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BVS, Bioventus Inc.

Medical Devices & Equipment consumer brand Cyclical

We are a global medical device company focused on helping patients recover and live life to the fullest by relieving pain and addressing musculoskeletal challenges through a diverse portfolio of high-quality, innovative, and clinically-proven solutions.

Our portfolio of products is comprised of five patient-focused areas, grouped into three businesses based on clinical use: (i) Pain Treatments & PRP ("Pain Treatments"), (ii) Surgical Solutions and (iii) Restorative Therapies.

Knee Osteoarthritis ("KOA") : Our product portfolio includes a range of intra-articular, hyaluronic acid ("HA") injections that help relieve patient discomfort and improve quality of life.

Latest annual: FY2025 10-K

BVS · Bioventus Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$568M

−0.9% YoY · 12% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $576M 5-yr avg $519M

Gross margin 69% 5-yr avg 67%

Operating margin 10.0% 5-yr avg −7.8%

ROIC 14% 5-yr avg −4%

Owner-earnings margin 17% 5-yr avg 4%

Free cash flow margin 17% 5-yr avg 4%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 68% and operating margin about 2.8% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from −33% to 10% — on a steadier 68% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Inventory runs near 14% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the installed base and what follows it. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −3%, above 15% in 0 of 5 years). By owner earnings: roughly 7% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2019–2025

realized figures from each filing · older years to the left

2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
								Income statement
$340M	$321M	$431M	$512M	$512M	$573M	$568M	$576M	RevenueRevenue
73%	73%	70%	65%	64%	68%	68%	69%	Gross marginGross mgn
58%	60%	59%	65%	59%	60%	55%	55%	SG&A / revenueSG&A/rev
3%	3%	4%	5%	3%	2%	2%	2%	R&D / revenueR&D/rev
$31M	$21M	$12M	($167M)	($82M)	($15M)	$54M	$58M	Operating incomeOp. inc.
9.2%	6.6%	2.8%	−32.7%	−16.0%	−2.7%	9.5%	10.0%	Operating marginOp. mgn
$7M	$16M	$19M	($159M)	($156M)	($36M)	$23M	$28M	Net incomeNet inc.
19%	7%	—	—	—	—	-7%	-3%	Effective tax rateTax rate
								Cash flow & returns
$41M	$72M	$23M	($14M)	$15M	$39M	$75M	$103M	Operating cash flowOp. cash
$30M	$29M	$35M	$55M	$57M	$50M	$47M	$46M	DepreciationDeprec.
$4M	$27M	($51M)	$72M	$111M	$12M	($8M)	$15M	Working capital & otherWC & other
$2M	$17M	$14M	$1M	$7M	$1M	$3M	$2M	CapexCapex
0.7%	5.2%	3.1%	0.3%	1.4%	0.2%	0.5%	0.4%	Capex / revenueCapex/rev
$38M	$55M	$9M	($15M)	$8M	$38M	$72M	$101M	Owner earningsOwner earn.
11.3%	17.2%	2.2%	−2.9%	1.6%	6.6%	12.7%	17.5%	Owner earnings marginOE mgn
$38M	$55M	$9M	($15M)	$8M	$38M	$72M	$101M	Free cash flowFCF
11.3%	17.2%	2.2%	−2.9%	1.6%	6.6%	12.7%	17.5%	Free cash flow marginFCF mgn
$0	$0	$263M	—	—	—	—	$368M	AcquisitionsAcquis.
—	—	2%	-19%	-12%	-3%	13%	14%	ROICROIC
—	—	4%	-49%	-90%	-24%	12%	15%	Return on equityROE
—	—	4%	−49%	−90%	−24%	12%	15%	Retained to equityRetained/eq
								Balance sheet
$65M	$87M	$44M	$30M	$37M	$42M	$51M	$36M	Cash & investmentsCash+inv
—	$88M	$125M	$136M	$123M	$127M	$128M	$121M	ReceivablesReceiv.
—	$29M	$62M	$85M	$91M	$92M	$82M	$83M	InventoryInvent.
—	$4M	$17M	$37M	$23M	$24M	$11M	$24M	Accounts payablePayables
—	$113M	$170M	$184M	$191M	$196M	$200M	$180M	Operating working capitalOper. WC
—	$212M	$263M	$273M	$268M	$276M	$273M	$250M	Current assetsCur. assets
—	$123M	$181M	$304M	$175M	$210M	$160M	$148M	Current liabilitiesCur. liab.
—	1.7×	1.5×	0.9×	1.5×	1.3×	1.7×	1.7×	Current ratioCurr. ratio
—	$50M	$148M	$7M	$7M	$7M	$7M	$7M	GoodwillGoodwill
—	$494M	$1.2B	$1.4B	$811M	$728M	$684M	$651M	Total assetsAssets
—	$188M	$358M	$418M	$395M	$336M	$294M	$272M	Total debtDebt
—	$102M	$314M	$388M	$358M	$294M	$243M	$236M	Net debt / (cash)Net debt
—	—	$459M	$325M	$174M	$148M	$184M	$189M	Shareholders’ equityEquity
0.0%	0.0%	4.6%	3.4%	0.5%	2.3%	2.2%	2.3%	Stock comp / revenueSBC/rev
								Per share
—	—	45.5M	61.4M	62.6M	64.5M	68.9M	70.0M	Shares out (diluted)Shares
—	—	$9.48	$8.34	$8.18	$8.88	$8.24	$8.23	Revenue / shareRev/sh
—	—	$0.43	$-2.59	$-2.49	$-0.56	$0.33	$0.41	EPS (diluted)EPS
—	—	$0.21	$-0.24	$0.13	$0.59	$1.05	$1.44	Owner earnings / shareOE/sh
—	—	$0.21	$-0.24	$0.13	$0.59	$1.05	$1.44	Free cash flow / shareFCF/sh
—	—	$0.30	$0.02	$0.12	$0.02	$0.04	$0.03	Cap. spending / shareCapex/sh
—	—	$10.09	$5.30	$2.77	$2.29	$2.67	$2.70	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	6-yr	5-yr
Revenue / share	−3.4%/yr (4-yr)	−3.4%/yr (4-yr)
Owner earnings / share	+49.7%/yr (4-yr)	+49.7%/yr (4-yr)
EPS	−6.2%/yr (4-yr)	−6.2%/yr (4-yr)
Capital spending / share	−40.5%/yr (4-yr)	−40.5%/yr (4-yr)
Book value / share	−28.3%/yr (4-yr)	−28.3%/yr (4-yr)

