Medtronic (MDT) stock
Health Care · Health Care Equipment
Medtronic (MDT) is a Health Care Equipment company in the Health Care sector, headquartered in Galway, Ireland. As of October 23, 2026, MDT closed at $95.41, a market capitalization of $122.04 billion, the 101st largest company in the S&P 500. Over the last twelve months it generated $37.54 billion in revenue (+14% year over year) and $6.13 billion in free cash flow. The stock trades at 23.4x trailing earnings and 14.9x forward earnings.
- 1-year total return: +4.6% (dividends reinvested)
- 5-year return: -1.9% a year
- 52-week range: $73.31 – $106.33
- Gross margin 65.3%, operating margin 19.3%
- Dividend yield: 3.02%, 43 straight years of increases
- FI Handbook report card: B- across 10 metrics
- 15th largest of 60 Health Care stocks in the S&P 500
MDT price chart
1Y price change: +1.3% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| MDT | +7.7% | +1.9% | +4.6% | +13.3% | -1.9% | +4.0% | +12.5% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1973.
MDT key statistics
- Market cap
- $122.0B
- #101 in S&P 500
- P/E (TTM)
- 23.4x
- Forward P/E
- 14.9x
- EPS (TTM)
- $4.07
- Revenue (TTM)
- $37.5B
- +14%
- Free cash flow
- $6.1B
- Gross margin
- 65.3%
- Operating margin
- 19.3%
- Return on equity
- 10.6%
- Dividend yield
- 3.02%
- 52-week range
- $73.31 – $106.33
- Beta
- 0.57
- Price / sales
- 3.3x
- EV / EBITDA
- 13.6x
- Debt / equity
- 0.55x
- Employees
- 95,000
MDT report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth13.7%B
- Gross margin65.3%A
- Operating margin19.3%C
- FCF margin16.3%B
- Return on equity10.6%C
- Net debt / EBITDA1.9xC
- Forward P/E14.9xA
- PEG ratio1.7xC
- Shareholder yield3.9%B
- Share count change / yr-1.0%B
Medtronic plc. financials
Revenue went from $29.7B in fiscal 2017 to $36.4B in fiscal 2026, growing 2.3% a year.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $29.7B | $30.0B | $30.6B | $28.9B | $30.1B | $31.7B | $31.2B | $32.4B | $33.5B | $36.4B |
| Gross profit | $20.4B | $20.9B | $21.4B | $19.5B | $19.6B | $21.5B | $20.5B | $21.1B | $21.9B | $23.6B |
| Operating income | $5.4B | $6.6B | $6.3B | $4.8B | $4.5B | $5.8B | $5.5B | $5.1B | $6.0B | $6.5B |
| Net income | $4.0B | $3.1B | $4.6B | $4.8B | $3.6B | $5.0B | $3.8B | $3.7B | $4.7B | $4.8B |
| EPS (diluted) | $2.89 | $2.27 | $3.41 | $3.54 | $2.66 | $3.73 | $2.82 | $2.76 | $3.61 | $3.73 |
| Free cash flow | $5.6B | $3.6B | $5.9B | $6.0B | $4.9B | $6.0B | $4.6B | $5.2B | $5.2B | $5.4B |
| Buybacks | $3.5B | $2.2B | $2.9B | $1.3B | $652.0M | $2.5B | $645.0M | $2.1B | $3.2B | $1.0B |
| Dividends paid | $2.4B | $2.5B | $2.7B | $2.9B | $3.1B | $3.4B | $3.6B | $3.7B | $3.6B | $3.6B |
| Diluted shares | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.3B | 1.3B | 1.3B | 1.3B |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into MDT?
A reverse DCF asks what growth the current price requires. With an enterprise value of $141.4B and $6.1B of trailing free cash flow, Medtronic plc. needs to grow free cash flow about 14.1% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 2.1% a year over the last five years.
P/E ratio history
Current 25.6x vs. median 29.2x (10th–90th percentile 21.0x–39.5x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
MDT dividend
- Dividend yield
- 3.02%
- Annual dividend
- $2.88
- Years of increases
- 43
- 5-yr dividend growth
- 4.4%
- per year
- Payout ratio
- 70%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
MDT analyst price targets
26 analysts' average 12-month target is $104.62 (+10% vs. $95.41). Targets range from $85.00 to $121.00. 67% rate it a buy.
MDT earnings
Next report: November 17, 2026. Medtronic plc. has beaten EPS estimates 8 quarters in a row. Last quarter's revenue was $9.8B (+14% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Sep 1, 2026 | $1.39 | $1.45 | +4.5% |
| Jun 3, 2026 | $1.54 | $1.55 | +0.6% |
| Feb 17, 2026 | $1.34 | $1.36 | +1.9% |
| Nov 18, 2025 | $1.31 | $1.36 | +3.5% |
| Aug 19, 2025 | $1.23 | $1.26 | +2.5% |
| May 21, 2025 | $1.58 | $1.62 | +2.7% |
| Feb 18, 2025 | $1.36 | $1.39 | +2.2% |
| Nov 19, 2024 | $1.25 | $1.26 | +0.8% |
Stocks like MDT
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 ABT Abbott Laboratories | +1.16% | -16% | $179.4B | 38.6x | Compare |
 ISRG Intuitive Surgical | +1.90% | -18% | $159.8B | 54.7x | Compare |
 SYK Stryker | +0.02% | -19% | $117.8B | 31.8x | Compare |
 BSX Boston Scientific | -0.70% | -55% | $66.2B | 18.5x | Compare |
 BDX Becton, Dickinson and | -0.75% | +39% | $54.2B | 46.3x | Compare |
 EW Edwards Lifesciences Corporatio | -1.13% | +16% | $51.3B | 53.0x | Compare |
 IDXX IDEXX Laboratories | -1.13% | -12% | $44.1B | 39.4x | Compare |
 RMD ResMed | -0.08% | -4% | $35.6B | 24.2x | Compare |
MDT news
- Medtronic (MDT) Reports Strong Real World Ablation Data At APHRS 2026 · Oct 24, 2026
- Medtronic (MDT) Stock Could Be A Bargain On Cash Flow · Oct 24, 2026
- Pacemakers Market Forecasts Growth from $5.4 Billion (2025) to $7.5 Billion by 2030, Profiling Medtronic, Abbott, Boston Scientific, Biotronik & 6 Other Key Players · Oct 23, 2026
- Global Access Device Market Size, Share, Trends, and Forecast, 2026-2032: Trocar and Single-Port Access Devices | Market to Exceed $1.2 Billion as Advanced Trocars Drive Growth · Oct 23, 2026
- Medtronic reports real-world findings for cardiac ablation systems · Oct 23, 2026
MDT stock FAQ
What is MDT's market cap?
Medtronic's market capitalization is $122.04 billion as of October 23, 2026, ranking 101st in the S&P 500.
What is MDT's P/E ratio?
MDT trades at a trailing price-to-earnings ratio of 23.4x and a forward P/E of 14.9x. Its median P/E over the period we track is 29.2x.
Does MDT pay a dividend?
Yes. Medtronic pays $2.88 per share a year, a 3.02% yield. It has raised its dividend 43 years in a row. Dividends grew 4.4% a year over the last five years.
How much has MDT stock returned?
Including reinvested dividends, MDT returned +4.6% over one year, -1.9% a year over five years, +4.0% a year over ten years through October 23, 2026.
Is MDT stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Medtronic must grow free cash flow about 14% a year for the next decade. Its free cash flow grew 2% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the MDT price target?
26 analysts cover MDT with an average 12-month price target of $104.62, +10% from the current price. 67% of them rate it a buy.
When does MDT report earnings?
Medtronic is expected to report earnings on November 17, 2026. It has beaten EPS estimates 8 quarters in a row.
How many employees does Medtronic have?
Medtronic has about 95,000 full-time employees, or $395,179 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology