Medtronic plc (MDT) - Stock Research

Revenue by Segment

Segment	2021	2022	2023	2024	2025	% of Total
Reportable segments	—	—	$30.73B	$32.14B	$33.49B	50%
Cardiovascular	$10.77B	$11.42B	$11.57B	$11.83B	$12.48B	19%
Neuroscience	$8.20B	$8.78B	$8.96B	$9.41B	$9.85B	15%
Medical Surgical	$8.74B	$9.14B	$8.43B	$8.42B	$8.41B	13%
Diabetes	$2.41B	$2.34B	$2.26B	$2.49B	$2.75B	4%

	1-Yr	4-Yr
Sales	6.9%	4.0%
Cash Flow	7.0%	4.3%
Earnings	30.8%	7.9%
Dividends	1.0%	4.8%
Book Value	-1.4%	-0.5%

	1-Yr	4-Yr
ROIC	7.6%	6.9%
Gross Margin	65.3%	66.1%
FCF Yield	4.9%	4.7%
Buyback Yield	3.0%	1.9%

	Q1	Q2	Q3	Q4
2022	0.56	0.97	1.10	1.10
2023	0.70	0.32	0.92	0.88
2024	0.59	0.69	0.99	0.49
2025	0.80	0.99	1.00	0.82
2026	0.81	1.06	—	—

