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Medtronic plc (MDT) 10-Year Financial Performance & Capital Metrics

MDT • • Industrial / General
HealthcareMedical DevicesCardiovascular DevicesCardiac Ablation & Electrophysiology
AboutMedtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software. It also provides aortic valves, surgical valve replacement and repair products, endovascular stent grafts and accessories, and transcatheter pulmonary valves; and percutaneous coronary intervention products, percutaneous angioplasty balloons, and products. The company's Medical Surgical Portfolio segment offers 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, as well as products in the fields of minimally invasive gastrointestinal and hepatologic diagnostics and therapies, patient monitoring, airway management and ventilation therapies, and renal disease. Its 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 company's Diabetes Operating Unit segment offers insulin pumps and consumables, continuous glucose monitoring systems, smart insulin pen systems, and consumables and supplies. The company was founded in 1949 and is headquartered in Dublin, Ireland.Show more
  • Revenue $33.54B +3.6%
  • EBITDA $8.82B +13.2%
  • Net Income $4.66B +26.8%
  • EPS (Diluted) 3.61 +30.8%
  • Gross Margin 65.32%
  • EBITDA Margin 26.29% +9.2%
  • Operating Margin 17.76% +11.7%
  • Net Margin 13.9% +22.4%
  • ROE 9.45% +31.2%
  • ROIC 6.01% +15.7%
  • Debt/Equity 0.59 +19.1%
  • Interest Coverage 8.17 +14.2%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Dividend Aristocrat: 36 years of consecutive increases
  • ✓FCF machine: 15.5% free cash flow margin
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Healthy dividend yield of 2.9%
  • ✓Share count reduced 3.0% through buybacks
  • ✓Healthy 5Y average net margin of 13.0%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.17%
5Y3.01%
3Y1.91%
TTM5.34%

Profit (Net Income) CAGR

10Y5.71%
5Y-0.54%
3Y-2.56%
TTM11.12%

EPS CAGR

10Y4.12%
5Y0.39%
3Y-1.08%
TTM13.46%

ROCE

10Y Avg6.65%
5Y Avg6.65%
3Y Avg6.92%
Latest7.54%

Peer Comparison

Cardiac Ablation & Electrophysiology
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
BSXBoston Scientific Corporation139.56B94.1475.3117.61%13.53%11.04%1.9%0.51
MDTMedtronic plc123.61B96.4226.713.62%13.71%9.75%4.19%0.59
ITGRInteger Holdings Corporation2.9B82.7424.3410.35%4.75%4.98%3.44%0.68
ADGMAdagio Medical Holdings, Inc.18.68M0.88-0.25-10.33%-199.86%-270%0.82
VTAKCatheter Precision, Inc.3.42M2.05-0.31-4.98%-23.81%-269.53%0.15

Profit & Loss

Apr 2016Apr 2017Apr 2018Apr 2019Apr 2020Apr 2021Apr 2022Apr 2023Apr 2024Apr 2025
Sales/Revenue+28.83B29.71B29.95B30.56B28.91B30.12B31.69B31.23B32.36B33.54B
Revenue Growth %0.42%0.03%0.01%0.02%-0.05%0.04%0.05%-0.01%0.04%0.04%
Cost of Goods Sold+9.14B9.29B9.07B9.15B9.42B10.48B10.14B10.72B11.22B11.63B
COGS % of Revenue0.32%0.31%0.3%0.3%0.33%0.35%0.32%0.34%0.35%0.35%
Gross Profit+19.69B20.42B20.89B21.4B19.49B19.63B21.54B20.51B21.15B21.91B
Gross Margin %0.68%0.69%0.7%0.7%0.67%0.65%0.68%0.66%0.65%0.65%
Gross Profit Growth %0.41%0.04%0.02%0.02%-0.09%0.01%0.1%-0.05%0.03%0.04%
Operating Expenses+14.33B15.03B14.25B15.13B14.7B15.15B15.79B15.02B16B15.95B
OpEx % of Revenue0.5%0.51%0.48%0.5%0.51%0.5%0.5%0.48%0.49%0.48%
Selling, General & Admin9.47B10.02B10.24B10.42B10.11B10.15B10.29B10.41B10.74B10.85B
SG&A % of Revenue0.33%0.34%0.34%0.34%0.35%0.34%0.32%0.33%0.33%0.32%
Research & Development2.22B2.19B2.26B2.33B2.33B2.49B2.75B2.7B2.73B2.73B
R&D % of Revenue0.08%0.07%0.08%0.08%0.08%0.08%0.09%0.09%0.08%0.08%
Other Operating Expenses2.64B2.82B1.75B2.39B2.26B2.51B2.75B1.91B2.53B2.37B
Operating Income+5.36B5.38B6.64B6.27B4.79B4.48B5.75B5.49B5.14B5.96B
Operating Margin %0.19%0.18%0.22%0.21%0.17%0.15%0.18%0.18%0.16%0.18%
Operating Income Growth %0.42%0%0.23%-0.06%-0.24%-0.06%0.28%-0.05%-0.06%0.16%
EBITDA+8.18B8.3B9.28B8.93B7.45B7.19B8.46B8.18B7.79B8.82B
EBITDA Margin %0.28%0.28%0.31%0.29%0.26%0.24%0.27%0.26%0.24%0.26%
EBITDA Growth %0.61%0.01%0.12%-0.04%-0.17%-0.04%0.18%-0.03%-0.05%0.13%
D&A (Non-Cash Add-back)2.82B2.92B2.64B2.66B2.66B2.7B2.71B2.7B2.65B2.86B
EBIT5.72B5.7B6.82B6.64B5.15B4.82B6.07B6B5.56B6.36B
Net Interest Income+-955M-1.09B-1.15B-1.44B-1.09B-925M-553M-636M-719M-729M
Interest Income431M000000000
Interest Expense1.39B1.09B1.15B1.44B1.09B925M553M636M719M729M
Other Income/Expense-1.02B-781M-965M-1.07B-736M-589M-235M-121M-307M-327M
Pretax Income+4.34B4.6B5.67B5.2B4.05B3.9B5.52B5.36B4.84B5.63B
Pretax Margin %0.15%0.15%0.19%0.17%0.14%0.13%0.17%0.17%0.15%0.17%
Income Tax+798M578M2.58B547M-751M265M456M1.58B1.13B936M
Effective Tax Rate %0.82%0.88%0.55%0.89%1.18%0.93%0.91%0.7%0.76%0.83%
Net Income+3.54B4.03B3.1B4.63B4.79B3.61B5.04B3.76B3.68B4.66B
Net Margin %0.12%0.14%0.1%0.15%0.17%0.12%0.16%0.12%0.11%0.14%
Net Income Growth %0.32%0.14%-0.23%0.49%0.03%-0.25%0.4%-0.25%-0.02%0.27%
Net Income (Continuing)3.54B4.02B3.1B4.65B4.81B3.63B5.06B3.78B3.7B4.69B
Discontinued Operations0000000000
Minority Interest0122M102M121M135M174M171M182M206M232M
EPS (Diluted)+2.482.892.273.413.542.663.732.822.763.61
EPS Growth %0.03%0.17%-0.21%0.5%0.04%-0.25%0.4%-0.24%-0.02%0.31%
EPS (Basic)2.512.922.293.443.572.683.752.832.773.63
Diluted Shares Outstanding1.43B1.39B1.37B1.36B1.35B1.35B1.35B1.33B1.33B1.29B
Basic Shares Outstanding1.41B1.38B1.36B1.35B1.34B1.34B1.34B1.33B1.33B1.29B
Dividend Payout Ratio0.6%0.59%0.8%0.58%0.6%0.87%0.67%0.96%1%0.77%

Balance Sheet

Apr 2016Apr 2017Apr 2018Apr 2019Apr 2020Apr 2021Apr 2022Apr 2023Apr 2024Apr 2025
Total Current Assets+23.6B24.87B22.98B21.97B22.03B22.55B23.06B21.68B21.93B23.81B
Cash & Short-Term Investments12.63B13.71B11.23B9.85B10.95B10.82B10.57B7.96B8.01B8.96B
Cash Only2.88B4.97B3.67B4.39B4.14B3.59B3.71B1.54B1.28B2.22B
Short-Term Investments9.76B8.74B7.56B5.46B6.81B7.22B6.86B6.42B6.72B6.75B
Accounts Receivable5.56B5.59B5.99B6.22B4.64B5.46B5.55B6B6.13B6.51B
Days Sales Outstanding70.4168.6972.9674.3258.6466.263.9470.1169.1170.91
Inventory3.47B3.34B3.58B3.75B4.23B4.31B4.62B5.29B5.22B5.48B
Days Inventory Outstanding138.66131.09144.08149.63163.79150.17166.08180.24169.78171.83
Other Current Assets833M2.24B2.19B2.14B2.21B1.96B2.32B2.42B2.58B2.86B
Total Non-Current Assets+76.04B74.98B68.41B67.73B68.66B70.53B67.92B69.27B68.05B67.86B
Property, Plant & Equipment4.84B4.36B4.6B4.67B4.83B5.22B5.41B5.57B6.13B6.84B
Fixed Asset Turnover5.96x6.81x6.51x6.54x5.99x5.77x5.85x5.61x5.28x4.91x
Goodwill41.27B38.52B39.54B39.96B39.84B41.96B40.5B41.42B40.99B41.74B
Intangible Assets26.9B23.41B21.72B20.56B19.06B17.74B15.59B14.84B13.22B11.67B
Long-Term Investments0000000000
Other Non-Current Assets2.8B8.7B2.54B2.53B4.93B5.61B6.41B7.44B7.7B7.62B
Total Assets+99.55B99.82B91.39B89.69B90.69B93.08B90.98B90.95B89.98B91.68B
Asset Turnover0.29x0.30x0.33x0.34x0.32x0.32x0.35x0.34x0.36x0.37x
Asset Growth %-0.07%0%-0.08%-0.02%0.01%0.03%-0.02%-0%-0.01%0.02%
Total Current Liabilities+7.17B14.26B10.08B8.47B10.37B8.51B12.39B9.05B10.79B12.88B
Accounts Payable1.71B1.55B1.63B1.95B2B2.11B2.28B2.66B2.41B2.45B
Days Payables Outstanding68.2361.0765.5477.8677.3173.3381.8990.6578.4376.85
Short-Term Debt993M7.52B2.06B832M2.77B2M3.74B13M1.09B2.87B
Deferred Revenue (Current)0000000000
Other Current Liabilities1.71B1.94B1.99B2.19B2.1B2.48B2.12B1.95B2.38B2.52B
Current Ratio3.29x1.74x2.28x2.59x2.13x2.65x1.86x2.39x2.03x1.85x
Quick Ratio2.81x1.51x1.92x2.15x1.72x2.14x1.49x1.81x1.55x1.42x
Cash Conversion Cycle140.84138.71151.5146.09145.12143.04148.13159.7160.46165.89
Total Non-Current Liabilities+40.55B35.18B30.49B31.01B29.45B32.97B25.86B30.23B28.77B30.55B
Long-Term Debt29.99B25.86B23.68B24.47B21.98B26.32B20.32B24.29B23.88B25.59B
Capital Lease Obligations26M23M21M10M45M62M56M57M55M52M
Deferred Tax Liabilities3.73B2.98B1.42B1.28B1.17B1.03B884M708M515M403M
Other Non-Current Liabilities6.67B6.4B5.36B5.25B6.26B5.57B4.61B5.18B4.33B4.5B
Total Liabilities47.72B49.4B40.57B39.48B39.82B41.48B38.26B39.28B39.56B43.42B
Total Debt+31.01B33.4B25.76B25.32B24.8B26.39B24.11B24.36B25.02B28.52B
Net Debt28.14B28.43B22.09B20.92B20.66B22.8B20.4B22.82B23.74B26.3B
Debt / Equity0.60x0.66x0.51x0.50x0.49x0.51x0.46x0.47x0.50x0.59x
Debt / EBITDA3.79x4.02x2.77x2.84x3.33x3.67x2.85x2.98x3.21x3.23x
Net Debt / EBITDA3.44x3.43x2.38x2.34x2.77x3.17x2.41x2.79x3.05x2.98x
Interest Coverage3.87x4.92x5.79x4.34x4.39x4.85x10.40x8.62x7.15x8.17x
Total Equity+51.83B50.42B50.82B50.21B50.87B51.6B52.72B51.66B50.42B48.26B
Equity Growth %-0.03%-0.03%0.01%-0.01%0.01%0.01%0.02%-0.02%-0.02%-0.04%
Book Value per Share36.3536.2337.1536.9937.6538.1139.0138.7637.9037.41
Total Shareholders' Equity51.83B50.29B50.72B50.09B50.74B51.43B52.55B51.48B50.21B48.02B
Common Stock0000000000
Retained Earnings21.7B23.36B24.38B26.27B28.13B28.59B30.25B30.39B30.4B31.48B
Treasury Stock0000000000
Accumulated OCI-1.87B-2.61B-1.79B-2.71B-3.56B-3.48B-2.27B-3.5B-3.32B-4.28B
Minority Interest0122M102M121M135M174M171M182M206M232M

