Medtronic plcMDT
NYSE•Healthcare•Medical Devices
Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients in the United States, Ireland, and internationally. 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, and percutaneous coronary intervention products, percutaneous angioplasty balloons, and other 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. The 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. The Diabetes Operating Unit segment provides insulin pumps and consumables, continuous glucose monitoring systems and sensors, and InPen, a smart insulin pen. Medtronic plc was founded in 1949 and is headquartered in Galway, Ireland.
Medtronic plc. (MDT) reported trailing twelve months revenue of $35.48B as of January 2026, a 6.9% increase year-over-year. Quarterly revenue reached $9.02B, reflecting continued top-line momentum.
Medtronic plc. generated $4.61B in TTM net income, with quarterly EBITDA of $2.21B. The operating margin contracted from 19.9% to 16.2%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (16.2%) and net margin (12.7%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 15.6% a year ago, reflecting increased costs or interest expense.
MDT trades at a P/E of 22.3x (in line with broad market averages) and a P/S of 2.9x. The price-to-book ratio of 2.1x reflects a moderate premium to book value.
The company generated $2.30B in free cash flow over the trailing twelve months, a 9.7% increase year-over-year, indicating cash generation ability. The balance sheet shows $91.48B in total assets with $27.88B in long-term debt against $48.98B in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~16.9%, suggesting durable pricing power and cost discipline.
ROE is positive at ~9.0% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~9.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~17.0% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.6 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 2.9% — net buybacks are reducing shares outstanding and boosting per-share value.