Health Care · Health Care Equipment · US stock · price as of 16 Oct 2026
Key indicators
Price
$94.75
52-week range
$72.06 – $102.92
Market cap
$121.8B
P/E (trailing)
283.7×
EV / EBITDA
14.5×
Free-cash-flow yield
5.0%
Dividend yield
3.0%
Revenue (last 12 months)
$37.5B
Revenue growth (3y a year)
5.2%
Operating margin
18.1%
Return on invested capital
7.8%
Net debt / EBITDA
2.0×
Fair value
Blended fair value$78.03 range $74 – $81
Versus priceFair−18% to fair value
Peer multiples
$104.28
Fundamentals-adjusted multiple
$58.95
10-year DCF (market-scaled)
$70.86
Earnings power value (floor, not blended)
$32.44
Model uncertainty
Medium
X-Ray Score
55/ 100 · High confidence · ahead of 58% of sector peers
Valuation52
Growth58
Profitability56
Financial health64
Dividends34
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Medtronic is a medical technology company that makes devices and therapies for chronic conditions. Its products include heart rhythm devices, heart valves, spinal and brain implants, surgical tools, insulin pumps and glucose monitors. Revenue comes from selling these devices and related supplies to hospitals, clinics and patients around the world. The business depends on clinical evidence, regulatory approvals and relationships with physicians and health systems.
Revenue over the last twelve months came to $37.5 billion. The three-year revenue growth rate is 5.2% a year. Profitability shows an operating margin of 18.1% and a return on invested capital of 8%. Net debt stands at 2.0 times EBITDA. Shareholders receive a dividend, yielding 3.0%. These figures describe past results as reported and are a factual snapshot, not a forecast. Some measures, such as margins for real estate trusts and banks, are defined differently from those of industrial firms, so comparisons should be made with care.
StocksXray gives Medtronic plc an X-Ray Score of 55 out of 100 (high confidence), ahead of 58% of the S&P 500 stocks in its sector. Its strongest lens is financial health (64) and its weakest is dividends (34).
Our fair value blend is $78.03 (range $74.41 to $81.50). At $94.75 the stock trades 21% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Medtronic plc (MDT)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$90.04
$81.10
$73.49
$80.18
$81.90
$94.75
Market cap
$121.7B
$108.1B
$97.8B
$103.4B
$105.5B
$121.8B
P/E
24.1×
28.8×
26.6×
22.2×
22.0×
283.7×
EV / revenue
4.3×
4.0×
3.6×
3.7×
3.4×
3.8×
EV / EBITDA
16.0×
15.2×
14.9×
14.0×
13.2×
14.6×
Price / free cash flow
20.4×
23.6×
18.8×
19.9×
19.4×
19.9×
Free-cash-flow yield
4.9%
4.2%
5.3%
5.0%
5.1%
5.0%
Price / book
2.3×
2.1×
1.9×
2.2×
2.1×
2.4×
Dividend yield
2.80%
3.35%
3.76%
3.49%
3.47%
3.02%
Fundamentals checklist ● 4 Good · ● 11 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−8.2%Good
Free-cash-flow yield5.0%Average
Risk models
Altman Z score3.8×Average
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)9.8%Average
Free-cash-flow growth (3y)5.8%Average
Revenue growth (3y)5.2%Average
Growth consistency100%Good
Balance sheet
Current ratio2.1×Good
Net debt / EBITDA2.0×Average
Interest cover9.4×Average
Valuation
Fair value vs price0.8×Average
EBIT / EV yield4.8%Average
Profitability
Return on invested capital7.8%Bad
Operating margin18.1%Average
Gross profitability26.2%Average
XStocksXray
Medtronic plc (MDT)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
31,686
31,227
32,364
33,537
36,364
37,541
Gross profit
21,541
20,508
21,148
21,905
23,643
24,405
Operating income
5,752
5,485
5,144
5,955
6,467
6,787
Net income
0
0
0
0
0
430
Diluted EPS ($)
3.73
2.82
2.76
3.61
3.73
0.33
Free cash flow
5,978
4,580
5,200
5,185
5,426
6,132
Gross margin
68.0%
65.7%
65.3%
65.3%
65.0%
65.0%
Operating margin
18.2%
17.6%
15.9%
17.8%
17.8%
18.1%
Net margin
0.0%
0.0%
0.0%
0.0%
0.0%
1.1%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
90,981
90,948
89,981
91,680
93,028
93,306
Cash
3,714
1,543
1,284
2,218
1,949
1,691
Total debt
24,114
24,364
26,097
28,516
27,961
28,153
Equity
52,551
51,483
50,214
48,024
49,463
50,232
Dividend per share ($)
2.52
2.72
2.76
2.80
2.84
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.