Question 1

What is Medtronic's P/B ratio?

Accepted Answer

Medtronic (MDT) P/B ratio is 2.1× as of July 22, 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 3.2×.

Question 5

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

Accepted Answer

Medtronic's P/B ratio of 2.1× is below its own 5-year average of 2.4× and below the sector median of 3.2×. That places the current reading at the 25th 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 8.4× 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 2026?

Accepted Answer

Medtronic (MDT) P/B ratio at the end of 2026 was 2.2×. 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	$107B	$49.5B	2.2×	—	Apr 24, 2026
2025	—	—	—	—	Apr 30, 2025
2024	—	—	—	—	Apr 30, 2024
2023	$121B	$51.5B	2.3×	-0.3×	Apr 30, 2023
2022	$140B	$52.6B	2.7×	-0.8×	Apr 30, 2022
2021	$176B	$51.4B	3.4×	+0.9×	Apr 30, 2021
2020	$131B	$50.7B	2.6×	+0.2×	Apr 30, 2020
2019	$119B	$50.1B	2.4×	+0.2×	Apr 30, 2019
2018	$109B	$50.7B	2.1×	-0.1×	Apr 30, 2018
2017	$115B	$50.3B	2.3×	+0.1×	Apr 30, 2017
2016	$111B	$51.8B	2.1×	+0.1×	Apr 30, 2016
2015	$106B	$53.2B	2.0×	-1.0×	Apr 30, 2015
2014	$58.8B	$19.4B	3.0×	+0.5×	Apr 30, 2014
2013	$47.3B	$18.7B	2.5×	+0.2×	Apr 30, 2013
2012	$39.7B	$17.1B	2.3×	-0.5×	Apr 30, 2012
2011	$44.7B	$16B	2.8×	-0.5×	Apr 30, 2011
2010	$48.1B	$14.6B	3.3×	+0.5×	Apr 30, 2010
2009	$35.7B	$12.9B	2.8×	-2.0×	Apr 30, 2009
2008	$54.7B	$11.5B	4.7×	-0.8×	Apr 30, 2008
2007	$60.7B	$11B	5.5×	-0.8×	Apr 30, 2007
2006	$59.4B	$9.38B	6.3×	+0.2×	Apr 30, 2006
2005	$63.7B	$10.4B	6.1×	-0.6×	Apr 30, 2005
2004	$61.1B	$9.08B	6.7×	-0.6×	Apr 30, 2004
2003	$58.2B	$7.91B	7.4×	-1.1×	Apr 30, 2003
2002	$54.2B	$6.43B	8.4×	—	Apr 30, 2002


Moderna (MRNA)	2.7×
Charles River (CRL)	2.6×
Danaher (DHR)	2.6×
Spruce Biosciences (SPRB)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Solventum (SOLV)	2.3×
Elevance Health (ELV)	1.9×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Baxter International (BAX)	1.4×
Zimmer Biomet Holdings (ZBH)	1.4×
Revvity (RVTY)	1.4×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Ovid Therapeutics (OVID)	0.8×
Centene (CNC)	0.8×
Teladoc Health (TDOC)	0.7×

P/B Ratio for Medtronic (MDT) 2002-2026

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 2026: 2.2×

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×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Medtronic (MDT) Key Financials