Stock Analysis on Net

Medtronic PLC (NYSE:MDT)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

Medtronic PLC, historical price multiples (quarterly data)

Microsoft Excel
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
Price to earnings (P/E) 29.00 27.97 26.49 25.70 29.96 30.94 26.88 24.40 22.61 23.38 29.39 30.66 46.71 46.56 55.13 42.80 32.34 26.30 25.38 31.86 32.75 28.78
Price to operating profit (P/OP) 22.10 19.98 19.69 18.94 19.27 21.20 19.53 17.99 19.55 20.48 25.40 27.20 38.83 37.44 49.88 42.55 35.86 26.29 21.01 23.52 22.21 21.26
Price to sales (P/S) 3.50 3.18 3.44 3.30 3.44 3.72 3.55 3.42 3.79 3.72 4.54 4.54 5.74 5.57 5.71 5.43 5.11 4.36 4.34 4.82 4.72 4.36
Price to book value (P/BV) 2.38 2.05 2.15 2.05 2.12 2.26 2.12 2.03 2.23 2.24 2.75 2.77 3.52 3.26 3.14 3.02 2.84 2.48 2.60 2.94 2.87 2.66 2.48 2.62 2.59

Based on: 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).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Medtronic PLC P/E ratio increased from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Medtronic PLC P/OP ratio increased from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Medtronic PLC P/S ratio decreased from Q3 2024 to Q4 2024 but then increased from Q4 2024 to Q1 2025 exceeding Q3 2024 level.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Medtronic PLC P/BV ratio decreased from Q3 2024 to Q4 2024 but then increased from Q4 2024 to Q1 2025 exceeding Q3 2024 level.

Price to Earnings (P/E)

Medtronic PLC, historical P/E calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1 1,282,490,493 1,282,269,783 1,327,822,539 1,329,654,311 1,330,533,713 1,330,405,428 1,330,423,708 1,330,179,978 1,329,153,289 1,328,709,310 1,341,539,178 1,344,557,784 1,345,809,975 1,343,904,180 1,348,072,847 1,346,019,949 1,344,215,261 1,341,298,882 1,340,166,137 1,340,377,511 1,341,669,471 1,341,156,703 1,341,150,970 1,343,045,417 1,350,511,193
Selected Financial Data (US$)
Net income attributable to Medtronic (in millions) 1,042 654 1,322 909 791 1,180 1,222 427 929 1,485 1,480 1,311 763 1,360 1,270 489 487 646 1,915 1,364 864 1,172 1,269 1,115 1,075
Earnings per share (EPS)2 3.06 2.87 3.16 3.09 2.72 2.82 3.05 3.25 3.92 3.79 3.66 3.50 2.88 2.68 2.15 2.63 3.28 3.57 3.97 3.48 3.29 3.45 0.00 0.00 0.00
Share price1, 3 88.80 80.17 83.84 79.27 81.50 87.41 82.08 79.25 88.53 88.67 107.65 107.28 134.73 124.93 118.26 112.47 106.15 93.91 100.67 110.99 107.89 99.38 92.09 96.60 96.41
Valuation Ratio
P/E ratio4 29.00 27.97 26.49 25.70 29.96 30.94 26.88 24.40 22.61 23.38 29.39 30.66 46.71 46.56 55.13 42.80 32.34 26.30 25.38 31.86 32.75 28.78
Benchmarks
P/E Ratio, Competitors5
Abbott Laboratories 34.10 33.17 32.73 34.57 31.95 36.16 33.21 26.76 21.95 22.24 25.48 29.13 31.42 33.80 36.79 48.49 58.45 58.36 45.61 41.83
Cigna Group 28.81 25.07 27.03 19.03 17.59 12.80 11.43 13.13 14.99 15.60 15.72 13.43 8.43 8.60 10.62 8.71 14.60 12.08 13.82 13.26
CVS Health Corp. 15.46 9.88 9.66 11.47 10.28 33.58 22.61 27.53 40.34 16.30 16.49 17.39 16.78 14.94 14.44 12.88 10.69 10.20 10.94 14.15
Elevance Health Inc. 16.06 18.05 19.55 19.80 18.14 17.03 17.46 19.20 18.75 18.07 20.46 18.13 18.65 22.10 19.99 15.87 14.35 11.97 14.80 15.96
Humana Inc. 23.60 25.45 19.12 17.64 19.98 17.74 20.27 22.52 25.24 19.26 18.48 18.34 22.09 22.82 15.20 14.48 13.49 15.26 19.09 18.10
Intuitive Surgical Inc. 82.75 77.23 65.38 74.11 61.96 79.78 79.43 64.99 56.03 52.74 55.10 59.94 71.86 69.15 89.95 87.47 82.17 70.73 44.27 48.72
UnitedHealth Group Inc. 35.85 36.59 30.38 20.53 22.75 22.15 22.01 22.46 26.13 27.70 27.29 26.03 27.92 27.41 23.06 20.54 17.70 16.88 19.91 20.48

Based on: 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 Data adjusted for splits and stock dividends.

