Boston Scientific management check
BSX · Health Care · Health Care Equipment · CEO Michael F. Mahoney
Filings as of
4 good · 2 to watch · 1 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $265, against $148 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.68 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.8% of net income$23.5m of reported pay in fiscal 2025, against $2.9bn of net income.
- Good
Do they own the stock?
Insiders are buyingThe CEO holds 1,612,143 shares, directly or through trusts (unvested awards not counted): about 3.3 years of pay. 5 insiders bought $10.0m on the open market in the last six months, with their own money, near the lows.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +1.1% a year over the last three fiscal years. Stock-based pay was 1.5% of revenue in the latest year.
- Flag
Is leadership stable?
14 leadership filings in 3 yearsCEO in the pay table: Michael F. Mahoney. 14 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Watch
Are the books clean?
An annual report was amendedNo restatements, auditor changes or late filings since 2021. 1 amended annual report.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 26 | |
| Pay for performance | 84 | 85 | |
| CEO cost | 57 | 44 | |
| Skin in the game | 81 | 46 | |
| Dilution | 37 | 68 | |
| Stable leadership | 55 | 70 | |
| Clean books | 70 | 100 |
Closest peers
Others in Health Care Equipment, by management score. Boston Scientific is 21st of 60 in its sector.
- 115ABTAbbott Laboratories75
- 149SYKStryker Corporation72
- 156ISRGIntuitive Surgical72
- 188IDXXIdexx Laboratories69
- 192BSXBoston Scientific69
- 246RVTYRevvity64
- 256GEHCGE HealthCare64
- 294RMDResMed62
- 321STESteris60
- 353BDXBecton Dickinson58
Pay versus performance
From the proxy statement filed March 18, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Michael F. Mahoney | $23.5m | $33.0m | $5.8m | $265 | $148 | $2.9bn |
| 2024 | Michael F. Mahoney | $21.4m | $65.8m | $5.5m | $248 | $129 | $1.8bn |
| 2023 | Michael F. Mahoney | $18.7m | $38.6m | $4.9m | $161 | $126 | $1.6bn |
| 2022 | Michael F. Mahoney | $16.9m | $21.6m | $4.9m | $129 | $124 | $698.0m |
| 2021 | Michael F. Mahoney | $16.1m | $20.4m | $3.9m | $118 | $126 | $1.0bn |
The board says pay is tied most to Adjusted Net Sales. Its other key measures: Adjusted Net Sales*, Adjusted EPS*, Adjusted OIM*, Organic Net Sales Growth*, Relative Total Shareholder Return.
Insiders and the CEO's stake
Michael F Mahoney (Chairman, President & CEO) held 1,612,143 shares directly after their latest Form 4 on Aug 3, 2026, roughly $78.1m at that filing's price.
5 insiders bought $10.0m on the open market in the last six months, with their own money, near the lows.
- BoughtMichael F MahoneyChairman, President & CEO$9.0mAug 3, 2026
- BoughtEdward J LudwigDirector$430kJul 31, 2026
- BoughtDavid C HabigerDirector$408kAug 5, 2026
- BoughtSusan E MoranoDirector$100kAug 25, 2026
Leadership and governance on file
- Oct 7, 2026Leadership change8-K 5.02
- Sep 23, 2026Leadership change8-K 5.02
- Feb 23, 2026Leadership change8-K 5.02
- Feb 5, 2026Leadership change8-K 5.02
- Nov 19, 2025Leadership change8-K 5.02
- Oct 23, 2025Leadership change8-K 5.02
- Sep 4, 2025Leadership change8-K 5.02
- Apr 23, 2025Leadership change8-K 5.02
- Feb 12, 2025Leadership change8-K 5.02
- Nov 22, 2024Leadership change8-K 5.02
- Jul 30, 2024Leadership change8-K 5.02
- May 10, 2024Leadership change8-K 5.02
Latest shareholder vote results: May 5, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $138.0m returned to owners in buybacks and dividends, and $1.2bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $11.9bn | $12.7bn | $14.2bn | $16.7bn | $20.1bn |
| Net income | — | — | — | — | — |
| Stock-based pay | $194.0m | $220.0m | $233.0m | $266.0m | $299.0m |
| Buybacks | $0 | $0 | — | — | — |
| Dividends | $55.0m | $55.0m | $28.0m | $0 | — |
| Diluted shares | 1434m | 1440m | 1464m | 1486m | 1495m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.