Medtronic (MDT) Financials

$83.03 +0.62 (+0.75%)

Closing price 03:59 PM Eastern

Extended Trading

$83.14 +0.11 (+0.13%)

As of 07:43 PM Eastern

Annual Income Statements for Medtronic

This table shows Medtronic's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	4/26/2024	4/28/2023	4/29/2022	4/30/2021	4/24/2020	4/26/2019	4/27/2018	4/28/2017	4/29/2016	4/24/2015
Net Income / (Loss) Attributable to Common Shareholders	3,676	3,758	5,039	3,606	4,789	4,631	3,104	4,028	3,538	2,675
Consolidated Net Income / (Loss)	3,705	3,784	5,062	3,630	4,806	4,650	3,095	4,024	3,538	2,675
Net Income / (Loss) Continuing Operations	3,704	3,784	5,061	3,630	4,806	4,650	3,095	4,024	3,538	2,675
Total Pre-Tax Income	4,837	5,364	5,517	3,895	4,055	5,197	5,675	4,602	4,336	3,486
Total Operating Income	5,144	5,485	5,752	4,484	4,791	6,268	6,640	5,383	5,361	3,766
Total Gross Profit	21,148	20,508	21,541	19,634	19,489	21,402	20,886	20,416	19,691	13,952
Total Revenue	32,364	31,227	31,686	30,117	28,913	30,557	29,953	29,710	28,833	20,261
Operating Revenue	32,364	31,227	31,686	30,117	28,913	30,557	29,953	29,710	28,833	20,261
Total Cost of Revenue	11,216	10,719	10,145	10,483	9,424	9,155	9,067	9,294	9,142	6,309
Operating Cost of Revenue	11,216	10,719	10,145	10,483	9,424	9,155	9,067	9,294	9,142	6,309
Total Operating Expenses	16,003	15,023	15,788	15,150	14,698	15,134	14,246	15,033	14,330	10,186
Selling, General & Admin Expense	10,736	10,415	10,292	10,148	10,109	10,418	10,238	10,018	9,469	6,904
Research & Development Expense	2,735	2,696	2,746	2,493	2,331	2,330	2,256	2,193	2,224	1,640
Amortization Expense	1,693	1,698	1,733	1,783	1,756	1,764	1,823	1,980	1,931	733
Other Operating Expenses / (Income)	464	-131	862	315	71	258	-162	239	107	118
Restructuring Charge	226	375	60	293	118	198	30	303	573	787
Other Special Charges / (Income)	149	-30	95	118	313	166	61	300	26	4.00
Total Other Income / (Expense), net	-307	-121	-235	-589	-736	-1,071	-965	-781	-1,025	-280
Interest Expense	719	636	553	925	1,092	1,444	1,146	1,094	1,386	666
Other Income / (Expense), net	412	515	318	336	356	373	181	313	-70	-
Income Tax Expense	1,133	1,580	456	265	-751	547	2,580	578	798	811
Net Income / (Loss) Attributable to Noncontrolling Interest	28	26	22	24	17	19	-9.00	-4.00	0.00	0.00
Basic Earnings per Share	$2.77	$2.83	$3.75	$2.68	$3.57	$3.44	$2.29	$2.92	$2.51	$2.44
Weighted Average Basic Shares Outstanding	1.33B	1.33B	1.34B	1.34B	1.34B	1.35B	1.36B	1.38B	1.41B	1.10B
Diluted Earnings per Share	$2.76	$2.82	$3.73	$2.66	$3.54	$3.41	$2.27	$2.89	$2.48	$2.41
Weighted Average Diluted Shares Outstanding	1.33B	1.33B	1.35B	1.35B	1.35B	1.36B	1.37B	1.39B	1.43B	1.11B
Weighted Average Basic & Diluted Shares Outstanding	1.28B	1.33B	1.33B	1.34B	1.34B	1.35B	1.36B	1.38B	1.41B	1.10B
Cash Dividends to Common per Share	$2.76	$2.72	$2.52	$2.32	$2.16	$2.00	$1.84	$1.72	$1.52	$1.22

This table shows Medtronic's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	1/24/2025	10/25/2024	7/26/2024	4/26/2024	1/26/2024	10/27/2023	7/28/2023	4/28/2023	1/27/2023	10/28/2022	7/29/2022
Net Income / (Loss) Attributable to Common Shareholders	1,294	1,270	1,042	654	1,322	909	791	1,180	1,222	427	929
Consolidated Net Income / (Loss)	1,303	1,278	1,049	660	1,337	911	797	1,189	1,229	435	931
Net Income / (Loss) Continuing Operations	1,303	1,278	1,048	660	1,337	911	796	1,187	1,229	436	932
Total Pre-Tax Income	1,540	1,559	1,268	856	1,472	1,313	1,196	1,550	1,375	1,395	1,044
Total Operating Income	1,646	1,595	1,278	1,053	1,483	1,340	1,268	1,564	1,392	1,404	1,125
Total Gross Profit	5,513	5,457	5,154	5,544	5,307	5,223	5,074	5,565	5,038	5,050	4,855
Total Revenue	8,292	8,403	7,915	8,589	8,089	7,984	7,702	8,544	7,727	7,585	7,371
Operating Revenue	8,292	8,403	7,915	8,589	8,089	7,984	7,702	8,544	7,727	7,585	7,371
Total Cost of Revenue	2,779	2,946	2,761	3,045	2,782	2,761	2,628	2,979	2,689	2,535	2,516
Operating Cost of Revenue	2,779	2,946	2,761	3,045	2,782	2,761	2,628	2,979	2,689	2,535	2,516
Total Operating Expenses	3,868	3,863	3,874	4,491	3,824	3,883	3,805	3,998	3,647	3,647	3,731
Selling, General & Admin Expense	2,717	2,757	2,655	2,764	2,673	2,686	2,613	2,616	2,615	2,617	2,567
Research & Development Expense	675	697	676	674	695	698	668	640	688	676	692
Amortization Expense	416	413	414	420	419	425	429	423	431	421	423
Other Operating Expenses / (Income)	-5.00	-34	1.00	477	17	-31	1.00	56	-125	-97	35
Restructuring Charge	43	30	47	112	20	40	54	293	38	30	14
Other Special Charges / (Income)	22	0.00	81	44	0.00	65	40	-30	0.00	0.00	0.00
Total Other Income / (Expense), net	-107	-36	-10	-198	-11	-26	-72	-13	-18	-9.00	-81
Interest Expense	179	209	167	203	188	180	148	187	167	118	164
Other Income / (Expense), net	72	173	157	5.00	177	154	76	174	149	109	83
Income Tax Expense	237	281	220	196	135	402	400	363	146	959	112
Net Income / (Loss) Attributable to Noncontrolling Interest	9.00	9.00	6.00	5.00	15	2.00	6.00	10	6.00	8.00	2.00
Basic Earnings per Share	$1.01	$0.99	$0.81	$0.51	$0.99	$0.68	$0.59	$0.89	$0.92	$0.32	$0.70
Weighted Average Basic Shares Outstanding	1.28B	1.28B	1.29B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B
Diluted Earnings per Share	$1.01	$0.99	$0.80	$0.50	$0.99	$0.68	$0.59	$0.88	$0.92	$0.32	$0.70
Weighted Average Diluted Shares Outstanding	1.29B	1.29B	1.30B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B
Weighted Average Basic & Diluted Shares Outstanding	1.28B	1.28B	1.28B	1.28B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B
Cash Dividends to Common per Share	$0.70	$0.70	$0.70	-	$0.69	$0.69	$0.69	-	$0.68	$0.68	$0.68

