Medtronic PLC (MDT) intrinsic value & 10-year financials
Medtronic PLC (MDT) has a Graham intrinsic value of $53.01 per share. At $94.75 on Oct 17, 2026, the stock trades 79% above that value. Over the last 10 fiscal years revenue grew 1.7% a year to $33.5B, with an average return on invested capital of 6.2%.
- Graham intrinsic value
- $53.01
- Share price (Oct 17, 2026)
- $94.75
- Price vs Graham value
- 79% above
- Market cap
- $122.2B
- Revenue (FY2025)
- $33.5B
- Revenue growth (10-yr CAGR)
- 1.7%
- ROIC (10-yr avg)
- 6.2%
- Free cash flow (FY2025)
- $5.2B
MDT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $33.5B | $4.7B | $3.61 | $5.2B | 17.8% | 6.9% |
| FY2024 | $32.4B | $3.7B | $2.76 | $5.2B | 15.9% | 5.3% |
| FY2023 | $31.2B | $3.8B | $2.82 | $4.6B | 17.6% | 5.4% |
| FY2022 | $31.7B | $5.0B | $3.73 | $6.0B | 18.2% | 7.4% |
| FY2021 | $30.1B | $3.6B | $2.66 | $4.9B | 14.9% | 5.8% |
| FY2020 | $28.9B | $4.8B | $3.54 | $6.0B | 16.6% | 6.9% |
| FY2019 | $30.6B | $4.6B | $3.41 | $5.9B | 20.5% | 8.0% |
| FY2018 | $30.0B | $3.1B | $2.27 | $3.6B | 22.2% | 5.1% |
| FY2017 | $29.7B | $4.0B | $2.89 | $5.6B | 17.9% | 6.2% |
| FY2016 | $28.8B | $3.5B | $2.48 | $4.2B | 18.4% | 5.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Medtronic has demonstrated mature, steady growth, with revenue compounding at 1.7% annually over the past decade.
Medtronic has historically struggled to out-earn its cost of capital, averaging just 6.2% ROIC.
Medtronic has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Medtronic is modeled at 4.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $53.01 per share.