Multiples Medical Devices Index

Curated by Multiples, this index tracks the largest medical device companies globally.

Explore the Multiples Medical Devices Index

100

public companies
tracked

$4.4T

cumulative
enterprise value

4.2x

median EV/NTM revenue multiple

median NTM/LTM revenue growth

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Index Performance

This chart shows the weighted market cap evolution over time for the Multiples Medical Devices Index constituents, indexed to 0% at the beginning of the period.

+0.0%

Multiples Medical Devices Index

Data as of 01 April 2026. Underlying financial data from FactSet and Morningstar. S&P 500 and NASDAQ data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples Medical Devices Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples Medical Devices Index.

x-axis:

y-axis:

Data as of April 1, 2026. Companies with EV multiples above 50x and y-axis values above 250% are considered non-meaningful and excluded from calculation.

Company Rankings

This chart shows company rankings by selected metric within the Multiples Medical Devices Index.

Metric:

Data as of April 1, 2026. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.

Companies Side-by-Side

Compare key metrics between companies in the Multiples Medical Devices Index.

Metric	Samsung	Johnson & Johnson	Roche
Market Cap	$916B	$577B	$377B
EV/Revenue (NTM)	2.3x	5.9x	5.1x
EV/Gross Profit (NTM)	3.9x	8.3x	6.8x
EV/EBITDA (NTM)	4.7x	15.7x	12.6x
EV/FCF (NTM)	9.1x	23.7x	21.4x
Revenue Growth	38%	7%	-1%
Gross Margin (NTM)	60%	72%	75%
EBITDA Margin (NTM)	50%	38%	40%
FCF Margin (NTM)	26%	25%	24%
Rule of 40	108%	44%	39%
Rule of X	197%	55%	37%

Data as of April 1, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples Medical Devices Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples Medical Devices Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weights, which are derived using company market capitalization.

Company weights are evaluated based on two rules:

Rule 1

No company's weight may exceed 24%.

Rule 2

The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.

If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.

Rule 1 adjustment

If no company's initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company's weight may exceed 20% of the Index.

Rule 2 adjustment

If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:

The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.

If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.

Companies Included in the Multiples Medical Devices Index

This index tracks the largest publicly listed medical device companies across diagnostics, surgical equipment, implantable technologies, and more.


