Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)
P to FCFE Ratio, Current
P to FCFE Ratio, Historical

Free Cash Flow to Equity (FCFE)

Medtronic PLC, FCFE 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)
Additions to property, plant, and equipment	(1,587)	(1,459)	(1,368)	(1,355)	(1,213)	(1,134)
Change in current debt obligations, net	1,073)	—)	—)	(311)	(17)	(713)
Proceeds from short-term borrowings, maturities greater than 90 days	—)	2,284)	—)	2,789)	—)	—)
Repayments from short-term borrowings, maturities greater than 90 days	—)	(2,279)	—)	(2,853)	—)	—)
Issuance of long-term debt	—)	5,409)	—)	7,172)	5,568)	7,794)
Payments on long-term debt	—)	(6,012)	(1)	(7,367)	(6,110)	(7,948)
Free cash flow to equity (FCFE)	6,273)	3,982)	5,977)	4,315)	5,462)	5,006)

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
FCFE	Free cash flow to equity is the cash flow available to Medtronic PLC equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Medtronic PLC FCFE decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Price to FCFE Ratio, Current

Medtronic PLC, current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,282,490,493
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	6,273)
FCFE per share	4.89
Current share price (P)	85.00
Valuation Ratio
P/FCFE	17.38
Benchmarks
P/FCFE, Competitors¹
Abbott Laboratories	78.62
Cigna Group	9.00
CVS Health Corp.	3.83
Elevance Health Inc.	12.37
Humana Inc.	9.14
Intuitive Surgical Inc.	256.03
UnitedHealth Group Inc.	17.72
P/FCFE, Sector
Health Care Equipment & Services	17.23
P/FCFE, Industry
Health Care	16.45

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

¹ Click competitor name to see calculations.

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

Price to FCFE Ratio, Historical

Medtronic PLC, historical P/FCFE calculation, comparison to benchmarks

	Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020	Apr 26, 2019
No. shares of common stock outstanding¹	1,282,269,783	1,330,405,428	1,328,709,310	1,343,904,180	1,341,298,882	1,341,156,703
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	6,273)	3,982)	5,977)	4,315)	5,462)	5,006)
FCFE per share³	4.89	2.99	4.50	3.21	4.07	3.73
Share price^1, 4	80.17	87.41	88.67	124.93	93.91	99.38
Valuation Ratio
P/FCFE⁵	16.39	29.20	19.71	38.91	23.06	26.62
Benchmarks
P/FCFE, Competitors⁶
Abbott Laboratories	—	76.56	26.11	24.52	38.42	53.19
Cigna Group	—	9.86	18.23	10.98	16.30	20.76
CVS Health Corp.	—	5.22	12.36	21.23	11.93	18.52
Elevance Health Inc.	—	16.04	14.26	11.07	7.75	13.72
Humana Inc.	—	12.01	30.99	11.49	8.47	11.73
Intuitive Surgical Inc.	—	177.77	89.67	58.39	81.15	57.31
UnitedHealth Group Inc.	—	15.33	12.57	20.11	13.93	13.90
P/FCFE, Sector
Health Care Equipment & Services	—	16.49	16.47	20.14	16.68	19.46
P/FCFE, Industry
Health Care	—	16.99	18.08	16.76	17.08	13.39

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 6,273,000,000 ÷ 1,282,269,783 = 4.89

⁴ Closing price as at the filing date of Medtronic PLC Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 80.17 ÷ 4.89 = 16.39

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Medtronic PLC P/FCFE ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Medtronic PLC (NYSE:MDT)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical