Tearsheet

Medtronic (MDT)

Market Price (9/16/2025): $93.43 | Market Cap: $119.7 Bil
Sector: Health Care | Industry: Health Care Equipment

Medtronic (MDT)

Market Price (9/16/2025): $93.43
Market Cap: $119.7 Bil
Sector: Health Care
Industry: Health Care Equipment

Investment Highlights

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, Dividend Yield is 3.0%	Trading close to highs Dist 52W High is -0.9%, Dist 3Y High is -0.9%	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 -25%, 3Y Excs Rtn is -48%
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 21%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, Dividend Yield is 3.0%
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 21%
4	Trading close to highs Dist 52W High is -0.9%, Dist 3Y High is -0.9%
5	Weak multi-year price returns 2Y Excs Rtn is -25%, 3Y Excs Rtn is -48%
6	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 26x

Market Valuation

	9/16/25	2024	2023	2022
Share Price CYE	$93.43	$78.60	$78.38	$71.53
Market Cap CYE ($ Bil)	119.7	100.8	104.3	95.1
Total Debt ($ Bil)	28.6	28.5	25.0	24.4
Total Cash ($ Bil)	8.1	9.0	8.0	8.0
Enterprise Value ($ Bil)	140.2	129.3	129.3	119.5
Valuation Ratios
P/S TTM	3.5	3.1	3.4	3.3
P/EBIT TTM	18.7	16.1	19.7	17.2
P/E TTM	25.7	22.0	29.8	27.5
Sector Ratios
P/S TTM (Sector)	3.8	3.6	4.1	4.5
P/EBIT TTM (Sector)	-1.6	-1.3	-1.4	-1.3
P/E TTM (Sector)	-1.9	-1.6	-1.5	-1.4

	9/16/25	2024
Share Price CYE	$93.43	$78.60
Market Cap CYE ($ Bil)	119.7	100.8
Total Debt ($ Bil)	28.6	28.5
Total Cash ($ Bil)	8.1	9.0
Enterprise Value ($ Bil)	140.2	129.3
Valuation Ratios
P/S TTM	3.5	3.1
P/EBIT TTM	18.7	16.1
P/E TTM	25.7	22.0
Sector Ratios
P/S TTM (Sector)	3.8	3.6
P/EBIT TTM (Sector)	-1.6	-1.3
P/E TTM (Sector)	-1.9	-1.6

Stock Price
Market Cap

Stock Price Chart

Return (1Y):

Market Cap Chart

Business Description

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. Show more

Price Returns Compared

Expand for Detailed View

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MDT Return	6%	-10%	-23%	10%	0%	19%	-3%
Peers Return	7%	16%	-11%	4%	11%	9%	38%
S&P 500 Return	16%	27%	-19%	24%	23%	12%	104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: JNJ, ABT, BSX, SYK, BAX. See MDT Returns vs. Peers.
[3] 2025 data is for the year up to 9/15/2025 (YTD)

Interactive Breakdown

Medtronic Interactive Breakdown Analysis

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Medtronic Earnings Notes
2	MDT Has Paid Out $52 Bil to Investors in the Past Decade
3	How Does MDT Stack Up Against Its Peers?	Peer Comparison
4	Better Bet Than MDT Stock: Pay Less Than Medtronic To Get More From DIS, MRK
5	Better Bet Than MDT Stock: Pay Less Than Medtronic To Get More From MRK, UTHR
6	Better Bet Than MDT Stock: Pay Less Than Medtronic To Get More From CNMD, LIVN	Actionable
7	MDT Dip Buy Analysis
8	Day 13 of Gains Streak for Medtronic Stock with 9.7% Return (vs. 12% YTD) [6/12/2025]	Notification
9	Day 12 of Gains Streak for Medtronic Stock with 9.1% Return (vs. 11% YTD) [6/11/2025]	Notification
10	Day 10 of Gains Streak for Medtronic Stock with 8.4% Return (vs. 10% YTD) [6/9/2025]	Notification
11	ARTICLES
12	Ten-Year Tally: MDT Hands Back $52 Bil to Shareholders		September 5th, 2025
13	Large Cap Stocks Trading At 52-Week High		August 21st, 2025
14	S&P 500 Movers \| Winners: ADI, MCK, MDT \| Losers: INTC, TGT, DELL		August 21st, 2025
15	How To Trade Medtronic Stock Ahead of Its Earnings?		August 18th, 2025
16	S&P 500 Stocks Trading At 52-Week High		August 16th, 2025

