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Medtronic (MDT) stock

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NYSE: MDT NYSE Health Care Equipment Next results ~November 17, 2026

B Fundamentals grade

Medtronic is a US-listed company in the health care equipment industry. Its financial year ends in April.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$89

Cash-flow model

Base case. Range ~$63–$120 across our lower- and higher-growth cases (2.9%–12.9% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 11% above our base value.

Price used: $99.29, November 2, 2026

Medtronic valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Medtronic files

Where Medtronic stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $37.5bn, up 9.8% on a year earlier, faster than 8.4% a quarter earlier. Free-cash-flow margin held at 16.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 3 financial-health checks. Our cash-flow model value is $83.15 a share, against a share price of $94.22. At that price, our model says the market is pricing in about 9.8% a year of cash-flow growth for five years, faster than the 3.4% a year revenue growth it has delivered.

Source: 10-Q filed September 3, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 17, 2026 (estimated)

Medtronic's trailing-twelve-month revenue grew 9.8% year on year, with a free-cash-flow margin of 16.3%. Where it stands out: operating margin of 18.1% ranks 16 of 132 health care equipment companies we cover.

Our discounted-cash-flow model values the business at ~$89 per share in the base case (~$63–$120 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 9.8% (+1.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 5 insiders sold $15M of stock over the past 365 days and none bought (41% under pre-set trading plans).
  • Heavily shorted. 10.9% of the shares available to trade are sold short (4.6 days of average volume to cover).

Latest results: FY2027 Q1

Filed September 3, 2026
Earnings per share
$1.45 against an average estimate of $1.39: beat by 4.5%
Revenue
$9.76bn, up 13.7% on a year earlier
Share reaction
+1.7% in the first session after the results on September 1, 2026, against -0.2% for the S&P 500
Guidance given
FY27 organic revenue growth guidance growth 7.25% to 7.75% (FY27); FY27 diluted non-GAAP EPS guidance $5.94 to $6 (FY27)
Next report
November 17, 2026; average EPS estimate $1.33

Medtronic's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.8%
  • 1 week+4.7%
  • 1 month+14.9%
  • This year+6.0%
  • 1 year+13.1%
  • 5 years-3.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$37.5B
Operating margin
18.1%
Net margin
13.9%
EPS (TTM, diluted)
$4.06

Growth

Revenue growth
+9.8%
Change in growth rate
+1.3 pts
Share count change
+0.0%

Cash

Free cash flow (TTM)
$6.1B
FCF margin
16.3%
Stock pay % of revenue
1.3%

Earnings

Last results
September 1, 2026
Next results (est.)
December 1, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Announcement
  4. Announcement
  5. Insider trade
  6. Insider trade
  7. Results
  8. Results
  9. Announcement
  10. Results
  11. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Medtronic valuation models and calculator

What the price is pricing in

The share price implies about 8.5% a year of cash-flow growth for five years.That is faster than the 3.4% a year revenue growth Medtronic has delivered.

  • Priced in8.5%
  • Last 12 months9.8%
  • 3 years a year6.0%
  • 5 years a year3.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($98.52, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$89
Price used
$98.52close November 3, 2026
Implied change
▼ 9%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Medtronic's free cash flow after stock-based pay with after-tax interest added back ($6.1B, FY2027 Q1 TTM), growing 5.8% and 6.3% in the next two years (forecasts, guidance and its record), then back to 7.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$63–~$120 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Medtronic's free cash flow after stock-based pay ( $6.1B, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Medtronic as an operating company, with every model that fits that kind of business. Cost of equity 8.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.77 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$89 ~$63–$120 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$92–$170 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$42 ~$31–$56 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$43 ~$37–$51 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$74 ~$42–$110 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Medtronic with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▲ +6%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $53$77$110$153$209$282
8.5% $36$54$78$109$149$200
10% $27$41$59$82$113$152

