Question 1

What is Medtronic's EV/EBITDA ratio?

Accepted Answer

Medtronic (MDT) EV/EBITDA ratio is 11.6× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Medtronic?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Medtronic specifically, the relevant sector benchmark is the current sector median of 15.0×.

Question 5

Is Medtronic's EV/EBITDA ratio high or low?

Accepted Answer

Medtronic's EV/EBITDA ratio of 11.6× is below its own 5-year average of 16.0× and below the sector median of 15.0×. That places the current reading at the 0th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Medtronic's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Medtronic (MDT) EV/EBITDA ratio has ranged from a low of 8.3× in 2010 to a high of 30.4× in 2021. The 5-year average is 16.0× and the 5-year median is 15.2×.

Question 7

What was Medtronic's EV/EBITDA ratio in 2026?

Accepted Answer

Medtronic (MDT) EV/EBITDA ratio at the end of 2026 was 11.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Medtronic's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2026	$106.80B	$9.09B	11.7×	—	Apr 24, 2026
2025	—	$9.22B	—	—	Apr 30, 2025
2024	—	$8.20B	—	—	Apr 30, 2024
2023	$120.64B	$8.70B	15.8×	-1.7×	Apr 30, 2023
2022	$139.59B	$8.78B	17.4×	-8.1×	Apr 30, 2022
2021	$176.39B	$7.52B	25.5×	+7.0×	Apr 30, 2021
2020	$130.88B	$7.81B	18.5×	+4.1×	Apr 30, 2020
2019	$119.06B	$9.30B	14.5×	+0.1×	Apr 30, 2019
2018	$108.57B	$8.58B	14.4×	-1.2×	Apr 30, 2018
2017	$114.64B	$8.61B	15.6×	+0.5×	Apr 30, 2017
2016	$110.87B	$8.54B	15.1×	-7.3×	Apr 30, 2016
2015	$105.89B	$5.46B	22.4×	+11.0×	Apr 30, 2015
2014	$58.82B	$4.93B	11.4×	+2.8×	Apr 30, 2014
2013	$47.34B	$5.46B	8.6×	-0.4×	Apr 30, 2013
2012	$39.73B	$5.30B	9.0×	-1.5×	Apr 30, 2012
2011	$44.68B	$4.96B	10.5×	-0.0×	Apr 30, 2011
2010	$48.07B	$5.14B	10.5×	-3.8×	Apr 30, 2010
2009	$35.68B	$2.86B	14.2×	+1.5×	Apr 30, 2009
2008	$54.72B	$4.72B	12.7×	-1.9×	Apr 30, 2008
2007	$60.68B	$4.36B	14.6×	+0.2×	Apr 30, 2007
2006	$59.43B	$4.25B	14.4×	-1.6×	Apr 30, 2006
2005	$63.67B	$3.91B	16.1×	-1.3×	Apr 30, 2005
2004	$61.08B	$3.55B	17.3×	-2.0×	Apr 30, 2004
2003	$58.17B	$3.06B	19.3×	-3.4×	Apr 30, 2003
2002	$54.18B	$2.48B	22.7×	—	Apr 30, 2002


Align Technology (ALGN)	14.0×
Gilead Sciences (GILD)	13.9×
Labcorp Holdings (LH)	13.6×
Amgen (AMGN)	13.6×
Charles River (CRL)	13.2×
Regeneron Pharmaceuticals (REGN)	12.9×
GE HealthCare (GEHC)	12.9×
UnitedHealth Group (UNH)	12.7×
Pfizer (PFE)	12.4×
Henry Schein (HSIC)	12.0×
AptarGroup (ATR)	11.5×
Bristol-Myers Squibb (BMY)	11.5×
Zimmer Biomet Holdings (ZBH)	11.2×
Biogen (BIIB)	10.5×
HCA Healthcare (HCA)	10.0×
Molina Healthcare (MOH)	8.8×
DaVita (DVA)	8.5×
IQVIA (IQV)	8.2×
Incyte (INCY)	7.9×
Cigna (CI)	7.8×
Elevance Health (ELV)	6.8×
Novo Nordisk (NVO)	6.5×
Solventum (SOLV)	5.8×
Universal Health Services (UHS)	5.7×
Humana (HUM)	4.5×

EV/EBITDA for Medtronic (MDT)

EV/EBITDA daily chart for Medtronic (MDT)

Historical EV/EBITDA for Medtronic (MDT) from 2002 to 2026

About EV/EBITDA at Medtronic (MDT)

Medtronic EV/EBITDA by Year

Medtronic EV/EBITDA 2026: 11.7×

Medtronic EV/EBITDA 2023: 15.8×

Medtronic EV/EBITDA 2022: 17.4×

Medtronic EV/EBITDA 2021: 25.5×

Medtronic EV/EBITDA 2020: 18.5×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Medtronic (MDT) Key Financials

EV/EBITDA daily chart for Medtronic (MDT)

Historical EV/EBITDA for Medtronic (MDT) from 2002 to 2026

About EV/EBITDA at Medtronic (MDT)

Medtronic EV/EBITDA by Year

Medtronic EV/EBITDA 2026: 11.7×

Medtronic EV/EBITDA 2023: 15.8×

Medtronic EV/EBITDA 2022: 17.4×

Medtronic EV/EBITDA 2021: 25.5×

Medtronic EV/EBITDA 2020: 18.5×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Medtronic's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Medtronic?

+Is Medtronic's EV/EBITDA ratio high or low?

+What is Medtronic's historical EV/EBITDA ratio range?

+What was Medtronic's EV/EBITDA ratio in 2026?

+Why does Medtronic's EV/EBITDA ratio change over time?

Medtronic (MDT) Key Financials