	Title
0	DASHBOARDS
1	Ten-Year Tally: MDT Hands Back $52 Bil to Shareholders
2	Large Cap Stocks Trading At 52-Week High
3	S&P 500 Movers \| Winners: ADI, MCK, MDT \| Losers: INTC, TGT, DELL
4	How To Trade Medtronic Stock Ahead of Its Earnings?
5	S&P 500 Stocks Trading At 52-Week High
6	ARTICLES
7	Medtronic Earnings Notes
8	MDT Has Paid Out $52 Bil to Investors in the Past Decade
9	How Does MDT Stack Up Against Its Peers?
10	Better Bet Than MDT Stock: Pay Less Than Medtronic To Get More From DIS, MRK
11	Better Bet Than MDT Stock: Pay Less Than Medtronic To Get More From MRK, UTHR
12	Better Bet Than MDT Stock: Pay Less Than Medtronic To Get More From CNMD, LIVN
13	MDT Dip Buy Analysis
14	Day 13 of Gains Streak for Medtronic Stock with 9.7% Return (vs. 12% YTD) [6/12/2025]
15	Day 12 of Gains Streak for Medtronic Stock with 9.1% Return (vs. 11% YTD) [6/11/2025]
16	Day 10 of Gains Streak for Medtronic Stock with 8.4% Return (vs. 10% YTD) [6/9/2025]

