Medtronic plc
MDTFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$9.0B
Q3 FY26 · +8.7% YoY
TTM ROIC
18.7%
FY2025 · NOPAT / Invested Capital (Goodwill + Intangibles + Net PP&E + Net Working Capital) · WACC ~5.7% · Moat spread +13pp
Financial Snapshot
ticker: MDT step: 04 generated: 2026-05-12 source: quick-research
Medtronic plc (MDT) — Financial Snapshot
Note: Medtronic's fiscal year ends in late April. "FY2025" = fiscal year ended April 25, 2025.
Income Statement Summary
| Metric | FY2024 | FY2025 | FY2026E | YoY |
|---|---|---|---|---|
| Revenue | $32.4B | $33.5B | ~$35.5B | +6% |
| Organic Revenue Growth | +5.1% | +3.6% | +5%+ (mgmt) | accelerating |
| Adj. Operating Margin | 25.5% | 25.5% | 26% | +50bps |
| Non-GAAP EPS | $5.20 | $5.45 | $5.60-5.66 | +3-4% (mgmt raised) |
| Free Cash Flow | $5.6B | $5.0B | $5.5B+ | +10% |
Q3 FY2026 Highlights (most recent)
| Metric | Q3 FY26 | YoY |
|---|---|---|
| Revenue | $9.02B | +8.7% reported, +6.0% organic |
| Cardiovascular | $3.46B | +13.8% reported, +10.6% organic |
| Cardiac Ablation Solutions (CAS) | +~50% | PFA-driven |
| Diabetes Revenue | $796M | +14.8% reported, +8.3% organic |
| Medical Surgical | growing | |
| Neuroscience | flat to modest | |
| Highest revenue growth in 10 quarters |
Pulsed Field Ablation (PFA) — Growth Engine
| Metric | Status |
|---|---|
| Q3 FY26 CAS growth | ~50% (US PFA-driven) |
| PulseSelect launched 2024 | Strong US adoption |
| Affera mapping + ablation | Differentiated |
| Sphere-9 catheter | New entry |
Hugo Robotic Surgery
| Metric | Status |
|---|---|
| Urology FDA clearance | Feb 2026 |
| Hernia trial | Ongoing |
| Gynecology trial | Ongoing |
| US first case | Cleveland Clinic Feb 2026 |
| Addressable market | $10B+ TAM |
MiniMed (Diabetes) Spin-Off
| Metric | Value |
|---|---|
| MMED trading begins | March 6, 2026 (Nasdaq) |
| Spun-off business revenue | ~$2.5B (Diabetes segment) |
| MDT remaining ownership stake | partial (publicly traded) |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$6B |
| Capital Expenditures | ~$1B |
| Free Cash Flow | $5.0B |
| Cash & Investments | ~$7B |
| Total Debt | ~$26B |
| Net Debt/EBITDA | ~2.0x |
Key Ratios (approximate, May 2026)
- P/E (forward): ~17x | EV/EBITDA: ~13x | Dividend Yield: ~3.0%
- ROIC: ~10% (post-MiniMed spin)
- FCF Margin: ~15%
Growth Profile
Q3 FY26 marks Medtronic's strongest growth in 10 quarters: +8.7% reported, +6.0% organic. PFA + Hugo are the catalysts. MiniMed spin-off March 2026 unlocks "pure-play" valuation of remaining business focused on high-growth surgical + cardiovascular. Management raised FY26 non-GAAP EPS guide to $5.60-5.66.
Forward Estimates
- FY2026E Revenue (post-spin): ~$33B
- FY2026E Non-GAAP EPS: $5.60-5.66 (mgmt)
- FY2027E EPS: ~$6.00 (+7%)
- FY2028E EPS: ~$6.50 (+8%)
Capital Return
- Dividend $2.84 annual = ~$3.7B paid
- 47+ consecutive years of dividend growth (Dividend King)
- Buybacks: ~$2-3B annual
- Total return: ~3% dividend + 1-2% buyback + 6-8% EPS growth
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $MDT.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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