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

$37.26

02 May
2025

0.360

OPEN

$36.85

0.98%

HIGH

$37.32

534,783

LOW

$36.72

TARGET
$45.418 21.9% upside
OTHER COMPANIES IN THE SAME SECTOR
4DX . AT1 . AYA . BB1 . BRN . CAT . CBL . CGS . CMP . COH . CSX . CU6 . CVB . CYC . EBR . EMV . EYE . FPH . IDX . IME . IMR . IPD . LDX . MX1 . NAN . ONE . PCK . PEB . PGC . PME . SOM . TRJ . UBI .
FNARENA'S MARKET CONSENSUS FORECASTS
RMD: 1
Title FY25
Forecast		 FY26
Forecast
EPS (cps) 145.7 xxx
DPS (cps) 33.5 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 25.4 xxx
Dividend Yield 0.9% 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: 1.03%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.80

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

UBS

xx/xx/xxxx

1

xxx

-

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

-

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

28/04/2025

1

Add

$44.07

18.28%

Morgans highlights ResMed reported better than anticipated 3Q25 results with adjusted EPS of US$2.48 against consensus of US$2.29 and revenue coming in 8% higher than the forecast and 9% above consensus.

Gross profit margin rose 140bps to 59.9% on efficiencies derived from manufacturing and logistics. US mask growth was sustained above industry growth and residential software sales were better than expected.

The company's tariff-exemption status was most importantly confirmed, Morgans emphasises, alongside an expanding US manufacturing footprint and new technology to improve adoption.

Target price lifts to $44.07 from $43.60 with an Add rating maintained.

FORECAST
Morgans forecasts a full year FY25 dividend of 34.13 cents and EPS of 146.04 cents.
Morgans forecasts a full year FY26 dividend of 37.97 cents and EPS of 159.42 cents.

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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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

Wilsons

xx/xx/xxxx

3

xxxxxx xxxxxx

$xx.xx

xx.xx%

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Goldman Sachs

30/04/2025

1

Buy

$49.30

32.31%

Goldman Sachs notes ResMed reported a 3Q25 result broadly in line with expectations, with non-GAAP income from operations around 1% ahead of consensus, driven by a sequential gross margin improvement of 70bps.

The analyst points to US mask sales growth of 13%, offsetting slightly weaker US device sales, and confirms US tariff exemptions (largely) which support future margin expansion.

ResMed announced the planned US$100m per quarter share buyback from 4Q25 which the broker believes signals management’s confidence in core product demand and strategy execution.

Goldman Sachs FY25 EPS forecast is largely unchanged but FY26 and FY27 are raised by 5.8% and 6.1% respectively, reflecting tariff removal and stronger operational leverage.

Buy rating retained with target price raised to $49.30 from $46.90.

FORECAST
Goldman Sachs forecasts a full year FY25 dividend of 33.82 cents and EPS of 146.04 cents.
Goldman Sachs forecasts a full year FY26 dividend of 39.97 cents and EPS of 167.56 cents.

Jarden

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Extra Coverage Research History >

RMD STOCK CHART

FNArena News on RMD

1
Weekly Ratings, Targets, Forecast Changes – 02-05-25

10:00 AM - Weekly Reports
2
Australian Broker Call *Extra* Edition – Apr 30, 2025

Apr 30 2025 - Daily Market Reports
3
Rudi’s View: Awaiting The Real World Ramifications

Apr 30 2025 - Rudi's View
4
In Brief: Equity Portfolio, Aristocrat & US Copper

Apr 24 2025 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Apr 22, 2025

Apr 23 2025 - Daily Market Reports

Latest Medical Equipment & Devices News

1
ResMed’s Margin Expansion & Tariff Exemption

Apr 28 2025 - Australia
2
Trend Remains Up For Catapult International

Feb 18 2025 - Technicals
3
ESG Focus: Top ASX Companies, Superbugs & Hydrogen

Feb 07 2025 - ESG Focus
4
ResMed Shakes Off GLP-1 Scare

Feb 04 2025 - Australia
5
ResMed: Another Positive Quarterly Surprise?

Jan 30 2025 - Australia
6
The Trend Remains Pro Medicus’ Friend

Jan 16 2025 - Technicals
7
Diagnostic Imaging Radiates Opportunity

Dec 18 2024 - Small Caps
8
ResMed’s Bounce-Back Complete

Oct 29 2024 - Australia
9
Dr Boreham’s Crucible: Pro Medicus

Sep 04 2024 - Australia
10
Pro Medicus: Don’t Stop Me Now

Aug 20 2024 - Technicals