業種
Medical Devices
Medical Devices のすべてのレポート — 全 24 件。
28/100
DENTSPLY SIRONA: A Real Dental Incumbent, but the Repricing Is Permanent and 13.02 USD Already Prices Base Value
DENTSPLY SIRONA is a broad, diversified dental supplier spanning consumables and endodontics, implants, imaging and chairside CAD/CAM equipment. Sales of 3.68 billion USD in 2025 produced free cash flow of only 104 million USD, and market value has fallen from about 11.11 billion USD at end-2016 to roughly 2.55 billion USD. Rating Watch: the discount is a permanent repricing of business quality, governance trust and category relevance rather than a cyclical dip, so at 13.02 USD the stock already trades near base value and the ideal buy zone is 7 to 9 USD.
43/100
Envista Holdings Corporation
Envista Holdings is a diversified dental-products company built from Danaher's former dental segment, selling implants, orthodontics, imaging, and consumables across a $2.72 billion revenue base. A 2023-2024 stretch of guidance cuts and a $1.15 billion goodwill impairment gave way to a broad recovery: four straight quarters of positive core growth and expanding margins, with 2026 guidance reaffirmed, but the current price near $26 already credits much of that repair, leaving only a thin owner-earnings yield above risk-free Treasury bonds. Rating Hold: genuine operational improvement, but limited margin of safety until the recovery proves durable through tougher comparisons.
40/100
Shanghai MicroPort MedBot: Commercial Traction Is Real, but the Re-Rating Has Already Happened
Shanghai MicroPort MedBot is a Chinese surgical-robotics developer whose Toumai laparoscopic platform and SkyWalker orthopedic robot have moved from clinical-trial promise into real commercial installations across more than 60 countries. FY2025 revenue rose 114.2% to RMB551.1 million with gross margin improving to 48.4% and free cash outflow shrinking sharply, and the company just guided to first-half 2026 profitability, but roughly 71% of 2025 revenue still ran through related-party sales with parent MicroPort and the stock already trades near 32 times trailing sales. Rating Hold: the commercial inflection is genuine, but at HK$20.22 the market has already re-rated the stock to price in much of that transition, leaving little margin of safety against any execution slip.
52/100
95Buffett
Mindray Bio-Medical: The Transition Is Real, But So Is the Price Tag
Shenzhen Mindray is China's largest medical-device platform, spanning patient monitoring, in-vitro diagnostics and imaging, with overseas sales above 53% of revenue and recurring business nearing 40% as the APT Medical deal pushes into consumables and intervention. FY2025 revenue fell 9.4% to RMB 33.28 billion and attributable profit dropped to RMB 8.14 billion as domestic hospital budgets tightened, even as international growth stayed healthy and operating cash flow held at RMB 10.14 billion. Rating Hold: a genuine quality compounder mid-transition, but at CNY 150.31 the price already sits inside the acceptable-hold band, leaving little margin of safety until domestic demand stabilizes.
53/100
80Buffett
Straumann Holding AG：厳しい株価水準にあるデンタル・プラットフォームのリーダー
Straumannはスペシャルティ歯科分野の世界的リーダーであり、プレミアムインプラントメーカーから、インプラント・デジタルワークフロー・生体材料・補綴物・クリアアライナーにまたがるマルチブランド・マルチ価格帯グループへと成長したスイスのプラットフォーム企業で、2025年度売上高はCHF 26.1億、CHF 60億のインプラント市場の約35%を占める。フランチャイズの質は本物であり（ROCE 30.6%、株主資本比率57.6%、10年にわたるシェア拡大）、一方で粗利率は価値帯・デジタル比率の上昇に伴い76.2%から68.6%へ、フリーキャッシュフロー率は21.8%から11.1%へ低下しており、株価はコア利益の約35.8倍、フリーキャッシュフロー利回り1.7%で取引されている。評価はホールド：長い滑走路を持つ高品質なコンパウンダーだが、株価はすでに次のマージン・エコシステム局面の多くを織り込んでおり、安全域はほとんど残っていない。
38/100
Carl Zeiss Meditec: A High-Grade Ophthalmology Franchise Forced to Relearn Its Operating Model in China
Carl Zeiss Meditec is a premium German ophthalmology and microsurgery franchise where ophthalmology drives about 77% of sales and recurring revenue has climbed from 9% two decades ago to roughly 50%. A simultaneous China VBP shock and weak Americas equipment demand crushed H1 FY2025/26 adjusted EBITA margin to 6.1% from 10.7%, and the shares have fallen more than 80% from their 2021 peak to 27.96 euros. Rating Watch: a high-quality medtech franchise in a real trough, but the China relisting and margin-restoration bridge is still too unproven for a clean entry, with the ideal buy zone at 24 to 26 euros.
51/100
53Buffett
Insulet Corporation: A Long-Term Owner's Perspective
A good business priced with too little margin of safety today. The Omnipod platform carries a multi-layered moat and the AID category is still gaining penetration; but at $144.94 the owner's yield sits below Treasuries, the ideal buy zone is $110-120, Rating Watch.
39/100
71Buffett
Solventum Deep Value Investment Research
A healthcare technology company spun off from 3M, Solventum focuses on medical devices and consumables, dental materials, and hospital software. Demand is structurally necessary, but the moat is only moderate, free cash flow recovery remains unproven, and the company still depends on 3M's supply chain. Report rating Watch: a business worth tracking, with an ideal buy range of $55-65.
40/100
Zimmer Biomet Deep Value Investment Research
Zimmer Biomet is a global orthopedic implant company focused on knee and hip joints, sports medicine, trauma, extremities, and the ROSA robotics and digital platform. Long-term demand is supported by aging and osteoarthritis, and the business generates real cash flow, but its growth quality and moat trail Stryker while the current price of about $82 offers only a discount to neutral value. Rating Watch: the business is worth tracking, but the margin of safety is not yet wide enough, with an ideal buy range of $65 to $75.
43/100
63Buffett
STERIS plc: A Long-Term Owner's Perspective
A leader in infection-prevention and sterilization infrastructure with solid cash flow and a fairly stable moat, but at roughly $215.4 the price sits in the upper-middle of the neutral valuation range with an insufficient margin of safety; bear 160-185 / base 190-230 / bull 240-285, preferred buy range 165-190. Rating Watch: a good company at a good-not-cheap price.
51/100
99Buffett
ResMed: A Long-Term Owner's Perspective
A high-quality, cash-generative, net-cash leader in sleep and respiratory health, but at roughly $206 the stock looks more like a good company near fair value than a bargain, with a thin margin of safety; ideal buy range $170-190. Rating Watch: a durable compounder priced for quality, not for safety of margin.
48/100
91Buffett
Edwards Lifesciences In-Depth Value Research
Edwards Lifesciences is a focused structural-heart device platform built around TAVR and TMTT, with long-term gross margins above 80% and a net-cash balance sheet. The core thesis is positive on business quality but cautious on price, because PE of 46.6x and P/FCF of 38x already discount many years of strong execution. Research rating Watch: a high-quality compounder worth close tracking, but not yet offering enough margin of safety.
49/100
83Buffett
Stryker In-Depth Value Investment Research
Stryker is a global medical device platform leader with deep moats in orthopaedics, the Mako robotics platform, and neurovascular products. Cash flow continues to strengthen, but at roughly 36.6x PE, valuation is tight and the ideal buy range is $185-230. Research rating Watch: a high-quality compounder that deserves long-term attention, but the current price leaves limited margin of safety.
49/100
Medtronic Long-Term Value Investment Analysis
Medtronic is a global medical-device leader with diversified exposure across cardiovascular, neuroscience, surgical, and diabetes franchises. Its cash flow is resilient, but the current PE of about 22x sits near the upper end of a neutral valuation range, leaving too little margin of safety; adding exposure would be more attractive after a pullback to $60-65. Research rating Hold: a durable compounder, but current pricing limits expected return.
40/100
BDX: A Long-Term Business Owner's Investment Analysis
Following the Waters spin-off, New BD is more focused, with consumables making up over 90% of revenue and FY2026 adjusted EPS guidance of 12.52-12.72; but ROIC is only 4-5%, Debt/EBITDA sits at 4.28x, and the ideal buy range of $120-135 leaves an insufficient margin of safety.
46/100
53Buffett
Boston Scientific BSX Investment Research from a Long-Term Business Owner's Perspective
Boston Scientific is a global medtech leader with diversified cardiovascular and MedSurg platforms. 2025 revenue reached $20.074 billion, up 19.9%, with a 69% gross margin and $3.658 billion of FCF, but intensifying competition in electrophysiology and WATCHMAN, plus the large pending Penumbra acquisition, make the current $57.78 price look only fair to somewhat expensive versus an ideal buy range of $38 to $45. Research rating Watch: a high-quality business worth following closely, but not yet a clear margin-of-safety opportunity.
43/100
Cooper Companies: A Long-Term Value Investing Analysis
A dual-platform medical-device company spanning contact lenses (CooperVision, home to MiSight pediatric myopia management) and obstetric/fertility consumables (CooperSurgical); FY2025 revenue reached $4.092 billion, but at $62.55 the stock trades at roughly 25x P/FCF with no clear margin of safety. Rating: Watch.
32/100
Baxter International: Hospital Essentials and an Execution Repair Story
Baxter makes the hospital essentials—IV fluids, infusion systems, pharmacy compounding, surgical hemostats, hospital beds—that care systems depend on every day, but it is still working through the aftermath of the Hillrom acquisition plus 2025 product-safety and execution problems. At roughly $19.18 the stock sits in the gap between my fair-value and optimistic ranges, making it a turnaround stock to watch rather than a core compounding asset. Rating Watch: a stable-demand but middling-economics supplier whose current price gives conservative investors too little margin of safety.
45/100
85Buffett
Align Technology: Digital Orthodontics Platform Study
Align's Invisalign has cumulatively treated 22 million patients across some 300,000 doctor customers; with a 2021-2025 revenue CAGR of only 0.5% and declining margins, at the current $163.6 the stock sits between the upper bound of conservative intrinsic value and the lower bound of fair value. Rating: Watch, a good business at only an ordinary price.
52/100
83Buffett
Intuitive Surgical: A Long-Term Business Owner's Research Report
The leader in robot-assisted surgery, with recurring revenue at 84% of the total and a moat built on its ecosystem rather than any single product. But as of 2026-05-22 the stock trades around $439.80 at a trailing P/E of roughly 53.4x, a clear premium to a reasonable intrinsic value of $250-340 with no margin of safety. Rating Watch: a superb business priced for a near-flawless decade.
47/100
92Buffett
In-Depth Value Research on IDEXX Laboratories
IDEXX Laboratories is a rare high-quality compounder in companion-animal diagnostics. Its 2025 free cash flow of about $1.057 billion and durable moat are impressive, but the price anchor of roughly $563 per share already discounts much of that excellence and leaves little margin of safety. Report rating Watch: keep it high on the watchlist and wait for better odds.
43/100
82Buffett
GE HealthCare Technologies: A Deep Value Investment Analysis
A global leader in medical imaging and diagnostics, with 2025 revenue of $20.625 billion and free cash flow of $1.505 billion, carrying an above-average moat but no clear margin of safety at the current share price of about $64.33. Conservative intrinsic value is $50-58, fair value $65-80, and optimistic value $95-110. Rated Watch: for conservative investors this suits tracking rather than a heavy position.
48/100
55Buffett
DexCom Investment Research Report
DexCom is one of the global leaders in continuous glucose monitoring (CGM), with long-term demand tailwinds and strong cash conversion. The core thesis is that this is a high-quality recurring-consumables medical device business, but the current price of $71.9 implies about 30.9x P/E and sits close to fair intrinsic value of $65-$75, while Abbott competition and the FDA warning letter leave limited margin of safety. Research rating Watch: a durable compounder candidate that deserves long-term tracking, but not yet a clearly discounted buy.
47/100
71Buffett
Abbott Laboratories Long-Term Value Investment Research
Abbott Laboratories is a high-quality healthcare company powered by four engines: medical devices, diagnostics, nutrition, and established pharmaceuticals. Its cash generation is solid and its dividend has risen for 54 consecutive years, but the current price of USD 88.38 offers limited margin of safety while the Exact Sciences acquisition raises leverage. Rating Watch: an attractive long-term compounder, but the ideal buy zone is USD 70-80.