MDT
Medtronic plc
Healthcare • CIK: 0001613103
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Market Cap
$120.09B
P/E (TTM)
25.2x
Rev Growth (TTM)
+5.3%
Net Margin (TTM)
13.7%
FCF Yield (TTM)
4.3%
FCF Margin (TTM)
15.0%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$5.2B
Q4 '25
$457M-22%
Q3 '25
$584M-72%
FCF Margin
TTM15.0%
Q4 '255.1%-25%
Sector: 5.8%Above Avg
OCF Margin20.5%
OCF/NI1.49x
CapEx Coverage3.7x
FCF Yield4.3%
FCF Growth (2Y)+3%
Cash Conversion Cycle
165 days
DSO: 66+DIO: 173−DPO: 74
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM3.8%
Div Yield3.0%
+Buyback (TTM)0.8%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)3.0%
FCF Payout Ratio69.4%
Free Cash Flow (TTM)$5.2B
Stock Repurchases (TTM)$950.0M
Capital Return / FCF87.7%
Est. Dividends Paid (TTM)$3.6B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
7.3%
Stable
+0.2% YoY+1.5%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
15.0%
8Q: 14.6%
Asset Turnover
0.38x
8Q: 0.37x
Leverage (1+D/E)
1.60x
D/E: 0.60x
DuPont: 9.2% ≈ 7.3% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
5.10x
8Q:5.19x
-59.9%
Invested Cap Turn
0.49x
8Q:0.47x
+4.7%
CapEx Intensity
2.7%
8Q:2.6%
CapEx/Depreciation
0.63x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $34.8B | $9.0B↑4.5% | $8.6B↓3.9% | $8.9B↑7.7% | $8.3B↓1.3% | $8.4B↑6.2% | $7.9B↓7.8% | $8.6B↑6.2% | $8.1B |
Operating Income | $6.2B | $1.7B↑16.7% | $1.4B↑0.6% | $1.4B↓12.8% | $1.6B↑3.2% | $1.6B↑24.8% | $1.3B↑21.4% | $1.1B↓29.0% | $1.5B |
Net Income | $4.8B | $1.4B↑32.1% | $1.0B↓1.5% | $1.1B↓18.4% | $1.3B↑1.9% | $1.3B↑21.9% | $1.0B↑59.3% | $654.0M↓50.5% | $1.3B |
Operating Cash Flow | $7.1B | $925.0M↓15.0% | $1.1B↓57.0% | $2.5B↓1.7% | $2.6B↑168.5% | $958.0M↓2.8% | $986.0M↓64.5% | $2.8B↑12.2% | $2.5B |
Free Cash Flow | $5.2B | $457.0M↓21.7% | $584.0M↓71.8% | $2.1B↓1.3% | $2.1B↑278.3% | $554.0M↑18.9% | $466.0M↓80.2% | $2.4B↑10.5% | $2.1B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
25.2x
Volatile
8Q: 94.3x-1728%
Valuation Lenses
Earnings
25.2x
vs – sector
Cash Flow
25.9x
EV/FCF vs –
Growth-Adj
1.9xPEG
Fair for growth
Quality-Adj
3.5P/E per %ROIC
ROIC: 7.3%
Shareholder Returns
Dividend
3.0%
Buyback
0.8%
Total Yield
3.8%
Market Cap$120.09B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
75/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
9.8%
8Q:–
Return on Invested Capital (ROIC)Top 25%
7.3%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 15.0%
Asset Turnover: 0.38x
Earnings Quality
Cash Conversion
1.49x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin65.5%
Capital Efficiency
Invested Capital Turnover0.49x
Working Capital
Cash Conversion Cycle165 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
57/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
5.3%
OpInc Growth YoY
5.7%
EPS Growth YoY
13.5%
FCF 3Y CAGR
2.6%
Margin Quality & Sustainability
High Quality
Profitability Cascade
Gross
65.5%
Operating
17.9%
Above Avg in sector
Net
13.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+1.3 pts
FCF: 15.0% | Net: 13.7%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $20.77B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.60x
Balance sheet risk & solvency analysis