MDTNYSEElectromedical & Electrotherapeutic ApparatusFiscal year ends April 24
Medtronic plc
Financials through Q1 FY2027, quarter ended Jul 31, 2026Last filing: 10-Q on Sep 3, 2026
$92.77−1.98 (-2.09%)
Close on Oct 19, 2026
- Market cap
- $119.22B
- P/E (TTM)
- 22.8
- Dividend yield
- 3.06%
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
65.0%−0.2 pts over 5 years
Operating margin
17.8%+2.9 pts over 5 years
Net margin
13.2%+1.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +8.4% | +5.2% | +3.8% | +2.3% | |
| Gross profit | +7.9% | +4.9% | +3.8% | +1.8% | |
| Operating income | +8.6% | +5.6% | +7.6% | +1.9% | |
| Net income | +3.0% | +8.5% | +5.9% | +3.1% | |
| EPS, diluted | +3.3% | +9.8% | +7.0% | +4.2% | |
| Free cash flow | +4.6% | +5.8% | +2.1% | +2.7% | |
| Dividend per share | +1.4% | +1.4% | +4.1% | +6.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 7.9% | 7.1% | 9.8% | |
| Return on assets | 4.0% | 3.9% | 5.2% | |
| Current ratio | 1.74 | 2.65 | 2.13 | |
| Debt to equity | 0.67 | 0.51 | 0.57 | |
| Net debt to EBITDA | 3.43× | 3.17× | 2.76× | |
| Interest coverage | 4.9× | 4.8× | 9.0× | |
| Inventory turnover | 2.7× | 2.5× | 2.2× | |
| Capex to revenue | 4.2% | 4.5% | 5.2% | |
| Diluted shares | 1.39B | 1.35B | 1.29B |
Where the cash went
Fiscal 2022 to 2026, five years combined
Medtronic generated $34.55B from operations and spent $35.67B on capital expenditure, dividends and share buybacks. 23% of that went back into the business.
Generated
$34.55B
Used
$35.67B
Capital expenditure$8.18B23%Dividends$17.89B50%Share buybacks$9.60B27%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin13.2%
×Asset turnover0.39×
×Equity multiplier1.89×
=Return on equity, FY20269.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 13.2% | 0.39× | 1.89× | 9.8% |
| FY2025 | 13.9% | 0.37× | 1.85× | 9.5% |
| FY2024 | 11.4% | 0.36× | 1.78× | 7.2% |
| FY2023 | 12.0% | 0.34× | 1.75× | 7.2% |
| FY2022 | 15.9% | 0.34× | 1.77× | 9.7% |
| FY2021 | 12.0% | 0.33× | 1.80× | 7.1% |
| FY2020 | 16.6% | 0.32× | 1.79× | 9.5% |
| FY2019 | 15.2% | 0.34× | 1.80× | 9.2% |
| FY2018 | 10.4% | 0.31× | 1.89× | 6.2% |
| FY2017 | 13.6% | 0.30× | 1.95× | 7.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
7of 9 tests passed in fiscal 2026. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$4.80B
- Cash generatingOperating cash flow above zero$7.33B
- Return on assets improvedROA up on the prior year5.2% → 5.2%
- Earnings backed by cashOperating cash flow above net income$7.33B vs $4.80B
- Less leverageLong-term debt to assets fell28.0% → 28.1%
- Better liquidityCurrent ratio rose1.85 → 2.13
- No dilutionShare count did not rise1.29B → 1.29B
- Gross margin improvedGross margin up on the prior year65.32% → 65.02%
- More efficientAsset turnover rose0.37 → 0.40