This table details how cash moves in and out of Medtronic's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	4/26/2024	4/28/2023	4/29/2022	4/30/2021	4/24/2020	4/26/2019	4/27/2018	4/28/2017	4/29/2016	4/24/2015
Net Change in Cash & Equivalents	-259	-2,171	121	-547	-253	724	-1,298	2,091	-1,967	3,440
Net Cash From Operating Activities	6,787	6,039	7,346	6,240	7,234	7,007	4,684	6,880	5,218	4,902
Net Cash From Continuing Operating Activities	6,787	6,039	7,346	6,240	7,234	7,007	4,684	6,880	5,218	4,902
Net Income / (Loss) Continuing Operations	3,705	3,784	5,062	3,630	4,806	4,650	3,095	4,024	3,538	2,675
Consolidated Net Income / (Loss)	3,705	3,784	5,062	3,630	4,806	4,650	3,095	4,024	3,538	2,675
Depreciation Expense	2,647	2,697	2,707	2,702	2,663	2,659	2,644	2,917	2,820	1,306
Non-Cash Adjustments To Reconcile Net Income	1,427	751	1,070	1,031	1,019	1,082	37	259	694	974
Changes in Operating Assets and Liabilities, net	-992	-1,193	-1,493	-1,123	-1,254	-1,384	-1,092	-320	-1,863	-129
Net Cash From Investing Activities	-2,366	-3,493	-1,659	-2,866	-3,203	-774	5,858	-1,571	2,245	-17,058
Net Cash From Continuing Investing Activities	-2,366	-3,493	-1,659	-2,866	-3,203	-774	5,858	-1,571	2,245	-17,058
Purchase of Property, Plant & Equipment	-1,587	-1,459	-1,368	-1,355	-1,213	-1,134	-1,068	-1,254	-1,046	-571
Acquisitions	-211	-1,867	-91	-994	-488	-1,827	-137	-1,324	-1,213	-14,884
Purchase of Investments	-7,748	-7,514	-9,882	-11,808	-11,039	-2,532	-3,200	-4,371	-5,406	-7,582
Sale and/or Maturity of Investments	7,441	7,343	9,692	11,345	9,574	4,683	4,227	5,356	9,924	5,890
Other Investing Activities, net	-261	4.00	-10	-54	-37	36	-22	22	-14	89
Net Cash From Financing Activities	-4,450	-4,960	-5,336	-4,136	-4,198	-5,431	-11,954	-3,283	-9,543	15,949
Net Cash From Continuing Financing Activities	-4,450	-4,960	-5,336	-4,136	-4,198	-5,431	-11,954	-3,283	-9,543	15,949
Repayment of Debt	1,070	-8,700	162	-10,488	-6,208	-8,661	-7,713	-863	-5,182	-1,450
Repurchase of Common Equity	-2,138	-645	-2,544	-652	-1,326	-2,877	-2,171	-3,544	-2,830	-1,920
Payment of Dividends	-3,666	-3,616	-3,383	-3,120	-2,894	-2,693	-2,494	-2,376	-2,139	-1,337
Issuance of Debt	0.00	7,693	0.00	9,650	5,568	7,808	21	3,072	139	20,092
Issuance of Common Equity	284	308	429	474	662	992	403	428	491	649
Effect of Exchange Rate Changes	-230	243	-231	-	-	-	-	-	113	-353
Cash Interest Paid	826	606	540	582	643	973	1,147	1,134	1,266	578
Cash Income Taxes Paid	1,622	1,548	996	1,250	878	1,558	2,542	1,029	1,379	632

This table details how cash moves in and out of Medtronic's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	1/24/2025	10/25/2024	7/26/2024	4/26/2024	1/26/2024	10/27/2023	7/28/2023	4/28/2023	1/27/2023	10/28/2022	7/29/2022
Net Change in Cash & Equivalents	-154	83	27	-339	312	-28	-204	-2,979	-306	2,688	-1,574
Net Cash From Operating Activities	2,572	958	986	2,777	2,474	661	875	2,460	1,574	922	1,083
Net Cash From Continuing Operating Activities	2,572	958	986	2,777	2,474	661	875	2,460	1,574	922	1,083
Net Income / (Loss) Continuing Operations	1,303	1,278	1,049	660	1,337	911	797	1,189	1,228	436	931
Consolidated Net Income / (Loss)	1,303	1,278	1,049	660	1,337	911	797	1,189	1,228	436	931
Depreciation Expense	684	675	662	654	649	672	672	679	679	671	668
Non-Cash Adjustments To Reconcile Net Income	261	97	92	797	192	209	229	182	128	190	251
Changes in Operating Assets and Liabilities, net	324	-1,092	-817	666	296	-1,131	-823	410	-461	-375	-767
Net Cash From Investing Activities	-843	-345	-259	-696	-707	-424	-539	-475	-287	-1,146	-1,585
Net Cash From Continuing Investing Activities	-843	-345	-259	-696	-707	-424	-539	-475	-287	-1,146	-1,585
Purchase of Property, Plant & Equipment	-476	-404	-520	-426	-346	-461	-354	-378	-332	-323	-426
Acquisitions	-98	-	-	-137	-52	-	-	-	-	-676	-1,191
Purchase of Investments	-2,074	-2,140	-1,879	-2,326	-2,019	-1,487	-1,916	-2,042	-1,729	-1,859	-1,884
Sale and/or Maturity of Investments	1,917	2,181	2,157	2,299	1,806	1,588	1,748	1,956	1,778	1,723	1,886
Other Investing Activities, net	-112	18	-17	-106	-96	-42	-17	-11	-4.00	-11	30
Net Cash From Financing Activities	-1,753	-534	-731	-2,359	-1,500	-90	-501	-4,890	-2,134	3,014	-950
Net Cash From Continuing Financing Activities	-1,753	-534	-731	-2,359	-1,500	-90	-501	-4,890	-2,134	3,014	-950
Repayment of Debt	160	575	-639	104	813	-339	492	-5,966	-1,215	519	-2,038
Repurchase of Common Equity	-181	-288	-2,492	-1,628	-132	-226	-152	-97	-71	-141	-336
Payment of Dividends	-897	-897	-898	-913	-917	-918	-918	-905	-904	-904	-903
Issuance of Debt	-1,003	-67	3,209	-	-1,321	1,321	0.00	1,979	-	3,430	2,284
Issuance of Common Equity	168	143	89	78	57	72	77	99	56	110	43
Other Net Changes in Cash	-130	-	-	-	44	-	-	-	-	-	-122
Cash Interest Paid	54	394	119	258	92	392	84	344	28	166	68
Cash Income Taxes Paid	180	941	394	219	293	993	117	234	493	561	260

