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Medtronic

MDT NYSE Health Care Equipment Financials FY2017–FY2026

Medtronic's revenue rose 8.4% to $36.4 billion in fiscal 2026. Its operating margin was 17.8%, about the same as 17.8% a year earlier. Free cash flow was $5.4 billion, up 4.7%. It paid out $4.7 billion in dividends and buybacks, 86% of free cash flow. The diluted share count fell 0.1%.

Last close · Oct 23, 2026

$95.41

1.2%
Value it Compare
Revenue Total sales reported in the income statement.
$36.4B
8.4% vs prior year
Operating margin Operating income as a share of revenue.
17.8%
0.0 pts
Net income Profit after all expenses, interest and tax.
$4.8B
3.0%
Free cash flow Cash from operations minus capital spending.
$5.4B
4.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.7%
0.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$122.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.4x
On $4.07 EPS (TTM)

What Medtronic does

Medtronic, based in Galway, Ireland, makes medical devices and sells them to hospitals, physicians and other health care providers in more than 150 countries. Its products treat heart conditions, brain, spine and nerve conditions, and general surgical and acute care needs.

It has three reportable segments. The Cardiovascular Portfolio includes pacemakers, heart rhythm and heart failure devices, treatments for atrial fibrillation, and devices for heart valves, the aorta and blood vessels. The Neuroscience Portfolio covers cranial and spinal products, specialty therapies and neuromodulation, used by spinal surgeons, neurosurgeons, pain specialists and others. The Medical Surgical Portfolio covers surgical and endoscopy products and acute care and monitoring products, used mainly by health systems, physician offices and surgery centers.

In May 2025 Medtronic announced plans to separate its diabetes business. A new company, MiniMed Group, completed an initial public offering on March 9, 2026, and the diabetes unit stopped being a reportable segment in the fourth quarter of fiscal 2026. Medtronic's results in this report still include the diabetes business unless it says otherwise.

Legal name
Medtronic plc
Fiscal year ends
April 24, 2026
Latest annual report
10-K · Jun 18, 2026
Accession · CIK
0001628280-26-044354
0001613103

Revenue and margins

Medtronic had $36.4B of revenue in fiscal 2026, up 8.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 2.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $5.4B in fiscal 2026, 14.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Medtronic returned $4.7B to shareholders in fiscal 2026, 86% of free cash flow. The diluted share count fell 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Medtronic yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$17.0B and divides by 1,288.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.4x · peers 30.4x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Medtronic can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $10.6B$8.0B$8.0B$9.0B$9.2B
Debt incl. finance leases $20.4B$24.3B$25.0B$25.6B$26.2B
Net debt / EBITDA 1.2x2.0x2.2x1.9x1.8x
Debt / equity 0.4x0.5x0.5x0.5x0.5x
Interest coverage 10.4x8.6x7.2x8.2x9.0x
Current ratio 1.9x2.4x2.0x1.9x2.1x
Quick ratio 1.5x1.8x1.6x1.4x1.6x
Total assets $91.0B$90.9B$90.0B$91.7B$93.0B
Total liabilities $38.3B$39.3B$39.6B$43.4B$43.0B
Shareholders' equity $52.6B$51.5B$50.2B$48.0B$49.5B
Net debt (− = net cash) $9.8B$16.4B$17.0B$16.7B$17.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$14.7M

5 insiders

Of sales under plans

41%

$6.0M

DateInsiderTradeSharesPriceValueFiling
Oct 15, 2026 Geoffrey MarthaChairman and CEO, Director Sold plan 50,000 $95.00 $4.8M Form 4
Oct 15, 2026 Michael MarinaroEVP, Pres MedSurg and Americas Sold plan 10,420 $96.00 $1.0M Form 4
Sep 16, 2026 Harry Skip KiilEVP & President Cardiovascular Sold 1,483 $93.65 $0.1M Form 4
Jul 8, 2026 Matthew R. WalterSVP, Chief HR Officer Sold plan 3,102 $83.15 $0.3M Form 4
Jun 8, 2026 Harry Skip KiilEVP & President Cardiovascular Sold 4,189 $80.44 $0.3M Form 4
Feb 19, 2026 Harry Skip KiilEVP & President Cardiovascular Sold 52,524 $97.71 $5.1M Form 4
Nov 19, 2025 Gregory L SmithEVP Global Ops & Supply Chain Sold 30,000 $101.95 $3.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✓ ✓ ✓
F-score 5 / 96 / 97 / 9
Accruals ratio −3.4%−2.6%−2.7%
Altman Z'' 3.643.513.76

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Medtronic MDT $122.6B 8.4% 17.8% 14.9% 7.7% 23.4x 7
Abbott Laboratories ABT $181.2B 5.7% 18.2% 16.7% 11.2% 29.0x 6 Compare →
Stryker SYK $118.6B 11.2% 19.5% 17.1% 11.3% 31.8x 6 Compare →
Becton Dickinson BDX $54.7B 8.2% 11.8% 12.2% 5.5% 59.9x 6 Compare →
GE HealthCare GEHC $32.7B 4.8% 13.4% 7.3% 13.3% 17.1x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $29.7B $30.0B $30.6B $28.9B $30.1B $31.7B $31.2B $32.4B $33.5B $36.4B
Gross profit $20.4B $20.9B $21.4B $19.5B $19.6B $21.5B $20.5B $21.1B $21.9B $23.6B
Research and development $2.2B $2.3B $2.3B $2.3B $2.5B $2.7B $2.7B $2.7B $2.7B $2.9B
Operating income $5.4B $6.6B $6.3B $4.8B $4.5B $5.8B $5.5B $5.1B $6.0B $6.5B
Interest expense $1.1B $1.1B $1.4B $1.1B $925M $553M $636M $719M $729M $715M
Pretax income $4.6B $5.7B $5.2B $4.1B $3.9B $5.5B $5.4B $4.8B $5.6B $6.1B
Income tax $578M $2.6B $547M −$751M $265M $456M $1.6B $1.1B $936M $1.3B
Net income $4.0B $3.1B $4.6B $4.8B $3.6B $5.0B $3.8B $3.7B $4.7B $4.8B
Diluted EPS $2.89 $2.27 $3.41 $3.54 $2.66 $3.73 $2.82 $2.76 $3.61 $3.73
Diluted shares 1.39B 1.37B 1.36B 1.35B 1.35B 1.35B 1.33B 1.33B 1.29B 1.29B
Cash flow
Cash from operations $6.9B $4.7B $7.0B $7.2B $6.2B $7.3B $6.0B $6.8B $7.0B $7.3B
Capital expenditure $1.3B $1.1B $1.1B $1.2B $1.4B $1.4B $1.5B $1.6B $1.9B $1.9B
Free cash flow $5.6B $3.6B $5.9B $6.0B $4.9B $6.0B $4.6B $5.2B $5.2B $5.4B
Depreciation and amortization $2.9B $2.6B $2.7B $2.7B $2.7B $2.7B $2.7B $2.6B $2.9B $3.0B
Stock-based compensation $348M $344M $290M $297M $344M $359M $355M $393M $429M $457M
Acquisitions $1.3B $137M $1.8B $488M $994M $91.0M $1.9B $211M $98.0M $406M
Share buybacks $3.5B $2.2B $2.9B $1.3B $652M $2.5B $645M $2.1B $3.2B $1.0B
Dividends paid $2.4B $2.5B $2.7B $2.9B $3.1B $3.4B $3.6B $3.7B $3.6B $3.6B
Dividends and buybacks $5.9B $4.7B $5.6B $4.2B $3.8B $5.9B $4.3B $5.8B $6.8B $4.7B
Balance sheet
Cash and short-term investments $13.7B $11.2B $9.8B $10.9B $10.8B $10.6B $8.0B $8.0B $9.0B $9.2B
Total debt $33.4B $25.8B $25.4B $24.9B — $20.4B $24.3B $25.0B $25.6B $26.2B
Finance lease liabilities $0.0M $0.0M $0.0M $50.0M $71.0M $62.0M $64.0M $61.0M $58.0M $60.0M
Current assets $24.9B $23.0B $22.0B $22.0B $22.5B $23.1B $21.7B $21.9B $23.8B $24.8B
Current liabilities $14.3B $10.1B $8.5B $10.4B $8.5B $12.4B $9.1B $10.8B $12.9B $11.7B
Inventory $3.3B $3.6B $3.8B $4.2B $4.3B $4.6B $5.3B $5.2B $5.5B $6.0B
Property and equipment, net $4.4B $4.6B $4.7B $4.8B $5.2B $5.4B $5.6B $6.1B $6.8B $7.4B
Total assets $99.9B $91.4B $89.7B $90.7B $93.1B $91.0B $90.9B $90.0B $91.7B $93.0B
Total liabilities $49.5B $40.6B $39.5B $39.8B $41.5B $38.3B $39.3B $39.6B $43.4B $43.0B
Shareholders' equity $50.2B $50.7B $50.1B $50.7B $51.4B $52.6B $51.5B $50.2B $48.0B $49.5B
Margins
Gross margin 68.7% 69.8% 70.0% 67.4% 65.2% 68.0% 65.7% 65.3% 65.3% 65.0%
Operating margin 18.1% 22.2% 20.5% 16.6% 14.9% 18.2% 17.6% 15.9% 17.8% 17.8%
EBITDA margin 27.9% 31.0% 29.2% 25.8% 23.9% 26.7% 26.2% 24.1% 26.3% 25.9%
Net margin 13.6% 10.4% 15.2% 16.6% 12.0% 15.9% 12.0% 11.4% 13.9% 13.2%
FCF margin 18.9% 12.1% 19.2% 20.8% 16.2% 18.9% 14.7% 16.1% 15.5% 14.9%
Returns
Return on capital 6.7% 5.4% 8.6% 7.3% — — 5.9% 5.8% 7.5% 7.7%
Return on capital employed 6.1% 8.0% 7.7% 5.9% 5.4% 7.1% 6.8% 6.4% 7.5% 8.1%
Return on equity 7.9% 6.2% 9.2% 9.5% 7.1% 9.7% 7.2% 7.2% 9.5% 9.9%
Return on assets 4.0% 3.3% 5.1% 5.3% 3.9% 5.5% 4.1% 4.1% 5.1% 5.2%
Growth
Revenue growth 3.0% 0.8% 2.0% −5.4% 4.2% 5.2% −1.5% 3.6% 3.6% 8.4%
Net income growth 13.9% −22.9% 49.2% 3.4% −24.7% 39.7% −25.4% −2.2% 26.8% 3.0%
EPS growth 16.5% −21.5% 50.2% 3.8% −24.9% 40.2% −24.4% −2.1% 30.8% 3.3%
FCF growth 34.9% −35.7% 62.4% 2.5% −18.9% 22.4% −23.4% 13.5% −0.3% 4.7%
Share count change −2.4% −1.7% −0.8% −0.5% 0.2% −0.2% −1.4% −0.2% −3.0% −0.1%
Financial health
Net debt / EBITDA 2.4x 1.6x 1.7x 1.9x — 1.2x 2.0x 2.2x 1.9x 1.8x
Debt / equity 0.7x 0.5x 0.5x 0.5x — 0.4x 0.5x 0.5x 0.5x 0.5x
Interest coverage 4.9x 5.8x 4.3x 4.4x 4.9x 10.4x 8.6x 7.2x 8.2x 9.0x
Current ratio 1.7x 2.3x 2.6x 2.1x 2.7x 1.9x 2.4x 2.0x 1.9x 2.1x
Quick ratio 1.5x 1.9x 2.2x 1.7x 2.1x 1.5x 1.8x 1.6x 1.4x 1.6x
Capital allocation
Capex / revenue 4.2% 3.6% 3.7% 4.2% 4.5% 4.3% 4.7% 4.9% 5.5% 5.2%
Stock comp / revenue 1.2% 1.2% 1.0% 1.0% 1.1% 1.1% 1.1% 1.2% 1.3% 1.3%
Payouts / FCF 105.2% 129.0% 94.8% 70.1% 77.2% 99.2% 93.0% 111.6% 131.6% 86.1%
Quality scores
Piotroski F-score 7.0 8.0 8.0 6.0 — — 6.0 5.0 6.0 7.0
Altman Z'' 2.9 3.6 3.8 3.6 3.6 3.7 3.8 3.6 3.5 3.8
Accruals ratio −2.9% −1.7% −2.6% −2.7% −2.9% −2.5% −2.5% −3.4% −2.6% −2.7%

Source: SEC EDGAR XBRL filings (CIK 0001613103). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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