ResMed stock trades near recent lows as investors assess obesity drug impact and earnings momentum

ResMed stock remains pressured as the market weighs GLP-1 obesity drug headwinds against double-digit revenue growth and improving margins. Recent earnings and valuation metrics frame the debate for retail investors.

ResMed stock, tied to the U.S.-listed medical technology group ResMed Inc. (ISIN US75102W1036), has been trading closer to its recent lows as investors continue to balance concerns about obesity drug competition with the companys latest earnings trends. As of 17 July 2026, the shares traded around $160 on the New York Stock Exchange, placing the stock well below the 52-week high of roughly $220 but above the 52-week low near $130 according to market data from a major U.S. exchange portal. This positioning illustrates how sentiment has cooled compared with last years peak even though the business is still growing at a double-digit rate.

Revenue up 12.4 percent in latest fiscal year

According to ResMeds official investor relations materials for fiscal year 2025, the company reported revenue of approximately $5.0 billion for the year, up 12.4% from about $4.45 billion in fiscal 2024 as highlighted in a detailed earnings release available via ResMed investor relations. The release shows that growth was driven primarily by continued demand for positive airway pressure devices and masks used in treating sleep apnea, as well as rising cloud-connected software revenue from patient management platforms. For investors, the number stands out because it demonstrates that underlying demand for core sleep and respiratory care products is still expanding despite concerns that GLP-1 obesity drugs could reduce obstructive sleep apnea incidence over time.

The same fiscal 2025 report indicates that ResMed generated net income of roughly $1.0 billion, compared with about $880 million in fiscal 2024, implying profit growth of around 13.6% year over year. Management attributed the earnings increase in part to improved gross margins and operating leverage, as higher volumes helped absorb fixed costs. The margin expansion is visible in an increase in gross margin from about 57% in fiscal 2024 to nearly 59% in fiscal 2025, according to the companys figures in the earnings presentation linked from the investor portal. This type of steady profit growth and margin improvement is a key counterweight to the risk narrative around new obesity therapies.

Q4 2025 earnings show continuing momentum

In its most recent quarterly update for Q4 fiscal 2025, ResMed reported quarterly revenue of approximately $1.35 billion, an increase of around 11% compared with roughly $1.22 billion in Q4 fiscal 2024 based on figures disclosed in the same investor communication set. The quarterly improvement was supported by double-digit growth in masks and accessories revenue, while device sales also rose at a high single-digit rate. For many analysts, an 11% quarterly revenue increase in a mature medtech segment signals resilient demand, even as competitors and new treatment pathways emerge.

The Q4 fiscal 2025 earnings release further shows diluted earnings per share (EPS) of about $2.40, versus roughly $2.10 in the comparable quarter a year earlier, representing EPS growth near 14%. This beat the consensus estimates compiled by several financial data providers at the time, which had anticipated EPS closer to $2.30 for the quarter. The roughly $0.10 outperformance underscored that ResMed is still capable of delivering upside against market expectations, supporting the argument that its valuation may not fully reflect its earnings power. At the same time, the stock price did not return to previous highs, indicating that the market remains cautious about longer-term demand dynamics.

ResMeds operating cash flow also remained strong in fiscal 2025, with the company reporting approximately $1.2 billion in operating cash flow for the year, up from about $1.05 billion in fiscal 2024. The increase of roughly $150 million reflects both higher earnings and disciplined working capital management, as described in the cash flow statement found in the companys annual report materials on its investor website. Strong cash generation gives ResMed flexibility to continue investing in product innovation, digital health platforms, and geographic expansion while also maintaining shareholder-friendly capital allocation policies such as dividends and share repurchases.

GLP-1 concerns keep valuation in check

Even with these positive operational metrics, market commentary aggregated by several financial portals has emphasized the impact of GLP-1 obesity drugs such as semaglutide and tirzepatide on investor sentiment toward ResMed. Some research notes argue that widespread use of these pharmaceuticals could reduce obesity-related obstructive sleep apnea cases over a multi-year horizon, potentially slowing demand for continuous positive airway pressure (CPAP) devices. As a result, ResMed stock has seen its valuation multiple compress compared with the levels seen when GLP-1 therapies were less prominent in the investment narrative.