This table presents Medtronic's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	4/26/2024	4/28/2023	4/29/2022	4/30/2021	4/24/2020	4/26/2019	4/27/2018	4/28/2017	4/29/2016	4/24/2015
Total Assets	89,981	90,948	90,981	93,083	90,689	89,694	91,393	99,857	99,644	106,685
Total Current Assets	21,935	21,675	23,059	22,548	22,031	21,967	22,980	24,873	23,600	30,844
Cash & Equivalents	1,284	1,543	3,714	3,593	4,140	4,393	3,669	4,967	2,876	4,843
Short-Term Investments	6,721	6,416	6,859	7,224	6,808	5,455	7,558	8,741	9,758	14,637
Accounts Receivable	6,128	5,998	5,551	5,462	4,645	6,222	5,987	5,591	5,562	5,112
Inventories, net	5,217	5,293	4,616	4,313	4,229	3,753	3,579	3,338	3,473	3,463
Other Current Assets	2,584	2,425	2,318	1,955	2,209	2,144	2,187	1,865	-	-
Plant, Property, & Equipment, net	6,131	5,569	5,413	0.00	4,828	4,675	4,604	4,361	4,841	4,699
Total Noncurrent Assets	61,915	63,705	62,508	70,534	63,830	63,052	63,809	70,623	71,203	71,142
Goodwill	40,986	41,425	40,502	41,961	39,841	39,959	39,543	38,515	41,500	40,530
Intangible Assets	13,225	14,844	15,595	17,740	19,063	20,560	21,723	23,407	26,899	28,101
Noncurrent Deferred & Refundable Income Taxes	3,657	3,477	3,403	3,169	2,832	1,519	1,465	1,550	1,383	774
Other Noncurrent Operating Assets	4,047	3,959	3,008	7,664	2,094	1,014	1,078	1,232	1,421	1,737
Total Liabilities & Shareholders' Equity	89,981	90,948	90,981	93,083	90,689	89,694	91,393	99,857	99,644	106,685
Total Liabilities	39,561	39,283	38,260	41,481	39,817	39,482	40,571	49,527	47,581	53,455
Total Current Liabilities	10,789	9,051	12,394	8,509	10,366	8,472	10,084	14,264	7,165	9,173
Short-Term Debt	1,092	20	3,742	11	2,776	838	2,058	7,520	993	2,434
Accounts Payable	2,410	2,662	2,276	2,106	1,996	1,953	1,628	1,555	1,709	1,610
Current Deferred & Payable Income Tax Liabilities	1,330	840	704	435	502	567	979	633	566	1,054
Current Employee Benefit Liabilities	2,375	1,949	2,121	2,482	2,099	2,189	1,988	1,904	1,712	1,611
Other Current Liabilities	3,582	3,581	3,551	3,475	2,993	2,925	3,431	2,618	2,185	2,464
Total Noncurrent Liabilities	28,772	30,232	25,866	32,970	29,451	31,010	30,487	35,263	40,416	44,282
Long-Term Debt	23,932	24,344	20,372	26,378	22,021	24,486	23,699	25,921	30,109	33,752
Noncurrent Deferred Revenue	1,859	2,360	2,087	2,251	2,682	2,838	3,051	2,405	2,903	2,476
Noncurrent Deferred & Payable Income Tax Liabilities	515	708	884	1,028	1,174	1,278	1,423	2,978	3,729	4,700
Noncurrent Employee Benefit Liabilities	1,101	1,093	1,113	1,557	1,910	1,651	1,425	1,724	1,759	1,535
Other Noncurrent Operating Liabilities	1,365	1,727	1,410	1,756	1,664	757	889	1,515	1,916	1,819
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	50,420	51,665	52,722	51,602	50,872	50,212	50,822	50,330	52,063	53,230
Total Preferred & Common Equity	50,214	51,483	52,551	51,428	50,737	50,091	50,720	50,208	52,063	53,230
Total Common Equity	50,214	51,483	52,551	51,428	50,737	50,091	50,720	50,208	52,063	53,230
Common Stock	23,129	24,590	24,566	26,319	26,165	26,532	28,127	29,551	32,227	0.00
Retained Earnings	30,403	30,392	30,250	28,594	28,132	26,270	24,379	23,270	21,704	54,414
Accumulated Other Comprehensive Income / (Loss)	-3,318	-3,499	-2,265	-3,485	-3,560	-2,711	-1,786	-2,613	-1,868	-1,184
Noncontrolling Interest	206	182	171	174	135	121	102	122	0.00	-

This table presents Medtronic's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	1/24/2025	10/25/2024	7/26/2024	4/26/2024	1/26/2024	10/27/2023	7/28/2023	4/28/2023	1/27/2023	10/28/2022	7/29/2022
Total Assets	89,973	90,042	89,749	89,981	90,836	90,087	90,776	90,948	94,134	93,241	89,914
Total Current Assets	22,513	22,438	21,947	21,935	22,513	22,081	21,869	21,675	25,364	25,398	22,135
Cash & Equivalents	1,240	1,394	1,311	1,284	1,623	1,311	1,339	1,543	4,521	4,828	2,140
Short-Term Investments	6,682	6,595	6,532	6,721	6,698	6,423	6,537	6,416	6,616	6,602	6,733
Accounts Receivable	6,115	6,260	6,011	6,128	5,968	5,934	5,806	5,998	5,887	5,626	5,308
Inventories, net	5,610	5,479	5,414	5,217	5,726	5,754	5,668	5,293	5,375	5,055	4,809
Other Current Assets	2,865	2,710	2,679	2,584	2,499	2,658	2,518	2,425	2,965	3,287	3,145
Plant, Property, & Equipment, net	6,593	6,438	6,282	6,131	5,838	5,735	5,665	5,569	5,437	5,298	5,281
Total Noncurrent Assets	60,867	61,165	61,519	61,915	62,485	62,271	63,243	63,705	63,333	62,546	62,498
Goodwill	40,819	41,161	41,084	40,986	41,160	40,821	41,436	41,425	41,565	40,417	40,324
Intangible Assets	12,184	12,423	12,819	13,225	13,690	14,060	14,434	14,844	15,265	15,655	15,775
Noncurrent Deferred & Refundable Income Taxes	3,614	3,572	3,554	3,657	3,599	3,428	3,461	3,477	3,361	3,350	3,311
Other Noncurrent Operating Assets	4,250	4,009	4,062	4,047	4,036	3,962	3,912	3,959	3,142	3,124	3,088
Total Liabilities & Shareholders' Equity	89,973	90,042	89,749	89,981	90,836	90,087	90,776	90,948	94,134	93,241	89,914
Total Liabilities	40,358	41,326	41,589	39,561	38,840	38,440	39,410	39,283	42,516	41,184	37,071
Total Current Liabilities	11,840	12,195	10,287	10,789	9,793	9,659	9,047	9,051	14,422	14,465	14,049
Short-Term Debt	2,622	3,719	1,553	1,092	1,029	1,339	519	20	5,918	5,864	5,729
Accounts Payable	2,286	2,376	2,291	2,410	1,992	2,174	2,239	2,662	2,209	2,198	2,180
Current Deferred & Payable Income Tax Liabilities	1,125	947	1,063	1,330	1,109	1,088	1,013	840	657	651	549
Current Employee Benefit Liabilities	2,281	1,893	1,776	2,375	2,174	1,758	1,695	1,949	2,007	1,721	1,773
Other Current Liabilities	3,526	3,260	3,604	3,582	3,488	3,299	3,581	3,581	3,630	4,031	3,816
Total Noncurrent Liabilities	28,518	29,130	31,302	28,772	29,048	28,780	30,364	30,232	28,095	26,721	23,024
Long-Term Debt	23,985	24,607	26,312	23,932	24,153	23,741	24,463	24,344	22,210	20,753	17,481
Noncurrent Deferred Revenue	1,485	1,432	1,917	1,859	1,821	1,777	2,407	2,360	2,305	2,614	2,102
Noncurrent Deferred & Payable Income Tax Liabilities	452	473	496	515	615	686	687	708	747	871	899
Noncurrent Employee Benefit Liabilities	1,063	1,084	1,107	1,101	1,049	1,020	1,092	1,093	1,103	1,048	1,102
Other Noncurrent Operating Liabilities	1,533	1,534	1,470	1,365	1,410	1,556	1,715	1,727	1,730	1,435	1,440
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	49,615	48,716	48,160	50,420	51,996	51,647	51,366	51,665	51,618	52,057	52,843
Total Preferred & Common Equity	49,387	48,494	47,947	50,214	51,792	51,460	51,178	51,483	51,441	51,880	52,672
Total Common Equity	49,388	48,493	47,947	50,214	51,791	51,459	51,178	51,483	51,441	51,880	52,672
Common Stock	20,910	20,824	20,810	23,129	24,589	24,580	24,587	24,590	24,513	24,442	24,335
Retained Earnings	31,317	30,919	30,547	30,403	30,661	30,256	30,265	30,392	30,117	29,799	30,276
Accumulated Other Comprehensive Income / (Loss)	-2,839	-3,250	-3,410	-3,318	-3,459	-3,377	-3,674	-3,499	-3,189	-2,361	-1,939
Noncontrolling Interest	228	222	213	206	204	187	188	182	177	177	170

This table displays calculated financial ratios and metrics derived from Medtronic's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	4/26/2024	4/28/2023	4/29/2022	4/30/2021	4/24/2020	4/26/2019	4/27/2018	4/28/2017	4/29/2016	4/24/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.64%	-1.45%	5.21%	4.16%	-5.38%	2.02%	0.82%	3.04%	42.31%	19.15%
EBITDA Growth	-5.68%	-0.91%	16.68%	-3.69%	-16.02%	-1.74%	9.89%	5.81%	58.12%	10.21%
EBIT Growth	-7.40%	-1.15%	25.93%	-6.35%	-22.50%	-2.64%	19.75%	7.65%	40.49%	-1.23%
NOPAT Growth	1.80%	-26.67%	26.27%	-26.41%	1.25%	54.87%	-23.06%	7.60%	51.37%	-8.38%
Net Income Growth	-2.09%	-25.25%	39.45%	-24.47%	3.35%	50.24%	-23.09%	13.74%	32.26%	-12.72%
EPS Growth	-2.13%	-24.40%	40.23%	-24.86%	3.81%	50.22%	-21.45%	16.53%	2.90%	-20.20%
Operating Cash Flow Growth	12.39%	-17.79%	17.72%	-13.74%	3.24%	49.59%	-31.92%	31.85%	6.45%	-1.15%
Free Cash Flow Firm Growth	121.97%	-66.73%	258.68%	-74.03%	26.04%	88.55%	-73.89%	183.41%	107.57%	-257.16%
Invested Capital Growth	-0.93%	2.73%	-1.36%	3.79%	-1.47%	0.51%	1.28%	-8.51%	0.85%	308.27%
Revenue Q/Q Growth	0.14%	1.48%	-0.31%	7.85%	-6.92%	0.01%	0.77%	1.19%	0.92%	0.00%
EBITDA Q/Q Growth	-7.91%	-0.18%	0.48%	21.91%	-17.34%	-0.31%	12.72%	4.92%	16.67%	0.00%
EBIT Q/Q Growth	-10.90%	-0.12%	0.63%	38.51%	-24.20%	-0.48%	19.69%	8.00%	27.22%	0.00%
NOPAT Q/Q Growth	-8.94%	-8.35%	3.08%	14.13%	-14.99%	-7.86%	22.47%	-3.14%	46.45%	0.00%
Net Income Q/Q Growth	-12.49%	-7.44%	2.57%	25.04%	-10.15%	-5.74%	10.77%	1.54%	45.36%	0.00%
EPS Q/Q Growth	-12.10%	-7.24%	2.75%	24.88%	-9.92%	-6.06%	11.82%	2.12%	73.43%	0.00%
Operating Cash Flow Q/Q Growth	4.90%	7.15%	4.44%	4.96%	-8.09%	17.61%	-13.56%	6.95%	-10.10%	0.00%
Free Cash Flow Firm Q/Q Growth	12.12%	-8.83%	21.73%	-41.48%	0.57%	5.83%	-66.78%	165.15%	0.00%	0.00%
Invested Capital Q/Q Growth	-2.06%	-0.79%	-0.58%	0.84%	-1.79%	-0.21%	0.97%	-8.06%	1.68%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	65.34%	65.67%	67.98%	65.19%	67.41%	70.04%	69.73%	68.72%	68.29%	68.86%
EBITDA Margin	25.35%	27.85%	27.70%	24.98%	27.01%	30.43%	31.60%	28.99%	28.23%	25.41%
Operating Margin	15.89%	17.56%	18.15%	14.89%	16.57%	20.51%	22.17%	18.12%	18.59%	18.59%
EBIT Margin	17.17%	19.21%	19.16%	16.00%	17.80%	21.73%	22.77%	19.17%	18.35%	18.59%
Profit (Net Income) Margin	11.45%	12.12%	15.98%	12.05%	16.62%	15.22%	10.33%	13.54%	12.27%	13.20%
Tax Burden Percent	76.60%	70.54%	91.75%	93.20%	118.52%	89.47%	54.54%	87.44%	81.60%	76.74%
Interest Burden Percent	87.06%	89.40%	90.89%	80.81%	78.78%	78.26%	83.20%	80.79%	81.95%	92.57%
Effective Tax Rate	23.42%	29.46%	8.27%	6.80%	-18.52%	10.53%	45.46%	12.56%	18.40%	23.26%
Return on Invested Capital (ROIC)	5.81%	5.76%	7.91%	6.34%	8.71%	8.56%	5.58%	6.97%	6.23%	6.64%
ROIC Less NNEP Spread (ROIC-NNEP)	4.41%	5.19%	6.43%	2.61%	2.76%	2.17%	1.91%	2.79%	1.47%	3.65%
Return on Net Nonoperating Assets (RNNOA)	1.44%	1.49%	1.80%	0.75%	0.80%	0.65%	0.54%	0.89%	0.49%	0.72%
Return on Equity (ROE)	7.26%	7.25%	9.70%	7.08%	9.51%	9.20%	6.12%	7.86%	6.72%	7.36%
Cash Return on Invested Capital (CROIC)	6.75%	3.07%	9.28%	2.62%	10.19%	8.05%	4.31%	15.86%	5.38%	-114.66%
Operating Return on Assets (OROA)	6.14%	6.60%	6.60%	5.25%	5.71%	7.33%	7.13%	5.71%	5.13%	5.21%
Return on Assets (ROA)	4.10%	4.16%	5.50%	3.95%	5.33%	5.14%	3.24%	4.03%	3.43%	3.70%
Return on Common Equity (ROCE)	7.23%	7.23%	9.67%	7.06%	9.48%	9.18%	6.11%	7.85%	6.72%	7.36%
Return on Equity Simple (ROE_SIMPLE)	7.38%	7.35%	9.63%	7.06%	9.47%	9.28%	6.10%	8.01%	6.80%	5.03%
Net Operating Profit after Tax (NOPAT)	3,939	3,869	5,277	4,179	5,678	5,608	3,621	4,707	4,374	2,890
NOPAT Margin	12.17%	12.39%	16.65%	13.88%	19.64%	18.35%	12.09%	15.84%	15.17%	14.26%
Net Nonoperating Expense Percent (NNEP)	1.40%	0.57%	1.47%	3.73%	5.95%	6.39%	3.66%	4.18%	4.76%	2.99%
Cost of Revenue to Revenue	34.66%	34.33%	32.02%	34.81%	32.59%	29.96%	30.27%	31.28%	31.71%	31.14%
SG&A Expenses to Revenue	33.17%	33.35%	32.48%	33.70%	34.96%	34.09%	34.18%	33.72%	32.84%	34.08%
R&D to Revenue	8.45%	8.63%	8.67%	8.28%	8.06%	7.63%	7.53%	7.38%	7.71%	8.09%
Operating Expenses to Revenue	49.45%	48.11%	49.83%	50.30%	50.84%	49.53%	47.56%	50.60%	49.70%	50.27%
Earnings before Interest and Taxes (EBIT)	5,556	6,000	6,070	4,820	5,147	6,641	6,821	5,696	5,291	3,766
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8,203	8,697	8,777	7,522	7,810	9,300	9,465	8,613	8,140	5,148
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.11	2.27	2.49	3.17	2.37	2.07	1.88	1.91	1.76	1.68
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.27	3.75	4.14	5.41	4.16	3.39	3.18	3.24	3.18	4.43
Price to Earnings (P/E)	28.80	31.16	26.01	45.18	25.09	22.36	30.68	23.87	25.94	33.52
Dividend Yield	3.46%	3.09%	2.58%	1.92%	2.41%	2.59%	2.62%	2.45%	2.32%	1.94%
Earnings Yield	3.47%	3.21%	3.84%	2.21%	3.99%	4.47%	3.26%	4.19%	3.86%	2.98%
Enterprise Value to Invested Capital (EV/IC)	1.83	1.96	2.19	2.66	2.07	1.81	1.68	1.80	1.56	1.52
Enterprise Value to Revenue (EV/Rev)	3.80	4.28	4.57	5.93	4.64	3.90	3.67	3.90	3.82	5.25
Enterprise Value to EBITDA (EV/EBITDA)	15.01	15.37	16.50	23.75	17.18	12.81	11.61	13.47	13.54	20.66
Enterprise Value to EBIT (EV/EBIT)	22.16	22.28	23.85	37.07	26.06	17.94	16.11	20.36	20.83	28.24
Enterprise Value to NOPAT (EV/NOPAT)	31.25	34.55	27.44	42.76	23.62	21.24	30.34	24.64	25.20	36.81
Enterprise Value to Operating Cash Flow (EV/OCF)	18.14	22.13	19.71	28.63	18.54	17.00	23.46	16.86	21.12	21.70
Enterprise Value to Free Cash Flow (EV/FCFF)	26.93	64.91	23.39	103.53	20.19	22.59	39.29	10.83	29.17	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.50	0.47	0.46	0.51	0.49	0.50	0.51	0.66	0.60	0.68
Long-Term Debt to Equity	0.47	0.47	0.39	0.51	0.43	0.49	0.47	0.52	0.58	0.63
Financial Leverage	0.33	0.29	0.28	0.29	0.29	0.30	0.28	0.32	0.33	0.20
Leverage Ratio	1.77	1.74	1.76	1.79	1.78	1.79	1.89	1.95	1.96	1.99
Compound Leverage Factor	1.54	1.56	1.60	1.45	1.41	1.40	1.57	1.57	1.61	1.84
Debt to Total Capital	33.17%	32.05%	31.38%	33.84%	32.77%	33.53%	33.63%	39.92%	37.40%	40.47%
Short-Term Debt to Total Capital	1.45%	0.03%	4.87%	0.01%	3.67%	1.11%	2.69%	8.98%	1.19%	2.72%
Long-Term Debt to Total Capital	31.72%	32.02%	26.51%	33.82%	29.10%	32.42%	30.95%	30.94%	36.20%	37.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.27%	0.24%	0.22%	0.22%	0.18%	0.16%	0.13%	0.15%	0.00%	0.00%
Common Equity to Total Capital	66.56%	67.72%	68.39%	65.94%	67.05%	66.31%	66.23%	59.93%	62.60%	59.53%
Debt to EBITDA	3.05	2.80	2.75	3.51	3.18	2.72	2.72	3.88	3.82	7.03
Net Debt to EBITDA	2.07	1.89	1.54	2.07	1.77	1.66	1.54	2.29	2.27	3.25
Long-Term Debt to EBITDA	2.92	2.80	2.32	3.51	2.82	2.63	2.50	3.01	3.70	6.56
Debt to NOPAT	6.35	6.30	4.57	6.31	4.37	4.52	7.11	7.10	7.11	12.52
Net Debt to NOPAT	4.32	4.24	2.57	3.73	2.44	2.76	4.01	4.19	4.22	5.78
Long-Term Debt to NOPAT	6.08	6.29	3.86	6.31	3.88	4.37	6.54	5.51	6.88	11.68
Altman Z-Score	2.79	2.98	3.23	3.46	2.91	2.75	2.53	2.10	2.12	2.27
Noncontrolling Interest Sharing Ratio	0.38%	0.34%	0.33%	0.30%	0.25%	0.22%	0.22%	0.12%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.03	2.39	1.86	2.65	2.13	2.59	2.28	1.74	3.29	3.36
Quick Ratio	1.31	1.54	1.30	1.91	1.50	1.90	1.71	1.35	2.54	2.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4,571	2,059	6,191	1,726	6,645	5,272	2,796	10,711	3,779	-49,916
Operating Cash Flow to CapEx	427.66%	413.91%	536.99%	460.52%	596.37%	617.90%	438.58%	548.64%	498.85%	858.49%
Free Cash Flow to Firm to Interest Expense	6.36	3.24	11.19	1.87	6.09	3.65	2.44	9.79	2.73	-74.95
Operating Cash Flow to Interest Expense	9.44	9.50	13.28	6.75	6.62	4.85	4.09	6.29	3.76	7.36
Operating Cash Flow Less CapEx to Interest Expense	7.23	7.20	10.81	5.28	5.51	4.07	3.16	5.14	3.01	6.50
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.34	0.34	0.33	0.32	0.34	0.31	0.30	0.28	0.28
Accounts Receivable Turnover	5.34	5.41	5.75	5.96	5.32	5.01	5.17	5.33	5.40	4.54
Inventory Turnover	2.13	2.16	2.27	2.45	2.36	2.50	2.62	2.73	2.64	2.43
Fixed Asset Turnover	5.53	5.69	0.00	0.00	6.09	6.59	6.68	6.46	6.04	5.71
Accounts Payable Turnover	4.42	4.34	4.63	5.11	4.77	5.11	5.70	5.69	5.51	5.36
Days Sales Outstanding (DSO)	68.38	67.50	63.43	61.25	68.59	72.92	70.54	68.51	67.56	80.37
Days Inventory Outstanding (DIO)	171.01	168.71	160.63	148.71	154.58	146.16	139.22	133.74	138.46	150.07
Days Payable Outstanding (DPO)	82.53	84.07	78.83	71.41	76.47	71.39	64.07	64.09	66.26	68.04
Cash Conversion Cycle (CCC)	156.86	152.13	145.23	138.54	146.69	147.69	145.70	138.16	139.77	162.41
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	67,438	68,070	66,260	67,174	64,721	65,688	65,352	64,527	70,531	69,936
Invested Capital Turnover	0.48	0.46	0.47	0.46	0.44	0.47	0.46	0.44	0.41	0.47
Increase / (Decrease) in Invested Capital	-632	1,810	-914	2,453	-967	336	825	-6,004	595	52,806
Enterprise Value (EV)	123,106	133,669	144,780	178,677	134,143	119,123	109,878	115,990	110,230	106,366
Market Capitalization	105,881	117,082	131,068	162,931	120,159	103,526	95,246	96,135	91,762	89,660
Book Value per Share	$37.82	$38.70	$39.17	$38.15	$37.86	$37.35	$37.42	$36.68	$37.16	$37.35
Tangible Book Value per Share	($3.01)	($3.60)	($2.64)	($6.14)	($6.09)	($7.78)	($7.78)	($8.56)	($11.66)	($10.81)
Total Capital	75,444	76,029	76,836	77,991	75,669	75,536	76,579	83,771	83,165	89,416
Total Debt	25,024	24,364	24,114	26,389	24,797	25,324	25,757	33,441	31,102	36,186
Total Long-Term Debt	23,932	24,344	20,372	26,378	22,021	24,486	23,699	25,921	30,109	33,752
Net Debt	17,019	16,405	13,541	15,572	13,849	15,476	14,530	19,733	18,468	16,706
Capital Expenditures (CapEx)	1,587	1,459	1,368	1,355	1,213	1,134	1,068	1,254	1,046	571
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4,233	4,685	3,834	3,233	3,493	4,485	3,727	4,421	4,794	4,625
Debt-free Net Working Capital (DFNWC)	12,238	12,644	14,407	14,050	14,441	14,333	14,954	18,129	17,428	24,105
Net Working Capital (NWC)	11,146	12,624	10,665	14,039	11,665	13,495	12,896	10,609	16,435	21,671
Net Nonoperating Expense (NNE)	234	85	215	549	872	958	526	683	836	215
Net Nonoperating Obligations (NNO)	17,018	16,405	13,538	15,572	13,849	15,476	14,530	14,197	18,468	16,706
Total Depreciation and Amortization (D&A)	2,647	2,697	2,707	2,702	2,663	2,659	2,644	2,917	2,849	1,382
Debt-free, Cash-free Net Working Capital to Revenue	13.08%	15.00%	12.10%	10.73%	12.08%	14.68%	12.44%	14.88%	16.63%	22.83%
Debt-free Net Working Capital to Revenue	37.81%	40.49%	45.47%	46.65%	49.95%	46.91%	49.92%	61.02%	60.44%	118.97%
Net Working Capital to Revenue	34.44%	40.43%	33.66%	46.61%	40.35%	44.16%	43.05%	35.71%	57.00%	106.96%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.77	$2.83	$3.75	$2.68	$3.57	$3.44	$2.29	$2.92	$2.51	$2.44
Adjusted Weighted Average Basic Shares Outstanding	1.33B	1.33B	1.34B	1.34B	1.34B	1.35B	1.36B	1.38B	1.41B	1.10B
Adjusted Diluted Earnings per Share	$2.76	$2.82	$3.73	$2.66	$3.54	$3.41	$2.27	$2.89	$2.48	$2.41
Adjusted Weighted Average Diluted Shares Outstanding	1.33B	1.33B	1.35B	1.35B	1.35B	1.36B	1.37B	1.39B	1.43B	1.11B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$3.57	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.28B	1.33B	1.33B	1.34B	1.34B	1.34B	1.35B	1.36B	1.39B	1.42B
Normalized Net Operating Profit after Tax (NOPAT)	4,226	4,113	5,419	4,562	3,655	5,934	3,671	5,234	4,863	3,497
Normalized NOPAT Margin	13.06%	13.17%	17.10%	15.15%	12.64%	19.42%	12.26%	17.62%	16.87%	17.26%
Pre Tax Income Margin	14.95%	17.18%	17.41%	12.93%	14.02%	17.01%	18.95%	15.49%	15.04%	17.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.73	9.43	10.98	5.21	4.71	4.60	5.95	5.21	3.82	5.65
NOPAT to Interest Expense	5.48	6.08	9.54	4.52	5.20	3.88	3.16	4.30	3.16	4.34
EBIT Less CapEx to Interest Expense	5.52	7.14	8.50	3.75	3.60	3.81	5.02	4.06	3.06	4.80
NOPAT Less CapEx to Interest Expense	3.27	3.79	7.07	3.05	4.09	3.10	2.23	3.16	2.40	3.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	98.95%	95.56%	66.83%	85.95%	60.22%	57.91%	80.58%	59.05%	60.46%	49.98%
Augmented Payout Ratio	156.65%	112.61%	117.09%	103.91%	87.81%	119.78%	150.73%	147.12%	140.45%	121.76%

This table displays calculated financial ratios and metrics derived from Medtronic's official financial filings.

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	1/24/2025	10/25/2024	7/26/2024	4/26/2024	1/26/2024	10/27/2023	7/28/2023	4/28/2023	1/27/2023	10/28/2022	7/29/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.51%	5.25%	2.77%	0.53%	4.68%	5.26%	4.49%	5.62%	-0.46%	-3.34%	-7.71%
EBITDA Growth	4.03%	12.79%	4.02%	-29.17%	4.01%	-0.82%	7.46%	-0.66%	-7.42%	-5.25%	14.32%
EBIT Growth	3.49%	18.34%	6.77%	-39.13%	7.72%	-1.26%	11.26%	-0.40%	-10.72%	-7.12%	24.54%
NOPAT Growth	3.39%	40.63%	25.16%	-32.21%	8.26%	111.87%	-15.97%	-23.04%	-19.64%	-68.17%	26.65%
Net Income Growth	-2.54%	40.29%	31.62%	-44.49%	8.79%	109.43%	-14.39%	-20.36%	-17.13%	-66.97%	21.07%
EPS Growth	2.02%	45.59%	35.59%	-43.18%	7.61%	112.50%	-15.71%	-20.00%	-16.36%	-67.01%	25.00%
Operating Cash Flow Growth	3.96%	44.93%	12.69%	12.89%	57.18%	-28.31%	-19.21%	19.59%	-29.35%	-47.88%	-16.18%
Free Cash Flow Firm Growth	77.75%	252.02%	401.12%	335.82%	252.75%	-365.08%	-152.15%	-124.79%	-147.44%	-0.62%	820.44%
Invested Capital Growth	-0.81%	0.09%	-0.42%	-0.93%	0.36%	2.60%	1.92%	2.73%	2.95%	0.19%	0.22%
Revenue Q/Q Growth	-1.32%	6.17%	-7.85%	6.18%	1.32%	3.66%	-9.85%	10.57%	1.87%	2.90%	-8.88%
EBITDA Q/Q Growth	-1.68%	16.50%	22.49%	-25.86%	6.60%	7.44%	-16.59%	8.87%	1.65%	16.42%	-22.89%
EBIT Q/Q Growth	-2.83%	23.21%	35.63%	-36.27%	11.11%	11.16%	-22.67%	12.78%	1.85%	25.25%	-30.77%
NOPAT Q/Q Growth	6.51%	23.79%	30.10%	-39.73%	44.88%	10.17%	-29.54%	-3.74%	183.54%	-56.31%	-35.47%
Net Income Q/Q Growth	1.96%	21.83%	58.94%	-50.64%	46.76%	14.30%	-32.97%	-3.25%	182.53%	-53.28%	-37.64%
EPS Q/Q Growth	2.02%	23.75%	60.00%	-49.49%	45.59%	15.25%	-32.95%	-4.35%	187.50%	-54.29%	-36.36%
Operating Cash Flow Q/Q Growth	168.48%	-2.84%	-64.49%	12.25%	274.28%	-24.46%	-64.43%	56.29%	70.72%	-14.87%	-47.35%
Free Cash Flow Firm Q/Q Growth	56.32%	-7.26%	-6.76%	31.50%	233.69%	-83.70%	26.98%	14.82%	-332.01%	-63.86%	-65.29%
Invested Capital Q/Q Growth	-1.09%	1.28%	1.10%	-2.06%	-0.20%	0.76%	0.59%	-0.79%	2.03%	0.09%	1.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	66.49%	64.94%	65.12%	64.55%	65.61%	65.42%	65.88%	65.13%	65.20%	66.58%	65.87%
EBITDA Margin	28.97%	29.07%	26.49%	19.93%	28.54%	27.13%	26.18%	28.29%	28.73%	28.79%	25.45%
Operating Margin	19.85%	18.98%	16.15%	12.26%	18.33%	16.78%	16.46%	18.31%	18.01%	18.51%	15.26%
EBIT Margin	20.72%	21.04%	18.13%	12.32%	20.52%	18.71%	17.45%	20.34%	19.94%	19.95%	16.39%
Profit (Net Income) Margin	15.71%	15.21%	13.25%	7.68%	16.53%	11.41%	10.35%	13.92%	15.91%	5.74%	12.63%
Tax Burden Percent	84.61%	81.98%	82.73%	77.10%	90.83%	69.38%	66.64%	76.71%	89.38%	31.18%	89.18%
Interest Burden Percent	89.64%	88.18%	88.36%	80.91%	88.67%	87.88%	88.99%	89.18%	89.23%	92.20%	86.42%
Effective Tax Rate	15.39%	18.02%	17.35%	22.90%	9.17%	30.62%	33.44%	23.42%	10.62%	68.75%	10.73%
Return on Invested Capital (ROIC)	8.13%	7.44%	6.36%	4.52%	7.83%	5.46%	5.10%	6.52%	7.33%	2.65%	6.31%
ROIC Less NNEP Spread (ROIC-NNEP)	7.63%	7.28%	6.32%	3.61%	7.77%	5.35%	4.80%	6.46%	7.23%	2.63%	5.81%
Return on Net Nonoperating Assets (RNNOA)	2.67%	2.73%	2.36%	1.18%	2.54%	1.68%	1.45%	1.85%	2.14%	0.76%	1.65%
Return on Equity (ROE)	10.80%	10.17%	8.72%	5.70%	10.37%	7.14%	6.55%	8.37%	9.47%	3.41%	7.96%
Cash Return on Invested Capital (CROIC)	7.49%	6.49%	6.50%	6.75%	5.93%	3.63%	3.58%	3.07%	3.34%	6.54%	7.96%
Operating Return on Assets (OROA)	7.61%	7.71%	6.54%	4.41%	7.17%	6.52%	6.10%	6.98%	6.60%	6.64%	5.60%
Return on Assets (ROA)	5.77%	5.57%	4.78%	2.75%	5.78%	3.98%	3.61%	4.78%	5.26%	1.91%	4.32%
Return on Common Equity (ROCE)	10.75%	10.13%	8.69%	5.67%	10.33%	7.12%	6.52%	8.34%	9.44%	3.40%	7.93%
Return on Equity Simple (ROE_SIMPLE)	8.69%	8.92%	8.25%	0.00%	8.18%	8.02%	7.13%	0.00%	7.95%	8.37%	9.92%
Net Operating Profit after Tax (NOPAT)	1,393	1,308	1,056	812	1,347	930	844	1,198	1,244	439	1,004
NOPAT Margin	16.80%	15.56%	13.35%	9.45%	16.65%	11.65%	10.96%	14.02%	16.10%	5.79%	13.63%
Net Nonoperating Expense Percent (NNEP)	0.50%	0.16%	0.04%	0.91%	0.06%	0.12%	0.30%	0.06%	0.10%	0.03%	0.49%
Return On Investment Capital (ROIC_SIMPLE)	1.83%	-	-	-	1.75%	-	-	-	-	-	-
Cost of Revenue to Revenue	33.51%	35.06%	34.88%	35.45%	34.39%	34.58%	34.12%	34.87%	34.80%	33.42%	34.13%
SG&A Expenses to Revenue	32.77%	32.81%	33.54%	32.18%	33.04%	33.64%	33.93%	30.62%	33.84%	34.50%	34.83%
R&D to Revenue	8.14%	8.29%	8.54%	7.85%	8.59%	8.74%	8.67%	7.49%	8.90%	8.91%	9.39%
Operating Expenses to Revenue	46.65%	45.97%	48.95%	52.29%	47.27%	48.63%	49.40%	46.79%	47.20%	48.08%	50.62%
Earnings before Interest and Taxes (EBIT)	1,718	1,768	1,435	1,058	1,660	1,494	1,344	1,738	1,541	1,513	1,208
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,402	2,443	2,097	1,712	2,309	2,166	2,016	2,417	2,220	2,184	1,876
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.34	2.40	2.10	2.11	2.15	1.74	2.22	2.27	2.07	2.13	2.22
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.48	3.52	3.10	3.27	3.44	2.80	3.60	3.75	3.45	3.59	3.76
Price to Earnings (P/E)	27.15	27.09	25.70	28.80	26.48	21.78	31.35	31.16	26.15	25.61	22.47
Dividend Yield	3.09%	3.07%	3.52%	3.46%	3.29%	4.08%	3.20%	3.09%	3.34%	3.15%	2.92%
Earnings Yield	3.68%	3.69%	3.89%	3.47%	3.78%	4.59%	3.19%	3.21%	3.82%	3.91%	4.45%
Enterprise Value to Invested Capital (EV/IC)	1.97	1.98	1.78	1.83	1.86	1.55	1.91	1.96	1.80	1.87	1.96
Enterprise Value to Revenue (EV/Rev)	4.05	4.14	3.72	3.80	3.97	3.34	4.14	4.28	4.01	4.09	4.23
Enterprise Value to EBITDA (EV/EBITDA)	15.55	15.97	14.62	15.01	14.41	12.12	14.80	15.37	14.17	14.17	14.58
Enterprise Value to EBIT (EV/EBIT)	22.51	23.09	21.45	22.16	20.58	17.47	21.31	22.28	20.55	20.35	20.84
Enterprise Value to NOPAT (EV/NOPAT)	29.41	30.15	29.17	31.25	29.67	25.32	35.14	34.55	29.23	27.88	23.95
Enterprise Value to Operating Cash Flow (EV/OCF)	18.45	19.00	17.56	18.14	19.84	19.19	22.43	22.13	21.90	20.03	18.42
Enterprise Value to Free Cash Flow (EV/FCFF)	26.21	30.54	27.26	26.93	31.48	43.26	53.80	64.91	54.64	28.70	24.61
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.54	0.58	0.58	0.50	0.48	0.49	0.49	0.47	0.54	0.51	0.44
Long-Term Debt to Equity	0.48	0.51	0.55	0.47	0.46	0.46	0.48	0.47	0.43	0.40	0.33
Financial Leverage	0.35	0.38	0.37	0.33	0.33	0.31	0.30	0.29	0.30	0.29	0.28
Leverage Ratio	1.78	1.79	1.81	1.77	1.79	1.77	1.73	1.74	1.78	1.78	1.74
Compound Leverage Factor	1.60	1.58	1.60	1.43	1.58	1.55	1.54	1.55	1.59	1.64	1.50
Debt to Total Capital	34.91%	36.77%	36.65%	33.17%	32.63%	32.69%	32.72%	32.05%	35.27%	33.83%	30.52%
Short-Term Debt to Total Capital	3.44%	4.83%	2.04%	1.45%	1.33%	1.75%	0.68%	0.03%	7.42%	7.45%	7.53%
Long-Term Debt to Total Capital	31.47%	31.94%	34.61%	31.72%	31.30%	30.94%	32.04%	32.02%	27.85%	26.38%	22.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.30%	0.29%	0.28%	0.27%	0.26%	0.24%	0.25%	0.24%	0.22%	0.23%	0.22%
Common Equity to Total Capital	64.79%	62.94%	63.07%	66.56%	67.11%	67.07%	67.03%	67.72%	64.51%	65.94%	69.26%
Debt to EBITDA	3.07	3.31	3.36	3.05	2.83	2.84	2.83	2.80	3.23	2.99	2.58
Net Debt to EBITDA	2.16	2.38	2.42	2.07	1.89	1.97	1.94	1.89	1.95	1.71	1.59
Long-Term Debt to EBITDA	2.77	2.87	3.18	2.92	2.71	2.69	2.77	2.80	2.55	2.33	1.94
Debt to NOPAT	5.82	6.24	6.71	6.35	5.82	5.94	6.71	6.30	6.66	5.89	4.23
Net Debt to NOPAT	4.08	4.48	4.82	4.32	3.90	4.11	4.60	4.24	4.02	3.36	2.61
Long-Term Debt to NOPAT	5.24	5.42	6.34	6.08	5.58	5.62	6.57	6.29	5.26	4.59	3.19
Altman Z-Score	2.78	2.74	2.50	2.63	2.78	2.44	2.76	2.83	2.47	2.58	2.86
Noncontrolling Interest Sharing Ratio	0.43%	0.41%	0.40%	0.38%	0.37%	0.35%	0.34%	0.34%	0.33%	0.33%	0.33%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.90	1.84	2.13	2.03	2.30	2.29	2.42	2.39	1.76	1.76	1.58
Quick Ratio	1.19	1.17	1.35	1.31	1.46	1.42	1.51	1.54	1.18	1.18	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,952	1,249	1,346	1,444	1,098	-821	-447	-612	-719	310	857
Operating Cash Flow to CapEx	540.34%	237.13%	189.62%	651.88%	715.03%	143.38%	247.18%	650.79%	474.10%	285.45%	254.23%
Free Cash Flow to Firm to Interest Expense	10.90	5.97	8.06	7.11	5.84	-4.56	-3.02	-3.27	-4.30	2.63	5.23
Operating Cash Flow to Interest Expense	14.37	4.58	5.90	13.68	13.16	3.67	5.91	13.16	9.43	7.81	6.60
Operating Cash Flow Less CapEx to Interest Expense	11.71	2.65	2.79	11.58	11.32	1.11	3.52	11.13	7.44	5.08	4.01
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.37	0.36	0.36	0.35	0.35	0.35	0.34	0.33	0.33	0.34
Accounts Receivable Turnover	5.50	5.41	5.51	5.34	5.45	5.53	5.68	5.41	5.43	5.54	5.79
Inventory Turnover	2.03	2.05	2.05	2.13	2.01	2.05	2.07	2.16	2.09	2.15	2.21
Fixed Asset Turnover	5.34	5.42	5.45	5.53	5.73	5.79	5.77	5.69	5.76	5.88	5.95
Accounts Payable Turnover	5.39	5.07	5.01	4.42	5.31	5.06	4.90	4.34	4.93	4.91	4.98
Days Sales Outstanding (DSO)	66.42	67.44	66.20	68.38	66.94	66.02	64.27	67.50	67.21	65.87	63.08
Days Inventory Outstanding (DIO)	179.41	177.74	178.21	171.01	181.70	178.41	176.54	168.71	174.69	169.91	164.98
Days Payable Outstanding (DPO)	67.71	71.99	72.85	82.53	68.76	72.16	74.46	84.07	74.09	74.35	73.34
Cash Conversion Cycle (CCC)	178.13	173.19	171.56	156.86	179.88	172.26	166.35	152.13	167.82	161.43	154.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	68,299	69,053	68,181	67,438	68,858	68,994	68,471	68,070	68,609	67,243	67,180
Invested Capital Turnover	0.48	0.48	0.48	0.48	0.47	0.47	0.47	0.46	0.46	0.46	0.46
Increase / (Decrease) in Invested Capital	-559	59	-290	-632	249	1,751	1,291	1,810	1,963	129	147
Enterprise Value (EV)	134,562	136,740	121,150	123,106	128,334	106,886	130,783	133,669	123,424	126,005	131,438
Market Capitalization	115,649	116,181	100,915	105,881	111,269	89,353	113,489	117,082	106,256	110,641	116,931
Book Value per Share	$38.52	$37.81	$37.39	$37.82	$38.95	$38.68	$38.47	$38.70	$38.67	$39.03	$39.64
Tangible Book Value per Share	($2.82)	($3.97)	($4.64)	($3.01)	($2.30)	($2.57)	($3.53)	($3.60)	($4.05)	($3.15)	($2.58)
Total Capital	76,222	77,042	76,025	75,444	77,178	76,727	76,348	76,029	79,746	78,674	76,053
Total Debt	26,607	28,326	27,865	25,024	25,182	25,080	24,982	24,364	28,128	26,617	23,210
Total Long-Term Debt	23,985	24,607	26,312	23,932	24,153	23,741	24,463	24,344	22,210	20,753	17,481
Net Debt	18,685	20,337	20,022	17,019	16,861	17,346	17,106	16,405	16,991	15,187	14,337
Capital Expenditures (CapEx)	476	404	520	426	346	461	354	378	332	323	426
Debt-free, Cash-free Net Working Capital (DFCFNWC)	5,373	5,973	5,370	4,233	5,428	6,027	5,465	4,685	5,723	5,367	4,942
Debt-free Net Working Capital (DFNWC)	13,295	13,962	13,213	12,238	13,749	13,761	13,341	12,644	16,860	16,797	13,815
Net Working Capital (NWC)	10,673	10,243	11,660	11,146	12,720	12,422	12,822	12,624	10,942	10,933	8,086
Net Nonoperating Expense (NNE)	90	30	7.26	152	9.99	19	47	8.72	15	3.81	73
Net Nonoperating Obligations (NNO)	18,684	20,337	20,021	17,018	16,862	17,347	17,105	16,405	16,991	15,186	14,337
Total Depreciation and Amortization (D&A)	684	675	662	654	649	672	672	679	679	671	668
Debt-free, Cash-free Net Working Capital to Revenue	16.18%	18.10%	16.48%	13.08%	16.80%	18.86%	17.32%	15.00%	18.60%	17.42%	15.91%
Debt-free Net Working Capital to Revenue	40.05%	42.31%	40.56%	37.81%	42.54%	43.06%	42.27%	40.49%	54.79%	54.52%	44.46%
Net Working Capital to Revenue	32.15%	31.04%	35.79%	34.44%	39.36%	38.87%	40.63%	40.43%	35.56%	35.49%	26.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.01	$0.99	$0.81	$0.51	$0.99	$0.68	$0.59	$0.89	$0.92	$0.32	$0.70
Adjusted Weighted Average Basic Shares Outstanding	1.28B	1.28B	1.29B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B
Adjusted Diluted Earnings per Share	$1.01	$0.99	$0.80	$0.50	$0.99	$0.68	$0.59	$0.88	$0.92	$0.32	$0.70
Adjusted Weighted Average Diluted Shares Outstanding	1.29B	1.29B	1.30B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.28B	1.28B	1.28B	1.28B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B	1.33B
Normalized Net Operating Profit after Tax (NOPAT)	1,448	1,332	1,162	932	1,365	1,003	906	1,399	1,278	1,004	1,017
Normalized NOPAT Margin	17.46%	15.85%	14.68%	10.85%	16.88%	12.56%	11.77%	16.38%	16.54%	13.23%	13.79%
Pre Tax Income Margin	18.57%	18.55%	16.02%	9.97%	18.20%	16.45%	15.53%	18.14%	17.79%	18.39%	14.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.60	8.46	8.59	5.21	8.83	8.30	9.08	9.29	9.23	12.82	7.37
NOPAT to Interest Expense	7.78	6.26	6.32	4.00	7.16	5.17	5.70	6.40	7.45	3.72	6.12
EBIT Less CapEx to Interest Expense	6.94	6.53	5.48	3.11	6.99	5.74	6.69	7.27	7.24	10.08	4.77
NOPAT Less CapEx to Interest Expense	5.12	4.32	3.21	1.90	5.32	2.60	3.31	4.38	5.46	0.98	3.53
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	84.03%	83.83%	92.14%	98.95%	86.40%	88.34%	99.48%	95.56%	86.94%	80.54%	65.85%
Augmented Payout Ratio	191.00%	188.83%	205.31%	156.65%	100.73%	101.58%	112.11%	112.61%	134.74%	132.98%	114.95%

Frequently Asked Questions About Medtronic's Financials

When does Medtronic's financial year end?

According to the most recent income statement we have on file, Medtronic's fiscal year ends in April. Their fiscal year 2024 ended on April 26, 2024.

How has Medtronic's net income changed over the last 9 years?

Medtronic's net income appears to be on an upward trend, with a most recent value of $3.71 billion in 2024, rising from $2.68 billion in 2015. The previous period was $3.78 billion in 2023. Find out what analysts predict for Medtronic in the coming months.

What is Medtronic's operating income?

Medtronic's total operating income in 2024 was $5.14 billion, based on the following breakdown:

Total Gross Profit: $21.15 billion
Total Operating Expenses: $16.00 billion

How has Medtronic revenue changed over the last 9 years?

Over the last 9 years, Medtronic's total revenue changed from $20.26 billion in 2015 to $32.36 billion in 2024, a change of 59.7%.

How much debt does Medtronic have?

Medtronic's total liabilities were at $39.56 billion at the end of 2024, a 0.7% increase from 2023, and a 26.0% decrease since 2015.

How much cash does Medtronic have?

In the past 9 years, Medtronic's cash and equivalents has ranged from $1.28 billion in 2024 to $4.97 billion in 2017, and is currently $1.28 billion as of their latest financial filing in 2024.

How has Medtronic's book value per share changed over the last 9 years?

Over the last 9 years, Medtronic's book value per share changed from 37.35 in 2015 to 37.82 in 2024, a change of 1.2%.

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This page (NYSE:MDT) was last updated on 5/30/2025 by MarketBeat.com Staff

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