Medtronic plc (MDT) P/E Ratio History
UndervaluedTrading at 22.0x vs 5Y avg 29.6x · 0th percentile · Below historical baseline · Data 1991–2026
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P/E Ratio Analysis
As of June 21, 2026, Medtronic plc (MDT) trades at a price-to-earnings ratio of 22.0x, with a stock price of $79.34 and trailing twelve-month earnings per share of $3.58.
The current P/E is 26% below its 5-year average of 29.6x. Over the past five years, MDT's P/E has ranged from a low of 22.6x to a high of 49.2x, placing the current valuation at the 0th percentile of its historical range.
Compared to the Healthcare sector median P/E of 22.1x, MDT is roughly in line with its sector peers. The sector includes 234 companies with P/E ratios ranging from 0.0x to 197.0x.
Relative to the broader market, MDT trades roughly in line with the S&P 500 median P/E of 24.4x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our MDT DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
MDT Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
MDT P/E vs Peers
Cardiovascular and heart rhythm devices peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $154B | 11.6Lowest | 0.39Best | +134% | |
| $67B | 23.3 | - | +55% | |
| $50B | 47.7 | 6.74 | -74% | |
| $118B | 36.6 | 2.46 | +8% | |
| $17B | 24.8 | - | -20% | |
| $52B | 24.7 | 1.49 | -1% | |
| $144B | 51.7 | 2.37 | +23% | |
| $11B | 20.2 | 0.65 | +423%Best |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
MDT Historical P/E Data (1991–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q3 | Jan 23 2026 | $100.88 | $3.59 | 28.1x | -10% |
| FY2026 Q2 | Oct 24 2025 | $93.67 | $3.71 | 25.2x | -19% |
| FY2026 Q1 | Jul 25 2025 | $92.94 | $3.63 | 25.6x | -18% |
| FY2025 Q4 | Apr 30 2025 | $84.76 | $3.62 | 23.4x | -25% |
| FY2025 Q3 | Jan 24 2025 | $90.19 | $3.29 | 27.4x | -12% |
| FY2025 Q2 | Oct 25 2024 | $90.59 | $3.27 | 27.7x | -11% |
| FY2025 Q1 | Jul 26 2024 | $78.70 | $2.96 | 26.6x | -15% |
| FY2024 Q4 | - | $80.24 | $2.75 | 29.2x | -7% |
| FY2024 Q3 | Jan 26 2024 | $86.54 | $3.14 | 27.6x | -12% |
| FY2024 Q2 | Oct 27 2023 | $69.43 | $3.07 | 22.6x | -28% |
| FY2024 Q1 | Jul 28 2023 | $88.25 | $2.71 | 32.6x | +4% |
| FY2023 Q4 | Apr 30 2023 | $90.95 | $2.82 | 32.3x | +3% |
| FY2023 Q3 | Jan 27 2023 | $82.58 | $3.04 | 27.2x | -13% |
| FY2023 Q2 | Oct 28 2022 | $86.82 | $3.22 | 27.0x | -14% |
| FY2023 Q1 | Jul 29 2022 | $92.52 | $3.87 | 23.9x | -24% |
| FY2022 Q4 | Apr 30 2022 | $104.36 | $3.73 | 28.0x | -11% |
| FY2022 Q3 | Jan 28 2022 | $103.13 | $3.63 | 28.4x | -9% |
| FY2022 Q2 | Oct 29 2021 | $119.86 | $3.47 | 34.5x | +10% |
| FY2022 Q1 | Jul 30 2021 | $131.31 | $2.86 | 45.9x | +47% |
| FY2021 Q4 | Apr 30 2021 | $130.92 | $2.66 | 49.2x | +57% |
| FY2021 Q3 | Jan 29 2021 | $111.33 | $2.14 | 52.0x | +66% |
| FY2021 Q2 | Oct 30 2020 | $100.57 | $2.62 | 38.4x | +23% |
| FY2021 Q1 | Jul 31 2020 | $96.48 | $3.27 | 29.5x | -6% |
