Abbott Laboratories ABT
NYSEMedical devicesFinancials to Sep 30, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Sep 30 |
|---|---|---|
| Cash | 8.5 | 4.1 |
| Securities | 0.4 | 0.2 |
| Debt | 12.9 | 31.2 |
| Net cash | -4.0 | -26.9 |
| Equity | 52.1 | 51.0 |
- Debt / EBITDA
- 2.95×
- Debt / equity
- 0.61×
- Leases (12/31/25)
- $1.2B
- Diluted shares
- 1,738M
- Book value / share
- $29.36
- Price / book
- 3.7×
- Net cash / share
- −$15.46
- Market cap
- $191.3B
- Enterprise value
- $218.2B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 14.5% | +7.6 pts | |
| Operating margin | 10.4% | -7.7 pts | |
| FCF margin | 9.4% | -10.7 pts | |
| Capex / revenue | 3.9% | -0.4 pts | |
| Core Laboratory sales | $1.4B | +5% | |
| Diabetes Care sales | $2.2B | +6% | |
| Continuous glucose monitor sales | – | +8% | |
| Gross margin | 50.3% | -1.4 pts | |
| Net margin | 7.1% | -7.4 pts |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About ABT
Abbott sells medical devices, diagnostics, nutrition and branded medicines. Cardiovascular devices are its largest research segment; Libre sensors and Alinity laboratory tests provide the clearest repeat-purchase advantages.
- Installed Base Consumables
Alinity and other analyzer placements pull through recurring proprietary tests and service.
- Installed Base Consumables
Libre users repeatedly replace proprietary sensors and retain histories and routines in Abbott's software ecosystem.
- Sep 30, 2026 · Legal charge −$670M
Abbott recognized the Gill and approximately 2,000 infant NEC settlements in Q3. This is separate from the $385 million Sturgis reserve in Q2. Remaining NEC exposure remains unquantifiable.
- Sep 14, 2026
Abbott agreed to pay $385 million to resolve DOJ and related Sturgis formula-recall claims; this is separate from its NEC settlement.
- Sep 8, 2026
FDA approved TactiFlex Duo, giving Abbott a catheter combining pulsed field and radiofrequency energy as rivals expand cardiac-ablation systems.
- Aug 25, 2026
FDA authorized Libre Duo 10 Day, adding continuous ketone monitoring to glucose monitoring and a new route to differentiate Libre.
- Aug 20, 2026
Abbott agreed to pay about $670 million to resolve Gill and claims involving about 2,000 additional preterm infants, reducing part of its litigation exposure while consuming cash.
Ownership
Go deeper on ABT
- Compare stock research toolsFundamentals, valuation and screening platforms for ABT.19 tools
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- Read ABT's earnings callsTranscripts and audio of results calls, with management's own words.15 tools
- Investing tool dealsCurrent discounts on research, charting and tracking tools.89 deals
On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 14.06 | 15.66 | 17.28 | 17.91 | 19.38 | 24.08 | 24.75 | 22.93 | 24.00 | 25.36 | 27.75 | +6.8%/yr | |
| Cash flow | 2.16 | 3.18 | 3.56 | 3.45 | 4.42 | 5.89 | 5.43 | 4.15 | 4.90 | 5.47 | 5.10 | +10.9%/yr | |
| Earnings | 0.72 | 0.20 | 1.32 | 2.07 | 2.50 | 3.95 | 3.93 | 3.27 | 7.67 | 3.73 | 2.70 | +20.1%/yr | |
| Free cash flow | 1.40 | 2.54 | 2.77 | 2.53 | 3.20 | 4.83 | 4.42 | 2.89 | 3.63 | 4.23 | 3.89 | +13.0%/yr | |
| Capex | 0.76 | 0.65 | 0.79 | 0.92 | 1.22 | 1.05 | 1.01 | 1.26 | 1.26 | 1.24 | 1.21 | +5.7%/yr | |
| Dividends | 1.04 | 1.06 | 1.12 | 1.27 | 1.43 | 1.79 | 1.88 | 2.03 | 2.19 | 2.35 | 2.49 | +9.5%/yr | |
| Book value | 13.85 | 17.67 | 17.25 | 17.46 | 18.36 | 20.01 | 20.80 | 22.07 | 27.27 | 29.82 | 29.36 | +8.9%/yr | |
| Diluted shares (M) | 1,483 | 1,749 | 1,770 | 1,781 | 1,786 | 1,789 | 1,764 | 1,749 | 1,748 | 1,748 | 1,738 | +1.8%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 20.9 | 27.4 | 30.6 | 31.9 | 34.6 | 43.1 | 43.7 | 40.1 | 42.0 | 44.3 | 48.2 | +8.7%/yr | |