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Financial data for MDT from SEC EDGAR
Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Earnings Power
Revenue	17.0B	20.3B	28.8B	29.7B	30.0B	30.6B	28.9B	30.1B	31.7B	31.2B	32.4B	33.5B	34.8B
Net Income	3.1B	2.7B	3.5B	4.0B	3.1B	4.6B	4.8B	3.6B	5.0B	3.8B	3.7B	4.7B	4.8B
Owner Earnings	4.0B	3.2B	2.0B	3.6B	1.7B	4.1B	4.3B	3.2B	4.3B	3.0B	3.7B	3.8B	3.8B
Non-Recurring	78M	237M	290M	363M	727M	198M	118M	293M	60M	375M	226M	267M	267M
Gross Margin	74.5%	68.9%	68.3%	68.7%	69.7%	70.0%	67.4%	65.2%	68.0%	65.7%	65.3%	65.3%	0.0%
Op. Margin	22.4%	18.6%	18.4%	17.9%	22.2%	20.5%	16.6%	14.9%	18.2%	17.6%	15.9%	17.8%	17.9%
Net Margin	18.0%	13.2%	12.3%	13.6%	10.4%	15.2%	16.6%	12.0%	15.9%	12.0%	11.4%	13.9%	13.7%
Returns on Capital
ROE	15.8%	5.0%	6.8%	8.0%	6.1%	9.2%	9.4%	7.0%	9.6%	7.3%	7.3%	9.5%	9.8%
ROA	8.1%	2.5%	3.6%	4.0%	3.4%	5.2%	5.3%	3.9%	5.5%	4.1%	4.1%	5.1%	5.2%
ROIC	20.3%	4.3%	6.2%	7.5%	5.7%	8.7%	9.2%	6.2%	8.5%	5.7%	5.9%	7.6%	7.7%
Cash Flow
Free Cash Flow	4.6B	4.3B	4.2B	5.6B	3.6B	5.9B	6.0B	4.9B	6.0B	4.6B	5.2B	5.2B	5.2B
CapEx	396M	571M	1.0B	1.3B	1.1B	1.1B	1.2B	1.4B	1.4B	1.5B	1.6B	1.9B	1.9B
Maint. CapEx	850M	1.3B	2.8B	2.9B	2.6B	2.7B	2.7B	2.7B	2.7B	2.7B	2.6B	2.9B	2.9B
Growth CapEx	0	0	0	0	0	0	0	0	0	0	0	0	0
CapEx/OCF	8.0%	11.6%	20.0%	18.2%	22.8%	16.2%	16.8%	21.7%	18.6%	24.2%	23.4%	26.4%	26.8%
D&A	850M	1.3B	2.8B	2.9B	2.6B	2.7B	2.7B	2.7B	2.7B	2.7B	2.6B	2.9B	2.9B
Capital Allocation
Op. Cash Flow	5.0B	4.9B	5.2B	6.9B	4.7B	7.0B	7.2B	6.2B	7.3B	6.0B	6.8B	7.0B	7.1B
Dividends Paid	1.1B	1.3B	2.1B	2.4B	2.5B	2.7B	2.9B	3.1B	3.4B	3.6B	3.7B	3.6B	3.6B
Share Buybacks	2.6B	1.9B	2.8B	3.5B	2.2B	2.9B	1.3B	652M	2.5B	645M	2.1B	3.2B	3.2B
Buyback Yield	5.7%	2.9%	3.2%	3.8%	2.4%	2.9%	1.2%	0.4%	2.0%	0.6%	2.1%	3.0%	2.5%
Debt Repayment	565M	1.3B	5.1B	863M	7.4B	7.9B	6.1B	7.4B	0	6.0B	0	0	0
Stock-Based Comp	145M	439M	375M	348M	344M	290M	297M	344M	359M	355M	393M	429M	429M
Balance Sheet
Total Assets	37.9B	106.7B	99.6B	99.9B	91.4B	89.7B	90.7B	93.1B	91.0B	90.9B	90.0B	91.7B	91.3B
Intangibles	12.9B	68.6B	68.4B	61.9B	61.3B	60.5B	58.9B	59.7B	56.1B	56.3B	54.2B	53.4B	53.4B
Total Liabilities	18.5B	53.5B	47.6B	49.5B	40.6B	39.5B	39.8B	41.5B	38.3B	39.3B	39.6B	43.4B	42.5B
Equity	19.4B	53.2B	52.1B	50.2B	50.7B	50.1B	50.7B	51.4B	52.6B	51.5B	50.2B	48.0B	48.7B
Net Debt	-3.9B	14.3B	17.5B	12.2B	12.5B	14.6B	11.1B	15.6B	9.8B	16.4B	15.9B	16.7B	19.4B
Long-Term Debt	10.3B	33.8B	30.1B	25.9B	23.7B	24.5B	22.0B	26.4B	20.4B	24.3B	23.9B	25.6B	N/A
Debt/Equity	0.53	0.63	0.58	0.52	0.47	0.49	0.43	0.51	0.39	0.47	0.48	0.53	0.57
Interest Coverage	10.1	5.7	3.8	4.9	5.8	4.3	4.4	4.8	10.4	8.6	7.2	8.2	8.2
Working Capital	15.7B	21.7B	16.4B	10.6B	12.9B	13.5B	11.7B	14.0B	10.7B	12.6B	11.1B	10.9B	10.9B
Current Assets	21.2B	30.8B	23.6B	24.9B	23.0B	22.0B	22.0B	22.5B	23.1B	21.7B	21.9B	23.8B	23.8B
Current Liabilities	5.6B	9.2B	7.2B	14.3B	10.1B	8.5B	10.4B	8.5B	12.4B	9.1B	10.8B	12.9B	12.9B
Retained Earnings	19.9B	54.4B	21.7B	23.3B	24.4B	26.3B	28.1B	28.6B	30.3B	30.4B	30.4B	31.5B	31.5B
Per Share Data
Avg. Price	41.53	52.32	58.42	64.58	66.74	74.66	87.33	93.11	103.95	78.25	77.33	82.87	102.90
EPS	3.02	2.41	2.48	2.89	2.27	3.41	3.54	2.66	3.73	2.82	2.76	3.61	3.69
Owner EPS	3.91	2.84	1.42	2.59	1.24	2.99	3.16	2.36	3.17	2.24	2.81	2.91	2.98
Book Value	19.16	47.96	36.49	36.02	37.09	36.88	37.50	37.94	38.90	38.63	37.70	37.19	37.95
Cash Flow/Share	4.89	4.42	3.66	4.94	3.43	5.16	5.35	4.60	5.44	4.53	5.10	5.45	5.95
Dividends/Share	1.12	1.22	1.52	1.72	1.82	1.98	2.14	2.30	2.50	2.71	2.75	2.78	2.82
Shares Out.	1.0B	1.1B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.3B	1.3B	1.3B	1.3B
Valuation
P/E Ratio	14.7	24.4	25.3	23.1	29.4	21.4	23.6	43.0	25.6	29.7	27.5	22.9	27.9
Price/Book	2.3	1.2	1.7	1.9	1.8	2.0	2.2	3.0	2.5	2.2	2.0	2.2	2.7
Price/Sales	2.5	2.9	2.9	3.0	3.0	3.3	4.1	4.2	4.4	3.3	3.2	3.2	3.8
EV/EBIT	10.8	21.1	20.2	19.7	15.6	18.1	25.9	38.0	24.1	23.3	22.8	20.7	24.4
FCF Yield	10.1%	6.6%	4.7%	6.1%	4.0%	5.9%	5.3%	3.2%	4.6%	4.1%	5.1%	4.9%	3.9%
Market Cap	45.1B	65.3B	89.4B	92.9B	91.2B	99.0B	113.1B	155.1B	129.0B	111.7B	101.1B	106.8B	131.9B
Year-End Price	44.39	58.87	62.66	66.65	66.70	72.89	83.59	114.37	95.51	83.79	75.92	82.72	102.90

Medtronic plc

Business Description

Revenue by Segment

Quality Checklist