— Know what they know.
/
Not Investment Advice

MDT

NYSE · USD
Medtronic plc
Healthcare · Medical - Devices
CEO Geoffrey Straub Martha Employees 95,000 R&D / revenue 7.9%
Last price
$94.75−0.73%last session
Market cap
$121.2B
P/E (TTM)
23.2x
From 52w high
−10.9%
From 52w low
+29.2%
1-year return
+3.0%
RSI 14 · vs SMA200
64.6 · +9.0%
IS score
63.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

MDT   SPY   XLV (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26XLV 124SPY 116MDT 103

Score DNA

Each bar is a 0-100 score within the scored universe
57
Profitability
55
Growth
64
Value
83
Momentum
65
Risk (safety)
83
Quality
70
Balance sheet
93
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+✓ Congress buying
Warnings
None of the computed warning flags fires for MDT (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Wide, Cost AdvantagePiotroski 9 / 9Altman Z 2.9Beta 0.573 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
6 open-market sales, $6.5M
Form 144 notices (12m): 7, $14.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-09-11
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−94
177 new holders, 242 closed
2,130 filers hold 86.0% · 839 added, 920 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+82
567 funds adding shares
485 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
41.7%
20-day avg 54.1%, 50-day avg 44.1%
Latest 12.4 pp under its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$36.4B
Revenue growth YoY+8.4%
Gross margin65.0%
Operating income$6.5B
Operating margin17.8%
Net income$4.8B
Net margin13.2%
EPS (diluted)$3.73
Cash flow
Operating cash flow$7.3B
Capital expenditure$1.9B
Free cash flow$5.4B
FCF conversion (FCF / OCF)74.0%
Stock-based compensation$457.0M
FCF less SBC$5.0B
Buybacks$1.0B
Dividends$3.6B
Balance sheet & returns
Cash & short-term investments$9.2B
Total debt$27.9B
Net debt$18.7B
Shareholders' equity$50.1B
Goodwill & intangibles$52.7B
Debt / equity0.56
ROE (TTM)10.6%
ROIC (TTM)6.4%
Operating margin by fiscal year
18.2%FY202217.6%FY202315.9%FY202417.8%FY202517.8%FY2026
Revenue $31.7B (FY2022) to $36.4B (FY2026), a 3.5% CAGR.

Valuation

P/E (TTM)23.2x
EV / EBITDA14.5x
Price / sales3.23x
Price / FCF19.8x
FCF yield5.06%
Buyback yield0.85%
SBC / revenue1.3%
Price / book2.41x
Forward P/E FY202715.9x
Forward multiples divide today's price by Street EPS estimates. Street mean target $102.09 across 11 analysts last quarter is theirs, not ours.

MDT vs industry median

318 companies in Medical - Devices
Gross margin 66.7% 57.3% Operating margin 18.1% -22.8% Net margin 13.9% -23.0% ROIC 6.4% -5.0%
MDT (TTM)Industry median Asset turnover 0.40 vs industry 0.55 · financial leverage 1.86

Earnings delivery

Next report 2026-11-17 · consensus EPS $1.34
100%
beat rate, 12 of 12 quarters
+2.5%
median EPS surprise
12
longest beat streak
+6+3+1+3+1+2+3+2+4+1+1+4
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-21 to 2026-09-01. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
MDT Medtronic plc $121.2B23.2x10.6%13.9%+8.4% +3.0%
SYK Stryker Corporation $113.0B30.3x16.5%19.4%+8.5% −20.2%
ABT Abbott Laboratories $181.5B33.7x10.7%7.4%+8.1% −17.8%
BSX Boston Scientific Corporatio $64.3B17.9x15.5%16.7%+13.5% −54.6%
EW Edwards Lifesciences Corpora $49.9B49.8x9.5%13.9%+14.6% +19.2%
DXCM DexCom, Inc. $32.5B33.2x38.5%19.0%+15.5% —
ZBH Zimmer Biomet Holdings, Inc. $18.1B23.0x6.4%9.1%+8.6% —
PEN Penumbra, Inc. $12.6B78.4x11.4%8.9%+17.6% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-09-17Other Events; Exhibits
2026-09-01Earnings Release; Exhibits
2026-06-03Earnings Release; Exhibits
2026-05-18Officer/Director Change; Exhibits
2026-04-27Regulation FD; Exhibits
2026-03-24Regulation FD

Context

Shares outstanding1,279,170,000
Free float99.9%
Institutional ownership86.0%
Beta0.57
Dividend yield3.02%
Last dividend$0.72 on 2026-09-25
50 / 200-day average$90.71 / $88.31
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where MDT sits among 61 scored companies in Medical - Devices (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureMDTIndustry medianIndustry percentileSector median
P/E (TTM) 23.2x 25.7x
41st		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 1.60 1.33
60th		 1.28
Price / sales 3.2x 3.3x
48th		 3.7x
Price / book 2.4x 3.5x
36th		 3.6x
Price / tangible book —
Price / free cash flow 19.8x 26.8x
36th		 21.2x
Price / operating cash flow 15.1x 19.5x
28th		 17.1x
Enterprise value $140.5B $2.0B
98th		 $2.5B
EV / sales 3.7x 3.5x
57th		 3.8x
EV / EBITDA 13.8x 18.6x
42nd		 16.2x
EV / EBIT 19.2x 24.7x
33rd		 23.0x
EV / free cash flow 22.9x 27.6x
36th		 24.6x
Earnings yield 4.3% -0.7%
82nd		 -0.3%
FCF yield 5.1% 1.9%
78th		 1.7%
Operating cash flow yield 6.6% 3.4%
80th		 2.9%
Graham number (per share) $59.83 $42.90
74th		 $26.70

Profitability (TTM)

MeasureMDTIndustry medianIndustry percentileSector median
Gross margin 66.7% 63.7%
57th		 65.1%
EBITDA margin 27.1% 9.3%
90th		 6.6%
Operating margin 18.1% 4.0%
85th		 3.5%
EBIT margin 19.5% 1.4%
85th		 2.4%
Net margin 13.9% -1.7%
85th		 0.3%
NOPAT margin 14.4% 0.1%
82nd		 2.7%
FCF margin 16.3% 3.0%
80th		 4.3%
Operating cash flow margin 21.4% 8.5%
87th		 7.1%
R&D / revenue 7.8% 10.1%
39th		 12.4%
SG&A / revenue 32.4% 46.6%
18th		 37.9%
Stock comp / revenue 1.3% 3.5%
23rd		 4.5%
Effective tax rate 20.2% 21.0%
19th		 21.0%

Returns on capital

MeasureMDTIndustry medianIndustry percentileSector median
ROE (on average equity) 10.7% -1.7%
69th		 0.8%
ROA 5.7% -1.1%
72nd		 -0.3%
ROIC 7.8% 1.1%
66th		 5.5%
ROCE 9.0% 1.6%
72nd		 2.3%
Return on tangible assets 8.0% 1.0%
70th		 1.7%
Cash ROIC (OCF / invested capital) 11.6% 7.0%
61st		 9.7%
Gross profitability (GP / assets) 26.8% 36.4%
33rd		 29.9%
ROIC, 3-yr average 6.0% -1.0%
65th		 2.6%
ROIC, 5-yr average 6.7% -0.4%
65th		 3.2%
ROE, 5-yr average 9.1% -4.8%
73rd		 -4.9%
Incremental ROIC 90.1% 19.9%
84th		 17.2%

Growth

MeasureMDTIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 9.8% 11.5%
45th		 10.5%
Revenue growth (QoQ) -0.5% 7.8%
13th		 7.2%
Revenue CAGR, 3 yr 6.0% 11.6%
28th		 10.7%
Revenue CAGR, 5 yr 3.5% 12.8%
15th		 12.1%
Gross profit CAGR, 3 yr 6.5% 12.8%
29th		 10.6%
Operating income CAGR, 3 yr 6.4% 12.0%
32nd		 11.7%
Net income growth (TTM YoY) 12.2% 8.7%
58th		 17.5%
Net income CAGR, 3 yr 13.1% 13.1%
50th		 11.3%
EPS growth (TTM YoY) 12.4% 7.8%
58th		 19.2%
EPS CAGR, 3 yr 14.5% 14.5%
50th		 14.0%
EPS CAGR, 5 yr 7.3% 9.1%
45th		 8.1%
FCF growth (TTM YoY) 15.6% 16.8%
47th		 18.6%
FCF CAGR, 3 yr 11.3% 32.2%
19th		 15.4%
Operating cash flow CAGR, 3 yr 11.3% 18.3%
39th		 11.9%
Book value CAGR, 3 yr 0.6% 5.2%
37th		 2.1%
Dividend CAGR, 3 yr 1.7% 2.5%
25th		 2.2%
Sustainable growth rate 3.2% 10.9%
15th		 12.2%

Margin history & stability

MeasureMDTIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 65.1% 64.5%
51st		 62.6%
Operating margin, 3-yr average 17.3% 4.3%
89th		 1.0%
Net margin, 3-yr average 13.2% -5.8%
85th		 -2.6%
FCF margin, 3-yr average 15.9% 2.8%
87th		 3.2%
Revenue stability (0-1) 0.73 0.90
21st		 0.80
Earnings stability (0-1) 0.17 0.30
32nd		 0.37
Margin stability (0-1) 0.98 0.96
89th		 0.93

Liquidity (latest quarter)

MeasureMDTIndustry medianIndustry percentileSector median
Cash & short-term investments $8.8B $184.9M
100th		 $330.9M
Net cash (− = net debt) −$19.3B −$37.3M
2nd		 $8.4M
Working capital $12.6B $318.0M
100th		 $381.1M
Current ratio 2.07 3.35
30th		 3.02
Quick ratio 2.09 2.33
45th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.75 0.87
43rd		 1.43
Defensive interval (days) 181 days 324 days
17th		 415 days

Leverage & solvency (latest quarter)

MeasureMDTIndustry medianIndustry percentileSector median
Total debt $28.2B $263.7M
98th		 $289.1M
Debt / equity 0.56 0.54
53rd		 0.45
Net debt / equity 0.38 0.28
58th		 −0.13
Debt / assets 30.2% 27.9%
57th		 24.4%
Debt / capital 35.9% 35.1%
53rd		 31.1%
Debt / EBITDA 2.77 2.56
53rd		 2.62
Net debt / EBITDA 1.90 2.08
47th		 1.42
Interest coverage (EBIT / interest) 10.1x 0.4x
81st		 2.1x
Cash interest coverage 11.1x 3.2x
83rd		 3.6x
Debt payback (years of OCF) 3.5 yrs 3.4 yrs
51st		 2.7 yrs
Liabilities / assets 45.5% 49.8%
45th		 49.8%
IS credit model rating AA- — —
Implied credit spread (bps) 100 225
22nd		 225

Efficiency

MeasureMDTIndustry medianIndustry percentileSector median
Asset turnover 0.41 0.60
15th		 0.56
Fixed asset turnover —
Inventory turnover —
Receivables turnover 11.6 6.4
100th		 6.4
Days sales outstanding 32 days 57 days
0th		 57 days
Days inventory outstanding —
Days payables outstanding 77 days 59 days
68th		 59 days
Cash conversion cycle (days) −54 days 214 days
3rd		 70 days
Capex / revenue 5.1% 3.6%
69th		 2.6%
Capex / depreciation 0.67 0.67
50th		 0.55
Operating expense ratio 46.9% 57.4%
25th		 56.5%

Cash flow & earnings quality

MeasureMDTIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.54 1.65
44th		 1.61
FCF / net income 1.17 1.30
44th		 1.36
FCF / operating cash flow 76.3% 63.6%
62nd		 81.2%
Capex / operating cash flow 23.7% 36.4%
38th		 18.8%
Accruals ratio -3.0% -5.2%
72nd		 -5.4%
Sloan accruals ratio -2.1% -1.3%
45th		 -1.3%
Earnings quality score (0-1) 1.00 1.00
48th		 0.75

Dividends & buybacks

MeasureMDTIndustry medianIndustry percentileSector median
Dividend yield 3.0% 0.0%
100th		 0.0%
Dividend per share (TTM) $2.86 $0.00
98th		 $0.00
Payout ratio (dividends / net income) 69.8% 0.0%
96th		 0.0%
Dividends / FCF 59.5% 0.0%
97th		 0.0%
Dividend growth (YoY) 1.5% 4.0%
33rd		 4.5%
Buyback yield 1.0% 0.0%
72nd		 0.0%
Shareholder yield (dividends + buybacks) 4.0% 0.0%
95th		 0.0%
Share count change (YoY) -0.2% 1.4%
34th		 2.0%
Buybacks, last 5 years $4.9B $0
98th		 $0

Scores & forensic checks

MeasureMDTIndustry medianIndustry percentileSector median
IS score 64 41
80th		 46
IS profitability 57 20
80th		 22
IS growth 55 60
41st		 60
IS value 64 39
88th		 39
IS momentum 83 67
77th		 67
IS risk (safety) 65 65
42nd		 80
IS quality 83 49
88th		 49
IS balance sheet 70 50
72nd		 55
IS earnings quality 93 56
100th		 56
IS cash flow 66 32
75th		 41
Piotroski F-score (0-9) 9 6
95th		 5
Altman Z-score 2.9 3.0
47th		 3.2
Beneish M-score −3.44 −2.67
7th		 −2.62
Ohlson O-score −9.52 −7.26
13th		 −7.16
IS credit score 81 62
77th		 62

Per share

MeasureMDTIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $4.07 −$0.07
87th		 −$0.03
Book value per share $39.09 $10.13
88th		 $7.10
Tangible book per share −$2.01 $2.24
18th		 $1.91
Revenue per share $29.21 $12.68
77th		 $9.38
FCF per share $4.77 $0.62
83rd		 $0.46
Operating cash flow per share $6.25 $1.25
83rd		 $0.93
Cash per share $6.86 $2.47
80th		 $3.51

Size (TTM)

MeasureMDTIndustry medianIndustry percentileSector median
Market cap $121.2B $1.6B
98th		 $2.4B
Revenue $37.5B $815.1M
98th		 $770.2M
EBITDA $10.2B $83.1M
98th		 $56.1M
Net income $5.2B −$7.2M
98th		 −$3.3M
Free cash flow $6.1B $38.8M
98th		 $41.2M
Total assets $93.3B $1.1B
98th		 $1.3B
Shareholders' equity $50.2B $496.6M
98th		 $568.4M
Employees 95,000 1,800
98th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-15Marinaro Michael
EVP, Pres MedSurg and Americas
 Open-market sale 10,420$96.00$1.0M105,916
2026-10-15Martha Geoffrey
Director, Chairman and CEO
 Open-market sale 50,000$95.00$4.8M277,866
2026-09-16Kiil Harry Skip
EVP & President Cardiovascular
 Open-market sale 1,483$93.65$138,88342,186
2026-09-15Blomquist Denise L.
Chief Accounting Officer
 Gift 600——16,398
2026-08-20Marinaro Michael
EVP, Pres MedSurg and Americas
 Tax withholding 1,084$92.30$100,053116,336
2026-08-03Thompson Kweli
EVP & President, Neuroscience
 Award / grant 6,923——35,390
2026-08-03Thompson Kweli
EVP & President, Neuroscience
 Award / grant 17,306——17,306
2026-08-03Thompson Kweli
EVP & President, Neuroscience
 Award / grant 49,167$86.68$4.3M49,167
2026-08-03Quinn Michelle
EVP, GC and Secretary
 Award / grant 6,346——26,721
2026-08-03Quinn Michelle
EVP, GC and Secretary
 Award / grant 15,863——15,863
2026-08-03Quinn Michelle
EVP, GC and Secretary
 Award / grant 45,070$86.68$3.9M45,070
2026-08-03Pieton Thierry
EVP & Chief Financial Officer
 Award / grant 11,537——49,645

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired381,327,020$80.6M
GiftDisposed1600—
Open-market saleDisposed669,194$6.5M
Option exerciseAcquired6166,920—
Option exerciseDisposed6151,355—
Tax withholdingDisposed2390,329$7.6M
—Disposed434,795$2.1M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 7 notices · 151,718 shares · $14.7M
FiledFilerShares proposedEst. proceeds
2026-10-15Martha Geoffrey50,000$4.8M
2026-10-15Marinaro Michael10,420$1.0M
2026-09-16Kiil Harry Skip1,483$138,889
2026-07-08Walter Matthew R.3,102$257,931
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 20 trades (3 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-08-24Kevin HernHouseSale$15,001 - $50,0002026-09-02
2026-08-24Kevin HernHouseSale (Full)$15,001 - $50,0002026-09-02
2026-08-23Kevin HernHouseSale (Full)$15,001 - $50,0002026-09-02
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2024-08-26Tommy TubervilleSenateSale$15,001 - $50,0002026-08-05
2024-08-26Thomas Hawley TubervilleSenateSale$15,001 - $50,0002026-08-05
2024-08-26Tommy TubervilleSenateSale (Full)$15,001 - $50,0002024-09-13
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.114,020,787$8.9B8.91%
VANGUARD CAPITAL MANAGEMENT LLC83,816,735$6.6B6.55%
STATE STREET CORP63,399,315$5.0B4.96%
VANGUARD PORTFOLIO MANAGEMENT LLC34,059,967$2.7B2.66%
GEODE CAPITAL MANAGEMENT, LLC30,192,015$2.4B2.36%
JPMORGAN CHASE & CO22,463,673$1.8B1.76%
BANK OF AMERICA CORP /DE/21,322,401$1.7B1.67%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/19,872,600$2.6B1.55%
DEUTSCHE BANK AG\18,428,076$1.4B1.44%
Invesco Ltd.17,885,150$1.4B1.40%
FRANKLIN RESOURCES INC17,550,218$1.4B1.37%
NORGES BANK16,551,016$1.3B1.29%
ROYAL BANK OF CANADA15,939,476$1.2B1.25%
Bank of New York Mellon Corp14,457,423$1.1B1.13%
First Eagle Investment Management, LLC13,783,983$1.1B1.08%

Institutional ownership by quarter

2023-092026-0686.0%
% of shares held by 13F filers
2023-092026-062,130
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,13086.0%177839920242
2026-03-312,22485.4%184901884209
2025-12-312,29385.5%298872868102
2025-09-302,14884.0%190907804127
2025-06-302,11984.6%145877862149
2025-03-312,15284.2%215935784127
2024-12-312,09983.2%250778872153
2024-09-302,03482.0%182746887119
2024-06-301,99782.9%147806825161
2024-03-312,04185.5%177920709145
2023-12-312,04085.0%274641966131
2023-09-301,92985.0%118899717172

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-28SCHEDULE 13GVanguard Capital Management7.5%96,424,044
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-12-03SCHEDULE 13G/AThe Vanguard Group10.2%130,949,305
2025-04-23SCHEDULE 13G/ABlackRock, Inc.6.9%88,655,585
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.15%$3.5B
VTSAX0.15%$3.5B
VSMPX0.15%$3.5B
VTI0.15%$3.5B
VFIAX0.17%$2.9B
VOO0.17%$2.9B

Share structure

Shares outstanding1,279,170,000
Float1,278,053,285
Free float99.9%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$31.7B$31.2B$32.4B$33.5B$36.4B
Cost of revenue$10.1B$10.7B$11.2B$11.6B$12.7B
Gross profit$21.5B$20.5B$21.1B$21.9B$23.6B
R&D$2.7B$2.7B$2.7B$2.7B$2.9B
SG&A$10.3B$10.4B$10.7B$10.8B$11.8B
Operating income$5.8B$5.5B$5.1B$6.0B$6.5B
EBITDA$8.8B$8.7B$8.2B$9.2B$9.8B
Pretax income$5.5B$5.4B$4.8B$5.6B$6.1B
Income tax$456.0M$1.6B$1.1B$936.0M$1.3B
Net income$5.0B$3.8B$3.7B$4.7B$4.8B
EPS, diluted$3.73$2.82$2.76$3.61$3.73
Diluted shares1.4B1.3B1.3B1.3B1.3B

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$10.6B$8.0B$8.0B$9.0B$9.2B
Receivables$5.6B$6.0B$6.1B$6.5B$6.6B
Inventory$4.6B$5.3B$5.2B$5.5B$6.0B
Total current assets$23.1B$21.7B$21.9B$23.8B$24.8B
PP&E, net$5.4B$5.6B$6.1B$6.8B$7.4B
Goodwill & intangibles$56.1B$56.3B$54.2B$53.4B$52.7B
Total assets$91.0B$90.9B$90.0B$91.7B$93.0B
Accounts payable$2.3B$2.7B$2.4B$2.4B$2.6B
Total current liabilities$12.4B$9.1B$10.8B$12.9B$11.7B
Long-term debt$20.3B$24.3B$23.9B$25.6B$26.1B
Total liabilities$38.3B$39.3B$39.6B$43.4B$43.0B
Shareholders' equity$52.7B$51.7B$50.4B$48.3B$50.1B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income$5.1B$3.8B$3.7B$4.7B$4.8B
Depreciation & amortization$2.7B$2.7B$2.6B$2.9B$3.0B
Stock-based compensation$359.0M$355.0M$393.0M$429.0M$457.0M
Change in working capital−$889.0M−$967.0M−$484.0M−$1.1B−$1.4B
Operating cash flow$7.3B$6.0B$6.8B$7.0B$7.3B
Capital expenditure−$1.4B−$1.5B−$1.6B−$1.9B−$1.9B
Free cash flow$6.0B$4.6B$5.2B$5.2B$5.4B
Investing cash flow−$1.7B−$3.5B−$2.4B−$1.9B−$2.9B
Net debt issued / repaid−$1.0M−$598.0M$1.1B$2.1B−$1.2B
Buybacks−$2.5B−$645.0M−$2.1B−$3.2B−$1.0B
Dividends paid−$3.4B−$3.6B−$3.7B−$3.6B−$3.6B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin68.0%65.7%65.3%65.3%65.0%
Operating margin18.2%17.6%15.9%17.8%17.8%
Net margin15.9%12.0%11.4%13.9%13.2%
FCF margin18.9%14.7%16.1%15.5%14.9%
ROE9.7%7.2%7.2%9.5%9.8%
ROIC8.0%5.7%5.9%7.3%7.5%
ROA5.5%4.1%4.1%5.1%5.2%
Debt / equity0.460.470.500.590.57
Interest coverage11.0x9.4x7.7x8.7x9.6x
Current ratio1.862.392.031.852.13
Revenue growth+5.2%−1.4%+3.6%+3.6%+8.4%
EPS growth+41.1%−24.8%−1.6%+30.6%+2.9%
P/E at year end24.8x29.7x27.5x23.0x22.4x
EV / EBITDA at year end15.8x14.7x14.4x13.8x13.0x
FCF yield at year end4.78%4.10%5.14%4.83%5.06%
Dividend payout67.1%96.2%99.7%77.0%75.8%

Revenue by segment

FY2022FY2023FY2024FY2025FY2026
Cardiac and Vascular Group$11.4B$11.6B$11.8B$12.5B$14.0B
Cardiovascular Portfolio—————
Neuroscience Group$8.8B$9.0B$9.4B$9.8B$10.3B
Medical Surgical$9.1B$8.4B$8.4B$8.4B$8.8B
Medical Surgical Portfolio—————
Neuroscience Portfolio—————
Diabetes Group$2.3B$2.3B$2.5B$2.8B$3.1B
Diabetes Operating Unit—————

Revenue by region · FY2026

UNITED STATES$71.4B · 80%
Total Other Countries, Excluding United States and Ireland$18.1B · 20%
IRELAND$143.0M · 0%

Street estimates by fiscal year

Next report 2026-11-17 · consensus EPS $1.34 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$36.1B$36.1B – $36.2B$5.52$5.49 – $5.621817.2x
2026$36.1B$36.1B – $36.2B$5.52$5.49 – $5.621417.2x
2027$39.0B$38.5B – $39.2B$5.98$5.97 – $6.001615.9x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-09-01$1.39$1.45+4.3%$9.5B$9.8B+2.2%
2026-06-03$1.54$1.55+0.6%$9.6B$9.8B+1.9%
2026-02-17$1.34$1.36+1.5%$8.9B$9.0B+1.2%
2025-11-18$1.31$1.36+3.8%$8.9B$9.0B+1.1%
2025-08-19$1.23$1.26+2.4%$8.4B$8.6B+2.4%
2025-05-21$1.58$1.62+2.5%$8.8B$8.9B+1.2%
2025-02-18$1.36$1.39+2.2%$8.3B$8.3B−0.4%
2024-11-19$1.25$1.26+0.8%$8.3B$8.4B+1.6%
2024-08-20$1.20$1.23+2.5%$7.9B$7.9B+0.2%
2024-05-23$1.45$1.46+0.7%$8.5B$8.6B+1.6%
2024-02-20$1.26$1.30+3.2%$8.0B$8.1B+1.7%
2023-11-21$1.18$1.25+5.9%$7.9B$8.0B+0.7%
2023-08-22$1.11$1.20+8.1%$7.6B$7.7B+1.8%
2023-05-25$1.56$1.57+0.6%$8.2B$8.5B+3.6%
2023-02-21$1.26$1.30+3.2%$7.5B$7.7B+2.5%
2022-11-22$1.28$1.30+1.6%$7.7B$7.6B−1.5%
2022-08-23$1.12$1.13+0.9%$7.2B$7.4B+2.1%
2022-05-26$1.56$1.52−2.6%$8.4B$8.1B−4.0%
2022-02-22$1.36$1.37+0.7%$7.9B$7.8B−1.5%
2021-11-23$1.29$1.32+2.3%$8.0B$7.8B−1.5%
2021-08-24$1.32$1.41+6.8%$8.0B$8.0B+0.0%
2021-05-27$1.42$1.50+5.6%$7.7B$8.2B+6.0%
2021-02-23$1.15$1.29+12.2%$6.8B$7.8B+13.9%
2020-11-24$0.78$1.02+30.8%$5.5B$7.6B+37.9%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.606-150.706-220.706-290.807-060.807-130.507-200.807-270.508-030.908-100.708-170.808-241.308-31
Week ofNotionalSharesTrades
2026-08-31$1.3B13,732,244178,060
2026-08-24$779.6M8,501,962133,438
2026-08-17$725.2M7,832,216128,286
2026-08-10$903.9M9,991,747138,791
2026-08-03$528.1M6,130,595113,470
2026-07-27$846.6M9,820,437142,714

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1541.7%
DateShort shareShort volumeTotal volume
2026-10-1541.7%2,464,3565,916,038
2026-10-1449.8%2,587,2525,190,942
2026-10-1346.6%1,892,1334,058,960
2026-10-1263.6%6,879,76710,821,974
2026-10-0973.4%7,467,65210,172,858
2026-10-0873.6%14,155,00519,230,051
2026-10-0753.1%8,640,20416,286,592
2026-10-0671.2%13,093,69118,381,076
2026-10-0584.9%15,195,35717,903,023
2026-10-0266.9%5,829,1118,709,896
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.5Jan-1.0Feb+0.1Mar+2.0Apr+0.2May-0.0Jun+1.9Jul+0.2Aug-1.0Sep-1.2Oct+1.9Nov+0.7Dec
MonthAvg returnUp yearsYears
Jan+2.5%70%20
Feb−1.0%55%20
Mar+0.1%48%21
Apr+2.0%55%20
May+0.2%60%20
Jun−0.0%40%20
Jul+1.9%80%20
Aug+0.2%60%20
Sep−1.0%40%20
Oct−1.2%45%20
Nov+1.9%60%20
Dec+0.7%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1464.6
MFI73.4
ADX22.7
Stochastic %K / %D90.7 / 93.6
Williams %R-15.5
CCI160
TSI / signal13.2 / 0.3
Chaikin money flow0.07
ATR$2.39
Bollinger width13.2%
Volume vs 20-day avg0.89x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$89.39 (+6.0%)
SMA 50$90.38 (+4.8%)
SMA 200$86.94 (+9.0%)
EMA 21$90.55 (+4.6%)
EMA 50$89.21 (+6.2%)
EMA 200$87.01 (+8.9%)
Bollinger upper$95.29 (−0.6%)
Bollinger lower$83.50 (+13.5%)
Parabolic SAR$88.38 (+7.2%)
Open the live chart, 110+ indicators

About Medtronic plc

Medtronic plc is a leading global medical technology enterprise that invents, develops, manufactures, and distributes an extensive range of device-based medical therapies. These solutions serve healthcare systems, clinicians, physicians, and patients across the world. The company's operations are categorized into several key portfolios: Cardiovascular Portfolio: This segment focuses on cardiac health, providing technologies for heart rhythm management, including implantable pacemakers, defibrillators, and monitoring systems, alongside cardiac ablation tools and remote patient software. It also addresses structural heart issues with products like aortic and pulmonary valves, surgical repair devices, and endovascular stent grafts, in addition to offerings for percutaneous coronary interventions (e.g., angioplasty balloons). Medical Surgical Portfolio: Offering a broad spectrum of surgical instruments and therapies, this division includes staples, vessel sealing devices, wound closure products, and electrosurgical equipment. It also pioneers surgical artificial intelligence and robotic-assisted platforms, alongside solutions for hernia repair, gynecology, lung conditions, minimally invasive gastrointestinal and hepatologic diagnostics, patient monitoring, airway management, ventilation therapies, and renal disease. Neuroscience Portfolio: This division delivers specialized products for a diverse group of medical professionals, such as spinal surgeons, neurosurgeons, neurologists, pain management specialists, and ENT experts. Its offerings span energy surgical instruments, advanced image-guided and intra-operative imaging systems, robotic guidance for spine procedures, and therapies targeting the brain's vasculature. Diabetes Operating Unit: Dedicated to diabetes management, this unit provides innovative solutions like insulin pumps and their associated consumables, continuous glucose monitoring (CGM) systems, and smart insulin pen technologies. Established in 1949, Medtronic plc maintains its corporate headquarters in Dublin, Ireland.

https://www.medtronic.com

Key executives

NameTitlePayBorn
Thierry PietonExecutive Vice President & Chief Financial Officer$4.2M1970
Geoffrey Straub MarthaChairman of the Board & Chief Executive Officer$4.1M1970
Michelle QuinnExecutive Vice President, General Counsel & Secretary$2.5M1969
Brett A. WallExecutive Officer$2.0M1966
Michael MarinaroExecutive VP and President of Medical Surgical Portfolio & Americas$1.9M1971
Kweli ThompsonExecutive Vice President & President of Neuroscience Portfolio$1.9M1968
Harry KiilExecutive Vice President & President of Cardiovascular Portfolio$1.7M1975
Dave MoellerSenior VP & President of the Peripheral Vascular Health Operating Unit——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Geoff Martha Chairman and Chief Executive Officer2026$1.4M$13.7M$2.3M$22.9M
Thierry Piéton EVP, Chief Financial Officer2026$849,648$3.2M$963,050$8.6M
Brett Wall Former EVP & President, Neuroscience Portfolio (through June 1, 2026)2026$799,519$3.6M$824,000$6.9M
Mike Marinaro EVP & President Medical Surgical Portfolio & Americas2026$819,616$3.6M$971,290$6.8M
Michelle Quinn EVP, General Counsel and Secretary2026$600,000$3.5M$617,423$6.7M

Employees

90k201990k202090k202195k202295k202335k202495k202595k2026

Dividends

Ex-dateAmountPaid
2026-09-25$0.722026-10-16
2026-06-26$0.722026-07-17
2026-03-27$0.712026-04-17
2025-12-26$0.712026-01-16
2025-09-26$0.712025-10-17
2025-06-27$0.712025-07-11
2025-03-28$0.72025-04-11
2024-12-27$0.72025-01-10

Moat model

Wide · Cost Advantage · 2026-07-31
Cost advantage100
Intangibles84
Switching costs78
Network effect70
Efficient scale85
Our component scores (0-100) and overall 83.8; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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