AI-generated analysis, not investment advice. The articles are written by AI, edited, and checked against company filings — but the judgements are opinions and the figures go stale. How this is made · Terms

Abbott LaboratoriesNarrow moat

ABT — overall economic moat

Investment snapshot
Narrow moat→ Holding steadyConfidenceMediumValuationFair
Strongest advantageHeart devices and FreeStyle Libre sensors that resist switching: Medical Devices earned $7.2 billion in 2025 at a 33.7% margin, 61.1% of segment operating earnings, and grew 8.4% comparable in Q2 2026
Greatest threatLeverage and litigation together: net debt rose from about $4 billion to $27 billion to buy Exact Sciences, while about 1,700 NEC lawsuits remain unreserved and sensor growth has slowed to single digits after a Class I recall
Key metricMedical Devices comparable sales growth (8.4% in Q2 2026) and net debt ($27.0bn at June 2026)
Verdict: Abbott owns a wide moat in a narrower company. Its heart devices and glucose sensors keep patients and doctors coming back and earn most of the profit, while nutrition has lost pricing power and diagnostics has not regained its pre-pandemic margin. The market has marked the shares down a quarter on the sensor recall, the nutrition slump and $20 billion of new debt, leaving them at 17 times forward earnings with amortization set to fall each year. If devices keep growing near 8% and the Exact debt comes down, the price is reasonable; if the sensor keeps slowing, Abbott is a durable company earning an ordinary return.
📈 ABT valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Abbott Laboratories makes things doctors and patients keep using: glucose sensors, heart devices, laboratory tests, infant and adult nutrition, and branded generic medicines. It is an Illinois corporation, incorporated in 19001, and reports four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Medical Devices2. It employed about 115,000 people at the end of 2025, 69% of them outside the United States3.

Abbott net sales ($bn)20.4201520.9201627.4201730.6201831.9201934.6202043.1202143.7202240.1202342.0202444.32025Abbott Forms 10-K FY2017, FY2020, FY2022 and FY2025
St. Jude in 2017, COVID tests in 2020-2022, then devices.

Net sales were $44,328 million in 20254. Medical Devices sold $21,387 million, Diagnostics $8,937 million, Nutrition $8,451 million and Established Pharmaceuticals $5,536 million5. Operating earnings were $8,053 million, an 18.2% margin6, and Medical Devices earned 61.1% of the segments' operating earnings7. International sales were 61% of the total8.

Each segment is paid differently. Devices are chosen by physicians and bought by hospitals, or worn by patients whose insurers pay; Diagnostics sells reagents under contracts on analyzers it places; Nutrition sells through retailers, hospitals and government programs; and the branded generics are sold to wholesalers and pharmacies in emerging markets. In 2025, 44 percent of gross revenues were subject to rebates and allowances9.

Reported earnings are noisy. Net earnings were $6,524 million in 2025, diluted EPS $3.7210; 2024's $7.64 included a $7.5 billion non-cash tax benefit11, and adjusted EPS was $5.15 in 202512. In the trailing twelve months to June 2026 sales were about $46.6 billion and net earnings about $5.4 billion13, after Exact Sciences joined on 23 March 2026 for about $20.6 billion14, paid for with $20.0 billion of notes15.

The company has been reshaped by deals. It spun off AbbVie, its research-based pharmaceuticals business16, which this app covers separately; bought St. Jude Medical for about $23.6 billion and Alere for about $4.5 billion in 201717; and sold Abbott Medical Optics to Johnson & Johnson for $4.325 billion18. Robert B. Ford has been chief executive since 2020 and chairman since 202119. The largest holders are Vanguard with 10.05% and BlackRock with 7.7%20. The dividend has risen for 54 consecutive years21.

At $100.10 on 5 October 2026 Abbott was worth $173.21 billion2223, 32.39 times trailing earnings and 17.28 times forward24, down 25.63% in a year25.

The company is run for steady growth rather than for a single bet. Research and development was $2,942 million in 2025, 6.6% of sales2627; Abbott makes its products in 89 manufacturing sites28; and it paid $4,116 million in dividends and $893 million for share purchases that year29. Abbott's operating margin rose to 18.2% in 2025 from 16.3% in 202430, mostly because devices grew faster than the rest.

The governance is conventional. Ford combines the chairman and chief executive roles, and Nancy McKinstry is the lead independent director31; the board had 13 members from 12 December 202532. Ford's total compensation for 2025 was $24,198,66033. Vanguard and BlackRock are the only holders Abbott knows of above 5%34.

The verdict is a narrow moat with a wide core. The heart devices and glucose sensors resist switching and earn a third of every sales dollar; nutrition and diagnostics are narrower; and acquisitions keep the company's return on capital near 11%35. What would falsify the core is Medical Devices comparable growth below 7% for a year; it was 8.4% in the second quarter of 202636.

The number that tests this moat
Reported
Revenue, and where it comes from
$44.33bn in 2025: Medical Devices $21.39bn, Diagnostics $8.94bn, Nutrition $8.45bn, Established Pharma $5.54bn; devices 61.1% of segment operating earnings; latest quarter $12.59bn, +13.0% reported, +4.8% comparable

One segment earns most of the profit. Watch Medical Devices comparable growth (8.4% in Q2 2026) and net debt ($27.0bn at June 2026).

Source: Abbott Form 10-K, FY2025 ↗
Moat scorecardHow ratings work →
Switching costs7/10
Network effects3/10
Pricing power5/10
Hard to replicate7/10
Disruption resistance6/10
Overall durability6/10

Switching costs are the strongest score: implanted devices, trained heart teams, reagent contracts and the habit of one glucose sensor keep customers in place. Replication is hard in devices and sensors at Abbott's scale, easier in nutrition and branded generics. Pricing power is middling: high in devices, weak in formula after the 2025 price cuts, and limited by rebates on 44% of gross revenue. Network effects are small. Disruption resistance is middling because glucose sensing and ablation are both in technology changes. Durability sits in the narrow band: the device core is wide, the company around it narrower.

