Medtronic - Public Comps and Valuation Multiples

Medtronic Overview

About Medtronic

One of the largest medical-device companies, Medtronic develops and manufactures therapeutic medical devices for chronic diseases. Its portfolio includes pacemakers, defibrillators, transcatheter heart valves, stents, insulin pumps, spinal fixation devices, neurovascular products, advanced energy, and surgical tools. The company primarily markets its products to healthcare institutions and physicians in the United States, Western Europe, and Japan. Foreign sales account for roughly 50% of the company's total sales.

Founded

1949

HQ

Employees

95K+

Website

medtronic.com

Sectors

Medical Devices
DeepTech
HealthTech

Financials

LTM Revenue $33.5B

LTM EBITDA $9.7B

EV

$127B

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Medtronic Financials

Medtronic has a last 12-month revenue of $33.5B and a last 12-month EBITDA of $9.7B.

In the most recent fiscal year, Medtronic achieved revenue of $32.4B and an EBITDA of $8.2B.

Medtronic expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Medtronic P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$31.2B	$32.4B	XXX	XXX	XXX
Gross Profit	$21.5B	$20.5B	XXX	XXX	XXX
Gross Margin	69%	63%	XXX	XXX	XXX
EBITDA	$8.7B	$8.2B	XXX	XXX	XXX
EBITDA Margin	28%	25%	XXX	XXX	XXX
Net Profit	$5.0B	$3.8B	XXX	XXX	XXX
Net Margin	16%	12%	XXX	XXX	XXX
Net Debt	$20.3B	$22.8B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Medtronic Stock Performance

As of April 25, 2025, Medtronic's stock price is $84.

Medtronic has current market cap of $108B, and EV of $127B.

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Medtronic Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$127B	$108B	XXX	XXX	XXX	XXX	$5.45

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Medtronic Valuation Multiples

As of April 25, 2025, Medtronic has market cap of $108B and EV of $127B.

Medtronic's trades at 3.8x LTM EV/Revenue multiple, and 13.1x LTM EBITDA.

Analysts estimate Medtronic's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Medtronic Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$127B	XXX	XXX	XXX
EV/Revenue	3.8x	XXX	XXX	XXX
EV/EBITDA	13.8x	XXX	XXX	XXX
P/E	18.3x	XXX	XXX	XXX
P/E/Growth	1.2x	XXX	XXX	XXX
EV/FCF	22.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Medtronic Valuation Multiples

Medtronic's NTM/LTM revenue growth is 4%

Medtronic's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, Medtronic's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Medtronic's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Medtronic Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	4%	XXX	XXX	XXX	XXX
EBITDA Margin	28%	XXX	XXX	XXX	XXX
EBITDA Growth	-6%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	32%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.3M	XXX	XXX	XXX	XXX
Opex per Employee	$0.2M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	8%	XXX	XXX	XXX	XXX
Opex to Revenue	48%	XXX	XXX	XXX	XXX

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