPEN

$45.00

0.85%

HIGH

$45.25

1,628,397

LOW

$44.96

TARGET
$48.565 7.8% upside
OTHER COMPANIES IN THE SAME SECTOR
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FNARENA'S MARKET CONSENSUS FORECASTS
RMD: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 171.4 xxx
DPS (cps) 37.2 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 26.3 xxx
Dividend Yield 0.8% xxx
Div Pay Ratio(%) 21.7% xxx
This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

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Estimated Dividend Growth
(Average Of Past Three Years)

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Amount Invested

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Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 06/11 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx147.4
DPS All xxxxxxxxxxxxxxx32.5
Sales/Revenue xxxxxxxxxxxxxxx7,946.4 M
Book Value Per Share xxxxxxxxxxxxxxx622.1
Net Operating Cash Flow xxxxxxxxxxxxxxx2,704.6 M
Net Profit Margin xxxxxxxxxxxxxxx27.22 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx26.39 %
Return on Invested Capital xxxxxxxxxxxxxxx22.91 %
Return on Assets xxxxxxxxxxxxxxx19.00 %
Return on Equity xxxxxxxxxxxxxxx26.39 %
Return on Total Capital xxxxxxxxxxxxxxx27.43 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx2,085.8 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx62 M
Long Term Debt xxxxxxxxxxxxxxx1,238 M
Total Debt xxxxxxxxxxxxxxx1,300 M
Goodwill - Gross xxxxxxxxxxxxxxx4,649 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,865 M
Price To Book Value xxxxxxxxxxxxxxx6.33

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx155.4 M
Capex % of Sales xxxxxxxxxxxxxxx1.96 %
Cost of Goods Sold xxxxxxxxxxxxxxx3,299 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx2,042 M
Research & Development xxxxxxxxxxxxxxx512 M
Investments - Total xxxxxxxxxxxxxxx108 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.9

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

04/08/2025

1

Overweight

-

-

ResMed's June quarter result beat Morgan Stanley's expectations, with earnings (EBITDA) supported by currency gains and the VirtuOx acquisition. VirtuOx specialises in at-home diagnostics for sleep, respiratory, and cardiac conditions.

Gross margin rose to 60.7%, up 150bps year-on-year and 80bps quarter-on-quarter. Free cash flow rose 25% to US$1.7bn, and installed devices exceeded 30m, doubling since 2021.

For FY26, gross margin is expected to be in the range of 61-63%, ahead of the prior consensus forecast of circa 60.5%.

The analyst continues to see a favourable growth outlook for ResMed, supported by increased uptake in addressable markets, reflecting increased diagnosis and awareness of OSA.

The buy-back program is expected to increase to US$150m per quarter from US $100m.

The broker lifts FY26 and FY27 EPS forecasts by 3% and 2% respectively. The target price is raised to US$298 from US$291. An Overweight rating is retained. Industry View: In-Line.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 37.94 cents and EPS of 166.33 cents.
Morgan Stanley forecasts a full year FY27 dividend of 41.04 cents and EPS of 181.20 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

-

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Wilsons

04/08/2025

1

Overweight

$43.50

-3.48%

Wilsons has an Overweight rating on ResMed but the target price of $43.50 is under review after the 4Q25 results.

The broker highlights 4Q25 revenue and EPS beat its forecasts by 3% and 4%, respectively. Net profit also beat its estimate by 4% while cash flow rose 22% to US$539m.

Gross margin was 60.8% in 4Q, improving 230bps y/y, and the FY26 guidance was for further increase to 61-63%.

The broker believes there's scope for even higher gross margin of 63-64% over the forecast period on manufacturing and distribution efficiencies.
Access Extra Coverage Research History >

RMD STOCK CHART

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