Samsung	14.9%	$137	+274%	$916B	2.3x	38%	60%	50%	26%	108%	$2M
Johnson & Johnson	9.4%	$240	+53%	$577B	5.9x	7%	72%	38%	25%	44%	$682K
Roche	6.1%	$59	+43%	$377B	5.1x	-1%	75%	40%	24%	39%	$710K
Siemens	3.3%	$260	+11%	$202B	2.5x	5%	39%	19%	11%	24%	$289K
Abbott	3.2%	$114	-13%	$198B	4.1x	9%	57%	27%	19%	36%	$385K
Thermo Fisher Scientific	3.1%	$509	+19%	$191B	4.6x	5%	42%	26%	16%	31%	$356K
Intuitive Surgical	6.1%	$496	-4%	$176B	14.3x	14%	67%	43%	34%	57%	$591K
Stryker	5.1%	$387	+4%	$148B	5.7x	9%	65%	29%	16%	38%	$449K
Danaher	5.0%	$206	+3%	$146B	6.2x	5%	60%	32%	23%	36%	$409K
Medtronic	4.3%	$98	+16%	$126B	3.8x	7%	65%	29%	18%	36%	$353K
Boston Scientific	3.9%	$76	-26%	$113B	5.4x	11%	70%	32%	17%	42%	$340K
Siemens Healthineers	1.8%	$47	-13%	$53B	1.8x	4%	40%	21%	10%	24%	$363K
IDEXX Laboratories	1.7%	$637	+47%	$51B	10.8x	9%	62%	36%	24%	44%	$391K
Edwards Lifesciences	1.7%	$87	+15%	$51B	6.9x	10%	79%	32%	23%	42%	$379K
Alcon	1.4%	$85	-12%	$41B	4.1x	5%	61%	27%	15%	30%	$401K
ResMed	1.2%	$25	-5%	$36B	6.0x	8%	62%	40%	28%	48%	$486K
GE HealthCare	1.2%	$79	+12%	$36B	1.9x	5%	41%	19%	8%	24%	$382K
Agilent	1.1%	$118	+10%	$33B	4.6x	7%	54%	30%	18%	36%	$384K
Mindray	1.1%	$27	-16%	$33B	5.5x	9%	61%	35%	30%	45%	$226K
Waters	1.0%	$307	-12%	$30B	4.7x	65%	57%	32%	17%	134%	$401K
Philips	1.0%	$30	+17%	$29B	1.7x	-1%	46%	17%	8%	18%	$317K
DexCom	1.0%	$74	+3%	$28B	5.2x	12%	64%	31%	21%	43%	$420K
Mettler Toledo	0.9%	$1,325	+24%	$27B	6.8x	5%	60%	32%	22%	36%	$222K
Steris	0.8%	$248	+10%	$24B	4.1x	6%	44%	27%	—	34%	$307K
Halma	0.7%	$54	+47%	$21B	5.7x	11%	42%	25%	15%	37%	$338K
Illumina	0.7%	$133	+71%	$20B	4.6x	5%	68%	29%	17%	33%	$431K
Sartorius	0.7%	$206	-13%	$20B	6.0x	6%	48%	31%	12%	39%	$342K
Zimmer Biomet	0.7%	$99	-3%	$19B	3.1x	4%	71%	32%	16%	36%	$484K
Coloplast	0.6%	$8	-33%	$17B	4.5x	6%	68%	32%	18%	37%	$250K
Insulet	0.6%	$243	-4%	$17B	5.0x	22%	72%	24%	13%	46%	$502K
Hologic	0.6%	$75	+30%	$17B	3.9x	4%	59%	33%	24%	36%	$580K
Cooper Companies	0.5%	$82	+0%	$16B	4.2x	5%	67%	32%	15%	38%	$273K
United Imaging	0.5%	$18	-6%	$15B	5.8x	20%	48%	18%	10%	38%	$182K
Smith & Nephew	0.5%	$17	+23%	$15B	2.6x	7%	70%	27%	11%	33%	$355K
Sonova	0.5%	$239	-26%	$14B	2.9x	3%	71%	26%	17%	28%	$269K
Fisher & Paykel	0.5%	$24	+18%	$14B	9.5x	11%	65%	35%	17%	56%	$160K
Align Technology	0.5%	$189	+9%	$14B	3.0x	4%	71%	28%	21%	31%	$193K
Penumbra	0.5%	$342	+17%	$13B	8.0x	13%	69%	20%	11%	33%	$299K
Medpace	0.4%	$457	+48%	$13B	4.4x	10%	29%	22%	20%	33%	$408K
Fresenius Medical Care	0.4%	$46	-11%	$13B	1.0x	-2%	26%	18%	9%	18%	$211K
Solventum	0.4%	$73	+10%	$13B	2.0x	-1%	55%	27%	5%	25%	$378K
Globus Medical	0.4%	$94	+31%	$13B	3.8x	8%	70%	33%	13%	42%	$490K
Baxter International	0.3%	$20	-37%	$10B	1.6x	1%	37%	18%	9%	19%	$300K
Olympus	0.3%	$9	-22%	$10B	1.6x	5%	65%	20%	6%	23%	$227K
Zydus Lifesciences	0.3%	$10	+1%	$10B	3.3x	9%	71%	24%	13%	35%	$97K
Masimo	0.3%	$175	+9%	$9B	5.7x	7%	62%	29%	13%	23%	$177K
Cochlear	0.3%	$134	-31%	$9B	4.9x	9%	74%	26%	16%	33%	$292K
Shimadzu	0.3%	$26	+14%	$8B	1.8x	7%	46%	17%	1%	24%	$226K
Bio-Rad Laboratories	0.3%	$278	+15%	$7B	2.8x	2%	57%	18%	15%	19%	$347K
