Globus Medical
GMED · NYSESurgical & Medical Instruments & Apparatus · Fiscal year ends Dec 31
Globus Medical reported revenue of $2.9B in the fiscal year ended Dec 2025, up 16.7% from the year before. Operating income was $480M, an operating margin of 16.3%, and net income was $538M. Operating cash flow of $753M less capital expenditure of $165M left free cash flow of $589M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $958M | $1B | $1.6B | $2.5B | $2.9B |
| Cost of revenue | $239M | $264M | $548M | $1B | $958M |
| Gross profit | $719M | $759M | $1B | $1.5B | $2B |
| Research & development | $97M | $73M | $124M | $164M | $147M |
| Selling, general & admin | $408M | $432M | $644M | $981M | $1.2B |
| Operating income | $172M | $228M | $133M | $166M | $480M |
| Net interest incomeBanks | $9M | $14M | $20M | −$4M | – |
| Pre-tax income | $180M | $243M | $165M | $121M | $605M |
| Income tax | $31M | $53M | $43M | $18M | $67M |
| Net income | $149M | $190M | $123M | $103M | $538M |
| Diluted EPS | 1.44 | 1.85 | 1.07 | 0.75 | 3.92 |
| Diluted shares | 104M | 103M | 115M | 138M | 137M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $193M | $150M | $467M | $784M | $526M |
| Receivables | $164M | $213M | $503M | $558M | $679M |
| Inventory | $237M | $299M | $848M | $659M | $759M |
| Current assets | $865M | $983M | $1.9B | $2.2B | $2.1B |
| Net PP&E | $221M | $244M | $587M | $562M | $564M |
| Goodwill | $180M | $197M | $1.4B | $1.4B | $1.4B |
| Total assets | $2B | $2.1B | $5.1B | $5.3B | $5.3B |
| Payables | $22M | $36M | $57M | $75M | $99M |
| Deferred revenue | $12M | $14M | $28M | $22M | $28M |
| Current liabilities | $140M | $159M | $392M | $856M | $498M |
| Total liabilities | $216M | $230M | $1.1B | $1.1B | $730M |
| Shareholders' equity | $1.7B | $1.8B | $4B | $4.2B | $4.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $276M | $178M | $243M | $521M | $753M |
| Capital expenditure | $57M | $74M | $78M | $115M | $165M |
| Free cash flow | $219M | $104M | $165M | $405M | $589M |
| Depreciation & amortisation | $70M | $68M | $146M | $253M | $277M |
| Stock-based compensation | $31M | $33M | $53M | $54M | $50M |
| Acquisitions | $34M | $31M | $296M | $18M | $253M |
| Share buybacks | – | $144M | $226M | $86M | $300M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.8% | 53.3% | 60.6% | 16.7% |
| Operating income growth (YoY) | – | 32.6% | −41.6% | 24.7% | 189.1% |
| EPS growth (YoY) | – | 28.5% | −42.2% | −29.9% | 422.7% |
| Gross margin | 75.0% | 74.2% | 65.1% | 58.9% | 67.4% |
| Operating margin | 17.9% | 22.3% | 8.5% | 6.6% | 16.3% |
| Net margin | 15.6% | 18.6% | 7.8% | 4.1% | 18.3% |
| Return on equityBlank when equity is negative | 8.6% | 10.3% | 3.1% | 2.5% | 11.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.5% | 11.9% | 2.8% | 3.8% | 10.0% |
| Free cash flow margin | 22.9% | 10.2% | 10.5% | 16.1% | 20.0% |
| Cash conversion (CFO ÷ net income) | 1.85x | 0.94x | 1.98x | 5.06x | 1.40x |
| Receivable days | 63 | 76 | 117 | 81 | 84 |
| Inventory days | 362 | 414 | 565 | 232 | 289 |
| Payable days | 33 | 50 | 38 | 26 | 38 |
| Current ratio | 6.17x | 6.18x | 4.88x | 2.54x | 4.26x |
Recent filings
More in Surgical & Medical Instruments & Apparatus
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.