Stock Analysis on Net

Medtronic PLC (NYSE:MDT)

Analysis of Short-term (Operating) Activity Ratios
Quarterly Data

Microsoft Excel

Short-term Activity Ratios (Summary)

Medtronic PLC, short-term (operating) activity ratios (quarterly data)

Microsoft Excel
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 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 Apr 24, 2020 Jan 24, 2020 Oct 25, 2019 Jul 26, 2019 Apr 26, 2019 Jan 25, 2019 Oct 26, 2018 Jul 27, 2018
Turnover Ratios
Inventory turnover 2.06 2.11 2.10 2.15 1.95 1.92 1.91 2.03 1.92 2.00 2.09 2.20 2.26 2.38 2.47 2.43 2.24 2.20 2.10 2.23 2.34 2.35 2.37 2.44
Receivables turnover 5.43 5.27 5.42 5.28 5.42 5.39 5.44 5.21 5.23 5.48 5.85 5.71 5.84 5.79 5.82 5.51 5.35 5.21 5.73 6.22 4.97 5.05 5.20 4.91
Payables turnover 5.04 4.85 4.95 4.65 5.60 5.09 4.84 4.03 4.68 4.60 4.62 4.46 5.14 5.41 5.67 4.98 5.56 5.19 5.56 4.72 4.96 4.84 4.89 4.69
Working capital turnover 3.11 3.22 2.79 2.90 2.54 2.57 2.46 2.47 2.81 2.82 3.84 2.97 2.21 2.13 2.15 2.15 2.02 2.00 2.44 2.48 2.03 2.13 2.16 2.26
Average No. Days
Average inventory processing period 178 173 174 170 187 190 191 180 190 183 174 166 161 153 148 150 163 166 174 164 156 155 154 150
Add: Average receivable collection period 67 69 67 69 67 68 67 70 70 67 62 64 63 63 63 66 68 70 64 59 73 72 70 74
Operating cycle 245 242 241 239 254 258 258 250 260 250 236 230 224 216 211 216 231 236 238 223 229 227 224 224
Less: Average payables payment period 72 75 74 78 65 72 75 91 78 79 79 82 71 67 64 73 66 70 66 77 74 75 75 78
Cash conversion cycle 173 167 167 161 189 186 183 159 182 171 157 148 153 149 147 143 165 166 172 146 155 152 149 146

Based on: 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), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Medtronic PLC inventory turnover ratio improved from Q1 2025 to Q2 2025 but then deteriorated significantly from Q2 2025 to Q3 2025.
Receivables turnover An activity ratio equal to revenue divided by receivables. Medtronic PLC receivables turnover ratio deteriorated from Q1 2025 to Q2 2025 but then improved from Q2 2025 to Q3 2025 exceeding Q1 2025 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Medtronic PLC payables turnover ratio decreased from Q1 2025 to Q2 2025 but then increased from Q2 2025 to Q3 2025 exceeding Q1 2025 level.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Medtronic PLC working capital turnover ratio improved from Q1 2025 to Q2 2025 but then slightly deteriorated from Q2 2025 to Q3 2025.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Medtronic PLC number of days of inventory outstanding improved from Q1 2025 to Q2 2025 but then deteriorated significantly from Q2 2025 to Q3 2025.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Medtronic PLC operating cycle deteriorated from Q1 2025 to Q2 2025 and from Q2 2025 to Q3 2025.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Medtronic PLC number of days of payables outstanding increased from Q1 2025 to Q2 2025 but then decreased significantly from Q2 2025 to Q3 2025.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.

Inventory Turnover

Medtronic PLC, inventory turnover calculation (quarterly data)

Microsoft Excel
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 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 Apr 24, 2020 Jan 24, 2020 Oct 25, 2019 Jul 26, 2019 Apr 26, 2019 Jan 25, 2019 Oct 26, 2018 Jul 27, 2018
Selected Financial Data (US$ in millions)
Cost of products sold, excluding amortization of intangible assets 2,779 2,946 2,761 3,045 2,782 2,761 2,628 2,979 2,689 2,535 2,516 2,591 2,459 2,497 2,598 2,652 2,621 2,705 2,505 2,264 2,400 2,394 2,366 2,483 2,265 2,203 2,204
Inventories 5,610 5,479 5,414 5,217 5,726 5,754 5,668 5,293 5,375 5,055 4,809 4,616 4,514 4,349 4,288 4,313 4,508 4,484 4,551 4,229 4,122 4,042 3,932 3,753 3,866 3,763 3,681
Short-term Activity Ratio
Inventory turnover1 2.06 2.11 2.10 2.15 1.95 1.92 1.91 2.03 1.92 2.00 2.09 2.20 2.26 2.38 2.47 2.43 2.24 2.20 2.10 2.23 2.34 2.35 2.37 2.44
Benchmarks
Inventory Turnover, Competitors2
Abbott Laboratories 3.02 2.69 2.67 2.65 2.74 2.71 2.62 2.77 3.10 3.37 3.24 3.36 3.59 3.47 3.27 2.99 2.99
Cigna Group 27.27 33.20 29.93 31.05 23.70 29.58 28.53 30.04 26.13 30.87 32.34 34.32 31.58 37.54 36.13 36.50 32.70
CVS Health Corp. 17.75 17.93 19.28 18.80 16.83 16.34 16.48 15.15 14.05 14.46 14.64 13.60 13.52 13.49 13.48 12.57 11.88
Intuitive Surgical Inc. 1.83 1.75 1.81 1.89 1.96 1.99 2.21 2.25 2.27 2.36 2.62 2.82 2.98 2.90 2.84 2.64 2.49

Based on: 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), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27).

1 Q3 2025 Calculation
Inventory turnover = (Cost of products sold, excluding amortization of intangible assetsQ3 2025 + Cost of products sold, excluding amortization of intangible assetsQ2 2025 + Cost of products sold, excluding amortization of intangible assetsQ1 2025 + Cost of products sold, excluding amortization of intangible assetsQ4 2024) ÷ Inventories
= (2,779 + 2,946 + 2,761 + 3,045) ÷ 5,610 = 2.06

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Medtronic PLC inventory turnover ratio improved from Q1 2025 to Q2 2025 but then deteriorated significantly from Q2 2025 to Q3 2025.

Receivables Turnover

Medtronic PLC, receivables turnover calculation (quarterly data)

Microsoft Excel
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 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 Apr 24, 2020 Jan 24, 2020 Oct 25, 2019 Jul 26, 2019 Apr 26, 2019 Jan 25, 2019 Oct 26, 2018 Jul 27, 2018
Selected Financial Data (US$ in millions)
Net sales 8,292 8,403 7,915 8,589 8,089 7,984 7,702 8,544 7,727 7,585 7,371 8,089 7,763 7,847 7,987 8,188 7,775 7,647 6,507 5,997 7,717 7,706 7,493 8,146 7,546 7,481 7,384
Accounts receivable, less allowances and credit losses 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 5,462 5,215 5,348 4,876 4,645 6,248 6,118 5,894 6,222 5,854 5,743 5,674
Short-term Activity Ratio
Receivables turnover1 5.43 5.27 5.42 5.28 5.42 5.39 5.44 5.21 5.23 5.48 5.85 5.71 5.84 5.79 5.82 5.51 5.35 5.21 5.73 6.22 4.97 5.05 5.20 4.91
Benchmarks
Receivables Turnover, Competitors2
Abbott Laboratories 6.06 5.85 5.94 6.11 6.11 6.15 6.52 6.89 7.02 7.03 6.33 6.20 6.64 6.61 6.58 6.13 5.40
CVS Health Corp. 10.16 10.15 11.17 11.16 10.12 10.53 11.44 11.65 11.79 11.94 11.27 11.30 11.91 11.23 11.48 11.32 12.32
Elevance Health Inc. 18.00 19.84 17.60 15.98 18.08 17.93 18.82 16.53 18.81 19.51 18.80 16.67 20.66 18.93 18.81 17.39 19.72
Intuitive Surgical Inc. 6.82 6.82 6.83 6.49 6.30 7.12 7.37 6.95 6.60 7.20 7.11 6.52 7.30 7.90 7.38 6.96 6.75
UnitedHealth Group Inc. 17.66 19.43 16.49 13.80 17.27 17.23 19.23 14.88 18.22 18.37 16.27 15.65 20.07 19.60 18.53 16.35 19.86

Based on: 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), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27).

1 Q3 2025 Calculation
Receivables turnover = (Net salesQ3 2025 + Net salesQ2 2025 + Net salesQ1 2025 + Net salesQ4 2024) ÷ Accounts receivable, less allowances and credit losses
= (8,292 + 8,403 + 7,915 + 8,589) ÷ 6,115 = 5.43

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Medtronic PLC receivables turnover ratio deteriorated from Q1 2025 to Q2 2025 but then improved from Q2 2025 to Q3 2025 exceeding Q1 2025 level.

Payables Turnover

Medtronic PLC, payables turnover calculation (quarterly data)

Microsoft Excel
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 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 Apr 24, 2020 Jan 24, 2020 Oct 25, 2019 Jul 26, 2019 Apr 26, 2019 Jan 25, 2019 Oct 26, 2018 Jul 27, 2018
Selected Financial Data (US$ in millions)
Cost of products sold, excluding amortization of intangible assets 2,779 2,946 2,761 3,045 2,782 2,761 2,628 2,979 2,689 2,535 2,516 2,591 2,459 2,497 2,598 2,652 2,621 2,705 2,505 2,264 2,400 2,394 2,366 2,483 2,265 2,203 2,204
Accounts payable 2,286 2,376 2,291 2,410 1,992 2,174 2,239 2,662 2,209 2,198 2,180 2,276 1,985 1,917 1,864 2,106 1,816 1,902 1,720 1,996 1,945 1,965 1,906 1,953 1,706 1,742 1,789
Short-term Activity Ratio
Payables turnover1 5.04 4.85 4.95 4.65 5.60 5.09 4.84 4.03 4.68 4.60 4.62 4.46 5.14 5.41 5.67 4.98 5.56 5.19 5.56 4.72 4.96 4.84 4.89 4.69
Benchmarks
Payables Turnover, Competitors2
Abbott Laboratories 4.46 4.54 4.42 4.33 4.19 4.55 4.28 4.44 4.15 4.67 4.25 4.02 4.21 4.55 4.43 3.97 3.80
Cigna Group 6.41 5.86 5.63 5.92 6.75 6.76 6.92 7.18 7.31 7.44 7.44 7.89 7.68 7.71 7.60 7.74 7.75
CVS Health Corp. 20.22 20.14 21.49 22.40 20.36 19.73 21.32 22.08 18.07 18.75 19.22 19.38 19.14 18.49 20.72 20.50 19.72
Elevance Health Inc. 8.10 8.17 8.09 7.54 7.72 7.61 7.54 7.57 7.47 7.48 7.35 7.28 7.59 7.31 7.30 7.31 7.75
Intuitive Surgical Inc. 14.05 11.88 12.91 12.64 12.69 11.66 11.10 12.99 13.78 12.01 12.68 14.36 14.45 14.13 13.71 14.80 18.35
UnitedHealth Group Inc. 7.72 7.64 7.77 7.28 7.47 7.11 7.08 6.86 7.26 7.07 6.90 6.78 7.63 6.98 6.97 6.58 7.29

Based on: 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), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27).

1 Q3 2025 Calculation
Payables turnover = (Cost of products sold, excluding amortization of intangible assetsQ3 2025 + Cost of products sold, excluding amortization of intangible assetsQ2 2025 + Cost of products sold, excluding amortization of intangible assetsQ1 2025 + Cost of products sold, excluding amortization of intangible assetsQ4 2024) ÷ Accounts payable
= (2,779 + 2,946 + 2,761 + 3,045) ÷ 2,286 = 5.04

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Medtronic PLC payables turnover ratio decreased from Q1 2025 to Q2 2025 but then increased from Q2 2025 to Q3 2025 exceeding Q1 2025 level.

Working Capital Turnover

Medtronic PLC, working capital turnover calculation (quarterly data)

Microsoft Excel
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 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 Apr 24, 2020 Jan 24, 2020 Oct 25, 2019 Jul 26, 2019 Apr 26, 2019 Jan 25, 2019 Oct 26, 2018 Jul 27, 2018
Selected Financial Data (US$ in millions)
Current assets 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 22,548 26,347 26,036 24,509 22,031 24,043 22,653 22,705 21,967 20,877 21,653 22,460
Less: Current liabilities 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 8,509 12,534 12,071 13,086 10,366 8,735 8,170 8,518 8,472 8,853 8,463 9,112
Working capital 10,673 10,243 11,660 11,146 12,720 12,422 12,822 12,624 10,942 10,933 8,086 10,665 14,376 14,928 14,670 14,039 13,813 13,965 11,423 11,665 15,308 14,483 14,187 13,495 12,024 13,190 13,348
 
Net sales 8,292 8,403 7,915 8,589 8,089 7,984 7,702 8,544 7,727 7,585 7,371 8,089 7,763 7,847 7,987 8,188 7,775 7,647 6,507 5,997 7,717 7,706 7,493 8,146 7,546 7,481 7,384
Short-term Activity Ratio
Working capital turnover1 3.11 3.22 2.79 2.90 2.54 2.57 2.46 2.47 2.81 2.82 3.84 2.97 2.21 2.13 2.15 2.15 2.02 2.00 2.44 2.48 2.03 2.13 2.16 2.26
Benchmarks
Working Capital Turnover, Competitors2
Abbott Laboratories 4.42 4.63 4.35 4.83 4.54 4.15 4.39 4.21 4.48 3.92 3.63 4.13 3.87 3.98 4.02 3.99 4.06
Cigna Group
CVS Health Corp.
Elevance Health Inc. 7.85 6.87 6.92 8.59 7.83 7.92 7.69 7.60 8.37 9.11 8.85 8.65 7.23 6.79 6.67 5.38 6.39
Intuitive Surgical Inc. 1.56 1.42 1.23 1.17 1.14 0.95 1.03 1.15 1.29 1.21 1.17 1.26 1.22 1.17 1.03 0.88 0.77
UnitedHealth Group Inc.

Based on: 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), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27).

1 Q3 2025 Calculation
Working capital turnover = (Net salesQ3 2025 + Net salesQ2 2025 + Net salesQ1 2025 + Net salesQ4 2024) ÷ Working capital
= (8,292 + 8,403 + 7,915 + 8,589) ÷ 10,673 = 3.11

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Medtronic PLC working capital turnover ratio improved from Q1 2025 to Q2 2025 but then slightly deteriorated from Q2 2025 to Q3 2025.

Average Inventory Processing Period

Medtronic PLC, average inventory processing period calculation (quarterly data)

Microsoft Excel
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 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 Apr 24, 2020 Jan 24, 2020 Oct 25, 2019 Jul 26, 2019 Apr 26, 2019 Jan 25, 2019 Oct 26, 2018 Jul 27, 2018
Selected Financial Data
Inventory turnover 2.06 2.11 2.10 2.15 1.95 1.92 1.91 2.03 1.92 2.00 2.09 2.20 2.26 2.38 2.47 2.43 2.24 2.20 2.10 2.23 2.34 2.35 2.37 2.44
Short-term Activity Ratio (no. days)
Average inventory processing period1 178 173 174 170 187 190 191 180 190 183 174 166 161 153 148 150 163 166 174 164 156 155 154 150
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Abbott Laboratories 121 136 136 138 133 135 139 132 118 108 113 109 102 105 111 122 122
Cigna Group 13 11 12 12 15 12 13 12 14 12 11 11 12 10 10 10 11
CVS Health Corp. 21 20 19 19 22 22 22 24 26 25 25 27 27 27 27 29 31
Intuitive Surgical Inc. 200 208 201 193 186 183 166 162 161 155 139 130 122 126 129 138 147

Based on: 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), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27).

1 Q3 2025 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 2.06 = 178

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Medtronic PLC number of days of inventory outstanding improved from Q1 2025 to Q2 2025 but then deteriorated significantly from Q2 2025 to Q3 2025.

Average Receivable Collection Period

Medtronic PLC, average receivable collection period calculation (quarterly data)

Microsoft Excel
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 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 Apr 24, 2020 Jan 24, 2020 Oct 25, 2019 Jul 26, 2019 Apr 26, 2019 Jan 25, 2019 Oct 26, 2018 Jul 27, 2018
Selected Financial Data
Receivables turnover 5.43 5.27 5.42 5.28 5.42 5.39 5.44 5.21 5.23 5.48 5.85 5.71 5.84 5.79 5.82 5.51 5.35 5.21 5.73 6.22 4.97 5.05 5.20 4.91
Short-term Activity Ratio (no. days)
Average receivable collection period1 67 69 67 69 67 68 67 70 70 67 62 64 63 63 63 66 68 70 64 59 73 72 70 74
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Abbott Laboratories 60 62 61 60 60 59 56 53 52 52 58 59 55 55 55 60 68
CVS Health Corp. 36 36 33 33 36 35 32 31 31 31 32 32 31 32 32 32 30
Elevance Health Inc. 20 18 21 23 20 20 19 22 19 19 19 22 18 19 19 21 19
Intuitive Surgical Inc. 54 53 53 56 58 51 50 53 55 51 51 56 50 46 49 52 54
UnitedHealth Group Inc. 21 19 22 26 21 21 19 25 20 20 22 23 18 19 20 22 18

Based on: 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), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27).

1 Q3 2025 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 5.43 = 67

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.

Operating Cycle

Medtronic PLC, operating cycle calculation (quarterly data)

No. days

Microsoft Excel
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 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 Apr 24, 2020 Jan 24, 2020 Oct 25, 2019 Jul 26, 2019 Apr 26, 2019 Jan 25, 2019 Oct 26, 2018 Jul 27, 2018
Selected Financial Data
Average inventory processing period 178 173 174 170 187 190 191 180 190 183 174 166 161 153 148 150 163 166 174 164 156 155 154 150
Average receivable collection period 67 69 67 69 67 68 67 70 70 67 62 64 63 63 63 66 68 70 64 59 73 72 70 74
Short-term Activity Ratio
Operating cycle1 245 242 241 239 254 258 258 250 260 250 236 230 224 216 211 216 231 236 238 223 229 227 224 224
Benchmarks
Operating Cycle, Competitors2
Abbott Laboratories 181 198 197 198 193 194 195 185 170 160 171 168 157 160 166 182 190
CVS Health Corp. 57 56 52 52 58 57 54 55 57 56 57 59 58 59 59 61 61
Intuitive Surgical Inc. 254 261 254 249 244 234 216 215 216 206 190 186 172 172 178 190 201

Based on: 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), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27).

1 Q3 2025 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 178 + 67 = 245

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Medtronic PLC operating cycle deteriorated from Q1 2025 to Q2 2025 and from Q2 2025 to Q3 2025.

Average Payables Payment Period

Medtronic PLC, average payables payment period calculation (quarterly data)

Microsoft Excel
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 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 Apr 24, 2020 Jan 24, 2020 Oct 25, 2019 Jul 26, 2019 Apr 26, 2019 Jan 25, 2019 Oct 26, 2018 Jul 27, 2018
Selected Financial Data
Payables turnover 5.04 4.85 4.95 4.65 5.60 5.09 4.84 4.03 4.68 4.60 4.62 4.46 5.14 5.41 5.67 4.98 5.56 5.19 5.56 4.72 4.96 4.84 4.89 4.69
Short-term Activity Ratio (no. days)
Average payables payment period1 72 75 74 78 65 72 75 91 78 79 79 82 71 67 64 73 66 70 66 77 74 75 75 78
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Abbott Laboratories 82 80 83 84 87 80 85 82 88 78 86 91 87 80 82 92 96
Cigna Group 57 62 65 62 54 54 53 51 50 49 49 46 48 47 48 47 47
CVS Health Corp. 18 18 17 16 18 19 17 17 20 19 19 19 19 20 18 18 19
Elevance Health Inc. 45 45 45 48 47 48 48 48 49 49 50 50 48 50 50 50 47
Intuitive Surgical Inc. 26 31 28 29 29 31 33 28 26 30 29 25 25 26 27 25 20
UnitedHealth Group Inc. 47 48 47 50 49 51 52 53 50 52 53 54 48 52 52 56 50

Based on: 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), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27).

1 Q3 2025 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 5.04 = 72

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Medtronic PLC number of days of payables outstanding increased from Q1 2025 to Q2 2025 but then decreased significantly from Q2 2025 to Q3 2025.

Cash Conversion Cycle

Medtronic PLC, cash conversion cycle calculation (quarterly data)

No. days

Microsoft Excel
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 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 Apr 24, 2020 Jan 24, 2020 Oct 25, 2019 Jul 26, 2019 Apr 26, 2019 Jan 25, 2019 Oct 26, 2018 Jul 27, 2018
Selected Financial Data
Average inventory processing period 178 173 174 170 187 190 191 180 190 183 174 166 161 153 148 150 163 166 174 164 156 155 154 150
Average receivable collection period 67 69 67 69 67 68 67 70 70 67 62 64 63 63 63 66 68 70 64 59 73 72 70 74
Average payables payment period 72 75 74 78 65 72 75 91 78 79 79 82 71 67 64 73 66 70 66 77 74 75 75 78
Short-term Activity Ratio
Cash conversion cycle1 173 167 167 161 189 186 183 159 182 171 157 148 153 149 147 143 165 166 172 146 155 152 149 146
Benchmarks
Cash Conversion Cycle, Competitors2
Abbott Laboratories 99 118 114 114 106 114 110 103 82 82 85 77 70 80 84 90 94
CVS Health Corp. 39 38 35 36 40 38 37 38 37 37 38 40 39 39 41 43 42
Intuitive Surgical Inc. 228 230 226 220 215 203 183 187 190 176 161 161 147 146 151 165 181

Based on: 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), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27).

1 Q3 2025 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 178 + 6772 = 173

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.