Medtronic plc (MDT)
Health Care · Health Care Equipment · US stock · S&P 500 component
$96.59
▲ +3.56 (3.83%)
Fair valueFair
$100 +3.6% to fair value
$50fair band $85–$121$150
Day's range
$93.12 – $96.62
52-week range
$73.31 – $106.33
About Medtronic plc
Medtronic is a medical technology company that makes devices and therapies for chronic conditions. Its products include heart rhythm devices, heart valves, spinal and brain implants, surgical tools, insulin pumps and glucose monitors. Revenue comes from selling these devices and related supplies to hospitals, clinics and patients around the world. The business depends on clinical evidence, regulatory approvals and relationships with physicians and health systems.
Revenue over the last twelve months came to $37.5 billion. The three-year revenue growth rate is 5.2% a year. Profitability shows an operating margin of 18.1% and a return on invested capital of 8%. Net debt stands at 2.0 times EBITDA. Shareholders receive a dividend, yielding 3.0%. This gives an X-Ray Score of 57 out of 100. These figures describe past results as reported and are a factual snapshot, not a forecast. Some measures, such as margins for real estate trusts and banks, are defined differently from those of industrial firms, so comparisons should be made with care.
Price chart
52-wk range $73.31 – $106.33Volume 8,876,771Daily, split-adjusted
Vitals
Market cap$124.1B
52-week range$73.31 – $106.33
Volume (last day)8,876,771
P/E (TTM)289.2
EBIT / EV yield4.7%
Free-cash-flow yield4.9%
Dividend yield3.0%
Revenue (TTM)$37.5B
Net income (TTM)$430M
Operating margin18.1%
Return on capital7.8%
Debt incl. leases$28.2B
Cash & securities$8.8B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$100middle half of models $97 – $111
Fair
+3.6% to fair value
Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $97
Undervalued < $85Fair $85 – $121Overvalued > $121
P/E multiple
$100
P/B multiple
$95
P/S multiple
$103
EV/EBITDA multiple
$103
EV/EBIT multiple
$105
EV/revenue multiple
$102
10-year DCF, EBITDA exit
$113
5-year DCF, EBITDA exit
$111
10-year DCF, revenue exit
$113
5-year DCF, revenue exit
$111
10-year DCF, growth exit
$78
5-year DCF, growth exit
$71
Dividend discount, stable
$116
Dividend discount, multi-stage · not used
$229
Earnings power value
$79
Growth the price implies
15.2%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
60/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield4.7%
Free-cash-flow yield4.9%
Fair value vs price1.0×
Growth
Fair
58/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)5.2%
EPS growth (3y)9.8%
Growth consistency100%
Profitability
Fair
56/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital7.8%
Operating margin18.1%
Gross profitability26.2%
Financial health
Fair
64/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA2.0×
Interest cover9.4×
Dividends
Weak
34/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield3.0%
Dividends vs free cash flow60%
Dividend growth0.2%
Quarterly results: last 6 quarters
+3.9%
Apr '25
+8.4%
Jul '25
+6.6%
Oct '25
+8.7%
Jan '26
+9.9%
Apr '26
+13.7%
Jul '26
Revenue against the same quarter a year earlier. Latest quarter revenue $9.8B, diluted EPS $1.14.
Compare with peers
DXCM Dexcom Inc78 PODD Insulet Corp72 RMD Resmed Inc70 BSX Boston Scientific Corp67Other Health Care Equipment companies by X-Ray Score.
SWOT analysis: Medtronic plc
Strengthsinside the company
- Passes 8 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Trades at 288.7x earnings, 877% above the 29.5x median of industry peers, so the price already assumes better results.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare MDT with peers and sector
Medians of 15 Health Care Equipment peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): ABT 41, ISRG 62, SYK 56, BSX 67, BDX 47, EW 55.
| Metric | MDT | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 57 | 56 | 49 |
| Valuation | 60 | 57 | 52 |
| Growth | 58 | 74 | 47 |
| Profitability | 56 | 49 | 49 |
| Financial health | 64 | 55 | 48 |
| Dividends | 34 | 57 | 52 |
Sector leaders: highest X-Ray Score in Health Care
MDT ranks #21 of 60 in Health Care and #8 of 16 in Health Care Equipment by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for MDT
Each factor is rated by where MDT stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 5 Good · 14 Average · 4 Bad of 23
Growth: 0 · 3 · 0
Profitability: 0 · 2 · 3
Financial strength: 2 · 2 · 0
Valuation: 1 · 3 · 1
Cash flow: 2 · 2 · 0
Efficiency: 0 · 2 · 0
| Factor | MDT | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +5.2% | Average beats 46% | +5.5% | – | – |
| Revenue growth, last year | +8.4% | Average beats 57% | +7.1% | +3.6% | ▲ Better |
| EPS growth, 3 years a year | +9.8% | Average beats 60% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 65.0% | Average beats 51% | 65.0% | 65.3% | ≈ In line |
| Operating margin | 18.1% | Average beats 56% | 16.4% | 17.8% | ≈ In line |
| Net margin | 1.1% | Bad beats 16% | 11.1% | 0.0% | ▲ Better |
| Return on invested capital | 7.8% | Bad beats 29% | 12.2% | – | – |
| Return on equity | 0.9% | Bad beats 10% | 13.7% | 0.0% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 2.0x | Average beats 50% | 2.0x | 2.0x | ≈ In line |
| Interest cover | 9.4x | Average beats 50% | 9.4x | 8.6x | ≈ In line |
| Current ratio | 2.07 | Good beats 76% | 1.52 | 2.03 | ≈ In line |
| Piotroski F-score | 8 / 9 | Good beats 85% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 288.7x | Bad beats 1% | 28.2x | 27,988,113.5x | ▲ Better |
| Price / book | 2.5x | Good beats 75% | 3.7x | 2.3x | ≈ In line |
| Price / sales | 3.3x | Average beats 54% | 3.7x | 3.3x | ≈ In line |
| EV / EBITDA | 14.8x | Average beats 64% | 17.6x | 15.9x | ≈ In line |
| Free cash flow yield | 4.9% | Average beats 57% | 4.4% | 4.8% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 16.3% | Average beats 48% | 16.3% | 15.5% | ≈ In line |
| Cash from operations / net income | 18.69 | Good beats 99% | 1.61 | 1,526,765.26 | ▼ Worse |
| Free cash flow growth, 3 years a year | +5.8% | Average beats 56% | +4.3% | – | – |
| Accruals (lower is better) | −8.2% | Good beats 83% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.1x | Average beats 34% | 2.9x | 2.1x | ≈ In line |
| Days sales outstanding | 62 days | Average beats 53% | 62 days | 69 days | ▲ Better |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 4 Good · ● 11 Average · ● 1 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldAverage
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Average
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioGood
Net debt / EBITDAAverage
Interest coverAverage
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalBad
Operating marginAverage
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 58/100.
Financials
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | $31.7B | $31.2B | $32.4B | $33.5B | $36.4B |
| Operating income | $5.8B | $5.5B | $5.1B | $6.0B | $6.5B |
| Net income | $5,039 | $3,758 | $3,676 | $4,662 | $4,801 |
| Operating cash flow | $7.3B | $6.0B | $6.8B | $7.0B | $7.3B |
| Operating margin | 18.2% | 17.6% | 15.9% | 17.8% | 17.8% |
| Free cash flow | $6.0B | $4.6B | $5.2B | $5.2B | $5.4B |
| Diluted EPS | $3.73 | $2.82 | $2.76 | $3.61 | $3.73 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 93.49 | Bullish |
| EMA 10 | 93.29 | Bullish |
| SMA 20 | 90.38 | Bullish |
| EMA 20 | 91.85 | Bullish |
| SMA 50 | 90.82 | Bullish |
| EMA 50 | 89.96 | Bullish |
| SMA 100 | 86.27 | Bullish |
| EMA 100 | 88.09 | Bullish |
| SMA 200 | 86.93 | Bullish |
| EMA 200 | 87.29 | Bullish |
Oscillators (daily)
| RSI (14) | 63.86 | Neutral |
| MACD (12, 26) | 1.50 | Bullish |
| Momentum (12) | 10.91 | Bullish |
| Stochastic %K (14) | 99.73 | Bearish |
| Williams %R (14) | -0.27 | Bearish |
| CCI (20) | 106.5 | Bearish |
Pivot points (classic, last session)
S3 90.77 | S2 91.94 | S1 94.27 | Pivot 95.44 | R1 97.77 | R2 98.94 | R3 101.3 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.86 USD
Yield on today's price
2.96%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.7200 | |
| 0.7200 | |
| 0.7100 | |
| 0.7100 | |
| 0.7100 | |
| 0.7100 | |
| 0.7000 | |
| 0.7000 | |
| 0.7000 | |
| 0.7000 | |
| 0.6900 | |
| 0.6900 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold MDT
| ETF | Share of the fund |
|---|---|
| IHI iShares U.S. Medical Devices | 4.40% |
| FDL First Trust Morningstar Dividend Leade... | 2.28% |
| IYH iShares U.S. Healthcare | 1.80% |
| XLV Health Care Select Sector SPDR | 1.75% |
| HDV iShares Core High Dividend | 1.73% |
| FHLC Fidelity MSCI Health Care Index | 1.59% |
| VHT Vanguard Health Care | 1.50% |
| KNG FT Cboe Vest S&P 500 Dividend Aristocr... | 1.43% |
The eight funds with the largest weight in MDT among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
MDT stock splits
MDT has split its stock 5 times since 1991. The latest was a 2-for-1 split on 27 Sep 1999.
Full MDT stock split history →MDT SEC filings
8-KSEC EDGAR
Director or officer change; Shareholder vote results
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
DEF 14ASEC EDGAR
Proxy statement
10-KSEC EDGAR
Annual report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.