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	NXTT	Next Technology	18947.6%	1080.3%
2	VCIG	VCI Global	2528.6%	-66.8%
3	BDSX	Biodesix	1926.1%	-75.2%
4	CLSD	Clearside Biomedical	1136.3%	-72.3%
5	SDOT	Sadot	1033.9%	-78.2%
6	CHEK	Check-Cap	184.2%	114.2%
7	ATCH	AtlasClear	153.8%	-89.7%
8	HSDT	Helius Medical Technologies	141.7%	-96.4%
9	MTVA	MetaVia	115.5%	-26.1%
10	IHT	InnSuites Hospitality Trust	66.0%	54.9%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	ATYR	aTyr Pharma	-83.2%	-72.0%
2	NAKA	Kindly MD	-55.4%
3	REX	REX American Resources	-49.8%	-26.7%
4	FAAS	DigiAsia	-39.2%	-83.2%
5	EVTV	Envirotech Vehicles	-32.8%	-77.4%
6	WLDS	Wearable Devices	-30.0%	-24.4%
7	ZONE	CleanCore Solutions	-29.5%	107.8%
8	CGTX	Cognition Therapeutics	-29.0%	119.6%
9	SIDU	Sidus Space	-28.7%	-80.8%
10	BNGO	Bionano Genomics	-28.6%	-84.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	NXTT	Next Technology	18985.5%	1080.3%
2	BDSX	Biodesix	1658.4%	-75.2%
3	VCIG	VCI Global	1460.0%	-66.8%
4	CLSD	Clearside Biomedical	1075.2%	-72.3%
5	SDOT	Sadot	806.7%	-78.2%
6	WLDS	Wearable Devices	539.8%	-24.4%
7	QMMM	QMMM	536.6%	5505.5%
8	ATCH	AtlasClear	382.9%	-89.7%
9	OPI	Office Properties Income Trust	274.5%	-8.3%
10	CWD	CaliberCos	246.5%	-46.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	DGNX	Diginex	-83.7%
2	ATYR	aTyr Pharma	-81.4%	-72.0%
3	LGCL	Lucas GC	-73.2%	-78.3%
4	NAKA	Kindly MD	-72.8%
5	OCTO	Eightco	-67.8%	562.1%
6	YYGH	YY	-67.0%	-78.2%
7	SNTG	Sentage	-58.1%	57.5%
8	REX	REX American Resources	-50.7%	-26.7%
9	BINI	Bollinger Innovations	-49.2%	-100.0%
10	SLXN	Silexion Therapeutics	-49.2%	-88.0%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PMI	Picard Medical	11963.5%	11963.5%
2	GIBO	GIBO	7309.3%
3	CHSN	Chanson International	5551.3%	-99.3%
4	LNZA	LanzaTech Global	5145.9%	-85.7%
5	QMMM	QMMM	2490.3%	5505.5%
6	NXTT	Next Technology	2167.7%	1080.3%
7	VTAK	Catheter Precision	1543.9%	-70.5%
8	CURX	Curanex Pharmaceuticals	1282.0%	1282.0%
9	VCIG	VCI Global	1278.3%	-66.8%
10	OCTO	Eightco	800.6%	562.1%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	CJET	Chijet Motor	-93.3%	-95.1%
2	ELPW	Elong Power	-92.4%	-76.5%
3	STFS	Star Fashion Culture	-92.1%	-97.9%
4	ETS	Elite Express	-92.0%	-92.0%
5	NAKA	Kindly MD	-91.7%
6	BINI	Bollinger Innovations	-90.5%	-100.0%
7	FLYE	Fly-E	-89.8%	-81.2%
8	JEM	707 Cayman	-89.8%	-98.3%
9	NUTR	NusaTrip	-86.7%	-86.7%
10	CUPR	Cuprina	-84.9%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	NXTT	Next Technology	18947.6%	1080.3%
2	VCIG	VCI Global	2528.6%	-66.8%
3	BDSX	Biodesix	1926.1%	-75.2%
4	CLSD	Clearside Biomedical	1136.3%	-72.3%
5	SDOT	Sadot	1033.9%	-78.2%
6	CHEK	Check-Cap	184.2%	114.2%
7	ATCH	AtlasClear	153.8%	-89.7%
8	HSDT	Helius Medical Technologies	141.7%	-96.4%
9	MTVA	MetaVia	115.5%	-26.1%
10	IHT	InnSuites Hospitality Trust	66.0%	54.9%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	ATYR	aTyr Pharma	-83.2%	-72.0%
2	NAKA	Kindly MD	-55.4%
3	REX	REX American Resources	-49.8%	-26.7%
4	FAAS	DigiAsia	-39.2%	-83.2%
5	EVTV	Envirotech Vehicles	-32.8%	-77.4%
6	WLDS	Wearable Devices	-30.0%	-24.4%
7	ZONE	CleanCore Solutions	-29.5%	107.8%
8	CGTX	Cognition Therapeutics	-29.0%	119.6%
9	SIDU	Sidus Space	-28.7%	-80.8%
10	BNGO	Bionano Genomics	-28.6%	-84.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	NXTT	Next Technology	18985.5%	1080.3%
2	BDSX	Biodesix	1658.4%	-75.2%
3	VCIG	VCI Global	1460.0%	-66.8%
4	CLSD	Clearside Biomedical	1075.2%	-72.3%
5	SDOT	Sadot	806.7%	-78.2%
6	WLDS	Wearable Devices	539.8%	-24.4%
7	QMMM	QMMM	536.6%	5505.5%
8	ATCH	AtlasClear	382.9%	-89.7%
9	OPI	Office Properties Income Trust	274.5%	-8.3%
10	CWD	CaliberCos	246.5%	-46.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	DGNX	Diginex	-83.7%
2	ATYR	aTyr Pharma	-81.4%	-72.0%
3	LGCL	Lucas GC	-73.2%	-78.3%
4	NAKA	Kindly MD	-72.8%
5	OCTO	Eightco	-67.8%	562.1%
6	YYGH	YY	-67.0%	-78.2%
7	SNTG	Sentage	-58.1%	57.5%
8	REX	REX American Resources	-50.7%	-26.7%
9	BINI	Bollinger Innovations	-49.2%	-100.0%
10	SLXN	Silexion Therapeutics	-49.2%	-88.0%