Dig deeper
DIG DEEPER 01
The Revenue Lines
Abbott's four segments earn very differently: Medical Devices is 48% of sales and 61% of segment profit, and Diagnostics fell from 52% of profit to…
DIG DEEPER 02
The Moat
Abbott's heart devices and glucose sensors form a wide moat that earns 61% of segment profit, but acquisitions keep the company's return on capital…
DIG DEEPER 03
Competitors
Abbott's four main competitive relationships are all different: DexCom fights it for sensor patients, a heart rival paid it, private label undercuts…
DIG DEEPER 04
Major Clients
No customer matters to Abbott's revenue, but 44% of gross revenue is rebated and the only disclosed backlog is $6.2 billion of diagnostics reagent…
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
The Future Bets
Abbott's future bets are cancer screening, smarter sensors and new heart devices, financed by $20 billion of debt that has to be repaid first.
⚠ Threats to the moat
⚠ THREAT 01
Twenty Billion of Debt for Exact Sciences
Abbott borrowed $20 billion to buy Exact Sciences, taking net debt from about $4 billion to $27 billion and cutting Q2 2026 GAAP earnings per share…
⚠ THREAT 02
The Infant Formula Lawsuits
Abbott paid about $670 million to settle one NEC verdict and 2,000 claims, and about 1,700 lawsuits for 12,700 infants remain with no reserve…
◆ What the market may be missing
◆ THE VARIANT VIEW
What the Market Isn't Pricing In
Abbott trades at 32 times trailing earnings but 17 times forward because of amortization that falls 42% by 2030 on a published schedule.
◆ THE VARIANT VIEW
Inside the Latest Quarter (Q2 2026)
Abbott's Q2 2026 sales rose 13.0% reported and 4.8% comparable, GAAP EPS fell 48% on Exact costs, and adjusted EPS rose 4% with guidance raised.
References
  1. ReportedIt is an Illinois corporation, incorporated in 1900, and reports four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Medical Devices.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - Item 1 and MD&A for Diagnostic Products: Core Laboratory, Rapid, Molecular and Point of Care, COVID-19 testing and China. — FY2025 · publ. 20 February 2026 · source ↗
  2. ReportedIt is an Illinois corporation, incorporated in 1900, and reports four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Medical Devices.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - Item 1 and MD&A for Diagnostic Products: Core Laboratory, Rapid, Molecular and Point of Care, COVID-19 testing and China. — FY2025 · publ. 20 February 2026 · source ↗
  3. ReportedIt employed about 115,000 people at the end of 2025, 69% of them outside the United States.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - Item 1 business and the segment note: the four segments, sales and operating earnings, employees, manufacturing sites, customers and geography. — FY2025 · publ. 20 February 2026 · source ↗
  4. ReportedNet sales were $44,328 million in 2025.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - Item 1 business and the segment note: the four segments, sales and operating earnings, employees, manufacturing sites, customers and geography. — FY2025 · publ. 20 February 2026 · source ↗
  5. ReportedMedical Devices sold $21,387 million, Diagnostics $8,937 million, Nutrition $8,451 million and Established Pharmaceuticals $5,536 million.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - Item 1 and MD&A for Diagnostic Products: Core Laboratory, Rapid, Molecular and Point of Care, COVID-19 testing and China. — FY2025 · publ. 20 February 2026 · source ↗
  6. ReportedOperating earnings were $8,053 million, an 18.2% margin, and Medical Devices earned 61.1% of the segments' operating earnings.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - consolidated financial statements: income, taxes, cash flow, dividends, repurchases, debt, goodwill and the critical accounting policy on rebates. — FY2025 · publ. 20 February 2026 · source ↗
  7. Moat Explorer calcOperating earnings were $8,053 million, an 18.2% margin, and Medical Devices earned 61.1% of the segments' operating earnings.
    Moat Explorer calculation from Abbott Laboratories reported figures ($ millions unless stated; calendar years). Medical Devices: share of total reportable segment operating earnings 3,011 / 6,916 = 43.5% (2017), 4,533 / 13,422 = 33.8% (2021), 7,212 / 11,800 = 61.1% (2025); first half 2026 3,862 / 6,122 = 63.1%. Share of segment sales 21,387 / 44,311 = 48.3% (2025); first half 2026 11,392 / 23,750 = 48.0%. Segment margin 3,011 / 10,325 = 29.2% (2017), 3,038 / 11,787 = 25.8% (2020), 4,533 / 14,485 = 31.3% (2021), 7,212 / 21,387 = 33.7% (2025); Q2 2026 1,969 / 5,853 = 33.6%, Q2 2025 1,796 / 5,369 = 33.5%. Sales growth 2017-2025 (21,387 / 10,325)^(1/8) - 1 = 9.5% a year; operating earnings 2025 7,212 / 6,153 - 1 = +17.2%; sales 2025 21,387 / 18,986 - 1 = +12.6%. Diabetes Care 7,998 / 1,414 = 5.66 times (2017 to 2025); share of Medical Devices 1,414 / 10,325 = 13.7% (2017), 2,524 / 12,239 = 20.6% (2019), 4,328 / 14,485 = 29.9% (2021), 5,761 / 16,887 = 34.1% (2023), 7,998 / 21,387 = 37.4% (2025); share of company 7,998 / 44,328 = 18.0%; CGM share of Diabetes Care 7.6bn / 7.998bn = 95%. CGM growth 2019-2025 (7.6 / 1.842)^(1/6) - 1 = 26.6% a year. Abbott CGM sales over DexCom revenue 7,600 / 4,662.0 = 1.63 times. DexCom distributor share 3,959.0 / 4,662.0 = 84.9%. Product lines 2017 to 2025: Electrophysiology 2,764 / 1,353 = 2.04 times; Structural Heart 2,523 / 1,083 = 2.33 times; Heart Failure 1,448 / 643 = 2.25 times; Rhythm Management 2,649 / 2,132 - 1 = +24.2%; Neuromodulation 1,010 / 808 - 1 = +25.0%; Vascular 2,995 / 2,892 - 1 = +3.6%. Rhythm Management, Heart Failure, Vascular and Neuromodulation together 2,649 + 1,448 + 2,995 + 1,010 = 8,102 (2025) against 2,390 + 1,279 + 2,837 + 962 = 7,468 (2024), +8.5%. Diagnostics: margin 1,912 / 7,713 = 24.8% (2019), 6,237 / 15,526 = 40.2% (2021), 6,640 / 16,469 = 40.3% (2022), 2,433 / 9,988 = 24.4% (2023), 1,740 / 8,937 = 19.5% (2025); Q2 2026 499 / 3,092 = 16.1%, Q2 2025 372 / 2,173 = 17.1%. Share of segment operating earnings 6,640 / 12,831 = 51.7% (2022), 1,740 / 11,800 = 14.7% (2025). Sales 