Question 1

What is Medtronic's P/FCF ratio?

Accepted Answer

Medtronic (MDT) P/FCF ratio is 19.4× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Medtronic?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Medtronic specifically, the relevant sector benchmark is the current sector median of 19.8×.

Question 5

Is Medtronic's P/FCF ratio high or low?

Accepted Answer

Medtronic's P/FCF ratio of 19.4× is below its own 5-year average of 23.8× and below the sector median of 19.8×. That places the current reading at the 6th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Medtronic (MDT) P/FCF ratio has ranged from a low of 9.8× in 2012 to a high of 61.7× in 2006. The 5-year average is 23.8× and the 5-year median is 23.3×.

Question 7

What was Medtronic's P/FCF ratio in 2026?

Accepted Answer

Medtronic (MDT) P/FCF ratio at the end of 2026 was 19.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Medtronic's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$5.43B	19.7×	—	Apr 24, 2026
2025	—	$5.18B	—	—	Apr 30, 2025
2024	—	$5.20B	—	—	Apr 30, 2024
2023	$120.64B	$4.58B	26.3×	+3.0×	Apr 30, 2023
2022	$139.59B	$5.98B	23.4×	-12.8×	Apr 30, 2022
2021	$176.39B	$4.88B	36.1×	+14.4×	Apr 30, 2021
2020	$130.88B	$6.02B	21.7×	+1.5×	Apr 30, 2020
2019	$119.06B	$5.87B	20.3×	-9.8×	Apr 30, 2019
2018	$108.57B	$3.62B	30.0×	+9.6×	Apr 30, 2018
2017	$114.64B	$5.63B	20.4×	-6.2×	Apr 30, 2017
2016	$110.87B	$4.17B	26.6×	+2.1×	Apr 30, 2016
2015	$105.89B	$4.33B	24.4×	+11.6×	Apr 30, 2015
2014	$58.82B	$4.56B	12.9×	+2.2×	Apr 30, 2014
2013	$47.34B	$4.43B	10.7×	+0.7×	Apr 30, 2013
2012	$39.73B	$3.97B	10.0×	-4.0×	Apr 30, 2012
2011	$44.68B	$3.19B	14.0×	+0.2×	Apr 30, 2011
2010	$48.07B	$3.50B	13.8×	+2.7×	Apr 30, 2010
2009	$35.68B	$3.21B	11.1×	-7.9×	Apr 30, 2009
2008	$54.72B	$2.88B	19.0×	-7.6×	Apr 30, 2008
2007	$60.68B	$2.29B	26.6×	-35.1×	Apr 30, 2007
2006	$59.43B	$963.20M	61.7×	+34.8×	Apr 30, 2006
2005	$63.67B	$2.37B	26.9×	+1.7×	Apr 30, 2005
2004	$61.08B	$2.42B	25.2×	-9.0×	Apr 30, 2004
2003	$58.17B	$1.70B	34.3×	-10.7×	Apr 30, 2003
2002	$54.18B	$1.20B	45.0×	—	Apr 30, 2002


Align Technology (ALGN)	17.8×
McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Incyte (INCY)	12.9×
UnitedHealth Group (UNH)	12.5×
CVS Health (CVS)	12.4×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	10.7×
Bristol-Myers Squibb (BMY)	10.4×
Biogen (BIIB)	10.3×
Elevance Health (ELV)	10.0×
Zimmer Biomet Holdings (ZBH)	9.6×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Centene (CNC)	2.5×

P/FCF Ratio for Medtronic (MDT)

P/FCF Ratio daily chart for Medtronic (MDT)

Historical P/FCF Ratio for Medtronic (MDT) from 2002 to 2026

About P/FCF Ratio at Medtronic (MDT)

Medtronic P/FCF Ratio by Year

Medtronic P/FCF Ratio 2026: 19.7×

Medtronic P/FCF Ratio 2023: 26.3×

Medtronic P/FCF Ratio 2022: 23.4×

Medtronic P/FCF Ratio 2021: 36.1×

Medtronic P/FCF Ratio 2020: 21.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Medtronic (MDT) Key Financials

P/FCF Ratio daily chart for Medtronic (MDT)

Historical P/FCF Ratio for Medtronic (MDT) from 2002 to 2026

About P/FCF Ratio at Medtronic (MDT)

Medtronic P/FCF Ratio by Year

Medtronic P/FCF Ratio 2026: 19.7×

Medtronic P/FCF Ratio 2023: 26.3×

Medtronic P/FCF Ratio 2022: 23.4×

Medtronic P/FCF Ratio 2021: 36.1×

Medtronic P/FCF Ratio 2020: 21.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Medtronic's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Medtronic?

+Is Medtronic's P/FCF ratio high or low?

+What is Medtronic's historical P/FCF ratio range?

+What was Medtronic's P/FCF ratio in 2026?

+Why does Medtronic's P/FCF ratio change over time?

Medtronic (MDT) Key Financials