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Medtronic PLC

MDT Healthcare Medical Devices

Medtronic PLC’s revenue for fiscal 2026 (year ended April 2026) was $36.4 billion, up 8.43% from fiscal 2025.

Revenue
+13.7%
EPS
+42.0%
Free cash flow
+120.9%
Total debt
−1.59%

Quarter to July 2026, against a year earlier

102.73 2.11 −2.01%
Market cap
$134.1B
P/E
25.6×
Fwd P/E
20.8×
Dividend yield
2.74%
F-score
7/9
Altman Z
2.73
Beneish M
−2.58
Dividend safety
61/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • Cardiovascular
  • Neuroscience
  • Medical Surgical
  • Diabetes
  • Other operating segment, misc

Every year since 2013 →

Insider Decisions last twelve months

Sold, $m 11.62
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — — — 1 1 — 1 2 —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 134,110.00
Revenue ttm 37,542.00
Net income ttm 5,269.00
Free cash flow ttm 6,132.00
Net debt Q 19,334.00
Valuation
P/E 25.62
Forward P/E 20.80
Price / sales 3.56
Forward P/S Powerpack
Price / FCF 21.81
Price / book 2.63
Financial health
Current ratio Q 2.07 (at or above 1.5: strong)
Debt / equity Q 0.55
Interest coverage Q 9.48
Growth
Revenue growth Q +13.73% (above 0%: growing)
Operating income growth Q +22.16% (above 0%: growing)
EPS, this year +8.09%
EPS, next year A +6.99%
Revenue, next year A +7.17%
EPS, past 5 yrs +7.00%
EPS, next 5 yrs A +7.72%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.1×, against a ten-year median of 4.4×; over the ten years it ranged from 3.1× in 2026 to 6.4× in 2021.
P/E against its own 10 years 26.26%
10-year low 10-year high
P/S against its own 10 years 31.54%
10-year low 10-year high
P/B against its own 10 years 76.35%
10-year low 10-year high
EV/Sales against its own 10 years 26.51%
10-year low 10-year high
EV/FCF against its own 10 years 27.83%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.74%
Annual rate
2.86
Payout ratio
70.4%
Growth, 2017–25
+5.75%/yr
  1. 1.81 ’17
  2. 1.96 ’18 +8
  3. 2.12 ’19 +8
  4. 2.28 ’20 +8
  5. 2.47 ’21 +8
  6. 2.67 ’22 +8
  7. 2.75 ’23 +3
  8. 2.79 ’24 +1
  9. 2.83 ’25 +1
  10. 2.86 ’26e +1
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 8,005 8,965 9,220 8,819
Receivables 6,128 6,515 6,643 6,357
Inventory 5,217 5,476 5,951 6,215
Other 2,584 2,858 2,972 2,999
21,935 23,814 24,787 24,390
2024 2025 2026 Q'26
Payables 2,410 2,449 2,644 2,695
ST’ Debt 1,092 2,874 1,788 2,536
Other — — — —
10,789 12,879 11,658 11,799

Compound Annual Growth %

10y 5y 3y
Sales 2.35% 3.84% 5.21%
Cash Flow 3.46% 3.27% 6.67%
Earnings 3.10% 5.89% 8.51%
Book Value (0.39%) (0.60%) (1.04%)

Earnings Trends EPS, adjusted, against the consensus

Q1 FY27 Estimate 1.39 Actual 1.45

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY26 1.31 1.36 Beat by 0.05
Q3 FY26 1.33 1.36 Beat by 0.03
Q4 FY26 1.54 1.55 Beat by 0.01
Q1 FY27 1.39 1.45 Beat by 0.06
Q2 FY27 1.34 — Reports 17 November 2026

EPS $

Jul Oct Jan Apr Year
’26 1.14 — — — —
’26 0.81 1.07 0.89 0.96 3.73
’25 0.80 0.99 1.01 0.82 3.61
’24 0.59 0.68 0.99 0.49 2.76
’23 0.70 0.32 0.92 0.88 2.82
’22 0.56 0.97 1.10 1.10 3.73
’21 0.36 0.36 0.94 1.00 2.66
Fiscal quarters ending in the months shown.

Revenue $m

Jul Oct Jan Apr Year
’26 9,756 — — — —
’26 8,578 8,961 9,017 9,808 36,364
’25 7,915 8,403 8,292 8,927 33,537
’24 7,702 7,984 8,089 8,589 32,364
’23 7,371 7,585 7,727 8,544 31,227
’22 7,987 7,847 7,763 8,089 31,686
’21 6,507 7,647 7,775 8,188 30,117
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jul Oct Jan Apr Year
’26 1,793 — — — —
’26 1,088 925 2,744 2,573 7,330
’25 986 958 2,572 2,528 7,044
’24 875 661 2,474 2,777 6,787
’23 1,083 922 1,574 2,460 6,039
’22 1,292 1,769 2,228 2,057 7,346
’21 278 1,861 2,356 1,745 6,240
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jul Oct Jan Apr Year
’26 1,290 — — — —
’26 584 457 2,300 2,085 5,426
’25 466 554 2,096 2,069 5,185
’24 521 200 2,128 2,351 5,200
’23 657 599 1,242 2,082 4,580
’22 914 1,498 1,898 1,668 5,978
’21 (56) 1,580 1,993 1,368 4,885
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 9.8% a year for ten years. It grew 0.8% a year over the last ten.

Implied
9.8%
10 years, reported
0.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to April

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Jul ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 29,710 29,953 30,557 28,913 30,117 31,686 31,227 32,364 33,537 36,364 37,542 +2.3% 38,971 40,399 42,340 +5.2%
Gross margin, % 68.72 69.73 70.04 67.41 65.19 67.98 65.67 65.34 65.32 65.02 65.01 (3.7) pt
EBT 4,602 5,675 5,197 4,055 3,895 5,517 5,364 4,837 5,628 6,136 6,603 +3.2%
EBT margin, % 15.49 18.95 17.01 14.02 12.93 17.41 17.18 14.95 16.78 16.87 17.59 +1.4 pt
Net income 4,024 3,095 4,650 4,806 3,630 5,062 3,784 3,705 4,691 4,837 5,269 +2.1%
Per share, $
Per share, $ Revenue 21.55 22.08 22.70 21.57 22.39 23.60 23.48 24.38 26.09 28.37 29.33 +3.1%
Earnings 2.92 2.29 3.44 3.57 2.67 3.75 2.83 2.77 3.63 3.75 4.08 +2.8%
Cash flow 4.99 3.45 5.20 5.40 4.64 5.47 4.54 5.11 5.48 5.72 6.28 +1.5%
Capex (0.91) (0.79) (0.84) (0.90) (1.01) (1.02) (1.10) (1.20) (1.45) (1.49) (1.49) +5.6%
Free cash flow 4.08 2.67 4.36 4.49 3.63 4.45 3.44 3.92 4.03 4.23 4.79 +0.4%
Book value 36.50 37.46 37.29 37.94 38.37 39.27 38.85 37.98 37.54 39.06 39.73 +0.8%
Shares, m 1,379 1,357 1,346 1,341 1,345 1,342 1,330 1,328 1,286 1,282 1,282 (0.8%)
Valuation, ×
Valuation, × P/E 28.58 34.99 25.82 27.35 49.03 27.50 32.04 29.18 23.35 21.65 25.62 29.9
P/S 3.89 3.63 3.91 4.53 5.85 4.37 3.86 3.29 3.25 2.85 3.56 3.9
P/B 2.29 2.14 2.38 2.57 3.41 2.63 2.33 2.11 2.26 2.07 2.63 2.4
EV/Sales 4.55 4.11 4.42 5.01 6.36 4.80 4.39 3.82 3.83 3.37 4.08 4.5
EV/FCF 24.03 34.08 23.00 24.04 39.23 25.43 29.91 23.76 24.79 22.58 24.97 27.1
Cash, $m
Cash, $m Operating cash flow 6,880 4,684 7,007 7,234 6,240 7,346 6,039 6,787 7,044 7,330 8,035 +0.7%
Capex (1,254) (1,068) (1,134) (1,213) (1,355) (1,368) (1,459) (1,587) (1,859) (1,904) (1,903) +4.7%
Free cash flow 5,626 3,616 5,873 6,021 4,885 5,978 4,580 5,200 5,185 5,426 6,132 (0.4%)
Balance, $m
Balance, $m Working capital 10,609 12,896 13,495 11,665 14,039 10,665 12,624 11,146 10,935 13,129 12,591 +2.4%
Net debt 19,733 14,530 15,476 13,849 15,572 13,541 16,405 17,019 19,551 18,741 19,334 (0.6%)
Shareholders’ equity 50,330 50,822 50,212 50,872 51,602 52,722 51,665 50,420 48,256 50,072 50,850 (0.1%)
Returns, %
Returns, % ROA 4.04 3.25 5.11 5.31 3.92 5.48 4.13 4.06 5.13 5.20 5.68 +1.2 pt
ROIC 4.80 6.35 5.96 4.63 4.17 5.43 5.04 4.77 5.49 5.87 6.04 +1.1 pt
ROE 7.87 6.14 9.17 9.48 7.04 9.66 7.20 7.20 9.45 9.77 10.57 +1.9 pt
People
People Employees 91,000 86,000 90,000 90,000 90,000 95,000 95,000 95,000 95,000 95,000 — +0.5%
Revenue/emp, $m 0.33 0.35 0.34 0.32 0.33 0.33 0.33 0.34 0.35 0.38 — +1.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Apr 2026 · latest quarter Jul 2026

Business profile

Updated

Medtronic is a healthcare technology company headquartered in Galway, Ireland. Founded in 1949, it develops, manufactures, distributes and sells device-based medical therapies and related services. Its three reportable segments are the Cardiovascular Portfolio, Neuroscience Portfolio and Medical Surgical Portfolio.

The Cardiovascular Portfolio serves specialists treating heart-rhythm disorders, heart failure, valve disease, aortic disease, coronary disease, peripheral vascular disease and hypertension. Its offerings include pacemakers, defibrillators, cardiac monitoring systems, ablation catheters, heart valves, stents, balloons, vascular grafts and renal-denervation systems.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
Cardiovascular 13,976 38.43%
Neuroscience 10,287 28.29%
Medical Surgical 8,815 24.24%
Diabetes 3,112 8.56%
Other operating segment, misc 135 0.37%
Gross margin 65.02%
Operating margin 17.78%
Pre-tax margin 16.87%

Revenue by segment since 2013

Medtronic PLC vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ABT Abbott Laboratories $196.6B 42.3× 35.1× +14.46% (above 0%: growing) −43.62% (below 0%: shrinking) +28.87% (above 0%: growing) 56.75% 10.44% Compare
MDT Medtronic PLC $134.1B 25.6× 20.8× +13.73% (above 0%: growing) +41.98% (above 0%: growing) +120.89% (above 0%: growing) 64.99% 18.08%
SYK Stryker Corporation $127.6B 35.3× 24.6× +7.64% (above 0%: growing) −12.44% (below 0%: shrinking) −19.37% (below 0%: shrinking) 65.15% 15.86% Compare
BSX Boston Scientific Corporation $64.7B 18.7× 17.0× +1.44% (above 0%: growing) −21.57% (below 0%: shrinking) −25.30% (below 0%: shrinking) 66.72% 16.12% Compare
EW Edwards Lifesciences Corporation $58.1B 56.7× 36.5× +10.46% (above 0%: growing) +6.00% (above 0%: growing) −1.84% (below 0%: shrinking) 78.48% 17.44% Compare
GEHC GE HealthCare Technologies Inc. $37.9B 17.5× 15.5× +7.19% (above 0%: growing) +40.64% (above 0%: growing) +64.18% (above 0%: growing) 40.34% 14.58% Compare
DXCM DexCom, Inc. $31.5B 32.6× 31.8× +11.18% (above 0%: growing) 0.00% −52.93% (below 0%: shrinking) 64.29% 24.34% Compare
PHG Koninklijke Philips N.V. $29.8B 25.8× 11.2× +0.55% (above 0%: growing) −85.00% (below 0%: shrinking) +154.15% (above 0%: growing) 46.44% 3.76% Compare
STE STERIS plc $24.8B 30.0× 25.1× +8.79% (above 0%: growing) +12.82% (above 0%: growing) +43.64% (above 0%: growing) 44.74% 18.53% Compare
Median of peers $48.0B 31.3× 24.9× +8.22% −6.22% +13.52% 60.52% 15.99%

All 149 Medical Devices stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Truist Oct 11, 2026 Reiterated Hold —

Pay and ownership Proxy statement filed 17 August 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 22.94m 22.45m 74.09
2025 21.24m 26.09m 97.82
2024 20.08m 11.12m 89.66
2023 15.39m 3.32m 98.97
2022 17.86m 2.95m 109.87
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Medtronic PLC (MDT) Latest News

6 Nov

Impact 3 · · Simply Wall St.

29 Oct

Impact 3 · · Zacks
Impact 3 · · Trefis
Impact 3 · · GlobeNewswire
Impact 3 · · Trefis

28 Oct

Impact 3 · · ACCESS Newswire
Impact 3 · · Barchart

27 Oct

Impact 3 · · 24/7 Wall St.

24 Oct

Impact 4 · · Simply Wall St.

23 Oct

Impact 4 · · medicaldevice-network.com
Impact 3 · · Simply Wall St.
Impact 3 · · GlobeNewswire

22 Oct

Impact 4 · · PR Newswire
Impact 3 · · GlobeNewswire

21 Oct

Impact 4 · · Simply Wall St.

20 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · medicaldevice-network.com
Impact 3 · · GuruFocus.com

19 Oct

Impact 3 · · Zacks
Impact 3 · · ACCESS Newswire
Impact 3 · · Zacks

17 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · The Motley Fool

16 Oct

Impact 4 · · Zacks
Impact 3 · · medtechdive.com
Impact 3 · · PR Newswire

15 Oct

Impact 4 · · Trefis
Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 3 · · PR Newswire

MDT metrics, ten years each

stockrow.com/MDT · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com