Medtronic plc (MDT) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Medical - Devices
EV/EBITDA
↓
14.54
↓-25% vs avg
5yr avg: 19.33
30Y Low9.3·High32.9
P/FCF
↓
19.65
↓-23% vs avg
5yr avg: 25.59
30Y Low10.5·High90.8
P/B Ratio
↓
2.12
↓-17% 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 22.0x earnings, 32% below its 5-year average of 32.4x, sitting at the 23rd 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 19.6x P/FCF, 23% 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 | $101.9B | $109.3B | $106.7B | $121.2B | $141.0B | $177.3B | $131.9B | $120.6B | $109.6B | $115.6B | $112.9B |
| Enterprise Value | $128.2B | $135.6B | $130.5B | $144.0B | $161.4B | $200.1B | $152.6B | $141.5B | $131.7B | $144.0B | $141.0B |
| P/E Ratio → | 21.98 | 23.48 | 29.07 | 32.25 | 27.98 | 49.22 | 27.58 | 26.04 | 35.30 | 28.75 | 31.92 |
| P/S Ratio | 3.04 | 3.26 | 3.30 | 3.88 | 4.45 | 5.89 | 4.56 | 3.95 | 3.66 | 3.89 | 3.91 |
| P/B Ratio | 2.12 | 2.27 | 2.12 | 2.35 | 2.68 | 3.44 | 2.59 | 2.40 | 2.16 | 2.29 | 2.18 |
| P/FCF | 19.65 | 21.09 | 20.53 | 26.47 | 23.59 | 36.29 | 21.91 | 20.53 | 30.32 | 20.55 | 27.05 |
| P/OCF | 14.46 | 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 14.5x EBITDA, 25% below its 5-year average of 19.3x. This is roughly in line with the Healthcare sector median of 14.2x.
| 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 | 14.54 | 15.38 | 16.75 | 17.60 | 19.08 | 27.84 | 20.47 | 15.85 | 14.19 | 17.35 | 17.23 |
| EV / EBIT | 21.52 | 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 3.2x). Net debt stands at $26.3B ($28.5B total debt minus $2.2B cash). Interest coverage of 8.7x 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 | 8.72 | 8.72 | 7.73 | 9.43 | 10.98 | 5.21 | 4.71 | 4.60 | 5.95 | 5.21 | 4.13 |
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 6.7% to shareholders annually — split between a 3.5% dividend yield and 3.2% 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 4.5% (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 | 3.5% | 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 | 4.5% | 4.3% | 3.4% | 3.1% | 3.6% | 2.0% | 3.6% | 3.8% | 2.8% | 3.5% | 3.1% |
| FCF Yield | 5.1% | 4.7% | 4.9% | 3.8% | 4.2% | 2.8% | 4.6% | 4.9% | 3.3% | 4.9% | 3.7% |
| Buyback Yield | 3.2% | 3.0% | 2.0% | 0.5% | 1.8% | 0.4% | 1.0% | 2.4% | 2.0% | 3.1% | 2.5% |
| Total Shareholder Yield | 6.7% | 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 | $102B | 22.0 | 14.5 | 19.6 | 65.3% | 17.8% | 9.4% | 6.0% | 3.2 |
 ABT | $154B | 11.6 | 16.1 | 24.2 | 50.8% | 16.3% | 30.9% | 9.9% | 1.5 |
 BSX | $67B | 23.3 | 20.8 | 18.4 | 69.0% | 19.8% | 12.4% | 8.8% | 3.3 |
 EW | $50B | 47.7 | 26.8 | 37.7 | 78.1% | 27.0% | 10.5% | 15.5% | 0.4 |
 SYK | $118B | 36.6 | 21.2 | 27.5 | 64.0% | 19.5% | 15.1% | 11.4% | 2.4 |
 ZBH | $17B | 24.8 | 9.8 | 11.7 | 61.6% | 16.5% | 5.6% | 5.4% | 3.1 |
 BDX | $52B | 24.7 | 14.0 | 19.5 | 45.4% | 11.8% | 6.5% | 4.3% | 3.8 |
 ISRG | $144B | 51.7 | 39.0 | 58.0 | 66.0% | 29.3% | 16.6% | 15.0% | 0.1 |
 GMED | $11B | 20.2 | 17.1 | 18.1 | 67.4% | 16.3% | 12.3% | 8.9% | 0.2 |
 NVCR | $2B | -11.7 | — | — | 74.5% | -23.5% | -38.9% | -16.4% | — |
 LIVN | $4B | -17.6 | 17.2 | 24.9 | 67.7% | 14.4% | -19.2% | 11.5% | 2.0 |
| Healthcare Median | — | 22.1 | 14.2 | 18.5 | 63.9% | -4.3% | -32.6% | -11.6% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into MDT consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
MDT — 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 22.0x. The historical average is 32.8x. This places it at the 23th percentile of its historical range.
What is Medtronic plc's EV/EBITDA?
Medtronic plc's current EV/EBITDA is 14.5x. 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 22.0x. This is at the 23th 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 3.51% 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.