A Business at a Glance
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Medtronic plc
MDT
$107.1B
Mkt Cap
$83.21
+1.46%
Medtronic plc (MDT) has a current P/E ratio of 23.2, compared to its historical median P/E of 25.4. The stock is currently considered Fair based on its historical valuation range.
Medtronic plc (MDT) has a 5-year average return on invested capital (ROIC) of 6.6%. This is below average and may indicate limited pricing power.
Medtronic plc (MDT) has a market capitalization of $107.1B. It is classified as a large-cap stock.
Yes, Medtronic plc (MDT) pays a dividend with a trailing twelve-month yield of 3.40%. The company also returns capital through share buybacks, with a buyback yield of 0.97%.
Based on historical P/E analysis, Medtronic plc (MDT) appears fair. The current P/E of 23.2 is 9% below its historical median of 25.4. The estimated fair value CAGR (P/E method) is 0.2%.
Medtronic plc (MDT) operates in the Electromedical & Electrotherapeutic Apparatus industry, within the Healthcare sector.
Medtronic plc (MDT) reported annual revenue of $36.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Medtronic plc is a global healthcare technology company headquartered in Galway, Ireland, serving healthcare systems, physicians, clinicians, and patients in more than 150 countries. The company operates four reportable segments: the Cardiovascular Portfolio (comprising Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary & Peripheral Vascular divisions), the Neuroscience Portfolio (Cranial & Spinal Technologies, Specialty Therapies, and Neuromodulation divisions), the Medical Surgical Portfolio, and the Diabetes Operating Unit. Medtronic develops, manufactures, distributes, and sells device-based medical therapies and services, with a business model centered on implantable devices, drug-delivery systems, surgical instruments, and remote monitoring platforms that generate revenue through product sales and ongoing patient management services. The company's competitive moat derives from its extensive product portfolios across multiple therapeutic areas, proprietary technologies such as MRI-compatible devices and robotic-assisted surgical systems, established relationships with healthcare providers and hospital systems, and a global manufacturing and distribution infrastructure. Key customer segments include electrophysiologists, cardiologists, surgeons, neurologists, pain management specialists, and hospital systems, with geographic presence spanning developed markets in North America and Western Europe as well as emerging markets including China and Japan.
【Innovation-driven growth acceleration】 Management expects continued strong revenue growth driven by recent product launches and a robust pipeline across multiple segments, including cardiac ablation solutions, renal denervation therapies, robotic surgical systems, and diabetes management technologies. The company is advancing its strategy to maximize artificial intelligence, data analytics, and automation to enable real-time therapy tailoring and remote monitoring capabilities. Medtronic anticipates improved operational leverage as it scales high-growth businesses such as cardiac ablation solutions and benefits from the planned separation of its diabetes operating unit, which is expected to improve gross and operating margins. The company remains focused on targeted mergers and acquisitions and venture investments to accelerate innovation in higher-growth segments and expand its addressable markets.
| Metric | Target | Period |
|---|---|---|
| Organic revenue growth | 6.75% to 7.25% | FY2027 |
| EPS | $5.90 to $6.00 | FY2027 |
| Q1 FY2027 EPS | $1.38 to $1.40 | Q1 FY2027 |
| Gross margin impact from tariffs | approximately $250 million | FY2027 |
| Operating margin | up 60 basis points | FY2027 |
Organic revenue growth (FY2027): “Today, we're guiding fiscal year 2027 organic revenue growth of 6.75% to 7.25%, including approximately 11.5%-12% organic growth in the first quarter.”
EPS (FY2027): “We're guiding 2027 EPS of $5.90- $6.”
Q1 FY2027 EPS (Q1 FY2027): “For the first quarter, we would expect EPS in the range of $1.38-$1.40, including a 600-700 basis points benefit from the extra selling week, as well as roughly neutral impact from foreign exchange at recent rates.”
Gross margin impact from tariffs (FY2027): “We anticipate a tariff impact to COGS of approximately $250 million in total, including $75 million in the first quarter.”
Operating margin (FY2027): “Overall, we expect our fiscal 2027 operating margin to be up 60 basis points, driven by the absence of Blackstone milestone payments we saw this year and operating leverage.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2027 Earnings Call, Q1 FY2027 Earnings Call, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 36.4B | 36.4B | 33.5B | 32.4B | 31.2B | 31.7B |
| Net Income | 4.8B | 4.8B | 4.7B | 3.7B | 3.8B | 5.0B |
| EPS | $3.73 | $3.73 | $3.61 | $2.76 | $2.82 | $3.73 |
| Free Cash Flow | 5.4B | 5.4B | 5.2B | 5.2B | 4.6B | 6.0B |
| ROIC | 6.7% | 7.3% | 7.0% | 5.5% | 5.6% | 7.5% |
| Gross Margin | 65.0% | 65.0% | 65.3% | 65.3% | 65.7% | 68.0% |
| Debt/Equity | 0.57 | 0.57 | 0.59 | 0.52 | 0.47 | 0.46 |
| Dividends/Share | $2.83 | $2.84 | $2.80 | $2.76 | $2.72 | $2.52 |
| Operating Income | 6.5B | 6.5B | 6.0B | 5.1B | 5.5B | 5.8B |
| Operating Margin | 17.8% | 17.8% | 17.8% | 15.9% | 17.6% | 18.2% |
| ROE | 9.7% | 9.8% | 9.5% | 7.2% | 7.2% | 9.7% |
| Shares Outstanding | 1,287M | 1,287M | 1,291M | 1,332M | 1,333M | 1,351M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 20.3B | 28.8B | 29.7B | 30.0B | 30.6B | 28.9B | 30.1B | 31.7B | 31.2B | 32.4B | 33.5B | 36.4B | 36.4B |
| Gross Margin | 68.9% | 68.3% | 68.7% | 69.8% | 70.0% | 67.4% | 65.2% | 68.0% | 65.7% | 65.3% | 65.3% | 65.0% | 65.0% |
| R&D | 1.6B | 2.2B | 2.2B | 2.3B | 2.3B | 2.3B | 2.5B | 2.7B | 2.7B | 2.7B | 2.7B | 2.9B | 2.9B |
| SG&A | 6.9B | 9.5B | 10.0B | 10.2B | 10.4B | 10.1B | 10.1B | 10.3B | 10.4B | 10.7B | 10.8B | 11.8B | 11.8B |
| EBIT | 3.8B | 5.4B | 5.4B | 6.6B | 6.3B | 4.8B | 4.5B | 5.8B | 5.5B | 5.1B | 6.0B | 6.5B | 6.5B |
| Op. Margin | 18.6% | 18.6% | 18.1% | 22.2% | 20.5% | 16.6% | 14.9% | 18.2% | 17.6% | 15.9% | 17.8% | 17.8% | 17.8% |
| Net Income | 2.7B | 3.5B | 4.0B | 3.1B | 4.6B | 4.8B | 3.6B | 5.0B | 3.8B | 3.7B | 4.7B | 4.8B | 4.8B |
| Net Margin | 13.2% | 12.3% | 13.6% | 10.4% | 15.2% | 16.6% | 12.0% | 15.9% | 12.0% | 11.4% | 13.9% | 13.2% | 13.2% |
| Non-Recurring | 138M | 0 | 0 | 770M | 0 | 462M | 539M | 335M | 647M | 389M | 303M | 370M | 370M |
| Returns on Capital | |||||||||||||
| ROIC | 5.9% | 5.8% | 6.3% | 5.8% | 8.2% | 7.1% | 6.2% | 7.5% | 5.6% | 5.5% | 7.0% | 7.3% | 6.7% |
| ROE | 7.4% | 6.7% | 7.9% | 6.2% | 9.2% | 9.5% | 7.1% | 9.7% | 7.2% | 7.2% | 9.5% | 9.8% | 9.7% |
| ROA | 3.7% | 3.4% | 4.0% | 3.2% | 5.1% | 5.3% | 3.9% | 5.5% | 4.1% | 4.1% | 5.1% | 5.2% | 5.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 4.9B | 5.2B | 6.9B | 4.7B | 7.0B | 7.2B | 6.2B | 7.3B | 6.0B | 6.8B | 7.0B | 7.3B | 7.3B |
| Free Cash Flow | 4.3B | 4.2B | 5.6B | 3.6B | 5.9B | 6.0B | 4.9B | 6.0B | 4.6B | 5.2B | 5.2B | 5.4B | 5.4B |
| Owner Earnings | 3.2B | 2.0B | 3.6B | 1.7B | 4.1B | 4.3B | 3.2B | 4.3B | 3.0B | 3.7B | 3.8B | 3.9B | 3.9B |
| CapEx | 571M | 1.0B | 1.3B | 1.1B | 1.1B | 1.2B | 1.4B | 1.4B | 1.5B | 1.6B | 1.9B | 1.9B | 1.9B |
| Maint. CapEx | 1.3B | 2.8B | 2.9B | 2.6B | 2.7B | 2.7B | 2.7B | 2.7B | 2.7B | 2.6B | 2.9B | 3.0B | 3.0B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 1.3B | 2.8B | 2.9B | 2.6B | 2.7B | 2.7B | 2.7B | 2.7B | 2.7B | 2.6B | 2.9B | 3.0B | 3.0B |