2025 8,937 / 9,341 - 1 = -4.3%. COVID testing share of Diagnostics sales 2022 8.4bn / 16.469bn = 51%, about half. Core Laboratory 5,360 / 4,063 - 1 = +31.9%. Rapid Diagnostics 2,454 / 10,061 - 1 = -75.6% (2022 to 2025). Point of Care 606 / 550 - 1 = +10.2%. Molecular 2020 peak 1,438 / 463 = 3.11 times 2017. Cancer Diagnostics share of Diagnostics Q2 2026 919 / 3,092 = 29.7%. Exact Sciences US share of 2025 sales 3,145 / 3,247 = 96.9%; purchase price over 2025 sales 20.6bn / 3.247bn = 6.3 times. China net sales 1,907 / 2,253 - 1 = -15.4% (2023 to 2025); China share of company 2,253 / 40,109 = 5.6% (2023), 1,907 / 44,328 = 4.3% (2025). Nutrition: margin 1,741 / 6,975 = 25.0% (2015), 1,705 / 7,409 = 23.0% (2019), 1,763 / 8,294 = 21.3% (2021), 706 / 7,459 = 9.5% (2022), 1,333 / 8,154 = 16.3% (2023), 1,558 / 8,451 = 18.4% (2025); Q2 2026 368 / 2,144 = 17.2%, Q2 2025 418 / 2,212 = 18.9%. Q2 operating earnings 368 / 418 - 1 = -12.0%. Sales 2021 to 2025 8,451 / 8,294 - 1 = +1.9%. Share of company sales 6,925 / 27,390 = 25.3% (2017), 7,409 / 31,904 = 23.2% (2019), 8,294 / 43,075 = 19.3% (2021), 8,154 / 40,109 = 20.3% (2023), 8,451 / 44,328 = 19.1% (2025). US Pediatric 2022 1,562 / 2,192 - 1 = -28.7%. International Adult 3,029 / 1,782 - 1 = +70.0% (2017 to 2025); share of Nutrition 3,029 / 8,451 = 35.8%. International Pediatric 1,816 / 2,112 - 1 = -14.0%. Sturgis: recalled brands 479 / 1,200 - 1 = -60%; Nutrition operating earnings 706 / 1,763 - 1 = -60%. Established Pharmaceuticals: margin 658 / 3,720 = 17.7% (2015), 848 / 4,287 = 19.8% (2017), 904 / 4,486 = 20.2% (2019), 889 / 4,718 = 18.8% (2021), 1,206 / 5,066 = 23.8% (2023), 1,290 / 5,536 = 23.3% (2025); Q2 2026 382 / 1,499 = 25.5%. Sales 5,536 / 3,720 - 1 = +48.8% (2015 to 2025); (5,536 / 4,287)^(1/8) - 1 = 3.2% a year (2017 to 2025). Key Emerging Markets share 4,167 / 5,536 = 75.3%. Segment sales growth 2025: Medical Devices +12.6%, Established Pharmaceuticals 5,536 / 5,194 - 1 = +6.6%, Nutrition 8,451 / 8,413 - 1 = +0.5%, Diagnostics -4.3%; net sales 44,328 / 41,950 - 1 = +5.7%. US share of 2025 net sales 17,126 / 44,328 = 38.6%; international share Q2 2026 7,377 / 12,593 = 58.6%. Further: Structural Heart compensation payments 89 / 2,523 = 3.5% of 2025 line sales. Diabetes Care added 7,998 - 6,805 = 1,193 in 2025. One point of CGM growth on 7.6bn = about 76. Medical Devices share of segment assets 10,689 / (3,540 + 4,791 + 8,273 + 10,689 = 27,293) = 39.2%. Total debt over total assets 32,608 / 109,215 = 29.9% (30 June 2026), 12,929 / 86,713 = 14.9% (end 2025). Net debt over Abbott shareholders' investment 27,005 / 51,110 = 0.53. Market value 173.21 / 217.86 - 1 = -20.5% (end 2025 to 5 October 2026). Second pass: US Structural Heart first half 2026 449 / 1,175 = 38.2%. Rapid Diagnostics 2,454 / 4,376 = 56% of 2020. Diagnostics Q2 2026 operating earnings 499 / 372 - 1 = +34.1%. Nutrition sales (8,451 / 6,925)^(1/8) - 1 = 2.5% a year (2017 to 2025); 8,451 / 7,409 - 1 = +14.1% (2019 to 2025). US Adult Nutrition 1,448 / 1,254 - 1 = +15.5% (2017 to 2025). Adult nutrition 3,029 + 1,448 = 4,477; pediatric 2,158 + 1,816 = 3,974 (2025). Total segment operating earnings 11,800 / 13,422 - 1 = -12.1% (2021 to 2025); Medical Devices 7,212 / 4,533 - 1 = +59.1%. First half 2026 dividends over operating cash flow 2,200 / 3,803 = 57.9%. DexCom revenue 2023 3,095.6 + 526.7 = 3,622.3; 4,662.0 / 3,622.3 - 1 = +28.7%; Abbott CGM 7.6 / 5.3 - 1 = +43.4% (2023 to 2025). US share of first half 2026 sales 9,490 / 23,757 = 39.9%. Diagnostics RPO 6,200 / 8,937 = 69% of 2025 Diagnostics sales; 6,200 / 5,360 = 1.16 times Core Laboratory sales. Libre 7.6 / 1.128 = 6.7 times (2018 to 2025). Medical Devices and Established Pharmaceuticals RPO 455 + 243 = 698, / 6,898 = 10.1%. Cash, debt and dividends: free cash flow 9,566 - 2,171 = 7,395 (2025), 8,558 - 2,207 = 6,351 (2024), 7,261 - 2,202 = 5,059 (2023); after dividends 7,395 - 4,116 = 3,279, about $3.3 billion. Dividends paid over free cash flow 4,116 / 7,395 = 55.7%; over net earnings 4,116 / 6,524 = 63.1%; 2025 dividend per share over adjusted EPS 2.40 / 5.15 = 46.6%; annual dividend 4 x 0.63 = 2.52 over trailing EPS 3.09 = 81.6%. Dividend per share 2.40 / 0.98 = 2.45 times, (2.45)^(1/10) - 1 = 9.4% a year (2015 to 2025). Total debt 3,033 + 9,896 = 12,929 (end 2025), 3,005 + 29,603 = 32,608 (30 June 2026); net debt 12,929 - 8,522 - 417 = 3,990 (end 2025), 32,608 - 5,104 - 499 = 27,005 (30 June 2026), 14,679 - 7,279 = 7,400 (end 2023), 14,125 - 7,967 = 6,158 (end 2024); 27,005 / 3,990 = 6.8 times. Remaining performance obligations 6,200 + 455 + 243 = 6,898, about $6.9 billion; Diagnostics share 6,200 / 6,898 = 90%; beyond 36 months 100% - 52% - 18% = 30%; over trailing twelve-month sales 6,898 / 46,585 = 14.8%, about 15%. Trailing twelve months to June 2026: net sales 44,328 - 21,500 + 23,757 = 46,585; net earnings 6,524 - 3,104 + 2,005 = 5,425; diluted EPS 3.72 - 1.77 + 1.14 = 3.09. Expected amortization 1.5bn (2030) / 2.6bn (2026) - 1 = -42%. Analyst target 120.26 / 100.10 - 1 = +20.1%. 2026 adjusted EPS guidance midpoints (5.55 + 5.80) / 2 = 5.675 (January), (5.38 + 5.58) / 2 = 5.48 (April), (5.45 + 5.60) / 2 = 5.525 (July). Year-end market value (stockanalysis) over net earnings and net sales: 2015 66.99bn / 4,423 = 15.15, / 20,405 = 3.283; 2016 56.55 / 1,400 = 40.39, / 20,853 = 2.712; 2017 99.34 / 477 = 208.26, / 27,390 = 3.627; 2018 127.04 / 2,368 = 53.65, / 30,578 = 4.155; 2019 153.61 / 3,687 = 41.66, / 31,904 = 4.815; 2020 194.06 / 4,495 = 43.17, / 34,608 = 5.607; 2021 248.87 / 7,071 = 35.20, / 43,075 = 5.778; 2022 191.43 / 6,933 = 27.61, / 43,653 = 4.385; 2023 191.09 / 5,723 = 33.39, / 40,109 = 4.764; 2024 196.18 / 13,402 = 14.64, / 41,950 = 4.677; 2025 217.86 / 6,524 = 33.39, / 44,328 = 4.915; 5 October 2026 173.21bn / 5,425 = 31.93, / 46,585 = 3.718 - Medical Devices, Diabetes Care and the device lines. — FY2015-Q2 2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Abbott Laboratories Forms 10-K and 10-Q and earnings releases, the DexCom Form 10-K, and stockanalysis.com market values; each operand is stated in the source line.
