Medtronic (MDT)
Market Price (3/26/2026): $87.6 | Market Cap: $112.4 BilSector: Health Care | Industry: Health Care Equipment
Medtronic (MDT)
Market Price (3/26/2026): $87.6Market Cap: $112.4 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.3%, Dividend Yield is 3.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4% | Weak multi-year price returns2Y Excs Rtn is -14%, 3Y Excs Rtn is -44% | Key risksMDT key risks include [1] navigating stringent regulatory hurdles and significant litigation exposure, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 7.3 Bil, FCF LTM is 5.4 Bil | ||
| Low stock price volatilityVol 12M is 21% | ||
| Megatrend and thematic driversMegatrends include Precision Medicine, Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.3%, Dividend Yield is 3.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 7.3 Bil, FCF LTM is 5.4 Bil |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include Precision Medicine, Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -14%, 3Y Excs Rtn is -44% |
| Key risksMDT key risks include [1] navigating stringent regulatory hurdles and significant litigation exposure, Show more. |
Qualitative Assessment
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Medtronic (MDT) stock has lost about 15% since 11/30/2025 because of the following key factors:
1. Analyst Downgrades and Price Target Reductions: Despite reporting better-than-expected earnings for both Q2 and Q3 FY2026, Medtronic experienced multiple downgrades and price target cuts from analysts. Wall Street Zen downgraded the stock from "buy" to "hold" on March 1, 2026. JPMorgan Chase & Co. lowered its price target to $100.00 from $105.00 on February 18, 2026, maintaining a "neutral" rating. Truist Securities also cut its price target to $103 from $107, and Baird lowered its target from $103 to $100 around February 18, 2026. These adjustments reflected concerns about margin pressures and potentially slower product uptake in certain areas, contributing to negative investor sentiment.
2. Margin Pressures and Tariff Impacts: Medtronic's financial outlook was affected by margin pressures, explicitly highlighted in the context of broader macroeconomic factors. The company's Q3 FY2026 earnings report, released February 17, 2026, reiterated its FY2026 guidance but noted a potential impact from tariffs of approximately $185 million on diluted non-GAAP EPS. This company-specific impact is part of a larger trend in the medical device industry, which is facing "tariff-related and procurement-driven pricing pressures" that are expected to persist through 2026.
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1. Analyst Downgrades and Price Target Reductions: Despite reporting better-than-expected earnings for both Q2 and Q3 FY2026, Medtronic experienced multiple downgrades and price target cuts from analysts. Wall Street Zen downgraded the stock from "buy" to "hold" on March 1, 2026. JPMorgan Chase & Co. lowered its price target to $100.00 from $105.00 on February 18, 2026, maintaining a "neutral" rating. Truist Securities also cut its price target to $103 from $107, and Baird lowered its target from $103 to $100 around February 18, 2026. These adjustments reflected concerns about margin pressures and potentially slower product uptake in certain areas, contributing to negative investor sentiment.
2. Margin Pressures and Tariff Impacts: Medtronic's financial outlook was affected by margin pressures, explicitly highlighted in the context of broader macroeconomic factors. The company's Q3 FY2026 earnings report, released February 17, 2026, reiterated its FY2026 guidance but noted a potential impact from tariffs of approximately $185 million on diluted non-GAAP EPS. This company-specific impact is part of a larger trend in the medical device industry, which is facing "tariff-related and procurement-driven pricing pressures" that are expected to persist through 2026.
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Stock Movement Drivers
Fundamental Drivers
The -15.9% change in MDT stock from 11/30/2025 to 3/25/2026 was primarily driven by a -13.2% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3252026 | Change |
|---|---|---|---|
| Stock Price ($) | 104.56 | 87.89 | -15.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 34,758 | 35,483 | 2.1% |
| Net Income Margin (%) | 13.7% | 13.0% | -5.1% |
| P/E Multiple | 28.1 | 24.4 | -13.2% |
| Shares Outstanding (Mil) | 1,282 | 1,283 | 0.0% |
| Cumulative Contribution | -15.9% |
Market Drivers
11/30/2025 to 3/25/2026| Return | Correlation | |
|---|---|---|
| MDT | -15.9% | |
| Market (SPY) | -3.6% | 13.7% |
| Sector (XLV) | -6.8% | 44.3% |
Fundamental Drivers
The -3.9% change in MDT stock from 8/31/2025 to 3/25/2026 was primarily driven by a -4.6% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 3252026 | Change |
|---|---|---|---|
| Stock Price ($) | 91.44 | 87.89 | -3.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 34,200 | 35,483 | 3.8% |
| Net Income Margin (%) | 13.6% | 13.0% | -4.6% |
| P/E Multiple | 25.1 | 24.4 | -2.8% |
| Shares Outstanding (Mil) | 1,282 | 1,283 | -0.1% |
| Cumulative Contribution | -3.9% |
Market Drivers
8/31/2025 to 3/25/2026| Return | Correlation | |
|---|---|---|
| MDT | -3.9% | |
| Market (SPY) | 2.4% | 16.1% |
| Sector (XLV) | 7.4% | 52.1% |
Fundamental Drivers
The -1.5% change in MDT stock from 2/28/2025 to 3/25/2026 was primarily driven by a -9.0% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3252026 | Change |
|---|---|---|---|
| Stock Price ($) | 89.21 | 87.89 | -1.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,199 | 35,483 | 6.9% |
| Net Income Margin (%) | 12.8% | 13.0% | 1.3% |
| P/E Multiple | 26.9 | 24.4 | -9.0% |
| Shares Outstanding (Mil) | 1,282 | 1,283 | 0.0% |
| Cumulative Contribution | -1.5% |
Market Drivers
2/28/2025 to 3/25/2026| Return | Correlation | |
|---|---|---|
| MDT | -1.5% | |
| Market (SPY) | 11.8% | 41.5% |
| Sector (XLV) | -0.1% | 61.6% |
Fundamental Drivers
The 17.1% change in MDT stock from 2/28/2023 to 3/25/2026 was primarily driven by a 15.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3252026 | Change |
|---|---|---|---|
| Stock Price ($) | 75.08 | 87.89 | 17.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30,808 | 35,483 | 15.2% |
| Net Income Margin (%) | 14.0% | 13.0% | -7.3% |
| P/E Multiple | 23.1 | 24.4 | 5.8% |
| Shares Outstanding (Mil) | 1,329 | 1,283 | 3.6% |
| Cumulative Contribution | 17.1% |
Market Drivers
2/28/2023 to 3/25/2026| Return | Correlation | |
|---|---|---|
| MDT | 17.1% | |
| Market (SPY) | 72.4% | 32.4% |
| Sector (XLV) | 20.9% | 53.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MDT Return | -10% | -23% | 10% | 0% | 24% | -10% | -14% |
| Peers Return | 20% | -8% | 14% | 26% | 15% | -11% | 63% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| MDT Win Rate | 42% | 42% | 42% | 50% | 58% | 33% | |
| Peers Win Rate | 57% | 50% | 55% | 62% | 60% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| MDT Max Drawdown | -14% | -25% | -8% | -5% | -0% | -10% | |
| Peers Max Drawdown | -7% | -27% | -10% | -4% | -5% | -14% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BSX, ABT, SYK, JNJ, ISRG. See MDT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/25/2026 (YTD)
How Low Can It Go
| Event | MDT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -48.6% | -25.4% |
| % Gain to Breakeven | 94.7% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -39.9% | -33.9% |
| % Gain to Breakeven | 66.3% | 51.3% |
| Time to Breakeven | 382 days | 148 days |
| 2018 Correction | ||
| % Loss | -17.1% | -19.8% |
| % Gain to Breakeven | 20.7% | 24.7% |
| Time to Breakeven | 185 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -57.9% | -56.8% |
| % Gain to Breakeven | 137.3% | 131.3% |
| Time to Breakeven | 1,695 days | 1,480 days |
Compare to BSX, ABT, SYK, JNJ, ISRG
In The Past
Medtronic's stock fell -48.6% during the 2022 Inflation Shock from a high on 9/8/2021. A -48.6% loss requires a 94.7% gain to breakeven.
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About Medtronic (MDT)
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software. It also provides aortic valves; percutaneous coronary intervention stents, surgical valve replacement and repair products, endovascular stent grafts, percutaneous angioplasty balloons, and products to treat superficial venous diseases in the lower extremities. The Medical Surgical Portfolio segment offers surgical products, including surgical stapling devices, vessel sealing instruments, wound closure, electrosurgery products, surgical artificial intelligence and robotic-assisted surgery products, hernia mechanical devices, mesh implants, gynecology and lung products, and various therapies to treat diseases. The Neuroscience Portfolio segment offers products for spinal surgeons; neurosurgeons; neurologists; pain management specialists; anesthesiologists; orthopedic surgeons; urologists; urogynecologists; interventional radiologists; ear, nose, and throat specialists; and systems that incorporate energy surgical instruments. It also provides image-guided surgery and intra-operative imaging systems and robotic guidance systems used in robot assisted spine procedures; and therapies for vasculature in and around the brain. The Diabetes Operating Unit segment offers insulin pumps and consumables, and continuous glucose monitoring systems. The company was founded in 1949 and is headquartered in Dublin, Ireland.
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The General Electric (GE) of medical devices.
A more diversified version of Abbott Laboratories, focused solely on advanced medical devices.
Like Johnson & Johnson's medical device division, but as a standalone company making an even wider array of critical surgical and implantable technologies.
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- Cardiac Rhythm & Heart Failure Devices: Implantable pacemakers, defibrillators, cardiac resynchronization therapy devices, AF ablation products, and insertable cardiac monitors for managing heart conditions.
- Vascular & Structural Heart Products: Aortic valves, stents, surgical valve replacement/repair products, endovascular stent grafts, and angioplasty balloons for treating vascular and structural heart diseases.
- Mechanical Circulatory Support: Devices that assist the heart in pumping blood for patients with heart failure.
- Surgical Devices & Robotics: Surgical stapling devices, vessel sealing instruments, wound closure products, electrosurgery products, and robotic-assisted surgery systems.
- Hernia & Women's Health Products: Mechanical devices and mesh implants for hernia repair, and products for gynecology and lung conditions.
- Spinal & Neurological Surgical Systems: Image-guided surgery, intra-operative imaging, and robotic guidance systems for spine and neurosurgery.
- Neurovascular Therapies: Products and therapies specifically designed to treat conditions affecting the blood vessels in and around the brain.
- Insulin Pumps & Consumables: Devices that deliver insulin continuously for diabetes management.
- Continuous Glucose Monitoring Systems (CGM): Systems that provide real-time glucose level readings for people with diabetes.
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Medtronic (MDT) primarily sells its device-based medical therapies to other companies and institutions. Its major customers can be categorized as follows:
- Hospitals and Healthcare Systems: These are the primary institutional buyers for the vast majority of Medtronic's products across its Cardiovascular, Neuroscience, and Medical Surgical portfolios. This includes large public and private hospital chains, university hospitals, and integrated delivery networks that acquire devices for use in surgeries, diagnostics, and long-term patient care. While Medtronic sells to these types of companies globally, the provided background information does not list the specific names of these customer companies.
- Surgical Centers and Clinics: These facilities also serve as significant customers, purchasing Medtronic's specialized devices and therapies, particularly for outpatient procedures and specific clinical needs. Physicians and clinicians, mentioned in the company description, generally procure Medtronic products through these institutional channels.
In addition to selling to the aforementioned companies, Medtronic's Diabetes Operating Unit directly serves **individual patients** with products such as insulin pumps and continuous glucose monitoring systems.
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Geoff Martha - Chairman and Chief Executive Officer
Geoff Martha is the Chairman and Chief Executive Officer of Medtronic, having been appointed CEO in April 2020 and Chairman later that year. He joined Medtronic in 2011 and has held various leadership positions, including SVP, Strategy and Business Development; Chief Integration Officer; and Executive Vice President, Restorative Therapies Group. Notably, he led the acquisition and integration of Covidien, which was the largest acquisition in the medical technology industry. Before joining Medtronic, Martha spent 19 years at GE Healthcare and GE Capital, where he held various business development, strategic marketing, and sales management roles. He holds a bachelor's degree in Finance from Pennsylvania State University.
Thierry Piéton - Executive Vice President and Chief Financial Officer
Thierry Piéton was appointed Executive Vice President and Chief Financial Officer of Medtronic, with his role becoming effective on March 3, 2025. Prior to joining Medtronic, Piéton served as Chief Financial Officer of Renault Group starting in March 2022, where he was recognized for achieving record-high operating margins and improving free cash flow. His extensive background also includes experience at Nissan Motor Co. Ltd, General Electric (GE), GE Healthcare, and PricewaterhouseCoopers, showcasing a career built across multiple industries and geographies.
Brett A. Wall - Executive Vice President and President, Neuroscience Portfolio
Brett A. Wall serves as the Executive Vice President and President of Medtronic's Neuroscience Portfolio.
Harry S. Kiil - Executive Vice President and President, Cardiovascular Portfolio
Harry S. Kiil, also known as Skip Kiil, is the Executive Vice President and President of the Cardiovascular Portfolio at Medtronic.
Mike Marinaro - Executive Vice President and President, Medical Surgical Portfolio and Americas
Mike Marinaro holds the position of Executive Vice President and President of the Medical Surgical Portfolio and Americas at Medtronic.
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```htmlKey Risks to Medtronic (MDT)
- Intense Competition and Pricing Pressures: Medtronic operates in a highly competitive medical technology industry characterized by rapid technological advancements and the continuous emergence of new competitors. This environment necessitates constant innovation to maintain market leadership and defend market share. Additionally, the company faces significant pricing pressures from healthcare cost containment initiatives and increased price sensitivity among customers, which can negatively impact profitability and require adjustments in pricing strategies. For example, in the diabetes care segment, competitors are expected to capture a majority of new durable pump users, putting pressure on Medtronic's market position.
- Regulatory and Legal Challenges: As a global medical device company, Medtronic is subject to stringent regulatory oversight in numerous jurisdictions, leading to costly compliance requirements and potential legal disputes. Delays in regulatory approvals can hinder the company's ability to bring new innovations to market, affecting its competitive edge and revenue growth. Furthermore, changes in healthcare policies, reimbursement rates, and intellectual property litigation pose ongoing threats that can impact operations, market access, and financial performance. The company must navigate complex global regulatory landscapes, which can be resource-intensive.
- Supply Chain Dependencies and Geopolitical/Tariff Risks: Medtronic faces operational risks stemming from its complex global supply chain, including vulnerabilities due to reliance on sole suppliers for certain components and raw materials. Disruptions or interruptions in the supply chain can affect manufacturing and product availability, potentially damaging the company's reputation and customer relationships. Moreover, extensive international operations expose Medtronic to geopolitical risks, currency fluctuations, and varying economic conditions. The potential return to higher tariff rates, particularly on goods from China, is identified as a significant financial headwind that could impact earnings and margins.
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The rise of highly effective glucagon-like peptide-1 (GLP-1) receptor agonist drugs (e.g., Ozempic, Wegovy, Mounjaro, Zepbound) represents a clear emerging threat, particularly to Medtronic's Diabetes Operating Unit. These drugs are demonstrating significant efficacy in weight loss and improving glycemic control for patients with type 2 diabetes and obesity. For a segment of the diabetic population, particularly those in earlier stages of type 2 diabetes or those currently using less intensive insulin regimens, these pharmaceutical advancements could reduce or even eliminate the need for insulin pumps and potentially continuous glucose monitoring systems by effectively managing their condition through medication. This could shrink the addressable market for Medtronic's device-based diabetes management therapies.
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Medtronic (symbol: MDT) operates across several significant medical device markets globally. The addressable markets for its main products and services are sized as follows:
- Cardiac Rhythm Management Devices (Implantable cardiac pacemakers, cardioverter defibrillators, cardiac resynchronization therapy devices): The global market for cardiac rhythm management devices was estimated at USD 23.87 billion in 2025 and is projected to reach approximately USD 43.19 billion by 2035. North America is a dominant region, holding over 46% of the market share in 2025.
- Structural Heart Devices (Aortic valves, surgical valve replacement and repair products): The global structural heart devices market size was estimated at USD 16.13 billion in 2024 and is projected to reach USD 50.99 billion by 2033. North America dominated the global market in 2024, accounting for the largest revenue share of 52.5%.
- Interventional Cardiology and Peripheral Vascular Devices (Percutaneous coronary intervention stents, endovascular stent grafts, percutaneous angioplasty balloons, products to treat superficial venous diseases): The global interventional cardiology and peripheral vascular devices market was valued at USD 27.7 billion in 2025 and is projected to grow to USD 60.8 billion by 2035. North America is identified as the largest market in this segment.
- Surgical Robotics: The global surgical robotics market size was valued at USD 10.76 billion in 2024 and is forecasted to reach around USD 45.93 billion by 2034. The U.S. surgical robotics market size alone was USD 3.84 billion in 2024.
- Hernia Repair Devices (Hernia mechanical devices, mesh implants): The global hernia repair devices market size was USD 5.64 billion in 2025 and is anticipated to reach approximately USD 9.22 billion by 2035.
- Neurovascular Devices (Therapies for vasculature in and around the brain): The global neurovascular devices market size is calculated at USD 7.80 billion in 2025 and is projected to reach around USD 13.69 billion by 2035. North America led the global neurovascular devices market share by 28% in 2024.
- Pain Management Devices: The global pain management devices market was valued at USD 7.70 billion in 2024 and is expected to reach USD 14.31 billion by 2032.
- Urology Devices: The global urology devices market size was USD 39.03 billion in 2025 and is projected to grow to USD 75.48 billion by 2034. North America dominated this market with a share of 37.11% in 2025.
- Insulin Pumps: The global insulin pump market size was valued at USD 7.05 billion in 2025 and is projected to grow to USD 22.45 billion by 2034. North America dominated the market with a 57.34% market share in 2025.
- Continuous Glucose Monitoring (CGM) Systems: The global Continuous Glucose Monitoring (CGM) Systems Market is projected to expand from USD 12,835.6 million in 2025 to USD 55,048.4 million by 2035. In 2024, the market generated USD 11,096.4 million in revenue.
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Medtronic (MDT) is expected to drive future revenue growth over the next 2-3 years through several key strategies and product advancements:
- Innovation and New Product Launches Across Key Portfolios: Medtronic is focused on launching new, innovative products in high-growth areas. Significant drivers include the pulsed field ablation (PFA) platform for AFib, which has shown rapid growth within the Cardiac Ablation Solutions business, with Medtronic aiming to double revenue in this segment to $2 billion by the first half of fiscal year 2027. Additionally, the Hugo robotic surgical system, having received FDA approval, is anticipated to unlock substantial market opportunities in the U.S. The Neuroscience Portfolio also contributes with new offerings such as the Stealth AXiS surgical system and an Adaptive deep brain stimulation (DBS) system.
- Growth in the Diabetes Operating Unit: The Diabetes Operating Unit is a significant revenue growth driver, primarily through the continued adoption of the MiniMed™ 780G automated insulin delivery system and the global rollout of the next-generation Simplera Sync™ sensor. The company has also secured expanded indications for its diabetes technologies, including for insulin-requiring Type 2 diabetes and younger pediatric populations.
- Expansion into Emerging Markets: Medtronic is strategically expanding its presence in international markets, particularly focusing on emerging markets like China. This expansion aims to achieve sustainable double-digit growth by introducing cost-effective surgical products and increasing the attachment rates of Continuous Glucose Monitoring (CGM) systems.
- Strong Performance in Cardiac Ablation Solutions (CAS): The Cardiac Ablation Solutions business, bolstered by its pulsed field ablation (PFA) portfolio, is experiencing substantial growth. This segment has shown significant year-over-year growth and is gaining market share, with the company expecting to double its revenue.
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Share Repurchases
- Medtronic's annual share buybacks were $3.235 billion in 2025, $2.138 billion in 2024, and $645 million in 2023.
- Medtronic repurchased $105 million in shares for the quarter ending December 31, 2025.
