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Resmed Inc

Resmed Inc

RMD
$198.99USD↓-1.86%-3.77 today

MARKET CAP

28.9B

P/E (TTM)

19.2x

FWD P/E

—

DAY RANGE

$198 – $203

52W RANGE

$180
$294

AI Summary

Stalk
TrimMedium

RMD remains in a Stage 4 decline with a sequence of lower highs and lower lows under declining EMAs, confirming a bearish medium-term bias. Short-term timing is neutral as price is tightly tracking the flattening 9/21 EMA cluster with no exhaustion cues, making fresh sell entries unfavorable. Execution should be deferred, trimming into rallies into the EMA zone and recent breakdown resistance.

  • ↑11% YoY revenue growth to $1.43B in Q3 FY2026
  • ↑Non-GAAP EPS rose 21% YoY; operating margin at 36.7%
  • ↓SG&A expenses rose 14% YoY; expect 19–20% of revenue in FY2026
Full analysis →

The case for & against

Bull & Bear analysis

Bullish

ResMed Inc. (NYSE: RMD) is a global leader in digital health and cloud-connected devices, focusing on solutions for sleep apnea, chronic obstructive pulmonary disease (COPD), and other respiratory conditions. ResMed operates across more than 140 countries, implementing cutting-edge technology and innovative therapies that not only enhance patient compliance but also aim for superior health outcomes. The company's robust digital health ecosystem supports healthcare professionals while addressing the growing demand for respiratory solutions.

Bull says

  • ↑11% YoY revenue growth to $1.43B in Q3 FY2026
  • ↑Non-GAAP EPS rose 21% YoY; operating margin at 36.7%
  • ↑Generated $554M free cash flow; returned $262M via dividends and buybacks
  • ↑Launched AirTouch N30i masks and AI tools to drive adoption
  • ↑Acquired Noctrix Health for $340M, adding high-margin sleep products
  • ↑Emerging GLP-1 therapy users show higher CPAP adherence

Bear says

  • ↓SG&A expenses rose 14% YoY; expect 19–20% of revenue in FY2026
  • ↓Earnings yield turned negative, indicating valuation concerns
  • ↓Short interest elevated, reflecting market skepticism about growth prospects
  • ↓Philips' U.S. re-entry intensifies competition in respiratory device segment
  • ↓Global minimum tax rules could raise effective tax rate and costs
  • ↓Weak growth outlook and high rate sensitivity may curb profitability

Investment themes with RMD

Quality↑ +0.54%

Companies with strong fundamentals and stability

NVDA · AAPL · MSFT
Medical Devices↑ +0.12%

Devices and instruments for medical treatment

ISRG · ABT · SYK

Earnings Call · Q3 2026 · Mgmt. Guidance

Updated 05-01-2026neutral

Transcript signals

Bull points

  • Group revenue for the March quarter was $1.43 billion, an 11% headline increase and 8% in constant currency terms, reflecting positive contributions across our device and mass portfolio and in our software business.
  • Gross margin was 62.8% in the March quarter and increased by 290 basis points year over year and by 50 basis points sequentially, primarily driven by component cost improvements and manufacturing and logistics efficiencies.
  • Operating profits for the quarter increased by 18%, underpinned by revenue growth and gross margin expansion.

Bear points

  • we recognised unrealised losses of $10 million associated with a write-down of several investments in our minority investment portfolio. This reduced our Q3 FY26 earnings per share by $0.07.
  • we expect Noctrix Health to reduce non-GAAP EPS by approximately two cents.
  • Building on our ongoing real-world analyses in this space and the ongoing growth of our own mask and accessories business over the last number of quarters and years, we continue to see that patients on a GLP-1 both initiate CPAP therapy more and stay on CPAP therapy be longer.
Read full transcript analysis ›