Globus Medical

GMED · NYSE · Health Care · Financials, fiscal 2016 to 2025

GMED · Last close · October 26, 2026

$81.83

Globus Medical's revenue rose 16.6% to $2.9 billion in fiscal 2025. Its operating margin was 16.3%, up from 6.6% a year earlier. Free cash flow was $589 million, up 45.3%. It paid out $300 million in dividends and buybacks, 51% of free cash flow. The diluted share count fell 0.6%.

GLOBUS MEDICAL, INC. Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0001628280-26-011209 Updated October 14, 2026

Revenue

$2.9B

16.6%

Operating margin

16.3%

9.7 pts

Net income

$538M

422.3%

Free cash flow

$589M

45.3%

Return on capital

11.0%

7.3 pts

Market cap

$11.2B

Oct 26 close

P/E

21.0x

On $3.90 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Debt is taken from the balance-sheet lines: the convertible notes Globus Medical took on with NuVasive in 2023, long-term that year and due within a year at the end of 2024, and repaid in 2025. Globus had no borrowings before 2023 or after the repayment, so debt is zero in those years.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 15.4% a year and net income 20.0% a year, as new shares raised the share count by 42% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Globus Medical yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Globus Medical's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Globus Medical's fiscal 2025 free cash flow of $589M, net cash of $556M at December 31, 2025 and 137 million diluted shares, from its filings. The scenarios are fitted to Globus Medical: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 42.2% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Health Care Equipment); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Globus Medical's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 10% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $81.83
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Globus Medical's earnings per share of $3.90 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 28×, the middle of Globus Medical's own P/E today, its peers' median and its sector's median (the Health Care median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Revvity, Insulet.

Earnings growth in the years ahead (% a year) Starts at Globus Medical's revenue growth over the last 3 years, 42.2% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $81.83
Value at this multiple, against the last close: —
Globus Medical's P/E at the last close: 21.0×

Company	Last close	Earnings per share	P/E today
RevvityRVTY	$160.39	$2.09	76.7×
InsuletPODD	$149.26	$5.34	28.0×
Globus MedicalGMED	$81.83	$3.90	21.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	443	446	518	890	557
Debt incl. finance leases	0	0	418	444	1
Net debt (negative means net cash)	−443	−446	−100	−446	−556
Net debt to EBITDA	−1.8x	−1.5x	−0.4x	−1.1x	−0.7x
Debt to equity	0.0x	0.0x	0.1x	0.1x	0.0x
Interest coverage	—	—	—	—	—
Current ratio	6.2x	6.2x	4.9x	2.5x	4.3x
Quick ratio	4.5x	4.3x	2.7x	1.8x	2.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Globus Medical shares on the open market, and 7 insiders sold $17.5 million, $6.8 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	James R TobinDirector	Sold	30,000	$74.58	$2.2 million	Form 4
Aug 18, 2026	Stephen T ZarrilliDirector	Sold	25,000	$87.04	$2.2 million	Form 4
Jun 5, 2026	David D DavidarDirector	Sold	25,000	$80.76	$2.0 million	Form 4
Feb 25, 2026	Kelly HullerEVP, GC, Corporate Secretary	Sold plan	20,000	$94.50	$1.9 million	Form 4
Feb 12, 2026	Kelly HullerEVP, GC, Corporate Secretary	Sold plan	10,000	$87.67	$876,700	Form 4
Jan 8, 2026	Kyle KlineSenior Vice President, CFO	Sold plan	3,594	$101.10	$363,353	Form 4
Jan 8, 2026	Leslie Norwalk VDirector	Sold plan	2,000	$101.10	$202,200	Form 4
Dec 12, 2025	Leslie Norwalk VDirector	Sold plan	4,000	$88.85	$355,400	Form 4
Dec 1, 2025	Kyle KlineSenior Vice President, CFO	Sold plan	18,542	$90.00	$1.7 million	Form 4
Nov 25, 2025	Kelly HullerSVP, GC, Corporate Secretary	Sold plan	7,500	$90.00	$675,000	Form 4
Nov 12, 2025	David D DavidarDirector	Sold	25,000	$86.00	$2.1 million	Form 4
Nov 11, 2025	Stephen T ZarrilliDirector	Sold	25,000	$84.29	$2.1 million	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	4 of 9	4 of 9	9 of 9
Accruals ratio	−3.4%	−8.1%	−4.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Globus Medical side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Globus Medical	FY25	16.6%	16.3%	20.0%	11.0%	−0.7x	9
Revvity	FY25	3.7%	12.5%	17.8%	3.3%	3.0x	5	Compare
Insulet	FY25	30.7%	17.5%	13.9%	20.4%	0.4x	7	Compare
AdaptHealth	FY25	−0.5%	2.8%	6.8%	2.1%	3.5x	4	Compare
Bruker	FY25	2.1%	2.0%	1.3%	0.9%	5.5x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	564	636	713	785	789	958	1,023	1,568	2,519	2,939
Revenue growth	3.5%	12.8%	12.1%	10.2%	0.5%	21.4%	6.8%	53.3%	60.6%	16.6%
Gross profit	429	486	554	605	572	719	759	1,020	1,484	1,981
Research and development	44	44	56	60	84	97	73	124	164	147
Operating income	154	162	169	172	111	172	228	133	166	480
Net income	104	107	156	155	102	149	190	123	103	538
Diluted EPS (US$)	1.08	1.10	1.54	1.52	1.01	1.44	1.85	1.07	0.75	3.92
Diluted shares (millions)	96	98	101	102	101	104	103	115	138	137
Cash flow
Cash from operations	148	159	182	172	199	276	178	244	521	753
Capital expenditure	41	51	60	71	64	57	74	78	115	165
Free cash flow	107	108	122	101	135	219	104	165	405	589
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	105	0	144	226	86	300
Acquisitions	76	30	15	24	34	34	31	296	18	252
Stock-based compensation	11	15	22	26	27	31	33	53	54	50
Balance sheet at fiscal year end
Cash and short-term investments	67	119	340	311	427	443	446	518	890	557
Debt incl. finance leases	0	0	0	0	0	0	0	418	444	1
Total assets	928	1,078	1,301	1,532	1,680	1,957	2,076	5,086	5,252	5,303
Total liabilities	96	111	115	130	173	216	230	1,088	1,074	730
Shareholders' equity	832	968	1,186	1,402	1,506	1,741	1,846	3,998	4,177	4,573
Margins and ratios
Gross margin	76.1%	76.3%	77.6%	77.1%	72.4%	75.0%	74.2%	65.0%	58.9%	67.4%
Operating margin	27.3%	25.4%	23.8%	21.9%	14.1%	17.9%	22.3%	8.5%	6.6%	16.3%
Net margin	18.5%	16.9%	21.9%	19.8%	13.0%	15.6%	18.6%	7.8%	4.1%	18.3%
Free cash flow margin	19.0%	16.9%	17.1%	12.9%	17.1%	22.9%	10.2%	10.5%	16.1%	20.0%
Return on capital	14.4%	12.7%	16.6%	14.5%	8.3%	12.0%	13.2%	3.7%	3.7%	11.0%
Return on equity	13.5%	11.9%	14.5%	12.0%	7.0%	9.2%	10.6%	4.2%	2.5%	12.3%
Return on assets	11.8%	10.7%	13.2%	11.0%	6.4%	8.2%	9.4%	3.4%	2.0%	10.2%
Net debt to EBITDA	−0.3x	−0.6x	−1.6x	−1.4x	−2.5x	−1.8x	−1.5x	−0.4x	−1.1x	−0.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Globus Medical's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Globus Medical.