# Medtronic plc (MDT)

> Source: Nexqual · https://nexqual.com/MDT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Medtronic plc (MDT), nexqual.com/MDT" · informational, not investment advice.

**Price:** USD 96.59 (+3.83% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 93.03 · day 93.12–96.62 · 52w 73.31–106.33 · market cap $124B · NYQ

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $37.5B, net income $5.23B (13.9% margin), free cash flow $6.13B (SEC filings).
- Valuation: P/E 23.6x (avg 24.7x at the last 3 fiscal year-ends), EV/EBITDA 16.2x, net debt $19.3B.
- 7 of 80 tracked superinvestors hold MDT (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 4 added, 3 reduced, 0 unchanged.
- Analysts: Buy (mean 2.23 on a 1–5 scale) (30 analysts), mean target USD 104.62 (range 85–121).
- Total return with dividends: 1Y +5.9% vs S&P 500 +14.9%; 5Y -7.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-17, EPS estimate USD 1.33, revenue estimate $9.48B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $31.7B | $31.2B | $32.4B | $33.5B | $36.4B | $37.5B |
| Gross profit | $21.5B | $20.5B | $21.1B | $21.9B | $23.6B | — |
| Operating income | $5.75B | $5.49B | $5.14B | $5.96B | $6.47B | $6.79B |
| Net income | $5.04B | $3.76B | $3.68B | $4.66B | $4.80B | $5.23B |
| EPS (diluted) | $3.73 | $2.82 | $2.76 | $3.61 | $3.73 | — |
| Free cash flow | $5.98B | $4.58B | $5.20B | $5.18B | $5.43B | $6.13B |
| Gross margin | 68.0% | 65.7% | 65.3% | 65.3% | 65.0% | — |
| Operating margin | 18.2% | 17.6% | 15.9% | 17.8% | 17.8% | 18.1% |
| Net margin | 15.9% | 12.0% | 11.4% | 13.9% | 13.2% | 13.9% |
| Revenue growth | +5.2% | -1.4% | +3.6% | +3.6% | +8.4% | — |
| Cash + short-term investments | $10.6B | $7.96B | $8.01B | $8.96B | $9.22B | — |
| Total debt | $24.1B | $24.4B | $25.0B | $28.5B | $28.0B | — |
Fiscal years end Apr. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 23.6x · P/S 3.3x · EV/EBITDA 16.2x · EV/Sales 3.8x · P/FCF 20.1x · P/B 2.5x · FCF yield 4.96% · Earnings yield 4.23% · Dividend yield (paid, TTM) 2.95% · Buyback yield (TTM) 0.95% · Net debt $19.3B · EV $143B
P/E at fiscal year-ends: Apr 2026 21.7x, Apr 2025 23.5x, Apr 2024 29.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold MDT (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| David Katz | Matrix Asset Advisors | 3.03% | $36.8M | Reduced -1.6% | Q3 2026 |
| Harry Burn | Sound Shore | 2.02% | $65.6M | Added +1.6% | Q2 2026 |
| First Eagle Investment | First Eagle Investment Management | 1.80% | $1.08B | Added +37.2% | Q2 2026 |
| Richard Pzena | Pzena Investment Management | 0.72% | $246M | Reduced -0.3% | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | 0.32% | $616M | Added +2.4% | Q2 2026 |
| Hillman Capital | Hillman Capital Management | 0.32% | $446K | Added +55.6% | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 0.26% | $28.4M | Reduced -9.6% | Q2 2026 |

## Analysts
Consensus Buy (mean 2.23 on a 1–5 scale), 30 analysts; mean target USD 104.62 (low 85, high 121).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | BTIG | Target lowered | Buy | $100 → $99 |
| 2026-10-07 | Barclays | Initiated | Equal-Weight | $95 |
| 2026-09-30 | TD Cowen | Reiterated | Buy | $110 |
| 2026-09-03 | UBS | Target raised | Buy | $100 → $110 |
| 2026-09-02 | Truist Securities | Target raised | Hold | $86 → $99 |
| 2026-09-02 | Wells Fargo | Target raised | Overweight | $102 → $104 |
| 2026-09-02 | RBC Capital | Reiterated | Outperform | $118 |
| 2026-09-02 | B of A Securities | Target raised | Buy | $95 → $110 |
| 2026-09-02 | Stifel | Target raised | Hold | $80 → $95 |
| 2026-09-02 | Baird | Target raised | Neutral | $91 → $100 |
| 2026-09-01 | BTIG | Target raised | Buy | $91 → $100 |
| 2026-09-01 | Needham | Reiterated | Buy | $114 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +5.9% | -7.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +6.0% | -1.6% |
| Volatility (annualized) | 24.7% | 22.0% |
| Max drawdown | -28.9% (Nov 2025→Jun 2026) | -40.0% (Oct 2021→Oct 2023) |

## Peers (Medical Devices)
SYK (Stryker Corporation) USD 307.08 +3.19% · ABT (Abbott Laboratories) USD 102.51 +1.99% · BSX (Boston Scientific Corporation) USD 46.01 +3.37% · EW (Edwards Lifesciences Corporatio) USD 90.09 +1.91% · GEHC (GE HealthCare Technologies Inc.) USD 71.42 +3.49% · DXCM (DexCom, Inc.) USD 78.32 -2.42%

## More
Full page: https://nexqual.com/MDT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name MDT in their own reports (relationship from MDT's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | MiniMed Group, Inc. (MMED) | 10-K 2026-06-29 | "The Pöhlmann 2025 meta-analysis, a systematic literature review and meta-analysis of 34 real-world studies conducted by external researchers in collaboration with Medtronic, evaluated glycemic outcome…" |
| partner | MATERIALISE NV (MTLS) | 20-F 2026-04-23 | "In the medical market, we have entered into collaborations with DePuy Synthes Companies of Johnson & Johnson, or DePuy Synthes, and Zimmer Biomet Holdings, Inc., or Zimmer Biomet, as well as with Enco…" |
| partner | Picard Medical, Inc. (PMI) | 10-K 2026-03-30 | "The Company previously operated under a non-exclusive license agreement with Medtronic relating to certain valve intellectual property." |
| partner | Orchestra BioMed Holdings, Inc. (OBIO) | 10-K 2026-03-12 | "We have an exclusive license and collaboration agreement with Medtronic, Inc. (an affiliate of Medtronic plc) ("Medtronic") for the development and commercialization of AVIM Therapy for the treatment …" |
| partner | NeuroPace Inc (NPCE) | 10-K 2026-03-03 | "On July 27, 2005, we entered into a cross-license agreement, or the Cross-License, with Medtronic, Inc., or Medtronic, directed to patent families in a field of use that is generally aligned with our …" |
| partner | Anteris Technologies Global Corp. (AVR) | 10-K 2026-02-26 | "On January 20, 2026, we entered into a stock purchase agreement with Covidien Group S.à r.l. ("Covidien"), a wholly owned subsidiary of Medtronic plc (together with Covidien, "Medtronic"), pursuant to…" |
| partner | Edwards Lifesciences Corp (EW) | 10-K 2026-02-25 | "On April 12, 2023, we entered into an intellectual property agreement with Medtronic pursuant to which the parties agreed to a 15-year global covenant not to sue ("CNS") for infringement of certain pa…" |
| partner | Inspire Medical Systems, Inc. (INSP) | 10-K 2026-02-13 | "License Agreement with Medtronic" |

## Revenue by business segment (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Reportable segment net sales | $8.88B | 91.1% | +14.1% | — | — |
| — Cardiovascular (part of Reportable segment net sales) | $3.93B | 40.3% | +19.5% | $1.03B | 26.3% |
| — Neuroscience (part of Reportable segment net sales) | $2.68B | 27.4% | +10.3% | $793.0M | 29.6% |
| — Medical Surgical (part of Reportable segment net sales) | $2.28B | 23.4% | +9.9% | $485.0M | 21.3% |
| Other Operating Segments, Including Diabetes | $872.0M | 8.9% | +15.5% | $74.0M | 8.5% |
| — Diabetes (part of Other Operating Segments, Including Diabetes) | $843.0M | 8.6% | +16.9% | — | — |
| — Other operating segment, misc (part of Other Operating Segments, Including Diabetes) | $29.0M | 0.3% | -12.1% | — | — |
| Total revenue | $9.76B | 100% | — | $2.31B | 23.7% |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total other countries, excluding Ireland | $9.72B | 99.6% | +13.7% |
| UNITED STATES | $4.91B | 50.3% | +16.1% |
| International | $4.85B | 49.7% | +11.4% |
| Rest of world | $4.81B | 49.3% | +11.3% |
| Ireland | $40.0M | 0.4% | +21.2% |
| Total revenue | $9.76B | 100% | — |
The lines above cover 249.3% of total revenue.

## Company outlook (8-K filed 2026-09-01)

- "The company today raised its FY27 organic revenue growth and EPS guidance."
- "The company raised its FY27 organic revenue growth guidance to 7.25% to 7.75%, an increase from the prior guidance of 6.75% to 7.25%."
- "The company also raised its FY27 diluted non-GAAP EPS guidance to the new range of $5.94 to $6.00 versus the prior $5.90 to $6.00."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $1.33 | $1.35 | -1.1% | $9.48B | 25 |
| Next quarter (ends 2027-01-31) | $1.42 | $1.43 | -0.5% | $9.52B | 24 |
| Current fiscal year (ends 2027-04-30) | $5.98 | $5.95 | +0.5% | $38.97B | 30 |
| Next fiscal year (ends 2028-04-30) | $6.41 | $6.40 | +0.0% | $40.40B | 30 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-17): ±7.0%; earnings reaction alone ±4.3%; last 8 reports averaged ±4.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 28.5% | ±3.4% |
| 2026-11-06 | 14 | 22.9% | ±3.8% |
| 2026-11-13 | 21 | 24.5% | ±4.9% |
| 2026-11-20 | 28 | 30.9% | ±7.0% |
| 2026-11-27 | 35 | 26.7% | ±7.4% |
| 2026-12-04 | 42 | 27.0% | ±7.5% |
| 2026-12-18 | 56 | 27.7% | ±8.9% |
| 2027-01-15 | 84 | 25.9% | ±10.1% |