2 Q1 2025 Calculation
EPS = (Net income attributable to MedtronicQ1 2025 + Net income attributable to MedtronicQ4 2024 + Net income attributable to MedtronicQ3 2024 + Net income attributable to MedtronicQ2 2024) ÷ No. shares of common stock outstanding
= (1,042,000,000 + 654,000,000 + 1,322,000,000 + 909,000,000) ÷ 1,282,490,493 = 3.06

3 Closing price as at the filing date of Medtronic PLC Quarterly or Annual Report.

4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= 88.80 ÷ 3.06 = 29.00

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Medtronic PLC P/E ratio increased from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.

Price to Operating Profit (P/OP)

Medtronic PLC, historical P/OP calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1 1,282,490,493 1,282,269,783 1,327,822,539 1,329,654,311 1,330,533,713 1,330,405,428 1,330,423,708 1,330,179,978 1,329,153,289 1,328,709,310 1,341,539,178 1,344,557,784 1,345,809,975 1,343,904,180 1,348,072,847 1,346,019,949 1,344,215,261 1,341,298,882 1,340,166,137 1,340,377,511 1,341,669,471 1,341,156,703 1,341,150,970 1,343,045,417 1,350,511,193
Selected Financial Data (US$)
Operating profit (in millions) 1,278 1,053 1,483 1,340 1,268 1,564 1,392 1,404 1,125 1,671 1,659 1,563 859 1,604 1,277 930 673 316 1,639 1,351 1,485 1,946 1,542 1,544 1,236
Operating profit per share2 4.02 4.01 4.26 4.18 4.23 4.12 4.20 4.40 4.53 4.33 4.24 3.94 3.47 3.34 2.37 2.64 2.96 3.57 4.79 4.72 4.86 4.67 0.00 0.00 0.00
Share price1, 3 88.80 80.17 83.84 79.27 81.50 87.41 82.08 79.25 88.53 88.67 107.65 107.28 134.73 124.93 118.26 112.47 106.15 93.91 100.67 110.99 107.89 99.38 92.09 96.60 96.41
Valuation Ratio
P/OP ratio4 22.10 19.98 19.69 18.94 19.27 21.20 19.53 17.99 19.55 20.48 25.40 27.20 38.83 37.44 49.88 42.55 35.86 26.29 21.01 23.52 22.21 21.26
Benchmarks
P/OP Ratio, Competitors5
Abbott Laboratories 29.37 28.44 28.99 30.54 27.48 30.47 27.70 22.18 18.35 18.63 21.33 24.45 26.84 29.01 31.39 40.69 45.82 45.19 35.87 34.03
Cigna Group 9.41 10.37 11.15 11.51 11.38 10.51 9.34 10.40 12.05 10.20 10.40 9.08 9.12 9.28 11.13 9.03 9.24 7.58 8.59 8.38
CVS Health Corp. 8.14 5.74 5.62 6.96 6.32 15.41 11.67 14.75 20.01 9.97 10.06 10.43 9.43 7.87 7.61 6.65 5.89 5.98 6.19 7.83
Elevance Health Inc. 13.12 14.89 15.42 15.57 14.38 13.36 13.61 15.05 15.30 14.72 17.53 15.70 15.81 19.93 15.79 12.10 10.93 9.03 11.95 13.55
Humana Inc. 11.63 13.46 10.79 10.94 13.43 13.47 14.93 16.63 18.96 18.96 17.45 17.08 21.55 14.39 11.02 9.78 9.84 11.28 14.59 15.35
Intuitive Surgical Inc. 89.92 82.80 70.29 75.42 55.63 70.08 66.95 54.49 46.65 44.54 49.98 56.11 67.95 69.51 89.18 88.37 83.88 71.30 43.68 48.89
UnitedHealth Group Inc. 15.94 16.11 14.49 14.20 15.63 15.33 15.41 15.89 18.75 19.96 19.69 18.77 19.63 19.05 16.12 14.12 12.35 11.85 13.80 14.40

Based on: 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 Data adjusted for splits and stock dividends.

2 Q1 2025 Calculation
Operating profit per share = (Operating profitQ1 2025 + Operating profitQ4 2024 + Operating profitQ3 2024 + Operating profitQ2 2024) ÷ No. shares of common stock outstanding
= (1,278,000,000 + 1,053,000,000 + 1,483,000,000 + 1,340,000,000) ÷ 1,282,490,493 = 4.02

3 Closing price as at the filing date of Medtronic PLC Quarterly or Annual Report.

4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 88.80 ÷ 4.02 = 22.10

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Medtronic PLC P/OP ratio increased from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.

Price to Sales (P/S)

Medtronic PLC, historical P/S calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1 1,282,490,493 1,282,269,783 1,327,822,539 1,329,654,311 1,330,533,713 1,330,405,428 1,330,423,708 1,330,179,978 1,329,153,289 1,328,709,310 1,341,539,178 1,344,557,784 1,345,809,975 1,343,904,180 1,348,072,847 1,346,019,949 1,344,215,261 1,341,298,882 1,340,166,137 1,340,377,511 1,341,669,471 1,341,156,703 1,341,150,970 1,343,045,417 1,350,511,193
Selected Financial Data (US$)
Net sales (in millions) 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
Sales per share2 25.40 25.24 24.34 24.03 23.72 23.47 23.13 23.16 23.38 23.85 23.69 23.65 23.48 22.41 20.72 20.70 20.78 21.56 23.18 23.05 22.86 22.78 0.00 0.00 0.00
Share price1, 3 88.80 80.17 83.84 79.27 81.50 87.41 82.08 79.25 88.53 88.67 107.65 107.28 134.73 124.93 118.26 112.47 106.15 93.91 100.67 110.99 107.89 99.38 92.09 96.60 96.41
Valuation Ratio
P/S ratio4 3.50 3.18 3.44 3.30 3.44 3.72 3.55 3.42 3.79 3.72 4.54 4.54 5.74 5.57 5.71 5.43 5.11 4.36 4.34 4.82 4.72 4.36
Benchmarks
P/S Ratio, Competitors5
Abbott Laboratories 4.77 4.53 4.57 4.93 4.13 4.64 4.64 4.25 3.85 4.18 4.42 4.78 5.38 5.36 5.64 6.30 6.13 5.77 5.09 4.83
Cigna Group 0.38 0.43 0.48 0.51 0.49 0.46 0.42 0.49 0.55 0.48 0.48 0.42 0.42 0.42 0.55 0.46 0.50 0.41 0.45 0.44
CVS Health Corp. 0.21 0.20 0.20 0.27 0.26 0.29 0.27 0.36 0.40 0.43 0.44 0.47 0.45 0.39 0.40 0.35 0.32 0.32 0.30 0.37
Elevance Health Inc. 0.60 0.71 0.72 0.70 0.66 0.66 0.68 0.74 0.77 0.75 0.89 0.81 0.78 0.73 0.76 0.60 0.61 0.63 0.65 0.74
Humana Inc. 0.28 0.39 0.35 0.42 0.59 0.61 0.66 0.68 0.78 0.68 0.65 0.65 0.73 0.71 0.73 0.64 0.76 0.76 0.74 0.76
Intuitive Surgical Inc. 23.60 21.35 17.76 18.71 13.72 17.06 16.21 13.81 12.62 12.69 15.34 17.89 22.12 21.73 23.19 21.29 20.09 18.44 13.33 15.01
UnitedHealth Group Inc. 1.32 1.35 1.24 1.25 1.39 1.35 1.37 1.40 1.62 1.66 1.61 1.58 1.55 1.47 1.49 1.24 1.18 1.17 1.12 1.18

Based on: 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 Data adjusted for splits and stock dividends.

2 Q1 2025 Calculation
Sales per share = (Net salesQ1 2025 + Net salesQ4 2024 + Net salesQ3 2024 + Net salesQ2 2024) ÷ No. shares of common stock outstanding
= (7,915,000,000 + 8,589,000,000 + 8,089,000,000 + 7,984,000,000) ÷ 1,282,490,493 = 25.40

3 Closing price as at the filing date of Medtronic PLC Quarterly or Annual Report.

4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 88.80 ÷ 25.40 = 3.50

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Medtronic PLC P/S ratio decreased from Q3 2024 to Q4 2024 but then increased from Q4 2024 to Q1 2025 exceeding Q3 2024 level.

