Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have watched Boston Scientific for years with genuine admiration and — until about twelve months ago — from a respectful distance, because the price never made sense to us. The market has now answered half of that objection: the stock has fallen from a 52-week high of $109.50 to roughly $48.59, a decline of more than 55%, and trades at about 15 times this year's adjusted earnings versus the 25–35 times it commanded for most of the past decade. So why aren't we buying? Because 2026 has given us something rare and valuable: a controlled experiment on the durability of this company's moat, run in public, at scale. The results are in, and they confirm what we have always suspected about the medical device business.
Recent filings analysed: 10-Q (2026-08-03), 8-K (2026-07-29), 8-K (2026-07-27), 8-K (2026-05-18).
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