Question 1

What is Medtronic's P/B ratio?

Accepted Answer

Medtronic (MDT) P/B ratio is 1.9× as of June 2, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Medtronic?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Medtronic specifically, the relevant sector benchmark is the current sector median of 3.4×.

Question 5

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

Accepted Answer

Medtronic's P/B ratio of 1.9× is below its own 5-year average of 2.4× and below the sector median of 3.4×. That places the current reading at the 2th 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/B ratio range?

Accepted Answer

In the available daily series, Medtronic (MDT) P/B ratio has ranged from a low of 1.8× in 2023 to a high of 9.7× in 2002. The 5-year average is 2.4× and the 5-year median is 2.3×.

Question 7

What was Medtronic's P/B ratio in 2023?

Accepted Answer

Medtronic (MDT) P/B ratio at the end of 2023 was 2.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	—	—	—	Apr 24, 2026
2025	—	—	—	—	Apr 30, 2025
2024	—	—	—	—	Apr 30, 2024
2023	$120.64B	$51.48B	2.3×	-0.3×	Apr 30, 2023
2022	$139.59B	$52.55B	2.7×	-0.8×	Apr 30, 2022
2021	$176.39B	$51.43B	3.4×	+0.9×	Apr 30, 2021
2020	$130.88B	$50.74B	2.6×	+0.2×	Apr 30, 2020
2019	$119.06B	$50.09B	2.4×	+0.2×	Apr 30, 2019
2018	$108.57B	$50.72B	2.1×	-0.1×	Apr 30, 2018
2017	$114.64B	$50.29B	2.3×	+0.1×	Apr 30, 2017
2016	$110.87B	$51.83B	2.1×	+0.1×	Apr 30, 2016
2015	$105.89B	$53.23B	2.0×	-1.0×	Apr 30, 2015
2014	$58.82B	$19.44B	3.0×	+0.5×	Apr 30, 2014
2013	$47.34B	$18.67B	2.5×	+0.2×	Apr 30, 2013
2012	$39.73B	$17.11B	2.3×	-0.5×	Apr 30, 2012
2011	$44.68B	$15.97B	2.8×	-0.5×	Apr 30, 2011
2010	$48.07B	$14.63B	3.3×	+0.5×	Apr 30, 2010
2009	$35.68B	$12.85B	2.8×	-2.0×	Apr 30, 2009
2008	$54.72B	$11.54B	4.7×	-0.8×	Apr 30, 2008
2007	$60.68B	$10.98B	5.5×	-0.8×	Apr 30, 2007
2006	$59.43B	$9.38B	6.3×	+0.2×	Apr 30, 2006
2005	$63.67B	$10.45B	6.1×	-0.6×	Apr 30, 2005
2004	$61.08B	$9.08B	6.7×	-0.6×	Apr 30, 2004
2003	$58.17B	$7.91B	7.4×	-1.1×	Apr 30, 2003
2002	$54.18B	$6.43B	8.4×	—	Apr 30, 2002


Quest Diagnostics (DGX)	2.9×
Moderna (MRNA)	2.7×
Charles River (CRL)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Danaher (DHR)	2.4×
UnitedHealth Group (UNH)	2.4×
Solventum (SOLV)	2.3×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Molina Healthcare (MOH)	1.7×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Elevance Health (ELV)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Baxter International (BAX)	1.4×
Revvity (RVTY)	1.4×
Zimmer Biomet Holdings (ZBH)	1.2×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Centene (CNC)	0.8×

P/B Ratio for Medtronic (MDT)

P/B Ratio daily chart for Medtronic (MDT)

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

About P/B Ratio at Medtronic (MDT)

Medtronic P/B Ratio by Year

Medtronic P/B Ratio 2023: 2.3×

Medtronic P/B Ratio 2022: 2.7×

Medtronic P/B Ratio 2021: 3.4×

Medtronic P/B Ratio 2020: 2.6×

Medtronic P/B Ratio 2019: 2.4×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Medtronic (MDT) Key Financials

P/B Ratio daily chart for Medtronic (MDT)

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

About P/B Ratio at Medtronic (MDT)

Medtronic P/B Ratio by Year

Medtronic P/B Ratio 2023: 2.3×

Medtronic P/B Ratio 2022: 2.7×

Medtronic P/B Ratio 2021: 3.4×

Medtronic P/B Ratio 2020: 2.6×

Medtronic P/B Ratio 2019: 2.4×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Medtronic's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

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

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

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

+What was Medtronic's P/B ratio in 2023?

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

Medtronic (MDT) Key Financials