Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Medtronic PLC, solvency ratios
Based on: 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26), 10-K (reporting date: 2018-04-27).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Medtronic PLC debt to equity ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Medtronic PLC debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Medtronic PLC debt to capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Medtronic PLC debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Medtronic PLC debt to assets ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Medtronic PLC debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Medtronic PLC financial leverage ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Medtronic PLC interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Medtronic PLC fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Equity
Medtronic PLC, debt to equity calculation, comparison to benchmarks
| Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | 20) | 3,742) | 11) | 2,776) | 838) | 2,058) | |
| Long-term debt | 24,344) | 20,372) | 26,378) | 22,021) | 24,486) | 23,699) | |
| Total debt | 24,364) | 24,114) | 26,389) | 24,797) | 25,324) | 25,757) | |
| Shareholders’ equity | 51,483) | 52,551) | 51,428) | 50,737) | 50,091) | 50,720) | |
| Solvency Ratio | |||||||
| Debt to equity1 | 0.47 | 0.46 | 0.51 | 0.49 | 0.51 | 0.51 | |
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| Abbott Laboratories | 0.38 | 0.46 | 0.50 | 0.57 | 0.58 | — | |
| Cigna Group | 0.67 | 0.69 | 0.71 | 0.65 | 0.83 | — | |
| CVS Health Corp. | 0.81 | 0.74 | 0.75 | 0.93 | 1.07 | — | |
| Elevance Health Inc. | 0.64 | 0.66 | 0.64 | 0.60 | 0.63 | — | |
| Humana Inc. | 0.74 | 0.75 | 0.80 | 0.51 | 0.49 | — | |
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | |
| Shockwave Medical Inc. | 1.09 | 0.05 | 0.07 | 0.07 | 0.07 | — | |
| UnitedHealth Group Inc. | 0.70 | 0.74 | 0.64 | 0.66 | 0.71 | — | |
| Debt to Equity, Sector | |||||||
| Health Care Equipment & Services | 0.63 | 0.63 | 0.63 | 0.65 | 0.72 | — | |
| Debt to Equity, Industry | |||||||
| Health Care | 0.83 | 0.74 | 0.80 | 0.91 | 0.92 | — | |
Based on: 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26), 10-K (reporting date: 2018-04-27).
1 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 24,364 ÷ 51,483 = 0.47
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Medtronic PLC debt to equity ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Equity (including Operating Lease Liability)
Medtronic PLC, debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | 20) | 3,742) | 11) | 2,776) | 838) | 2,058) | |
| Long-term debt | 24,344) | 20,372) | 26,378) | 22,021) | 24,486) | 23,699) | |
| Total debt | 24,364) | 24,114) | 26,389) | 24,797) | 25,324) | 25,757) | |
| Operating lease current liability (classified in Other accrued expenses) | 180) | 167) | 186) | 171) | —) | —) | |
| Operating lease non-current liability (classified in Other liabilities) | 869) | 703) | 829) | 774) | —) | —) | |
| Total debt (including operating lease liability) | 25,413) | 24,984) | 27,404) | 25,742) | 25,324) | 25,757) | |
| Shareholders’ equity | 51,483) | 52,551) | 51,428) | 50,737) | 50,091) | 50,720) | |
| Solvency Ratio | |||||||
| Debt to equity (including operating lease liability)1 | 0.49 | 0.48 | 0.53 | 0.51 | 0.51 | 0.51 | |
| Benchmarks | |||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||
| Abbott Laboratories | 0.41 | 0.49 | 0.54 | 0.61 | 0.61 | — | |
| Cigna Group | 0.68 | 0.70 | 0.73 | 0.67 | 0.84 | — | |
| CVS Health Corp. | 1.04 | 1.00 | 1.01 | 1.23 | 1.39 | — | |
| Elevance Health Inc. | 0.66 | 0.69 | 0.67 | 0.63 | 0.65 | — | |
| Humana Inc. | 0.77 | 0.79 | 0.84 | 0.54 | 0.53 | — | |
| Intuitive Surgical Inc. | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | |
| Shockwave Medical Inc. | 1.15 | 0.12 | 0.20 | 0.11 | 0.12 | — | |
| UnitedHealth Group Inc. | 0.76 | 0.80 | 0.70 | 0.73 | 0.77 | — | |
| Debt to Equity (including Operating Lease Liability), Sector | |||||||
| Health Care Equipment & Services | 0.70 | 0.71 | 0.71 | 0.74 | 0.81 | — | |
| Debt to Equity (including Operating Lease Liability), Industry | |||||||
| Health Care | 0.88 | 0.80 | 0.86 | 0.97 | 0.98 | — | |
Based on: 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26), 10-K (reporting date: 2018-04-27).
