# ResMed Inc. (RMD) — Stock CV

ResMed Inc. is a $32.4B healthcare company. Revenue grew 9.9% over the last year, it keeps 27¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 21.2× earnings — near the lowest of its own history.

> ResMed is one of the largest respiratory care device companies globally, primarily developing and supplying flow generators, masks, and accessories for the treatment of sleep apnea.

## Identity

- **Ticker**: RMD
- **Sector**: Healthcare
- **Industry**: Surgical & Medical Instruments & Apparatus
- **Headquarters**: SAN DIEGO, CA
- **Employees**: 11 370
- **Website**: https://www.resmed.com
- **Market cap**: $32.4B
- **Last price**: $230.05
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $5.65B
- **Net income**: $1.52B
- **Free cash flow**: $1.65B
- **Net cash**: $643M
- **P/E**: 21.2
- **Revenue growth (YoY)**: 9.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 69 |
| Growth | 85 |
| Profitability | 95 |
| Health | 75 |
| Quality | 100 |
| Moat | 100 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +9.9% YoY
- [x] Profitable — $1.52B TTM
- [x] Profit growing — +19.7% YoY
- [x] Generates cash — $1.65B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $32.4B market cap
- [x] Not printing shares — -0.3% shares over ~5y
- [x] Proven track record — 11/11 profitable years
- [ ] Financially stable — health score 50/100
- [x] Pays a dividend — yield 1.08%
- [x] Valuation not extreme — P/E 21.2

## Experience (career milestones)

- **FY2026** — Best year on record: $1.52B net income
- **FY2025** — Became debt-free: cash now exceeds total debt
- **FY2016** — Profitable every year on record: 11 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $1.84B in first reported year
- **FY2016** — Positive free cash flow every year since: 11-year streak
- **1989** — Resmed was established in June 1989 by Peter Farrell in Australia

## Strengths

- High gross margin (61.1%)
- Strongly profitable — 26.9% net margin
- Strong cash conversion — FCF is 29.2% of revenue
- Net cash position after subtracting debt from cash
- Interest covered 661.2× by operating earnings

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $3.58B | $779M | $216M |
| FY2023 | $4.22B | $898M | $574M |
| FY2024 | $4.69B | $1.02B | $1.30B |
| FY2025 | $5.15B | $1.40B | $1.66B |
| FY2026 | $5.65B | $1.52B | $1.65B |

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Source: https://stockcv.com/RMD — derived from company filings; may be delayed or incomplete. Information, not investment advice.