Price to Book Value (P/BV)

Medtronic PLC, historical P/BV calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1 1,282,490,493 1,282,269,783 1,327,822,539 1,329,654,311 1,330,533,713 1,330,405,428 1,330,423,708 1,330,179,978 1,329,153,289 1,328,709,310 1,341,539,178 1,344,557,784 1,345,809,975 1,343,904,180 1,348,072,847 1,346,019,949 1,344,215,261 1,341,298,882 1,340,166,137 1,340,377,511 1,341,669,471 1,341,156,703 1,341,150,970 1,343,045,417 1,350,511,193
Selected Financial Data (US$)
Shareholders’ equity (in millions) 47,947 50,214 51,792 51,460 51,178 51,483 51,441 51,880 52,672 52,551 52,542 51,991 51,486 51,428 50,758 50,164 50,296 50,737 51,808 50,578 50,363 50,091 49,829 49,607 50,224
Book value per share (BVPS)2 37.39 39.16 39.01 38.70 38.46 38.70 38.67 39.00 39.63 39.55 39.17 38.67 38.26 38.27 37.65 37.27 37.42 37.83 38.66 37.73 37.54 37.35 37.15 36.94 37.19
Share price1, 3 88.80 80.17 83.84 79.27 81.50 87.41 82.08 79.25 88.53 88.67 107.65 107.28 134.73 124.93 118.26 112.47 106.15 93.91 100.67 110.99 107.89 99.38 92.09 96.60 96.41
Valuation Ratio
P/BV ratio4 2.38 2.05 2.15 2.05 2.12 2.26 2.12 2.03 2.23 2.24 2.75 2.77 3.52 3.26 3.14 3.02 2.84 2.48 2.60 2.94 2.87 2.66 2.48 2.62 2.59
Benchmarks
P/BV Ratio, Competitors5
Abbott Laboratories 4.94 4.69 4.75 5.12 4.40 5.02 5.21 5.06 4.85 5.21 5.56 5.75 6.61 6.38 6.27 6.65 6.30 5.94 5.40 4.96 4.65 4.86 4.49
Cigna Group 2.08 2.25 2.38 2.13 2.04 1.87 1.73 1.95 2.20 1.86 1.84 1.53 1.49 1.44 1.86 1.46 1.61 1.34 1.51 1.49 1.49 1.44 1.42
CVS Health Corp. 1.03 0.95 0.96 1.25 1.19 1.35 1.26 1.61 1.80 1.77 1.79 1.83 1.71 1.47 1.51 1.33 1.24 1.24 1.21 1.47 1.47 1.23 1.25
Elevance Health Inc. 2.35 2.86 3.01 3.02 2.87 2.86 2.90 3.19 3.24 3.08 3.55 3.07 2.88 2.67 2.78 2.19 2.10 2.06 2.23 2.42 2.13 2.40 2.15
Humana Inc. 1.83 2.61 2.36 2.70 3.55 3.56 3.81 4.13 4.36 3.91 3.66 3.34 3.63 3.82 3.99 3.55 3.55 3.71 4.04 4.07 3.48 3.38 3.07
Intuitive Surgical Inc. 11.91 10.99 9.31 10.01 7.49 9.57 9.29 7.78 6.71 6.29 7.48 8.59 10.64 10.35 10.40 9.53 9.35 9.19 7.22 8.13 8.43 8.49 8.68
UnitedHealth Group Inc. 5.43 5.77 5.38 5.18 5.84 5.68 5.60 5.81 6.80 6.94 6.54 6.27 6.13 5.76 5.86 4.83 4.54 4.53 4.81 4.92 4.32 4.40 4.37

Based on: 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 Data adjusted for splits and stock dividends.

2 Q1 2025 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 47,947,000,000 ÷ 1,282,490,493 = 37.39

3 Closing price as at the filing date of Medtronic PLC Quarterly or Annual Report.

4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 88.80 ÷ 37.39 = 2.38

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Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Medtronic PLC P/BV ratio decreased from Q3 2024 to Q4 2024 but then increased from Q4 2024 to Q1 2025 exceeding Q3 2024 level.