MDTMedtronic

Health care · Medical Devices · NYSE

MDT and 9 peers, year by year

The 9 Health care companies closest to MDT in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
MDT Medtronic	FY2026	$36.4B	+8.4%	-	17.8%	13.2%	14.9%	9.7%	0.57
AMGN Amgen	FY2025	$36.8B	+10.0%	-	24.7%	21.0%	22.0%	89.1%	6.31
GILD Gilead Sciences	FY2025	$29.4B	+2.4%	-	34.0%	28.9%	32.1%	37.5%	1.10
TMO Thermo Fisher Scientific	FY2025	$44.6B	+3.9%	-	17.4%	15.0%	14.1%	12.6%	0.80
ABT Abbott Laboratories	FY2025	$44.3B	+5.7%	-	18.2%	14.7%	16.7%	12.5%	0.25
SYK Stryker Corporation	FY2025	$25.1B	+11.2%	64.0%	19.5%	12.9%	17.1%	14.5%	0.66
DHR Danaher Corporation	FY2025	$24.6B	+2.9%	59.1%	19.1%	14.7%	21.4%	6.9%	0.35
BMY Bristol Myers Squibb	FY2025	$48.2B	−0.2%	-	-	14.6%	26.7%	38.2%	2.55
BDX Becton Dickinson	FY2025	$21.8B	+8.2%	-	11.8%	7.7%	12.2%	6.6%	0.76
GEHC GE HealthCare	FY2025	$20.6B	+4.8%	40.0%	13.4%	10.1%	7.3%	20.1%	1.01

Revenuepeer median $29.4B

Sales growthpeer median +4.8%

Gross marginpeer median 59.1%

SYK 64.0%
DHR 59.1%
GEHC 40.0%
MDT -
AMGN -
GILD -
TMO -
ABT -
BMY -
BDX -

Operating marginpeer median 18.6%

Net marginpeer median 14.7%

FCF marginpeer median 17.1%

Return on equitypeer median 14.5%

Debt / equitypeer median 0.80

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2017 to FY2026

Revenue as reported in the 10-K.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
MDT Apr	$29.7B	$30.0B	$30.6B	$28.9B	$30.1B	$31.7B	$31.2B	$32.4B	$33.5B	$36.4B
AMGN Dec	$22.8B	$23.7B	$23.4B	$25.4B	$26.0B	$26.3B	$28.2B	$33.4B	$36.8B	-
GILD Dec	$26.1B	$22.1B	$22.4B	$24.7B	$27.3B	$27.3B	$27.1B	$28.8B	$29.4B	-
TMO Dec	$20.9B	$24.4B	$25.5B	$32.2B	$39.2B	$44.9B	$42.9B	$42.9B	$44.6B	-
ABT Dec	$27.4B	$30.6B	$31.9B	$34.6B	$43.1B	$43.7B	$40.1B	$42.0B	$44.3B	-
SYK Dec	$12.4B	$13.6B	$14.9B	$14.4B	$17.1B	$18.4B	$20.5B	$22.6B	$25.1B	-
DHR Dec	$18.3B	$19.9B	$17.9B	$22.3B	$24.8B	$26.6B	$23.9B	$23.9B	$24.6B	-
BMY Dec	$20.8B	$22.6B	$26.1B	$42.5B	$46.4B	$46.2B	$45.0B	$48.3B	$48.2B	-
BDX Sep	$12.1B	$16.0B	$17.3B	$16.1B	$19.1B	$18.9B	$19.4B	$20.2B	$21.8B	-
GEHC Dec	-	-	-	-	$17.6B	$18.3B	$19.6B	$19.7B	$20.6B	-
Peer median	$20.8B	$22.3B	$22.9B	$25.1B	$26.0B	$26.6B	$27.1B	$28.8B	$29.4B	-

Sales growth, FY2017 to FY2026

Revenue against the fiscal year before.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
MDT Apr	+3.0%	+0.8%	+2.0%	−5.4%	+4.2%	+5.2%	−1.4%	+3.6%	+3.6%	+8.4%
AMGN Dec	−0.6%	+3.9%	−1.6%	+8.8%	+2.2%	+1.3%	+7.1%	+18.6%	+10.0%	-
GILD Dec	−14.1%	−15.2%	+1.5%	+10.0%	+10.6%	−0.1%	−0.6%	+6.0%	+2.4%	-
TMO Dec	+14.5%	+16.4%	+4.9%	+26.1%	+21.7%	+14.5%	−4.6%	+0.1%	+3.9%	-
ABT Dec	+31.3%	+11.6%	+4.3%	+8.5%	+24.5%	+1.3%	−8.1%	+4.6%	+5.7%	-
SYK Dec	+9.9%	+9.3%	+9.4%	−3.6%	+19.2%	+7.8%	+11.1%	+10.2%	+11.2%	-
DHR Dec	+8.6%	+9.9%	+5.1%	+24.4%	+32.2%	+7.4%	−10.3%	−0.1%	+2.9%	-
BMY Dec	+6.9%	+8.6%	+15.9%	+62.6%	+9.1%	−0.5%	−2.5%	+7.3%	−0.2%	-
BDX Sep	−3.1%	+32.2%	+8.2%	−1.0%	+19.0%	−1.4%	+2.7%	+4.2%	+8.2%	-
GEHC Dec	-	-	-	-	-	+4.3%	+6.6%	+0.6%	+4.8%	-
Peer median	+7.8%	+9.6%	+5.0%	+9.4%	+19.1%	+1.3%	−0.6%	+4.6%	+4.8%	-

Gross margin, FY2017 to FY2026

Gross profit / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
MDT Apr	68.7%	69.8%	-	-	-	-	-	-	-	-
AMGN Dec	-	-	-	-	-	-	-	-	-	-
GILD Dec	-	-	-	-	-	-	-	-	-	-
TMO Dec	-	-	-	-	-	-	-	-	-	-
ABT Dec	-	-	-	-	-	-	-	-	-	-
SYK Dec	65.7%	65.7%	65.1%	63.1%	64.1%	62.8%	63.7%	63.9%	64.0%	-
DHR Dec	46.8%	47.8%	55.7%	56.0%	61.4%	60.8%	58.7%	59.5%	59.1%	-
BMY Dec	70.7%	71.3%	69.1%	72.3%	-	-	-	-	-	-
BDX Sep	49.1%	45.5%	47.9%	47.1%	-	-	-	-	-	-
GEHC Dec	-	-	-	-	40.8%	39.1%	40.5%	41.7%	40.0%	-
Peer median	57.4%	56.7%	60.4%	59.5%	61.4%	60.8%	58.7%	59.5%	59.1%	-

Operating margin, FY2017 to FY2026

Operating income / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
MDT Apr	18.1%	22.2%	20.5%	16.6%	14.9%	18.2%	17.6%	15.9%	17.8%	17.8%
AMGN Dec	43.6%	43.2%	41.4%	35.9%	29.4%	36.3%	28.0%	21.7%	24.7%	-
GILD Dec	54.1%	37.1%	19.1%	16.5%	36.3%	26.9%	28.0%	5.8%	34.0%	-
TMO Dec	14.2%	15.5%	18.0%	24.2%	25.6%	18.7%	16.0%	17.1%	17.4%	-
ABT Dec	5.7%	11.9%	14.2%	15.5%	19.6%	19.2%	16.2%	16.3%	18.2%	-
SYK Dec	18.5%	18.7%	18.2%	15.5%	15.1%	15.4%	19.0%	16.3%	19.5%	-
DHR Dec	14.0%	15.4%	18.3%	19.0%	25.7%	28.3%	21.8%	20.4%	19.1%	-
BMY Dec	-	-	-	-	-	-	-	-	-	-
BDX Sep	12.6%	9.4%	10.2%	5.7%	11.8%	12.1%	10.9%	11.9%	11.8%	-
GEHC Dec	-	-	-	-	15.9%	13.8%	12.5%	13.3%	13.4%	-
Peer median	14.2%	15.5%	18.2%	16.5%	22.6%	18.9%	17.6%	16.3%	18.6%	-

