Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Long-term Activity Ratios (Summary)
Net Fixed Asset Turnover
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Total Asset Turnover
Equity Turnover

Medtronic PLC, long-term (investment) activity ratios

		Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020	Apr 26, 2019
	Net fixed asset turnover
	Net fixed asset turnover (including operating lease, right-of-use asset)
	Total asset turnover
	Equity turnover

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).

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Long-term activity ratio	Description	The company
Net fixed asset turnover	An activity ratio calculated as total revenue divided by net fixed assets.	Medtronic PLC net fixed asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Net fixed asset turnover (including operating lease, right-of-use asset)	An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset).	Medtronic PLC net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2022 to 2023 and from 2023 to 2024.
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	Medtronic PLC total asset turnover ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	Medtronic PLC equity turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Medtronic PLC, net fixed asset turnover calculation, comparison to benchmarks

		Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020	Apr 26, 2019
	Selected Financial Data (US$ in millions)
	Net sales
	Property, plant, and equipment, net
	Long-term Activity Ratio
	Net fixed asset turnover¹
	Benchmarks
	Net Fixed Asset Turnover, Competitors²
	Abbott Laboratories
	Cigna Group
	CVS Health Corp.
	Elevance Health Inc.
	Humana Inc.
	Intuitive Surgical Inc.
	UnitedHealth Group Inc.
	Net Fixed Asset Turnover, Sector
	Health Care Equipment & Services
	Net Fixed Asset Turnover, Industry
	Health Care

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 fixed asset turnover = Net sales ÷ Property, plant, and equipment, net
= ÷ =

² Click competitor name to see calculations.

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Long-term activity ratio	Description	The company
Net fixed asset turnover	An activity ratio calculated as total revenue divided by net fixed assets.	Medtronic PLC net fixed asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Medtronic PLC, net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

		Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020	Apr 26, 2019
	Selected Financial Data (US$ in millions)
	Net sales

	Property, plant, and equipment, net
	Operating lease right-of-use assets (classified in Other assets)
	Property, plant, and equipment, net (including operating lease, right-of-use asset)
	Long-term Activity Ratio
	Net fixed asset turnover (including operating lease, right-of-use asset)¹
	Benchmarks
	Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors²
	Abbott Laboratories
	Cigna Group
	CVS Health Corp.
	Elevance Health Inc.
	Humana Inc.
	Intuitive Surgical Inc.
	UnitedHealth Group Inc.
	Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
	Health Care Equipment & Services
	Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
	Health Care

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 fixed asset turnover (including operating lease, right-of-use asset) = Net sales ÷ Property, plant, and equipment, net (including operating lease, right-of-use asset)
= ÷ =

² Click competitor name to see calculations.

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Long-term activity ratio	Description	The company
Net fixed asset turnover (including operating lease, right-of-use asset)	An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset).	Medtronic PLC net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2022 to 2023 and from 2023 to 2024.

Medtronic PLC, total asset turnover calculation, comparison to benchmarks

		Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020	Apr 26, 2019
	Selected Financial Data (US$ in millions)
	Net sales
	Total assets
	Long-term Activity Ratio
	Total asset turnover¹
	Benchmarks
	Total Asset Turnover, Competitors²
	Abbott Laboratories
	Cigna Group
	CVS Health Corp.
	Elevance Health Inc.
	Humana Inc.
	Intuitive Surgical Inc.
	UnitedHealth Group Inc.
	Total Asset Turnover, Sector
	Health Care Equipment & Services
	Total Asset Turnover, Industry
	Health Care

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
= ÷ =

² Click competitor name to see calculations.

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

Medtronic PLC, equity turnover calculation, comparison to benchmarks

		Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020	Apr 26, 2019
	Selected Financial Data (US$ in millions)
	Net sales
	Shareholders’ equity
	Long-term Activity Ratio
	Equity turnover¹
	Benchmarks
	Equity Turnover, Competitors²
	Abbott Laboratories
	Cigna Group
	CVS Health Corp.
	Elevance Health Inc.
	Humana Inc.
	Intuitive Surgical Inc.
	UnitedHealth Group Inc.
	Equity Turnover, Sector
	Health Care Equipment & Services
	Equity Turnover, Industry
	Health Care

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
Equity turnover = Net sales ÷ Shareholders’ equity
= ÷ =

² Click competitor name to see calculations.

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Long-term activity ratio	Description	The company
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	Medtronic PLC equity turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

	Medtronic PLC	Other companies (not purchased previously)
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Analysis of Financial Ratios
Relative Valuation
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Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
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Medtronic PLC (NYSE:MDT)

Analysis of Long-term (Investment) Activity Ratios

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Long-term Activity Ratios (Summary)

Net Fixed Asset Turnover

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Total Asset Turnover

Equity Turnover