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Medtronic MDT Free cash flow margin

Free cash flow margin at other companies

Abbott logo
AbbottABT
16.3%+0.6pp
Becton, Dickinson and Company logo
Becton, Dickinson and CompanyBDX
16.4%
Johnson & Johnson logo
Johnson & JohnsonJNJ
18.5%-4.3pp
Stryker logo
StrykerSYK
18.1%+2.7pp
Boston Scientific logo
Boston ScientificBSX
16.9%-0.3pp
Intuitive Surgical logo
Intuitive SurgicalISRG
26.8%+6.8pp

Other financials

Income statement

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Revenue$9.8B+9.9%
Gross profit$6.4B+10.9%
Operating income$1.9B+30.4%
Net income$1.2B+17.8%
EPS (diluted)$0.97+18.3%

Balance sheet

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Cash & equivalents$1.9B-12.1%
Total debt$29.2B-1.6%
Total equity$49.5B+3.0%
Total assets$93.0B+1.5%

Cash flow

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Operating cash flow$2.6B+1.8%
CapEx$488.0M+6.3%
Free cash flow$2.1B+0.8%

Valuation

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Market cap$100.32B-3.8%
Enterprise value$127.58B-3.2%
P/E20.9×-1.5×
P/S2.8×-0.4×

Profitability

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Gross margin64.9%-0.3pp
Operating margin17%0.0pp
Net margin13%-0.7pp

Returns & leverage

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Return on equity9.4%+0.3pp
Debt / equity0.6×0.0×
Current ratio2.5×+0.3×

Where this comes from

Calculated from Medtronic’s reported figures.

Based on trailing twelve months.

The official record: Medtronic’s 10-K, filed June 18, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Medtronic's free cash flow margin?
Medtronic (MDT) reported free cash flow margin of 14.9% in Q1 2026.
How has Medtronic's free cash flow margin changed year-over-year?
Medtronic's free cash flow margin decreased by 3.5% year-over-year, from 15.5% to 14.9%.
What is the long-term trend for Medtronic's free cash flow margin?
Over 5 years (2021 to 2026), Medtronic's free cash flow margin has grown at a -1.9% compound annual growth rate (CAGR), from 66.9% to 60.7%.
What does free cash flow margin mean?
How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?
A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?
Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.