FirmAtlas
Company handbook · MDT · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
MDT · CIK 1613103 · LATEST FILING: 10-Q JUL '26 · FILED SEP 3, 2026
Medtronic plc
$94.75
−0.70 (−0.73%)
Close, Oct 16, 2026 · 52-week $73–106
Last fiscal year
Medtronic plc reported revenue of $36.4B for the year ended Apr 24, 2026 (FY25), up 8.4% from FY24. Net income was $4.8B, operating cash flow $7.3B and free cash flow $5.4B. Source: 10-K filed Jun 18, 2026.
Market cap
$121.3B
P/E
23.2
EV/EBITDA
14.7x
P/B
2.4
Div yield
3.02%
ROIC
7.8%
Revenue 1Y
8.4%/yr
EPS 1Y
3.3%/yr
Shares 1Y
−0.1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOGeoff Martha
AuditorPricewaterhouseCoopers LLP
Employees95,000
Year endsApril
Revenue by segment · FY25
Cardiac And Vascular Group38%
Restorative Therapies Group28%
Medical Surgical24%
Diabetes Group9%
All Other Segments0%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
1.4%
−5.8%
9.7%
−0.3%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$15.8B deployed
Capex
$3.8B
23.9%
Acquisitions
$504M
3.2%
Dividends
$7.2B
45.8%
Buybacks
$4.3B
27.1%
Operating cash flow over the period: $14.4B. Total debt changed by +$531M. R&D of $5.6B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Apr 24, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jul '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
33,537
36,364+8.4%
37,542
YoY
+8.4%
Operating income
5,955
6,467+8.6%
6,786
Operating margin
17.8%
17.8%+0.0 pp
—
EBITDA
8,816
9,425+6.9%
—
EBITDA margin
26.3%
25.9%−0.4 pp
—
Interest expense
729
715−1.9%
—
Interest coverage
12.09x
13.18x+1.09x
—
Net income
4,662
4,801+3.0%
5,231
YoY
+3.0%
Net margin
13.9%
13.2%−0.7 pp
—
EPS (diluted, $)
3.61
3.73+3.3%
4.07
YoY
+3.3%
Balance sheet
Total assets
91,680
93,028+1.5%
93,306
Cash & short-term investments
8,965
9,220+2.8%
—
Accounts receivable
6,515
6,643+2.0%
—
Inventory
5,476
5,951+8.7%
—
Net PP&E
6,837
7,417+8.5%
—
Other assets
63,887
63,797−0.1%
—
Total liabilities
43,656
43,565−0.2%
43,074
Accounts payable
2,449
2,644+8.0%
—
Total debt
25,642
26,173+2.1%
25,617
Other liabilities
15,565
14,748−5.2%
—
Shareholders’ equity
48,024
49,463+3.0%
50,232
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
7,044
7,330+4.1%
8,035
Net income
4,691
4,837+3.1%
—
Depreciation & amortization
2,861
2,958+3.4%
—
Stock-based compensation
429
457+6.5%
—
Working capital & other
(937)
(922)n/m
—
Cash from investing
(1,937)
(2,934)n/m
—
Capex
(1,859)
(1,904)n/m
—
Acquisitions
(98)
(406)n/m
—
Investments bought
(8,226)
(8,725)n/m
—
Investments sold / matured
8,495
8,105−4.6%
—
Other investing
(249)
(4)n/m
—
Cash from financing
(4,361)
(4,751)n/m
—
Debt raised
3,209
1,747−45.6%
—
Debt repaid
0
(2,930)n/m
—
Dividends
(3,589)
(3,639)n/m
—
Buybacks
(3,235)
(1,035)n/m
—
Shares issued
508
516+1.6%
—
Other financing
(1,254)
590n/m
—
Net change in cash
934
(269)−128.8%
—
Free cash flow (OCF − capex)
5,185
5,426+4.6%
6,132
Where the cash went
Operating cash flow
7,044
7,330+4.1%
8,035
Reinvested in the business
1,957
2,310+18.0%
—
% of operating cash flow
27.8%
31.5%
Capex
1,859
1,904+2.4%
1,903
Acquisitions
98
406+314.3%
—
R&D (memo, already in costs)
2,732
2,873+5.2%
—
Free cash flow
5,185
5,426+4.6%
6,132
YoY
+4.6%
Returned to shareholders
6,824
4,674−31.5%
—
% of free cash flow
131.6%
86.1%
Dividends
3,589
3,639+1.4%
—
Buybacks
3,235
1,035−68.0%
—
Change in total debt
—
531
—
Cash left over
—
877
—
FCF conversion (FCF ÷ net income)
111.2%
113.0%+1.8 pp
—
Owner earnings
—
5,447
—
Owner earnings margin
—
15.0%
—
Buyback yield
3.0%
1.0%−2.0 pp
—
Returns & ratios
ROIC (all capital)
7.7%
7.8%+0.1 pp
—
ROIC (operating)
30.3%
30.2%−0.1 pp
—
Net debt / EBITDA
1.89x
1.80x−0.09x
—
Debt / equity
0.53x
0.53x−0.00x
—
Cash conversion cycle (days)
104
100−4 d
—
ROE
9.7%
9.7%−0.0 pp
—
ROA
5.1%
5.2%+0.1 pp
—
ROCE
7.6%
7.9%+0.4 pp
—
NOPAT
4,965
5,098+2.7%
—
Invested capital (operating)
16,379
17,367+6.0%
—
Invested capital (all)
64,701
66,416+2.7%
—
Reinvestment rate
—
19.4%
—
Debtor days
71
67−4 d
—
Inventory days
60
60+0 d
—
Days payable
27
27−0 d
—
Income
Oct '25
Jan '26
Apr '26
Jul '26
Revenue
8,961
9,017
9,808
9,756
vs year-ago quarter
Gross profit
5,900
5,756
6,410
6,340
Gross margin
65.8%
63.8%
65.4%
65.0%
Operating income
1,686
1,464
1,872
1,764
Net income
1,374
1,143
1,244
1,470
vs year-ago quarter
Net margin
15.3%
12.7%
12.7%
15.1%
EPS (diluted, $)
1.07
0.89
0.97
1.14
vs year-ago quarter
Balance sheet
Oct '25
Jan '26
Apr '26
Jul '26
Total assets
91,346
91,485
93,028
93,306
Cash & equivalents
1,282
1,147
9,220
1,691
Total debt
27,680
27,880
26,173
25,617
Shareholders’ equity
48,652
48,985
49,463
50,232
Cash flow
Oct '25
Jan '26
Apr '26
Jul '26
Operating cash flow
925
2,744
2,573
1,793
Capex
468
444
488
503
Free cash flow
457
2,300
2,085
1,290
vs year-ago quarter