ResMed Inc.

“ResMed is a structurally dominant medical device compounder with a near-duopoly in sleep apnea therapy, 26% ROIC, expanding FCF margins, and a cloud data moat that neither Philips (permanently exited) nor Fisher & Paykel can replicate — currently priced at 15.9x forward earnings on GLP-1 fears that represent genuine uncertainty but not permanent impairment risk, creating a compelling long-horizon entry point.”