Medtronic plc (MDT) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Medical - Devices
EV/EBITDA
↓
14.27
↓-26% vs avg
5yr avg: 19.33
30Y Low9.3·High32.9
P/FCF
↓
19.19
↓-25% vs avg
5yr avg: 25.59
30Y Low10.5·High90.8
P/B Ratio
↓
2.07
↓-19% vs avg
5yr avg: 2.57
30Y Low1.6·High15.3
ROE
↑
9.4%
↓+17% vs avg
5yr avg: 8.1%
30Y Low6%·High33%
Debt/EBITDA
↓
3.23
+1% vs avg
5yr avg: 3.19
30Y Low0.1·High7.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MDT Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Medtronic plc trades at 21.5x earnings, 34% below its 5-year average of 32.4x, sitting at the 20th percentile of its historical range. This is roughly in line with the Healthcare sector median P/E of 22.1x. On a free-cash-flow basis, the stock trades at 19.2x P/FCF, 25% below the 5-year average of 25.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $99.5B | $109.3B | $106.7B | $121.2B | $141.0B | $177.3B | $131.9B | $120.6B | $109.6B | $115.6B | $112.9B |
| Enterprise Value | $125.8B | $135.6B | $130.5B | $144.0B | $161.4B | $200.1B | $152.6B | $141.5B | $131.7B | $144.0B | $141.0B |
| P/E Ratio → | 21.50 | 23.48 | 29.07 | 32.25 | 27.98 | 49.22 | 27.58 | 26.04 | 35.30 | 28.75 | 31.92 |
| P/S Ratio | 2.97 | 3.26 | 3.30 | 3.88 | 4.45 | 5.89 | 4.56 | 3.95 | 3.66 | 3.89 | 3.91 |
| P/B Ratio | 2.07 | 2.27 | 2.12 | 2.35 | 2.68 | 3.44 | 2.59 | 2.40 | 2.16 | 2.29 | 2.18 |
| P/FCF | 19.19 | 21.09 | 20.53 | 26.47 | 23.59 | 36.29 | 21.91 | 20.53 | 30.32 | 20.55 | 27.05 |
| P/OCF | 14.12 | 15.52 | 15.73 | 20.07 | 19.20 | 28.41 | 18.23 | 17.21 | 23.41 | 16.80 | 21.63 |
P/E links to full P/E history page with 30-year chart
MDT EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Medtronic plc's enterprise value stands at 14.3x EBITDA, 26% below its 5-year average of 19.3x. This is roughly in line with the Healthcare sector median of 14.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.04 | 4.03 | 4.61 | 5.09 | 6.64 | 5.28 | 4.63 | 4.40 | 4.85 | 4.89 |
| EV / EBITDA | 14.27 | 15.38 | 16.75 | 17.60 | 19.08 | 27.84 | 20.47 | 15.85 | 14.19 | 17.35 | 17.23 |
| EV / EBIT | 21.12 | 21.34 | 23.48 | 24.01 | 26.60 | 41.51 | 29.64 | 21.30 | 19.31 | 25.29 | 24.64 |
| EV / FCF | — | 26.16 | 25.09 | 31.45 | 27.00 | 40.95 | 25.34 | 24.09 | 36.43 | 25.60 | 33.80 |
MDT Profitability
Margins and return-on-capital ratios measuring operating efficiency
Medtronic plc earns an operating margin of 17.8%. ROE of 9.4% is modest. ROIC of 6.0% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.3% | 65.3% | 65.3% | 65.7% | 68.0% | 65.2% | 67.4% | 70.0% | 69.7% | 68.7% | 68.3% |
| Operating Margin | 17.8% | 17.8% | 15.9% | 17.6% | 18.2% | 14.9% | 16.6% | 20.5% | 22.2% | 18.1% | 18.6% |
| Net Profit Margin | 13.9% | 13.9% | 11.4% | 12.0% | 15.9% | 12.0% | 16.6% | 15.2% | 10.4% | 13.6% | 12.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.4% | 9.4% | 7.2% | 7.2% | 9.7% | 7.0% | 9.5% | 9.2% | 6.1% | 7.9% | 6.7% |
| ROA | 5.1% | 5.1% | 4.1% | 4.1% | 5.5% | 3.9% | 5.3% | 5.1% | 3.2% | 4.0% | 3.4% |
| ROIC | 6.0% | 6.0% | 5.2% | 5.6% | 5.8% | 4.6% | 5.0% | 6.5% | 6.6% | 5.1% | 4.9% |
| ROCE | 7.5% | 7.5% | 6.4% | 6.8% | 7.1% | 5.4% | 5.9% | 7.7% | 8.0% | 6.1% | 5.6% |
MDT Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Medtronic plc carries a Debt/EBITDA ratio of 3.2x, which is moderately leveraged (roughly in line with the sector average of 3.3x). Net debt stands at $26.3B ($28.5B total debt minus $2.2B cash). Interest coverage of 8.2x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.59 | 0.59 | 0.50 | 0.47 | 0.46 | 0.51 | 0.49 | 0.50 | 0.51 | 0.66 | 0.60 |
| Debt / EBITDA | 3.23 | 3.23 | 3.21 | 2.98 | 2.85 | 3.67 | 3.33 | 2.84 | 2.77 | 4.02 | 3.79 |
| Net Debt / Equity | — | 0.54 | 0.47 | 0.44 | 0.39 | 0.44 | 0.41 | 0.42 | 0.43 | 0.56 | 0.54 |
| Net Debt / EBITDA | 2.98 | 2.98 | 3.05 | 2.79 | 2.41 | 3.17 | 2.77 | 2.34 | 2.38 | 3.43 | 3.44 |
| Debt / FCF | — | 5.07 | 4.57 | 4.98 | 3.41 | 4.67 | 3.43 | 3.56 | 6.11 | 5.05 | 6.74 |