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$60.17$64.52$64.56$70.55$81.95$110.47$90.04$81.10$73.49$80.18$81.90$99.29
Market value$85.8bn$89.8bn$88.3bn$95.8bn$110.7bn$149.6bn$121.7bn$108.1bn$97.8bn$103.4bn$105.5bn$127.8bn
+ Net debt (− = net cash)$28.2bn$28.5bn$22.1bn$21.0bn$20.8bn$23.0bn$20.6bn$23.0bn$23.9bn$26.5bn$26.2bn$26.5bn
Enterprise value$114.0bn$118.2bn$110.4bn$116.8bn$131.5bn$172.6bn$142.2bn$131.1bn$121.7bn$129.9bn$131.7bn$154.3bn
Multiples
Price / sales 3.0x3.0x2.9x3.1x3.8x5.0x3.8x3.5x3.0x3.1x2.9x3.4x
Price / earnings 24.2x22.3x28.5x20.7x23.1x41.5x24.1x28.8x26.6x22.2x22.0x24.4x
Price / free cash flow 20.6x16.0x24.4x16.3x18.4x30.6x20.4x23.6x18.8x19.9x19.4x20.8x
EV / EBITDA 13.9x14.2x11.9x13.1x17.6x24.0x16.8x16.0x15.6x14.7x14.0x17.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

86 /100

Strong moat

How hard Medtronic's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 15 / 20

    Cash operating profit has been a median 11.7% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 66.1%, moving by 1.8 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 18.0%; its worst year was 14.2%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 10 of 10 years, at a median 16.3% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 5.0% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 17, 2026, before the open. Analysts expect revenue of $9.5bn and EPS of $1.33 (range $1.32 to $1.34) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.98 +8% $39.0bn +7%
Next $6.41 +7% $40.4bn +4%

Next year's EPS estimate has moved −0.1% in 90 days, across 30 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.4% on 90 days ago. In the last 30 days, 2 analysts raised Medtronic's forecast and 2 cut it.

Consensus EPS forecast Medtronic, last 90 days
$5.80 $6.00 $6.20 $6.40 $6.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.95 Current fiscal year, 60 days ago: $5.95 Current fiscal year, 30 days ago: $5.97 Current fiscal year, 7 days ago: $5.98 Current fiscal year, Now: $5.98 $5.98 Next fiscal year, 90 days ago: $6.41 Next fiscal year, 60 days ago: $6.40 Next fiscal year, 30 days ago: $6.41 Next fiscal year, 7 days ago: $6.41 Next fiscal year, Now: $6.41 $6.41

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.95$6.41
60 days ago $5.95$6.40
30 days ago $5.97$6.41
7 days ago $5.98$6.41
Now $5.98$6.41

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $1.39 $1.45 +4.5%
Apr 2026 $1.54 $1.55 +0.6%
Jan 2026 $1.34 $1.36 +1.9%
Oct 2025 $1.31 $1.36 +3.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 1, 2026
  • FY27 organic revenue growth guidance FY27 7.25% growth to 7.75% growth Non-GAAP Raised
    “The company raised its FY27 organic revenue growth guidance to 7.25% to 7.75%, an increase from the prior guidance of 6.75% to 7.25%.” source
  • FY27 diluted non-GAAP EPS guidance FY27 $5.94 to $6.00 Non-GAAP Raised
    “The company also raised its FY27 diluted non-GAAP EPS guidance to the new range of $5.94 to $6.00 versus the prior $5.90 to $6.00.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Medtronic's revenue by +5.8% next year and +6.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.0%, weight 70%) and the company's own record (+7.9%, weight 30%) . How the weights are set.

Analyst recommendations

30 analysts, Oct 2026
Buy2067%
Hold1033%
Sell00%

Monthly trend

  1. Oct 20263171030
  2. Sep 2026316928
  3. Aug 2026317929
  4. Jul 20263161029

Counts of recommendations published by analysts covering Medtronic, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.9%
of tradable shares
Days to cover
4.63
at average volume
Short interest, 1 month
+707%
to October 15, 2026
Held by institutions
89%
of shares
Held by insiders
0.3%
of shares
Employees
95,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +13.1%

$87.79 on October 31, 2025 to $99.29

ThenNowEffect
Revenue (last 12 months) $34.2bn $37.5bn +9.8%
Net margin 13.6% 13.9% +2.3%
P/E multiple 24.3x 24.4x +0.8%
Share count 1288m 1288m 0.0%

Biggest factor: revenue.

Last 3 years +51.0%

$65.77 on November 3, 2023 to $99.29

ThenNowEffect
Revenue (last 12 months) $31.6bn $37.5bn +19.0%
Net margin 11.5% 13.9% +21.5%
P/E multiple 24.2x 24.4x +0.9%
Share count 1333m 1288m +3.5%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MDT−10%−23%+10%+0%+24%+6%
Industry peers (median)−7%−37%−9%−20%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MDT42%42%42%50%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MDT−26%−32%−23%−13%−14%−28%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 45% from September 8, 2021 to October 27, 2023. Getting back needed a 82% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$72.50 – $101.97
From 52-week high
−2.6%
vs 50-day average
+8.5%
vs 200-day average
+14.2%
Volatility (1 year)
25%
Beta vs S&P 500
0.09

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±4.0%
After a week
5 up, 7 down
typical move ±4.0%
After a month
5 up, 7 down
typical move ±5.6%
Results releasedNext dayS&P 500 next day5 days21 days
September 1, 2026 +1.7% −0.2% +1.4% −3.9%
June 3, 2026 +11.1% −0.3% +8.8% +13.6%
February 17, 2026 −1.0% +0.7% −2.8% −12.3%
November 18, 2025 +4.2% −0.5% +9.4% +2.3%
August 19, 2025 +0.4% −0.8% −0.7% +3.0%
May 21, 2025 −6.3% −1.6% −4.6% −0.5%
February 18, 2025 −6.3% +0.5% −2.5% −1.0%
November 19, 2024 −4.0% +0.4% −2.2% −8.7%
August 20, 2024 +3.2% +0.2% +4.7% +5.5%
May 23, 2024 −4.0% −0.1% −5.1% −6.2%
February 20, 2024 +1.8% −0.5% −0.7% −0.5%
November 21, 2023 +4.3% +0.2% +4.9% +10.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Medtronic’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.31× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

MDT Medtronic Grade B $98.99

Own 100 shares, sell the $99.00 call expiring November 27, 2026 (25 days) for $2.70 a share — $270 per contract.

Previous session · Bid $2.70, ask $3.60, quoted Mon 2 Nov, 17:29 New York time with MDT at $98.99. Option prices move with the shares: check the live chain at your broker before trading.

  • If MDT ends below $99.00: you keep your shares and the $270 — 2.7% extra on the position, 39.8% a year at that pace.
  • If it ends above $99.00: your shares are sold at $99.00, a total return of 2.7% including the premium — at or above our value of ~$89.
$272 $0 −$1.9k Our value $89.00 Break-even $96.29 Price $98.99
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$270
Annualised
39.8%
Break-even
$96.29
Max gain
$271.5
Chance of selling
~53%

Collar

Own the shares, buy the $92.50 put and sell the $110 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.81 a share ($81.00 per contract of 100 shares).
  • Worst case at expiry: -7.4%, if the shares fall below $92.50 (-6.6% from today).
  • Best case at expiry: +10.3%, if the shares rise above $110 (+11.1%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $89.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Medtronic in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Medtronic
$30B $32B $34B $36B $38B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $32B Revenue (TTM), FY24 Q3: $32.3B Revenue (TTM), FY24 Q4: $32.4B Revenue (TTM), FY25 Q1: $32.6B Revenue (TTM), FY25 Q2: $33B Revenue (TTM), FY25 Q3: $33.2B Revenue (TTM), FY25 Q4: $33.5B Revenue (TTM), FY26 Q1: $34.2B Revenue (TTM), FY26 Q2: $34.8B Revenue (TTM), FY26 Q3: $35.5B Revenue (TTM), FY26 Q4: $36.4B Revenue (TTM), FY27 Q1: $37.5B $37.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $32B
FY24 Q3 $32.3B
FY24 Q4 $32.4B
FY25 Q1 $32.6B
FY25 Q2 $33B
FY25 Q3 $33.2B
FY25 Q4 $33.5B
FY26 Q1 $34.2B
FY26 Q2 $34.8B
FY26 Q3 $35.5B
FY26 Q4 $36.4B
FY27 Q1 $37.5B
Revenue growth, TTM YoY Medtronic
0% 5% 10% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 3.7% Revenue growth, TTM YoY, FY24 Q3: 5.0% Revenue growth, TTM YoY, FY24 Q4: 3.6% Revenue growth, TTM YoY, FY25 Q1: 3.2% Revenue growth, TTM YoY, FY25 Q2: 3.2% Revenue growth, TTM YoY, FY25 Q3: 2.7% Revenue growth, TTM YoY, FY25 Q4: 3.6% Revenue growth, TTM YoY, FY26 Q1: 5.0% Revenue growth, TTM YoY, FY26 Q2: 5.3% Revenue growth, TTM YoY, FY26 Q3: 6.9% Revenue growth, TTM YoY, FY26 Q4: 8.4% Revenue growth, TTM YoY, FY27 Q1: 9.8% 9.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 3.7%
FY24 Q3 5.0%
FY24 Q4 3.6%
FY25 Q1 3.2%
FY25 Q2 3.2%
FY25 Q3 2.7%
FY25 Q4 3.6%
FY26 Q1 5.0%
FY26 Q2 5.3%
FY26 Q3 6.9%
FY26 Q4 8.4%
FY27 Q1 9.8%
Operating margin (TTM) Medtronic
15% 16% 17% 18% 19% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 17.4% Operating margin (TTM), FY24 Q3: 17.5% Operating margin (TTM), FY24 Q4: 15.9% Operating margin (TTM), FY25 Q1: 15.8% Operating margin (TTM), FY25 Q2: 16.4% Operating margin (TTM), FY25 Q3: 16.8% Operating margin (TTM), FY25 Q4: 17.8% Operating margin (TTM), FY26 Q1: 17.9% Operating margin (TTM), FY26 Q2: 17.9% Operating margin (TTM), FY26 Q3: 17.0% Operating margin (TTM), FY26 Q4: 17.8% Operating margin (TTM), FY27 Q1: 18.1% 18.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 17.4%
FY24 Q3 17.5%
FY24 Q4 15.9%
FY25 Q1 15.8%
FY25 Q2 16.4%
FY25 Q3 16.8%
FY25 Q4 17.8%
FY26 Q1 17.9%
FY26 Q2 17.9%
FY26 Q3 17.0%
FY26 Q4 17.8%
FY27 Q1 18.1%
FCF margin (TTM) Medtronic
12% 14% 16% 18% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 12.7% FCF margin (TTM), FY24 Q3: 15.3% FCF margin (TTM), FY24 Q4: 16.1% FCF margin (TTM), FY25 Q1: 15.8% FCF margin (TTM), FY25 Q2: 16.7% FCF margin (TTM), FY25 Q3: 16.5% FCF margin (TTM), FY25 Q4: 15.5% FCF margin (TTM), FY26 Q1: 15.5% FCF margin (TTM), FY26 Q2: 15.0% FCF margin (TTM), FY26 Q3: 15.2% FCF margin (TTM), FY26 Q4: 14.9% FCF margin (TTM), FY27 Q1: 16.3% 16.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 12.7%
FY24 Q3 15.3%
FY24 Q4 16.1%
FY25 Q1 15.8%
FY25 Q2 16.7%
FY25 Q3 16.5%
FY25 Q4 15.5%
FY26 Q1 15.5%
FY26 Q2 15.0%
FY26 Q3 15.2%
FY26 Q4 14.9%
FY27 Q1 16.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Medtronic took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $36.4B
  2. Cost of revenue $12.7B · 35.0%
  3. Gross profit $23.6B · 65.0%
  4. Research and development $2.9B · 7.9%
  5. Selling, general and admin $11.8B · 32.4%
  6. Other operating costs $2.5B · 6.9%
  7. Operating income $6.5B · 17.8%
  8. Income tax $1.3B · 3.6%
  9. Interest and other $367M · 1.0%
  10. Net income $4.8B · 13.2%

