Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Medtronic PLC, liquidity ratios (quarterly data)
Based on: 10-K (reporting date: 2026-04-24), 10-Q (reporting date: 2026-01-23), 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30).
The analysis of liquidity ratios over the observed period reveals a consistent pattern of initial decline followed by a period of stabilization and moderate recovery. All three metrics—the current ratio, quick ratio, and cash ratio—demonstrate a synchronized downward trend peaking in mid-2022 before trending upward through 2023 and fluctuating within a stable range through early 2026.
- Current Ratio
- A significant contraction is observed from a high of 2.89 in July 2021 to a period low of 1.58 in July 2022. Following this decline, the ratio recovered and stabilized, generally remaining above 1.80. A secondary peak occurred in January 2026 at 2.54, before settling at 2.13 in April 2026, indicating a sustained capacity to cover short-term liabilities with current assets.
- Quick Ratio
- The quick ratio mirrors the trajectory of the current ratio, descending from 2.06 in July 2021 to a low of 1.01 in July 2022. The subsequent recovery reached a peak of 1.55 in January 2026. The persistent gap between the current and quick ratios suggests that a meaningful portion of the current asset base is composed of inventory, which is excluded from the quick ratio calculation.
- Cash Ratio
- The most conservative liquidity measure shows a decline from 1.36 in July 2021 to 0.63 in July 2022. While it never returned to the initial 2021 levels, the cash ratio maintained a range between 0.66 and 0.88 from July 2022 onward. The most recent data indicates a peak of 0.88 in January 2026 followed by a decrease to 0.79 in April 2026.
Overall, the convergence of these trends indicates a strategic shift in liquidity management occurring in 2022. Despite the reduction from the 2021 highs, the company has maintained liquidity levels that suggest a consistent ability to meet immediate and short-term financial obligations.
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Current Ratio
Medtronic PLC, current ratio calculation (quarterly data)
| Apr 24, 2026 | Jan 23, 2026 | Oct 24, 2025 | Jul 25, 2025 | Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Current assets | 24,787) | 24,071) | 23,996) | 23,223) | 23,814) | 22,513) | 22,438) | 21,947) | 21,935) | 22,513) | 22,081) | 21,869) | 21,675) | 25,364) | 25,398) | 22,135) | 23,059) | 23,303) | 22,731) | 22,434) | ||||||
| Current liabilities | 11,658) | 9,495) | 9,935) | 11,530) | 12,879) | 11,840) | 12,195) | 10,287) | 10,789) | 9,793) | 9,659) | 9,047) | 9,051) | 14,422) | 14,465) | 14,049) | 12,394) | 8,927) | 7,803) | 7,764) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||||
| Current ratio1 | 2.13 | 2.54 | 2.42 | 2.01 | 1.85 | 1.90 | 1.84 | 2.13 | 2.03 | 2.30 | 2.29 | 2.42 | 2.39 | 1.76 | 1.76 | 1.58 | 1.86 | 2.61 | 2.91 | 2.89 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||
| Abbott Laboratories | — | — | — | 1.39 | 1.58 | 1.70 | 1.82 | 1.78 | 1.67 | 1.60 | 1.68 | 1.60 | 1.64 | 1.74 | 1.64 | 1.68 | 1.63 | 1.86 | 2.01 | 1.85 | ||||||
| Elevance Health Inc. | — | — | — | 1.48 | 1.54 | 1.56 | 1.44 | 1.43 | 1.45 | 1.50 | 1.49 | 1.37 | 1.44 | 1.41 | 1.44 | 1.43 | 1.40 | 1.35 | 1.36 | 1.36 | ||||||
| Intuitive Surgical Inc. | — | — | — | 4.61 | 4.87 | 4.73 | 5.17 | 4.98 | 4.07 | 4.30 | 5.15 | 5.55 | 4.76 | 5.31 | 5.22 | 5.26 | 4.40 | 5.10 | 5.36 | 5.22 | ||||||
| UnitedHealth Group Inc. | — | — | — | 0.80 | 0.79 | 0.82 | 0.85 | 0.85 | 0.83 | 0.91 | 0.88 | 0.85 | 0.79 | 0.80 | 0.80 | 0.81 | 0.77 | 0.82 | 0.77 | 0.78 | ||||||
Based on: 10-K (reporting date: 2026-04-24), 10-Q (reporting date: 2026-01-23), 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30).
