ValueScreener

ValueScreener company report

Medtronic plc (MDT)

NYSE / Healthcare / Medical - Devices

Share price

95.45 USD Market dataClose of Oct 15, 2026

Market capitalisation

122.10B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2026, filed Jun 18, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2017 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

6.6% Computed

From the FY2026 filing

Read quality

Valuation

Price to earnings

25.45x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

4.4% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2017 Revenue: 29.71B USDFY2017 Net income: 4.03B USDFY2018 Revenue: 29.95B USDFY2018 Net income: 3.10B USDFY2019 Revenue: 30.56B USDFY2019 Net income: 4.63B USDFY2020 Revenue: 28.91B USDFY2020 Net income: 4.79B USDFY2021 Revenue: 30.12B USDFY2021 Net income: 3.61B USDFY2022 Revenue: 31.69B USDFY2022 Net income: 5.04B USDFY2023 Revenue: 31.23B USDFY2023 Net income: 3.76B USDFY2024 Revenue: 32.36B USDFY2024 Net income: 3.68B USDFY2025 Revenue: 33.54B USDFY2025 Net income: 4.66B USDFY2026 Revenue: 36.36B USDFY2026 Net income: 4.80B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 25.45x at the close of 2026-10-15 on FY2026 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Medical - Devices industry (32 companies), 25.45x sits at the 39th percentile; the middle half of that group runs from 20.30x to 40.71x.

Is it good

Return on invested capital was 6.6% in FY2026, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Medical - Devices industry (30 companies), 6.6% sits at the 55th percentile; the middle half of that group runs from -25.9% to 10.6%.

Is it safe

Interest coverage was 9.04x in FY2026, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Medtronic plc's return on invested capital stayed above the median of the Healthcare sector, year by year. (FY2021 to FY2026, 6 fiscal years of Medtronic plc with a comparable figure)
The direction
Which way Medtronic plc's return on equity has moved, and how steadily. (FY2017 to FY2026, 10 filed years of Medtronic plc)
What could explain it
What in Medtronic plc's filed statements could explain the movements. (4 readings drawn from the statement lines Medtronic plc filed)
What to check next
What to check next on Medtronic plc, and where in its filings. (3 questions for Medtronic plc)
In one paragraph
One paragraph on Medtronic plc's returns, cash, balance sheet and price. (16 of sixteen figures read for Medtronic plc)

These are MDT’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research MDTPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed Jun 18, 2026, accession 0001628280-26-044354.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Medtronic plc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax6.6% ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Return on equity9.7% ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Return on capital employed, pre-tax8.0% ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Return on assets5.2% ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Gross margin65.0% ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Operating margin17.8% ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Net margin13.2% ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
MDT 13.2%
SYK 12.9%EW 17.7%BSX 14.4%STE 13.2%ABT 14.7%
12.9%17.7%
Net margin: MDT against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Medtronic plc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.59 ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Current ratio2.13 ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Quick ratio1.62 ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Interest coverage9.04x ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Altman Z-score3.00 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Net debt19.99B ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Total assets 93.03BTotal liabilities 42.96BShareholders' equity 49.46BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Medtronic plc owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed Jun 18, 2026, 0001628280-26-044354).

Medtronic plc: balance sheet position
Total assets93.03B FiledFY2026 10-K, filed Jun 18, 2026
Total liabilities42.96B FiledFY2026 10-K, filed Jun 18, 2026
Shareholders' equity49.46B FiledFY2026 10-K, filed Jun 18, 2026
Cash9.22B FiledFY2026 10-K, filed Jun 18, 2026
Total debt29.21B FiledFY2026 10-K, filed Jun 18, 2026
Net debt19.99B
Current ratio2.13
Debt to equity0.59

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Medtronic plc: what the market charges, each with its source
FigureValue, source and document
Price to earnings25.45x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
P/E on trailing twelve months23.51x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.49x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Price to sales3.38x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Enterprise value to EBIT23.23x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Enterprise value to EBITDA15.94x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Price to earnings over growth3.66 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Diluted earnings per share3.73 USD FiledFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Graham number56.92 USD ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354

We publish no fair value or price target of our own. Value MDT on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Medtronic plc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Medtronic plc: valuation
Share price95.45 USD
Market capitalisation122.10B USD
Enterprise value to EBITDA15.94x
Graham number56.92 USD
Diluted earnings per share, FY20263.73 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Jun 27, 2017: low 18.55x, median 27.98x, high 61.74x, latest 23.51x. 2,339 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Medtronic plc

  1. Stryker Corporation (SYK)Market cap 112.50B USD
  2. Edwards Lifesciences Corporation (EW)Market cap 50.76B USD
  3. Boston Scientific Corporation (BSX)Market cap 63.97B USD
  4. STERIS plc (STE)Market cap 21.87B USD
  5. Abbott Laboratories (ABT)Market cap 181.20B USD

Same industry (Medical - Devices) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Medtronic plc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield4.4% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Free cash flow5.43B USD ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Free cash flow margin14.9% ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Dividend yield3.0% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Payout ratio75.8% ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
FY2017 Free cash flow: 5.63B USDFY2017 Net income: 4.03B USDFY2018 Free cash flow: 3.62B USDFY2018 Net income: 3.10B USDFY2019 Free cash flow: 5.87B USDFY2019 Net income: 4.63B USDFY2020 Free cash flow: 6.02B USDFY2020 Net income: 4.79B USDFY2021 Free cash flow: 4.88B USDFY2021 Net income: 3.61B USDFY2022 Free cash flow: 5.98B USDFY2022 Net income: 5.04B USDFY2023 Free cash flow: 4.58B USDFY2023 Net income: 3.76B USDFY2024 Free cash flow: 5.20B USDFY2024 Net income: 3.68B USDFY2025 Free cash flow: 5.18B USDFY2025 Net income: 4.66B USDFY2026 Free cash flow: 5.43B USDFY2026 Net income: 4.80B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Medtronic plc: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
25.45xFY2026Oct 15, 2026
2.49xFY2026Oct 15, 2026
23.23xFY2026Oct 15, 2026
4.4%FY2026Oct 15, 2026
6.6%FY2026Jun 18, 2026
3.0%FY2026Oct 15, 2026
0.59FY2026Jun 18, 2026
2.13FY2026Jun 18, 2026
3.38xFY2026Oct 15, 2026
3.66FY2026Oct 15, 2026
3.00FY2026Oct 15, 2026
-2.48FY2026Jun 18, 2026
7/9FY2026Jun 18, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 10 filed fiscal years on record, FY2017 to FY2026, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2017 to FY2026, read from the annual reports Medtronic plc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Medtronic plc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202636.36B6.47B4.80B3.735.43B17.8%9.7%10-K, Jun 18, 20260001628280-26-044354
FY202533.54B5.96B4.66B3.615.18B17.8%9.7%10-K, Jun 20, 20250001613103-25-000091
FY202432.36B5.14B3.68B2.765.20B15.9%7.3%10-K, Jun 20, 20240001613103-24-000072
FY202331.23B5.49B3.76B2.824.58B17.6%7.3%10-K, Jun 22, 20230001613103-23-000040
FY202231.69B5.75B5.04B3.735.98B18.1%9.6%10-K, Jun 23, 20220001613103-22-000023
FY202130.12B4.48B3.61B2.664.88B14.9%7.0%10-K, Jun 25, 20210001613103-21-000027
FY202028.91B4.79B4.79B3.546.02B16.6%9.4%10-K, Jun 19, 20200001613103-20-000021
FY201930.56B6.27B4.63B3.415.87B20.5%9.3%10-K, Jun 21, 20190001613103-19-000028
FY201829.95B6.64B3.10B2.273.62B22.2%6.1%10-K, Jun 22, 20180001613103-18-000024
FY201729.71B5.38B4.03B2.895.63B18.1%8.0%10-K, Jun 27, 20170001613103-17-000018
  • Revenue, compound annual growth FY2017 to FY2026: 2.3%
  • Earnings, compound annual growth FY2017 to FY2026: 2.0%
  • Earnings per share, compound annual growth FY2017 to FY2026: 2.9%
  • Free cash flow, compound annual growth FY2017 to FY2026: -0.4%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Medtronic plc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.48 ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Piotroski F-score7/9 ComputedFY2026 10-K, filed Jun 18, 2026, 0001628280-26-044354
Named tests met2 of 30 Computed
Beta0.32 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 28 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
ROIC at or above WACC; Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Figures we could not read(1)
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • One figure could not be read on this company: Price Tangible Book.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

Site map
  • Android app coming soon
  • iPhone app coming soon
ValueScreener

Discover companies, research each one to its filings, track what matters, and take your work into your own spreadsheet.

ValueScreener is a trading name of Oliva Real Estate Technologies LLC, a Delaware limited liability company. Legal notices: legal@valuescreener.ai. © 2026 Oliva Real Estate Technologies LLC. All rights reserved.

Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.