Shares of revenue. Source: Medtronic's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Apr 2013 2014 Apr 2014 2015 Apr 2015 2016 Apr 2016 2017 Apr 2017 2018 Apr 2018 2019 Apr 2019 2020 Apr 2020 2021 Apr 2021 2022 Apr 2022 2023 Apr 2023 2024 Apr 2024 2025 Apr 2025 2026 Apr 2026 LTM Jul 2026
Income
Revenue 16.6 17.0 20.3 28.8 29.7 30.0 30.6 28.9 30.1 31.7 31.2 32.4 33.5 36.4 37.5
Gross profit 12.5 12.7 14.0 19.7 20.4 20.9 21.4 19.5 19.6 21.5 20.5 21.1 21.9 23.6 24.4
EBITDA 5.2 4.7 5.1 8.2 8.3 9.3 8.9 7.5 7.2 8.5 8.2 7.8 8.8 9.4 8.8
Operating income 4.4 3.8 3.8 5.4 5.4 6.6 6.3 4.8 4.5 5.8 5.5 5.1 6.0 6.5 6.8
Net income 3.5 3.1 2.7 3.5 4.0 3.1 4.6 4.8 3.6 5.0 3.8 3.7 4.7 4.8 5.2
Diluted EPS $3.37 $3.02 $2.41 $2.48 $2.89 $2.27 $3.41 $3.54 $2.66 $3.73 $2.82 $2.76 $3.61 $3.73 $4.06
Growth (year on year)
Revenue — +2.5% +19.1% +42.3% +3.0% +0.8% +2.0% −5.4% +4.2% +5.2% −1.4% +3.6% +3.6% +8.4% +9.8%
EBITDA — −10.7% +8.8% +61.3% +1.5% +11.9% −3.8% −16.5% −3.6% +17.7% −3.3% −4.8% +13.2% +6.9% +7.1%
Operating income — −13.4% −1.2% +42.4% +0.4% +23.4% −5.6% −23.6% −6.4% +28.3% −4.6% −6.2% +15.8% +8.6% +10.9%
Net income — −11.6% −12.7% +32.3% +13.8% −22.9% +49.2% +3.4% −24.7% +39.7% −25.4% −2.2% +26.8% +3.0% +12.3%
Diluted EPS — −10.4% −20.2% +2.9% +16.5% −21.5% +50.2% +3.8% −24.9% +40.2% −24.4% −2.1% +30.8% +3.3% +12.2%
Margins
Gross margin 75.1% 74.5% 68.9% 68.3% 68.7% 69.8% 70.0% 67.4% 65.2% 68.0% 65.7% 65.3% 65.3% 65.0% 65.0%
EBITDA margin 31.5% 27.4% 25.0% 28.4% 27.9% 31.0% 29.2% 25.8% 23.9% 26.7% 26.2% 24.1% 26.3% 25.9% 23.5%
Operating margin 26.5% 22.4% 18.6% 18.6% 18.1% 22.2% 20.5% 16.6% 14.9% 18.2% 17.6% 15.9% 17.8% 17.8% 18.1%
Net margin 20.9% 18.0% 13.2% 12.3% 13.6% 10.4% 15.2% 16.6% 12.0% 15.9% 12.0% 11.4% 13.9% 13.2% 13.9%
Free-cash-flow margin 27.0% 26.8% 21.4% 14.5% 18.9% 12.1% 19.2% 20.8% 16.2% 18.9% 14.7% 16.1% 15.5% 14.9% 16.3%
Cash flow
Cash from operations 4.9 5.0 4.9 5.2 6.9 4.7 7.0 7.2 6.2 7.3 6.0 6.8 7.0 7.3 8.0
Capital spending 0.5 0.4 0.6 1.0 1.3 1.1 1.1 1.2 1.4 1.4 1.5 1.6 1.9 1.9 1.9
Free cash flow 4.5 4.6 4.3 4.2 5.6 3.6 5.9 6.0 4.9 6.0 4.6 5.2 5.2 5.4 6.1
Stock-based pay 0.2 0.1 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.5 0.5
Free cash flow after stock pay 4.3 4.4 3.9 3.8 5.3 3.3 5.6 5.7 4.5 5.6 4.2 4.8 4.8 5.0 5.6
Balance sheet
Cash 0.9 1.4 4.8 2.9 5.0 3.7 4.4 4.1 3.6 3.7 1.5 1.3 2.2 1.9 1.7
Total debt 0.0 11.9 36.2 31.1 33.4 25.8 25.4 24.9 26.6 24.3 24.6 25.2 28.7 28.1 28.2
Net debt (negative = net cash) −0.9 10.5 31.3 28.2 28.5 22.1 21.0 20.8 23.0 20.6 23.0 23.9 26.5 26.2 26.5
Diluted shares 1,028m 1,014m 1,109m 1,426m 1,391m 1,368m 1,358m 1,351m 1,354m 1,351m 1,333m 1,330m 1,290m 1,288m 1,288m
Returned to shareholders
Dividends 1.1 1.1 1.3 2.1 2.4 2.5 2.7 2.9 3.1 3.4 3.6 3.7 3.6 3.6 3.7
Buybacks 1.2 2.6 1.9 2.8 3.5 2.2 2.9 1.3 0.7 2.5 0.6 2.1 3.2 1.0 1.2
Total returned 2.3 3.7 3.3 5.0 5.9 4.7 5.6 4.2 3.8 5.9 4.3 5.8 6.8 4.7 4.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · July 31, 2026
What it owns · $93.3bn
Short-term assets $24.4bnLonger-term assets $68.9bn
What it owes, and who funded it · $92.7bn
Short-term liabilities $11.8bnLonger-term liabilities $30.7bnShareholders' equity $50.2bn
  • Short-term assets cover short-term liabilities $24.4bn of assets due within a year against $11.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $24.4bn short-term assets against $30.7bn of longer-dated liabilities.
  • More cash than debt $1.7bn of cash against $28.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 56% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 46% to 56% over five years.
  • A year's operating cash flow covers at least 20% of debt $8.0bn of operating cash flow against $28.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $6.8bn against $724m of interest.

From Medtronic's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q1 TTM
Buybacks (TTM)
$1.2B
Dividends (TTM)
$3.6B
Returned to shareholders
79%
of free cash flow
Buybacks, last 3 fiscal years
$6.4B
Diluted share count
+0.0%
year over year
Total shareholder yield
3.8%
dividends 2.9% + buybacks 0.9% of market value
Dividend payout ratio
70%
of net income paid out
R&D spending
7.8%
of revenue
Sales & admin spending
32.4%
of revenue
Days sales outstanding
62 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated MDT ABT SYK GEHC BSX PHG Median
Revenue, last 12 months $37.5bn $46.6bn $26.3bn $21.6bn $21.1bn $20.2bn $99m
Revenue growth, last 12 months 9.8% 8.1% 7.9% 6.9% 8.9% 3.4% 9.2%
Revenue growth, 3-year average 6.0% 5.0% 9.8% 3.9% 15.3% — 13.5%
Revenue growth, latest quarter 13.7% 13.0% 7.6% 7.2% 1.4% — 10.2%
Gross margin 65.0% 56.6% 65.3% 39.9% 69.1% 45.2% 61.2%
Operating margin 18.1% 15.8% 20.7% 13.3% 18.7% 8.0% −8.5%
Operating margin, 3-year average 17.3% 16.4% 18.5% 13.2% 17.4% 6.6% −17.9%
Net margin 13.9% 11.6% 13.8% 10.0% 16.6% 5.0% −12.0%
Cash from operations / revenue 21.4% 21.3% 20.7% 11.2% 20.1% — −1.9%
Free-cash-flow margin 16.3% 16.8% 17.4% 8.7% 15.8% — −3.9%
Free-cash-flow margin, 3-year average 15.9% 15.5% 16.2% 8.1% 16.4% — −7.0%
Stock pay / revenue 1.3% 1.5% 1.0% 0.7% 1.5% 0.8% 6.1%
Change in share count 0.0% −0.1% −0.1% −0.6% −0.9% 3.1% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 9.8% 9.1% 63 of 129
Change in growth rate Growth +1.3pp -0.6pp 40 of 129
Gross margin Profitability 65.0% 61.9% 52 of 123
Operating margin Profitability 18.1% -8.3% 16 of 132
Net margin Profitability 13.9% -12.0% 18 of 133
Free-cash-flow margin Cash generation 16.3% -3.4% 19 of 128
Stock pay as % of revenue Cash generation 1.3% 6.1% 18 of 123
Long-term debt as % of assets Balance sheet 27.5% 24.2% 50 of 87
Change in share count Balance sheet 0.0% 3.3% 32 of 115
Days sales outstanding Balance sheet 62 days 57 days 74 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to April 24, 2026
Geography
Region Revenue Share YoY
Total Other Countries Excluding Ireland $36.2B 100.0% ▲ 8.4%
Outside the US $18.3B 50.4% ▲ 11.6%
United States $18.1B 50.0% ▲ 5.4%