| Interest Coverage | 8.17 | 8.17 | 7.15 | 8.62 | 10.40 | 4.85 | 4.39 | 4.34 | 5.79 | 4.92 | 3.87 |
MDT Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.85x means Medtronic plc can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 1.42x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 2.39x to 1.85x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.85 | 1.85 | 2.03 | 2.39 | 1.86 | 2.65 | 2.13 | 2.59 | 2.28 | 1.74 | 3.29 |
| Quick Ratio | 1.42 | 1.42 | 1.55 | 1.81 | 1.49 | 2.14 | 1.72 | 2.15 | 1.92 | 1.51 | 2.81 |
| Cash Ratio | 0.70 | 0.70 | 0.74 | 0.88 | 0.85 | 1.27 | 1.06 | 1.16 | 1.11 | 0.96 | 1.76 |
| Asset Turnover | — | 0.37 | 0.36 | 0.34 | 0.35 | 0.32 | 0.32 | 0.34 | 0.33 | 0.30 | 0.29 |
| Inventory Turnover | 2.12 | 2.12 | 2.15 | 2.03 | 2.20 | 2.43 | 2.23 | 2.44 | 2.53 | 2.78 | 2.63 |
| Days Sales Outstanding | — | 70.91 | 69.11 | 70.11 | 63.94 | 66.20 | 58.64 | 74.32 | 72.96 | 68.69 | 70.41 |
MDT Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Medtronic plc returns 6.8% to shareholders annually — split between a 3.6% dividend yield and 3.3% buyback yield. The payout ratio of 77.0% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 4.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.6% | 3.3% | 3.4% | 3.0% | 2.4% | 1.8% | 2.2% | 2.2% | 2.3% | 2.1% | 1.9% |
| Payout Ratio | 77.0% | 77.0% | 99.7% | 96.2% | 67.1% | 86.5% | 60.4% | 58.2% | 80.3% | 59.0% | 60.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 4.3% | 3.4% | 3.1% | 3.6% | 2.0% | 3.6% | 3.8% | 2.8% | 3.5% | 3.1% |
| FCF Yield | 5.2% | 4.7% | 4.9% | 3.8% | 4.2% | 2.8% | 4.6% | 4.9% | 3.3% | 4.9% | 3.7% |
| Buyback Yield | 3.3% | 3.0% | 2.0% | 0.5% | 1.8% | 0.4% | 1.0% | 2.4% | 2.0% | 3.1% | 2.5% |
| Total Shareholder Yield | 6.8% | 6.2% | 5.4% | 3.5% | 4.2% | 2.1% | 3.2% | 4.6% | 4.3% | 5.1% | 4.4% |
| Shares Outstanding | — | $1.3B | $1.3B | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B |
Peer Comparison
Compare MDT with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MDTYou | $99B | 21.5 | 14.3 | 19.2 | 65.3% | 17.8% | 9.4% | 6.0% | 3.2 |
 ABT | $150B | 11.3 | 15.7 | 23.6 | 50.8% | 16.3% | 30.9% | 9.9% | 1.5 |
 BSX | $83B | 28.9 | 25.1 | 22.8 | 69.0% | 19.8% | 12.4% | 8.8% | 3.3 |
 EW | $48B | 45.5 | 25.5 | 35.9 | 78.1% | 27.0% | 10.5% | 15.5% | 0.4 |
 SYK | $112B | 34.8 | 20.2 | 26.1 | 64.0% | 19.5% | 15.1% | 11.4% | 2.4 |
 ZBH | $16B | 23.3 | 9.4 | 11.0 | 61.6% | 16.5% | 5.6% | 5.4% | 3.1 |
 BDX | $52B | 24.8 | 14.0 | 19.6 | 45.4% | 11.8% | 6.5% | 4.3% | 3.8 |
 ISRG | $160B | 57.4 | 43.4 | 64.4 | 66.0% | 29.3% | 16.6% | 15.0% | 0.1 |
 GMED | $12B | 22.8 | 19.4 | 20.5 | 67.4% | 16.3% | 12.3% | 8.9% | 0.2 |
 NVCR | $2B | -13.5 | — | — | 74.5% | -23.5% | -38.9% | -16.4% | — |
 LIVN | $4B | -14.9 | 14.3 | 20.9 | 67.7% | 14.4% | -19.2% | 11.5% | 2.0 |
| Healthcare Median | — | 22.1 | 14.1 | 18.7 | 63.9% | -5.3% | -33.7% | -10.8% | 3.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonMDT — Frequently Asked Questions
Quick answers to the most common questions about buying MDT stock.
What is Medtronic plc's P/E ratio?
Medtronic plc's current P/E ratio is 21.5x. The historical average is 32.8x. This places it at the 20th percentile of its historical range.
What is Medtronic plc's EV/EBITDA?
Medtronic plc's current EV/EBITDA is 14.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.9x.
What is Medtronic plc's ROE?
Medtronic plc's return on equity (ROE) is 9.4%. The historical average is 17.2%.
Is MDT stock overvalued?
Based on historical data, Medtronic plc is trading at a P/E of 21.5x. This is at the 20th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Medtronic plc's dividend yield?
Medtronic plc's current dividend yield is 3.59% with a payout ratio of 77.0%.
What are Medtronic plc's profit margins?
Medtronic plc has 65.3% gross margin and 17.8% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Medtronic plc have?
Medtronic plc's Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.