MMEDMiniMed Group, Inc.

Surgical & Medical Instruments & Apparatus

Revenue: $3.1B; 14% YoY
Operating margin: -6.1%; 14% YoY
EBITDA: −$34M; 1033% YoY
Market cap: $5.1B
Employees: 8,000; $388K revenue each
Net debt / EBITDA: —
AI in 10-K: 2.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 1 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
48% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$388K · 51st pct
Bottom quartile of its SIC industry
Quiet on AINo
2.7 per 10K words · 65th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$2.5B	$2.7B	$3.1B	14%
Operating income	−$69M	−$146M	−$190M	30%
Net income	−$112M	−$213M	−$333M	56%
Operating cash flow	$41M	$140M	−$197M	241%
Capex	$148M	$193M	$223M	16%
Stock-based comp	$38M	$41M	$46M	12%

Deal filings

None.

13D filers

None on file.

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$8M	$4M	71	93