1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 25,413 ÷ 51,483 = 0.49
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Medtronic PLC debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Capital
Medtronic PLC, debt to capital calculation, comparison to benchmarks
| Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | 20) | 3,742) | 11) | 2,776) | 838) | 2,058) | |
| Long-term debt | 24,344) | 20,372) | 26,378) | 22,021) | 24,486) | 23,699) | |
| Total debt | 24,364) | 24,114) | 26,389) | 24,797) | 25,324) | 25,757) | |
| Shareholders’ equity | 51,483) | 52,551) | 51,428) | 50,737) | 50,091) | 50,720) | |
| Total capital | 75,847) | 76,665) | 77,817) | 75,534) | 75,415) | 76,477) | |
| Solvency Ratio | |||||||
| Debt to capital1 | 0.32 | 0.31 | 0.34 | 0.33 | 0.34 | 0.34 | |
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| Abbott Laboratories | 0.28 | 0.31 | 0.34 | 0.36 | 0.37 | — | |
| Cigna Group | 0.40 | 0.41 | 0.42 | 0.40 | 0.45 | — | |
| CVS Health Corp. | 0.45 | 0.42 | 0.43 | 0.48 | 0.52 | — | |
| Elevance Health Inc. | 0.39 | 0.40 | 0.39 | 0.38 | 0.39 | — | |
| Humana Inc. | 0.42 | 0.43 | 0.44 | 0.34 | 0.33 | — | |
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | |
| Shockwave Medical Inc. | 0.52 | 0.05 | 0.07 | 0.07 | 0.07 | — | |
| UnitedHealth Group Inc. | 0.41 | 0.43 | 0.39 | 0.40 | 0.41 | — | |
| Debt to Capital, Sector | |||||||
| Health Care Equipment & Services | 0.38 | 0.39 | 0.38 | 0.39 | 0.42 | — | |
| Debt to Capital, Industry | |||||||
| Health Care | 0.45 | 0.43 | 0.44 | 0.48 | 0.48 | — | |
Based on: 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26), 10-K (reporting date: 2018-04-27).
1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 24,364 ÷ 75,847 = 0.32
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Medtronic PLC debt to capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Capital (including Operating Lease Liability)
Medtronic PLC, debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | 20) | 3,742) | 11) | 2,776) | 838) | 2,058) | |
| Long-term debt | 24,344) | 20,372) | 26,378) | 22,021) | 24,486) | 23,699) | |
| Total debt | 24,364) | 24,114) | 26,389) | 24,797) | 25,324) | 25,757) | |
| Operating lease current liability (classified in Other accrued expenses) | 180) | 167) | 186) | 171) | —) | —) | |
| Operating lease non-current liability (classified in Other liabilities) | 869) | 703) | 829) | 774) | —) | —) | |
| Total debt (including operating lease liability) | 25,413) | 24,984) | 27,404) | 25,742) | 25,324) | 25,757) | |
| Shareholders’ equity | 51,483) | 52,551) | 51,428) | 50,737) | 50,091) | 50,720) | |
| Total capital (including operating lease liability) | 76,896) | 77,535) | 78,832) | 76,479) | 75,415) | 76,477) | |
| Solvency Ratio | |||||||
| Debt to capital (including operating lease liability)1 | 0.33 | 0.32 | 0.35 | 0.34 | 0.34 | 0.34 | |
| Benchmarks | |||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||
| Abbott Laboratories | 0.29 | 0.33 | 0.35 | 0.38 | 0.38 | — | |
| Cigna Group | 0.40 | 0.41 | 0.42 | 0.40 | 0.46 | — | |
| CVS Health Corp. | 0.51 | 0.50 | 0.50 | 0.55 | 0.58 | — | |
| Elevance Health Inc. | 0.40 | 0.41 | 0.40 | 0.39 | 0.40 | — | |
| Humana Inc. | 0.44 | 0.44 | 0.46 | 0.35 | 0.34 | — | |
| Intuitive Surgical Inc. | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | |
| Shockwave Medical Inc. | 0.54 | 0.11 | 0.16 | 0.10 | 0.11 | — | |
| UnitedHealth Group Inc. | 0.43 | 0.45 | 0.41 | 0.42 | 0.44 | — | |
| Debt to Capital (including Operating Lease Liability), Sector | |||||||
| Health Care Equipment & Services | 0.41 | 0.41 | 0.41 | 0.43 | 0.45 | — | |
| Debt to Capital (including Operating Lease Liability), Industry | |||||||
| Health Care | 0.47 | 0.44 | 0.46 | 0.49 | 0.49 | — | |
Based on: 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26), 10-K (reporting date: 2018-04-27).
1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 25,413 ÷ 76,896 = 0.33
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Medtronic PLC debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Assets
Medtronic PLC, debt to assets calculation, comparison to benchmarks
| Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | 20) | 3,742) | 11) | 2,776) | 838) | 2,058) | |
| Long-term debt | 24,344) | 20,372) | 26,378) | 22,021) | 24,486) | 23,699) | |
| Total debt | 24,364) | 24,114) | 26,389) | 24,797) | 25,324) | 25,757) | |
| Total assets | 90,948) | 90,981) | 93,083) | 90,689) | 89,694) | 91,393) | |
| Solvency Ratio | |||||||
| Debt to assets1 | 0.27 | 0.27 | 0.28 | 0.27 | 0.28 | 0.28 | |
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| Abbott Laboratories | 0.20 | 0.23 | 0.24 | 0.26 | 0.27 | — | |
| Cigna Group | 0.20 | 0.22 | 0.22 | 0.21 | 0.24 | — | |
| CVS Health Corp. | 0.25 | 0.23 | 0.24 | 0.28 | 0.31 | — | |
| Elevance Health Inc. | 0.23 | 0.23 | 0.24 | 0.23 | 0.26 | — | |
| Humana Inc. | 0.26 | 0.27 | 0.29 | 0.20 | 0.20 | — | |
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | |
| Shockwave Medical Inc. | 0.47 | 0.04 | 0.05 | 0.06 | 0.06 | — | |
| UnitedHealth Group Inc. | 0.23 | 0.23 | 0.22 | 0.22 | 0.23 | — | |
| Debt to Assets, Sector | |||||||
| Health Care Equipment & Services | 0.23 | 0.23 | 0.23 | 0.24 | 0.26 | — | |
| Debt to Assets, Industry | |||||||
| Health Care | 0.29 | 0.28 | 0.29 | 0.31 | 0.31 | — | |
Based on: 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26), 10-K (reporting date: 2018-04-27).
1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 24,364 ÷ 90,948 = 0.27
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Medtronic PLC debt to assets ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Assets (including Operating Lease Liability)
Medtronic PLC, debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | 20) | 3,742) | 11) | 2,776) | 838) | 2,058) | |
| Long-term debt | 24,344) | 20,372) | 26,378) | 22,021) | 24,486) | 23,699) | |
| Total debt | 24,364) | 24,114) | 26,389) | 24,797) | 25,324) | 25,757) | |
| Operating lease current liability (classified in Other accrued expenses) | 180) | 167) | 186) | 171) | —) | —) | |
| Operating lease non-current liability (classified in Other liabilities) | 869) | 703) | 829) | 774) | —) | —) | |
| Total debt (including operating lease liability) | 25,413) | 24,984) | 27,404) | 25,742) | 25,324) | 25,757) | |
| Total assets | 90,948) | 90,981) | 93,083) | 90,689) | 89,694) | 91,393) | |
| Solvency Ratio | |||||||
| Debt to assets (including operating lease liability)1 | 0.28 | 0.27 | 0.29 | 0.28 | 0.28 | 0.28 | |
| Benchmarks | |||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||
| Abbott Laboratories | 0.22 | 0.24 | 0.26 | 0.27 | 0.28 | — | |
| Cigna Group | 0.21 | 0.22 | 0.22 | 0.22 | 0.24 | — | |
| CVS Health Corp. | 0.32 | 0.31 | 0.33 | 0.37 | 0.40 | — | |
| Elevance Health Inc. | 0.24 | 0.24 | 0.25 | 0.24 | 0.27 | — | |
| Humana Inc. | 0.27 | 0.28 | 0.31 | 0.21 | 0.22 | — | |
| Intuitive Surgical Inc. | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | |
| Shockwave Medical Inc. | 0.49 | 0.09 | 0.14 | 0.09 | 0.10 | — | |
| UnitedHealth Group Inc. | 0.25 | 0.25 | 0.24 | 0.24 | 0.26 | — | |
| Debt to Assets (including Operating Lease Liability), Sector | |||||||
| Health Care Equipment & Services | 0.26 | 0.26 | 0.27 | 0.27 | 0.29 | — | |
| Debt to Assets (including Operating Lease Liability), Industry | |||||||
| Health Care | 0.31 | 0.29 | 0.31 | 0.33 | 0.33 | — | |
Based on: 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26), 10-K (reporting date: 2018-04-27).
1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 25,413 ÷ 90,948 = 0.28
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Medtronic PLC debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Financial Leverage
Medtronic PLC, financial leverage calculation, comparison to benchmarks
| Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Total assets | 90,948) | 90,981) | 93,083) | 90,689) | 89,694) | 91,393) | |
| Shareholders’ equity | 51,483) | 52,551) | 51,428) | 50,737) | 50,091) | 50,720) | |
| Solvency Ratio | |||||||
| Financial leverage1 | 1.77 | 1.73 | 1.81 | 1.79 | 1.79 | 1.80 | |
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| Abbott Laboratories | 1.90 | 2.03 | 2.10 | 2.21 | 2.18 | — | |
| Cigna Group | 3.30 | 3.21 | 3.29 | 3.09 | 3.44 | — | |
| CVS Health Corp. | 3.27 | 3.21 | 3.10 | 3.32 | 3.48 | — | |
| Elevance Health Inc. | 2.77 | 2.83 | 2.70 | 2.61 | 2.44 | — | |
| Humana Inc. | 2.89 | 2.81 | 2.76 | 2.55 | 2.42 | — | |
| Intuitive Surgical Inc. | 1.16 | 1.17 | 1.14 | 1.15 | 1.18 | — | |
| Shockwave Medical Inc. | 2.34 | 1.26 | 1.43 | 1.21 | 1.20 | — | |
| UnitedHealth Group Inc. | 3.08 | 3.16 | 2.96 | 3.01 | 3.02 | — | |
| Financial Leverage, Sector | |||||||
| Health Care Equipment & Services | 2.73 | 2.72 | 2.67 | 2.70 | 2.75 | — | |
| Financial Leverage, Industry | |||||||
| Health Care | 2.83 | 2.70 | 2.79 | 2.96 | 2.93 | — | |
Based on: 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26), 10-K (reporting date: 2018-04-27).
