Question 1

What is Medtronic's P/E ratio?

Accepted Answer

Medtronic (MDT) P/E ratio is 21.9× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

What is a good P/E ratio for Medtronic?

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Medtronic specifically, the relevant sector benchmark is the current sector median of 25.0×.

Question 5

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

Accepted Answer

Medtronic's P/E ratio of 21.9× is below its own 5-year average of 28.3× and below the sector median of 25.0×. That places the current reading at the 5th 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/E ratio range?

Accepted Answer

In the available daily series, Medtronic (MDT) P/E ratio has ranged from a low of 10.8× in 2011 to a high of 71.7× in 2002. The 5-year average is 28.3× and the 5-year median is 27.1×.

Question 7

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

Accepted Answer

Medtronic (MDT) P/E ratio at the end of 2026 was 22.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$4.80B	22.2×	—	Apr 24, 2026
2025	—	$4.66B	—	—	Apr 30, 2025
2024	—	$3.68B	—	—	Apr 30, 2024
2023	$120.64B	$3.76B	32.1×	+4.4×	Apr 30, 2023
2022	$139.59B	$5.04B	27.7×	-21.2×	Apr 30, 2022
2021	$176.39B	$3.61B	48.9×	+21.6×	Apr 30, 2021
2020	$130.88B	$4.79B	27.3×	+1.6×	Apr 30, 2020
2019	$119.06B	$4.63B	25.7×	-9.3×	Apr 30, 2019
2018	$108.57B	$3.10B	35.0×	+6.5×	Apr 30, 2018
2017	$114.64B	$4.03B	28.5×	-2.9×	Apr 30, 2017
2016	$110.87B	$3.54B	31.3×	-8.3×	Apr 30, 2016
2015	$105.89B	$2.67B	39.6×	+20.4×	Apr 30, 2015
2014	$58.82B	$3.06B	19.2×	+5.5×	Apr 30, 2014
2013	$47.34B	$3.47B	13.7×	+2.7×	Apr 30, 2013
2012	$39.73B	$3.62B	11.0×	-3.5×	Apr 30, 2012
2011	$44.68B	$3.10B	14.4×	-1.1×	Apr 30, 2011
2010	$48.07B	$3.10B	15.5×	-1.5×	Apr 30, 2010
2009	$35.68B	$2.10B	17.0×	-7.5×	Apr 30, 2009
2008	$54.72B	$2.23B	24.5×	+2.9×	Apr 30, 2008
2007	$60.68B	$2.80B	21.7×	-1.7×	Apr 30, 2007
2006	$59.43B	$2.55B	23.3×	-12.0×	Apr 30, 2006
2005	$63.67B	$1.80B	35.3×	+4.1×	Apr 30, 2005
2004	$61.08B	$1.96B	31.2×	-5.2×	Apr 30, 2004
2003	$58.17B	$1.60B	36.4×	-18.7×	Apr 30, 2003
2002	$54.18B	$984.00M	55.1×	—	Apr 30, 2002


Agilent Technologies (A)	23.1×
McKesson (MCK)	22.2×
Illumina (ILMN)	21.7×
ResMed (RMD)	21.6×
GE HealthCare (GEHC)	21.6×
Pfizer (PFE)	21.1×
Quest Diagnostics (DGX)	21.1×
Henry Schein (HSIC)	21.0×
AptarGroup (ATR)	20.9×
IQVIA (IQV)	20.7×
UnitedHealth Group (UNH)	20.4×
Biogen (BIIB)	19.7×
Zoetis (ZTS)	18.9×
Gilead Sciences (GILD)	18.8×
Humana (HUM)	18.5×
Regeneron Pharmaceuticals (REGN)	18.2×
Bristol-Myers Squibb (BMY)	17.0×
HCA Healthcare (HCA)	15.8×
DaVita (DVA)	13.3×
Incyte (INCY)	13.1×
Elevance Health (ELV)	12.3×
Cigna (CI)	11.1×
Novo Nordisk (NVO)	8.6×
Solventum (SOLV)	7.9×
Universal Health Services (UHS)	7.2×

P/E Ratio for Medtronic (MDT)

P/E Ratio daily chart for Medtronic (MDT)

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

About P/E Ratio at Medtronic (MDT)

Medtronic P/E Ratio by Year

Medtronic P/E Ratio 2026: 22.2×

Medtronic P/E Ratio 2023: 32.1×

Medtronic P/E Ratio 2022: 27.7×

Medtronic P/E Ratio 2021: 48.9×

Medtronic P/E Ratio 2020: 27.3×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Medtronic (MDT) Key Financials

P/E Ratio daily chart for Medtronic (MDT)

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

About P/E Ratio at Medtronic (MDT)

Medtronic P/E Ratio by Year

Medtronic P/E Ratio 2026: 22.2×

Medtronic P/E Ratio 2023: 32.1×

Medtronic P/E Ratio 2022: 27.7×

Medtronic P/E Ratio 2021: 48.9×

Medtronic P/E Ratio 2020: 27.3×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

+What is Medtronic's P/E ratio?

+How is the P/E ratio calculated?

+What is the P/E ratio?

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

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

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

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

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

Medtronic (MDT) Key Financials