Is Medtronic financially healthy?

On 31 July 2026 Medtronic held 8.82B USD in cash and short-term investments against total debt of 28.15B USD. Its current ratio is 2.07: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 6.13B USD of free cash flow.

Is Medtronic growing?

Medtronic's revenue grew 3.8% a year over its last five fiscal years, from 30.12B USD in fiscal year 2021 to 36.36B USD in fiscal year 2026. Over the last twelve months it was up 9.8% on the twelve months before.

Where can I find Medtronic's annual report (10-K)?

Medtronic files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

Medtronic
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Arincen ScoreBeta70/100

70/100B

101.820

USD

-3.03

(-2.89%)

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Last updated: 9 Nov, 06:12 GMT-5 · Delayed 15 min

Fair value103.28Plus-1%77Price 101.82180

Q2 FY2027 · Earnings report

EPS estimate 1.33Revenue estimate 9.48B

Q2 FY2027 · Earnings report

Tuesday 24 November

EPS estimate 1.33Revenue estimate 9.48B

Fair value103.28Plus-1%77Price 101.82180

Q2 FY2027 · Earnings report

EPS estimate 1.33Revenue estimate 9.48B

Q2 FY2027 · Earnings report

Tuesday 24 November

EPS estimate 1.33Revenue estimate 9.48B

Overview Financials News Forecast Earnings Dividends Company

Medtronic financials

Yes. Medtronic earned 5.23B USD of net income over the last twelve months, 13.9% of its revenue. It made a profit in 41 of its 41 fiscal years since 1986.

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 37.54B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 5.23B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 6.13B USD
Cash and short-term investments: 8.82B USD
Total debt: 28.15B USD
Shareholders' equityWhat is a balance sheet? The balance sheet lists what a company owns (assets), what it owes (liabilities) and what is left for its shareholders (equity) on one date.: 50.23B USD

Cash, debt and equity as of 31 Jul 2026.

Medtronic earnings

Next earnings · Q2 FY2027

24 Nov 2026

EPS estimate

1.33 USD

Revenue estimate

9.48B USD

Last quarter · Q1 FY2027

EPS1.45Beat +4.3%Revenue9.76BBeat +2.2%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q1 FY2028	—	1.47	—	—	+1.56%	9.80B	—	—	+0.45%
Q4 FY2027	—	1.78	—	—	+14.67%	10.30B	—	—	+4.98%
Q3 FY2027	—	1.43	—	—	+4.81%	9.52B	—	—	+5.63%
Q2 FY2027	24 Nov 2026	1.33	—	—	-2.21%	9.48B	—	—	+5.79%
Q1 FY2027	1 Sept 2026	1.39	1.45	+4.32%	+15.08%	9.55B	9.76B	+2.20%	+13.73%
Q4 FY2026	3 Jun 2026	1.54	1.55	+0.65%	-4.32%	9.62B	9.81B	+1.94%	+9.86%
Q3 FY2026	17 Feb 2026	1.34	1.36	+1.49%	-2.16%	8.91B	9.02B	+1.19%	+8.74%
Q2 FY2026	18 Nov 2025	1.31	1.36	+3.82%	+7.94%	8.87B	8.96B	+1.06%	+6.64%
Q1 FY2026	19 Aug 2025	1.23	1.26	+2.44%	+2.44%	8.38B	8.58B	+2.38%	+7.17%
Q4 FY2025	21 May 2025	1.58	1.62	+2.53%	+10.96%	8.82B	8.93B	+1.23%	+3.94%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2029	6.91	—	—	+8.08%	42.10B	—	—	+4.52%
FY2028	6.39	—	—	+6.99%	40.28B	—	—	+3.16%
FY2027	5.98	—	—	+8.09%	39.05B	—	—	+7.38%
FY2026	5.52	5.53	+0.21%	+0.55%	36.15B	36.36B	+0.60%	+8.14%
FY2025	5.46	5.50	+0.78%	+5.57%	33.51B	33.63B	+0.34%	+3.90%
FY2024	3.28	5.21	+58.78%	-1.70%	33.00B	32.36B	-1.92%	+3.64%
FY2023	5.27	5.30	+0.53%	-5.69%	30.94B	31.23B	+0.94%	-1.45%

Medtronic growth and profitability

Full income statement

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 37.54B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 5.23B USD
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.: 66.69%
Operating margin: 18.08%
Net margin: 13.93%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2026	36.36B	+8.43%	4.80B	+2.96%	65.02%	17.78%	13.20%	9.81B	+6.41%
FY2025	33.54B	+3.62%	4.66B	+26.82%	65.32%	17.76%	13.90%	9.22B	+12.37%
FY2024	32.36B	+3.64%	3.68B	-2.18%	65.34%	15.89%	11.36%	8.20B	-5.68%
FY2023	31.23B	-1.45%	3.76B	-25.42%	65.67%	17.56%	12.03%	8.70B	-0.91%
FY2022	31.69B	+5.21%	5.04B	+39.74%	67.98%	18.15%	15.90%	8.78B	+16.68%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q1 FY2027	9.76B	1.47B	64.99%	18.08%	15.07%
Q4 FY2026	9.81B	1.24B	75.87%	15.95%	12.67%
Q3 FY2026	9.02B	1.14B	64.88%	19.66%	12.67%
Q2 FY2026	8.96B	1.37B	60.32%	18.80%	15.33%
Q1 FY2026	8.58B	1.04B	57.66%	16.85%	12.12%

