Medtronic (MDT)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $115.3B, Medtronic's free cash flow of $5.4B (fiscal 2026) would need to grow about 6% a year for the stock to be worth today's price. That is faster than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Medtronic's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from MDT's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Medtronic's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $31.7B | $31.2B | $32.4B | $33.5B | $36.4B |
| Net income | $5.0B | $3.8B | $3.7B | $4.7B | $4.8B |
| Free cash flow | $6.0B | $4.6B | $5.2B | $5.2B | $5.4B |
| EPS (diluted) | $3.73 | $2.82 | $2.76 | $3.61 | $3.73 |
| Operating margin | 18.2% | 17.6% | 15.9% | 17.8% | 17.8% |
Where the revenue comes from
Revenue by segments, fiscal 2026.
Superinvestors who own MDT
From each investor's latest 13F filing (what a 13F shows). 7 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Jean-Marie Eveillard First Eagle Investment Management |
Added | $1.1B | 1.8% | Q2 2026 |
| Dodge & Cox Dodge & Cox |
Added | $616M | 0.32% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $258M | 0.09% | Q2 2026 |
| Richard Pzena Pzena Investment Management |
Trimmed | $246M | 0.72% | Q2 2026 |
| Ric Dillon Diamond Hill Capital Management |
Trimmed | $132M | 1.1% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $54M | 0.13% | Q2 2026 |
| Mark Boyar Boyar Asset Management |
Trimmed | $608,786 | 0.35% | Q2 2026 |
Insider buying
Open-market purchases by Medtronic's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Jan 23, 2026 | Ro Khanna |
0 | $100.98 | — |
| Jan 23, 2026 | Ro Khanna |
0 | $100.98 | — |
| Nov 5, 2025 | Richard Mccormick |
0 | $90.39 | — |
| Nov 5, 2025 | Richard Mccormick |
0 | $90.39 | — |
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In the full deep dive
Questions
What growth does Medtronic's stock price imply?
At a market value of $115.3B, Medtronic would need its free cash flow to grow about 6% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew -0% a year.
Are Medtronic insiders buying the stock?
4 open-market insider purchases of MDT in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Medtronic?
7 of the superinvestors Investingly tracks hold MDT in their latest 13F, including Jean-Marie Eveillard, Dodge & Cox, Cliff Asness.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.