olivLaw · US equity research
Medtronic plc MDT
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
Medtronic plc, headquartered in Galway, Ireland, is a global healthcare technology company that develops cardiovascular, neuroscience and surgical devices and therapies for healthcare systems in more than 150 countries. In the first quarter of fiscal 2027 revenue grew 13.7 percent and the company raised its organic growth guidance, making it a key reference point for the sector. Net sales totaled 36.364 billion USD in fiscal 2026.
At the close of 04 Nov 2026, Medtronic plc (MDT) stock was 104.96 USD (+6.15% on the day), with market capitalisation 134.3 bn USD, P/E 25.8 on diluted EPS of 4.07 USD over the last 12 months, dividend yield 2.72%, beta 0.36, 52-week range 73.75–105.35 USD. Latest reported quarter (Q1 2027): revenue of 9.8 bn USD (+13.7% YoY), net income of 1.5 bn USD (+41.3% YoY), diluted EPS 1.14 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 73.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 87.68 – 102.15
- above the upper band · %B 1.19 · band width 15.2%
- SMA 50 / 200
- 92.22 / 88.21
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.59 / 1.74
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +19.3% | −1.1% | +20.4 pp | — |
| 3 months | +22.1% | −0.5% | +22.5 pp | — |
| 6 months | +35.3% | +4.4% | +30.9 pp | — |
| Year to date | +9.3% | +12.3% | −3.1 pp | — |
| 1 year | +16.1% | +13.5% | +2.5 pp | −0.4% |
| 3 years | +44.7% | +76.4% | −31.8 pp | −29.1% |
| 5 years | −14.7% | +63.7% | −78.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.4 bn | 8.3 bn | 8.9 bn | 8.6 bn | 9.0 bn | 9.0 bn | 9.8 bn | 9.8 bn |
| Cost of revenue | 2.9 bn | 2.8 bn | 3.1 bn | 3.0 bn | 3.1 bn | 3.3 bn | 3.4 bn | 3.4 bn |
| SG&A | 2.8 bn | 2.7 bn | 2.7 bn | 2.8 bn | 3.0 bn | 3.0 bn | 3.1 bn | 3.2 bn |
| Operating income | 1.6 bn | 1.6 bn | 1.4 bn | 1.4 bn | 1.7 bn | 1.5 bn | 1.9 bn | 1.8 bn |
| Depreciation & amortisation | 675.0 m ≈ | 684.0 m ≈ | 840.0 m | 748.0 m | 745.0 m ≈ | 749.0 m ≈ | 716.0 m | 729.0 m |
| Interest expense | 209.0 m | 179.0 m | 174.0 m | 176.0 m | 181.0 m | 181.0 m | 176.0 m | 186.0 m |
| Pre-tax income | 1.6 bn | 1.5 bn | 1.3 bn | 1.3 bn | 1.6 bn | 1.4 bn | 1.8 bn | 1.8 bn |
| Income tax | 281.0 m | 237.0 m | 199.0 m | 255.0 m | 215.0 m | 254.0 m | 575.0 m | 289.0 m |
| Net income | 1.3 bn | 1.3 bn | 1.1 bn | 1.0 bn | 1.4 bn | 1.1 bn | 1.2 bn | 1.5 bn |
| Diluted EPS | 0.99 | 1.01 | 0.82 ≈ | 0.81 | 1.07 | 0.89 | 0.97 ≈ | 1.14 |
| Operating cash flow | 958.0 m ≈ | 2.6 bn ≈ | 2.5 bn | 1.1 bn | 925.0 m ≈ | 2.7 bn ≈ | 2.6 bn | 1.8 bn |
| Capex | 404.0 m ≈ | 476.0 m ≈ | 459.0 m | 504.0 m | 468.0 m ≈ | 444.0 m ≈ | 488.0 m | 503.0 m |
| Dividends paid | 897.0 m ≈ | 897.0 m ≈ | 897.0 m | 910.0 m | 910.0 m ≈ | 911.0 m ≈ | 908.0 m | 921.0 m |
| Share repurchases | 288.0 m ≈ | 181.0 m ≈ | 274.0 m | 123.0 m | 372.0 m ≈ | 105.0 m ≈ | 435.0 m | 267.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 23 percentile of its own 43-quarter history (min 21.0, median 28.4, max 54.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30.6 bn | 28.9 bn | 30.1 bn | 31.7 bn | 31.2 bn | 32.4 bn | 33.5 bn | 36.4 bn |
| Revenue YoY | +2.0% | −5.4% | +4.2% | +5.2% | −1.4% | +3.6% | +3.6% | +8.4% |
