MDT
SP100NYSEMedtronic plc
Healthcare · Medical Devices · Ireland
Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients in the United States, Ireland, and internationally. It operates through three segments: The Cardiovascular Portfolio, Neuroscience Portfolio, and Medical Surgical Portfolio. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software. It also provides aortic valves, surgical valve replacement and repair products, endovascular stent grafts and accessories, and transcatheter pulmonary valves, left atrial appendage exclusion systems, extracorporeal membrane oxygenation (ECMO) systems and percutaneous coronary intervention products, percutaneous angioplasty balloons, and endovenous products. The Neuroscience Portfolio segment offers medical devices and implants, biologic solutions, spinal cord stimulation and brain modulation systems, implantable drug infusion systems, and interventional products, as well as nerve ablation system under the Accurian name. This segment offers its products for spinal surgeons, neurosurgeons, neurologists, pain management specialists, anesthesiologists, orthopedic surgeons, urologists, urogynecologists, and interventional radiologists, as well as ear, nose, and throat specialists, and energy surgical instruments. The Medical Surgical Portfolio segment offers surgical stapling devices, vessel sealing instruments, wound closure and electrosurgery products, AI-powered surgical video and analytics platform, robotic-assisted surgery products, hernia mechanical devices, mesh implants, gynecology products, gastrointestinal and hepatologic diagnostics and therapies, and therapies to treat diseases and conditions, and patient monitoring and airway management products, as well as insulin pumps and consumables, continuous glucose monitoring systems, and sensors. Medtronic plc was founded in 1949 and is headquartered in Galway, Ireland.
www.medtronic.com ↗Shares trade at a moderate 22.3× trailing earnings, easing to 13.0× on forward estimates. Profitability shows a net margin of 13.2% and return on equity of 9.8%. Leverage is modest at 2.0× net debt/EBITDA. Revenue grew 9.9% year-on-year. It yields 3.5% in dividends. The mean analyst target of USD97.77 sits 17.5% above the current price (Buy, 26 analysts).
business model
Medtronic is a global medical device company that develops, manufactures, and sells therapies and devices for a broad range of chronic and acute conditions. It sells primarily to hospitals, clinics, and health systems, generating recurring revenue through consumables, disposables, and device replacements alongside capital equipment.
revenue segments
Revenue is organized into segments such as Cardiovascular (cardiac rhythm, structural heart, coronary, and peripheral vascular), Neuroscience (cranial and spinal, neuromodulation, ENT), Medical Surgical (surgical technologies, respiratory, and advanced patient monitoring), and Diabetes (insulin pumps and continuous glucose monitoring).
key dependencies
Depends on hospital capital and procedure volumes, regulatory approvals (FDA and international bodies), reimbursement rates from government and private payers, ongoing R&D and clinical trial success, and physician adoption and training.
competitors
Competes with Abbott, Boston Scientific, Stryker, Johnson & Johnson MedTech, Edwards Lifesciences, and Dexcom and Insulet in diabetes, among others across its varied product lines.
moat
Benefits from scale across diverse device categories, deep clinical relationships, large installed bases requiring ongoing consumables, significant regulatory and clinical barriers to entry, and an extensive intellectual property portfolio.
risks
Exposed to pricing and reimbursement pressure, regulatory and product-recall risk, litigation, slower innovation in maturing categories, and competition in high-growth areas like continuous glucose monitoring and cardiac devices. Currency exposure and supply chain constraints also matter.
Financials & metrics
as of 26 Aug 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Total revenue | $36.36B | $33.54B | $32.36B | $31.23B | — |
| Cost of revenue | $12.72B | $11.63B | $11.22B | $10.72B | — |
| Gross profit | $23.64B | $21.91B | $21.15B | $20.51B | — |
| Operating expense | $16.82B | $15.37B | $15.63B | $14.68B | — |
| R&D | $2.87B | $2.73B | $2.73B | $2.70B | — |
| Operating income | $6.83B | $6.54B | $5.52B | $5.83B | — |
| Interest expense | $715.00M | $729.00M | $719.00M | $636.00M | — |
| Pretax income | $6.14B | $5.63B | $4.84B | $5.36B | — |
| Tax provision | $1.30B | $936.00M | $1.13B | $1.58B | — |
| Net income | $4.80B | $4.66B | $3.68B | $3.76B | — |
| EBITDA | $9.81B | $9.22B | $8.20B | $8.70B | — |
| Diluted EPS | — | $3.61 | $2.76 | $2.82 | $3.73 |
Balance sheet
| Line item | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Total assets | $93.03B | $91.68B | $89.98B | $90.95B | — |
| Current assets | $24.79B | $23.81B | $21.93B | $21.68B | — |
| Cash & equivalents | $1.95B | $2.22B | $1.28B | $1.54B | — |
| Inventory | $5.95B | $5.48B | $5.22B | $5.29B | — |
| Total liabilities | $42.96B | $43.42B | $39.56B | $39.28B | — |
| Current liabilities | $11.66B | $12.88B | $10.79B | $9.05B | — |
| Total debt | $27.96B | $28.52B | $25.02B | $24.36B | — |
| Long-term debt | $26.12B | $25.59B | $23.88B | $24.29B | — |
| Shareholders' equity | $49.46B | $48.02B | $50.21B | $51.48B | — |
| Retained earnings | $32.64B | $31.48B | $30.40B | $30.39B | — |
| Working capital | $13.13B | $10.94B | $11.15B | $12.62B | — |
Cash flow
| Line item | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating cash flow | $7.33B | $7.04B | $6.79B | $6.04B | — |
| Investing cash flow | -$2.93B | -$1.94B | -$2.37B | -$3.49B | — |
| Financing cash flow | -$4.75B | -$4.36B | -$4.45B | -$4.96B | — |
| Capital expenditure | -$1.90B | -$1.86B | -$1.59B | -$1.46B | — |
| Free cash flow | $5.43B | $5.18B | $5.20B | $4.58B | — |
| Dividends paid | -$3.64B | -$3.59B | -$3.67B | -$3.62B | — |
| Share buybacks | -$1.03B | -$3.23B | -$2.14B | -$645.00M | — |
| End cash position | $1.95B | $2.22B | $1.28B | $1.54B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
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