- The company aims to return a minimum of 50% of its free cash flow to shareholders.
Share Issuance
- Medtronic's shares outstanding saw a 3.03% decline from 2024 to 2025, a 0.2% decline from 2023 to 2024, and a 1.38% decline from 2022 to 2023, indicating net repurchases.
- As of March 2026, the number of shares outstanding for Medtronic was 1.282 billion.
Outbound Investments
- Medtronic completed the acquisition of Scientia Vascular in March 2026 for $550 million.
- The company made a Post IPO investment in Orchestra BioMed on July 31, 2025, and a Series D investment in FIRE1 on January 7, 2025.
- Medtronic maintains "significant firepower" to pursue acquisitions, particularly in cardiology and neuroscience, targeting deals in the low- to mid-single-digit billions of dollars to supplement internal R&D efforts.
Capital Expenditures
- Medtronic's capital expenditures were $1.859 billion in 2025, $1.587 billion in 2024, and $1.459 billion in 2023.
- Capital expenditures have increased consistently over the last five fiscal years, from $1.355 billion in 2021 to $1.859 billion in 2025.
- Medtronic invested an estimated $65 million in the expansion of its manufacturing operations in Costa Rica, a process that began in 2020 and continued until 2024, with a focus on producing surgical components for spinal surgeries.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | QDEL | QuidelOrtho | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | CHE | Chemed | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | LLY | Eli Lilly | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 02202026 | HAE | Haemonetics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 02132026 | IQV | IQVIA | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 7.1% | 7.1% | -3.0% |
| 09302022 | MDT | Medtronic | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.6% | 0.4% | -5.7% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 172.38 |
| Mkt Cap | 146.1 |
| Rev LTM | 30,300 |
| Op Inc LTM | 5,835 |
| FCF LTM | 4,846 |
| FCF 3Y Avg | 4,452 |
| CFO LTM | 6,164 |
| CFO 3Y Avg | 5,674 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.0% |
| Rev Chg 3Y Avg | 7.9% |
| Rev Chg Q | 10.2% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Mgn LTM | 20.0% |
| Op Mgn 3Y Avg | 19.2% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 22.1% |
| CFO/Rev 3Y Avg | 20.5% |
| FCF/Rev LTM | 17.0% |
| FCF/Rev 3Y Avg | 15.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 146.1 |
| P/S | 5.1 |
| P/EBIT | 22.4 |
| P/E | 31.8 |
| P/CFO | 23.2 |
| Total Yield | 4.7% |
| Dividend Yield | 1.6% |
| FCF Yield 3Y Avg | 3.0% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.6% |
| 3M Rtn | -12.3% |
| 6M Rtn | -9.1% |
| 12M Rtn | -10.5% |
| 3Y Rtn | 33.3% |
| 1M Excs Rtn | -3.0% |
| 3M Excs Rtn | -7.9% |
| 6M Excs Rtn | -7.4% |
| 12M Excs Rtn | -23.3% |
| 3Y Excs Rtn | -33.5% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cardiovascular | 11,831 | 11,522 | 11,423 | 10,772 | 10,468 |
| Neuroscience | 9,406 | 8,959 | 8,784 | 8,195 | 7,725 |
| Medical Surgical | 8,417 | 7,989 | 9,141 | 8,737 | 8,352 |
| Diabetes | 2,488 | 2,262 | 2,338 | 2,413 | 2,368 |
| Other operating segment | 221 | 495 | |||
