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: 0.54
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

$34.88

24 Mar
2025

-0.240

OPEN

$35.20

-0.68%

HIGH

$35.30

1,036,515

LOW

$34.86

TARGET
$44.375 27.2% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
RMD: 1
Title FY25
Forecast		 FY26
Forecast
EPS (cps) 145.2 xxx
DPS (cps) 33.3 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 24.0 xxx
Dividend Yield 1.0% xxx
Div Pay Ratio(%) 23.0% 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: 0.97%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.87

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx106.0
DPS All xxxxxxxxxxxxxxx29.6
Sales/Revenue xxxxxxxxxxxxxxx7,150.0 M
Book Value Per Share xxxxxxxxxxxxxxx495.8
Net Operating Cash Flow xxxxxxxxxxxxxxx2,138.4 M
Net Profit Margin xxxxxxxxxxxxxxx21.79 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx23.10 %
Return on Invested Capital xxxxxxxxxxxxxxx18.26 %
Return on Assets xxxxxxxxxxxxxxx15.25 %
Return on Equity xxxxxxxxxxxxxxx23.10 %
Return on Total Capital xxxxxxxxxxxxxxx24.60 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx1,555.8 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx53 M
Long Term Debt xxxxxxxxxxxxxxx1,256 M
Total Debt xxxxxxxxxxxxxxx1,309 M
Goodwill - Gross xxxxxxxxxxxxxxx4,256 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx357 M
Price To Book Value xxxxxxxxxxxxxxx5.87

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx175.3 M
Capex % of Sales xxxxxxxxxxxxxxx2.45 %
Cost of Goods Sold xxxxxxxxxxxxxxx3,169 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,869 M
Research & Development xxxxxxxxxxxxxxx469 M
Investments - Total xxxxxxxxxxxxxxx227 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

1.0

No. Of Recommendations

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

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxx xxxxxxxx xxxx xxxxxxxxxx

-

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxx

-

xx.xx%

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Morgans

04/02/2025

1

Add

$43.60

25.00%

Morgans notes ResMed's 2Q25 results were above expectations, with double-digit top and bottom line growth, expanding margins and strong cash flow. 

As per the commentary, sales in the Americas were strong and above market growth, with product segments benefiting from new patient set-ups/new releases and market-leading cloud connected device platforms.

Rest-of-world sales tracked the market and residential care software sales slowed, but inked double-digit profit gains. The broker highlights gross profit margin surprised again to the upside despite a -30bp forex headwind.

The broker continues to see the company as well-positioned to benefit from growing sleep disorder awareness around trends in consumables and weight loss drugs. 

The analyst raised FY25 and FY26 EPS forecasts by 1.1% and 0.5% respectively. Target price rises to $43.6 from $41.33. Rating retained at Add.

FORECAST
Morgans forecasts a full year FY25 dividend of 33.85 cents and EPS of 145.07 cents.
Morgans forecasts a full year FY26 dividend of 37.22 cents and EPS of 157.78 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

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

Goldman Sachs

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

05/02/2025

2

Overweight

$41.48

18.92%

After downgrading ResMed's valuation by 16% in October 2023 on the assumption that GLP-1s would reduce demand for CPAP masks, Jarden has now unwounded some of the revenue downgrades. This is a result of increased confidence that GLP-1 is not impacting sleep volumes. Rather, its awareness has translated to an increase in companies offering home sleep diagnostic devices.

The broker expects this awareness to continue with additional upside from wearable technologies.

The broker also notes ResMed delivered a solid 2Q25, beating consensus by 4.4%, or 2% if one accounts for the better-than-anticipated effective tax rate of 18% vs 19-21% guidance. Gross margin was flat at 59.2%, absorbing a -30bps forex headwind and the broker expects it to remain flat in 3Q while noting the company is still flagging an improvement in 2H vs 1H. 

Jarden sees upside risks to gross margin from freight benefits as more shipping capacity comes online on easing tensions in the Red Sea.

Target price rises to $41.48 from $36.60 on revenue upgrades, some tempering in gross margin and a reduction in capex estimate for FY25. Rating remains at Overweight.

FORECAST
Jarden forecasts a full year FY25 dividend of 36.15 cents and EPS of 150.28 cents.
Jarden forecasts a full year FY26 dividend of 48.87 cents and EPS of 174.02 cents.

Wilsons

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxx xxxxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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RMD STOCK CHART

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