How Medtronic makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Cardiac and Vascular Group13.98B 38.4%

Neuroscience Group10.29B 28.3%

Medical Surgical8.82B 24.2%

Diabetes Group3.11B 8.6%

Revenue36.36B 100.0%

Cost of revenue12.72B 35.0%

Gross profit23.64B 65.0%

Research and development2.87B 7.9%

Selling and administration11.78B 32.4%

Other operating expenses2.52B 6.9%

Operating income6.47B 17.8%

Tax1.30B 3.6%

Other expense368.00M 1.0%

Net income4.80B 13.2%

FY2026, in USD. Each band is as wide as its money; the percentage is its share of revenue.

Medtronic revenue breakdown

By product

FY2026

38.6%Cardiac and Vascular Group28.4%Neuroscience Group24.4%Medical Surgical8.6%Diabetes Group

Segment	Revenue	Share of revenue	Change on the year
Cardiac and Vascular Group	13.98B	38.6%	+12.0%
Neuroscience Group	10.29B	28.4%	+4.5%
Medical Surgical	8.82B	24.4%	+4.9%
Diabetes Group	3.11B	8.6%	+13.0%

By region

FY2026

79.6%United States20.2%Total Other Countries, Excluding United States and Ireland

Region	Revenue	Share of revenue	Change on the year
United States	71.40B	79.6%	+315.8%
Total Other Countries, Excluding United States and Ireland	18.12B	20.2%	+11.5%
Ireland	143.00M	0.2%	+23.3%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2026	7.33B	5.43B
FY2025	7.04B	5.19B
FY2024	6.79B	5.20B
FY2023	6.04B	4.58B
FY2022	7.35B	5.98B
FY2021	6.24B	4.89B
FY2020	7.23B	6.02B
FY2019	7.01B	5.87B
FY2018	4.68B	3.62B
FY2017	6.88B	5.63B

Medtronic financial health

Full balance sheet

Cash and short-term investments: 8.82B USD
Total debt: 28.15B USD
Net cash: -19.33B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 6.13B USD
Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.: 2.07
Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.: 0.56
Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.: 9 / 9
Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.: 3.20

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2026	9.22B	27.96B	5.43B
FY2025	8.97B	28.52B	5.19B
FY2024	8.01B	25.02B	5.20B
FY2023	7.96B	24.36B	4.58B
FY2022	10.57B	24.11B	5.98B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2026	93.03B	42.96B	49.46B
FY2025	91.68B	43.42B	48.02B
FY2024	89.98B	39.56B	50.21B
FY2023	90.95B	39.28B	51.48B
FY2022	90.98B	38.26B	52.55B
FY2021	93.08B	41.48B	51.43B
FY2020	90.69B	39.82B	50.74B
FY2019	89.69B	39.48B	50.09B
FY2018	91.39B	40.57B	50.72B
FY2017	99.82B	49.40B	50.29B

Medtronic valuation

Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.: 24.89
Forward P/E (FY2027)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.: 17.03
Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.: 3.47
Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.: 2.59
EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.: 14.70

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Market capitalization

130.25B USD

Total debt

28.15B USD

−

Cash and short-term investments

8.82B USD

Enterprise value

149.58B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2029 (est.)	14.73	—	—	—	—
FY2028 (est.)	15.92	14.73	—	—	—
FY2027 (est.)	17.03	15.92	—	—	—
Now (TTM)	24.89	16.41	3.47	2.59	14.70
FY2026	22.22	13.94	2.94	2.16	13.54
FY2025	23.18	15.25	3.23	2.25	14.59
FY2024	28.79	14.61	3.27	2.11	15.80
FY2023	32.14	27.63	3.87	2.35	16.53
FY2022	27.83	19.80	4.42	2.67	18.29

Medtronic against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Each figure in the latest fiscal year against the same figure from FY2022 to FY2026: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: Stryker, Abbott Laboratories, Boston Scientific, Edwards Lifesciences, GE HealthCare Technologies, and DexCom, the US Medical - Devices companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Below its median24.9
19.642.5
Gross marginLowest in 5 years65.0%
65.0%68.0%
Against its peers: 3 of 7Peers' median 62.0%
Operating marginAbove its median17.8%
15.9%18.2%
Against its peers: 6 of 7Peers' median 19.5%
Net marginAt its median13.2%
11.4%15.9%
Against its peers: 5 of 7Peers' median 14.5%
Return on equityAbove its median9.7%
7.3%9.7%
Against its peers: 7 of 7Peers' median 13.5%
Free cash flow marginBelow its median14.9%
14.7%18.9%
Against its peers: 6 of 7Peers' median 17.6%
Revenue growthHighest in 5 years8.4%
-1.4%8.4%
Against its peers: 5 of 7Peers' median 11.4%
EPS growthAt its median3.3%
-24.4%40.2%
Against its peers: 5 of 7Peers' median 6.5%
Debt to EBITDAAt its median2.85×
2.75×3.09×
Against its peers: 7 of 7Peers' median 1.85×
Current ratioAbove its median2.13
1.852.39
Against its peers: 2 of 7Peers' median 1.75

Figure	FY2026	5-year low – high	Against its history	Against its peers
P/E (today)	24.9	19.642.5	Below its median	—
Gross margin	65.0%	65.0%68.0%	Lowest in 5 years	3 of 7
Operating margin	17.8%	15.9%18.2%	Above its median	6 of 7
Net margin	13.2%	11.4%15.9%	At its median	5 of 7
Return on equity	9.7%	7.3%9.7%	Above its median	7 of 7
Free cash flow margin	14.9%	14.7%18.9%	Below its median	6 of 7
Revenue growth	8.4%	-1.4%8.4%	Highest in 5 years	5 of 7
EPS growth	3.3%	-24.4%40.2%	At its median	5 of 7
Debt to EBITDA	2.85×	2.75×3.09×	At its median	7 of 7
Current ratio	2.13	1.852.39	Above its median	2 of 7

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

Medtronic dividends

Annual dividend: 2.88 USD
Dividend yield (indicated)What is dividend yield? Dividend yield is a year of dividends as a percentage of the share price: the income a shareholder receives for each dollar invested at today's price.: 2.83%
Payout ratioWhat is the payout ratio? The payout ratio is the share of a company's earnings paid out as dividends: dividends per share divided by earnings per share (EPS).: 69.93%
Years of dividend growthWhat are years of dividend growth? The years in a row a company has raised its dividend per share. 25 years make an S&P 500 company a Dividend Aristocrat; 50 make a Dividend King.: 44
Frequency: Quarterly
Last payment: 0.72 USD
Last ex-dividend dateWhat is the ex-dividend date? The ex-dividend date is the first day a stock trades without its next dividend: buy before it to receive the payment; buy on or after it and the seller gets it.: 25 Sept 2026
Last payment date: 16 Oct 2026

Dividends per share

Year	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Dividends per share	2.82	2.78	2.74	2.62	2.42	2.24	2.08	1.92	1.78	1.62

Medtronic ownership

InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.: 86.10%
Institutional holders: 2,209 (-105)
Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.: 99.91%

Who owns the shares

Institutions 86.1% Others 13.9%

As of 30 Jun 2026

Shares free to trade

Free float 1.28B shares ·99.9% Closely held 1.12M shares ·0.1%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Insider trading

Quarter	Sales	Shares acquired	Shares disposed of
Q4 2026	2	65.91K	60.60K
Q3 2026	2	1.30M	34.20K
Q2 2026	2	190.01K	216.85K
Q1 2026	5	50.88K	106.86K

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2026	1.28B	1.29B	-0.14%
FY2025	1.29B	1.29B	-3.03%
FY2024	1.33B	1.33B	-0.20%
FY2023	1.33B	1.33B	-1.38%
FY2022	1.34B	1.35B	-0.19%

Common questions about Medtronic's financials

Source: Financial Modeling Prep

Medtronic
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Medtronic financials

Medtronic earnings

Revenue

EPS

Medtronic growth and profitability

Revenue / Net income

How Medtronic makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Medtronic revenue breakdown

By product

By region

Operating and free cash flow

Medtronic financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Medtronic valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Medtronic against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Medtronic dividends

Dividends per share

Medtronic ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Medtronic's financials

Is Medtronic profitable?

Is Medtronic financially healthy?

Is Medtronic growing?

Where can I find Medtronic's annual report (10-K)?

Need help?

Medtronic DQuotes are delayed by 15 minutes

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Medtronic financials

Medtronic earnings

Revenue

EPS

Medtronic growth and profitability

Revenue / Net income

How Medtronic makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Medtronic revenue breakdown

By product

By region

Operating and free cash flow

Medtronic financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Medtronic valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Medtronic against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Medtronic dividends

Dividends per share

Medtronic ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Medtronic's financials

Is Medtronic profitable?

Is Medtronic financially healthy?

Is Medtronic growing?

Where can I find Medtronic's annual report (10-K)?

Need help?

Medtronic
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Quotes are delayed by 15 minutes