  8. ReportedInternational sales were 61% of the total.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - Item 1 business and the segment note: the four segments, sales and operating earnings, employees, manufacturing sites, customers and geography. — FY2025 · publ. 20 February 2026 · source ↗
  9. ReportedIn 2025, 44 percent of gross revenues were subject to rebates and allowances.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - consolidated financial statements: income, taxes, cash flow, dividends, repurchases, debt, goodwill and the critical accounting policy on rebates. — FY2025 · publ. 20 February 2026 · source ↗
  10. ReportedNet earnings were $6,524 million in 2025, diluted EPS $3.72; 2024's $7.64 included a $7.5 billion non-cash tax benefit, and adjusted EPS was $5.15 in 2025.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - consolidated financial statements: income, taxes, cash flow, dividends, repurchases, debt, goodwill and the critical accounting policy on rebates. — FY2025 · publ. 20 February 2026 · source ↗
  11. ReportedNet earnings were $6,524 million in 2025, diluted EPS $3.72; 2024's $7.64 included a $7.5 billion non-cash tax benefit, and adjusted EPS was $5.15 in 2025.
    Abbott Laboratories Form 10-K for 2024 - segment results for 2022-2024 with the Acelis Connected Health restatement, total assets and shareholders' investment at 31 December 2024, and the $7.5 billion non-cash valuation allowance release in 2024 taxes. — FY2024 · publ. February 2025 · source ↗
  12. ReportedNet earnings were $6,524 million in 2025, diluted EPS $3.72; 2024's $7.64 included a $7.5 billion non-cash tax benefit, and adjusted EPS was $5.15 in 2025.
    Abbott Laboratories fourth-quarter and full-year 2025 earnings release, Form 8-K exhibit 99.1 - fourth-quarter sales by segment, the Nutrition decline and strategic price actions, continuous glucose monitor sales growth, adjusted EPS of $5.15, the Volt PFA approval and 2026 guidance. — FY2025 · publ. 22 January 2026 · source ↗
  13. Moat Explorer calcIn the trailing twelve months to June 2026 sales were about $46.6 billion and net earnings about $5.4 billion, after Exact Sciences joined on 23 March 2026 for about $20.6 billion, paid for with $20.0 billion of notes.
    Moat Explorer calculation from Abbott Laboratories reported figures ($ millions unless stated; calendar years). Medical Devices: share of total reportable segment operating earnings 3,011 / 6,916 = 43.5% (2017), 4,533 / 13,422 = 33.8% (2021), 7,212 / 11,800 = 61.1% (2025); first half 2026 3,862 / 6,122 = 63.1%. Share of segment sales 21,387 / 44,311 = 48.3% (2025); first half 2026 11,392 / 23,750 = 48.0%. Segment margin 3,011 / 10,325 = 29.2% (2017), 3,038 / 11,787 = 25.8% (2020), 4,533 / 14,485 = 31.3% (2021), 7,212 / 21,387 = 33.7% (2025); Q2 2026 1,969 / 5,853 = 33.6%, Q2 2025 1,796 / 5,369 = 33.5%. Sales growth 2017-2025 (21,387 / 10,325)^(1/8) - 1 = 9.5% a year; operating earnings 2025 7,212 / 6,153 - 1 = +17.2%; sales 2025 21,387 / 18,986 - 1 = +12.6%. Diabetes Care 7,998 / 1,414 = 5.66 times (2017 to 2025); share of Medical Devices 1,414 / 10,325 = 13.7% (2017), 2,524 / 12,239 = 20.6% (2019), 4,328 / 14,485 = 29.9% (2021), 5,761 / 16,887 = 34.1% (2023), 7,998 / 21,387 = 37.4% (2025); share of company 7,998 / 44,328 = 18.0%; CGM share of Diabetes Care 7.6bn / 7.998bn = 95%. CGM growth 2019-2025 (7.6 / 1.842)^(1/6) - 1 = 26.6% a year. Abbott CGM sales over DexCom revenue 7,600 / 4,662.0 = 1.63 times. DexCom distributor share 3,959.0 / 4,662.0 = 84.9%. Product lines 2017 to 2025: Electrophysiology 2,764 / 1,353 = 2.04 times; Structural Heart 2,523 / 1,083 = 2.33 times; Heart Failure 1,448 / 643 = 2.25 times; Rhythm Management 2,649 / 2,132 - 1 = +24.2%; Neuromodulation 1,010 / 808 - 1 = +25.0%; Vascular 2,995 / 2,892 - 1 = +3.6%. Rhythm Management, Heart Failure, Vascular and Neuromodulation together 2,649 + 1,448 + 2,995 + 1,010 = 8,102 (2025) against 2,390 + 1,279 + 2,837 + 962 = 7,468 (2024), +8.5%. Diagnostics: margin 1,912 / 7,713 = 24.8% (2019), 6,237 / 15,526 = 40.2% (2021), 6,640 / 16,469 = 40.3% (2022), 2,433 / 9,988 = 24.4% (2023), 1,740 / 8,937 = 19.5% (2025); Q2 2026 499 / 3,092 = 16.1%, Q2 2025 372 / 2,173 = 17.1%. Share of segment operating earnings 6,640 / 12,831 = 51.7% (2022), 1,740 / 11,800 = 14.7% (2025). Sales 2025 8,937 / 9,341 - 1 = -4.3%. COVID testing share of Diagnostics sales 2022 8.4bn / 16.469bn = 51%, about half. Core Laboratory 5,360 / 4,063 - 1 = +31.9%. Rapid Diagnostics 2,454 / 10,061 - 1 = -75.6% (2022 to 2025). Point of Care 606 / 550 - 1 = +10.2%. Molecular 2020 peak 1,438 / 463 = 3.11 times 2017. Cancer Diagnostics share of Diagnostics Q2 2026 919 / 3,092 = 29.7%. Exact Sciences US share of 2025 sales 3,145 / 3,247 = 96.9%; purchase price over 2025 sales 20.6bn / 3.247bn = 6.3 times. China net sales 1,907 / 2,253 - 1 = -15.4% (2023 to 2025); China share of company 2,253 / 40,109 = 5.6% (2023), 1,907 / 44,328 = 4.3% (2025). Nutrition: margin 1,741 / 6,975 = 25.0% (2015), 1,705 / 7,409 = 23.0% (2019), 1,763 / 8,294 = 21.3% (2021), 706 / 7,459 = 9.5% (2022), 1,333 / 8,154 = 16.3% (2023), 1,558 / 8,451 = 18.4% (2025); Q2 2026 368 / 2,144 = 17.2%, Q2 2025 418 / 2,212 = 18.9%. Q2 operating earnings 368 / 418 - 1 = -12.0%. Sales 2021 to 2025 8,451 / 8,294 - 1 = +1.9%. Share of company sales 6,925 / 27,390 = 25.3% (2017), 7,409 / 31,904 = 23.2% (2019), 8,294 / 43,075 = 19.3% (2021), 8,154 / 40,109 = 20.3% (2023), 8,451 / 44,328 = 19.1% (2025). US Pediatric 2022 1,562 / 2,192 - 1 = -28.7%. International Adult 3,029 / 1,782 - 1 = +70.0% (2017 to 2025); share of Nutrition 3,029 / 8,451 = 35.8%. International Pediatric 1,816 / 2,112 - 1 = -14.0%. Sturgis: recalled brands 479 / 1,200 - 1 = -60%; Nutrition operating earnings 706 / 1,763 - 1 = -60%. Established Pharmaceuticals: margin 658 / 3,720 = 17.7% (2015), 848 / 4,287 = 19.8% (2017), 904 / 4,486 = 20.2% (2019), 889 / 4,718 = 18.8% (2021), 1,206 / 5,066 = 23.8% (2023), 1,290 / 5,536 = 23.3% (2025); Q2 2026 382 / 1,499 = 25.5%. Sales 5,536 / 3,720 - 1 = +48.8% (2015 to 2025); (5,536 / 4,287)^(1/8) - 1 = 3.2% a year (2017 to 2025). Key Emerging Markets share 4,167 / 5,536 = 75.3%. Segment sales growth 2025: Medical Devices +12.6%, Established Pharmaceuticals 5,536 / 5,194 - 1 = +6.6%, Nutrition 8,451 / 8,413 - 1 = +0.5%, Diagnostics -4.3%; net sales 44,328 / 41,950 - 1 = +5.7%. US share of 2025 net sales 17,126 / 44,328 = 38.6%; international share Q2 2026 7,377 / 12,593 = 58.6%. Further: Structural Heart compensation payments 89 / 2,523 = 3.5% of 2025 line sales. Diabetes Care added 7,998 - 6,805 = 1,193 in 2025. One point of CGM growth on 7.6bn = about 76. Medical Devices share of segment assets 10,689 / (3,540 + 4,791 + 8,273 + 10,689 = 27,293) = 39.2%. Total debt over total assets 32,608 / 109,215 = 29.9% (30 June 2026), 12,929 / 86,713 = 14.9% (end 2025). Net debt over Abbott shareholders' investment 27,005 / 51,110 = 0.53. Market value 173.21 / 217.86 - 1 = -20.5% (end 2025 to 5 October 2026). Second pass: US Structural Heart first half 2026 449 / 1,175 = 38.2%. Rapid Diagnostics 2,454 / 4,376 = 56% of 2020. Diagnostics Q2 2026 operating earnings 499 / 372 - 1 = +34.1%. Nutrition sales (8,451 / 6,925)^(1/8) - 1 = 2.5% a year (2017 to 2025); 8,451 / 7,409 - 1 = +14.1% (2019 to 2025). US Adult Nutrition 1,448 / 1,254 - 1 = +15.5% (2017 to 2025). Adult nutrition 3,029 + 1,448 = 4,477; pediatric 2,158 + 1,816 = 3,974 (2025). Total segment operating earnings 11,800 / 13,422 - 1 = -12.1% (2021 to 2025); Medical Devices 7,212 / 4,533 - 1 = +59.1%. First half 2026 dividends over operating cash flow 2,200 / 3,803 = 57.9%. DexCom revenue 2023 3,095.6 + 526.7 = 3,622.3; 4,662.0 / 3,622.3 - 1 = +28.7%; Abbott CGM 7.6 / 5.3 - 1 = +43.4% (2023 to 2025). US share of first half 2026 sales 9,490 / 23,757 = 39.9%. Diagnostics RPO 6,200 / 8,937 = 69% of 2025 Diagnostics sales; 6,200 / 5,360 = 1.16 times Core Laboratory sales. Libre 7.6 / 1.128 = 6.7 times (2018 to 2025). Medical Devices and Established Pharmaceuticals RPO 455 + 243 = 698, / 6,898 = 10.1%. Cash, debt and dividends: free cash flow 9,566 - 2,171 = 7,395 (2025), 8,558 - 2,207 = 6,351 (2024), 7,261 - 2,202 = 5,059 (2023); after dividends 7,395 - 4,116 = 3,279, about $3.3 billion. Dividends paid over free cash flow 4,116 / 7,395 = 55.7%; over net earnings 4,116 / 6,524 = 63.1%; 2025 dividend per share over adjusted EPS 2.40 / 5.15 = 46.6%; annual dividend 4 x 0.63 = 2.52 over trailing EPS 3.09 = 81.6%. Dividend per share 2.40 / 0.98 = 2.45 times, (2.45)^(1/10) - 1 = 9.4% a year (2015 to 2025). Total debt 3,033 + 9,896 = 12,929 (end 2025), 3,005 + 29,603 = 32,608 (30 June 2026); net debt 12,929 - 8,522 - 417 = 3,990 (end 2025), 32,608 - 5,104 - 499 = 27,005 (30 June 2026), 14,679 - 7,279 = 7,400 (end 2023), 14,125 - 7,967 = 6,158 (end 2024); 27,005 / 3,990 = 6.8 times. Remaining performance obligations 6,200 + 455 + 243 = 6,898, about $6.9 billion; Diagnostics share 6,200 / 6,898 = 90%; beyond 36 months 100% - 52% - 18% = 30%; over trailing twelve-month sales 6,898 / 46,585 = 14.8%, about 15%. Trailing twelve months to June 2026: net sales 44,328 - 21,500 + 23,757 = 46,585; net earnings 6,524 - 3,104 + 2,005 = 5,425; diluted EPS 3.72 - 1.77 + 1.14 = 3.09. Expected amortization 1.5bn (2030) / 2.6bn (2026) - 1 = -42%. Analyst target 120.26 / 100.10 - 1 = +20.1%. 2026 adjusted EPS guidance midpoints (5.55 + 5.80) / 2 = 5.675 (January), (5.38 + 5.58) / 2 = 5.48 (April), (5.45 + 5.60) / 2 = 5.525 (July). Year-end market value (stockanalysis) over net earnings and net sales: 2015 66.99bn / 4,423 = 15.15, / 20,405 = 3.283; 2016 56.55 / 1,400 = 40.39, / 20,853 = 2.712; 2017 99.34 / 477 = 208.26, / 27,390 = 3.627; 2018 127.04 / 2,368 = 53.65, / 30,578 = 4.155; 2019 153.61 / 3,687 = 41.66, / 31,904 = 4.815; 2020 194.06 / 4,495 = 43.17, / 34,608 = 5.607; 2021 248.87 / 7,071 = 35.20, / 43,075 = 5.778; 2022 191.43 / 6,933 = 27.61, / 43,653 = 4.385; 2023 191.09 / 5,723 = 33.39, / 40,109 = 4.764; 2024 196.18 / 13,402 = 14.64, / 41,950 = 4.677; 2025 217.86 / 6,524 = 33.39, / 44,328 = 4.915; 5 October 2026 173.21bn / 5,425 = 31.93, / 46,585 = 3.718 - Diagnostics, COVID testing, Exact Sciences, China and remaining performance obligations. — FY2015-Q2 2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Abbott Laboratories Forms 10-K and 10-Q and earnings releases, the DexCom Form 10-K, and stockanalysis.com market values; each operand is stated in the source line.
  14. ReportedIn the trailing twelve months to June 2026 sales were about $46.6 billion and net earnings about $5.4 billion, after Exact Sciences joined on 23 March 2026 for about $20.6 billion, paid for with $20.0 billion of notes.
    Abbott Laboratories Form 10-Q for the quarter ended 30 June 2026 - segment sales and operating earnings, the Exact Sciences acquisition and purchase-price allocation, the $20.0 billion of notes, remaining performance obligations, goodwill by segment, expected amortization, legal reserves and the NEC litigation, and the balance sheet at 30 June 2026 - the Exact Sciences acquisition, purchase-price allocation, goodwill by segment and expected amortization. — Q2 2026 · publ. 28 July 2026 · source ↗
  15. ReportedIn the trailing twelve months to June 2026 sales were about $46.6 billion and net earnings about $5.4 billion, after Exact Sciences joined on 23 March 2026 for about $20.6 billion, paid for with $20.0 billion of notes.
    Abbott Laboratories Form 8-K of 9 March 2026 - issue of $20.0 billion of senior notes: floating rate notes due 2029 and fixed-rate notes due 2029, 2031, 2033, 2036, 2038, 2056 and 2066. — March 2026 · publ. 9 March 2026 · source ↗
  16. ReportedIt spun off AbbVie, its research-based pharmaceuticals business, which this app covers separately; bought St.
    Abbott Laboratories Form 10-K for 2015 - the AbbVie separation, the sale of the developed-markets branded generics business to Mylan on 27 February 2015 for 110 million Mylan N.V. shares, the CFR Pharmaceuticals purchase, operating earnings and the balance sheet at 31 December 2015. — FY2015 · publ. February 2016 · source ↗
  17. ReportedJude Medical for about $23.6 billion and Alere for about $4.5 billion in 2017; and sold Abbott Medical Optics to Johnson & Johnson for $4.325 billion.
    Abbott Laboratories Form 10-K for 2017 - the St. Jude Medical acquisition (closed 4 January 2017, about $23.6 billion), the Alere acquisition (3 October 2017, about $4.5 billion), the sale of Abbott Medical Optics to Johnson & Johnson for $4.325 billion, net sales and earnings for 2015-2017, the 84.2% 2017 tax rate and the balance sheet at 31 December 2017. — FY2017 · publ. February 2018 · source ↗
  18. ReportedJude Medical for about $23.6 billion and Alere for about $4.5 billion in 2017; and sold Abbott Medical Optics to Johnson & Johnson for $4.325 billion.
    Abbott Laboratories Form 10-K for 2017 - the St. Jude Medical acquisition (closed 4 January 2017, about $23.6 billion), the Alere acquisition (3 October 2017, about $4.5 billion), the sale of Abbott Medical Optics to Johnson & Johnson for $4.325 billion, net sales and earnings for 2015-2017, the 84.2% 2017 tax rate and the balance sheet at 31 December 2017. — FY2017 · publ. February 2018 · source ↗
  19. ReportedRobert B. Ford has been chief executive since 2020 and chairman since 2021.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - Item 1 business and the segment note: the four segments, sales and operating earnings, employees, manufacturing sites, customers and geography. — FY2025 · publ. 20 February 2026 · source ↗
  20. ReportedThe largest holders are Vanguard with 10.05% and BlackRock with 7.7%.
    Abbott Laboratories proxy statement (DEF 14A) for 2026 - holders above 5%: Vanguard 174,894,079 shares (10.05%) and BlackRock 134,061,311 shares (7.7%); chief executive Robert B. Ford's 2025 total compensation of $24,198,660; lead independent director Nancy McKinstry. — 2026 · publ. 13 March 2026 · source ↗
  21. ReportedThe dividend has risen for 54 consecutive years.
    Abbott Laboratories second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - sales by segment and business, comparable growth, income statement, specified items, guidance and the 410th consecutive quarterly dividend - total sales, income statement, specified items, tax rate, guidance and the dividend. — Q2 2026 · publ. 16 July 2026 · source ↗
  22. Third-party estimateAt $100.10 on 5 October 2026 Abbott was worth $173.21 billion, 32.39 times trailing earnings and 17.28 times forward, down 25.63% in a year.
    stockanalysis.com, Abbott quote page, close of 5 October 2026: $100.10, dividend $2.52 (2.52%), 52-week range $81.97-$135.24, 27 analysts with a Buy consensus and a $120.26 price target, and the CardioMEMS HF System approval news. — October 2026 · publ. 5 October 2026 · source ↗
  23. Third-party estimateAt $100.10 on 5 October 2026 Abbott was worth $173.21 billion, 32.39 times trailing earnings and 17.28 times forward, down 25.63% in a year.
    stockanalysis.com, Abbott market capitalisation: $173.21 billion on 5 October 2026; year-end values 66.99B (2015), 56.55B, 99.34B, 127.04B, 153.61B, 194.06B, 248.87B, 191.43B, 191.09B, 196.18B, 217.86B (2025). — 2015-2026 · publ. 5 October 2026 · source ↗
  24. Third-party estimateAt $100.10 on 5 October 2026 Abbott was worth $173.21 billion, 32.39 times trailing earnings and 17.28 times forward, down 25.63% in a year.
    stockanalysis.com, Abbott statistics, 5 October 2026: 1.73 billion shares, trailing P/E 32.39, forward P/E 17.28, P/S 3.72, P/B 3.39, enterprise value $200.33 billion, price change -25.63% in 52 weeks, institutions 80.95%, return on invested capital 7.51% (trailing). — October 2026 · publ. 5 October 2026 · source ↗
  25. Third-party estimateAt $100.10 on 5 October 2026 Abbott was worth $173.21 billion, 32.39 times trailing earnings and 17.28 times forward, down 25.63% in a year.
    stockanalysis.com, Abbott statistics, 5 October 2026: 1.73 billion shares, trailing P/E 32.39, forward P/E 17.28, P/S 3.72, P/B 3.39, enterprise value $200.33 billion, price change -25.63% in 52 weeks, institutions 80.95%, return on invested capital 7.51% (trailing). — October 2026 · publ. 5 October 2026 · source ↗
  26. ReportedResearch and development was $2,942 million in 2025, 6.6% of sales; Abbott makes its products in 89 manufacturing sites; and it paid $4,116 million in dividends and $893 million for share purchases that year.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - consolidated financial statements: income, taxes, cash flow, dividends, repurchases, debt, goodwill and the critical accounting policy on rebates. — FY2025 · publ. 20 February 2026 · source ↗
  27. Moat Explorer calcResearch and development was $2,942 million in 2025, 6.6% of sales; Abbott makes its products in 89 manufacturing sites; and it paid $4,116 million in dividends and $893 million for share purchases that year.
    Moat Explorer calculation from Abbott Laboratories reported figures ($ millions unless stated; calendar years). Medical Devices: share of total reportable segment operating earnings 3,011 / 6,916 = 43.5% (2017), 4,533 / 13,422 = 33.8% (2021), 7,212 / 11,800 = 61.1% (2025); first half 2026 3,862 / 6,122 = 63.1%. Share of segment sales 21,387 / 44,311 = 48.3% (2025); first half 2026 11,392 / 23,750 = 48.0%. Segment margin 3,011 / 10,325 = 29.2% (2017), 3,038 / 11,787 = 25.8% (2020), 4,533 / 14,485 = 31.3% (2021), 7,212 / 21,387 = 33.7% (2025); Q2 2026 1,969 / 5,853 = 33.6%, Q2 2025 1,796 / 5,369 = 33.5%. Sales growth 2017-2025 (21,387 / 10,325)^(1/8) - 1 = 9.5% a year; operating earnings 2025 7,212 / 6,153 - 1 = +17.2%; sales 2025 21,387 / 18,986 - 1 = +12.6%. Diabetes Care 7,998 / 1,414 = 5.66 times (2017 to 2025); share of Medical Devices 1,414 / 10,325 = 13.7% (2017), 2,524 / 12,239 = 20.6% (2019), 4,328 / 14,485 = 29.9% (2021), 5,761 / 16,887 = 34.1% (2023), 7,998 / 21,387 = 37.4% (2025); share of company 7,998 / 44,328 = 18.0%; CGM share of Diabetes Care 7.6bn / 7.998bn = 95%. CGM growth 2019-2025 (7.6 / 1.842)^(1/6) - 1 = 26.6% a year. Abbott CGM sales over DexCom revenue 7,600 / 4,662.0 = 1.63 times. DexCom distributor share 3,959.0 / 4,662.0 = 84.9%. Product lines 2017 to 2025: Electrophysiology 2,764 / 1,353 = 2.04 times; Structural Heart 2,523 / 1,083 = 2.33 times; Heart Failure 1,448 / 643 = 2.25 