At a glance
Medtronic PLC is worth $127.01B, about 27 times its fiscal 2026 earnings. Revenue grew 8.4% to $36.36B in fiscal 2026, with 13.2% kept as profit; over 5 years it has grown 3.8% a year. It pays a 2.88% dividend yield, raised every year for at least 9 years, and returned $27.49B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +13.1% over the past year with dividends reinvested and −0.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.0% in the 2020 crash (S&P 500: 33.7%) and 27.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 37 months after the lows.
The business in plain English
Medtronic plc makes medical devices, mostly therapies that doctors implant or use during procedures. It serves healthcare systems, physicians and patients in more than 150 countries. Founded in 1949, it is headquartered in Galway, Ireland. The main users of its products are specialists such as cardiologists and heart, spine and brain surgeons. In the fiscal year ended April 24, 2026, revenue rose 8.4% to $36.4 billion. Medtronic kept 65% of sales as gross profit, which is what is left after the direct costs of making its products.
Cardiovascular is the largest segment, at 38.4% of fiscal 2026 revenue. It includes pacemakers such as the leadless Micra, implantable defibrillators, Affera and PulseSelect catheters that treat irregular heart rhythms, and coronary stents. It also includes Evolut heart valves, which are put in place through a catheter instead of open surgery. Neuroscience, at 28.3%, covers spine implants plus imaging and robotic guidance systems for spine and brain surgery, such as the O-arm and Mazor. Medical Surgical made up 24.2%.
Diabetes contributed 8.6%. Medtronic is separating that business into MiniMed Group, which completed an initial public offering (its first offering of shares to the public) on March 9, 2026. In Medtronic's June 2026 annual report, MiniMed was still a consolidated subsidiary, so its results appear in Medtronic's figures. Revenue was split almost evenly: 49.8% from the United States and 49.8% from the rest of the world.
Price history
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MDT +13.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Cardiovascular | $13.98B | 38.4% |
| Neuroscience | $10.29B | 28.3% |
| Medical Surgical | $8.81B | 24.2% |
| Diabetes | $3.11B | 8.6% |
| Other Operating Segments | $135.0M | 0.4% |
By geography
| Rest of world | $18.12B | 49.8% |
| United States | $18.10B | 49.8% |
| Ireland | $143.0M | 0.4% |
Latest results
- In Q1 FY2027 (ended Jul 31, 2026), revenue was $9.76B, up 13.7% from a year earlier, and net income was $1.47B (+41.3%).
- For fiscal 2026, revenue was $36.36B (+8.4% year over year; +3.8% a year from FY2021 to FY2026) with a 13.2% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +3.8% watch |
|---|---|
| Operating margin | 17.8% good |
| Free cash flow margin | 14.9% good |
| Return on equity (FY2026) | 9.7% watch |
| Return on assets (FY2026) | 5.2% watch |
| Net cash (cash minus debt) | $-19.33B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $30.12B | $3.61B | $4.88B |
| FY2022 | $31.69B | $5.04B | $5.98B |
| FY2023 | $31.23B | $3.76B | $4.58B |
| FY2024 | $32.36B | $3.68B | $5.20B |
| FY2025 | $33.54B | $4.66B | $5.18B |
| FY2026 | $36.36B | $4.80B | $5.43B |
Valuation snapshot
| Market value | $127.01B |
|---|---|
| P/E ratio | 26.6 |
| Dividend yield | 2.88% |
Rank among 1514 US companies
Market value at each year end
Medtronic’s market value went from $97.80B at the end of 2016 to $127.01B on Nov 2, 2026, up 30%; since the end of 2025 it is up 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $127.01B | +3.1% |
| 2025 | $123.15B | +20.2% |
| 2024 | $102.43B | -6.5% |
| 2023 | $109.54B | +6.0% |
| 2022 | $103.38B | -25.7% |
| 2021 | $139.09B | -11.8% |
| 2020 | $157.67B | +3.7% |
| 2019 | $152.07B | +24.5% |
| 2018 | $122.16B | +11.8% |
| 2017 | $109.29B | +11.8% |
| 2016 | $97.80B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MDT price data to Nov 2, 2026 | +6.0% | +13.1% | +15.0% | -0.8% | +4.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.0% |
| 2025 | +24.0% |
| 2024 | +0.3% |
| 2023 | +9.6% |
| 2022 | -22.6% |
| 2021 | -9.8% |
| 2020 | +5.7% |
| 2019 | +27.3% |
| 2018 | +15.2% |
| 2017 | +15.9% |
| 2016 | -5.4% |
| 2015 | +8.6% |
| 2014 | +28.2% |
| 2013 | +42.9% |
| 2012 | +10.6% |
| 2011 | +5.8% |
| 2010 | -13.8% |
| 2009 | +42.5% |
| 2008 | -36.3% |
| 2007 | -5.2% |
| 2006 | -6.3% |
| 2005 | +16.7% |
| 2004 | +2.7% |
| 2003 | +7.2% |
| 2002 | -10.3% |
| 2001 | -14.8% |
| 2000 | +66.3% |
| 1999 | -1.5% |
| 1998 | +42.1% |
| 1997 | +54.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 56.2% over that stretch · deepest drop along the way 56.5%, back to its old high 50.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.9% over that stretch · deepest drop along the way 36%, back to its old high 7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.7% over that stretch · deepest drop along the way 27.9%, back to its old high 37.2 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (24 read): 0 open-market purchases and 6 sales ($6.5M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 15, 2026 | Geoffrey Martha Chairman and CEO, Director | sell (plan) | $4.8M |
| Oct 15, 2026 | Michael Marinaro EVP, Pres MedSurg and Americas | sell (plan) | $1.0M |
| Jun 8, 2026 | Harry Skip Kiil EVP & President Cardiovascular | sell | $319K |
| Jul 8, 2026 | Matthew R. Walter SVP, Chief HR Officer | sell (plan) | $258K |
| Sep 16, 2026 | Harry Skip Kiil EVP & President Cardiovascular | sell | $139K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.51% | Mar 31, 2026 |
| BlackRock, Inc. | 6.9% | Mar 31, 2025 |
ETFs with the most weight in MDT
| IHI iShares U.S. Medical Devices ETF | 4.39% |
| ABEQ Absolute Select Value ETF | 4.35% |
| DIVP Cullen Enhanced Equity Income ETF | 4.26% |
| DIVL Madison Dividend Value ETF | 4.06% |
| UDI USCF Dividend Income Fund | 3.92% |
| FLV American Century Focused Large Cap Value ETF | 3.84% |
| JDOC JPMorgan Healthcare Leaders ETF | 3.51% |
| CAMX Cambiar Aggressive Value ETF | 3.45% |
What could go wrong
- Diabetes separation may not go to plan. MiniMed Group, the diabetes business, had its initial public offering on March 9, 2026, but the full separation is still under way. It could be delayed or not finished as planned, hurting results.
- Unresolved US tax litigation. Medtronic, Inc. is involved in US tax litigation. The company warns that the outcome could have a material, meaning significant, adverse impact on its financial condition.
- Recalls and quality problems with implants. Many products, such as pacemakers and heart valves, go inside the body. Quality problems have led to recalls and safety alerts before and could again, bringing lawsuits, costly settlements and lost market share.
- Competition and launches that must succeed. Growth depends on several new product launches succeeding at once. Rivals, new technologies and GLP-1 drugs for diabetes and weight loss could reduce demand for device-based therapies, even where Medtronic leads.
- Government and hospital pressure on prices. Hospital mergers, outpatient surgery centers and government cost controls can squeeze prices. In China, volume-based procurement (government bulk tenders) can require big price cuts, and some markets can claw back payments already received.
- Irish incorporation brings tax quirks. Medtronic is incorporated in Ireland. In limited cases, dividends may face Irish withholding tax, transfers outside normal brokerage channels may owe stamp duty, and inherited or gifted shares could face Irish tax.
Recent events
- Executive or board change; Shareholder vote results; Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Quarterly results released
- Executive or board change
For income and retirement investors
Medtronic has raised its dividend at least nine years in a row through fiscal 2026. Dividends per share rose from $2.32 in fiscal 2021 to $2.84 in fiscal 2026, though growth slowed after $2.72 in fiscal 2023. In fiscal 2026, dividends took 75.8% of net income and 67.1% of free cash flow (cash left after running the business and investing in equipment), a high share. The yield was 3.04% as of October 27, 2026. From fiscal 2022 to 2026, Medtronic spent $9.6 billion repurchasing shares, and the share count fell 5% from August 2021 to August 2026.
In past downturns, the share price fell 56.5% in the 2008 financial crisis and took about 50 months to recover. It fell 36% in the 2020 COVID crash, recovering in about 7 months. In the 2022 bear market it fell 27.9% and did not recover until November 2025. A single stock carries more risk than a diversified fund, because one company's problems can hit price and dividend together.
Questions investors ask
How does Medtronic make money?
Medtronic makes money mainly by supplying medical devices to healthcare systems and specialists in more than 150 countries. In fiscal 2026, which ended April 24, 2026, revenue was $36.4 billion and net income was $4.8 billion. Cardiovascular products such as pacemakers, defibrillators and Evolut heart valves brought in 38.4% of revenue. Neuroscience products such as spine implants and surgical robots brought in 28.3%, Medical Surgical 24.2% and Diabetes 8.6%. The United States supplied 49.8%.
Does Medtronic raise its dividend every year?
Yes, for at least nine years in a row through fiscal 2026, and the streak may be longer. Dividends per share were $2.84 in fiscal 2026, up from $2.32 in fiscal 2021. That is about 4.1% a year, though increases have been smaller since fiscal 2023. Dividends used 75.8% of fiscal 2026 net income and 67.1% of free cash flow. The yield was 3.04% as of October 27, 2026.
Is MiniMed still part of Medtronic?
It was as of Medtronic's annual report filed June 18, 2026. In May 2025, Medtronic announced it would separate its Diabetes business into an independent public company, MiniMed Group. MiniMed completed an initial public offering, its first offering of shares to the public, on March 9, 2026. It remained a consolidated subsidiary, so its results still count in Medtronic's figures. Diabetes supplied 8.6% of fiscal 2026 revenue. Medtronic warns the separation could be delayed or not completed as planned.
How has Medtronic stock performed over the long term?
The share price rose 52% over the 10 years to October 27, 2026, about 4.2% a year. The five years to that date were weaker: down 10% in total, or about 2.1% a year. The past three years brought a 49% gain. These are price changes only. Dividends came on top, and the yield was 3.04% as of that date. The deepest decline in the stock's 30-year price history was 57.6%.
Is Medtronic a US or an Irish company?
Medtronic plc is an Irish company. It is incorporated in Ireland and headquartered in Galway, though its shares trade on the New York Stock Exchange and the United States supplied 49.8% of fiscal 2026 revenue. Being Irish has side effects for shareholders. In certain limited cases, dividends may face Irish withholding tax. Share transfers outside the Depository Trust Company system, which holds most brokerage-account shares, may owe Irish stamp duty. Shares received as a gift or inheritance could face Irish capital acquisitions tax.