| FY2020 Q4 | - | $97.63 | $3.55 | 27.5x | -12% |
| FY2020 Q3 | Jan 24 2020 | $119.26 | $3.94 | 30.3x | -3% |
| FY2020 Q2 | Oct 25 2019 | $105.44 | $3.46 | 30.5x | -3% |
| FY2020 Q1 | Jul 26 2019 | $102.55 | $3.27 | 31.4x | +0% |
| FY2019 Q4 | - | $88.81 | $3.42 | 26.0x | -17% |
| FY2019 Q3 | Jan 25 2019 | $87.02 | $3.62 | 24.0x | -23% |
| FY2019 Q2 | Oct 26 2018 | $89.75 | $1.65 | 54.4x | +74% |
| FY2019 Q1 | Jul 27 2018 | $88.66 | $2.31 | 38.4x | +23% |
| FY2018 Q4 | Apr 30 2018 | $80.13 | $2.26 | 35.5x | +13% |
| FY2018 Q3 | Jan 26 2018 | $87.12 | $2.03 | 42.9x | +37% |
| FY2018 Q2 | Oct 27 2017 | $81.30 | $3.65 | 22.3x | -29% |
| FY2018 Q1 | Jul 28 2017 | $84.29 | $2.97 | 28.4x | -9% |
| FY2017 Q4 | Apr 30 2017 | $83.09 | $2.89 | 28.8x | -8% |
| FY2017 Q3 | Jan 27 2017 | $74.95 | $2.83 | 26.5x | -15% |
| FY2017 Q2 | Oct 28 2016 | $81.93 | $3.01 | 27.2x | -13% |
| FY2017 Q1 | Jul 29 2016 | $87.63 | $2.57 | 34.1x | +9% |
| FY2016 Q4 | Apr 30 2016 | $79.15 | $2.48 | 31.9x | +2% |
| FY2016 Q3 | Jan 29 2016 | $75.92 | $1.70 | 44.7x | +43% |
| FY2016 Q2 | Oct 30 2015 | $73.92 | $1.91 | 38.7x | +24% |
| FY2016 Q1 | Jul 31 2015 | $78.39 | $2.38 | 32.9x | +5% |
| FY2015 Q4 | - | $74.45 | $2.68 | 27.8x | -11% |
| FY2015 Q3 | Jan 23 2015 | $76.95 | $3.12 | 24.7x | -21% |
| FY2015 Q2 | Oct 31 2014 | $68.16 | $2.89 | 23.6x | -25% |
| FY2015 Q1 | - | $61.74 | $2.95 | 20.9x | -33% |
| FY2014 Q4 | Apr 30 2014 | $58.82 | $3.01 | 19.5x | -38% |
| FY2014 Q3 | Jan 31 2014 | $56.56 | $3.52 | 16.1x | -49% |
| FY2014 Q2 | - | $57.40 | $3.74 | 15.3x | -51% |
| FY2014 Q1 | Jul 31 2013 | $55.24 | $3.48 | 15.9x | -49% |
| FY2013 Q4 | - | $46.68 | $3.38 | 13.8x | -56% |
| FY2013 Q3 | - | $46.60 | $3.37 | 13.8x | -56% |
| FY2013 Q2 | Oct 31 2012 | $41.58 | $3.28 | 12.7x | -59% |
| FY2013 Q1 | - | $39.42 | $3.47 | 11.4x | -64% |
| FY2012 Q4 | Apr 30 2012 | $38.20 | $3.41 | 11.2x | -64% |
| FY2012 Q3 | - | $38.57 | $3.19 | 12.1x | -61% |
| FY2012 Q2 | Oct 31 2011 | $34.74 | $3.17 | 11.0x | -65% |
| FY2012 Q1 | Jul 31 2011 | $36.05 | $2.87 | 12.6x | -60% |
| FY2011 Q4 | Apr 30 2011 | $41.75 | $2.86 | 14.6x | -53% |
| FY2011 Q3 | Jan 31 2011 | $38.32 | $3.00 | 12.8x | -59% |
| FY2011 Q2 | Oct 31 2010 | $35.23 | $2.89 | 12.2x | -61% |
| FY2011 Q1 | Jul 31 2010 | $36.97 | $3.15 | 11.7x | -62% |
| FY2010 Q4 | Apr 30 2010 | $43.69 | $2.79 | 15.7x | -50% |
| FY2010 Q3 | Jan 31 2010 | $42.89 | $2.04 | 21.0x | -33% |
| FY2010 Q2 | Oct 31 2009 | $35.70 | $1.91 | 18.7x | -40% |
| FY2010 Q1 | Jul 31 2009 | $35.42 | $1.61 | 22.0x | -30% |
| FY2009 Q4 | - | $32.00 | $1.85 | 17.3x | -45% |
| FY2009 Q3 | Jan 31 2009 | $33.49 | $2.46 | 13.6x | -56% |
| FY2009 Q2 | Oct 31 2008 | $40.33 | $1.91 | 21.1x | -32% |
| FY2009 Q1 | - | $52.83 | $2.01 | 26.3x | -16% |
| FY2008 Q4 | Apr 30 2008 | $48.68 | $1.96 | 24.8x | -21% |
| FY2008 Q3 | - | $46.50 | $1.95 | 23.8x | -24% |