| Operating income | 3.0 | 1.6 | 3.7 | 4.5 | 5.4 | 8.4 | 8.4 | 6.5 | 6.8 | 8.1 | 6.6 | +11.5%/yr | |
| Net income | 1.1 | 0.4 | 2.3 | 3.7 | 4.5 | 7.1 | 6.9 | 5.7 | 13.4 | 6.5 | 4.7 | +22.3%/yr | |
| Free cash flow | 2.1 | 4.4 | 4.9 | 4.5 | 5.7 | 8.6 | 7.8 | 5.1 | 6.4 | 7.4 | 6.8 | +15.1%/yr | |
| Buybacks | 0.5 | 0.1 | 0.2 | 0.7 | 0.4 | 2.3 | 3.8 | 1.2 | 1.3 | 0.9 | 1.5 | +6.1%/yr | |
| Dividends | 1.5 | 1.8 | 2.0 | 2.3 | 2.6 | 3.2 | 3.3 | 3.6 | 3.8 | 4.1 | 4.3 | +11.6%/yr | |
| Net cash | -3.2 | -18.3 | -15.5 | -14.0 | -11.6 | -7.8 | -6.6 | -7.4 | -6.2 | -4.0 | -26.9 | −$0.8B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 56.4 | 47.5 | 51.3 | 52.5 | 50.5 | 52.2 | 51.5 | 50.3 | 50.9 | 52.6 | 52.1 | -3.8 pts | |
| Operating margin | 14.5 | 5.7 | 11.9 | 14.2 | 15.5 | 19.6 | 19.2 | 16.2 | 16.3 | 18.2 | 13.8 | +3.7 pts | |
| Net margin | 5.1 | 1.3 | 7.6 | 11.6 | 12.9 | 16.4 | 15.9 | 14.3 | 31.9 | 14.7 | 9.7 | +9.6 pts | |
| FCF margin | 10.0 | 16.2 | 16.0 | 14.1 | 16.5 | 20.1 | 17.9 | 12.6 | 15.1 | 16.7 | 14.0 | +6.7 pts | |
| ROIC | 10.4 | 2.6 | 6.5 | 8.2 | 9.9 | 15.8 | 15.8 | 11.5 | 10.4 | 11.8 | 7.0 | +1.3 pts | |
| Return on equity | 5.2 | 1.1 | 7.6 | 11.9 | 13.6 | 19.8 | 18.9 | 14.8 | 28.1 | 12.5 | 9.2 | +7.3 pts | |
| R&D % of revenue | 6.9 | 8.3 | 7.5 | 7.6 | 7.0 | 6.4 | 6.6 | 6.8 | 6.8 | 6.6 | 6.9 | -0.3 pts | |
| Stock pay % of revenue | 1.5 | 1.5 | 1.6 | 1.6 | 1.6 | 1.5 | 1.6 | 1.6 | 1.6 | 1.5 | 1.5 | +0.0 pts | |
| Capex % of revenue | 5.4 | 4.1 | 4.6 | 5.1 | 6.3 | 4.4 | 4.1 | 5.5 | 5.3 | 4.9 | 4.4 | -0.5 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- stable
- Pricing power
- moderate
- Established Pharmaceutical Products11.9%No moat
- Pediatric Nutrition8.1%No moat
- Adult Nutrition8.9%No moat
- Core Laboratory Diagnostics11.3%1 claim
- Rapid and Molecular Diagnostics6.0%No moat
- Cancer Diagnostics7.3%No moat
- Diabetes Care (CGM and glucose monitoring)17.4%1 claim
- Cardiovascular and Electrophysiology Devices27.0%No moat
- Neuromodulation Devices2.1%No moat
Moat claims
- Applies to
- Core Laboratory Diagnostics
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Alinity and other analyzer placements pull through recurring proprietary tests and service. Instrument validation, laboratory workflow disruption and long-term supply arrangements create meaningful replacement friction, although large laboratories can still rebid platforms.
Alinity assay demand and platform replacement costs remain useful, but China pricing pressure keeps worldwide growth modest. Sales do not establish stronger renewal rates or pricing power.
- Core Laboratory sales$1.4B+5%
- Platform displacement during laboratory contract rebids
- Hospital and laboratory consolidation increasing buyer power
- Open interfaces and vendor-neutral middleware reducing workflow friction
- Technological obsolescence or regulatory changes
- Persistent weakness in China
- FilingAbbott Form 10-K (FY ended 2025-12-31) - Diagnostic ProductsFeb 20, 2026
- FilingAbbott Form 10-K (FY ended 2025-12-31) - Diagnostic competitionFeb 20, 2026
- FilingAbbott Form 10-Q (six months ended 2026-06-30) - Core LaboratoryJul 28, 2026
- Applies to
- Diabetes Care (CGM and glucose monitoring)
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Libre users repeatedly replace proprietary sensors and retain histories and routines in Abbott's software ecosystem. This supports recurring economics, but formularies, device innovation and relatively manageable patient switching prevent a maximum score.
Repeat sensor demand and Libre Duo authorization support the franchise. The serious sensor recall, slower comparable growth and rival platforms offset evidence of expansion.
