ResMed CDI (ASX:RMD) Valuation Analysis: 6 Key Metrics That Determine Whether Shares Are Good Value

The Quick Take

• ResMed CDI shares on the ASX (ticker: RMD) are being assessed for value in 2026 using six key metrics
• RMD is a global leader in sleep apnea devices and respiratory care with dual NYSE/ASX listing
• Valuation analysis focuses on fundamentals including earnings multiples, growth rates, and competitive positioning

Rask Media's analysis of ResMed CDI (ASX:RMD) examines whether shares in the global sleep apnea and respiratory care leader offer value at current prices in 2026. ResMed operates at the intersection of medical devices and digital health, providing continuous positive airway pressure devices, masks, and cloud-connected patient management software to healthcare providers globally. The company's dual listing on the ASX as a CDI and on the NYSE as RMD reflects its origins as an Australian-founded business that has grown into a US-headquartered global medical device leader with significant revenue from North America, Europe, and Asia Pacific.

ResMed's competitive position in the CPAP device market has strengthened since rival Philips Respironics' product recall in 2021, which removed a major competitor from the market for several years and drove market share gains to RMD. However, the emerging threat of GLP-1 weight-loss drugs — which demonstrably reduce sleep apnea severity by reducing obesity — has created valuation overhang for ResMed as investors debate the long-term impact on addressable market size. The six key valuation metrics typically applied to RMD include forward P/E relative to growth rate (PEG ratio), enterprise value to EBITDA against sector peers, free cash flow yield, dividend growth trajectory, return on invested capital, and net revenue growth versus consensus expectations.

Australian investors should monitor ResMed's next quarterly earnings report for US revenue trends and management commentary on the GLP-1 competitive threat, which management has consistently argued will be limited given the multifactorial nature of sleep apnea beyond obesity alone. The ASX CDI trades at a small premium or discount to the NYSE price depending on AUD/USD exchange rate movements, creating currency overlay risk for Australian holders. The macro variable is the penetration rate of sleep apnea diagnosis and treatment globally — still estimated below 20% of sufferers — which provides a long runway for organic growth regardless of near-term competitive dynamics in the weight-loss drug space.

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