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Medtronic key statistics and ratios

In fiscal 2026, Medtronic had return on equity of 9.8% and a net margin of 13.2%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2013Apr 20132014Apr 20142015Apr 20152016Apr 20162017Apr 20172018Apr 20182019Apr 20192020Apr 20202021Apr 20212022Apr 20222023Apr 20232024Apr 20242025Apr 20252026Apr 2026LTMJul 2026
Net margin20.9%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%
Return on equity18.6%16.1%7.4%6.7%7.9%6.2%9.2%9.5%7.1%9.7%7.2%7.2%9.5%9.8%10.5%
Return on assets—8.1%3.7%3.4%4.0%3.2%5.1%5.3%3.9%5.5%4.1%4.1%5.1%5.2%5.6%
Effective tax rate18.4%17.3%23.3%18.4%12.6%45.5%10.5%−18.5%6.8%8.3%29.5%23.4%16.6%21.2%20.2%
R&D as % of revenue9.4%8.7%8.1%7.7%7.4%7.5%7.6%8.1%8.3%8.7%8.6%8.5%8.1%7.9%7.8%
SG&A as % of revenue34.3%34.4%34.1%32.8%33.7%34.2%34.1%35.0%33.7%32.5%33.4%33.2%32.3%32.4%32.4%
Dividends ÷ net income30.4%36.4%50.0%60.5%59.0%80.3%58.2%60.4%86.5%67.1%96.2%99.7%77.0%75.8%69.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Medtronic's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Medtronic.