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

International-0.7%
“International Net sales decreased $0.5 million, or 0.7%, primarily due to the divestiture of the Advanced Rehabilitation Business, which contributed $7.3 million in net sales during the prior year.”
✓ figure matches the filed record

The record, charted

FY2019–2025

Each measure over its full record; the current point and the worst year marked.

Share count

69Mpeak FY2025

ROIC

13%low FY2022

Gross margin

68%low FY2023

Net debt ÷ owner earnings

3.4×peak FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$72Mowner earningsvs.$23Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2019FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $23M of profit into $72M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$23M

Owner earnings$72M · 13% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$23M	($36M)	($156M)	($159M)	$19M
Depreciation & amortizationnon-cash charge added back	+$47M	+$50M	+$57M	+$55M	+$35M
Stock-based compensationreal costnon-cash, but a real cost	+$13M	+$13M	+$3M	+$18M	+$20M
Working capital & othertiming of cash in and out, other non-cash items	−$8M	+$12M	+$111M	+$72M	−$51M
Cash from operations	$75M	$39M	$15M	($14M)	$23M
Capital expenditurecash put back in to keep running and to grow	−$3M	−$1M	−$7M	−$1M	−$14M
Owner earnings	$72M	$38M	$8M	($15M)	$9M
Owner-earnings marginowner earnings ÷ revenue	13%	7%	2%	-3%	2%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $13M), owner earnings is nearer $59M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

Interest expense not tagged in the data

What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
How heavy is the debt, net of cash? $243M · 4.5× operating profit

Heavy net debt

Cash $51M − debt $294M

What this means
Netting $51M of cash and short-term investments against $294M of debt leaves $243M owed, about 4.5× a year's operating profit (5.4× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 227d

Long (60+ days)

DSO 82 + DIO 167 − DPO 22 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital -3%

Below average through the cycle

5-yr median, range -19%–13%; 13% latest = NOPAT $54M ÷ invested capital $427M

Industry peers: median -8%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran 13% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 7%

Solid through the cycle

7-yr median margin, range -3%–17%; latest $72M = operating cash $75M − maintenance capex $3M

Industry peers: median -5%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 13% of revenue this year, a 7% median across 7 years. Treating stock comp as the real expense it is (less $13M of SBC) leaves $59M.
Are earnings backed by cash? 3.28×

Cash-backed

Cash from ops $75M ÷ net income $23M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.05×

Harvesting

Capex $3M ÷ depreciation $47M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $568M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.70×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $294M vs $112M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (7-yr record) · 3 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −498%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.84/share (latest year $0.34), the averaged base the calculator's gate runs on, and book value is $2.74/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2019–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 4 of 7

What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 5 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 6% → −3% (3-yr avg ends)

In the filing’s words The margin has held, but the filing names price competition — the pressure is present even where the margin has absorbed it so far.

What this means
The recent-years average (−3%) sits below the early years (6%), but the latest year (10%) is back near the early level: a cyclical trough dragging the window down, not a one-way slide. The through-cycle median is 3% — read it across the cycle, not on the dip.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +3%/yr

What this means
Owner earnings grew about 3% a year over the record.
Worst year 2022 · −32.7% op. margin

What this means
Operations went underwater in 2022, understand why before trusting the good years.
Share count +7.2%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 28, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$250M

Cash & short-term investments$36M
Receivables$121M
Inventory$83M
Other current assets$10M

Current liabilities$148M

Debt due within a year$19M
Accounts payable$24M
Other current liabilities$105M

Current ratio1.69×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.13×stricter: inventory excluded

Cash ratio0.24×strictest: cash alone against what's due

Working capital$102Mthe cushion left after near-term bills

Debt due this year vs. cash$19M due · $36M cash covered by cash on hand, no refinancing forced · both figures from the Mar 28, 2026 balance sheet

Revenue, latest quarter vs. a year ago+6.6%the freshest read on whether the business is still growing

Current ratio, recent quarters1.3× → 1.7×

Deeper floors

Tangible book value($178M)equity stripped of goodwill & intangibles

Net current asset value($166M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$279M$7M of it operating leases

Deferred revenue$955Kcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2019–2025

Over the record, the business generated $251M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$45M · 18%
Retained (debt / cash)$206M · 82%

Net change in share count54.0%
The diluted count rose from 45M to 70M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 7-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$376M55% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity4%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$263Mover 7 years buying other businesses, against $45M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 7-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid.

Insider ownership33.5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$13M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 23% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Bioventus Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2019–2025.

2 of the 3 tests turned up something to look into; the other 1 came back clean.

Look hereDid the share count rise anyway?54.0%
Diluted shares grew 54.0% over 2019–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.
Look hereAre "one-time" charges a yearly habit?4 of 7 years
Management took an impairment or write-down in 4 of the last 7 years, $257M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes, Acquisitions, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Medical Devices & Equipment

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
INSPInspire Medical Systems	$912M	84%	-28.7%	-19%	-23%
OFIXOrthofix Medical Inc. Common Stock (DE)	$822M	75%	-2.3%	-3%	1%
ATECAlphatec Holdings	$764M	68%	-30.2%	-47%	-31%
NVCRNovoCure	$655M	75%	-19.4%	-23%	-5%
BVSBioventus Inc.	$568M	68%	2.8%	-3%	7%
ATRCAtriCure	$535M	75%	-10.8%	-8%	-8%
GKOSGlaukos Corporation	$507M	76%	-25.2%	-8%	-3%
MDXGMiMedx Group Inc	$419M	84%	-0.3%	34%	8%
Group median	—	75%	-15.1%	-8%	-4%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Bioventus Inc. has delivered.

Bioventus Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Bioventus Inc. earns about $37M on its 6.6% median owner-earnings margin. This year’s 12.7% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($37M) Net of stock comp (−$14M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’19→’25+3%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $101M on 67M shares outstanding (a weighted basic average, the only count this filer tags); net debt $236M. The if-converted diluted count is 70M, 4% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh BVS against another business →

Cite: Owner Scorecard, "Bioventus Inc. (BVS), the owner's record," https://ownerscorecard.com/c/BVS, data as of 2026-07-09.

Manual order: ← BV its page in the Manual BW →

Industry order: ← BSX the Medical Devices & Equipment chapter BWAY →