ResMed Inc.

“ResMed owns the dominant global PAP platform, a 200M+ connected device installed base generating a proprietary data moat, deeply embedded SaaS platforms in post-acute care, and decades of runway from ~1 billion undiagnosed sleep apnea patients worldwide. FY2025 financials confirm the thesis: 10.8% revenue growth, 35% operating margins, $1.65B FCF, and a now-net-cash balance sheet. GLP-1 disruption is the dominant narrative risk but represents outcome uncertainty rather than probable permanent impairment — and it is already substantially discounted at $208, 29% below the 52-week high. At 17x forward earnings and a 5.5% FCF yield with double-digit growth and a widening competitive moat, ResMed offers a credible 2.5–3x 10-year return with asymmetric downside protection. The correct action is to buy in tranches, reserving capital for a deeper entry below $185 if GLP-1 fears temporarily reprice the stock.”