Glaukos	0.2%	$121	+29%	$7B	10.5x	23%	85%	5%	8%	24%	$464K
Bausch + Lomb	0.2%	$18	+66%	$6B	2.1x	5%	62%	19%	9%	23%	$392K
Imeik Technology Development	0.2%	$21	-16%	$6B	14.2x	13%	92%	60%	50%	73%	$291K
Demant	0.2%	$30	-18%	$6B	2.3x	8%	76%	24%	10%	35%	$136K
Convatec Group	0.2%	$3	-7%	$6B	3.0x	6%	61%	27%	11%	32%	$233K
Abbott India	0.2%	$280	-13%	$6B	7.2x	9%	47%	28%	20%	37%	$204K
Snibe	0.2%	$8	-1%	$6B	6.9x	15%	70%	44%	36%	59%	$231K
Bruker	0.2%	$38	-4%	$6B	2.0x	4%	51%	19%	6%	23%	$354K
Caris Life Sciences	0.2%	$21	—	$6B	5.2x	24%	66%	17%	8%	40%	$459K
Sysmex	0.2%	$9	-45%	$6B	1.7x	7%	51%	22%	5%	27%	$307K
Getinge	0.2%	$21	+3%	$6B	1.7x	-5%	50%	20%	9%	19%	$336K
Mirion	0.2%	$23	+41%	$6B	5.5x	18%	47%	26%	15%	49%	$282K
Horiba	0.2%	$131	+114%	$6B	2.2x	3%	—	22%	10%	27%	$243K
Jiangsu Yuyue Medical	0.2%	$5	+10%	$5B	3.1x	13%	50%	21%	—	34%	$172K
Teleflex	0.2%	$123	-10%	$5B	3.4x	12%	62%	25%	24%	39%	$141K
Asahi Intecc	0.2%	$20	+46%	$5B	5.4x	9%	69%	35%	18%	48%	$85K
TransMedics	0.2%	$147	+60%	$5B	6.6x	21%	60%	22%	12%	43%	$674K
Novanta	0.2%	$141	+18%	$5B	4.6x	7%	46%	24%	16%	30%	$327K
Envista Holdings	0.2%	$29	+83%	$5B	1.8x	4%	56%	14%	10%	19%	$227K
APT Medical	0.2%	$34	-19%	$5B	9.1x	26%	74%	40%	21%	66%	—
Lepu Medical Technology	0.2%	$3	+58%	$5B	4.4x	14%	65%	29%	—	44%	$2M
Ypsomed	0.2%	$344	-23%	$5B	5.7x	-3%	47%	46%	-5%	43%	$340K
Canon Marketing Japan	0.2%	$44	+37%	$5B	0.8x	-1%	33%	11%	5%	13%	$213K
Merit Medical Systems	0.2%	$77	-19%	$5B	3.0x	6%	52%	25%	14%	31%	$202K
iRhythm Holdings	0.1%	$128	+20%	$4B	4.7x	17%	72%	13%	8%	29%	$311K
Ottobock	0.1%	$65	—	$4B	2.6x	5%	56%	26%	12%	31%	—
Renishaw	0.1%	$55	+85%	$4B	3.6x	5%	46%	23%	11%	29%	$181K
Minimed Group	0.1%	$14	—	$4B	1.2x	—	56%	16%	1%	25%	$339K
Medacta Group	0.1%	$200	+18%	$4B	4.4x	13%	—	28%	6%	41%	$411K
MGI Tech	0.1%	$9	-18%	$4B	7.4x	14%	53%	14%	—	25%	—
Sectra	0.1%	$20	-37%	$4B	9.7x	16%	84%	26%	16%	38%	$262K
LivaNova	0.1%	$70	+90%	$4B	2.4x	7%	68%	23%	12%	30%	$479K
Hamamatsu Photonics	0.1%	$13	+55%	$4B	2.6x	4%	49%	20%	7%	26%	$215K
BillionToOne	0.1%	$81	—	$4B	7.7x	39%	69%	13%	5%	54%	—
ICU Medical	0.1%	$142	+4%	$4B	2.1x	0%	41%	19%	—	17%	$172K
Amplifon	0.1%	$15	-24%	$3B	1.7x	5%	83%	23%	10%	26%	$185K
Ambu	0.1%	$12	-33%	$3B	3.0x	10%	61%	19%	9%	28%	$185K
Autobio Diagnostics	0.1%	$5	-6%	$3B	4.2x	10%	65%	38%	31%	48%	$112K
Integer Holdings	0.1%	$86	-32%	$3B	2.3x	1%	27%	22%	6%	21%	$163K
Haemonetics	0.1%	$64	+1%	$3B	2.8x	5%	60%	31%	21%	34%	$450K
Mehow Innovative	0.1%	$5	+106%	$3B	8.1x	23%	42%	24%	—	48%	—
Double Medical Technology	0.1%	$7	+28%	$3B	5.8x	17%	71%	—	—	—	—
Andon Health	0.1%	$6	+9%	$3B	—	—	—	—	—	—	—
Carl Zeiss Meditec	0.1%	$30	-57%	$3B	1.0x	2%	53%	16%	6%	18%	$543K
MicroPort Scientific	0.1%	$1	+52%	$3B	2.6x	14%	60%	23%	—	36%	$162K
LeMaitre Vascular	0.1%	$106	+17%	$2B	7.9x	11%	72%	32%	29%	44%	$376K
Insight Lifetech	0.1%	$6	—	$2B	—	—	—	—	—	—	—
Rigaku	0.1%	$10	+88%	$2B	4.0x	4%	57%	26%	9%	32%	$287K
Heron Neutron Medical	0.1%	$15	—	$2B	54.0x	—	—	—	—	—	$5K
Jafron Biomedical	0.1%	$3	-8%	$2B	6.2x	7%	80%	39%	—	46%	—
Elekta	0.1%	$6	+13%	$2B	1.5x	3%	36%	20%	8%	19%	$414K