Bioventus Inc. (BVS) stock analysis
Close on Nov 11, 2026Market cap $924.17MP/E 13.7Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed14 of 30 checks passed
Bioventus passes 14 of the 30 checks behind our score; 9 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 4/6
- Growth
- 3/6
- Past performance
- 5/6
- Financial health
- 2/6
- Dividend
- 0/6
What stands out
Margin of safety over 20%
The price is 32.8% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $10.99 is below our fair value estimate of $16.36.
Return on capital over 10%
Return on invested capital was 12.8%, above the 10% that usually covers the cost of capital.
Earnings grew over 5 years
Net income grew 6.7% a year on average over the last five fiscal years.
What to watch
Return on equity under 15%
Return on equity was 28.2% over the last twelve months and averaged -21.5% over five years; we look for 15% on both.
High debt
Debt is 95.6% of shareholders' equity, above the 40% we consider low.
Revenue growing under 10% a year
Revenue grew 3.5% a year over the last three fiscal years, short of the 10% we look for.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.19; above 3 is the safe zone and below 1.8 the distress zone.
Valuation4/6
P/E against its history
Not enough price and earnings history to compare.
P/E below the industry
Bioventus's P/E of 13.7 is below the Surgical, Medical, and Dental Instruments and Supplies median of 27.7.
EV/EBITDA below its 5-year median
Bioventus's EV/EBITDA of 14.4 is below its 5-year median of 18.4.
P/B above the industry
Bioventus's price-to-book of 3.84 is above the Surgical, Medical, and Dental Instruments and Supplies median of 3.20.
Trading below fair value
The share price of $10.99 is below our fair value estimate of $16.36.
Margin of safety over 20%
The price is 32.8% below fair value, more than the 20% cushion we look for.
Growth3/6
Revenue growing under 10% a year
Revenue grew 3.5% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings growth accelerating
Net income grew 655% over the last twelve months, against a 5-year average of 6.7% a year.
Growing slower than the industry
Revenue grew 3.9% over the last twelve months; the Surgical, Medical, and Dental Instruments and Supplies median is 11.0%.
Guidance raised
Bioventus raised its twelve months ending December 31, 2026 Adjusted EPS* outlook on May 6, 2026.
Gross margin improving
Gross margin was 68.7% over the last twelve months, against 67.8% a year earlier.
Past performance5/6
Return on equity under 15%
Return on equity was 28.2% over the last twelve months and averaged -21.5% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 12.8%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Bioventus's return on equity of 28.2% is above the Surgical, Medical, and Dental Instruments and Supplies median of -32.4%.
Earnings grew over 5 years
Net income grew 6.7% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 9.8% over the last twelve months, against a 5-year average of -11.9%.
Net margin above the industry
Bioventus's net margin of 9.8% is above the Surgical, Medical, and Dental Instruments and Supplies median of -14.1%.
Financial health2/6
High debt
Debt is 95.6% of shareholders' equity, above the 40% we consider low.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 38.0% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 1.68 times current liabilities.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.19; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Bioventus has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$16.36
The share price is 33% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 27.7× | – | 27.7× | $22.14 | 44% |
| EV/EBITDA | 17.5× | 18.4× | 16.7× | $14.63 | 39% |
| Earnings power | 9.4% cost of equity | – | – | $4.96 | 17% |
| Fair value | $16.36 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Surgical, Medical, and Dental Instruments and Supplies median 27.7
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $7.04M
- Value traded per 1% price move
- $2.94M
Downside
Medium risk
- Typical loss in a bad month
- 19.7%
- Volatility (annualized)
- 53%
- Sharpe ratio, 1 year
- 0.80
- Beta to the S&P 500 (5Y)
- 0.91
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -0.9% | +3.5% | +12.1% | – | |
| Gross profit | -0.0% | +5.4% | +10.7% | – | |
| Operating income | – | – | +20.5% | – | |
| Net income | – | – | +6.7% | – | |
| Free cash flow | +90.8% | – | +5.5% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 13.7% | |
| Return on assets | – | – | 3.2% | |
| Current ratio | – | 1.73 | 1.70 | |
| Debt to equity | – | – | 1.60 | |
| Net debt to EBITDA | – | 2.04× | 2.40× | |
| Inventory turnover | – | – | 2.1× | |
| Capex to revenue | – | 5.2% | 0.5% | |
| Diluted shares | – | – | 69M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Bioventus generated $165.34M from operations and spent $25.93M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 4.0% | 0.80× | 4.25× | 13.7% |
| FY2024 | -6.3% | 0.75× | 4.79× | -22.5% |
| FY2023 | -30.5% | 0.47× | 4.38× | -62.6% |
| FY2022 | -31.0% | 0.39× | 3.31× | -40.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$22.73M
- Cash generatingOperating cash flow above zero$74.67M
- Return on assets improvedROA up on the prior year-4.5% → 3.1%
- Earnings backed by cashOperating cash flow above net income$74.67M vs $22.73M
- Less leverageLong-term debt to assets fell42.3% → 40.8%
- Better liquidityCurrent ratio rose1.31 → 1.70
- No dilutionShare count did not rise65M → 69M
- Gross margin improvedGross margin up on the prior year67.72% → 68.33%
- More efficientAsset turnover rose0.71 → 0.78
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