1 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 90,948 ÷ 51,483 = 1.77
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Medtronic PLC financial leverage ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023. |
Interest Coverage
Medtronic PLC, interest coverage calculation, comparison to benchmarks
| Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net income attributable to Medtronic | 3,758) | 5,039) | 3,606) | 4,789) | 4,631) | 3,104) | |
| Add: Net income attributable to noncontrolling interest | 26) | 23) | 24) | 17) | 19) | (9) | |
| Add: Income tax expense | 1,580) | 455) | 265) | (751) | 547) | 2,580) | |
| Add: Interest expense, net | 636) | 553) | 925) | 1,092) | 1,444) | 1,146) | |
| Earnings before interest and tax (EBIT) | 6,000) | 6,070) | 4,820) | 5,147) | 6,641) | 6,821) | |
| Solvency Ratio | |||||||
| Interest coverage1 | 9.43 | 10.98 | 5.21 | 4.71 | 4.60 | 5.95 | |
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| Abbott Laboratories | 11.46 | 15.89 | 16.41 | 10.10 | 7.09 | — | |
| Cigna Group | 4.94 | 7.43 | 6.22 | 8.76 | 5.11 | — | |
| CVS Health Corp. | 5.20 | 3.46 | 5.16 | 4.36 | 3.96 | — | |
| Elevance Health Inc. | 8.49 | 10.13 | 10.93 | 8.96 | 9.02 | — | |
| Humana Inc. | 7.73 | 9.89 | 11.49 | 17.52 | 15.34 | — | |
| Intuitive Surgical Inc. | — | — | — | — | — | — | |
| Shockwave Medical Inc. | 26.24 | 65.07 | -7.06 | -53.14 | -53.08 | — | |
| UnitedHealth Group Inc. | 9.97 | 13.59 | 14.44 | 13.47 | 11.55 | — | |
| Interest Coverage, Sector | |||||||
| Health Care Equipment & Services | 8.02 | 9.36 | 9.06 | 8.20 | 6.69 | — | |
| Interest Coverage, Industry | |||||||
| Health Care | 7.00 | 12.46 | 12.10 | 7.74 | 8.87 | — | |
Based on: 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26), 10-K (reporting date: 2018-04-27).
1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 6,000 ÷ 636 = 9.43
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Medtronic PLC interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Fixed Charge Coverage
Medtronic PLC, fixed charge coverage calculation, comparison to benchmarks
| Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net income attributable to Medtronic | 3,758) | 5,039) | 3,606) | 4,789) | 4,631) | 3,104) | |
| Add: Net income attributable to noncontrolling interest | 26) | 23) | 24) | 17) | 19) | (9) | |
| Add: Income tax expense | 1,580) | 455) | 265) | (751) | 547) | 2,580) | |
| Add: Interest expense, net | 636) | 553) | 925) | 1,092) | 1,444) | 1,146) | |
| Earnings before interest and tax (EBIT) | 6,000) | 6,070) | 4,820) | 5,147) | 6,641) | 6,821) | |
| Add: Operating lease cost | 273) | 260) | 251) | 269) | 305) | 319) | |
| Earnings before fixed charges and tax | 6,273) | 6,330) | 5,071) | 5,416) | 6,946) | 7,140) | |
| Interest expense, net | 636) | 553) | 925) | 1,092) | 1,444) | 1,146) | |
| Operating lease cost | 273) | 260) | 251) | 269) | 305) | 319) | |
| Fixed charges | 909) | 813) | 1,176) | 1,361) | 1,749) | 1,465) | |
| Solvency Ratio | |||||||
| Fixed charge coverage1 | 6.90 | 7.79 | 4.31 | 3.98 | 3.97 | 4.87 | |
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors2 | |||||||
| Abbott Laboratories | 7.71 | 10.10 | 10.21 | 6.68 | 5.14 | — | |
| Cigna Group | 4.64 | 6.87 | 5.61 | 7.84 | 4.67 | — | |
| CVS Health Corp. | 3.15 | 2.16 | 3.03 | 2.75 | 2.56 | — | |
| Elevance Health Inc. | 7.51 | 8.82 | 8.48 | 6.10 | 7.34 | — | |
| Humana Inc. | 6.20 | 7.10 | 8.05 | 12.02 | 9.76 | — | |
| Intuitive Surgical Inc. | 74.09 | 63.52 | 93.66 | 58.48 | 79.65 | — | |
| Shockwave Medical Inc. | 15.51 | 19.44 | -1.22 | -18.19 | -22.81 | — | |
| UnitedHealth Group Inc. | 7.27 | 8.77 | 8.80 | 8.51 | 7.65 | — | |
| Fixed Charge Coverage, Sector | |||||||
| Health Care Equipment & Services | 5.70 | 6.16 | 5.95 | 5.51 | 4.75 | — | |
| Fixed Charge Coverage, Industry | |||||||
| Health Care | 5.47 | 8.87 | 8.60 | 5.72 | 6.62 | — | |
Based on: 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26), 10-K (reporting date: 2018-04-27).
1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 6,273 ÷ 909 = 6.90
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Medtronic PLC fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |