Abbott Laboratories vs Medtronic
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The short version
- Abbott Laboratories is the larger business, with $44.3B of revenue in fiscal 2025 against $36.4B for Medtronic.
- Medtronic grew revenue faster (8.4%, against 5.7%).
- Abbott Laboratories turned more of its sales into free cash flow (16.7% FCF margin, against 14.9%).
- Abbott Laboratories earned a higher return on the capital invested in it (11.2%, against 7.7%).
- Investors pay more for each dollar of Abbott Laboratories’s earnings: a P/E of 29.0x against 23.4x for Medtronic.
| Latest fiscal year | ABT · FY25 | MDT · FY26 |
|---|---|---|
| Size | ||
| Market cap | $181.2B | $122.6B |
| Revenue | $44.3B | $36.4B |
| Free cash flow | $7.4B | $5.4B |
| Net income | $6.5B | $4.8B |
| Growth | ||
| Revenue growth | 5.7% | 8.4% |
| 5-year growth | 5.1% | 3.8% |
| Share count change | 0.0% | −0.1% |
| Profitability | ||
| Gross margin | 56.4% | 65.0% |
| Operating margin | 18.2% | 17.8% |
| Net margin | 14.7% | 13.2% |
| FCF margin | 16.7% | 14.9% |
| Return on capital | 11.2% | 7.7% |
| Return on equity | 13.1% | 9.9% |
| Balance sheet | ||
| Net debt | $4.0B | $17.0B |
| Net debt / EBITDA | 0.4x | 1.8x |
| Dividends and buybacks | $5.0B | $4.7B |
| Valuation & quality | ||
| P/E | 29.0x | 23.4x |
| Piotroski F-score | 6 | 7 |
Revenue
FY17
ABT $27.4B
MDT $29.7B
FY18
ABT $30.6B
MDT $30.0B
FY19
ABT $31.9B
MDT $30.6B
FY20
ABT $34.6B
MDT $28.9B
FY21
ABT $43.1B
MDT $30.1B
FY22
ABT $43.7B
MDT $31.7B
FY23
ABT $40.1B
MDT $31.2B
FY24
ABT $42.0B
MDT $32.4B
FY25
ABT $44.3B
MDT $33.5B
FY26
ABT —
MDT $36.4B
ABT
MDT
Operating margin
FY17
ABT 5.7%
MDT 18.1%
FY18
ABT 11.9%
MDT 22.2%
FY19
ABT 14.2%
MDT 20.5%
FY20
ABT 15.5%
MDT 16.6%
FY21
ABT 19.6%
MDT 14.9%
FY22
ABT 19.2%
MDT 18.2%
FY23
ABT 16.2%
MDT 17.6%
FY24
ABT 16.3%
MDT 15.9%
FY25
ABT 18.2%
MDT 17.8%
FY26
ABT —
MDT 17.8%
ABT
MDT
Free cash flow
FY17
ABT $4.4B
MDT $5.6B
FY18
ABT $4.9B
MDT $3.6B
FY19
ABT $4.5B
MDT $5.9B
FY20
ABT $5.7B
MDT $6.0B
FY21
ABT $8.6B
MDT $4.9B
FY22
ABT $7.8B
MDT $6.0B
FY23
ABT $5.1B
MDT $4.6B
FY24
ABT $6.4B
MDT $5.2B
FY25
ABT $7.4B
MDT $5.2B
FY26
ABT —
MDT $5.4B
ABT
MDT
Return on capital
FY17
ABT 2.1%
MDT 6.7%
FY18
ABT 6.2%
MDT 5.4%
FY19
ABT 9.0%
MDT 8.6%
FY20
ABT 10.7%
MDT 7.3%
FY21
ABT 16.4%
MDT —
FY22
ABT 16.0%
MDT —
FY23
ABT 12.4%
MDT 5.9%
FY24
ABT 13.6%
MDT 5.8%
FY25
ABT 11.2%
MDT 7.5%
FY26
ABT —
MDT 7.7%
ABT
MDT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.