Medtronic plc (MDT) Key Metrics
MDT valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $121.20B
- Enterprise value
- $128.04B
- P/E (TTM)
- 23.3 10-yr median 28.3
- Forward P/E
- 14.9
- PEG ratio
- 1.60
- Price / sales
- 3.2 10-yr median 3.9
- Price / book
- 2.3 10-yr median 2.3
- EV / EBITDA
- 13.1 10-yr median 15.4
- Dividend yield
- 3.04% $2.88 a year
- Beta
- 0.57
MDT key metrics, FY2017–FY2026
Fiscal year ended April 30, 2026 · U.S. dollarsMDT valuation Price multiples at each fiscal year-end price.
MDT returns How much profit the business earns on the capital it uses.
MDT per-share figures Results divided by the shares outstanding at year-end.
MDT financial health Debt, liquidity and how easily interest is covered.
MDT efficiency & capital use Working capital cycle and where the cash goes.
MDT valuation history
MDT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MDT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MDT cash returned to shareholders
MDT price vs earnings per share
MDT key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $104.30B | $109.33B | $106.74B | $121.22B | $141.03B | $177.27B | $131.91B | $120.56B | $109.63B | $115.61B |
| Enterprise value | $123.04B | $128.88B | $123.75B | $137.62B | $154.57B | $192.84B | $145.76B | $136.03B | $124.17B | $135.30B |
| P/E ratio | 21.7 | 23.5 | 29.0 | 32.3 | 28.0 | 49.2 | 27.5 | 26.0 | 35.3 | 28.7 |
| Price / sales | 2.9 | 3.3 | 3.3 | 3.9 | 4.5 | 5.9 | 4.6 | 3.9 | 3.7 | 3.9 |
| Price / book | 2.1 | 2.3 | 2.1 | 2.4 | 2.7 | 3.4 | 2.6 | 2.4 | 2.2 | 2.3 |
| Price / free cash flow | 19.2 | 21.1 | 20.5 | 26.5 | 23.6 | 36.3 | 21.9 | 20.5 | 30.3 | 20.5 |
| Price / operating cash flow | 14.2 | 15.5 | 15.7 | 20.1 | 19.2 | 28.4 | 18.2 | 17.2 | 23.4 | 16.8 |
| EV / sales | 3.4 | 3.8 | 3.8 | 4.4 | 4.9 | 6.4 | 5.0 | 4.5 | 4.1 | 4.6 |
| EV / EBITDA | 12.5 | 14.0 | 15.1 | 15.8 | 17.6 | 25.6 | 18.7 | 14.6 | 13.1 | 15.7 |
| EV / free cash flow | 22.7 | 24.9 | 23.8 | 30.0 | 25.9 | 39.5 | 24.2 | 23.2 | 34.3 | 24.0 |
| Earnings yield | 4.6% | 4.3% | 3.4% | 3.1% | 3.6% | 2.0% | 3.6% | 3.8% | 2.8% | 3.5% |
| Free cash flow yield | 5.2% | 4.7% | 4.9% | 3.8% | 4.2% | 2.8% | 4.6% | 4.9% | 3.3% | 4.9% |
| Dividend yield | 3.5% | 3.3% | 3.4% | 3.0% | 2.4% | 1.8% | 2.2% | 2.2% | 2.3% | 2.1% |
| Shareholder yield (dividends + buybacks) | 4.5% | 6.2% | 5.4% | 3.5% | 4.2% | 2.1% | 3.2% | 4.6% | 4.3% | 5.1% |
| Share price at fiscal year-end | $80.97 | $84.76 | $80.24 | $90.95 | $104.36 | $130.92 | $97.63 | $88.81 | $80.13 | $83.09 |
| Per share | ||||||||||
| Revenue per share | $28.23 | $26.00 | $24.33 | $23.43 | $23.45 | $22.24 | $21.40 | $22.51 | $21.89 | $21.35 |
| Earnings per share | $3.73 | $3.61 | $2.76 | $2.82 | $3.73 | $2.66 | $3.54 | $3.41 | $2.27 | $2.89 |
| Operating cash flow per share | $5.69 | $5.46 | $5.10 | $4.53 | $5.44 | $4.61 | $5.35 | $5.16 | $3.42 | $4.94 |
| Free cash flow per share | $4.21 | $4.02 | $3.91 | $3.44 | $4.42 | $3.61 | $4.46 | $4.33 | $2.64 | $4.04 |
| Cash per share | $7.16 | $6.95 | $6.02 | $5.97 | $7.82 | $7.99 | $8.10 | $7.25 | $8.21 | $9.85 |
| Book value per share | $38.40 | $37.23 | $37.75 | $38.63 | $38.89 | $37.98 | $37.55 | $36.90 | $37.07 | $36.15 |
| Tangible book value per share | −$2.54 | −$4.17 | −$3.00 | −$3.59 | −$2.62 | −$6.11 | −$6.04 | −$7.68 | −$7.71 | −$8.36 |
| Dividends per share | $2.83 | $2.78 | $2.76 | $2.71 | $2.50 | $2.31 | $2.14 | $1.98 | $1.82 | $1.71 |
| Capex per share | $1.48 | $1.44 | $1.19 | $1.09 | $1.01 | $1.00 | $0.90 | $0.84 | $0.78 | $0.90 |
| Debt per share | $21.71 | $22.11 | $18.81 | $18.28 | $17.84 | $19.49 | $18.35 | $18.65 | $18.83 | $24.01 |
| Shares outstanding | 1.29B | 1.29B | 1.33B | 1.33B | 1.35B | 1.35B | 1.35B | 1.36B | 1.37B | 1.39B |
| Change in shares outstanding | −0.1% | −3.0% | −0.2% | −1.4% | −0.2% | +0.2% | −0.5% | −0.8% | −1.7% | −2.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.8% | 9.5% | 7.2% | 7.2% | 9.7% | 7.1% | 9.5% | 9.2% | 6.1% | 7.9% |
| Return on invested capital (ROIC) | 7.5% | 7.4% | 5.8% | 5.8% | 7.9% | 6.4% | 7.4% | 8.6% | 5.4% | 6.7% |
| Return on assets (ROA) | 5.2% | 5.1% | 4.1% | 4.1% | 5.5% | 3.9% | 5.3% | 5.1% | 3.2% | 4.0% |
| Return on tangible assets | 11.9% | 12.2% | 10.3% | 10.8% | 14.4% | 10.8% | 15.1% | 15.9% | 10.3% | 10.6% |
| Free cash flow margin | 14.9% | 15.5% | 16.1% | 14.7% | 18.9% | 16.2% | 20.8% | 19.2% | 12.1% | 18.9% |
| Income quality (OCF / net income) | 1.53 | 1.51 | 1.85 | 1.61 | 1.46 | 1.73 | 1.51 | 1.51 | 1.51 | 1.71 |
| Financial health | ||||||||||
| Total debt | $27.96B | $28.52B | $25.02B | $24.36B | $24.11B | $26.39B | $24.80B | $25.32B | $25.76B | $33.40B |
| Cash & short-term investments | $9.22B | $8.96B | $8.01B | $7.96B | $10.57B | $10.82B | $10.95B | $9.85B | $11.23B | $13.71B |
| Net debt | $18.74B | $19.55B | $17.02B | $16.41B | $13.54B | $15.57B | $13.85B | $15.47B | $14.54B | $19.69B |
| Debt / equity | 0.57 | 0.59 | 0.50 | 0.47 | 0.46 | 0.51 | 0.49 | 0.51 | 0.51 | 0.66 |
| Debt / assets | 0.30 | 0.31 | 0.28 | 0.27 | 0.27 | 0.28 | 0.27 | 0.28 | 0.28 | 0.33 |
| Net debt / EBITDA | 1.91 | 2.12 | 2.07 | 1.89 | 1.54 | 2.07 | 1.77 | 1.66 | 1.54 | 2.29 |
| Current ratio | 2.13 | 1.85 | 2.03 | 2.39 | 1.86 | 2.65 | 2.13 | 2.59 | 2.28 | 1.74 |
| Quick ratio | 1.62 | 1.42 | 1.55 | 1.81 | 1.49 | 2.14 | 1.72 | 2.15 | 1.92 | 1.51 |
| Interest coverage | 9.0 | 8.2 | 7.2 | 8.6 | 10.4 | 4.8 | 4.4 | 4.3 | 5.8 | 4.9 |
| Working capital | $13.13B | $10.94B | $11.15B | $12.62B | $10.66B | $14.04B | $11.66B | $13.49B | $12.90B | $10.61B |
| Invested capital | $68.20B | $67.58B | $67.23B | $67.89B | $66.09B | $67.00B | $64.59B | $65.56B | $65.26B | $69.99B |
| Tangible asset value | −$2.66B | −$5.15B | −$3.79B | −$4.60B | −$3.37B | −$8.10B | −$8.03B | −$10.31B | −$10.44B | −$11.51B |
| Net current asset value | −$18.17B | −$19.61B | −$17.63B | −$17.61B | −$15.20B | −$18.93B | −$17.79B | −$17.52B | −$17.59B | −$24.53B |
| Graham number | $56.74 | $55.02 | $48.45 | $49.50 | $57.12 | $47.71 | $54.73 | $53.22 | $43.50 | $48.52 |
| Graham net-net per share | −$20.01 | −$20.80 | −$18.31 | −$18.14 | −$15.70 | −$18.03 | −$17.22 | −$17.01 | −$16.86 | −$21.44 |
| Capital allocation | ||||||||||
| Dividends paid | $3.64B | $3.59B | $3.67B | $3.62B | $3.38B | $3.12B | $2.89B | $2.69B | $2.49B | $2.38B |
| Share buybacks (net) | $1.03B | $3.23B | $2.14B | $645.0M | $2.54B | $652.0M | $1.33B | $2.88B | $2.17B | $3.54B |
| Dividend payout ratio | 75.8% | 77.0% | 99.7% | 96.2% | 67.1% | 86.6% | 60.4% | 58.2% | 80.3% | 59.0% |
| Dividends + buybacks / free cash flow | 86.1% | 131.6% | 111.6% | 93.0% | 99.1% | 77.2% | 70.1% | 94.8% | 129.0% | 105.2% |
| Capex / revenue | 5.2% | 5.5% | 4.9% | 4.7% | 4.3% | 4.5% | 4.2% | 3.7% | 3.6% | 4.2% |
| Capex / operating cash flow | 26.0% | 26.4% | 23.4% | 24.2% | 18.6% | 21.7% | 16.8% | 16.2% | 22.8% | 18.2% |
| Capex / depreciation | 0.64 | 0.65 | 0.60 | 0.54 | 0.51 | 0.50 | 0.46 | 0.43 | 0.40 | 0.43 |
| Stock-based compensation / revenue | 1.3% | 1.3% | 1.2% | 1.1% | 1.1% | 1.1% | 1.0% | 0.9% | 1.1% | 1.2% |
| R&D / revenue | 7.9% | 8.1% | 8.5% | 8.6% | 8.7% | 8.3% | 8.1% | 7.6% | 7.5% | 7.4% |
| SG&A / revenue | 32.4% | 32.3% | 33.2% | 33.4% | 32.5% | 33.7% | 34.2% | 33.5% | 33.2% | 33.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 66.0 | 68.8 | 68.4 | 67.5 | 63.4 | 61.2 | 68.6 | 72.9 | 70.5 | 68.5 |
| Days of inventory on hand | 163.9 | 167.8 | 171.0 | 168.7 | 160.6 | 148.7 | 154.6 | 146.2 | 139.2 | 133.7 |
| Days payables outstanding | 73.1 | 76.2 | 82.5 | 84.1 | 78.8 | 71.4 | 76.5 | 71.4 | 64.1 | 64.1 |
| Cash conversion cycle (days) | 156.9 | 160.3 | 156.9 | 152.1 | 145.2 | 138.5 | 146.7 | 147.7 | 145.7 | 138.2 |
| Receivables turnover | 5.53 | 5.31 | 5.34 | 5.41 | 5.75 | 5.96 | 5.32 | 5.01 | 5.17 | 5.33 |
| Payables turnover | 5.00 | 4.79 | 4.42 | 4.34 | 4.63 | 5.11 | 4.77 | 5.11 | 5.70 | 5.69 |
| Inventory turnover | 2.23 | 2.18 | 2.13 | 2.16 | 2.27 | 2.45 | 2.36 | 2.50 | 2.62 | 2.73 |
| Asset turnover | 0.39 | 0.37 | 0.36 | 0.34 | 0.34 | 0.33 | 0.32 | 0.34 | 0.31 | 0.30 |
| Average receivables | $6.58B | $6.32B | $6.06B | $5.77B | $5.51B | $5.05B | $5.43B | $6.10B | $5.79B | $5.58B |
| Average payables | $2.55B | $2.43B | $2.54B | $2.47B | $2.19B | $2.05B | $1.97B | $1.79B | $1.59B | $1.63B |
| Average inventory | $5.71B | $5.35B | $5.25B | $4.95B | $4.46B | $4.27B | $3.99B | $3.67B | $3.46B | $3.41B |
| Intangibles / total assets | 56.7% | 58.3% | 60.2% | 61.9% | 61.7% | 64.1% | 65.0% | 67.5% | 67.0% | 62.0% |
Computed from MDT's annual financial statements (latest annual report filed June 18, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MDT valuation and financial ratios
At the end of fiscal 2026 (April 30, 2026), Medtronic traded at 21.7 times earnings, against a 10-year median of 28.3. Based on the latest twelve months, the trailing P/E is 23.3 and the forward P/E is 14.9. Medtronic earned a return on equity of 9.8% and a return on invested capital of 7.5% in fiscal 2026. It ended the year with $28.0 billion of debt and $9.2 billion in cash and short-term investments, net debt of $18.7 billion. It returned $4.7 billion to shareholders: $3.6 billion in dividends and $1.0 billion in share buybacks, 86% of free cash flow. The share count fell 7.4% from 1.39B to 1.29B over 9 years.
See the MDT income statement, the MDT chart for price history, or the MDT stock overview for the latest quote and news.
MDT key metrics FAQ
What is Medtronic's P/E ratio?
Medtronic's trailing P/E ratio is 23.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 14.9. At the end of fiscal 2026 it was 21.7, compared with a 10-year median of 28.3.
What is Medtronic's EV/EBITDA?
Medtronic's enterprise value was 12.5 times EBITDA at the end of fiscal 2026 (enterprise value $123.0 billion, EBITDA $9.8 billion); the current EV/EBITDA is 13.1.
What is Medtronic's return on equity?
Medtronic's return on equity (ROE) was 9.8% in fiscal 2026: net income of $4.8 billion on average shareholders' equity of $48.7 billion.
What is Medtronic's ROIC?
Medtronic's return on invested capital was 7.5% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Medtronic have?
Medtronic had total debt of $28.0 billion at the end of fiscal 2026, a debt-to-equity ratio of 0.57 and $18.7 billion of net debt (1.91 times EBITDA).
What is Medtronic's dividend yield?
Medtronic's forward dividend yield is 3.04%. Medtronic paid $3.6 billion in dividends in fiscal 2026 ($2.83 per share), a payout ratio of 75.8%.
Does Medtronic buy back its shares?
Yes. Medtronic spent $1.0 billion on net share repurchases in fiscal 2026 Shares outstanding changed −0.1% over the year, to 1.29B..
What is Medtronic's free cash flow yield?
Medtronic generated $5.4 billion of free cash flow in fiscal 2026, a free cash flow yield of 5.2% on its market value at year-end ($104.3 billion).
What is Medtronic's current ratio?
Medtronic's current ratio was 2.13 at the end of fiscal 2026: current assets were 2.13 times current liabilities.