| FY2008 Q2 | Oct 31 2007 | $47.44 | $2.49 | 19.1x | -39% |
| FY2008 Q1 | - | $50.67 | $2.50 | 20.3x | -35% |
| FY2007 Q4 | Apr 30 2007 | $52.93 | $2.42 | 21.9x | -30% |
| FY2007 Q3 | Jan 31 2007 | $53.45 | $2.32 | 23.0x | -26% |
| FY2007 Q2 | - | $48.68 | $2.26 | 21.5x | -31% |
| FY2007 Q1 | Jul 31 2006 | $50.52 | $2.34 | 21.6x | -31% |
| FY2006 Q4 | Apr 30 2006 | $50.12 | $2.09 | 24.0x | -23% |
| FY2006 Q3 | - | $56.47 | $1.64 | 34.4x | +10% |
| FY2006 Q2 | Oct 31 2005 | $56.66 | $1.54 | 36.8x | +18% |
| FY2006 Q1 | Jul 31 2005 | $53.94 | $1.31 | 41.2x | +32% |
| FY2005 Q4 | Apr 30 2005 | $52.70 | $1.48 | 35.6x | +14% |
| FY2005 Q3 | Jan 31 2005 | $52.49 | $1.79 | 29.3x | -6% |
| FY2005 Q2 | Oct 31 2004 | $51.11 | $1.72 | 29.7x | -5% |
| FY2005 Q1 | Jul 31 2004 | $49.67 | $1.67 | 29.7x | -5% |
| FY2004 Q4 | Apr 30 2004 | $50.46 | $1.61 | 31.3x | +0% |
| FY2004 Q3 | Jan 31 2004 | $49.22 | $1.54 | 32.0x | +2% |
| FY2004 Q2 | Oct 31 2003 | $45.57 | $1.51 | 30.2x | -3% |
| FY2004 Q1 | - | $51.50 | $1.37 | 37.6x | +20% |
| FY2003 Q4 | Apr 30 2003 | $47.74 | $1.31 | 36.4x | +17% |
| FY2003 Q3 | Jan 31 2003 | $44.92 | $1.16 | 38.7x | +24% |
| FY2003 Q2 | - | $44.80 | $1.07 | 41.9x | +34% |
| FY2003 Q1 | Jul 31 2002 | $40.40 | $0.87 | 46.4x | +48% |
| FY2002 Q4 | - | $44.69 | $0.81 | 55.2x | +76% |
| FY2002 Q3 | - | $49.27 | $0.68 | 72.5x | +132% |
| FY2002 Q2 | Oct 31 2001 | $40.30 | $0.67 | 60.1x | +92% |
| FY2002 Q1 | - | $48.03 | $0.87 | 55.2x | +77% |
| FY2001 Q4 | Apr 30 2001 | $44.60 | $0.85 | 52.5x | +68% |
| FY2001 Q3 | Jan 31 2001 | $54.00 | $1.00 | 54.0x | +73% |
| FY2001 Q2 | - | $54.31 | $0.96 | 56.6x | +81% |
| FY2001 Q1 | Jul 31 2000 | $51.06 | $0.92 | 55.5x | +77% |
| FY2000 Q4 | Apr 30 2000 | $51.94 | $0.90 | 57.7x | +85% |
| FY2000 Q3 | Jan 31 2000 | $45.75 | $0.77 | 59.4x | +90% |
| FY2000 Q2 | Oct 31 1999 | $34.38 | $0.53 | 64.9x | +107% |
| FY2000 Q1 | Jul 31 1999 | $36.03 | $0.42 | 85.8x | +174% |
| FY1999 Q4 | Apr 30 1999 | $35.97 | $0.41 | 87.7x | +181% |
| FY1999 Q3 | Jan 31 1999 | $39.84 | $0.41 | 97.2x | +211% |
| FY1999 Q2 | Oct 31 1998 | $32.50 | $0.47 | 69.1x | +121% |
| FY1999 Q1 | Jul 31 1998 | $30.97 | $0.52 | 59.6x | +90% |
| FY1998 Q4 | - | $26.50 | $0.48 | 55.2x | +77% |
| FY1998 Q3 | Jan 31 1998 | $25.53 | $0.50 | 51.1x | +63% |
| FY1998 Q2 | Oct 31 1997 | $21.75 | $0.60 | 36.3x | +16% |
| FY1998 Q1 | - | $21.81 | $0.58 | 37.6x | +20% |
| FY1997 Q4 | Apr 30 1997 | $17.31 | $0.55 | 31.5x | +1% |
| FY1997 Q3 | Jan 31 1997 | $17.13 | $0.53 | 32.3x | +3% |
| FY1997 Q2 | - | $16.09 | $0.52 | 30.9x | -1% |
| FY1997 Q1 | Jul 31 1996 | $11.84 | $0.51 | 23.2x | -26% |
| FY1996 Q4 | - | $13.28 | $0.49 | 27.1x | -13% |
| FY1996 Q3 | Jan 31 1996 | $14.28 | $0.45 | 31.8x | +2% |
| FY1996 Q2 | - | $14.44 | $0.41 | 35.4x | +13% |
| FY1996 Q1 | Jul 31 1995 | $10.25 | $0.37 | 27.8x | -11% |
| FY1995 Q4 | Apr 30 1995 | $9.30 | $0.34 | 27.5x | -12% |
| FY1995 Q3 | - | $7.42 | $0.32 | 23.0x | -26% |
| FY1995 Q2 | Oct 31 1994 | $6.53 | $0.31 | 20.9x | -33% |
| FY1995 Q1 | Jul 31 1994 | $5.57 | $0.30 | 18.4x | -41% |
| FY1994 Q4 | Apr 30 1994 | $4.70 | $0.28 | 16.7x | -47% |
| FY1994 Q3 | Jan 31 1994 | $5.25 | $0.26 | 20.1x | -36% |
| FY1994 Q2 | Oct 31 1993 | $4.63 | $0.24 | 19.2x | -38% |
| FY1994 Q1 | Jul 31 1993 | $3.80 | $0.24 | 15.8x | -50% |
| FY1993 Q4 | Apr 30 1993 | $4.09 | $0.23 | 17.7x | -43% |
| FY1993 Q3 | Jan 31 1993 | $5.63 | $0.23 | 24.5x | -22% |
| FY1993 Q2 | Oct 31 1992 | $6.05 | $0.23 | 26.3x | -16% |
| FY1993 Q1 | Jul 31 1992 | $4.92 | $0.21 | 23.4x | -25% |
| FY1992 Q4 | - | $4.09 | $0.20 | 20.4x | -35% |
| FY1992 Q3 | Jan 31 1992 | $5.41 | $0.19 | 28.9x | -8% |
| FY1992 Q2 | - | $4.92 | $0.18 | 27.8x | -11% |
| FY1992 Q1 | Jul 31 1991 | $3.98 | $0.17 | 23.8x | -24% |
| FY1991 Q4 | - | $3.48 | $0.17 | 20.8x | -33% |
| FY1991 Q3 | - | $2.88 | $0.17 | 17.4x | -44% |
| FY1991 Q2 | Oct 31 1990 | $2.63 | $0.17 | 15.9x | -49% |
Average P/E for displayed period: 31.3x
Full Stock Analysis
Deep dive into MDT consensus models and risk factors.
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
35+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
MDT — Frequently Asked Questions
Quick answers to the most common questions about buying MDT stock.
What is MDT's P/E ratio?
Medtronic plc (MDT) trailing twelve-month P/E ratio is 22.0x, based on TTM diluted EPS of $3.58. The 5-year average P/E is 29.6x and the historical range spans 22.6x to 49.2x.
Is MDT stock overvalued or undervalued?
MDT trades at 22.0x P/E, below its 5-year average of 29.6x. At the 0th percentile of its historical range (22.6x–49.2x), the stock is priced at a discount to its own history.
Is MDT stock expensive?
No, MDT is not expensive on a historical basis. The current P/E of 22.0x is below the 5-year average of 29.6x and sits at the 0th percentile of its valuation range.
What is MDT's historical P/E range?
Over the past 5 years, MDT's P/E ratio has ranged from 22.6x to 49.2x, with a median of 27.7x and an average of 29.6x. The current P/E of 22.0x places the stock at the 0th percentile of this range. Full historical data spans 1991–2026.
How does MDT's P/E compare to the S&P 500?
MDT trades at 22.0x P/E versus the S&P 500 median of 24.4x. The 10% discount to the market suggests lower growth expectations or perceived higher risk.
How does MDT's valuation compare to Healthcare peers?
Medtronic plc P/E of 22.0x compares to the Healthcare sector median of 22.1x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is MDT's PEG ratio?
MDT PEG ratio is N/A, based on a P/E of 22.0x and EPS growth of 30.8%. PEG normalises P/E by growth and helps compare stocks with different earnings trajectories.
What is MDT's earnings yield?
MDT earnings yield is 4.55%, the inverse of its 22.0x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.