Medtronic plc

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Apr 2026, Cardiovascular was 38% and Neuroscience was 28% of revenue.

In the fiscal year to Apr 2026, Rest of world was 50% and United States was 50% of revenue.

Quarters: Medtronic plc's SEC filings, named by the month they end. Fiscal years: Medtronic plc's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $13.2 ends up as net income. Net margin rose from 12.0% to 13.2% over the past 3 years.

Circled: Oct 2022 (net 5.6%, operating 18.5%). Net margin is usually about 4 points below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Medtronic plc's annual reports to the SEC; quarters: SEC filings.

How much goes into research?

Medtronic spent $2.9B on research and development in the four quarters to Jul 2026, 7.8% of its revenue, against 8.1% a year earlier. Over the year its research spending rose 4.9% and its revenue rose 9.8%.

From Medtronic plc's SEC filings: research and development expense by quarter, the fourth being the year minus nine months; its share is the four quarters' expense over their revenue. Some companies count the research they buy, through licences and acquisitions, in this line, so it jumps in the quarter they pay; others report that on a line of its own, not shown here.

Customers and suppliers

Partners

Blackstone BXFunds product development for milestones and royaltiesUp to $1.2 billion in fixed regulatory and commercial milestone payments following regulatory approval and commercial launch

MMozarcMedtronic invested in it · Medtronic holds a non-controlling equity investment50% non-controlling equity interest

Changes since the previous annual report (10-K filed Jun 20, 2025)

Blackstone BXNamed for the first time, as a partnerUp to $1.2 billion in fixed regulatory and commercial milestone payments following regulatory approval and commercial launch

DaVita DVANo longer named (was a partner)

Only the companies Medtronic names in its 10-K filed Jun 18, 2026 (SEC). Hover a name for the filing's own words.

Is it expensive?

P/E of 24.8x, below the peer median of 33.3x, with earnings still growing.

Priced 25% below the peer median of 33.3x.

At 24.8× trailing earnings MDT is inside the middle of its five-year range; the five-year median is 26.5×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $105, 4% above the current price; 63% of 30 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 19 analysts (63%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $103.43 to $102.69 (−1%), while MDT went from $96.14 to $100.99 (+5%). In the past three months targets were raised 9 times and cut once. 5 upgrades and no downgrades over the year; the latest: UBS moved it to Buy from Neutral on Jul 28, 2026.

The day after each of these reports the stock moved +4.2% (Oct 2025, beat); −1.0% (Jan 2026, beat); +11.1% (Apr 2026, beat); +1.7% (Jul 2026, beat).

For the quarter ending Oct 2026 (Medtronic reports on Nov 24, 2026), analysts expect adjusted earnings of $1.33 a share, 2% less than the $1.36 of a year earlier, and revenue of $9.5B, up 6% on a year earlier. For the fiscal year ending Apr 2027, they expect adjusted earnings of $5.98 a share, and revenue of $39.0B, up 7% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $6.1B in free cash flow over the year, of which $4.8B went back to shareholders (dividends plus buybacks), leaving $1.3B in the company.

Medtronic had 1.29B diluted shares in the quarter ended Jul 2026, 0.2% fewer than a year earlier, and 0.8% fewer each year on average since Jan 2020. It spent $1.2B on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 12.1% and its net income rose 12.3%: more shares took about 0 points off.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 2.1, no pressure to repay short-term debt; debt-to-equity 0.6, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 3 members of Congress and 6 funds whose copy leaves MDT out (not traded on the exchange): James Comer, Rob Bresnahan, Swiss National Bank, Bridgewater Associates, Norges Bank, Dan Meuser and 3 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 13 held MDT at the end of their latest quarter (for most, Q2 2026). Over that quarter 8 added shares, 5 cut and 2 sold all. The largest of them is Norges Bank, 16.55M shares worth $1.3B at Jun 30, 2026, 3.8% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of MDT at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

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