# Medtronic plc (MDT)

> Medtronic makes medical devices and therapies used to treat heart, brain, spine, surgical, and other health conditions.

- Exchange: NYSE · Sector: Healthcare · Industry: Medical Devices
- Headquarters: Galway, Ireland
- Founded: 1949
- Employees: over 95,000 (FY2026)
- SEC CIK: 0001613103 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001613103))
- Full page: https://inspectstocks.com/stocks/mdt
- Data as of: price 2026-09-28; newest filing used 2026-09-03; latest fiscal period ended 2026-07-31

## Grade

**A+** on the growth-and-cash rubric, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $37.5B | $31.6B |
| Revenue growing recently | passed | $37.5B | $36.4B |
| Free cash flow positive | passed | $6.1B |  |
| Free cash flow growing overall | passed | $6.1B | $4.4B |
| Free cash flow growing recently | passed | $6.1B | $5.4B |

Business quality (the + / − mark): 5 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 13.9% |  |
| Healthy profit margin | passed | 13.9% |  |
| Strong operating margin | passed | 18.1% |  |
| Good return on equity | failed | 10.6% |  |
| Debt under control | passed | 0.59 |  |
| Turns sales into cash | passed | 16.3% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $37.5B |
| Net income, trailing twelve months | $5.2B |
| Free cash flow, trailing twelve months | $6.1B |
| Net margin | 13.9% |
| Operating margin | 18.1% |
| Return on equity | 10.6% |
| Debt to equity | 0.59 |
| Diluted EPS, trailing twelve months | $4.07 |
| Share price | $89.49 |
| Market value | $114.5B |
| Price / earnings | 22.0x |
| Price / sales | 3.0x |

## What the business does

Medtronic designs, makes, and sells medical devices and related services to healthcare systems, clinicians, and patients in more than 150 countries. Its products include implanted heart devices, surgical tools, spine implants, equipment for monitoring patients, and therapies that use electrical stimulation to treat certain conditions. Its Diabetes Business became a separately listed company, MiniMed, through an initial public offering in March 2026, but its sales were still included in Medtronic’s July 2026 quarterly results.

### How it makes money

- **Cardiovascular devices and services** (40.2% (three months ended July 31, 2026)) — Hospitals and other healthcare providers buy devices such as pacemakers, heart-valve replacement devices, cardiac ablation catheters, and vascular stents. Sales also include related supplies and services.
- **Neuroscience devices and therapies** (27.4% (three months ended July 31, 2026)) — Healthcare providers buy spine implants, surgical navigation and imaging equipment, devices for treating stroke, and implanted stimulation and drug-delivery devices. Some therapies also generate sales of replacement parts and other supplies.
- **Medical Surgical products** (23.4% (three months ended July 31, 2026)) — Hospitals, surgery centers, and other care providers buy surgical staplers, vessel-sealing tools, endoscopy equipment, patient monitors, and airway products.
- **Diabetes products** (8.6% (three months ended July 31, 2026)) — The Diabetes Business sells insulin pumps, continuous glucose monitors, and the supplies used with them. Medtronic’s quarterly report included this business’s sales while MiniMed’s separation process continued.

### Products

- **Heart rhythm and ablation devices** — Pacemakers, defibrillators, heart-monitoring devices, and catheters used to treat or monitor irregular heart rhythms. Named products include Micra pacemakers, Reveal LINQ monitors, PulseSelect catheters, and the Affera mapping and ablation system.
- **Heart valve and vascular products** — Evolut devices replace a narrowed aortic valve through a catheter procedure. Medtronic also sells surgical heart valves, stent grafts for aortic disease, coronary stents, and balloons used in blood-vessel procedures.
- **Spine and neurosurgery products** — Spine implants treat conditions such as spinal deformity and damaged discs. StealthStation provides navigation during surgery, O-arm provides operating-room imaging, and Mazor systems guide robotic-assisted spine procedures.
- **Neurological stimulation and stroke devices** — InterStim devices stimulate nerves to treat bladder and bowel conditions; Inceptiv and Percept devices provide spinal or brain stimulation for certain conditions. Pipeline devices treat some brain aneurysms, and Solitaire devices are used in procedures for certain strokes.
- **Surgical and endoscopy products** — Endo GIA staplers and LigaSure instruments are used during surgery; Hugo assists surgeons in certain procedures. PillCam cameras are swallowed to capture images inside the digestive tract, and GI Genius helps examine colonoscopy images.
- **Patient monitoring and airway products** — Nellcor monitors measure blood oxygen, McGRATH MAC devices help clinicians place breathing tubes, and Shiley tubes help maintain a patient’s airway.

### Customers

- Hospitals and health systems buy devices and supplies, often through purchasing contracts negotiated for groups of facilities.
- Surgeons, cardiologists, neurologists, and other clinicians use or prescribe Medtronic products during procedures and patient care.
- Ambulatory surgery centers, physician offices, and other care facilities buy products for procedures and patient monitoring.
- Medtronic sells through its own sales representatives and through independent distributors and agents; some products are stocked on consignment at hospitals.

### Competitors

- Abbott Laboratories (ABT) — Heart rhythm devices, cardiac ablation, vascular products, and neurological stimulation devices.
- Boston Scientific Corporation (BSX) — Heart rhythm devices, cardiac ablation, vascular products, and devices used in digestive-system procedures.
- Johnson & Johnson (JNJ) — Its medical-device businesses, including Biosense Webster and Ethicon, compete in cardiac ablation and surgical instruments.
- Edwards Lifesciences Corporation (EW) — Heart-valve replacement and repair products, including devices used in catheter-based valve procedures.
- Stryker Corporation (SYK) — Spine and surgical products, including equipment used in operating rooms.

### What it depends on

- Some manufacturing components and raw materials come from sole suppliers; regulatory requirements can make it difficult to qualify replacement sources quickly.
- Product sales depend on regulatory approvals and continued compliance with rules for device design, manufacturing, labeling, and safety monitoring.
- Demand and prices can depend on insurance coverage, government reimbursement, and hospital purchasing contracts, including volume-based tenders in China.
- Medtronic relies on physicians and other healthcare professionals to use its products and to adopt new procedures and devices.
- The Diabetes Business separation and transition arrangements may affect which sales, employees, and operations remain with Medtronic.

### What could go wrong

- A product quality problem can lead to recalls or safety alerts, claims, and changes in clinician purchasing or use. The quarterly report also described a Pipeline Vantage recall that partly offset growth in the neurovascular business.
- Regulatory reviews can delay product approvals or restrict sales, while changes to coverage and reimbursement can reduce demand or the prices customers will pay.
- An interruption in the supply of a sole-source component or other manufacturing difficulty could limit production, and approved replacement suppliers may take time to establish.

## More on this company

- [Overview](https://inspectstocks.com/stocks/mdt)
- [Financial statements](https://inspectstocks.com/stocks/mdt/financials)
- [Competitors](https://inspectstocks.com/stocks/mdt/peers)
- [Earnings](https://inspectstocks.com/stocks/mdt/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.