Stock Analysis on Net
Stock Analysis on Net

Medtronic PLC (NYSE:MDT)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Medtronic PLC, adjusted financial ratios

Microsoft Excel
Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021 Apr 24, 2020 Apr 26, 2019
Activity Ratio
Total Asset Turnover
Reported 0.36 0.34 0.35 0.32 0.32 0.34
Adjusted 0.37 0.36 0.36 0.33 0.33 0.34
Liquidity Ratio
Current Ratio
Reported 2.03 2.39 1.86 2.65 2.13 2.59
Adjusted 2.12 2.50 1.93 2.77 2.19 2.68
Solvency Ratios
Debt to Equity
Reported 0.50 0.47 0.46 0.51 0.49 0.51
Adjusted 0.54 0.51 0.49 0.55 0.52 0.51
Debt to Capital
Reported 0.33 0.32 0.31 0.34 0.33 0.34
Adjusted 0.35 0.34 0.33 0.35 0.34 0.34
Financial Leverage
Reported 1.79 1.77 1.73 1.81 1.79 1.79
Adjusted 1.80 1.76 1.72 1.79 1.77 1.75
Profitability Ratios
Net Profit Margin
Reported 11.36% 12.03% 15.90% 11.97% 16.56% 15.16%
Adjusted 10.23% 7.58% 17.79% 11.24% 9.25% 10.71%
Return on Equity (ROE)
Reported 7.32% 7.30% 9.59% 7.01% 9.44% 9.25%
Adjusted 6.89% 4.76% 11.06% 6.75% 5.36% 6.46%
Return on Assets (ROA)
Reported 4.09% 4.13% 5.54% 3.87% 5.28% 5.16%
Adjusted 3.83% 2.70% 6.42% 3.76% 3.03% 3.68%

Based on: 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Medtronic PLC adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Medtronic PLC adjusted current ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Medtronic PLC adjusted debt-to-equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Medtronic PLC adjusted debt-to-capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Medtronic PLC adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Medtronic PLC adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Medtronic PLC adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Medtronic PLC adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Medtronic PLC, Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021 Apr 24, 2020 Apr 26, 2019
Reported
Selected Financial Data (US$ in millions)
Net sales 32,364 31,227 31,686 30,117 28,913 30,557
Total assets 89,981 90,948 90,981 93,083 90,689 89,694
Activity Ratio
Total asset turnover1 0.36 0.34 0.35 0.32 0.32 0.34
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net sales2 32,412 31,233 31,717 30,182 28,901 30,583
Adjusted total assets3 86,593 87,736 87,875 90,210 88,115 88,968
Activity Ratio
Adjusted total asset turnover4 0.37 0.36 0.36 0.33 0.33 0.34

Based on: 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26).

1 2024 Calculation
Total asset turnover = Net sales ÷ Total assets
= 32,364 ÷ 89,981 = 0.36

2 Adjusted net sales. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted total asset turnover = Adjusted net sales ÷ Adjusted total assets
= 32,412 ÷ 86,593 = 0.37

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Medtronic PLC adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Adjusted Current Ratio

Microsoft Excel
Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021 Apr 24, 2020 Apr 26, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 21,935 21,675 23,059 22,548 22,031 21,967
Current liabilities 10,789 9,051 12,394 8,509 10,366 8,472
Liquidity Ratio
Current ratio1 2.03 2.39 1.86 2.65 2.13 2.59
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 22,108 21,851 23,289 22,789 22,239 22,157
Adjusted current liabilities3 10,437 8,737 12,089 8,233 10,153 8,261
Liquidity Ratio
Adjusted current ratio4 2.12 2.50 1.93 2.77 2.19 2.68

Based on: 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 21,935 ÷ 10,789 = 2.03

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 22,108 ÷ 10,437 = 2.12

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Medtronic PLC adjusted current ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

Adjusted Debt to Equity

Microsoft Excel
Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021 Apr 24, 2020 Apr 26, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 25,024 24,364 24,114 26,389 24,797 25,324
Shareholders’ equity 50,214 51,483 52,551 51,428 50,737 50,091
Solvency Ratio
Debt to equity1 0.50 0.47 0.46 0.51 0.49 0.51
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 26,047 25,413 24,984 27,404 25,742 25,877
Adjusted total equity3 48,147 49,796 51,009 50,271 49,887 50,712
Solvency Ratio
Adjusted debt to equity4 0.54 0.51 0.49 0.55 0.52 0.51

Based on: 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26).

1 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 25,024 ÷ 50,214 = 0.50

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 26,047 ÷ 48,147 = 0.54

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Medtronic PLC adjusted debt-to-equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021 Apr 24, 2020 Apr 26, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 25,024 24,364 24,114 26,389 24,797 25,324
Total capital 75,238 75,847 76,665 77,817 75,534 75,415
Solvency Ratio
Debt to capital1 0.33 0.32 0.31 0.34 0.33 0.34
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 26,047 25,413 24,984 27,404 25,742 25,877
Adjusted total capital3 74,194 75,209 75,993 77,675 75,629 76,589
Solvency Ratio
Adjusted debt to capital4 0.35 0.34 0.33 0.35 0.34 0.34

Based on: 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 25,024 ÷ 75,238 = 0.33

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 26,047 ÷ 74,194 = 0.35

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Medtronic PLC adjusted debt-to-capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021 Apr 24, 2020 Apr 26, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 89,981 90,948 90,981 93,083 90,689 89,694
Shareholders’ equity 50,214 51,483 52,551 51,428 50,737 50,091
Solvency Ratio
Financial leverage1 1.79 1.77 1.73 1.81 1.79 1.79
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 86,593 87,736 87,875 90,210 88,115 88,968
Adjusted total equity3 48,147 49,796 51,009 50,271 49,887 50,712
Solvency Ratio
Adjusted financial leverage4 1.80 1.76 1.72 1.79 1.77 1.75

Based on: 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26).

1 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 89,981 ÷ 50,214 = 1.79

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 86,593 ÷ 48,147 = 1.80

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Medtronic PLC adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021 Apr 24, 2020 Apr 26, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Medtronic 3,676 3,758 5,039 3,606 4,789 4,631
Net sales 32,364 31,227 31,686 30,117 28,913 30,557
Profitability Ratio
Net profit margin1 11.36% 12.03% 15.90% 11.97% 16.56% 15.16%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 3,315 2,369 5,642 3,392 2,672 3,276
Adjusted net sales3 32,412 31,233 31,717 30,182 28,901 30,583
Profitability Ratio
Adjusted net profit margin4 10.23% 7.58% 17.79% 11.24% 9.25% 10.71%

Based on: 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26).

1 2024 Calculation
Net profit margin = 100 × Net income attributable to Medtronic ÷ Net sales
= 100 × 3,676 ÷ 32,364 = 11.36%

2 Adjusted net income. See details »

3 Adjusted net sales. See details »

4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted net sales
= 100 × 3,315 ÷ 32,412 = 10.23%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Medtronic PLC adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021 Apr 24, 2020 Apr 26, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Medtronic 3,676 3,758 5,039 3,606 4,789 4,631
Shareholders’ equity 50,214 51,483 52,551 51,428 50,737 50,091
Profitability Ratio
ROE1 7.32% 7.30% 9.59% 7.01% 9.44% 9.25%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 3,315 2,369 5,642 3,392 2,672 3,276
Adjusted total equity3 48,147 49,796 51,009 50,271 49,887 50,712
Profitability Ratio
Adjusted ROE4 6.89% 4.76% 11.06% 6.75% 5.36% 6.46%

Based on: 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26).

1 2024 Calculation
ROE = 100 × Net income attributable to Medtronic ÷ Shareholders’ equity
= 100 × 3,676 ÷ 50,214 = 7.32%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 3,315 ÷ 48,147 = 6.89%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Medtronic PLC adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021 Apr 24, 2020 Apr 26, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Medtronic 3,676 3,758 5,039 3,606 4,789 4,631
Total assets 89,981 90,948 90,981 93,083 90,689 89,694
Profitability Ratio
ROA1 4.09% 4.13% 5.54% 3.87% 5.28% 5.16%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 3,315 2,369 5,642 3,392 2,672 3,276
Adjusted total assets3 86,593 87,736 87,875 90,210 88,115 88,968
Profitability Ratio
Adjusted ROA4 3.83% 2.70% 6.42% 3.76% 3.03% 3.68%

Based on: 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26).

1 2024 Calculation
ROA = 100 × Net income attributable to Medtronic ÷ Total assets
= 100 × 3,676 ÷ 89,981 = 4.09%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 3,315 ÷ 86,593 = 3.83%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Medtronic PLC adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.