1 Q4 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 24,787 ÷ 11,658 = 2.13
2 Click competitor name to see calculations.
The liquidity profile exhibits a period of notable volatility between July 2021 and April 2026, characterized by significant fluctuations in short-term obligations that drove changes in the current ratio despite relatively stable current asset levels.
- Current Asset Trends
- Current assets remained within a consistent range, fluctuating between 21.6 billion USD and 25.4 billion USD. A peak was reached in October 2022, followed by a contraction to 21.7 billion USD in April 2023. From mid-2023 through April 2026, a gradual recovery is observed, with assets ending at 24.8 billion USD.
- Current Liability Dynamics
- Current liabilities demonstrated the most significant variance in the dataset. Liabilities increased steadily from 7.8 billion USD in July 2021 to a peak of 14.5 billion USD in October 2022. This was followed by a sharp reduction to 9.1 billion USD by April 2023. In the subsequent three years, liabilities fluctuated between 9.5 billion USD and 12.9 billion USD, indicating periodic shifts in short-term financing or operational obligations.
- Current Ratio Analysis
- The current ratio reflects the inverse relationship between the stability of assets and the volatility of liabilities. An initial high of 2.89 in July 2021 declined to a low of 1.58 by July 2022, coinciding with the peak in current liabilities. A recovery occurred in April 2023, with the ratio returning to 2.39. For the remainder of the period, the ratio fluctuated between 1.84 and 2.54, closing at 2.13 in April 2026. The ratio remained above 1.50 throughout the entire period, suggesting a sustained capacity to meet short-term obligations.
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Quick Ratio
Medtronic PLC, quick ratio calculation (quarterly data)
| Apr 24, 2026 | Jan 23, 2026 | Oct 24, 2025 | Jul 25, 2025 | Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Cash and cash equivalents | 1,949) | 1,147) | 1,282) | 1,273) | 2,218) | 1,240) | 1,394) | 1,311) | 1,284) | 1,623) | 1,311) | 1,339) | 1,543) | 4,521) | 4,828) | 2,140) | 3,714) | 3,479) | 2,900) | 3,004) | ||||||
| Investments | 7,271) | 7,236) | 7,045) | 6,848) | 6,747) | 6,682) | 6,595) | 6,532) | 6,721) | 6,698) | 6,423) | 6,537) | 6,416) | 6,616) | 6,602) | 6,733) | 6,859) | 7,742) | 7,769) | 7,591) | ||||||
| Accounts receivable, less allowances and credit losses | 6,643) | 6,359) | 6,389) | 6,263) | 6,515) | 6,115) | 6,260) | 6,011) | 6,128) | 5,968) | 5,934) | 5,806) | 5,998) | 5,887) | 5,626) | 5,308) | 5,551) | 5,446) | 5,493) | 5,431) | ||||||
| Total quick assets | 15,863) | 14,742) | 14,716) | 14,384) | 15,480) | 14,037) | 14,249) | 13,854) | 14,133) | 14,289) | 13,668) | 13,682) | 13,957) | 17,024) | 17,056) | 14,181) | 16,124) | 16,667) | 16,162) | 16,026) | ||||||
| Current liabilities | 11,658) | 9,495) | 9,935) | 11,530) | 12,879) | 11,840) | 12,195) | 10,287) | 10,789) | 9,793) | 9,659) | 9,047) | 9,051) | 14,422) | 14,465) | 14,049) | 12,394) | 8,927) | 7,803) | 7,764) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||||
| Quick ratio1 | 1.36 | 1.55 | 1.48 | 1.25 | 1.20 | 1.19 | 1.17 | 1.35 | 1.31 | 1.46 | 1.42 | 1.51 | 1.54 | 1.18 | 1.18 | 1.01 | 1.30 | 1.87 | 2.07 | 2.06 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||
| Abbott Laboratories | — | — | — | 0.84 | 1.02 | 1.09 | 1.14 | 1.09 | 1.05 | 1.00 | 1.02 | 0.95 | 1.00 | 1.04 | 1.00 | 1.07 | 1.06 | 1.22 | 1.33 | 1.21 | ||||||
| Elevance Health Inc. | — | — | — | 1.32 | 1.41 | 1.43 | 1.32 | 1.31 | 1.32 | 1.34 | 1.32 | 1.23 | 1.30 | 1.29 | 1.32 | 1.31 | 1.27 | 1.21 | 1.22 | 1.23 | ||||||
| Intuitive Surgical Inc. | — | — | — | 3.20 | 3.72 | 3.42 | 3.90 | 3.73 | 3.00 | 3.21 | 3.94 | 4.31 | 3.83 | 4.44 | 4.36 | 4.30 | 3.56 | 4.19 | 4.49 | 4.40 | ||||||
| UnitedHealth Group Inc. | — | — | — | 0.72 | 0.70 | 0.74 | 0.76 | 0.77 | 0.75 | 0.83 | 0.81 | 0.79 | 0.73 | 0.75 | 0.74 | 0.75 | 0.70 | 0.77 | 0.71 | 0.72 | ||||||
Based on: 10-K (reporting date: 2026-04-24), 10-Q (reporting date: 2026-01-23), 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30).
1 Q4 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 15,863 ÷ 11,658 = 1.36
2 Click competitor name to see calculations.
The liquidity position exhibits a period of significant volatility between 2021 and 2026, characterized by an initial phase of high liquidity followed by a sharp contraction and subsequent stabilization.
- Quick Ratio Trends
- The quick ratio began at a strong level of 2.06 in July 2021, remaining stable through October 2021. A precipitous decline followed, reaching a minimum of 1.01 in July 2022. Following this trough, the ratio recovered to 1.54 by April 2023 and continued to oscillate between 1.17 and 1.55 through April 2026, concluding at 1.36.
- Analysis of Quick Assets
- Total quick assets exhibited moderate fluctuations, peaking at 17,056 million USD in October 2022 before declining to a low of 13,668 million USD in October 2023. A gradual recovery is observed in the final periods, with assets increasing to 15,863 million USD by April 2026.
- Impact of Current Liabilities
- The primary driver of the liquidity contraction in 2022 was a substantial increase in current liabilities, which rose from 7,803 million USD in October 2021 to a peak of 14,465 million USD in October 2022. A subsequent rapid reduction in liabilities to 9,051 million USD by April 2023 contributed significantly to the restoration of the quick ratio.
Overall, while the liquidity ratio has not returned to the peak levels observed in 2021, the maintenance of a ratio consistently above 1.0 from 2023 onwards indicates a sustained capacity to meet immediate financial obligations without relying on the sale of inventory.