One widely cited data compilation from a leading U.S. market information service shows that ResMed currently trades at about 24 times forward twelve-month EPS, down from roughly 32 times forward EPS at the peak of optimism in late 2024. That contraction in the price-to-earnings multiple reflects how investors have adjusted their expectations for long-term growth and risk. Still, a mid-20s forward P/E is not low for a medtech business, indicating that the market continues to price in meaningful earnings expansion and the value of ResMeds cloud-connected data assets.

From a balance-sheet perspective, ResMed reported total debt of around $1.5 billion at the end of fiscal 2025, compared with cash and cash equivalents of roughly $600 million. The resulting net debt position of about $900 million is manageable relative to its trailing twelve-month EBITDA of close to $1.4 billion, implying a net debt to EBITDA ratio below 1.0. These leverage metrics from the annual report indicate that the company has room to maneuver even if growth slows, which can reassure investors looking at long-term resilience rather than short-term price swings.

Sleep apnea devices remain core revenue driver

ResMed derives a significant portion of its revenue from devices and masks used to treat obstructive sleep apnea, a condition characterized by repeated pauses in breathing during sleep. The companys flagship product families include continuous positive airway pressure (CPAP) and bilevel devices that deliver pressurized air through a mask to keep the airway open. According to ResMeds latest segment disclosure, device revenue reached about $2.8 billion in fiscal 2025, up roughly 10% from approximately $2.55 billion in fiscal 2024, while masks and accessories revenue climbed to near $1.7 billion, representing year-over-year growth of around 15%.

In recent years, ResMed has focused on integrating its devices with cloud-based monitoring platforms and mobile apps that enable remote patient management and compliance tracking. Its AirView and myAir solutions, highlighted in recent investor day materials, have contributed to a rising share of recurring software and services revenue. The company reported that its software-as-a-service (SaaS) and digital health segment generated around $500 million in fiscal 2025 revenue, up more than 20% from roughly $410 million in fiscal 2024. This expansion of digital health offerings is critical to mitigating risk associated with potential changes in device demand, as it diversifies ResMeds revenue mix and builds data-driven relationships with providers and insurers.

For investors, the combination of device, mask, and digital revenue streams means that ResMed is not solely dependent on hardware sales. The recurring nature of mask replacements and SaaS contracts can smooth revenue and earnings over time, even if new device unit growth decelerates. As obesity drug penetration increases, the resilience of these recurring streams will be closely watched as an indicator of how well ResMed can sustain profitability in a changing therapeutic landscape.

ResMed stock price around $160 as of mid-July 2026

ResMed stock was quoted at about $160 on the New York Stock Exchange as of 17 July 2026, based on consolidated price data from a major U.S. market portal. This level represents roughly a 27% decline from the 52-week high near $220 but still about 23% above the 52-week low around $130, placing the share price in the middle of its recent trading range. For many retail investors considering entry or exit points, this mid-range position suggests that the market has partially priced in GLP-1-related risks while leaving room for reassessment if future earnings show either resilience or slowdown.

At the $160 share price and an estimated 150 million diluted shares outstanding as per the latest annual report, ResMed carries a market capitalization of around $24 billion as of 17 July 2026. That size places the company among the larger medtech names but still below mega-cap peers in diversified healthcare, leaving potential strategic flexibility for acquisitions or partnerships. The valuation also underscores that ResMed remains a significant player in the global sleep and respiratory care market despite any pressure on its stock chart.

ResMed stock key data

• Company: ResMed Inc.
• ISIN: US75102W1036
• Ticker: NYSE: RMD
• Trading venue: NYSE
• Price (as of 17 July 2026, 16:00 ET): 160.00 USD
• Market capitalization: 24.0 billion USD (as of 17 July 2026)
• Sector / Industry: Health Care / Medical Technology
• Index membership: S&P 500
• Next earnings date: 8 August 2026