times; Rhythm Management 2,649 / 2,132 - 1 = +24.2%; Neuromodulation 1,010 / 808 - 1 = +25.0%; Vascular 2,995 / 2,892 - 1 = +3.6%. Rhythm Management, Heart Failure, Vascular and Neuromodulation together 2,649 + 1,448 + 2,995 + 1,010 = 8,102 (2025) against 2,390 + 1,279 + 2,837 + 962 = 7,468 (2024), +8.5%. Diagnostics: margin 1,912 / 7,713 = 24.8% (2019), 6,237 / 15,526 = 40.2% (2021), 6,640 / 16,469 = 40.3% (2022), 2,433 / 9,988 = 24.4% (2023), 1,740 / 8,937 = 19.5% (2025); Q2 2026 499 / 3,092 = 16.1%, Q2 2025 372 / 2,173 = 17.1%. Share of segment operating earnings 6,640 / 12,831 = 51.7% (2022), 1,740 / 11,800 = 14.7% (2025). Sales 2025 8,937 / 9,341 - 1 = -4.3%. COVID testing share of Diagnostics sales 2022 8.4bn / 16.469bn = 51%, about half. Core Laboratory 5,360 / 4,063 - 1 = +31.9%. Rapid Diagnostics 2,454 / 10,061 - 1 = -75.6% (2022 to 2025). Point of Care 606 / 550 - 1 = +10.2%. Molecular 2020 peak 1,438 / 463 = 3.11 times 2017. Cancer Diagnostics share of Diagnostics Q2 2026 919 / 3,092 = 29.7%. Exact Sciences US share of 2025 sales 3,145 / 3,247 = 96.9%; purchase price over 2025 sales 20.6bn / 3.247bn = 6.3 times. China net sales 1,907 / 2,253 - 1 = -15.4% (2023 to 2025); China share of company 2,253 / 40,109 = 5.6% (2023), 1,907 / 44,328 = 4.3% (2025). Nutrition: margin 1,741 / 6,975 = 25.0% (2015), 1,705 / 7,409 = 23.0% (2019), 1,763 / 8,294 = 21.3% (2021), 706 / 7,459 = 9.5% (2022), 1,333 / 8,154 = 16.3% (2023), 1,558 / 8,451 = 18.4% (2025); Q2 2026 368 / 2,144 = 17.2%, Q2 2025 418 / 2,212 = 18.9%. Q2 operating earnings 368 / 418 - 1 = -12.0%. Sales 2021 to 2025 8,451 / 8,294 - 1 = +1.9%. Share of company sales 6,925 / 27,390 = 25.3% (2017), 7,409 / 31,904 = 23.2% (2019), 8,294 / 43,075 = 19.3% (2021), 8,154 / 40,109 = 20.3% (2023), 8,451 / 44,328 = 19.1% (2025). US Pediatric 2022 1,562 / 2,192 - 1 = -28.7%. International Adult 3,029 / 1,782 - 1 = +70.0% (2017 to 2025); share of Nutrition 3,029 / 8,451 = 35.8%. International Pediatric 1,816 / 2,112 - 1 = -14.0%. Sturgis: recalled brands 479 / 1,200 - 1 = -60%; Nutrition operating earnings 706 / 1,763 - 1 = -60%. Established Pharmaceuticals: margin 658 / 3,720 = 17.7% (2015), 848 / 4,287 = 19.8% (2017), 904 / 4,486 = 20.2% (2019), 889 / 4,718 = 18.8% (2021), 1,206 / 5,066 = 23.8% (2023), 1,290 / 5,536 = 23.3% (2025); Q2 2026 382 / 1,499 = 25.5%. Sales 5,536 / 3,720 - 1 = +48.8% (2015 to 2025); (5,536 / 4,287)^(1/8) - 1 = 3.2% a year (2017 to 2025). Key Emerging Markets share 4,167 / 5,536 = 75.3%. Segment sales growth 2025: Medical Devices +12.6%, Established Pharmaceuticals 5,536 / 5,194 - 1 = +6.6%, Nutrition 8,451 / 8,413 - 1 = +0.5%, Diagnostics -4.3%; net sales 44,328 / 41,950 - 1 = +5.7%. US share of 2025 net sales 17,126 / 44,328 = 38.6%; international share Q2 2026 7,377 / 12,593 = 58.6%. Further: Structural Heart compensation payments 89 / 2,523 = 3.5% of 2025 line sales. Diabetes Care added 7,998 - 6,805 = 1,193 in 2025. One point of CGM growth on 7.6bn = about 76. Medical Devices share of segment assets 10,689 / (3,540 + 4,791 + 8,273 + 10,689 = 27,293) = 39.2%. Total debt over total assets 32,608 / 109,215 = 29.9% (30 June 2026), 12,929 / 86,713 = 14.9% (end 2025). Net debt over Abbott shareholders' investment 27,005 / 51,110 = 0.53. Market value 173.21 / 217.86 - 1 = -20.5% (end 2025 to 5 October 2026). Second pass: US Structural Heart first half 2026 449 / 1,175 = 38.2%. Rapid Diagnostics 2,454 / 4,376 = 56% of 2020. Diagnostics Q2 2026 operating earnings 499 / 372 - 1 = +34.1%. Nutrition sales (8,451 / 6,925)^(1/8) - 1 = 2.5% a year (2017 to 2025); 8,451 / 7,409 - 1 = +14.1% (2019 to 2025). US Adult Nutrition 1,448 / 1,254 - 1 = +15.5% (2017 to 2025). Adult nutrition 3,029 + 1,448 = 4,477; pediatric 2,158 + 1,816 = 3,974 (2025). Total segment operating earnings 11,800 / 13,422 - 1 = -12.1% (2021 to 2025); Medical Devices 7,212 / 4,533 - 1 = +59.1%. First half 2026 dividends over operating cash flow 2,200 / 3,803 = 57.9%. DexCom revenue 2023 3,095.6 + 526.7 = 3,622.3; 4,662.0 / 3,622.3 - 1 = +28.7%; Abbott CGM 7.6 / 5.3 - 1 = +43.4% (2023 to 2025). US share of first half 2026 sales 9,490 / 23,757 = 39.9%. Diagnostics RPO 6,200 / 8,937 = 69% of 2025 Diagnostics sales; 6,200 / 5,360 = 1.16 times Core Laboratory sales. Libre 7.6 / 1.128 = 6.7 times (2018 to 2025). Medical Devices and Established Pharmaceuticals RPO 455 + 243 = 698, / 6,898 = 10.1%. Cash, debt and dividends: free cash flow 9,566 - 2,171 = 7,395 (2025), 8,558 - 2,207 = 6,351 (2024), 7,261 - 2,202 = 5,059 (2023); after dividends 7,395 - 4,116 = 3,279, about $3.3 billion. Dividends paid over free cash flow 4,116 / 7,395 = 55.7%; over net earnings 4,116 / 6,524 = 63.1%; 2025 dividend per share over adjusted EPS 2.40 / 5.15 = 46.6%; annual dividend 4 x 0.63 = 2.52 over trailing EPS 3.09 = 81.6%. Dividend per share 2.40 / 0.98 = 2.45 times, (2.45)^(1/10) - 1 = 9.4% a year (2015 to 2025). Total debt 3,033 + 9,896 = 12,929 (end 2025), 3,005 + 29,603 = 32,608 (30 June 2026); net debt 12,929 - 8,522 - 417 = 3,990 (end 2025), 32,608 - 5,104 - 499 = 27,005 (30 June 2026), 14,679 - 7,279 = 7,400 (end 2023), 14,125 - 7,967 = 6,158 (end 2024); 27,005 / 3,990 = 6.8 times. Remaining performance obligations 6,200 + 455 + 243 = 6,898, about $6.9 billion; Diagnostics share 6,200 / 6,898 = 90%; beyond 36 months 100% - 52% - 18% = 30%; over trailing twelve-month sales 6,898 / 46,585 = 14.8%, about 15%. Trailing twelve months to June 2026: net sales 44,328 - 21,500 + 23,757 = 46,585; net earnings 6,524 - 3,104 + 2,005 = 5,425; diluted EPS 3.72 - 1.77 + 1.14 = 3.09. Expected amortization 1.5bn (2030) / 2.6bn (2026) - 1 = -42%. Analyst target 120.26 / 100.10 - 1 = +20.1%. 2026 adjusted EPS guidance midpoints (5.55 + 5.80) / 2 = 5.675 (January), (5.38 + 5.58) / 2 = 5.48 (April), (5.45 + 5.60) / 2 = 5.525 (July). Year-end market value (stockanalysis) over net earnings and net sales: 2015 66.99bn / 4,423 = 15.15, / 20,405 = 3.283; 2016 56.55 / 1,400 = 40.39, / 20,853 = 2.712; 2017 99.34 / 477 = 208.26, / 27,390 = 3.627; 2018 127.04 / 2,368 = 53.65, / 30,578 = 4.155; 2019 153.61 / 3,687 = 41.66, / 31,904 = 4.815; 2020 194.06 / 4,495 = 43.17, / 34,608 = 5.607; 2021 248.87 / 7,071 = 35.20, / 43,075 = 5.778; 2022 191.43 / 6,933 = 27.61, / 43,653 = 4.385; 2023 191.09 / 5,723 = 33.39, / 40,109 = 4.764; 2024 196.18 / 13,402 = 14.64, / 41,950 = 4.677; 2025 217.86 / 6,524 = 33.39, / 44,328 = 4.915; 5 October 2026 173.21bn / 5,425 = 31.93, / 46,585 = 3.718 - cash flow, dividends, debt, earnings and valuation. — FY2015-Q2 2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Abbott Laboratories Forms 10-K and 10-Q and earnings releases, the DexCom Form 10-K, and stockanalysis.com market values; each operand is stated in the source line.
