MDTMedtronic plc
Electromedical & Electrotherapeutic Apparatus
- Revenue
- $36.4B
- 8.4% YoY
- Operating margin
- 17.8%
- 0.2% YoY
- EBITDA
- $9.4B
- 6.9% YoY
- Market cap
- $123.6B
- Employees
- 95,000
- $383K revenue each
- Net debt / EBITDA
- 2.5×
- $23.9B net debt
- AI in 10-K
- 3.1
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$20M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo1526765× net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo64% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes46% of assetsOver 40% of assets
- Shareholder dissentNo94% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$383K · 48th pctBottom quartile of its SIC industry
- Quiet on AINo3.1 per 10K words · 70th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$123.6B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$15M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $31.7B | $31.2B | $32.4B | $33.5B | $36.4B | 8.4% |
| Operating income | $5.8B | $5.5B | $5.1B | $6.0B | $6.5B | 8.6% |
| Net income | $5K | $4K | $4K | $5K | $5K | 3.0% |
| Operating cash flow | $7.3B | $6.0B | $6.8B | $7.0B | $7.3B | 4.1% |
| Capex | $1.4B | $1.5B | $1.6B | $1.9B | $1.9B | 2.4% |
| Stock-based comp | $359M | $355M | $393M | $429M | $457M | 6.5% |
| Buybacks | $2.5B | $645M | $2.1B | $3.2B | $1.0B | 68% |
| Dividends | $3.4B | $3.6B | $3.7B | $3.6B | $3.6B | 1.4% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $15M · 18
- Net
- −$15M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $23M | $22M | 74 | 97 |
| FY2025 | $21M | $26M | 98 | 149 |
| FY2024 | $20M | $11M | 90 | 135 |
| FY2023 | $15M | $3M | 99 | 131 |
| FY2022 | $18M | $3M | 110 | 124 |