Net margin, FY2017 to FY2026

Net income / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
MDT Apr	13.6%	10.4%	15.2%	16.6%	12.0%	15.9%	12.0%	11.4%	13.9%	13.2%
AMGN Dec	8.7%	35.3%	33.6%	28.6%	22.7%	24.9%	23.8%	12.2%	21.0%	-
GILD Dec	17.7%	24.7%	24.0%	0.5%	22.8%	16.8%	20.9%	1.7%	28.9%	-
TMO Dec	10.6%	12.1%	14.5%	19.8%	19.7%	15.5%	14.0%	14.8%	15.0%	-
ABT Dec	1.7%	7.7%	11.6%	13.0%	16.4%	15.9%	14.3%	31.9%	14.7%	-
SYK Dec	8.2%	26.1%	14.0%	11.1%	11.7%	12.8%	15.4%	13.2%	12.9%	-
DHR Dec	13.6%	13.3%	16.8%	16.4%	25.9%	27.1%	19.9%	16.3%	14.7%	-
BMY Dec	4.8%	21.8%	13.2%	−21.2%	15.1%	13.7%	17.8%	−18.5%	14.6%	-
BDX Sep	9.1%	1.9%	7.1%	5.4%	10.9%	9.4%	7.7%	8.4%	7.7%	-
GEHC Dec	-	-	-	-	12.8%	10.4%	8.0%	10.1%	10.1%	-
Peer median	8.9%	17.6%	14.2%	12.1%	16.4%	15.5%	15.4%	12.2%	14.7%	-

Free cash flow, FY2017 to FY2026

Cash from operations minus capital spending.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
MDT Apr	$5.6B	$3.6B	$5.9B	$6.0B	$4.9B	$6.0B	$4.6B	$5.2B	$5.2B	$5.4B
AMGN Dec	$10.5B	$10.6B	$8.5B	$9.9B	$8.4B	$8.8B	$7.4B	$10.4B	$8.1B	-
GILD Dec	$11.3B	$7.5B	$8.3B	$7.5B	$10.8B	$8.3B	$7.4B	$10.3B	$9.5B	-
TMO Dec	$3.5B	$3.8B	$4.0B	$6.8B	$6.8B	$6.9B	$6.9B	$7.3B	$6.3B	-
ABT Dec	$4.4B	$4.9B	$4.5B	$5.7B	$8.6B	$7.8B	$5.1B	$6.4B	$7.4B	-
SYK Dec	$961.0M	$2.0B	$1.5B	$2.8B	$2.7B	$2.0B	$3.1B	$3.5B	$4.3B	-
DHR Dec	$2.9B	$3.4B	$3.3B	$5.4B	$7.1B	$7.4B	$5.8B	$5.3B	$5.3B	-
BMY Dec	$4.2B	$6.1B	$7.4B	$13.3B	$15.2B	$11.9B	$12.7B	$13.9B	$12.8B	-
BDX Sep	$1.8B	$2.0B	$2.4B	$2.8B	$3.5B	$1.5B	$2.1B	$3.1B	$2.7B	-
GEHC Dec	-	-	-	-	$1.4B	$1.8B	$1.7B	$1.6B	$1.5B	-
Peer median	$3.9B	$4.3B	$4.3B	$6.3B	$7.1B	$7.4B	$5.8B	$6.4B	$6.3B	-

FCF margin, FY2017 to FY2026

Free cash flow / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
MDT Apr	18.9%	12.1%	19.2%	20.8%	16.2%	18.9%	14.7%	16.1%	15.5%	14.9%
AMGN Dec	46.0%	44.5%	36.5%	38.9%	32.3%	33.4%	26.1%	31.1%	22.0%	-
GILD Dec	43.3%	33.8%	37.1%	30.5%	39.6%	30.6%	27.4%	35.8%	32.1%	-
TMO Dec	16.7%	15.5%	15.8%	21.2%	17.3%	15.4%	16.2%	16.9%	14.1%	-
ABT Dec	16.2%	16.0%	14.1%	16.5%	20.1%	17.9%	12.6%	15.1%	16.7%	-
SYK Dec	7.7%	15.0%	10.4%	19.4%	16.0%	11.0%	15.3%	15.4%	17.1%	-
DHR Dec	15.9%	17.3%	18.5%	24.3%	28.7%	27.8%	24.2%	22.2%	21.4%	-
BMY Dec	20.3%	27.1%	28.2%	31.3%	32.8%	25.9%	28.1%	28.9%	26.7%	-
BDX Sep	15.1%	12.3%	13.7%	17.2%	18.0%	7.9%	10.9%	15.5%	12.2%	-
GEHC Dec	-	-	-	-	7.7%	9.9%	8.8%	7.9%	7.3%	-
Peer median	16.5%	16.7%	17.2%	22.7%	20.1%	17.9%	16.2%	16.9%	17.1%	-

Return on equity, FY2017 to FY2026

Net income / shareholders' equity at the year end.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
MDT Apr	8.0%	6.1%	9.2%	9.4%	7.0%	9.6%	7.3%	7.3%	9.7%	9.7%
AMGN Dec	7.8%	67.2%	81.1%	77.2%	88.0%	179.0%	107.8%	69.6%	89.1%	-
GILD Dec	22.6%	25.5%	23.9%	0.7%	29.5%	21.6%	24.8%	2.5%	37.5%	-
TMO Dec	8.8%	10.7%	12.5%	18.5%	18.9%	15.8%	12.8%	12.8%	12.6%	-
ABT Dec	1.5%	7.8%	11.9%	13.7%	19.8%	18.9%	14.8%	28.1%	12.5%	-
SYK Dec	10.2%	30.3%	16.3%	12.2%	13.4%	14.2%	17.0%	14.5%	14.5%	-
DHR Dec	9.5%	9.4%	9.9%	9.2%	14.2%	14.4%	8.9%	7.9%	6.9%	-
BMY Dec	8.6%	35.1%	6.7%	−23.8%	19.5%	20.4%	27.3%	−54.8%	38.2%	-
BDX Sep	8.5%	1.5%	5.8%	3.7%	8.8%	7.0%	5.8%	6.6%	6.6%	-
GEHC Dec	-	-	-	-	13.5%	20.5%	22.0%	23.6%	20.1%	-
Peer median	8.7%	18.1%	12.2%	10.7%	18.9%	18.9%	17.0%	12.8%	14.5%	-

Debt / equity, FY2017 to FY2026

Total debt / shareholders' equity at the year end.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
MDT Apr	0.67	0.51	0.51	0.49	0.51	0.46	0.47	0.50	0.53	0.57
AMGN Dec	1.40	2.71	3.09	3.51	4.97	10.64	10.37	10.23	6.31	-
GILD Dec	1.64	1.28	1.09	1.73	1.27	1.19	1.09	1.38	1.10	-
TMO Dec	0.78	0.71	0.62	0.71	0.91	0.91	0.82	0.67	0.80	-
ABT Dec	0.90	0.64	0.58	0.57	0.50	0.46	0.38	0.30	0.25	-
SYK Dec	0.66	0.72	0.80	1.01	0.84	0.71	0.59	0.59	0.66	-
DHR Dec	0.41	0.35	0.72	0.53	0.49	0.40	0.38	0.33	0.35	-
BMY Dec	0.62	0.49	0.96	1.39	1.37	1.39	1.34	3.15	2.55	-
BDX Sep	1.46	1.02	0.92	0.75	0.74	0.64	0.62	0.78	0.76	-
GEHC Dec	-	-	-	-	-	0.88	1.46	1.24	1.01	-
Peer median	0.84	0.72	0.86	0.88	0.88	0.88	0.82	0.78	0.80	-

EPS (diluted), FY2017 to FY2026

Diluted earnings per share, on today's share count after splits.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
MDT Apr	$2.89	$2.27	$3.41	$3.54	$2.66	$3.73	$2.82	$2.76	$3.61	$3.73
AMGN Dec	$2.69	$12.62	$12.88	$12.31	$10.28	$12.11	$12.49	$7.56	$14.23	-
GILD Dec	$3.51	$4.17	$4.22	$0.10	$4.93	$3.64	$4.50	$0.38	$6.78	-
TMO Dec	$5.59	$7.24	$9.17	$15.96	$19.46	$17.63	$15.45	$16.53	$17.74	-
ABT Dec	$0.27	$1.33	$2.06	$2.50	$3.94	$3.91	$3.26	$7.64	$3.72	-
SYK Dec	$2.68	$9.34	$5.48	$4.20	$5.21	$6.17	$8.25	$7.76	$8.40	-
DHR Dec	$3.53	$3.74	$4.05	$4.89	$8.61	$9.66	$6.38	$5.29	$5.05	-
BMY Dec	$0.61	$3.01	$2.01	−$3.99	$3.12	$2.95	$3.86	−$4.41	$3.46	-
BDX Sep	$4.60	$0.60	$3.94	$2.71	$6.85	$5.88	$4.94	$5.86	$5.82	-
GEHC Dec	-	-	-	-	$4.95	$4.22	$3.03	$4.34	$4.55	-
Peer median	$3.10	$3.96	$4.13	$3.46	$5.21	$5.88	$4.94	$5.86	$5.82	-

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out MDT and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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