Medtronic plc (MDT) — Company Research

Last Updated: 3 August 2026

Medtronic has just posted its strongest revenue growth in a decade while simultaneously trying to detach an entire business unit from itself. Fiscal 2026 revenue of $36.4bn was up 8.4%, driven by an ablation franchise that nearly doubled, and in March 2026 the company floated its diabetes arm as MiniMed on Nasdaq while retaining roughly 90% of it. This report sets out what Medtronic sells, what the filings actually say, and what has to happen for the separation and the growth story to hold together. Every figure comes from company filings and published market data. There are no analyst ratings or price targets in it.

1. Company Snapshot

Field	Value
Company	Medtronic plc
Ticker / Exchange	MDT / New York Stock Exchange
Sector	Healthcare — medical devices and healthcare technology
Founded	1949
Headquarters	Registered office Galway, Ireland; operational headquarters Minneapolis, Minnesota, United States
CEO / Leadership	Geoffrey S. Martha — Chairman and Chief Executive Officer
Employees	More than 95,000 full-time employees, 43% of them in the United States or Puerto Rico
Fiscal year end	Late April; FY2026 ended 24 April 2026
Share price	$85.39 (close, 31 July 2026)
Shares outstanding	1,280,045,190 ordinary shares (as of 12 June 2026)
Market cap	Approximately $109.3bn (1,280.0m shares × $85.39)
Revenue (FY2026)	$36,364m, up 8.4% reported and 5.8% organic
Net income (FY2026, GAAP)	$4,801m attributable to Medtronic, up 3.0%
Non-GAAP diluted EPS (FY2026)	$5.53
Dividend	$0.72 per share per quarter from Q1 FY2027 ($2.88 annualised); 49 consecutive years of increases
R&D spend (FY2026)	$2,873m, or 7.9% of net sales

2. Bull and Bear Case

Bull Case

• Growth has genuinely re-accelerated: FY2026 revenue of $36,364m was up 8.4% reported and 5.8% organic, the fastest annual growth in ten years, and the fourth quarter alone delivered $9,807m with non-GAAP EPS of $1.55.
• Pulsed field ablation is compounding fast: Cardiac Ablation Solutions revenue grew 78% globally and 124% in the United States in the fourth quarter of FY2026, taking eight points of US share, driven by the PulseSelect and Affera Sphere-9 and Sphere-360 catheters.
• Hugo gives Medtronic a real seat in soft-tissue robotics: the system holds FDA clearance for urologic procedures, and on 3 June 2026 Medtronic filed 510(k) submissions to extend it into general surgery and gynaecology, the two largest robotic procedure pools.
• The MiniMed separation simplifies the story: the diabetes arm floated on Nasdaq on 6 March 2026 and full separation is targeted within FY2027, which would leave three focused portfolios and put a market price on an asset previously buried inside a conglomerate.
• Capital return and outside pressure are aligned: the dividend rose to $0.72 per quarter for a 49th consecutive annual increase, while Elliott Investment Management's stake has already produced two new board directors and dedicated growth and operational-efficiency committees.

Bear Case

• Earnings growth is not keeping pace with revenue: FY2026 non-GAAP EPS of $5.53 was barely ahead of FY2022's $5.55, and the company disclosed that constant-currency EPS growth was negative 2.0% in FY2026 with a $0.15 currency benefit flattering the reported figure.
• The balance sheet carries real leverage: long-term debt stood at $26,173m at 24 April 2026 with a further $1,788m current, against $9.2bn of cash and investments, and the company's own risk factors flag refinancing and credit-rating exposure.
• The separation is unfinished and complex: Medtronic still consolidates the diabetes business, still owns roughly 90% of MiniMed, has not finalised the structure of the final step, and is running that programme alongside CathWorks, Scientia Vascular, SPR Therapeutics and a Merit Medical agreement simultaneously.
• Competition is intensifying in every growth area at once: Intuitive Surgical in robotics, Boston Scientific and Johnson & Johnson in pulsed field ablation, and Abbott and Dexcom in glucose monitoring — and the FY2026 risk factors name GLP-1 drugs as an alternative to device-based therapy.
• Policy and pricing headwinds are quantified, not theoretical: tariffs cost 80 basis points of operating margin in the fourth quarter and 50 basis points across FY2026, while China volume-based procurement continues to force price concessions in a market representing roughly 6% of revenue.

3. Business Segments

Medtronic reported three segments in FY2026. Diabetes ceased to be a reportable segment in the fourth quarter following the MiniMed initial public offering, but it remains fully consolidated in group revenue — it is not treated as a discontinued operation. Figures below are FY2026 revenue.

Segment	% of revenue	What it is
Cardiovascular Portfolio — $13,976m	38.4%	Cardiac rhythm and heart failure devices, cardiac ablation including pulsed field, structural heart and aortic products such as Evolut transcatheter valves, and coronary and peripheral vascular including renal denervation. Grew 12.0% in FY2026
Neuroscience Portfolio — $10,287m	28.3%	Cranial and spinal technologies including navigation and robotics, specialty therapies covering neurovascular stroke devices, ENT and pelvic health, and neuromodulation for pain and movement disorders. Grew 4.5%
Medical Surgical Portfolio — $8,815m	24.2%	Surgical stapling, energy devices, hernia mesh, GI endoscopy and the Hugo robotic-assisted surgery system, plus acute care patient monitoring and airway management. Grew 4.9%
Diabetes (no longer a reportable segment, still consolidated) — $3,112m	8.6%	Insulin pumps, continuous glucose monitoring and consumables, now operated through the separately listed MiniMed. Grew 12.9%
Other — $174m	0.5%	Exited and divested businesses, including the fully divested Dutch obesity clinic

4. Business Model and Moat

How it makes money. Medtronic sells devices and the consumables that go with them, through a direct sales force organised by physician specialty and supplemented by distributors. A meaningful share of revenue comes from consignment inventory held at the hospital, meaning the product sits on the shelf and Medtronic recognises revenue as it is used. No single customer accounts for more than 10% of net sales, so the revenue base is spread across thousands of hospitals, group purchasing organisations and integrated delivery networks worldwide.

Where the switching costs live. The moat is built on training and installed base rather than patents alone. A cardiologist who implants Medtronic pacemakers works within Medtronic's programmer and remote-monitoring ecosystem; a spine surgeon trained on StealthStation navigation is unlikely to relearn a rival platform mid-career. Implanted devices then generate a decade or more of follow-on revenue in leads, replacements and consumables. That is why an installed base built over seventy-five years is worth more than any individual product approval.

Regulation cuts both ways. FDA premarket approval, European Medical Device Regulation and China NMPA registration are formidable barriers to a new entrant — but they are equally a brake on Medtronic itself. Hugo's US path has been indication by indication: urologic clearance first, then separate 510(k) submissions in June 2026 for general surgery and gynaecology. The same regulation that protects the franchise slows its expansion.

What erodes the moat. Government and group tender pricing is the counterweight. Chinese volume-based procurement, national tenders and payer utilisation management all compress price on products where Medtronic's clinical position is otherwise secure, and the FY2026 risk factors say so explicitly.

5. Financial Health

Medtronic's fiscal year ends in late April, so FY2026 covers the twelve months to 24 April 2026. Figures below are taken from Medtronic's results releases and filed financial statements. Long-term debt is the non-current balance-sheet figure including finance lease obligations at each fiscal year end.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
2022 (to 29 Apr 2022)	31,686	+5.2%	$3.73	$5.55	$2.52	$20,372m
2023 (to 28 Apr 2023)	31,227	−1.4%	$2.82	$5.29	$2.72	$24,344m
2024 (to 26 Apr 2024)	32,364	+3.6%	$2.76	$5.20	$2.76	$23,932m
2025 (to 25 Apr 2025)	33,537	+3.6%	$3.61	$5.49	$2.80	$25,642m
2026 (to 24 Apr 2026)	36,364	+8.4%	$3.73	$5.53	$2.84	$26,173m

The five-year picture is a company that has grown revenue by roughly $4.7bn while producing almost exactly the same adjusted earnings per share it produced in FY2022. Adjusted EPS of $5.53 in FY2026 sits fractionally below the $5.55 of FY2022. Long-term debt rose by nearly $6bn over the same span. Whatever the top line has been doing, the earnings line has been running to stand still — and FY2026's improvement was helped by a $0.15 currency tailwind, with constant-currency EPS growth of negative 2.0%.