| CapEx/OCF | 11.6% | 20.0% | 18.2% | 22.8% | 16.2% | 16.8% | 21.7% | 18.6% | 24.2% | 23.4% | 26.4% | N/A | 26.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.3B | 2.1B | 2.4B | 2.5B | 2.7B | 2.9B | 3.1B | 3.4B | 3.6B | 3.7B | 3.6B | 3.6B | 3.6B |
| Dividend Yield | 2.3% | 2.6% | 2.7% | 2.8% | 2.7% | 2.5% | 2.5% | 2.4% | 3.5% | 3.6% | 3.4% | N/A | 3.4% |
| Share Buybacks | 1.9B | 2.8B | 3.5B | 2.2B | 2.9B | 1.3B | 652M | 2.5B | 645M | 2.1B | 3.2B | 1.0B | 1.0B |
| Buyback Yield | 3.0% | 3.2% | 3.8% | 2.4% | 2.9% | 1.2% | 0.4% | 2.0% | 0.6% | 2.1% | 3.1% | 0.0% | 1.0% |
| Stock-Based Comp | 439M | 375M | 348M | 344M | 290M | 297M | 344M | 359M | 355M | 393M | 429M | 457M | 457M |
| Debt Repayment | 1.3B | 5.1B | 863M | 7.4B | 7.9B | 6.1B | 7.4B | 1.0M | 6.0B | 0 | 0 | 2.9B | 2.9B |
| Balance Sheet | |||||||||||||
| Net Debt | 16.1B | 18.3B | 19.7B | 14.5B | 15.5B | 14.0B | 15.6B | 13.5B | 16.4B | 18.1B | 19.6B | 18.7B | 26.0B |
| Cash & Equiv. | 4.8B | 2.9B | 5.0B | 3.7B | 4.4B | 4.1B | 3.6B | 3.7B | 1.5B | 1.3B | 2.2B | 1.9B | 1.9B |
| Long-Term Debt | 33.2B | 29.9B | 25.9B | 23.7B | 24.6B | 22.1B | 26.4B | 20.4B | 24.3B | 23.9B | 25.6B | 26.2B | 26.2B |
| Debt/Equity | 0.67 | 0.59 | 0.66 | 0.51 | 0.51 | 0.49 | 0.51 | 0.46 | 0.47 | 0.52 | 0.59 | 0.57 | 0.57 |
| Interest Coverage | 5.7 | 3.9 | 4.9 | 5.8 | 4.3 | 4.4 | 4.8 | 10.4 | 8.6 | 7.2 | 6.5 | 7.3 | 7.3 |
| Equity | 53.2B | 52.1B | 50.2B | 50.7B | 50.1B | 50.7B | 51.4B | 52.6B | 51.5B | 50.2B | 48.0B | 49.5B | 49.5B |
| Total Assets | 106.7B | 99.6B | 99.9B | 91.4B | 89.7B | 90.7B | 93.1B | 91.0B | 90.9B | 90.0B | 91.7B | 93.0B | 93.0B |
| Total Liabilities | 53.5B | 47.6B | 49.5B | 40.6B | 39.5B | 39.8B | 41.5B | 38.3B | 39.3B | 39.6B | 43.4B | 43.0B | 43.0B |
| Intangibles | 28.1B | 26.9B | 23.4B | 21.7B | 20.6B | 19.1B | 17.7B | 15.6B | 14.8B | 13.2B | 11.7B | 10.1B | 10.1B |
| Retained Earnings | 54.4B | 21.7B | 23.3B | 24.4B | 26.3B | 28.1B | 28.6B | 30.3B | 30.4B | 30.4B | 31.5B | 32.6B | 32.6B |
| Working Capital | 21.7B | 16.4B | 10.6B | 12.9B | 13.5B | 11.7B | 14.0B | 10.7B | 12.6B | 11.1B | 10.9B | 13.1B | 13.1B |
| Current Assets | 30.8B | 23.6B | 24.9B | 23.0B | 22.0B | 22.0B | 22.5B | 23.1B | 21.7B | 21.9B | 23.8B | 24.8B | 24.8B |
| Current Liabilities | 9.2B | 7.2B | 14.3B | 10.1B | 8.5B | 10.4B | 8.5B | 12.4B | 9.1B | 10.8B | 12.9B | 11.7B | 11.7B |
| Per Share Data | |||||||||||||
| EPS | 2.41 | 2.48 | 2.89 | 2.27 | 3.41 | 3.54 | 2.66 | 3.73 | 2.82 | 2.76 | 3.61 | 3.73 | 3.73 |
| Owner EPS | 2.84 | 1.42 | 2.59 | 1.24 | 2.99 | 3.16 | 2.36 | 3.17 | 2.24 | 2.81 | 2.91 | 3.04 | 3.04 |
| Book Value | 47.96 | 36.49 | 36.02 | 37.09 | 36.88 | 37.50 | 37.94 | 38.90 | 38.63 | 37.70 | 37.19 | 38.43 | 38.43 |
| Cash Flow/Share | 4.42 | 3.66 | 4.94 | 3.43 | 5.16 | 5.35 | 4.60 | 5.44 | 4.53 | 5.10 | 5.45 | 5.69 | 6.03 |
| Dividends/Share | 1.22 | 1.52 | 1.72 | 1.84 | 2.00 | 2.16 | 2.32 | 2.52 | 2.72 | 2.76 | 2.80 | 2.84 | 2.83 |
| Shares Out. | 1.1B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B |
| Valuation | |||||||||||||
| P/E Ratio | 24.3 | 25.1 | 22.9 | 29.2 | 21.2 | 23.4 | 42.7 | 25.4 | 29.5 | 27.3 | 22.7 | N/A | 22.3 |
| P/FCF | 15.0 | 21.3 | 16.4 | 25.0 | 16.7 | 18.6 | 31.5 | 21.4 | 24.2 | 19.3 | 20.5 | N/A | 19.7 |
| EV/EBIT | 22.3 | 20.4 | 22.4 | 16.1 | 18.3 | 26.9 | 37.8 | 25.3 | 23.2 | 23.0 | 21.6 | N/A | 20.6 |
| Price/Book | 1.2 | 1.7 | 1.8 | 1.8 | 2.0 | 2.2 | 3.0 | 2.4 | 2.2 | 2.0 | 2.2 | N/A | 2.2 |
| Price/Sales | 2.8 | 2.9 | 3.0 | 3.0 | 3.3 | 4.1 | 4.2 | 4.4 | 3.3 | 3.2 | 3.2 | N/A | 2.9 |
| FCF Yield | 6.7% | 4.7% | 6.1% | 4.0% | 6.0% | 5.4% | 3.2% | 4.7% | 4.1% | 5.2% | 4.9% | N/A | 5.1% |
| Market Cap | 64.9B | 88.7B | 92.2B | 90.5B | 98.3B | 112.3B | 153.9B | 128.1B | 110.8B | 100.4B | 106.0B | 0 | 107.1B |
| Avg. Price | 51.94 | 57.99 | 64.11 | 66.25 | 74.12 | 86.69 | 92.43 | 103.19 | 77.68 | 76.77 | 82.26 | 0.00 | 83.21 |
| Year-End Price | 58.44 | 62.20 | 66.17 | 66.21 | 72.36 | 82.98 | 113.54 | 94.81 | 83.18 | 75.37 | 82.12 | 0.00 | 83.21 |
Medtronic plc passes 4 of 9 quality checks, suggesting mixed fundamentals.
Medtronic plc trades at 23.2x trailing earnings, compared to its 15-year median P/E of 25.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 19.7x vs a median of 20.5x. The company's 5-year average ROIC is 6.6% with a gross margin of 65.9%. Total shareholder yield (dividends + buybacks) is 4.4%. At current prices, the estimated annualized return to fair value is -0.8%.
Medtronic plc (MDT) has a net profit margin of 13.2%. This is a healthy margin.
Medtronic plc (MDT) generated $5.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Medtronic plc (MDT) has a debt-to-equity ratio of 0.57. This indicates moderate leverage.
Medtronic plc (MDT) reported earnings per share (EPS) of $3.73 in its most recent fiscal year.
Medtronic plc (MDT) has a return on equity (ROE) of 9.8%. This indicates moderate shareholder returns.
Medtronic plc (MDT) has a 5-year average gross margin of 65.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 14 years of financial data for Medtronic plc (MDT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Medtronic plc (MDT) has a book value per share of $38.43, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong revenue growth driven by recent product launches and a robust pipeline across multiple segments, including cardiac ablation solutions, renal denervation therapies, robotic surgical systems, and diabetes management technologies. The company is advancing its strategy to maximize artificial intelligence, data analytics, and automation to enable real-time therapy tailoring and remote monitoring capabilities. Medtronic anticipates improved operational leverage as it scales high-growth businesses such as cardiac ablation solutions and benefits from the planned separation of its diabetes operating unit, which is expected to improve gross and operating margins. The company remains focused on targeted mergers and acquisitions and venture investments to accelerate innovation in higher-growth segments and expand its addressable markets.
Based on recent SEC filings and earnings calls, Medtronic plc (MDT) has provided the following forward guidance: Organic revenue growth: 6.75% to 7.25% (FY2027); EPS: $5.90 to $6.00 (FY2027); Q1 FY2027 EPS: $1.38 to $1.40 (Q1 FY2027); Gross margin impact from tariffs: approximately $250 million (FY2027); Operating margin: up 60 basis points (FY2027).