NYSE · Healthcare

Medtronic plc

MDT · Medical Devices

$78.49

▼ -1.51 (-1.89%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Medtronic plc at $78.49.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 65.3%

Operating Margin 19.5%

Net Income Margin 13.9%

Fin. Health D

Years to Pay Off Debt 6.1 yrs

Working Capital vs Long-Term Debt -$14.7B

Working Capital $10.9B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.10x

Cash Flow B

Free Cash Flow $5.2B

CapEx % of Net Income 39.9%

Owner Earnings $9.4B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $100.8B

Enterprise Value $122.6B

P/E (TTM) 21.92

Dividend Yield 3.54%

Exchange NYSE

Key Margins

Gross Profit 65.3%

Operating Margin 19.5%

Net Margin 13.9%

Company Info

Sector Healthcare

Industry Medical Devices

Employees 95000

Country Ireland

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Medtronic plc at $78.49.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $78.49, the stock trades at a 42% premium to its Graham Number of $55.12. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Medtronic plc

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	65.3% ▼	65.3%	65.7%	68.0%
Operating Margin %	19.5% ▲	17.1%	18.7%	18.6%
Net Income %	13.9% ▲	11.4%	12.0%	15.9%
Diluted EPS	3.61 ▲	2.76	2.82	3.73

Balance Sheet Highlights

Metric	2025	2024	2023	2022
Total Assets	$91.7B	$90.0B	$90.9B	$91.0B
Total Debt	$28.5B ↑	$25.0B	$24.4B	$24.1B
Working Capital	$10.9B ▼	$11.1B	$12.6B	$10.7B
Years to Pay Debt	6.12	6.81	6.48	4.79

Cash Flow Highlights

Metric	2025	2024	2023	2022
Free Cash Flow	$5.2B ▼	$5.2B	$4.6B	$6.0B
Owner Earnings	$9.4B	$7.9B	$7.9B	$9.1B
CapEx % of Net Income	39.9%	43.2%	38.8%	27.1%

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	-96,944	-87,750	-101,775	-12,865
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	9,802,000	8,578,000	9,042,000	8,932,000
Total Unusual Items	-584,000	-375,000	-345,000	-155,000
Total Unusual Items Excluding Goodwill	-584,000	-375,000	-345,000	-155,000
Net Income From Continuing Operation Net Minority Interest	4,662,000	3,676,000	3,758,000	5,039,000
Reconciled Depreciation	2,861,000	2,647,000	2,697,000	2,707,000
Reconciled Cost Of Revenue	10,578,000	10,262,000	9,720,000	9,171,000
EBITDA	9,218,000	8,203,000	8,697,000	8,777,000
EBIT	6,357,000	5,556,000	6,000,000	6,070,000
Net Interest Income	-729,000	-719,000	-636,000	-553,000
Interest Expense	729,000	719,000	636,000	553,000
Normalized Income	5,149,056	3,963,250	4,001,225	5,181,135
Net Income From Continuing And Discontinued Operation	4,662,000	3,676,000	3,758,000	5,039,000
Total Expenses	26,997,000	26,844,000	25,397,000	25,778,000
Total Operating Income As Reported	5,955,000	5,144,000	5,485,000	5,752,000
Diluted Average Shares	1,289,900	1,330,200	1,332,800	1,351,400
Basic Average Shares	1,285,600	1,327,700	1,329,800	1,342,400
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	4,662,000	3,676,000	3,758,000	5,039,000
Net Income Common Stockholders	4,662,000	3,676,000	3,758,000	5,039,000
Net Income	4,662,000	3,676,000	3,758,000	5,039,000
Minority Interests	-29,000	-28,000	-26,000	-22,000
Net Income Including Noncontrolling Interests	4,691,000	3,705,000	3,784,000	5,062,000
Net Income Continuous Operations	4,691,000	3,705,000	3,784,000	5,062,000
Tax Provision	936,000	1,133,000	1,580,000	456,000
Pretax Income	5,628,000	4,837,000	5,364,000	5,517,000
Other Income Expense	-182,000	37,000	170,000	163,000
Other Non Operating Income Expenses	402,000	412,000	515,000	318,000
Special Income Charges	-584,000	-375,000	-345,000	-155,000
Other Special Charges	317,000	149,000	-30,000	95,000
Restructuring And Mergern Acquisition	267,000	226,000	375,000	60,000
Net Non Operating Interest Income Expense	-729,000	-719,000	-636,000	-553,000
Interest Expense Non Operating	729,000	719,000	636,000	553,000
Operating Income	6,540,000	5,520,000	5,830,000	5,908,000
Operating Expense	15,365,000	15,628,000	14,678,000	15,633,000
Other Operating Expenses	-23,000	464,000	-131,000	862,000
Depreciation Amortization Depletion Income Statement	1,807,000	1,693,000	1,698,000	1,733,000
Depreciation And Amortization In Income Statement	1,807,000	1,693,000	1,698,000	1,733,000
Amortization	1,807,000	1,693,000	1,698,000	1,733,000
Amortization Of Intangibles Income Statement	1,807,000	1,693,000	1,698,000	1,733,000
Research And Development	2,732,000	2,735,000	2,696,000	2,746,000
Selling General And Administration	10,849,000	10,736,000	10,415,000	10,292,000
Gross Profit	21,905,000	21,148,000	20,508,000	21,541,000
Cost Of Revenue	11,632,000	11,216,000	10,719,000	10,145,000
Total Revenue	33,537,000	32,364,000	31,227,000	31,686,000
Operating Revenue	33,537,000	32,364,000	31,227,000	31,686,000

Balance Sheet

	2025	2024	2023	2022
Ordinary Shares Number	1,281,935	1,311,338	1,330,809	1,330,743
Share Issued	1,281,935	1,311,338	1,330,809	1,330,743
Net Debt	26,240,000	23,679,000	22,757,000	20,338,000
Total Debt	28,516,000	25,024,000	24,364,000	24,114,000
Tangible Book Value	-5,380,000	-3,997,000	-4,786,000	-3,545,000
Invested Capital	76,482,000	75,177,000	75,783,000	76,603,000
Working Capital	10,935,000	11,146,000	12,624,000	10,665,000
Net Tangible Assets	-5,380,000	-3,997,000	-4,786,000	-3,545,000
Capital Lease Obligations	58,000	61,000	64,000	62,000
Common Stock Equity	48,024,000	50,214,000	51,483,000	52,551,000
Total Capitalization	73,614,000	74,091,000	75,770,000	72,867,000
Total Equity Gross Minority Interest	48,256,000	50,420,000	51,665,000	52,722,000
Minority Interest	232,000	206,000	182,000	171,000
Stockholders Equity	48,024,000	50,214,000	51,483,000	52,551,000
Other Equity Interest	-1,000
Gains Losses Not Affecting Retained Earnings	-4,284,000	-3,318,000	-3,499,000	-2,265,000
Other Equity Adjustments	-4,284,000	-3,318,000	-3,499,000	-2,265,000
Retained Earnings	31,476,000	30,403,000	30,392,000	30,250,000
Additional Paid In Capital	20,833,000	23,129,000	24,590,000	24,566,000
Total Liabilities Net Minority Interest	43,424,000	39,561,000	39,283,000	38,259,000
Total Non Current Liabilities Net Minority Interest	30,545,000	28,772,000	30,232,000	25,865,000
Other Non Current Liabilities	1,768,000	1,365,000	1,727,000	1,409,000
Employee Benefits	1,158,000	1,101,000	1,093,000	1,113,000
Tradeand Other Payables Non Current	1,574,000	1,859,000	2,360,000	2,087,000
Non Current Deferred Liabilities	403,000	515,000	708,000	884,000
Non Current Deferred Taxes Liabilities	403,000	515,000	708,000	884,000
Long Term Debt And Capital Lease Obligation	25,642,000	23,932,000	24,344,000	20,372,000
Long Term Capital Lease Obligation	52,000	55,000	57,000	56,000
Long Term Debt	25,590,000	23,877,000	24,287,000	20,316,000
Current Liabilities	12,879,000	10,789,000	9,051,000	12,394,000
Other Current Liabilities	1,000		-1,000
Current Debt And Capital Lease Obligation	2,874,000	1,092,000	20,000	3,742,000
Current Capital Lease Obligation	6,000	6,000	7,000	6,000
Current Debt	2,868,000	1,086,000	13,000	3,736,000
Other Current Borrowings	2,855,000		13,000	3,724,000
Line Of Credit	13,000	13,000	13,000	12,000
Commercial Paper	0	1,073,000	0
Pensionand Other Post Retirement Benefit Plans Current	2,514,000	2,375,000	1,949,000	2,121,000
Payables And Accrued Expenses	7,490,000	7,322,000	7,083,000	6,531,000
Current Accrued Expenses	3,683,000	3,582,000	3,581,000	3,551,000
Payables	3,807,000	3,740,000	3,502,000	2,980,000
Total Tax Payable	1,358,000	1,330,000	840,000	704,000
Income Tax Payable	1,358,000	1,330,000	840,000	704,000
Accounts Payable	2,449,000	2,410,000	2,662,000	2,276,000
Total Assets	91,680,000	89,981,000	90,948,000	90,981,000
Total Non Current Assets	67,865,000	68,046,000	69,274,000	67,920,000
Other Non Current Assets	3,584,000	4,047,000	3,959,000	3,008,000
Non Current Accounts Receivable	4,040,000	3,657,000	3,477,000	3,403,000
Goodwill And Other Intangible Assets	53,404,000	54,211,000	56,269,000	56,096,000
Other Intangible Assets	11,667,000	13,225,000	14,844,000	15,594,000
Goodwill	41,737,000	40,986,000	41,425,000	40,502,000
Net PPE	6,837,000	6,131,000	5,569,000	5,413,000
Accumulated Depreciation	-8,799,000	-7,922,000	-8,493,000	-7,952,000
Gross PPE	15,636,000	14,053,000	14,062,000	13,365,000
Construction In Progress	2,340,000	2,119,000	1,754,000	1,737,000
Other Properties	7,156,000	6,396,000	6,707,000	6,490,000
Machinery Furniture Equipment	3,295,000	2,872,000	2,952,000	2,617,000
Buildings And Improvements	2,685,000	2,506,000	2,487,000	2,351,000
Land And Improvements	160,000	159,000	162,000	170,000
Current Assets	23,814,000	21,935,000	21,675,000	23,059,000
Other Current Assets	2,858,000	2,585,000	2,425,000	2,319,000
Inventory	5,476,000	5,217,000	5,293,000	4,616,000
Other Inventories			1,000
Finished Goods	3,779,000	3,668,000	3,440,000	3,070,000
Work In Process	744,000	642,000	789,000	682,000
Raw Materials	953,000	907,000	1,063,000	864,000
Receivables	6,515,000	6,128,000	5,998,000	5,551,000
Accounts Receivable	6,515,000	6,128,000	5,998,000	5,551,000
Allowance For Doubtful Accounts Receivable	-199,000	-173,000	-176,000	-230,000
Gross Accounts Receivable	6,714,000	6,301,000	6,174,000	5,781,000
Cash Cash Equivalents And Short Term Investments	8,965,000	8,005,000	7,959,000	10,573,000
Other Short Term Investments	6,747,000	6,721,000	6,416,000	6,859,000
Cash And Cash Equivalents	2,218,000	1,284,000	1,543,000	3,714,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	5,185,000	5,200,000	4,580,000	5,978,000
Repurchase Of Capital Stock	-3,235,000	-2,138,000	-645,000	-2,544,000
Repayment Of Debt	-1,070,000	0	-8,291,000	-1,000
Issuance Of Debt	3,209,000	1,073,000	7,693,000	0
Issuance Of Capital Stock	508,000	284,000	308,000	429,000
Capital Expenditure	-1,859,000	-1,587,000	-1,459,000	-1,368,000
Interest Paid Supplemental Data	762,000	826,000	606,000	540,000
Income Tax Paid Supplemental Data	1,819,000	1,622,000	1,548,000	996,000
End Cash Position	2,218,000	1,284,000	1,543,000	3,714,000
Beginning Cash Position	1,284,000	1,543,000	3,714,000	3,593,000
Effect Of Exchange Rate Changes	188,000	-230,000	243,000	-231,000
Changes In Cash	746,000	-29,000	-2,414,000	352,000
Financing Cash Flow	-4,361,000	-4,450,000	-4,960,000	-5,336,000
Cash Flow From Continuing Financing Activities	-4,361,000	-4,450,000	-4,960,000	-5,336,000
Net Other Financing Charges	-184,000	-3,000	-409,000	163,000
Cash Dividends Paid	-3,589,000	-3,666,000	-3,616,000	-3,383,000
Common Stock Dividend Paid	-3,589,000	-3,666,000	-3,616,000	-3,383,000
Net Common Stock Issuance	-2,727,000	-1,854,000	-337,000	-2,115,000
Common Stock Payments	-3,235,000	-2,138,000	-645,000	-2,544,000
Common Stock Issuance	508,000	284,000	308,000	429,000
Net Issuance Payments Of Debt	2,139,000	1,073,000	-598,000	-1,000
Net Short Term Debt Issuance	-1,070,000	1,073,000	5,000	0
Short Term Debt Payments	-1,070,000	0	-2,279,000	0
Short Term Debt Issuance	0	1,073,000	2,284,000	0
Net Long Term Debt Issuance	3,209,000	0	-603,000	-1,000
Long Term Debt Payments	0	0	-6,012,000	-1,000
Long Term Debt Issuance	3,209,000	0	5,409,000	0
Investing Cash Flow	-1,937,000	-2,366,000	-3,493,000	-1,659,000
Cash Flow From Continuing Investing Activities	-1,937,000	-2,366,000	-3,493,000	-1,659,000
Net Other Investing Changes	-249,000	-261,000	4,000	-10,000
Net Investment Purchase And Sale	269,000	-307,000	-171,000	-190,000
Sale Of Investment	8,495,000	7,441,000	7,343,000	9,692,000
Purchase Of Investment	-8,226,000	-7,748,000	-7,514,000	-9,882,000
Net Business Purchase And Sale	-98,000	-211,000	-1,867,000	-91,000
Purchase Of Business	-98,000	-211,000	-1,867,000	-91,000
Net PPE Purchase And Sale	-1,859,000	-1,587,000	-1,459,000	-1,368,000
Purchase Of PPE	-1,859,000	-1,587,000	-1,459,000	-1,368,000
Operating Cash Flow	7,044,000	6,787,000	6,039,000	7,346,000
Cash Flow From Continuing Operating Activities	7,044,000	6,787,000	6,039,000	7,346,000
Change In Working Capital	-1,054,000	-484,000	-967,000	-889,000
Change In Other Working Capital	-538,000	-345,000	-148,000	-65,000
Change In Payables And Accrued Expense	209,000	391,000	696,000	213,000
Change In Inventory	-292,000	-139,000	-939,000	-560,000
Change In Receivables	-433,000	-391,000	-576,000	-477,000
Changes In Account Receivables	-433,000	-391,000	-576,000	-477,000
Other Non Cash Items	310,000	573,000	270,000	138,000
Stock Based Compensation	429,000	393,000	355,000	359,000
Provisionand Write Offof Assets	123,000	90,000	73,000	58,000
Asset Impairment Charge	0	371,000	0	515,000
Deferred Tax	-316,000	-508,000	-226,000	-604,000
Deferred Income Tax	-316,000	-508,000	-226,000	-604,000
Depreciation Amortization Depletion	2,861,000	2,647,000	2,697,000	2,707,000
Depreciation And Amortization	2,861,000	2,647,000	2,697,000	2,707,000
Amortization Cash Flow	1,807,000	1,693,000	1,698,000	1,733,000
Amortization Of Intangibles	1,807,000	1,693,000	1,698,000	1,733,000
Depreciation	1,054,000	954,000	999,000	974,000
Operating Gains Losses			53,000
Net Income From Continuing Operations	4,691,000	3,705,000	3,784,000	5,062,000

These metrics estimate what Medtronic plc is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$55.12

Margin of Safety

Market Cap ÷ Company Value

1.53

P/B Ratio

2.10

Warren's Owner Earnings

$9.4B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$33.5B

vs > $1.5B revenue

❌ Strong Financial Condition

1.85x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.54%

vs Uninterrupted dividends

❌ Earnings Growth

-3.2% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

21.9x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.10x P/B (P/E×P/B: 46.0)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-15.27

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$56.60

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022
Capital Expenditure % of Net Income	39.9%	43.2%	38.8%	27.1%
Repurchase of Capital Stock	-$3.2B	-$2.1B	-$645M	-$2.5B
Free Cash Flow	$5.2B ▼	$5.2B ▲	$4.6B ▼	$6.0B •
Warren's Owner Earnings	$9.4B	$7.9B	$7.9B	$9.1B

Peers & Industry Comparison

Medical Devices — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
MDT	$78.49	$100.8B	21.92	65.3%	13.9%	$33.5B
ABT Abbott Laboratories	$87.43	$152.3B	24.5	56.5%	13.9%	$45.1B
SYK Stryker Corporation	$292.38	$112.0B	34.8	64.7%	13.2%	$25.3B
BSX Boston Scientific Corporation	$57.11	$84.9B	23.9	68.9%	17.3%	$20.6B
EW Edwards Lifesciences Corporatio	$83.28	$48.0B	45.0	77.9%	17.4%	$6.3B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.32%

Low — management has little skin in the game

Return on Equity (ROE)

9.7%

Adequate — returns are moderate

Return on Assets (ROA)

5.1%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$3.2B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+14.0% YoY

Debt is growing — management is leveraging up

Leadership Team

Geoffrey Straub Martha

Chairman of the Board & CEO

Age 55

Pay: $3,814,693

0.082% of net income

Thierry Pieton

Executive VP & CFO

Age 55

Pay: $421,766

0.009% of net income

Brett Wall

Executive VP & President of Neuroscience Portfolio

Age 59

Pay: $1,858,925

0.040% of net income

Mark Ploof

Senior Vice President of Global Operations and Business Services

Ingrid Goldberg

Vice President & Head of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.04%	128,961,343
Blackrock Inc.	9.39%	120,537,878
State Street Corporation	4.80%	61,660,158
JPMORGAN CHASE & CO	4.18%	53,616,694
Capital Research Global Investors	2.69%	34,573,163
Geode Capital Management, LLC	2.17%	27,879,481
Bank of America Corporation	1.92%	24,671,783
Massachusetts Financial Services Co.	1.63%	20,947,960

Risk Analysis

Beta (Market Risk)

0.63

Low volatility — more stable than the market

Short Interest

1.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.57x

Conservative balance sheet — low financial risk

Current Ratio

2.54x

Strong liquidity — Graham approved

52-Week Price Range

Low: $78.41 Current: $78.49 High: $106.33

Currently at 0% of 52-week range

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