  28. ReportedResearch and development was $2,942 million in 2025, 6.6% of sales; Abbott makes its products in 89 manufacturing sites; and it paid $4,116 million in dividends and $893 million for share purchases that year.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - consolidated financial statements: income, taxes, cash flow, dividends, repurchases, debt, goodwill and the critical accounting policy on rebates. — FY2025 · publ. 20 February 2026 · source ↗
  29. ReportedResearch and development was $2,942 million in 2025, 6.6% of sales; Abbott makes its products in 89 manufacturing sites; and it paid $4,116 million in dividends and $893 million for share purchases that year.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - consolidated financial statements: income, taxes, cash flow, dividends, repurchases, debt, goodwill and the critical accounting policy on rebates. — FY2025 · publ. 20 February 2026 · source ↗
  30. ReportedAbbott's operating margin rose to 18.2% in 2025 from 16.3% in 2024, mostly because devices grew faster than the rest.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - consolidated financial statements: income, taxes, cash flow, dividends, repurchases, debt, goodwill and the critical accounting policy on rebates. — FY2025 · publ. 20 February 2026 · source ↗
  31. ReportedFord combines the chairman and chief executive roles, and Nancy McKinstry is the lead independent director; the board had 13 members from 12 December 2025.
    Abbott Laboratories proxy statement (DEF 14A) for 2026 - holders above 5%: Vanguard 174,894,079 shares (10.05%) and BlackRock 134,061,311 shares (7.7%); chief executive Robert B. Ford's 2025 total compensation of $24,198,660; lead independent director Nancy McKinstry. — 2026 · publ. 13 March 2026 · source ↗
  32. ReportedFord combines the chairman and chief executive roles, and Nancy McKinstry is the lead independent director; the board had 13 members from 12 December 2025.
    Abbott Laboratories Form 8-K of 12 December 2025 - Nita Ahuja, M.D. elected a director; the board to consist of thirteen persons from 12 December 2025. — December 2025 · publ. 12 December 2025 · source ↗
  33. ReportedFord's total compensation for 2025 was $24,198,660.
    Abbott Laboratories proxy statement (DEF 14A) for 2026 - holders above 5%: Vanguard 174,894,079 shares (10.05%) and BlackRock 134,061,311 shares (7.7%); chief executive Robert B. Ford's 2025 total compensation of $24,198,660; lead independent director Nancy McKinstry. — 2026 · publ. 13 March 2026 · source ↗
  34. ReportedVanguard and BlackRock are the only holders Abbott knows of above 5%.
    Abbott Laboratories proxy statement (DEF 14A) for 2026 - holders above 5%: Vanguard 174,894,079 shares (10.05%) and BlackRock 134,061,311 shares (7.7%); chief executive Robert B. Ford's 2025 total compensation of $24,198,660; lead independent director Nancy McKinstry. — 2026 · publ. 13 March 2026 · source ↗
  35. Moat Explorer calcThe heart devices and glucose sensors resist switching and earn a third of every sales dollar; nutrition and diagnostics are narrower; and acquisitions keep the company's return on capital near 11%.
    Moat Explorer calculation by hand from Abbott Forms 10-K (SEC XBRL operating income, assets, current liabilities and cash concepts are not tagged for Abbott, so tools_roic_edgar.py returns nothing). Return on invested capital 9.6% (2015), 10.0%, 2.8% (2017), 6.2%, 9.0%, 10.8%, 16.5% (2021), 16.1%, 12.5%, 11.6%, 11.3% (2025). Operating earnings 2,867 (2015), 3,185, 1,564 (2017 as recast in the 2019 10-K), 3,650, 4,532, 5,357, 8,425, 8,362, 6,478, 6,825, 8,053 (2025). Tax rates on continuing earnings 18.1% (2015), 24.8%, 35% cap (2017, reported 84.2%), 18.8%, 9.6%, 10.0%, 13.9%, 16.5%, 14.1%, 15% assumed (2024, reported negative after the $7.5 billion valuation allowance release), 22.9% (2025). Invested capital at year end (Abbott shareholders' investment plus short-term borrowings and all long-term debt, less cash and short-term investments): 24,896 (2014), 24,087 (2015), 23,769 (2016), 49,211 (2017), 46,004, 45,087, 44,383, 43,603, 43,289 (2022), 46,003, 53,822, 56,120 (2025: 52,130 + 3,033 + 9,896 - 8,522 - 417). 2025: 8,053 x (1 - 22.9%) = 6,206 / average (53,822 + 56,120) / 2 = 54,971 = 11.3%. At 30 June 2026 goodwill and intangibles were 52,455 against 29,561 at the end of 2025, and net debt 27,005. — FY2015-FY2025 · publ. October 2026 · source ↗
    Method: NOPAT (operating earnings times one minus the effective tax rate on continuing earnings, capped at 35%; 15% assumed for 2024) divided by the average of year-end and prior year-end invested capital (Abbott shareholders' investment plus short-term borrowings, current and long-term debt, less cash and short-term investments), all from Abbott Forms 10-K. 2016 invested capital is depressed by $18.6 billion of cash raised ahead of the St. Jude Medical purchase; 2017 by St. Jude acquisition charges in the recast operating earnings.
  36. ReportedWhat would falsify the core is Medical Devices comparable growth below 7% for a year; it was 8.4% in the second quarter of 2026.
    Abbott Laboratories second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - sales by segment and business, comparable growth, income statement, specified items, guidance and the 410th consecutive quarterly dividend - Medical Devices sales by business, continuous glucose monitors, Amulet and TECTONIC. — Q2 2026 · publ. 16 July 2026 · source ↗
Sources
Generated October 6, 2026