Quarter / Half	Revenue ($m)	Adjusted EPS	GAAP EPS
Q4 FY2026 (to 24 Apr 2026)	9,807	$1.55	$0.96
Q3 FY2026 (to 23 Jan 2026)	9,000	$1.36	$0.89
Q2 FY2026 (to 24 Oct 2025)	9,000	$1.36	$1.07
Q1 FY2026 (to 25 Jul 2025)	8,600	$1.26	$0.81
FY2026 total	36,364	$5.53	$3.73

Quarterly revenue figures for Q1 to Q3 FY2026 are as reported to the nearest $0.1bn in the respective press releases. First-quarter FY2027 results, covering the quarter ended in late July 2026, had not been released at the time of writing; Medtronic confirmed on 20 July 2026 that they will be published on 1 September 2026.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$109.3bn (1,280.0m shares outstanding × $85.39 close, 31 July 2026)
Enterprise value	~$128.0bn (market cap $109.3bn + total debt $27,961m − cash and investments $9,220m, per the 24 April 2026 balance sheet: long-term debt $26,173m, current debt $1,788m, cash $1,949m, short-term investments $7,271m)
Trailing P/E (GAAP)	~22.9x ($85.39 / FY2026 GAAP diluted EPS $3.73)
P/E (forward)	~14.4x ($85.39 / $5.95, the midpoint of Medtronic's FY2027 non-GAAP diluted EPS guidance of $5.90–$6.00)
P/S (TTM)	~3.01x ($109.3bn / FY2026 revenue $36,364m)
EV/EBITDA (TTM)	~13.6x (EV $128.0bn / FY2026 EBITDA $9,425m; EBITDA = GAAP operating income $6,467m + depreciation and amortisation $2,958m from the cash flow statement)
P/FCF	~20.1x (market cap $109.3bn / free cash flow $5,426m; FCF = operating cash flow $7,330m − capital expenditure $1,904m per the FY2026 cash flow statement, matching the company's own reported free cash flow)
52-week high	$106.33 (26 November 2025)
52-week low	$73.31 (2 June 2026)
Short interest (% of float)	~1.49% (19.09m shares short, as of the 23 July 2026 settlement date)
Days to cover	n/a — no days-to-cover figure was published alongside the 23 July 2026 short-interest reading; verify at MarketBeat or Nasdaq short-interest pages for the current settlement period
Dividend yield	~3.4% ($2.88 annualised / $85.39)

The most striking number here is the gap between the trailing and forward multiples. Medtronic trades at roughly 22.9 times reported GAAP earnings but around 14.4 times the midpoint of its own FY2027 non-GAAP guidance, and the difference is amortisation, restructuring and separation costs rather than a step change in the operating business. The enterprise value sits nearly $19bn above the market cap, which is a reminder that the debt load is material relative to the equity.

The ChartsView Live Charts page carries the full interactive chart if you want to see how this valuation has moved over the last twelve months.

7. What Are They Building

Medtronic spent $2,873m on research and development in FY2026, equal to 7.9% of net sales, and supplemented it with a run of bolt-on acquisitions announced in the same year.

• Hugo robotic-assisted surgery. Cleared by the FDA for urologic procedures, with first US commercial cases following. On 3 June 2026 Medtronic filed 510(k) submissions to expand Hugo into general surgery and gynaecology and to clear the LigaSure RAS vessel sealer, having completed enrolment in the Embrace Gynecology clinical study.
• Pulsed field ablation. The PulseSelect single-shot catheter, the Affera Sphere-9 focal catheter capable of both radiofrequency and pulsed field energy, and the Affera Sphere-360 all run on the Affera mapping and navigation system. This is the fastest-growing part of the company, up 78% globally in the fourth quarter of FY2026.
• Renal denervation. The Centers for Medicare and Medicaid Services finalised a National Coverage Determination for renal denervation on 28 October 2025, covering the Symplicity Spyral system for uncontrolled hypertension, with the coding transmittal published on 19 March 2026. Transitional pass-through payment status has applied to the catheter since 1 January 2025.
• Structural heart. The Evolut transcatheter aortic valve family, including PRO+, FX and FX+, sits inside a structural heart and aortic business that generated $3,817m in FY2026, up 7.4%.
• Surgical navigation. The Stealth AXiS surgical system received FDA clearance for spine, cranial and ENT indications and CE Mark for spine and cranial, integrating robotic guidance with StealthStation navigation.
• Diabetes technology through MiniMed. EMEA commercial launch of the MiniMed Go smart multiple-daily-injection system with the Simplera sensor began on 25 February 2026, following FDA approval of the US version in January 2026 with launch expected later in 2026.
• Acquisitions bolted on. CathWorks closed on 20 April 2026 for $585m in coronary and peripheral vascular, and in May 2026 Medtronic announced intentions to acquire Scientia Vascular in neurovascular and SPR Therapeutics in neuromodulation, an agreement with Merit Medical for ViaVerte, and an investment in Pulnovo Medical.

8. Competitive Landscape

Medtronic competes with a different company in almost every one of its franchises. Abbott and Boston Scientific meet it in cardiac rhythm and ablation, Intuitive Surgical dominates the robotics market Hugo is entering, Edwards Lifesciences is its main rival in transcatheter valves, and Abbott and Dexcom compete with the diabetes business it is separating.

Peer	Market cap (August 2026)	Key 2025 metric
Johnson & Johnson (JNJ)	~$618bn (31 July 2026)	FY2025 total revenue of $94.2bn, up 6.0%, with MedTech contributing $33.8bn
Abbott Laboratories (ABT)	~$184bn (31 July 2026)	FY2025 sales of $44.3bn, up 5.7% reported, with adjusted diluted EPS of $5.15
Stryker (SYK)	~$127bn (13 July 2026)	FY2025 revenue of approximately $25.1bn
Boston Scientific (BSX)	~$71bn (June 2026)	FY2025 net sales of approximately $20.1bn, up 19.9% reported, with adjusted EPS of $3.06
Edwards Lifesciences (EW)	~$48bn (July 2026)	FY2025 revenue of approximately $6.07bn, concentrated in structural heart
Becton Dickinson (BDX)	~$45bn (June 2026)	FY2025 revenue of $21.84bn for the year to September 2025, up 8.2%

Peer market capitalisations are drawn from different dates in June and July 2026 and should be treated as approximate rather than simultaneous snapshots.

9. Insider Activity

Chairman and Chief Executive Officer Geoffrey S. Martha remains in post and appears in the 2026 filings only through routine tax-related share withholding on vesting rather than open-market activity. Medtronic insiders reported seven transactions in June 2026 totalling approximately $5.28m, of which five were tax-related dispositions and two were open-market sales. There were no open-market purchases by insiders in the period reviewed.

Name	Date	Type	Shares	Price	Value	Plan Type
Geoffrey S. Martha (Chairman & CEO)	4 Jun 2026	Disposition	41,936	$83.32	~$3,494,088	Tax withholding on vesting
Matthew R. Walter (SVP, Chief HR Officer)	4 Jun 2026	Disposition	2,840	$83.32	~$236,629	Tax withholding on performance RSU vesting
Harry "Skip" Kiil (Officer)	8 Jun 2026	Proposed sale (Form 144)	Not disclosed	Not disclosed	~$336,000	Form 144 notice of proposed sale
Matthew R. Walter (SVP, Chief HR Officer)	8 Jul 2026	Open-market sale	3,102	$83.15	~$257,931	Not specified in filing summary
Michelle Quinn (EVP, General Counsel)	Jul 2026	Disposition	2,069	$86.88	~$179,754	Tax withholding on RSU vesting

These entries are drawn from published summaries of SEC Form 4 filings and values are calculated from the reported share counts and prices. Readers should verify individual transactions against the original filings on SEC EDGAR before drawing conclusions.

10. Key Risks

• Separation execution: Medtronic's own risk factors state that expected strategic benefits from the ongoing separation of the diabetes business may not be realised or may take longer than expected. The company still consolidates the unit, still owns roughly 90% of MiniMed, and has not finalised whether the final step is a spin-off, a split-off, a further offering or a combination.
• Simultaneous transaction load: the FY2026 filings explicitly flag the cumulative effect of executing multiple transactions at once. CathWorks, Scientia Vascular, SPR Therapeutics, the Merit Medical agreement and the Pulnovo investment are all layered on top of the MiniMed programme, increasing operational complexity and timing risk.
• Debt and refinancing: total debt of roughly $28.0bn against $9.2bn of cash and investments means a meaningful share of operating cash flow services interest, and the company warns there can be no assurance it will maintain its credit rating if capital-market access tightens.
• Competitive and technological displacement: the risk factors name GLP-1 drugs as an alternative to device-based therapy alongside conventional competition — Intuitive Surgical in robotics, Boston Scientific and Johnson & Johnson in pulsed field ablation, and Abbott and Dexcom in glucose monitoring.
• China pricing and intellectual property: national and provincial volume-based procurement programmes in China require significant price concessions in a market representing roughly 6% of total revenue, and China is separately flagged as a weak point for intellectual-property protection.
• Product liability and recalls: quality problems have previously led to recalls and safety alerts, and implanted devices carry long-tail liability. Medtronic is also engaged in US Tax Court litigation with the IRS over Puerto Rico transfer pricing, remanded back to the Tax Court in September 2025, which the company says could materially affect its financial condition.
• Tariffs and currency: tariffs reduced operating margin by 80 basis points in the fourth quarter of FY2026 and 50 basis points across the full year, while currency added $819m to FY2026 revenue and $0.15 to EPS — a tailwind that reverses if the dollar strengthens.
• Hospital capital spending and reimbursement: demand depends on hospital purchasing decisions, group purchasing tender dynamics and payer coverage policy, any of which can change physician adoption and procedure volumes without warning.

11. Recent Developments

• 28 Oct 2025 — CMS finalises renal denervation coverage. A National Coverage Determination for renal denervation covering the Symplicity Spyral system gave Medicare patients with uncontrolled hypertension access to the procedure, removing the principal reimbursement obstacle to the therapy.
• 18 Nov 2025 — Second-quarter FY2026 results. Revenue of $9.0bn, up 6.6% reported and 5.5% organic and 75 basis points ahead of guidance, with GAAP EPS of $1.07 and non-GAAP EPS of $1.36. Cardiac Ablation Solutions revenue rose 71% globally and 128% in the United States, and full-year guidance was raised.
• 17 Feb 2026 — Third-quarter FY2026 results. Revenue of $9.0bn, up 8.7% reported and 6.0% organic, the strongest enterprise growth in ten quarters, with GAAP EPS of $0.89 and non-GAAP EPS of $1.36. Cardiac Ablation Solutions grew 80% globally and 137% in the United States.
• 25 Feb 2026 — MiniMed Go launches across EMEA. Commercial rollout of the MiniMed Go smart multiple-daily-injection system with the Simplera sensor began in Europe, the Middle East and Africa, following FDA approval of the US version in January 2026.
• 5 Mar 2026 — MiniMed prices its initial public offering. The diabetes business priced 28,000,000 shares at $20.00, below the marketed range. Trading began on the Nasdaq Global Select Market under the ticker MMED on 6 March 2026 and the offering closed on 9 March 2026 with roughly $538m of net proceeds. Medtronic retained approximately 90% of the shares.
• 20 Apr 2026 — CathWorks acquisition completed. Medtronic closed its $585m purchase of CathWorks, expanding the coronary and peripheral vascular portfolio, having announced its intent to exercise the option on 3 February 2026.
• 3 Jun 2026 — Fourth-quarter and full-year FY2026 results. Revenue of $36,364m, up 8.4% reported and 5.8% organic and the highest annual growth in ten years, with GAAP diluted EPS of $3.73 and non-GAAP diluted EPS of $5.53. The quarterly dividend was raised to $0.72 for a 49th consecutive annual increase, and FY2027 guidance was issued at 6.75% to 7.25% organic growth and $5.90 to $6.00 non-GAAP EPS.
• 3 Jun 2026 — Hugo filings and further acquisitions announced. Alongside results, Medtronic filed 510(k) submissions to expand Hugo into general surgery and gynaecology, disclosed FDA clearance of the Stealth AXiS system for spine, cranial and ENT, and announced intentions to acquire Scientia Vascular and SPR Therapeutics.
• 20 Jul 2026 — First-quarter FY2027 reporting date confirmed. Medtronic announced that results for the quarter ended in late July 2026 will be released on 1 September 2026, with a news release at 5:45am Central Time and a webcast at 6:45am.

12. Key Dates and Catalysts

• 1 Sep 2026 — first-quarter FY2027 results, news release at 5:45am Central Time with webcast at 6:45am; the first quarter to be reported under the new three-segment structure
• 17 Jul 2026 — payment date of the raised $0.72 quarterly dividend declared on 3 June 2026, with a record date of 26 June 2026
• Expected Sep 2026 — declaration of the second-quarter FY2027 dividend, following Medtronic's usual quarterly cadence
• Expected Dec 2026 — completion of the full MiniMed separation, which Medtronic has targeted within FY2027 and by the end of calendar 2026; the final structure had not been fixed as of the June 2026 results
• Expected 2027 — FDA decisions on the Hugo general surgery and gynaecology 510(k) submissions filed on 3 June 2026
• TBD — resolution of the US Tax Court transfer-pricing litigation with the IRS, remanded back to the Tax Court in September 2025

Medtronic's fiscal calendar means its full-year results and forward guidance land in late May or early June each year rather than in January, which is worth remembering when comparing it against calendar-year peers such as Abbott. Upcoming macro releases that affect the sector are listed on the ChartsView Economic Calendar, and readers can discuss individual holdings on the ChartsView Forum.

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