| Total | 32,363 | 31,227 | 31,686 | 30,117 | 28,913 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cardiovascular | 4,474 | 4,522 | 4,512 | 3,850 | 3,719 |
| Neuroscience | 3,940 | 3,712 | 3,765 | 3,162 | 2,915 |
| Medical Surgical | 3,170 | 3,048 | 3,572 | 3,021 | 3,044 |
| Diabetes | 394 | 383 | 583 | 598 | 546 |
| Currency and other | 68 | 465 | 70 | ||
| Other operating segment | 10 | -89 | |||
| Medical device regulations | -119 | -150 | -102 | -83 | -48 |
| Certain litigation charges, net | -149 | 30 | -95 | -118 | -313 |
| Restructuring and associated costs | -389 | -647 | -335 | -617 | -441 |
| Stock-based compensation | -393 | -355 | |||
| Acquisition and divestiture-related items | -777 | -345 | 43 | 15 | -66 |
| Centralized distribution costs | -1,609 | -1,558 | -1,822 | -1,877 | -1,420 |
| Amortization of intangible assets | -1,693 | -1,698 | -1,733 | -1,783 | -1,756 |
| Corporate | -1,784 | -1,763 | -1,724 | -1,577 | -1,239 |
| Commitments to the Medtronic Foundation and Medtronic LABS | -70 | 0 | |||
| In-process research and development (IPR&D) charges | 0 | -101 | -31 | -25 | |
| Divestiture and separation-related items | 0 | ||||
| Impairment of abandoned intangible assets | 0 | ||||
| Mechanical Circulatory Support (MCS) Impairments / Costs | -881 | ||||
| Impairment charges | -76 | ||||
| Contribution to Medtronic Foundation | -80 | ||||
| Debt tender premium and other charges | 7 | ||||
| Exit of businesses | -52 | ||||
| Total | 5,143 | 5,485 | 5,752 | 4,484 | 4,791 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Medical Surgical | 33,586 | 34,926 | 36,940 | 39,319 | 39,666 |
| Neuroscience | 18,270 | 18,346 | 16,917 | 17,151 | 16,850 |
| Corporate | 17,455 | 16,373 | 18,837 | 17,915 | 16,164 |
| Cardiovascular | 16,128 | 16,036 | 14,490 | 15,027 | 14,844 |
| Diabetes | 3,996 | 3,930 | 3,797 | 3,671 | 3,165 |
| Other operating segment | 547 | 1,337 | |||
| Total | 89,982 | 90,948 | 90,981 | 93,083 | 90,689 |
Price Behavior
Price Behavior
| Market Price | $87.89 | |
| Market Cap ($ Bil) | 112.7 | |
| First Trading Date | 12/31/1981 | |
| Distance from 52W High | -16.0% | |
| 50 Days | 200 Days | |
| DMA Price | $96.20 | $93.72 |
| DMA Trend | up | down |
| Distance from DMA | -8.6% | -6.2% |
| 3M | 1YR | |
| Volatility | 20.3% | 20.7% |
| Downside Capture | 56.52 | 42.39 |
| Upside Capture | 13.97 | 38.38 |
| Correlation (SPY) | 14.9% | 43.2% |
MDT Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.46 | -0.26 | -0.19 | 0.06 | 0.43 | 0.42 |
| Up Beta | 0.87 | 0.83 | 0.93 | 0.79 | 0.49 | 0.47 |
| Down Beta | -0.56 | -1.00 | -1.10 | -0.26 | 0.51 | 0.48 |
| Up Capture | -106% | -15% | -27% | 9% | 22% | 12% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 8 | 18 | 24 | 58 | 128 | 392 |
| Down Capture | -51% | -31% | 16% | -10% | 35% | 58% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 13 | 23 | 37 | 66 | 123 | 356 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MDT | |
|---|---|---|---|---|
| MDT | 0.6% | 20.7% | -0.07 | - |
| Sector ETF (XLV) | 0.7% | 17.6% | -0.11 | 61.9% |
| Equity (SPY) | 15.5% | 18.8% | 0.63 | 43.2% |
| Gold (GLD) | 51.3% | 27.2% | 1.51 | 10.0% |
| Commodities (DBC) | 17.8% | 17.5% | 0.84 | 21.0% |
| Real Estate (VNQ) | 0.7% | 16.4% | -0.13 | 44.6% |