- Diabetes Care sales$2.2B+6%
- Continuous glucose monitor sales–+8%
- Payer or pharmacy-formulary changes
- Accuracy, convenience or interoperability advantages from rivals
- Sensor commoditization and reimbursement pressure
- Product-quality, cybersecurity or recall events
- FilingAbbott Form 10-K (FY ended 2025-12-31) - Diabetes Care productsFeb 20, 2026
- FilingAbbott Q2 2026 earnings release - Medical DevicesJul 16, 2026
- SourceFDA: Libre 3 and 3 Plus sensor recallFeb 4, 2026
- SourceFDA authorizes Libre Duo 10 DayAug 25, 2026
Profile change log
- Oct 6, 2026 · business change
Abbott agreed to pay $385 million to resolve DOJ and related Sturgis formula-recall claims; this is separate from its NEC settlement.
- Oct 6, 2026 · business change
FDA approved TactiFlex Duo, giving Abbott a catheter combining pulsed field and radiofrequency energy as rivals expand cardiac-ablation systems.
- Oct 6, 2026 · business change
FDA authorized Libre Duo 10 Day, adding continuous ketone monitoring to glucose monitoring and a new route to differentiate Libre.
- Oct 6, 2026 · business change
Abbott agreed to pay about $670 million to resolve Gill and claims involving about 2,000 additional preterm infants, reducing part of its litigation exposure while consuming cash.
- Oct 6, 2026 · business change
Abbott confirmed that its cancer-diagnostics cyber incident involved personal or health information. It reported no interruption to patient service or business operations.
- Oct 6, 2026 · business change
Abbott raised 2026 adjusted EPS guidance to $5.45-$5.60 after Q2 results; investors must also track recurring acquisition amortization and financing costs.
- Oct 6, 2026 · business change
Abbott bought Exact Sciences for about $20.6 billion, adding cancer screening and precision oncology while substantially increasing debt.
- Oct 6, 2026 · analyst revision
Two existing recurring-consumables claims now show stable trajectories, a testable investment debate and current management. Segment revenue weights and all seven no-moat decisions remain unchanged.
- Oct 6, 2026 · business change
Abbott bought Alere for about $4.5 billion of common-share consideration, expanding rapid and point-of-care diagnostics. Preferred shares and assumed debt required additional funding.
- Oct 6, 2026 · business change
Abbott sold Medical Optics to Johnson & Johnson for $4.325 billion, recording a large gain and reducing vision-care exposure.
- Oct 6, 2026 · business change
Abbott bought St. Jude Medical for about $23.6 billion, expanding cardiovascular and neuromodulation devices with cash, shares and assumed debt.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global cardiovascular devices
Rhythm management, cardiac ablation and mapping, heart-failure support, vascular intervention and structural-heart devices sold to hospitals and clinicians worldwide. Excludes diabetes devices, drugs, imaging and hospital procedure bills.
- Medtronic
- Abbott
- Boston Scientific
- Johnson & Johnson MedTech
- Edwards Lifesciences
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| ABT | 22 | 52.1% | 13.8% | |
| Industry median | 14 | 75 | 52.1% | 13.3% |
| Sector median | 55 | 76 | 61.5% | 17.3% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Aging and cardiovascular disease sustain demand for treatment. Access to trained clinicians limits how fast procedures can expand.
- Pulsed field ablation, leadless pacing and transcatheter valves can expand eligible patients and change supplier share.
- Hospital demand for shorter procedures and recovery can favor effective minimally invasive devices.
- Successful trials, reimbursement and usable clinical workflows turn approvals into recurring procedure sales.
- Reimbursement has a strong effect on newer treatment adoption. Procedure codes and regulatory clearance need payer coverage and trained staff before demand turns into sales.
- Large rivals can displace products with better clinical results, procedure speed or safety; a broad patent portfolio does not establish exclusivity.
- Hospital purchasing groups and reimbursement controls cap realized prices.
- High rates and constrained hospital budgets can delay capital systems; clinician shortages can restrict procedures even when patient demand is strong.
- Tariffs, manufacturing problems, recalls and regulatory requirements raise costs or interrupt supply. Currency translation affects global manufacturers.
- Remote monitoring and mapping software can contain clinically relevant errors. Installed workflows require reliable updates and support; integration alone does not ensure retention.
Bulls & bears
Can repeat Libre and Alinity demand and the new cancer business produce enough lasting cash earnings to cover acquisition debt, while nutrition litigation and product quality stop consuming capital?
Arguments
What to watch
- 1Libre sensor sales, comparable growth, coverage and recall-related replacements
- 2Core Laboratory sales and China pricing, plus Alinity placements when disclosed
- 3Cancer Diagnostics sales, test completion and repeat Cologuard use
- 4Operating cash flow, capital spending, debt and interest expense
- 5Nutrition volumes and legal charges or cash settlements
Next check: FY2026 results: check recurring Libre and Alinity demand, cancer-diagnostics growth, debt reduction and remaining NEC litigation exposure.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 22/100 by <a href="https://www.findmymoat.com/stocks/XNYS:ABT">Find My Moat</a> (as of September 2026)Curation & Accuracy
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