Cash Flow

Apr 2016Apr 2017Apr 2018Apr 2019Apr 2020Apr 2021Apr 2022Apr 2023Apr 2024Apr 2025
Cash from Operations+5.22B6.88B4.68B7.01B7.23B6.24B7.35B6.04B6.79B7.04B
Operating CF Margin %0.18%0.23%0.16%0.23%0.25%0.21%0.23%0.19%0.21%0.21%
Operating CF Growth %0.06%0.32%-0.32%0.5%0.03%-0.14%0.18%-0.18%0.12%0.04%
Net Income3.54B4.02B3.1B4.65B4.81B3.63B5.06B3.78B3.68B4.69B
Depreciation & Amortization2.82B2.92B2.64B2.66B2.66B2.7B2.71B2.7B2.65B2.86B
Stock-Based Compensation376M348M344M290M297M344M359M355M393M429M
Deferred Taxes-460M-459M-919M-304M-1.31B-422M-604M-226M-508M-316M
Other Non-Cash Items34M-89M-307M792M722M687M711M396M1.06B433M
Working Capital Changes-1.09B139M-173M-1.08B61M-701M-889M-967M-484M-1.05B
Change in Receivables-435M-75M-275M-581M1.29B-761M-477M-576M-391M-433M
Change in Inventory-186M-227M-192M-274M-577M78M-560M-939M-139M-292M
Change in Payables-65M356M65M399M-44M531M213M696M391M209M
Cash from Investing+2.25B-1.57B5.86B-774M-3.2B-2.87B-1.66B-3.49B-2.37B-1.94B
Capital Expenditures-1.05B-1.25B-1.07B-1.13B-1.21B-1.35B-1.37B-1.46B-1.59B-1.86B
CapEx % of Revenue0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.05%0.05%0.06%
Acquisitions----------
Investments----------
Other Investing-14M22M-22M36M-37M-54M-10M4M-261M-249M
Cash from Financing+-9.54B-3.28B-11.95B-5.43B-4.2B-4.14B-5.34B-4.96B-4.45B-4.36B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-2.14B-2.38B-2.49B-2.69B-2.89B-3.12B-3.38B-3.62B-3.67B-3.59B
Share Repurchases----------
Other Financing60M26M-94M14M581M206M163M-101M-3M-184M
Net Change in Cash----------
Free Cash Flow+4.17B5.63B3.62B5.87B6.02B4.88B5.98B4.58B5.2B5.18B
FCF Margin %0.14%0.19%0.12%0.19%0.21%0.16%0.19%0.15%0.16%0.15%
FCF Growth %-0.04%0.35%-0.36%0.62%0.03%-0.19%0.22%-0.23%0.14%-0%
FCF per Share2.934.042.644.334.463.614.423.443.914.02
FCF Conversion (FCF/Net Income)1.47x1.71x1.51x1.51x1.51x1.73x1.46x1.61x1.85x1.51x
Interest Paid1.27B1.13B1.15B973M643M582M540M606M826M762M
Taxes Paid1.38B1.03B2.54B1.56B878M1.25B996M1.55B1.62B1.82B

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)6.74%7.88%6.13%9.17%9.48%7.04%9.66%7.2%7.2%9.45%
Return on Invested Capital (ROIC)4.89%5.08%6.56%6.53%5.04%4.61%5.85%5.57%5.19%6.01%
Gross Margin68.29%68.72%69.73%70.04%67.41%65.19%67.98%65.67%65.34%65.32%
Net Margin12.27%13.56%10.36%15.16%16.56%11.97%15.9%12.03%11.36%13.9%
Debt / Equity0.60x0.66x0.51x0.50x0.49x0.51x0.46x0.47x0.50x0.59x
Interest Coverage3.87x4.92x5.79x4.34x4.39x4.85x10.40x8.62x7.15x8.17x
FCF Conversion1.47x1.71x1.51x1.51x1.51x1.73x1.46x1.61x1.85x1.51x
Revenue Growth42.31%3.04%0.82%2.02%-5.38%4.16%5.21%-1.45%3.64%3.62%

Revenue by Segment

2016201720182019202020212022202320242025
Cardiac and Vascular Group10.2B10.5B11.35B11.51B10.47B-11.42B11.57B11.83B12.48B
Cardiac and Vascular Group Growth-2.96%8.15%1.33%-9.01%--1.31%2.23%5.49%
Neuroscience Group------8.78B8.96B9.41B9.85B
Neuroscience Group Growth-------1.99%4.99%4.68%
Medical Surgical------9.14B8.43B8.42B8.41B
Medical Surgical Growth--------7.75%-0.19%-0.12%
Diabetes Group1.86B1.93B2.14B2.39B2.37B-2.34B2.26B2.49B2.75B
Diabetes Group Growth-3.38%11.05%11.73%-0.96%---3.25%9.99%10.73%
Cardiovascular Portfolio-----10.77B----
Cardiovascular Portfolio Growth----------
Medical Surgical Portfolio-----8.74B----
Medical Surgical Portfolio Growth----------
Neuroscience Portfolio-----8.2B----
Neuroscience Portfolio Growth----------
Diabetes Operating Unit-----2.41B----
Diabetes Operating Unit Growth----------
Minimally Invasive Therapies Group--8.72B8.48B8.35B-----
Minimally Invasive Therapies Group Growth----2.73%-1.49%-----
Restorative Therapies Group--7.74B8.18B7.72B-----
Restorative Therapies Group Growth---5.68%-5.60%-----

Revenue by Geography

2016201720182019202020212022202320242025
UNITED STATES17.58B34.64B15.88B16.19B14.92B15.53B16.13B16.37B16.56B17.17B
UNITED STATES Growth-97.06%-54.17%2.01%-7.87%4.05%3.92%1.48%1.15%3.68%
Total Other Countries, Excluding United States and Ireland--13.99B14.27B13.91B14.49B15.45B14.76B15.69B16.25B
Total Other Countries, Excluding United States and Ireland Growth---1.99%-2.54%4.18%6.62%-4.49%6.32%3.58%
IRELAND--85M91M85M100M101M98M113M116M
IRELAND Growth---7.06%-6.59%17.65%1.00%-2.97%15.31%2.65%
EMEA6.7B6.74B--------
EMEA Growth-0.58%--------
Asia Pacific3.06B3.44B--------
Asia Pacific Growth-12.52%--------
CHINA1.5B1.59B--------
CHINA Growth-6.29%--------

Frequently Asked Questions

Valuation & Price

Medtronic plc (MDT) has a price-to-earnings (P/E) ratio of 26.7x. This suggests investors expect higher future growth.

Growth & Financials

Medtronic plc (MDT) reported $34.76B in revenue for fiscal year 2025. This represents a 115% increase from $16.18B in 2012.

Medtronic plc (MDT) grew revenue by 3.6% over the past year. Growth has been modest.

Yes, Medtronic plc (MDT) is profitable, generating $4.76B in net income for fiscal year 2025 (13.9% net margin).

Dividend & Returns

Yes, Medtronic plc (MDT) pays a dividend with a yield of 2.89%. This makes it attractive for income-focused investors.

Medtronic plc (MDT) has a return on equity (ROE) of 9.4%. This is below average, suggesting room for improvement.

Medtronic plc (MDT) generated $5.21B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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