Peer Comparisons for Medtronic

Financials

	MDT	JNJ	ABT	BSX	SYK	BAX	Median
Name	Medtronic	Johnson .	Abbott L.	Boston S.	Stryker	Baxter I.
Mkt Price	93.43	177.40	131.33	99.87	377.11	23.80	115.60
Mkt Cap	119.7	426.9	229.0	147.8	144.1	12.2	146.0
Rev LTM	34,200	90,627	43,109	18,494	23,818	10,887	29,009
Op Inc LTM	6,647	22,228	7,515	3,388	4,683	398	5,665
FCF LTM	5,303	16,397	6,775	3,234	4,024	218	4,664
FCF 3Y Avg	4,964	16,926	5,972	2,114	3,081	658	4,023
CFO LTM	7,146	23,028	9,037	4,285	4,766	765	5,956
CFO 3Y Avg	6,625	22,248	8,130	3,014	3,735	1,166	5,180

Growth & Margins

	MDT	JNJ	ABT	BSX	SYK	BAX	Median
Name	Medtronic	Johnson .	Abbott L.	Boston S.	Stryker	Baxter I.
Rev Chg LTM	5.0%	4.7%	5.9%	21.4%	11.4%	3.6%	5.4%
Rev Chg 3Y Avg	3.3%	4.0%	-1.5%	14.6%	10.6%	-5.7%	3.6%
Rev Chg Q	8.4%	5.8%	7.4%	22.8%	11.1%	4.3%	7.9%
QoQ Delta Rev Chg LTM	2.0%	1.5%	1.8%	5.4%	2.6%	1.1%	1.9%
Op Mgn LTM	19.4%	24.5%	17.4%	18.3%	19.7%	3.7%	18.9%
Op Mgn 3Y Avg	18.6%	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 LTM	20.9%	25.4%	21.0%	23.2%	20.0%	7.0%	20.9%
CFO/Rev 3Y Avg	20.2%	25.7%	19.6%	18.8%	17.2%	11.2%	19.2%
FCF/Rev LTM	15.5%	18.1%	15.7%	17.5%	16.9%	2.0%	16.3%
FCF/Rev 3Y Avg	15.1%	19.6%	14.4%	13.1%	14.1%	6.3%	14.3%

Valuation

	MDT	JNJ	ABT	BSX	SYK	BAX	Median
Name	Medtronic	Johnson .	Abbott L.	Boston S.	Stryker	Baxter I.
Mkt Cap	119.7	426.9	229.0	147.8	144.1	12.2	146.0
P/S	3.5	4.7	5.3	8.0	6.1	1.1	5.0
P/EBIT	18.7	15.1	27.2	44.4	30.8	381.5	29.0
P/E	25.7	18.8	16.4	59.0	49.4	-78.8	22.3
P/CFO	16.8	18.5	25.3	34.5	30.2	16.0	21.9
Total Yield	6.9%	8.1%	7.8%	1.7%	2.9%	2.6%	4.9%
Dividend Yield	3.0%	2.8%	1.7%	0.0%	0.9%	3.8%	2.3%
FCF Yield 3Y Avg	4.5%	4.5%	3.0%	1.8%	2.3%	3.5%	3.2%
D/E	0.2	0.1	0.1	0.1	0.1	0.8	0.1
Net D/E	0.2	0.1	0.0	0.1	0.1	0.7	0.1

Returns

	MDT	JNJ	ABT	BSX	SYK	BAX	Median
Name	Medtronic	Johnson .	Abbott L.	Boston S.	Stryker	Baxter I.
1M Rtn	0.4%	1.2%	-0.3%	-3.2%	-1.3%	-0.9%	-0.6%
3M Rtn	7.1%	15.1%	-1.6%	-1.6%	0.2%	-22.2%	-0.7%
6M Rtn	1.7%	10.7%	3.8%	1.0%	1.4%	-30.8%	1.6%
12M Rtn	7.3%	10.6%	15.0%	19.9%	2.8%	-38.7%	8.9%
3Y Rtn	14.4%	16.0%	33.9%	139.5%	75.8%	-55.7%	24.9%
1M Excs Rtn	-0.7%	0.0%	-0.7%	-6.4%	-2.6%	-4.2%	-1.7%
3M Excs Rtn	-2.7%	3.1%	-13.4%	-10.5%	-10.5%	-32.4%	-10.5%
6M Excs Rtn	-15.3%	-6.6%	-12.7%	-14.5%	-14.8%	-47.6%	-14.7%
12M Excs Rtn	-12.3%	-8.0%	-4.3%	1.3%	-15.2%	-57.1%	-10.1%
3Y Excs Rtn	-47.7%	-47.6%	-35.0%	68.7%	11.4%	-121.2%	-41.3%

Comparison Analyses

	Title
0	How Does MDT Stack Up Against Its Peers?
1	BSX Looks Stronger Than MDT With 39% Return Potential
2	MDT or ISRG - With 47% Return Forecast, ISRG Probably Deserves Your Money
3	Medtronic vs. Johnson & Johnson: With Return Forecast Of 39%, Medtronic Is A Better Bet
4	Medtronic vs. Baxter: With Return Forecast Of 40%, Medtronic Is A Better Bet
5	With 11% Gains On The Table, MDT May Outshine ABT
6	Medtronic vs. Eli Lilly and Company: With Return Forecast Of 7.7%, Medtronic Is A Better Bet
7	Medtronic vs. Philip Morris: With Return Forecast Of 7.7%, Medtronic Is A Better Bet
8	Medtronic vs. Micron Technology: With Return Forecast Of 76%, Micron Technology Is A Better Bet
9	Medtronic vs. Eli Lilly and Company: With Return Forecast Of 5.1%, Medtronic Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 4/25	LTM	2025	2024	2023	2022	2021	2020
Period End		4/25/2025	4/26/2024	4/28/2023	4/29/2022	4/30/2021	4/24/2020
Filing Date		6/20/2025	6/20/2024	6/22/2023	6/23/2022	6/25/2021	6/19/2020
Key Financials
Total Revenue	34,200	33,537	32,364	31,227	31,686	30,117	28,913
Ebitda	9,347	9,218	8,203	8,697	8,777	7,522	7,810
Operating Income	6,647	6,540	5,520	5,830	5,908	4,895	5,222
Net Income	4,660	4,662	3,676	3,758	5,039	3,606	4,789
EPS	3.63	3.63	2.77	2.83	3.75	2.68	3.57
Growth Rates
Total Revenue Growth	5.0%	3.6%	3.6%	-1.4%	5.2%	4.2%	-5.4%
EBITDA Growth	12.9%	12.4%	-5.7%	-0.9%	16.7%	-3.7%	-16.0%
Operating Income Growth	19.4%	18.5%	-5.3%	-1.3%	20.7%	-6.3%	-21.3%
Net Income Growth	18.7%	26.8%	-2.2%	-25.4%	39.7%	-24.7%	3.4%
Margins
EBITDA Margin	27.3%	27.5%	25.3%	27.9%	27.7%	25.0%	27.0%
Operating Income Margin	19.4%	19.5%	17.1%	18.7%	18.6%	16.3%	18.1%
Net Income Margin	13.6%	13.9%	11.4%	12.0%	15.9%	12.0%	16.6%
Cash & Debt
Total Cash	8,121	8,965	8,005	7,959	10,573	10,817	10,948
Total Debt	28,609	28,516	25,024	24,364	24,114	26,389	24,797
Net Debt / (Cash)	20,488	19,551	17,019	16,405	13,541	15,572	13,849
Cash Flows
Net Cash from Operations	7,146	7,044	6,787	6,039	7,346	6,240	7,234
Free Cash from Operations	5,303	5,185	5,200	4,580	5,978	4,885	6,021
Returns to Shareholders
Dividends	3,601	3,589	3,666	3,616	3,383	3,120	2,894
Share Repurchases	866	3,235	2,138	645	2,544	652	1,326

$ Mil \| FY: 4/25	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	7/25/2025	4/25/2025	1/24/2025	10/25/2024	7/26/2024	4/26/2024	1/26/2024	10/27/2023	7/28/2023	4/28/2023	1/27/2023	10/28/2022
Filing Date	8/26/2025	6/20/2025	2/25/2025	11/26/2024	8/27/2024	6/20/2024	2/27/2024	11/30/2023	8/31/2023	6/22/2023	3/1/2023	12/1/2022
Key Financials Quarterly
Total Revenue	8,578	8,927	8,292	8,403	7,915	8,589	8,089	7,984	7,702	8,545	7,727	7,585
Ebitda	2,226	2,275	2,403	2,443	2,097	1,711	2,309	2,165	2,016	2,417	2,221	2,184
Operating Income	1,516	1,797	1,710	1,624	1,408	1,209	1,503	1,445	1,363	1,830	1,429	1,433
Net Income	1,040	1,056	1,294	1,270	1,042	654	1,322	909	791	1,179	1,222	427
EPS	0.81	0.82	1.01	0.99	0.81	0.49	0.99	0.68	0.59	0.89	0.92	0.32
Key Financials TTM
Total Revenue TTM	34,200	33,537	33,199	32,996	32,577	32,364	32,320	31,958	31,559	31,228	30,772	30,808
Ebitda TTM	9,347	9,218	8,654	8,560	8,282	8,201	8,907	8,819	8,838	8,698	8,714	8,891
Operating Income TTM	6,647	6,539	5,951	5,744	5,565	5,520	6,141	6,067	6,055	5,830	5,699	5,976
Net Income TTM	4,660	4,662	4,260	4,288	3,927	3,676	4,201	4,101	3,619	3,757	4,063	4,321
Growth Rates Quarterly
Total Revenue Growth	8.4%	3.9%	2.5%	5.2%	2.8%	0.5%	4.7%	5.3%	4.5%	5.6%	-0.5%	-3.3%
EBITDA Growth	6.2%	33.0%	4.1%	12.8%	4.0%	-29.2%	4.0%	-0.9%	7.5%	-0.7%	-7.4%	-5.2%
Operating Income Growth	7.7%	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 Margin	26.0%	25.5%	29.0%	29.1%	26.5%	19.9%	28.5%	27.1%	26.2%	28.3%	28.7%	28.8%
Operating Income Margin	17.7%	20.1%	20.6%	19.3%	17.8%	14.1%	18.6%	18.1%	17.7%	21.4%	18.5%	18.9%
Net Income Margin	12.1%	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 Cash	8,121	8,965	7,922	7,989	7,843	8,005	8,321	7,734	7,876	7,959	11,137	11,430
Total Debt	28,609	28,516	26,607	28,326	27,865	25,024	25,182	25,080	24,982	24,364	28,128	26,617
Net Debt / (Cash)	20,488	19,551	18,685	20,337	20,022	17,019	16,861	17,346	17,106	16,405	16,991	15,187
Cash Flows Quarterly
FCF from Operations	1,088	2,528	2,572	958	986	2,777	2,474	661	875	2,460	1,574	922
Cash Flows TTM
FCF from Operations TTM	7,146	7,044	7,293	7,195	6,898	6,787	6,470	5,570	5,831	6,039	5,636	6,290
Returns to Shareholders Quarterly
Dividends	910	897	897	897	898	913	917	918	918	905	904	904
Share Repurchases	123	274	181	288	2,492	1,628	132	226	152	97	71	141
Return on Invested Capital (ROIC) Quarterly
ROIC	13.3%	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 TTM	15.0%	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

$ Mil	2025	2024	2023	2022	2021
Cardiovascular	11,831	11,522	11,368	10,772	10,468
Neuroscience	9,406	8,959	8,784	8,195	7,725
Medical Surgical	8,417	7,989	8,469	8,737	8,352
Diabetes	2,488	2,262	2,338	2,413	2,368
Other operating segment	221	495	727
Total	32,363	31,227	31,686	30,117	28,913

Operating Income by Segment

$ Mil	2025	2024	2023	2022	2021
Cardiovascular	4,474	4,522	4,596	3,850	3,719
Neuroscience	3,940	3,712	3,858	3,162	2,915
Medical Surgical	3,170	3,048	3,698	3,021	3,044
Diabetes	394	383	588	598	546
Currency	68	465	70	-47
Other operating segment	10	-89	-31
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	-358
Acquisition and divestiture-related items	-777	-345	-838	15	-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		-70	0	0
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
Total	5,143	5,485	5,752	4,484	4,791

Assets by Segment

$ Mil	2025	2021
Medical Surgical	33,586	39,666
Neuroscience	18,270	16,850
Corporate	17,455	16,164
Cardiovascular	16,128	14,844
Diabetes	3,996	3,165
Other operating segment	547
Total	89,982	90,689

Price Behavior

Behavior Stats
Betas Matrix

Price Behavior

Market Price	$93.43
Market Cap ($ Bil)	119.7
First Trading Date	12/31/1981
Distance from 52W High	-0.9%
	50 Days	200 Days
DMA Price	$91.51	$86.83
DMA Trend	indeterminate	up
Distance from DMA	2.1%	7.6%
	3M	1YR
Volatility	18.6%	21.6%
Downside Capture	4.72	33.69
Upside Capture	39.87	34.76
Correlation (SPY)	23.9%	41.1%

MDT Betas & Captures as of 8/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.55	0.54	0.53	0.50	0.44	0.54
Up Beta	0.80	0.40	0.33	0.46	0.46	0.56
Down Beta	1.45	1.14	1.31	0.64	0.54	0.58
Up Capture	37%	54%	63%	35%	24%	17%
Bmk +ve Days	10	22	35	71	142	415
Stock +ve Days	10	22	37	67	136	398
Down Capture	-4%	25%	4%	51%	41%	80%
Bmk -ve Days	11	19	27	54	106	334
Stock -ve Days	11	19	25	58	110	346

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

Short Interest

Short Interest: As Of Date	8292025
Short Interest: Shares Quantity	13,226,630
Short Interest: % Change Since 8152025	-6.1%
Average Daily Volume	8,246,029
Days-to-Cover Short Interest	1.60
Basic Shares Quantity	1,281,600,000
Short % of Basic Shares	1.0%

Returns Analyses

	Title
0	Will You Be Comfortable Buying Medtronic Stock?
1	MDT YTD Stock Return Of 5.0% Outperforms BAX by 29% and Underperforms BSX by -15%
2	Medtronic During 2008 Recession vs. 2022 Inflation Shock: MDT Stock Has 27% Upside If It Recovers To Pre-Inflation Shock Levels
3	Medtronic Stock Return Comparison
4	Medtronic Total Shareholder Return (TSR): -10.2% in 2023 and 0.0% 3-yr returns (below peer average)
5	[9/28/2021] Medtronic (MDT) Stock Price Forecast: AI Forecasts MDT Stock Price To Be Around $128 In A Month (Up 1.7%)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/19/2025	-3.1%	-0.8%
5/21/2025	-2.3%	-5.9%	0.8%
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%
2/20/2024	1.7%	-0.9%	-0.4%
11/21/2023	4.6%	4.6%	8.1%
...
SUMMARY STATS
# Positive	10	7	8
# Negative	11	14	13
Median Positive	2.5%	4.4%	3.0%
Median Negative	-3.1%	-3.7%	-4.8%
Max Positive	4.6%	7.3%	8.3%
Max Negative	-7.3%	-8.7%	-13.6%

