# ResMed Inc. (RMD) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/RMD/thesis · /stocks/RMD/memo

## Financial Snapshot

---
ticker: RMD
step: 04
generated: 2026-05-12
source: quick-research
---

### ResMed Inc. (RMD) — Financial Snapshot

*Note: ResMed's fiscal year ends June 30. FY2024 = July 2023 – June 2024.*

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $3.58B | $4.22B | $4.69B | +11% |
| Gross Margin | ~54% | ~55% | ~56.7% | +90bp |
| Operating Margin | ~22% | ~23% | ~25% | +~200bp |
| Net Income | $0.78B | $0.90B | ~$1.04B | +~15% |
| EPS (diluted) | ~$5.30 | ~$6.10 | ~$7.05 | +~15% |

*FY2025 revenue: $5.15B (+9.8%); FY2025 EPS estimated ~$8.00+ based on Q-by-Q beat trajectory.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | $1.4B |
| Free Cash Flow | ~$1.25B |
| FCF Margin | ~27% |
| Cash & Equivalents | ~$0.3B |
| Total Debt | ~$1.5B |

#### Key Ratios (approximate)
- P/E: ~25–30x | EV/EBITDA: ~22x | FCF Yield: ~4%
- Revenue Growth (FY2024): +11% | FCF Margin: ~27%
- Net Debt / EBITDA: ~1x (conservative leverage)

#### Growth Profile
ResMed has compounded revenue at ~14% annually over the 2022–2024 period, driven by share gains following Philips' 2021 recall-related U.S. exit (a windfall that is now normalizing) and organic demand growth in an underpenetrated sleep apnea market (only ~15–20% of diagnosed patients treated). Gross margins have expanded steadily from ~54% to ~57% as device mix improves and software revenue scales. Free cash flow conversion is strong at ~27% of revenue, enabling consistent share buybacks and debt reduction.

#### Forward Estimates
- FY2026 (ending June 2026) revenue consensus: ~$5.4–5.6B (+5–8% growth)
- FY2026 adjusted EPS: ~$9.00–9.50 (consensus Buy; analyst fair value target ~$256)
- Management revised FY2026 respiratory segment growth to mid-single digits (from upper mid-single digits) reflecting Philips re-entry headwinds; software remains a faster-growing segment

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/RMD/fundamental

## Navigation

- Overview: /stocks/RMD
- Financials (this page): /stocks/RMD/financials
- Thesis: /stocks/RMD/thesis
- Investment Memo: /stocks/RMD/memo
- Coverage universe: /stocks