| Bitcoin (BTCUSD) | -19.2% | 43.9% | -0.36 | 11.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MDT | |
|---|---|---|---|---|
| MDT | -3.0% | 21.4% | -0.20 | - |
| Sector ETF (XLV) | 6.7% | 14.5% | 0.28 | 56.2% |
| Equity (SPY) | 12.4% | 17.0% | 0.57 | 44.5% |
| Gold (GLD) | 20.9% | 17.5% | 0.97 | 9.0% |
| Commodities (DBC) | 12.0% | 18.9% | 0.52 | 10.2% |
| Real Estate (VNQ) | 3.1% | 18.8% | 0.07 | 47.0% |
| Bitcoin (BTCUSD) | 4.1% | 56.7% | 0.29 | 15.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MDT | |
|---|---|---|---|---|
| MDT | 4.0% | 23.0% | 0.17 | - |
| Sector ETF (XLV) | 10.0% | 16.5% | 0.49 | 65.3% |
| Equity (SPY) | 14.3% | 17.9% | 0.68 | 58.8% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 3.9% |
| Commodities (DBC) | 8.3% | 17.6% | 0.39 | 20.1% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 55.7% |
| Bitcoin (BTCUSD) | 67.1% | 66.8% | 1.06 | 11.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/17/2026 | -3.1% | -0.9% | -11.1% |
| 11/18/2025 | 4.7% | 7.2% | 2.3% |
| 8/19/2025 | -3.1% | -0.8% | 1.9% |
| 5/21/2025 | -2.3% | -5.9% | -0.0% |
| 2/18/2025 | -7.3% | -2.8% | -0.6% |
| 11/19/2024 | -3.0% | -2.1% | -8.6% |
| 8/20/2024 | 0.7% | 5.3% | 3.9% |
| 5/23/2024 | -5.1% | -6.0% | -5.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 8 | 9 |
| # Negative | 12 | 15 | 14 |
| Median Positive | 2.6% | 4.5% | 2.8% |
| Median Negative | -3.1% | -2.8% | -4.8% |
| Max Positive | 4.7% | 7.3% | 8.3% |
| Max Negative | -7.3% | -8.7% | -13.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 01/31/2026 | 02/24/2026 | 10-Q |
| 10/31/2025 | 11/25/2025 | 10-Q |
| 07/31/2025 | 08/26/2025 | 10-Q |
| 04/30/2025 | 06/20/2025 | 10-K |
| 01/31/2025 | 02/25/2025 | 10-Q |
| 10/31/2024 | 11/26/2024 | 10-Q |
| 07/31/2024 | 08/27/2024 | 10-Q |
| 04/30/2024 | 06/20/2024 | 10-K |
| 01/31/2024 | 02/27/2024 | 10-Q |
| 10/31/2023 | 11/30/2023 | 10-Q |
| 07/31/2023 | 08/31/2023 | 10-Q |
| 04/30/2023 | 06/22/2023 | 10-K |
| 01/31/2023 | 03/01/2023 | 10-Q |
| 10/31/2022 | 12/01/2022 | 10-Q |
| 07/31/2022 | 09/01/2022 | 10-Q |
| 04/30/2022 | 06/23/2022 | 10-K |
Recent Forward Guidance [BETA]
Latest: Q3 2026 Earnings Reported 2/17/2026 | Prior: Q2 2026 Earnings Reported 11/18/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Revenue Growth | 5.5% | 0 | 0 | Affirmed | Guidance: 5.5% for 2026 | ||
| 2026 Diluted Non-GAAP EPS | 5.62 | 5.64 | 5.66 | 0 | Affirmed | Guidance: 5.64 for 2026 | |
| 2026 Diluted Non-GAAP EPS Growth | 4.5% | Higher New | |||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Smith, Gregory L | EVP Global Ops & Supply Chain | Direct | Sell | 11212025 | 101.95 | 30,000 | 3,058,451 | 4,691,256 | Form |
| 2 | Kiil, Harry Skip | EVP & President Cardiovascular | Direct | Sell | 9052025 | 91.58 | 8,605 | 788,048 | 3,261,630 | Form |
| 3 | Jellison, William R | Direct | Buy | 8252025 | 92.73 | 2,500 | 231,825 | 231,825 | Form | |
| 4 | Jellison, William R | Direct | Buy | 8252025 | 92.37 | 2,500 | 230,925 | 461,850 | Form | |
| 5 | Kiil, Harry Skip | EVP & President Cardiovascular | Direct | Sell | 2262026 | 97.71 | 52,524 | 5,132,217 | 3,201,822 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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