	Forward Returns
8/19/2025	-3.1%	-0.8%
5/21/2025	-2.3%	-5.9%	0.8%
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%
2/20/2024	1.7%	-0.9%	-0.4%
11/21/2023	4.6%	4.6%	8.1%
8/22/2023	2.6%	-0.3%	-0.2%
5/25/2023	-4.5%	-5.4%	0.2%
2/21/2023	0.8%	-1.7%	-4.2%
11/22/2022	-5.3%	-7.1%	-5.4%
8/23/2022	-3.1%	-4.5%	-7.9%
5/26/2022	-5.8%	-6.7%	-13.6%
2/22/2022	3.1%	4.4%	8.3%
11/23/2021	-3.0%	-8.7%	-12.8%
8/24/2021	3.2%	4.2%	0.3%
5/27/2021	-0.9%	-2.5%	-0.6%
2/23/2021	1.9%	1.8%	-0.6%
11/24/2020	2.8%	1.1%	3.2%
8/25/2020	2.5%	7.3%	2.8%
SUMMARY STATS
# Positive	10	7	8
# Negative	11	14	13
Median Positive	2.5%	4.4%	3.0%
Median Negative	-3.1%	-3.7%	-4.8%
Max Positive	4.6%	7.3%	8.3%
Max Negative	-7.3%	-8.7%	-13.6%

SEC Filings

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Report Date	Filing Date	Filing
7312025	8262025	10-Q 7/25/2025
4302025	6202025	10-K 4/25/2025
1312025	2252025	10-Q 1/24/2025
10312024	11262024	10-Q 10/25/2024
7312024	8272024	10-Q 7/26/2024
4302024	6202024	10-K 4/26/2024
1312024	2272024	10-Q 1/26/2024
10312023	11302023	10-Q 10/27/2023
7312023	8312023	10-Q 7/28/2023
4302023	6222023	10-K 4/28/2023
1312023	3012023	10-Q 1/27/2023
10312022	12012022	10-Q 10/28/2022
7312022	9012022	10-Q 7/29/2022
4302022	6232022	10-K 4/29/2022
1312022	3032022	10-Q 1/28/2022
10312021	12022021	10-Q 10/29/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Jellison William R		8252025	Buy	92.73	2,500	231,825	231,825	Form

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Health Care Equipment Resources

MedTech Dive

MassDevice

Fierce Medical Devices

Medical Device and Diagnostic Industry

MD+DI

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MDT Return	6%	-10%	-23%	10%	0%	19%	-3%
Peers Return	7%	16%	-11%	4%	11%	9%	38%
S&P 500 Return	16%	27%	-19%	24%	23%	12%	104%
Monthly Win Rates [3]
MDT Win Rate	58%	42%	42%	42%	50%	62%
Peers Win Rate	55%	53%	47%	53%	58%	60%
S&P 500 Win Rate	58%	75%	42%	67%	75%	62%
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%

Medtronic (MDT)

Market Price (9/16/2025): $93.43 | Market Cap: $119.7 BilSector: Health Care | Industry: Health Care Equipment

Medtronic (MDT)

Market Price (9/16/2025): $93.43Market Cap: $119.7 BilSector: Health CareIndustry: Health Care Equipment

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Market Price (9/16/2025): $93.43 | Market Cap: $119.7 Bil
Sector: Health Care | Industry: Health Care Equipment

Market Price (9/16/2025): $93.43
Market Cap: $119.7 Bil
Sector: Health Care
Industry: Health Care Equipment