| Net income | 4.6 bn | 4.8 bn | 3.6 bn | 5.0 bn | 3.8 bn | 3.7 bn | 4.7 bn | 4.8 bn |
| Net income YoY | +49.2% | +3.4% | −24.7% | +39.7% | −25.4% | −2.2% | +26.8% | +3.0% |
| Diluted EPS | 3.41 | 3.54 | 2.66 | 3.73 | 2.82 | 2.76 | 3.61 | 3.73 |
| Diluted EPS YoY | +50.2% | +3.8% | −24.9% | +40.2% | −24.4% | −2.1% | +30.8% | +3.3% |
| net % | 15.2% | 16.6% | 12.0% | 15.9% | 12.0% | 11.4% | 13.9% | 13.2% |
| Free cash flow | 5.9 bn | 6.0 bn | 4.9 bn | 6.0 bn | 4.6 bn | 5.2 bn | 5.2 bn | 5.4 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 24 Apr 2026
- Cash
- 1.9 bn USD
- Financial debt
- 1.8 bn USD
- Net debt
- -161.0 m USD
- Equity
- 50.1 bn USD
- Total assets
- 93.0 bn USD
- Debt / equity
- 0.04x
- Current ratio
- 2.13x
- ROE
- 9.8%
- ROA
- 5.2%
- FCF margin
- 14.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 30.1 bn | 31.7 bn | 31.2 bn | 32.4 bn | 33.5 bn | 36.4 bn | SEC (XBRL)· 18 Jun 2026verified |
| Cost of revenue | 10.5 bn | 10.1 bn | 10.7 bn | 11.2 bn | 11.6 bn | 12.7 bn | SEC (XBRL)· 18 Jun 2026verified |
| Gross profit | 19.6 bn ≈ | 21.5 bn ≈ | 20.5 bn ≈ | 21.1 bn ≈ | 21.9 bn ≈ | 23.6 bn ≈ | SEC (XBRL)· 18 Jun 2026derived |
| SG&A | 10.1 bn | 10.3 bn | 10.4 bn | 10.7 bn | 10.8 bn | 11.8 bn | SEC (XBRL)· 18 Jun 2026verified |
| Operating income | 4.5 bn | 5.8 bn | 5.5 bn | 5.1 bn | 6.0 bn | 6.5 bn | SEC (XBRL)· 18 Jun 2026verified |
| Depreciation & amortisation | 2.7 bn | 2.7 bn | 2.7 bn | 2.6 bn | 2.9 bn | 3.0 bn | SEC (XBRL)· 18 Jun 2026verified |
| EBITDA | 7.2 bn ≈ | 8.5 bn ≈ | 8.2 bn ≈ | 7.8 bn ≈ | 8.8 bn ≈ | 9.4 bn ≈ | SEC (XBRL)· 18 Jun 2026derived |
| Interest expense | 925.0 m | 553.0 m | 636.0 m | 719.0 m | 729.0 m | 715.0 m | SEC (XBRL)· 18 Jun 2026verified |
| Pre-tax income | 3.9 bn | 5.5 bn | 5.4 bn | 4.8 bn | 5.6 bn | 6.1 bn | SEC (XBRL)· 18 Jun 2026verified |
| Income tax | 265.0 m | 456.0 m | 1.6 bn | 1.1 bn | 936.0 m | 1.3 bn | SEC (XBRL)· 18 Jun 2026verified |
| Net income | 3.6 bn | 5.0 bn | 3.8 bn | 3.7 bn | 4.7 bn | 4.8 bn | SEC (XBRL)· 18 Jun 2026verified |
| Diluted EPS | 2.66 | 3.73 | 2.82 | 2.76 | 3.61 | 3.73 | SEC (XBRL)· 18 Jun 2026verified |
| Weighted average diluted shares | 1.4 bn | 1.4 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 18 Jun 2026verified |
| Dividend per share | 2.32 | 2.52 | 2.72 | 2.76 | 2.80 | 2.84 | SEC (XBRL)· 18 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.6 bn | 3.7 bn | 1.5 bn | 1.3 bn | 2.2 bn | 1.9 bn | SEC (XBRL)· 18 Jun 2026verified |
| Receivables | 5.5 bn | 5.6 bn | 6.0 bn | 6.1 bn | 6.5 bn | 6.6 bn | SEC (XBRL)· 18 Jun 2026verified |
| Inventories | 4.3 bn | 4.6 bn | 5.3 bn | 5.2 bn | 5.5 bn | 6.0 bn | SEC (XBRL)· 18 Jun 2026verified |
| Current assets | 22.5 bn | 23.1 bn | 21.7 bn | 21.9 bn | 23.8 bn | 24.8 bn | SEC (XBRL)· 18 Jun 2026verified |
| Property, plant & equipment, net | 5.2 bn | 5.4 bn | 5.6 bn | 6.1 bn | 6.8 bn | 7.4 bn | SEC (XBRL)· 18 Jun 2026verified |
| Goodwill | 42.0 bn | 40.5 bn | 41.4 bn | 41.0 bn | 41.7 bn | 42.6 bn | SEC (XBRL)· 18 Jun 2026verified |
| Intangibles (excl. goodwill) | 17.7 bn | 15.6 bn | 14.8 bn | 13.2 bn | 11.7 bn | 10.1 bn | SEC (XBRL)· 18 Jun 2026verified |
| Total assets | 93.1 bn | 91.0 bn | 90.9 bn | 90.0 bn | 91.7 bn | 93.0 bn | SEC (XBRL)· 18 Jun 2026verified |
| Accounts payable | 2.1 bn | 2.3 bn | 2.7 bn | 2.4 bn | 2.4 bn | 2.6 bn | SEC (XBRL)· 18 Jun 2026verified |
| Short-term debt | 11.0 m | 3.7 bn | 20.0 m | 1.1 bn | 2.9 bn | 1.8 bn | SEC (XBRL)· 18 Jun 2026verified |
| Current liabilities | 8.5 bn | 12.4 bn | 9.1 bn | 10.8 bn | 12.9 bn | 11.7 bn | SEC (XBRL)· 18 Jun 2026verified |
| Total liabilities | 41.5 bn | 38.3 bn | 39.3 bn | 39.6 bn | 43.4 bn | 43.0 bn | SEC (XBRL)· 18 Jun 2026verified |
| Equity | 51.6 bn | 52.7 bn | 51.7 bn | 50.4 bn | 48.3 bn | 50.1 bn | SEC (XBRL)· 18 Jun 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 6.2 bn | 7.3 bn | 6.0 bn | 6.8 bn | 7.0 bn | 7.3 bn | SEC (XBRL)· 18 Jun 2026verified |
| Capex | 1.4 bn | 1.4 bn | 1.5 bn | 1.6 bn | 1.9 bn | 1.9 bn | SEC (XBRL)· 18 Jun 2026verified |
| Free cash flow | 4.9 bn ≈ | 6.0 bn ≈ | 4.6 bn ≈ | 5.2 bn ≈ | 5.2 bn ≈ | 5.4 bn ≈ | SEC (XBRL)· 18 Jun 2026derived |
| Investing cash flow | -2.9 bn | -1.7 bn | -3.5 bn | -2.4 bn | -1.9 bn | -2.9 bn | SEC (XBRL)· 18 Jun 2026verified |
| Financing cash flow | -4.1 bn | -5.3 bn | -5.0 bn | -4.5 bn | -4.4 bn | -4.8 bn | SEC (XBRL)· 18 Jun 2026verified |
| Dividends paid | 3.1 bn | 3.4 bn | 3.6 bn | 3.7 bn | 3.6 bn | 3.6 bn | SEC (XBRL)· 18 Jun 2026verified |
| Share repurchases | 652.0 m | 2.5 bn | 645.0 m | 2.1 bn | 3.2 bn | 1.0 bn | SEC (XBRL)· 18 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 67 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 134.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Valuation35
- Quality86
- Growth54
- Returns65
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 37.32 – 131.71 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)70.02 – 107.17 (Mid 84.47)WACC 9.2% · starting FCFF 6.7 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 15.1%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E82.27 – 131.71 (Mid 88.55)7 companies used · median multiple 21.8x · quartiles 20.2x – 32.4xBLFS, CNMD, ELMD, INMD, ITGR, LIVN, TMDX
- Dividend discount (DDM)37.32 – 50.19 (Mid 42.81)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 67/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.7% | 80 (vs peers) | 10% |
| Net margin · Quality | 13.9% | 82 (vs peers) | 6% |
| FCF conversion · Quality | 117.2% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 5.2% | 43 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 9.8% | 65 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.1x | 100 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 9.4x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 25.8x | 43 (vs peers) | 10% |
| EV/EBITDA · Valuation | 13.9x | 10 (on a fixed band) | 10% |
| FCF yield · Valuation | 4.6% | 57 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 3.6% | 51 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 59.5% | 86 (on a fixed band) | 4% |
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth54/100 · 2/2 factors with a value
- Quality86/100 · 3/3 factors with a value
- Returns65/100 · 2/2 factors with a value
- Valuation35/100 · 3/3 factors with a value
Memo
Medtronic plc (MDT). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 36.4 bn USD in 2026; YoY growth 8.4%; net margin 13.9%; ROE 10.7%; net debt/EBITDA 0.1x.
The estimated value range is 70.02–107.17 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 84.47 USD, the price of 104.96 USD leaves a potential of -19.5% (value / price − 1) and a margin of safety of -24.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 67/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 10.7%
- Net margin: 13.9%
- FCF conversion: 117.2%
- Net debt / EBITDA: 0.1x
- Interest coverage: 9.4x
- Current ratio: 2.1x
- Payout ratio (FCF): 59.5%
What contradicts it
- EV/EBITDA: 13.9x
Versus the vertical median
Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDTMedtronic plc | 134.3 bn | 25.8 | 10.7% | 13.9% | +8.4% | +16% / +45% |
| LIVNLivaNova PLC | 5.2 bn | 31.3 | 15.5% | 13.0% | +10.7% | +48% / +110% |
| ITGRInteger Holdings Corporation | 4.3 bn | 42.5 | 6.0% | 5.7% | +8.0% | +75% / +45% |
| AXGNAxogen, Inc. | 3.1 bn | — | -10.3% | -12.0% | +20.2% | +79% / +684% |
| TMDXTransMedics Group, Inc. | 2.5 bn | 18.9 | 36.3% | 22.7% | +37.1% | −50% / −4% |
| BLFSBioLife Solutions, Inc. | 1.9 bn | 33.5 | 15.1% | 56.4% | +28.9% | unavailable / unavailable |
| CNMDConmed Corporation | 1.6 bn | 21.8 | 7.1% | 5.4% | +5.2% | +24% / −50% |
| CBLLCeriBell, Inc. | 1.1 bn | — | -52.5% | -68.0% | +36.1% | +61% / unavailable |
| INMDInMode Ltd. | 899.7 m | 9.9 | 13.5% | 25.3% | −6.2% | −0% / −40% |
| CVCapsoVision, Inc | 342.8 m | — | — | -214.7% | +15.3% | +23% / unavailable |
| ELMDElectromed, Inc. | 234.3 m | 21.5 | 23.3% | 15.3% | +15.3% | +5% / +172% |
| FOCLEdap Tms SA | 162.9 m | — | -321.7% | -49.1% | +1.6% | +81% / −17% |
| VANIVivani Medical, Inc. | 96.5 m | — | -220.4% | — | unavailable | −21% / +13% |
| STXSStereotaxis, Inc. | 95.9 m | — | -325.9% | -74.2% | +20.3% | −61% / −42% |
| NRXSNeuraxis, Inc. | 86.1 m | — | -139.8% | -144.4% | +32.9% | +147% / +117% |
| OMOutset Medical, Inc. | 83.8 m | — | -63.0% | -58.3% | +5.1% | −3% / −94% |
| ECORelectroCore, Inc. | 77.5 m | — | — | -33.5% | +27.2% | +66% / +49% |
| POCIPrecision Optics Corporation, Inc. | 53.1 m | — | -22.3% | -11.5% | +65.2% | +3% / −18% |
| NXLNexalin Technology, Inc. | 34.4 m | — | -240.3% | -4,139.4% | +78.8% | −95% / −87% |
| QTIQt Imaging Holdings, Inc. | 32.1 m | — | -2,125.0% | -77.3% | +287.9% | −64% / −99% |
| NUWENuwellis, Inc. | 19.2 m | — | — | -125.6% | −5.4% | −94% / −100% |
| IRIXIridex Corp | 12.6 m | — | -73.1% | -6.9% | unavailable | −26% / −72% |
| NDRAEndra Life Sciences Inc. | 7.4 m | — | -152.0% | — | unavailable | −16% / −100% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −80% / unavailable |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
1- and 3-year price returns: for MDT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 62.84 Total return -38% · Per year -38% | 111.06 Total return 9% · Per year 9% | 167.24 Total return 63% · Per year 63% |
| 3 years | 61.86 Total return -35% · Per year -13% | 122.93 Total return 26% · Per year 8% | 203.13 Total return 105% · Per year 27% |
| 5 years | 60.89 Total return -31% · Per year -7% | 136.07 Total return 46% · Per year 8% | 246.71 Total return 156% · Per year 21% |
- Exit P/E± 30.73
- Net margin± 21.51
- Annual revenue growth± 17.54
- Annual dilution± 1.81
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Medtronic plc, headquartered in Galway, Ireland, is a global healthcare technology company that develops cardiovascular, neuroscience and surgical devices and therapies for healthcare systems in more than 150 countries. In the first quarter of fiscal 2027 revenue grew 13.7 percent and the company raised its organic growth guidance, making it a key reference point for the sector. Net sales totaled 36.364 billion USD in fiscal 2026 13.
SWOT
Strengths
- Leadership in global healthcare technology and an extensive presence in more than 150 countries give scale and access to healthcare systems 1.
- Rapid growth in the cardiac rhythm division and in ablation shows the company's ability to launch products with commercial impact 3.
- Solid cash generation gives flexibility for investment and acquisitions 1.
Weaknesses
- The complexity of the supply chain and reliance on sole suppliers can cause production interruptions 1.
- Integrating several acquisitions and separating the diabetes business can consume management time and create unexpected costs 1.
- Exposure to price-controlled public procurement programs in some countries can reduce margins 1.
Opportunities
Risks
- Intense competitionhigh
Pressure from large companies and niche manufacturers could affect revenue and competitive position, especially after patent expiries 1.
- Supply interruptionshigh
Shortages of components, materials or sterilization services could delay launches and lead to lost sales 1.
- Tariffs and trade policymedium
Tariff changes and trade disputes could raise costs and affect results if they expand 1.
- Price pressure in public systemsmedium
Tenders and reimbursement mechanisms in some countries could require price cuts or refunds 1.
- Innovation execution and AI integrationmedium
Launching several products at once and integrating AI could delay results or create data security risks 1.
Investment thesis
What would need to be true (bull case)
- Strong organic growth in the first quarter of fiscal 2027 and the raised guidance suggest demand for the portfolio remains solid 3.
- Cardiovascular, with pulsed field ablation and the cardiac rhythm division, could remain the main growth driver if adoption expands 13.
- Strong free cash flow gives flexibility to invest in new technologies and make strategic acquisitions 1.
What would break the thesis
What to watch
- Development of organic growth guidance and non-GAAP EPSQ2 2027
- Impact of tariffs and refunds of IEEPA tariffs2027
- Adoption of pulsed field ablation systems in CardiovascularQ2 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Medtronic plc operates through three reportable segments: the Cardiovascular Portfolio, the Neuroscience Portfolio and the Medical Surgical Portfolio 1. The company announced the separation of its Diabetes Business, which became MiniMed Group, Inc. after an initial public offering completed on March 9, 2026, so diabetes is no longer a reportable segment from the fourth quarter of fiscal 2026 1. The mission to alleviate pain, restore health and extend life underpins a strategy built on innovation-driven growth, patient outcomes, and data, AI and automation 1.
The company generates substantial cash, with free cash flow of 5.426 billion USD in fiscal 2026 1. Net sales were 36.364 billion USD in fiscal 2026 1, and first quarter fiscal 2027 revenue reached 9.756 billion USD 3.
Segments
Market context
Trends
- Cardiac ablation and pulsed field energytailwind
Pulsed field ablation systems have grown quickly and opened a new growth stage for the cardiac rhythm division 13. If adoption continues it could support growth in the cardiovascular segment.
- Tariffs and trade policyheadwind
The company estimates a net pre-tax tariff impact in fiscal 2027, and the evolution of trade policy remains an uncertainty for its cost structure 1.
- Artificial intelligence and datamixed
Use of AI in products and operations could improve efficiency and differentiation, but could also bring compliance costs and data security risks 1.
- Shift to ambulatory surgical centersmixed
Growth of ambulatory surgical centers changes the site of care and could alter demand for some devices 1.
Competitive position
Medtronic competes with large multi-division companies and with small specialized manufacturers, and competition may rise as new products launch or patent protection expires 1. In surgical robotics and interventional cardiology competition is intense, and advantage depends on innovation, reliability and customer support 1.
The company has expanded partnerships and investments to strengthen its position, including a surgical robotics partner and an investment in leaflet modification technology 3. The outcome of these moves depends on competing on technology rather than only on price 1.
- Large multi-line medical technology companies
Competitors described in the source as companies with multiple business lines; no specific company is named in the texts reviewed.
- Specialized niche manufacturers
Smaller companies offering a limited range of niche products that can become direct competitors in specific lines.
- Pharmaceutical companies with alternative therapies
Drug therapies, including GLP-1 drugs, can partly replace device-based treatments, and the source explicitly names them as alternatives.
- Technology partners and research institutions
Companies and academic institutions researching and patenting similar products, competing also for personnel and technologies.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Medtronic (MDT) Raises its Outlook Again as Heart Device Demand Keeps ClimbingYahoo Finance — News · 17 Sept 2026 · EN
- Medtronic Sees AI, Ablation and Targeted M&A Fueling GrowthYahoo Finance — News · 16 Sept 2026 · EN
- Two Medical Device Dividend Giants, One Better Buy: Medtronic vs. AbbottYahoo Finance — News · 13 Sept 2026 · EN
- Jim Cramer Calls Medtronic (MDT) a “Quandary” as Growth Surges and Diabetes Exit NearsYahoo Finance — News · 10 Sept 2026 · EN
- Medtronic’s (MDT) Heart Devices Are Suddenly Outgrowing The Rest Of Med-TechYahoo Finance — News · 10 Sept 2026 · EN
- Medtronic Raised its Outlook as Heart Devices Accelerate, But Can the Momentum Last?Yahoo Finance — News · 09 Sept 2026 · EN
- Medtronic Is on the Cusp of Becoming a Dividend King. Is the Stock a Buy for Income Investors?Yahoo Finance — News · 09 Sept 2026 · EN
- Wall Street Isn't Talking About High-Yield Medtronic Stock -- Here's Why It Should BeYahoo Finance — News · 09 Sept 2026 · EN
- Medtronic (MDT) Q1 2027 Earnings Call TranscriptYahoo Finance — News · 08 Sept 2026 · EN
- Is Medtronic Stock Underperforming the Dow?Yahoo Finance — News · 02 Sept 2026 · EN
- Medtronic raises FY27 outlook after reporting strong Q1 growthYahoo Finance — News · 02 Sept 2026 · EN
- Medtronic plc Q1 2027 Earnings Call SummaryYahoo Finance — News · 01 Sept 2026 · EN
- How To Earn $500 A Month From Medtronic Stock Ahead Of Q1 EarningsYahoo Finance — News · 01 Sept 2026 · EN
- Tesla, Apple, Nvidia, Medtronic, Alumis, Robinhood, Fervo, and More Stocks That Explain Today’s MarketYahoo Finance — News · 01 Sept 2026 · EN
- Medtronic’s Stars Are Aligning for a Price RecoveryYahoo Finance — News · 01 Sept 2026 · EN
- Medtronic's Diabetes Spinoff Just Surged. What To Look For In Its Earnings.Yahoo Finance — News · 01 Sept 2026 · EN
- Medtronic vs. Thermo Fisher: Which Healthcare Turnaround Offers More Upside?Yahoo Finance — News · 23 Aug 2026 · EN
- Danaher vs. Medtronic: Which Healthcare Recovery Story Has More Upside?Yahoo Finance — News · 23 Aug 2026 · EN
- Medtronic vs. Tenet Healthcare: Which Healthcare Stock Offers Better Long-Term Growth?Yahoo Finance — News · 23 Aug 2026 · EN
- Medtronic Data Breach Impacts 3.8 Million PeopleSecurityWeek · 03 Jul 2026 · RO
The latest news item in our archive is from 17 Sept 2026; the newest SEC filing is from 19 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report19 Oct 2026Departure or appointment of officers · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report17 Sept 2026Other events · Financial statements and exhibits
- Quarterly report03 Sept 2026
- Current report01 Sept 2026Results of operations · Financial statements and exhibits
- Proxy statement17 Aug 2026
- Annual report18 Jun 2026
- Current report03 Jun 2026Results of operations · Financial statements and exhibits
- Current report18 May 2026Departure or appointment of officers · Financial statements and exhibits
- Current report27 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Current report24 Mar 2026Regulation FD disclosure
Sources
- [1] Form 10-K, fiscal year ended 2026-04-24 · SEC / Medtronic plc · 18 Jun 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Medtronic plc · 03 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Medtronic plc · 01 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.