From Medtronic's 10-K filed June 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$86.5B
Institutions reporting
2,106
Shares held vs prior quarter
▲ 0.8%
Positions opened / closed
143 / 241

Top buyers and sellers, Q2 2026: 980 institutions bought and 1,148 sold ; the biggest buyer was First Eagle Investment Management, LLC (+17.5M shares) and the biggest seller Capital Research Global Investors (−28.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $8.9B 114.0M 10.3% ▲ 0.7%
Vanguard Capital Management LLC $6.6B 83.8M 7.6% ▲ 0.6%
State Street Corp $5B 63.4M 5.8% ▲ 2.7%
Vanguard Portfolio Management LLC $2.7B 34.1M 3.1% ▲ 1.8%
Geode Capital Management, LLC $2.4B 30.2M 2.7% ▲ 5.1%
Jpmorgan Chase & Co $2.2B 27.8M 2.6% ▼ 45.5%
First Eagle Investment Management, LLC $2.2B 27.6M 2.5% ▲ 174.5%
Bank Of America Corp $1.7B 21.3M 1.9% ▼ 18.0%
Morgan Stanley $1.5B 19.4M 1.8% ▼ 6.1%
Deutsche Bank Ag\ $1.4B 18.4M 1.7% ▼ 2.9%
Massachusetts Financial Services Co $1.4B 17.4M 1.6% ▼ 18.9%
Invesco Ltd. $1.4B 17.9M 1.6% ▲ 6.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Medtronic's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $14.7M 18 trades by 5 insiders · 41% under pre-set plans
Net ▼ $14.7M net selling
Insider Date Trade Shares Price Value
Martha Geoffrey Chairman and CEO October 15, 2026 Sell pre-set plan 50,000 $95.00 $4.8M
Marinaro Michael EVP, Pres MedSurg and Americas October 15, 2026 Sell pre-set plan 10,420 $96.00 $1M
Kiil Harry Skip EVP & President Cardiovascular September 16, 2026 Sell 1,483 $93.65 $138,883
Walter Matthew R. SVP, Chief HR Officer July 8, 2026 Sell pre-set plan 3,102 $83.15 $257,931
Kiil Harry Skip EVP & President Cardiovascular June 8, 2026 Sell 228 $80.45 $18,343
Kiil Harry Skip EVP & President Cardiovascular June 8, 2026 Sell 3,961 $80.44 $318,623
Kiil Harry Skip EVP & President Cardiovascular February 19, 2026 Sell 385 $97.82 $37,661
Kiil Harry Skip EVP & President Cardiovascular February 19, 2026 Sell 668 $97.83 $65,347
Kiil Harry Skip EVP & President Cardiovascular February 19, 2026 Sell 19,255 $97.77 $1.9M
Kiil Harry Skip EVP & President Cardiovascular February 19, 2026 Sell 30,568 $97.66 $3M
Kiil Harry Skip EVP & President Cardiovascular February 19, 2026 Sell 1,648 $97.86 $161,273
Smith Gregory L EVP Global Ops & Supply Chain November 19, 2025 Sell 500 $102.08 $51,040

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 157 trades and filings

In the last 12 months, 4 members of Congress disclosed 1 purchase and 6 sales of Medtronic shares.

  • Kevin Hern(R-OK 1):Sale (full), $15,001 - $50,000, traded August 24, 2026, filed September 1, 2026
  • Richard McCormick(R-GA 7):Sale (full), $1,001 - $15,000, traded July 30, 2026, filed August 14, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded May 15, 2026, filed June 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 1, 2026 estimated from the company's past filing pattern, not announced

  • September 1, 2026
  • June 3, 2026
  • February 17, 2026
  • November 18, 2025
  • August 19, 2025
  • May 21, 2025

Recent SEC filings

Data status

When each part of this page on Medtronic was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Medtronic in brief

What does Medtronic do?
Medtronic is a US-listed company in the health care equipment industry. Its financial year ends in April.
What is Medtronic's stock ticker?
Medtronic trades under the ticker MDT on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Medtronic's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Medtronic reported revenue of $37.5B, 9.8% higher than a year earlier, according to its SEC filings.
What is Medtronic's free cash flow?
Medtronic's free-cash-flow margin is 16.3% of revenue over the trailing twelve months, ranking 19 of the 128 health care equipment companies we cover.
What is Medtronic's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Medtronic's free cash flow after stock-based pay gives ~$89 per share in the base case, and ~$63–$120 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Medtronic's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Medtronic buying back stock, and does it pay a dividend?
Medtronic spent $1.2B on share repurchases over the trailing twelve months, and its diluted share count still rose 0.0% over the year.
What is Medtronic's market cap?
On November 2, 2026, Medtronic's market capitalisation was about $128B, with a price-to-earnings ratio of 24.4 and net debt of $26.5B. Market figures come from third-party market data and may be delayed.
Does Medtronic pay a dividend?
Yes: Medtronic paid $3.6B in dividends over the trailing twelve months, a dividend yield of 2.87% and a payout ratio of 69.8%.
How much debt does Medtronic have?
Medtronic's debt-to-equity ratio is 56.0%, from its latest balance sheet (46.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Medtronic's competitors?
In our Health Care Equipment peer group, the companies closest to Medtronic are Abbott Laboratories, Stryker Corporation, GE HealthCare, Boston Scientific and Koninklijke Philips NV. The side-by-side comparison below sets their revenue, margins and growth against Medtronic's.
Are insiders buying or selling Medtronic stock?
Over the last 12 months, Medtronic's directors and officers reported 0 open-market purchases and 18 sales on Form 4. The insider trading page charts every trade.
When is Medtronic's next earnings date?
Around November 17, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Medtronic announces its own schedule.