Medtronic (MDT)
Health Care · $118B market cap · SEC CIK 0001613103
fundamentals score out of 100
Next reports on Nov 16, 2026, with analysts expecting $1.34 in earnings per share.
The case for MDT
- Revenue growing 9.8% year over year.
- Pays a 3.5% dividend while you wait.
- Gross margin of 66% absorbs cost shocks.
- Moves less than the market (beta 0.60).
- Current assets cover the near-term bills 2.1 times over.
The case against
- Weakest against its peers: return on equity of 11% is lower than 59% of Health Care companies.
- Its weakest area is growth (43/100): revenue +9.8%, EPS +12.3%, +3.8% a year over five years.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 64 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 43 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 63 |
| Momentumhow the price has behaved lately | 58 |
| Stabilityhow violently it moves, what it owes and what it pays you | 84 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 22.5× |
|---|---|
| Price / book | 2.18× |
| Price / sales | 3.1× |
| Revenue growth (YoY) | +9.8% |
| EPS growth (YoY) | +12.3% |
| Gross margin | 66% |
| Operating margin | 18% |
| Net margin | 14% |
| Return on equity | 11% |
| Debt / equity | 0.56× |
| Current ratio | 2.07 |
| Dividend yield | 3.50% |
| Beta | 0.60 |
| 52-week range | $73.31 – $106.33 |
| Position in that range | 53% of the way up |
| 3-month return | +15.6% |
| 1-year return | -3.5% |
Five years of financials, as filed
Pulled from Medtronic's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $36.4B | $33.5B | $32.4B | $31.2B | $31.7B |
| Operating income | $6.5B | $6.0B | $5.1B | $5.5B | $5.8B |
| Net income | $5K | $5K | $4K | $4K | $5K |
| Operating cash flow | $7.3B | $7.0B | $6.8B | $6.0B | $7.3B |
| Capital expenditure | $1.9B | $1.9B | $1.6B | $1.5B | $1.4B |
| Total assets | $91.5B | $90.0B | $90.8B | $94.1B | $91.8B |
| Total liabilities | $42.3B | $40.4B | $38.8B | $42.5B | $39.1B |
| Shareholder equity | $49.0B | $49.4B | $51.8B | $51.4B | $52.5B |
| Cash | $1.1B | $1.2B | $1.6B | $4.5B | $3.5B |
| Free cash flow | $5.4B | $5.2B | $5.2B | $4.6B | $6.0B |
| Operating margin | 17.8% | 17.8% | 15.9% | 17.6% | 18.2% |
| Net margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Diluted shares | 1.3B | 1.3B | 1.3B | 1.3B | 1.4B |
Share count is down 4.7% over 4 years. Buybacks have been shrinking the pie.
What Medtronic says it does
Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company. Medtronic was founded in 1949 and today serves healthcare systems, physicians, clinicians, and patients in more than 150 countries worldwide. We remain committed to a mission written by our founder in 1960 that directs us "to contribute to human welfare by the application of biomedical engineering in the research, design, manufacture, and sale of products to alleviate pain, restore health, and extend life." Our Mission — to alleviate pain, restore health, and extend life — empowers us to engineer the extraordinary and deliver better outcomes for our world. We are a company of dedication, honesty, integrity, and service. Building on this strong foundation, we are embracing our role as a healthcare technology leader and evolving our business strategy in three key areas: • Accelerate innovation-driven growth: The combination of our…
Risk factors MDT lists in its 10-K
- We are subject to extensive and complex laws and governmental regulations and any adverse regulatory action may materially adversely affect our financial condition and business operations."
- Data Privacy and Security Laws and Regulations
- Regulations Governing Reimbursement
- Environmental Health and Safety Laws
- We operate in a highly competitive industry and we may be unable to compete effectively
- Our success depends on our ability to differentiate our products and successfully execute and scale emerging technologies
- Reduction or interruption in supply or other manufacturing difficulties may adversely affect our manufacturing operations and related product sales
- Our research and development efforts rely upon investments and investment collaborations, and we cannot guarantee that any previous or future investments or investment collaborations will be successful
- We have debt obligations that create risk
- Healthcare policy changes may have a material adverse effect on us
- We are subject to litigation, claims, investigations, and regulatory proceedings, which are inherently unpredictable and could materially adversely affect our business, results of operations, financial condition, and cash flows
- Changes in tax laws or exposure to additional income tax liabilities could have a material impact on our business, results of operations, financial condition, and cash flows
- The outcome of Medtronic, Inc.'s U.S. tax litigation could have a material adverse impact on our financial condition
- Other Factors Impacting Our Operations