Medtronic (MDT) Financials

$84.20 +1.30 (+1.57%)

As of 04/14/2025 03:59 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	2,675	3,538	4,028	3,104	4,631	4,789	3,606	5,039	3,758	3,676
Consolidated Net Income / (Loss)	2,675	3,538	4,024	3,095	4,650	4,806	3,630	5,062	3,784	3,705
Net Income / (Loss) Continuing Operations	2,675	3,538	4,024	3,095	4,650	4,806	3,630	5,061	3,784	3,704
Total Pre-Tax Income	3,486	4,336	4,602	5,675	5,197	4,055	3,895	5,517	5,364	4,837
Total Operating Income	3,766	5,361	5,383	6,640	6,268	4,791	4,484	5,752	5,485	5,144
Total Gross Profit	13,952	19,691	20,416	20,886	21,402	19,489	19,634	21,541	20,508	21,148
Total Revenue	20,261	28,833	29,710	29,953	30,557	28,913	30,117	31,686	31,227	32,364
Operating Revenue	20,261	28,833	29,710	29,953	30,557	28,913	30,117	31,686	31,227	32,364
Total Cost of Revenue	6,309	9,142	9,294	9,067	9,155	9,424	10,483	10,145	10,719	11,216
Operating Cost of Revenue	6,309	9,142	9,294	9,067	9,155	9,424	10,483	10,145	10,719	11,216
Total Operating Expenses	10,186	14,330	15,033	14,246	15,134	14,698	15,150	15,788	15,023	16,003
Selling, General & Admin Expense	6,904	9,469	10,018	10,238	10,418	10,109	10,148	10,292	10,415	10,736
Research & Development Expense	1,640	2,224	2,193	2,256	2,330	2,331	2,493	2,746	2,696	2,735
Amortization Expense	733	1,931	1,980	1,823	1,764	1,756	1,783	1,733	1,698	1,693
Other Operating Expenses / (Income)	118	107	239	-162	258	71	315	862	-131	464
Restructuring Charge	787	573	303	30	198	118	293	60	375	226
Other Special Charges / (Income)	4.00	26	300	61	166	313	118	95	-30	149
Total Other Income / (Expense), net	-280	-1,025	-781	-965	-1,071	-736	-589	-235	-121	-307
Interest Expense	666	1,386	1,094	1,146	1,444	1,092	925	553	636	719
Other Income / (Expense), net	-	-70	313	181	373	356	336	318	515	412
Income Tax Expense	811	798	578	2,580	547	-751	265	456	1,580	1,133
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	-4.00	-9.00	19	17	24	22	26	28
Basic Earnings per Share	$2.44	$2.51	$2.92	$2.29	$3.44	$3.57	$2.68	$3.75	$2.83	$2.77
Weighted Average Basic Shares Outstanding	1.10B	1.41B	1.38B	1.36B	1.35B	1.34B	1.34B	1.34B	1.33B	1.33B
Diluted Earnings per Share	$2.41	$2.48	$2.89	$2.27	$3.41	$3.54	$2.66	$3.73	$2.82	$2.76
Weighted Average Diluted Shares Outstanding	1.11B	1.43B	1.39B	1.37B	1.36B	1.35B	1.35B	1.35B	1.33B	1.33B
Weighted Average Basic & Diluted Shares Outstanding	1.10B	1.41B	1.38B	1.36B	1.35B	1.34B	1.34B	1.33B	1.33B	1.28B
Cash Dividends to Common per Share	$1.22	$1.52	$1.72	$1.84	$2.00	$2.16	$2.32	$2.52	$2.72	$2.76

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

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About Medtronic's Financials

When does Medtronic's fiscal year end?

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

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 4/15/2025 by MarketBeat.com Staff

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Medtronic (MDT) Financials

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