Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Medtronic PLC, EBITDA calculation

US$ in millions

12 months ended:	Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020	Apr 26, 2019
Net income attributable to Medtronic	3,676)	3,758)	5,039)	3,606)	4,789)	4,631)
Add: Net income attributable to noncontrolling interest	29)	26)	23)	24)	17)	19)
Add: Income tax expense	1,132)	1,580)	455)	265)	(751)	547)
Earnings before tax (EBT)	4,837)	5,364)	5,517)	3,895)	4,055)	5,197)
Add: Interest expense, net	719)	636)	553)	925)	1,092)	1,444)
Earnings before interest and tax (EBIT)	5,556)	6,000)	6,070)	4,820)	5,147)	6,641)
Add: Depreciation and amortization	2,647)	2,697)	2,707)	2,702)	2,663)	2,659)
Earnings before interest, tax, depreciation and amortization (EBITDA)	8,203)	8,697)	8,777)	7,522)	7,810)	9,300)

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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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Medtronic PLC EBITDA decreased from 2022 to 2023 and from 2023 to 2024.

Medtronic PLC, current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	130,169)
Earnings before interest, tax, depreciation and amortization (EBITDA)	8,203)
Valuation Ratio
EV/EBITDA	15.87
Benchmarks
EV/EBITDA, Competitors¹
Abbott Laboratories	19.39
Cigna Group	10.17
CVS Health Corp.	6.40
Elevance Health Inc.	7.46
Intuitive Surgical Inc.	86.51
UnitedHealth Group Inc.	13.87
EV/EBITDA, Sector
Health Care Equipment & Services	13.87
EV/EBITDA, Industry
Health Care	18.37

Based on: 10-K (reporting date: 2024-04-26).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Medtronic PLC, historical EV/EBITDA 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)
Enterprise value (EV)¹	120,025)	132,878)	131,529)	183,640)	139,945)	148,881)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	8,203)	8,697)	8,777)	7,522)	7,810)	9,300)
Valuation Ratio
EV/EBITDA³	14.63	15.28	14.99	24.41	17.92	16.01
Benchmarks
EV/EBITDA, Competitors⁴
Abbott Laboratories	—	19.49	15.85	17.42	25.99	21.70
Cigna Group	—	12.11	8.88	9.06	6.31	8.42
CVS Health Corp.	—	8.03	12.42	10.41	8.56	9.43
Elevance Health Inc.	—	10.24	10.26	10.05	7.57	9.05
Intuitive Surgical Inc.	—	53.82	41.52	44.54	59.12	37.53
UnitedHealth Group Inc.	—	13.60	15.11	17.39	13.39	13.82
EV/EBITDA, Sector
Health Care Equipment & Services	—	13.82	13.98	15.40	13.12	13.15
EV/EBITDA, Industry
Health Care	—	18.98	13.71	13.87	16.50	14.37

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 See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 120,025 ÷ 8,203 = 14.63

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Medtronic PLC EV/EBITDA ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Medtronic PLC (NYSE:MDT)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical