Medtronic PLC, FCFF 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)
Net income attributable to noncontrolling interests	29)	26)	23)	24)	17)	19)
Net noncash charges	3,566)	3,222)	3,173)	3,311)	2,367)	3,437)
Change in operating assets and liabilities, net of acquisitions and divestitures	(484)	(967)	(889)	(701)	61)	(1,080)
Net cash provided by operating activities	6,787)	6,039)	7,346)	6,240)	7,234)	7,007)
Cash paid for interest, net of tax¹	633)	427)	495)	542)	508)	873)
Additions to property, plant, and equipment	(1,587)	(1,459)	(1,368)	(1,355)	(1,213)	(1,134)
Free cash flow to the firm (FCFF)	5,833)	5,007)	6,473)	5,427)	6,529)	6,746)

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
FCFF	Free cash flow to the firm is the cash flow available to the Medtronic PLC suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Medtronic PLC FCFF decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

Medtronic PLC, interest paid, net of tax 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
Effective Income Tax Rate (EITR)
EITR¹	23.40%	29.50%	8.30%	6.80%	21.00%	10.30%
Interest Paid, Net of Tax
Cash paid for interest, before tax	826)	606)	540)	582)	643)	973)
Less: Cash paid for interest, tax²	193)	179)	45)	40)	135)	100)
Cash paid for interest, net of tax	633)	427)	495)	542)	508)	873)

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 2024 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 826 × 23.40% = 193

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	123,163)
Free cash flow to the firm (FCFF)	5,833)
Valuation Ratio
EV/FCFF	21.12
Benchmarks
EV/FCFF, Competitors¹
Abbott Laboratories	34.20
CVS Health Corp.	16.51
Elevance Health Inc.	16.98
Intuitive Surgical Inc.	129.05
UnitedHealth Group Inc.	20.01
EV/FCFF, Sector
Health Care Equipment & Services	23.17
EV/FCFF, Industry
Health Care	22.29

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

¹ Click competitor name to see calculations.

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

Medtronic PLC, historical EV/FCFF 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)
Free cash flow to the firm (FCFF)²	5,833)	5,007)	6,473)	5,427)	6,529)	6,746)
Valuation Ratio
EV/FCFF³	20.58	26.54	20.32	33.84	21.43	22.07
Benchmarks
EV/FCFF, Competitors⁴
Abbott Laboratories	35.21	36.51	23.24	23.47	36.94	—
CVS Health Corp.	15.91	11.96	10.00	10.30	9.42	—
Elevance Health Inc.	15.57	14.19	13.32	12.74	6.04	—
Intuitive Surgical Inc.	153.43	170.92	85.45	56.01	76.70	—
UnitedHealth Group Inc.	20.57	17.59	19.30	22.21	15.82	—
EV/FCFF, Sector
Health Care Equipment & Services	23.85	20.46	17.93	19.79	16.36	—
EV/FCFF, Industry
Health Care	23.63	24.95	17.94	17.18	18.55	—

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/FCFF = EV ÷ FCFF
= 120,025 ÷ 5,833 = 20.58

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Medtronic PLC EV/FCFF ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

Medtronic PLC (NYSE:MDT)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical