Tearsheet
Investment Highlights Market Valuation Price Chart About MDT Interactive Breakdown Better Bets vs. MDT Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Medtronic (MDT)

Market Price (10/18/2025): $95.97 | Market Cap: $123.0 Bil
Sector: Health Care | Industry: Health Care Equipment

Medtronic (MDT)

Market Price (10/18/2025): $95.97
Market Cap: $123.0 Bil
Sector: Health Care
Industry: Health Care Equipment

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, Dividend Yield is 2.9%		 Trading close to highs
Dist 52W High is -2.7%, Dist 3Y High is -2.7%		 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 26x
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 19%		 Weak multi-year price returns
2Y Excs Rtn is -12%, 3Y Excs Rtn is -55%		 
2 Attractive cash flow generation
CFO/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 16%, CFO LTM is 7.1 Bil, FCF LTM is 5.3 Bil		  
3 Low stock price volatility
Vol 12M is 22%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, Dividend Yield is 2.9%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 19%
2 Attractive cash flow generation
CFO/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 16%, CFO LTM is 7.1 Bil, FCF LTM is 5.3 Bil
3 Low stock price volatility
Vol 12M is 22%
4 Trading close to highs
Dist 52W High is -2.7%, Dist 3Y High is -2.7%
5 Weak multi-year price returns
2Y Excs Rtn is -12%, 3Y Excs Rtn is -55%
6 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 26x

Market Valuation & Key Metrics

MDTS&P 500
REVENUE GROWTHPOOR
Rev LTM ($ Bil)34.2
Rev Chg Q8.4%6.1%
Rev Chg LTM5.0%5.2%
Rev Chg 3Y Avg3.3%5.4%
PROFITABILITYFAIR
Op Inc LTM ($ Bil)6.6
Op Mgn LTM19.4%18.6%
CFO LTM ($ Bil)7.1
CFO/Rev LTM20.9%20.3%
Net Inc LTM ($ Bil)4.7
Net Inc Mgn13.6%12.7%
VALUATIONMODERATE
P/S3.63.2
P/CFO17.215.8
P/FCF23.220.7
P/E26.423.9
STABILITYGOOD
Debt/Equity0.230.22
Cash/Assets0.090.07

MDT Stock

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
MDT Return6%-10%-23%10%0%22%-1%
Peers Return7%16%-11%4%11%9%39%
S&P 500 Return16%27%-19%24%23%13%103%

Monthly Win Rates [3]
MDT Win Rate58%42%42%42%50%67% 
Peers Win Rate55%53%47%53%58%58% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
MDT Max Drawdown-36%-14%-25%-8%-5%-0% 
Peers Max Drawdown-30%-5%-25%-14%-8%-7% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: JNJ, ABT, BSX, SYK, BAX. 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] 2025 data is for the year up to 10/17/2025 (YTD)

Downturns Compared

Unique KeyEventMDTS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-48.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven94.7%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-39.9%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven66.3%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven382 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-17.1%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven20.7%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven185 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-57.9%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven137.3%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1695 days1480 days


How Low Can It Go?

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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Interactive Breakdown

Medtronic Interactive Breakdown Analysis

Better Bets than Medtronic (MDT)

 MDTBetter Performance than MDT
MetricValueIndustry (Health Care Equipment)
Rev Chg LTM5.0%ABT (5.9%), ISRG (20.8%), BSX (21.4%), SYK (11.4%), BDX (7.9%)
Rev Chg 3Y Avg3.3%ISRG (15.4%), BSX (14.6%), SYK (10.6%), BDX (4.1%), IDXX (6.9%)
Op Mgn LTM19.4%ISRG (28.8%), SYK (19.7%), IDXX (31.1%), EW (27.9%), RMD (32.8%)
CFO/Rev LTM20.9%ABT (21.0%), ISRG (30.9%), BSX (23.2%), IDXX (22.4%), RMD (34.0%)
FCF/Rev LTM15.5%ABT (15.7%), ISRG (21.8%), BSX (17.5%), SYK (16.9%), IDXX (19.2%)
Total Yield6.7%ABT (8.0%), EW (9.5%), GEHC (6.8%), CNMD (10.2%), EMBC (14.9%)
 MDTBetter Performance than MDT
MetricValueAll Other Sectors
Rev Chg LTM5.0%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg3.3%NVDA (92.0%), MSFT (12.5%), GOOGL (10.2%), AMZN (11.3%), META (13.0%)
Op Mgn LTM19.4%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM20.9%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), META (56.4%)
FCF/Rev LTM15.5%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield6.7%JPM (6.8%), XOM (9.9%), BAC (7.1%), BABA (37.7%), KO (7.0%)
 Best Bets In Health Care Sector
 MDTRPRX HALO CPRX LNTH PBH EW AVTR ILMN HCA UHS
What You Pay           
P/E26.315.414.612.014.114.410.614.711.917.110.4
P/EBIT19.28.111.510.39.69.226.110.010.09.37.2
What You Get           
Rev Chg Q8.4%7.7%40.8%19.4%-4.1%-6.6%11.9%-1.1%-4.8%6.4%9.6%
Rev Chg LTM5.0%3.0%35.0%28.5%5.7%0.6%9.1%-2.3%-3.3%6.4%9.6%
Rev Chg 3Y Avg3.3%0.8%35.5%49.9%34.3%0.8%3.0%-4.3%-3.0%6.6%8.1%
FCF/Rev 3Y Avg15.1%113.4%43.4%38.9%26.1%21.6%11.9%9.7%9.0%8.4%4.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Medtronic Earnings Notes  
2How Low Can Medtronic Stock Really Go?Return 
3MDT Pays Out $100 Bil to Investors in 10 Years  
4How Does Medtronic Stock Stack Up Against Its Peers?Peer Comparison 
5Better Bet Than MDT Stock: Pay Less Than Medtronic To Get More From DIS, MRK   
6Better Bet Than MDT Stock: Pay Less Than Medtronic To Get More From MRK, UTHR   
7Better Bet Than MDT Stock: Pay Less Than Medtronic To Get More From CNMD, LIVN Actionable 
8MDT Dip Buy Analysis  
9Day 13 of Gains Streak for Medtronic Stock with 9.7% Return (vs. 12% YTD) [6/12/2025]Notification 
10Day 12 of Gains Streak for Medtronic Stock with 9.1% Return (vs. 11% YTD) [6/11/2025]Notification 
11ARTICLES  
12Large Cap Stocks Trading At 52-Week High October 6th, 2025
13Ten-Year Tally: MDT Hands Back $52 Bil to Shareholders September 5th, 2025
14Large Cap Stocks Trading At 52-Week High August 21st, 2025
15S&P 500 Movers | Winners: ADI, MCK, MDT | Losers: INTC, TGT, DELL August 21st, 2025
16How To Trade Medtronic Stock Ahead of Its Earnings? August 18th, 2025
Title
0DASHBOARDS
1Large Cap Stocks Trading At 52-Week High
2Ten-Year Tally: MDT Hands Back $52 Bil to Shareholders
3Large Cap Stocks Trading At 52-Week High
4S&P 500 Movers | Winners: ADI, MCK, MDT | Losers: INTC, TGT, DELL
5How To Trade Medtronic Stock Ahead of Its Earnings?
6ARTICLES
7Medtronic Earnings Notes
8How Low Can Medtronic Stock Really Go?
9MDT Pays Out $100 Bil to Investors in 10 Years
10How Does Medtronic Stock Stack Up Against Its Peers?
11Better Bet Than MDT Stock: Pay Less Than Medtronic To Get More From DIS, MRK 
12Better Bet Than MDT Stock: Pay Less Than Medtronic To Get More From MRK, UTHR 
13Better Bet Than MDT Stock: Pay Less Than Medtronic To Get More From CNMD, LIVN 
14MDT Dip Buy Analysis
15Day 13 of Gains Streak for Medtronic Stock with 9.7% Return (vs. 12% YTD) [6/12/2025]
16Day 12 of Gains Streak for Medtronic Stock with 9.1% Return (vs. 11% YTD) [6/11/2025]

Trade Ideas

Select past ideas related to MDT. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-2.0%-2.0%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		2.8%2.8%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		4.3%4.3%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		11.2%11.2%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-4.4%-4.4%-8.0%
MDT_9302022_Dip_Buyer_FCFYield09302022MDTMedtronicDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		1.6%0.4%-5.7%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-2.0%-2.0%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		2.8%2.8%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		4.3%4.3%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		11.2%11.2%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-4.4%-4.4%-8.0%
MDT_9302022_Dip_Buyer_FCFYield09302022MDTMedtronicDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		1.6%0.4%-5.7%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines256.7%146.9%
2NVTSNavitas Semiconductor78.1%310.6%
3SSIISS Innovations International40.1%23.4%
4FLNCFluence Energy40.0%15.4%
5BTDRBitdeer Technologies35.1%10.8%
6MVSTMicrovast34.6%181.6%
7POWIPower Integrations31.3%-25.4%
8CCOClear Channel Outdoor30.8%24.1%
9IRONDisc Medicine28.7%41.9%
10BEBloom Energy28.4%402.0%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1SOCSable Offshore-35.8%-48.4%
2SRRKScholar Rock-29.2%-35.4%
3AIVApartment Investment & Management-28.3%-9.0%
4ALABAstera Labs-22.5%20.6%
5BYRNByrna Technologies-19.7%-26.6%
6BWINBaldwin Insurance-19.5%-40.3%
7ONDSOndas-17.5%197.3%
8URGUr-Energy-17.4%40.0%
9IIINInsteel Industries-16.4%14.6%
10LIFLife360-16.0%112.3%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1160.2%365.5%
2PRAXPraxis Precision Medicines320.1%146.9%
3QUREuniQure293.5%228.4%
4FLNCFluence Energy131.4%15.4%
5CLPTClearPoint Neuro123.6%65.0%
6NVTSNavitas Semiconductor117.8%310.6%
7LACLithium Americas110.9%128.6%
8ASTSAST SpaceMobile101.5%295.7%
9BETRBetter Home & Finance97.8%610.2%
10GRALGRAIL97.0%337.0%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1SOCSable Offshore-50.9%-48.4%
2FLYFirefly Aerospace-41.7% 
3PGYPagaya Technologies-39.5%185.3%
4UPWheels Up Experience-37.1%-6.7%
5ALABAstera Labs-36.6%20.6%
6VGVenture Global-35.8% 
7USNAUsana Health Sciences-32.3%-41.8%
8UPSTUpstart-31.7%-24.5%
9DOMODomo-30.8%73.6%
10TROXTronox-30.6%-63.2%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines256.7%146.9%
2NVTSNavitas Semiconductor78.1%310.6%
3SSIISS Innovations International40.1%23.4%
4FLNCFluence Energy40.0%15.4%
5BTDRBitdeer Technologies35.1%10.8%
6MVSTMicrovast34.6%181.6%
7POWIPower Integrations31.3%-25.4%
8CCOClear Channel Outdoor30.8%24.1%
9IRONDisc Medicine28.7%41.9%
10BEBloom Energy28.4%402.0%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1SOCSable Offshore-35.8%-48.4%
2SRRKScholar Rock-29.2%-35.4%
3AIVApartment Investment & Management-28.3%-9.0%
4ALABAstera Labs-22.5%20.6%
5BYRNByrna Technologies-19.7%-26.6%
6BWINBaldwin Insurance-19.5%-40.3%
7ONDSOndas-17.5%197.3%
8URGUr-Energy-17.4%40.0%
9IIINInsteel Industries-16.4%14.6%
10LIFLife360-16.0%112.3%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Medtronic

Financials

MDTJNJABTBSXSYKBAXMedian
NameMedtronicJohnson .Abbott L.Boston S.Stryker Baxter I. 
Mkt Price95.78193.22128.5499.24374.4223.09113.89
Mkt Cap122.8464.9224.1146.9143.111.8145.0
Rev LTM34,20090,62743,10918,49423,81810,88729,009
Op Inc LTM6,64722,2287,5153,3884,6833985,665
FCF LTM5,30316,3976,7753,2344,0242184,664
FCF 3Y Avg4,96416,9265,9722,1143,0816584,023
CFO LTM7,14623,0289,0374,2854,7667655,956
CFO 3Y Avg6,62522,2488,1303,0143,7351,1665,180

Growth & Margins

MDTJNJABTBSXSYKBAXMedian
NameMedtronicJohnson .Abbott L.Boston S.Stryker Baxter I. 
Rev Chg LTM5.0%4.7%5.9%21.4%11.4%3.6%5.4%
Rev Chg 3Y Avg3.3%4.0%-1.5%14.6%10.6%-5.7%3.6%
Rev Chg Q8.4%5.8%7.4%22.8%11.1%4.3%7.9%
QoQ Delta Rev Chg LTM2.0%1.5%1.8%5.4%2.6%1.1%1.9%
Op Mgn LTM19.4%24.5%17.4%18.3%19.7%3.7%18.9%
Op Mgn 3Y Avg18.6%26.3%16.2%17.6%19.3%2.9%18.1%
QoQ Delta Op Mgn LTM-0.1%-0.2%0.6%-0.2%-0.1%0.1%-0.1%
CFO/Rev LTM20.9%25.4%21.0%23.2%20.0%7.0%20.9%
CFO/Rev 3Y Avg20.2%25.7%19.6%18.8%17.2%11.2%19.2%
FCF/Rev LTM15.5%18.1%15.7%17.5%16.9%2.0%16.3%
FCF/Rev 3Y Avg15.1%19.6%14.4%13.1%14.1%6.3%14.3%

Valuation

MDTJNJABTBSXSYKBAXMedian
NameMedtronicJohnson .Abbott L.Boston S.Stryker Baxter I. 
Mkt Cap122.8464.9224.1146.9143.111.8145.0
P/S3.65.15.27.96.01.15.2
P/EBIT19.216.526.644.130.6370.228.6
P/E26.320.516.058.649.0-76.423.4
P/CFO17.220.224.834.330.015.522.5
Total Yield6.7%7.5%8.0%1.7%2.9%2.7%4.8%
Dividend Yield2.9%2.6%1.8%0.0%0.9%4.0%2.2%
FCF Yield 3Y Avg4.5%4.5%3.0%1.8%2.3%3.5%3.2%
D/E0.20.10.10.10.10.80.1
Net D/E0.20.10.00.10.10.70.1

Returns

MDTJNJABTBSXSYKBAXMedian
NameMedtronicJohnson .Abbott L.Boston S.Stryker Baxter I. 
1M Rtn2.0%9.0%-3.8%0.8%-0.4%-0.5%0.2%
3M Rtn7.7%18.9%4.4%-4.2%-3.6%-16.3%0.4%
6M Rtn17.8%24.7%-1.0%4.3%8.5%-19.1%6.4%
12M Rtn10.2%21.3%11.1%14.8%5.0%-35.6%10.6%
3Y Rtn25.8%27.5%29.8%141.6%79.5%-55.0%28.7%
1M Excs Rtn0.5%10.5%-4.5%0.5%-1.2%-3.0%-0.3%
3M Excs Rtn1.9%12.7%-1.9%-10.1%-8.8%-20.7%-5.4%
6M Excs Rtn-8.3%-1.5%-27.1%-21.8%-17.6%-45.2%-19.7%
12M Excs Rtn-4.5%7.0%-1.7%-0.2%-9.3%-50.2%-3.1%
3Y Excs Rtn-54.6%-56.2%-49.5%64.3%-1.4%-140.8%-52.0%

Comparison Analyses

Financials

$ Mil | FY: 4/252026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
Period End7/25/20254/25/20251/24/202510/25/20247/26/20244/26/20241/26/202410/27/20237/28/20234/28/20231/27/202310/28/2022
Filing Date8/26/20256/20/20252/25/202511/26/20248/27/20246/20/20242/27/202411/30/20238/31/20236/22/20233/1/202312/1/2022
Key Financials Quarterly            
Total Revenue8,5788,9278,2928,4037,9158,5898,0897,9847,7028,5457,7277,585
Ebitda2,2262,2752,4032,4432,0971,7112,3092,1652,0162,4172,2212,184
Operating Income1,5161,7971,7101,6241,4081,2091,5031,4451,3631,8301,4291,433
Net Income1,0401,0561,2941,2701,0426541,3229097911,1791,222427
EPS0.810.821.010.990.810.490.990.680.590.890.920.32
Key Financials TTM            
Total Revenue TTM34,20033,53733,19932,99632,57732,36432,32031,95831,55931,22830,77230,808
Ebitda TTM9,3479,2188,6548,5608,2828,2018,9078,8198,8388,6988,7148,891
Operating Income TTM6,6476,5395,9515,7445,5655,5206,1416,0676,0555,8305,6995,976
Net Income TTM4,6604,6624,2604,2883,9273,6764,2014,1013,6193,7574,0634,321
Growth Rates Quarterly            
Total Revenue Growth8.4%3.9%2.5%5.2%2.8%0.5%4.7%5.3%4.5%5.6%-0.5%-3.3%
EBITDA Growth6.2%33.0%4.1%12.8%4.0%-29.2%4.0%-0.9%7.5%-0.7%-7.4%-5.2%
Operating Income Growth7.7%48.6%13.8%12.4%3.3%-33.9%5.2%0.8%19.8%7.7%-16.2%-10.8%
Net Income Growth-0.2%61.5%-2.1%39.7%31.7%-44.5%8.2%112.9%-14.9%-20.6%-17.4%-67.4%
Margins Quarterly            
EBITDA Margin26.0%25.5%29.0%29.1%26.5%19.9%28.5%27.1%26.2%28.3%28.7%28.8%
Operating Income Margin17.7%20.1%20.6%19.3%17.8%14.1%18.6%18.1%17.7%21.4%18.5%18.9%
Net Income Margin12.1%11.8%15.6%15.1%13.2%7.6%16.3%11.4%10.3%13.8%15.8%5.6%
Cash & Debt            
Total Cash8,1218,9657,9227,9897,8438,0058,3217,7347,8767,95911,13711,430
Total Debt28,60928,51626,60728,32627,86525,02425,18225,08024,98224,36428,12826,617
Net Debt / (Cash)20,48819,55118,68520,33720,02217,01916,86117,34617,10616,40516,99115,187
Cash Flows Quarterly            
FCF from Operations1,0882,5282,5729589862,7772,4746618752,4601,574922
Cash Flows TTM            
FCF from Operations TTM7,1467,0447,2937,1956,8986,7876,4705,5705,8316,0395,6366,290
Returns to Shareholders Quarterly            
Dividends910897897897898913917918918905904904
Share Repurchases1232741812882,4921,6281322261529771141
Return on Invested Capital (ROIC) Quarterly            
ROIC13.3%16.8%15.7%14.0%12.4%10.1%14.4%10.4%9.5%15.0%13.3%4.8%
Return on Invested Capital (ROIC) TTM            
ROIC TTM15.0%15.1%13.3%12.7%12.0%11.5%12.4%11.9%10.5%11.0%11.2%12.4%

Segment Financials

Revenue by Segment

$ Mil20252024202320222021
Cardiovascular11,83111,52211,36810,77210,468
Neuroscience9,4068,9598,7848,1957,725
Medical Surgical8,4177,9898,4698,7378,352
Diabetes2,4882,2622,3382,4132,368
Other operating segment221495727  
Total32,36331,22731,68630,11728,913


Operating Income by Segment
$ Mil20252024202320222021
Cardiovascular4,4744,5224,5963,8503,719
Neuroscience3,9403,7123,8583,1622,915
Medical Surgical3,1703,0483,6983,0213,044
Diabetes394383588598546
Currency6846570-47 
Other operating segment10-89-31  
Medical device regulations-119-150-102-83-48
Certain litigation charges, net-14930-95-118-313
Restructuring and associated costs-389-647-335-617-441
Stock-based compensation-393-355-358  
Acquisition and divestiture-related items-777-345-83815-66
Centralized distribution costs-1,609-1,558-1,741-1,830-1,420
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 -7000 
In-process research and development (IPR&D) charges  -101-31-25
Divestiture and separation-related items   0 
Impairment of abandoned intangible assets   -76 
Mechanical Circulatory Support (MCS) Impairments / Costs   0 
Contribution to Medtronic Foundation    -80
Debt tender premium and other charges    7
Exit of businesses    -52
Total5,1435,4855,7524,4844,791


Assets by Segment
$ Mil20252024202320222021
Medical Surgical33,586   39,666
Neuroscience18,270   16,850
Corporate17,455   16,164
Cardiovascular16,128   14,844
Diabetes3,996   3,165
Other operating segment547    
Total89,982   90,689


Price Behavior

MDT Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta0.220.460.460.540.450.53
Up Beta1.510.870.450.450.450.55
Down Beta0.191.231.220.720.580.59
Up Capture35%35%49%41%27%16%
Bmk +ve Days13233574144420
Stock +ve Days13233774141406
Down Capture-48%-20%-6%56%43%76%
Bmk -ve Days8192952107330
Stock -ve Days8192752109340

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity10,664,283
Short Interest: % Change Since 9152025-16.6%
Average Daily Volume8,366,601
Days-to-Cover Short Interest1.27
Basic Shares Quantity1,281,600,000
Short % of Basic Shares0.8%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
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%
8/20/20240.7%5.3%3.9%
5/23/2024-5.1%-6.0%-5.5%
2/20/20241.7%-0.9%-0.4%
11/21/20234.6%4.6%8.1%
...
SUMMARY STATS   
# Positive1078
# Negative111413
Median Positive2.5%4.4%3.0%
Median Negative-3.1%-3.7%-4.2%
Max Positive4.6%7.3%8.3%
Max Negative-7.3%-8.7%-13.6%

SEC Filings

Expand for More

Report DateFiling DateFiling
7312025826202510-Q 7/25/2025
4302025620202510-K 4/25/2025
1312025225202510-Q 1/24/2025
103120241126202410-Q 10/25/2024
7312024827202410-Q 7/26/2024
4302024620202410-K 4/26/2024
1312024227202410-Q 1/26/2024
103120231130202310-Q 10/27/2023
7312023831202310-Q 7/28/2023
4302023622202310-K 4/28/2023
1312023301202310-Q 1/27/2023
103120221201202210-Q 10/28/2022
7312022901202210-Q 7/29/2022
4302022623202210-K 4/29/2022
1312022303202210-Q 1/28/2022
103120211202202110-Q 10/29/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Jellison William R 8252025Buy92.732,500231,825231,825Form

Industry Resources

External Quote Links


Prefer one of these to Trefis? Tell us why.