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World's largest pure-play medical device maker, spanning cardiac devices, surgical robotics and neuromodulation.
World's largest pure-play medical device maker, spanning cardiac devices, surgical robotics and neuromodulation.
Sells implants and devices to hospitals, with recurring revenue from single-use parts used in procedures, and heart-rhythm devices carrying the business. It is Irish-domiciled, and announced in 2025 a plan to separate its insulin-pump business, MiniMed.
Moat: wide (scale, IP / patents, switching costs). Broad device portfolio with deep physician relationships and regulatory/IP barriers across many categories.
Headquarters: Dublin, Ireland (operating HQ Minneapolis, USA) · Founded: 1949 · Employees: 95,000
Size Medtronic (MDT) is a United States Health Care company (Medical Specialties) with a market value of $130B, the 94th largest of 3,117 United States companies the cockpit tracks. Shares closed at $101.80 on 6 Nov 2026.
Performance Over six months the shares gained 34.9%, against +25.0% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 9.8% over the last twelve months (peer median +8.4%); the operating margin is 19.9% (peer median 21.2%).
Valuation It trades at 16.9× forward earnings against a peer median of 26.0× (4th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.0 points above its cost of capital (7.4% WACC).
Backlog Backlog (remaining performance obligations) was $400M at 31 Jul 2026, flat on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Medtronic has 6 bonds outstanding ($6.18B), rated A by the agencies and trading like A+ at a weighted spread of 62 bp.
Short interest Short interest is 10.9% of the free float (15 Oct 2026).
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $37.5B | $36.4B | $33.5B | $32.4B | $31.2B |
| Revenue growth | — | +8% | +4% | +4% | — |
| Gross profit | $22.7B | $21.9B | $20.1B | $19.5B | $18.9B |
| EBITDA | $10.4B | $10.0B | $9.05B | $8.38B | $8.21B |
| Net income | $5.23B | $4.80B | $4.66B | $3.68B | $3.76B |
| Free cash flow | $6.13B | $5.43B | $5.18B | $5.20B | $4.58B |
| Capital expenditure | $1.90B | $1.90B | $1.86B | $1.59B | $1.46B |
| Total debt | $28.2B | $29.1B | $29.6B | $26.0B | $25.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
| Abbott Laboratories ABT | $190B | +30% | +10% | 14% | 18.8× | 5.6% |
| Boston Scientific BSX | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% |
| Stryker SYK | $124B | +14% | +8% | 25% | 20.4× | 10.6% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MDT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.0% | +12.1% | 9th highest of 21 |
| 6-month return | +34.9% | +25.0% | 5th highest of 21 |
| Distance from 52-week high | -4.1% | -11.2% | 4th highest of 21 |
| Revenue growth (TTM) | +9.8% | +8.4% | 8th highest of 21 |
| Operating margin | 19.9% | 21.2% | 10th lowest of 21 |
| Forward P/E | 16.9× | 26.0× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 8.6% | 15.2% | 6th least demanding of 21 |
| Growth delivered (Del g) | +3.8% | +8.2% | 3rd lowest of 21 |
| Hurdle (Req g minus delivered) | +4.8 pp | +5.8 pp | 10th least demanding of 21 |
| ROIC minus cost of capital | +1.0 pp | +4.1 pp | 9th lowest of 21 |
| EV / EBITDA | 14.4× | 20.7× | 5th cheapest of 19 |
| Net debt / EBITDA | 1.9× | 1.7× | 10th least indebted of 19 |
| Bond spread | 62 bp | 69 bp | 3rd tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Medtronic MDT | United States | $130B | +35% | +10% | 20% | 16.9× | 8.6% | +3.8% |
| Stryker SYK | United States | $124B | +14% | +8% | 25% | 20.4× | 10.6% | +11.8% |
| Intuitive Surgical ISRG | United States | $157B | +1% | +20% | 32% | 37.5× | 30.8% | +18.2% |
| Danaher DHR | United States | $162B | +35% | +6% | 21% | 25.3× | 20.5% | +2.0% |
| EssilorLuxottica EL.PA | France | $101B | +12% | +8% | 12% | 26.6× | 19.4% | +14.6% |
| Abbott Laboratories ABT | United States | $190B | +30% | +10% | 14% | 18.8× | 5.6% | +5.1% |
| Thermo Fisher Scientific TMO | United States | $257B | +50% | +8% | 19% | 25.8× | 20.9% | +6.7% |
| Boston Scientific BSX | United States | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% | +15.2% |
| Edwards Lifesciences EW | United States | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% | +6.7% |
| Becton Dickinson BDX | United States | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% | +6.3% |
| Siemens Healthineers SHL.DE | Germany | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% | +10.1% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
Medtronic has 6 bonds outstanding with $6.18B face value. The agencies rate it A; its bonds trade like A+. Weighted yield 5.48%, a spread of 62 bp over government bonds.
Medtronic reported $400M of remaining performance obligations at 31 Jul 2026, flat from a year earlier and flat from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.