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Cash Ratio
Medtronic PLC, cash ratio calculation (quarterly data)
| Apr 24, 2026 | Jan 23, 2026 | Oct 24, 2025 | Jul 25, 2025 | Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Cash and cash equivalents | 1,949) | 1,147) | 1,282) | 1,273) | 2,218) | 1,240) | 1,394) | 1,311) | 1,284) | 1,623) | 1,311) | 1,339) | 1,543) | 4,521) | 4,828) | 2,140) | 3,714) | 3,479) | 2,900) | 3,004) | ||||||
| Investments | 7,271) | 7,236) | 7,045) | 6,848) | 6,747) | 6,682) | 6,595) | 6,532) | 6,721) | 6,698) | 6,423) | 6,537) | 6,416) | 6,616) | 6,602) | 6,733) | 6,859) | 7,742) | 7,769) | 7,591) | ||||||
| Total cash assets | 9,220) | 8,383) | 8,327) | 8,121) | 8,965) | 7,922) | 7,989) | 7,843) | 8,005) | 8,321) | 7,734) | 7,876) | 7,959) | 11,137) | 11,430) | 8,873) | 10,573) | 11,221) | 10,669) | 10,595) | ||||||
| Current liabilities | 11,658) | 9,495) | 9,935) | 11,530) | 12,879) | 11,840) | 12,195) | 10,287) | 10,789) | 9,793) | 9,659) | 9,047) | 9,051) | 14,422) | 14,465) | 14,049) | 12,394) | 8,927) | 7,803) | 7,764) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||||
| Cash ratio1 | 0.79 | 0.88 | 0.84 | 0.70 | 0.70 | 0.67 | 0.66 | 0.76 | 0.74 | 0.85 | 0.80 | 0.87 | 0.88 | 0.77 | 0.79 | 0.63 | 0.85 | 1.26 | 1.37 | 1.36 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||
| Abbott Laboratories | — | — | — | 0.40 | 0.54 | 0.53 | 0.54 | 0.53 | 0.56 | 0.52 | 0.52 | 0.47 | 0.53 | 0.54 | 0.57 | 0.66 | 0.66 | 0.74 | 0.75 | 0.65 | ||||||
| Elevance Health Inc. | — | — | — | 0.82 | 0.88 | 0.89 | 0.79 | 0.79 | 0.85 | 0.90 | 0.86 | 0.82 | 0.87 | 0.90 | 0.92 | 0.91 | 0.86 | 0.87 | 0.86 | 0.86 | ||||||
| Intuitive Surgical Inc. | — | — | — | 2.36 | 2.96 | 2.72 | 3.15 | 2.93 | 2.30 | 2.52 | 3.20 | 3.49 | 3.15 | 3.86 | 3.77 | 3.59 | 2.90 | 3.50 | 3.78 | 3.58 | ||||||
| UnitedHealth Group Inc. | — | — | — | 0.27 | 0.24 | 0.26 | 0.29 | 0.30 | 0.28 | 0.37 | 0.33 | 0.35 | 0.34 | 0.42 | 0.44 | 0.43 | 0.36 | 0.46 | 0.36 | 0.37 | ||||||
Based on: 10-K (reporting date: 2026-04-24), 10-Q (reporting date: 2026-01-23), 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30).
1 Q4 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 9,220 ÷ 11,658 = 0.79
2 Click competitor name to see calculations.
The analysis of liquidity metrics reveals a significant transition in the short-term solvency profile from July 2021 through April 2026. The cash ratio, which measures the ability to cover current liabilities using only cash and cash equivalents, shifted from a surplus position to a constrained position where cash assets cover a majority, but not all, of immediate obligations.
- Liquidity Decline and Stabilization
- A sharp contraction in the cash ratio is observed between October 2021 (1.37) and July 2022 (0.63). This decline coincided with a substantial increase in current liabilities, which nearly doubled from 7.80 billion USD in late 2021 to a peak of 14.47 billion USD by October 2022. While cash assets remained relatively stable during the initial phase of this shift, the rapid expansion of liabilities compressed the ratio significantly.
- Cash Asset Volatility
- Total cash assets exhibited a downward trend from a peak of 11.43 billion USD in October 2022 to a trough of 7.73 billion USD in October 2023. A subsequent moderate recovery followed, with cash assets increasing to 9.22 billion USD by April 2026. This volatility indicates periodic shifts in cash reserves or strategic capital allocation.
- Current Liability Fluctuations
- Current liabilities showed significant variance, peaking in late 2022 before experiencing a sharp reduction to 9.05 billion USD by April 2023. In the latter half of the analyzed period, liabilities fluctuated between 9.49 billion USD and 12.88 billion USD, which prevented the cash ratio from returning to the levels observed in 2021.
- Long-term Ratio Trajectory
- Following the initial drop in 2022, the cash ratio entered a period of relative stability, oscillating between 0.66 and 0.88 from July 2022 through April 2026. The most recent value of 0.79 suggests a consistent liquidity posture where approximately 79% of current liabilities are covered by cash assets, representing a permanent shift in the liquidity baseline compared to the 2021 period.
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