Stock Analysis on Net

Medtronic PLC (NYSE:MDT)

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Analysis of Inventory

Microsoft Excel

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Inventory Disclosure

Medtronic PLC, balance sheet: inventory

US$ in millions

Microsoft Excel
Apr 25, 2025 Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021 Apr 24, 2020
Finished goods
Work in-process
Raw materials
Inventories

Based on: 10-K (reporting date: 2025-04-25), 10-K (reporting date: 2024-04-26), 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).


Finished goods
The value of finished goods demonstrates a consistent upward trajectory over the six-year period. Starting at 2,874 million USD in 2020, the figure increases steadily each year, reaching 3,779 million USD by 2025. This reflects a compound increase and suggests an expanding volume or valuation of finished inventory in the company's operations.
Work in-process
The work in-process inventories also generally increase from 608 million USD in 2020 to 744 million USD in 2025, though the growth path shows variability. Notably, after rising to a peak of 789 million USD in 2023, there is a decline to 642 million USD in 2024, followed by a rebound to 744 million USD in 2025, indicating fluctuations possibly related to production cycles or supply chain adjustments.
Raw materials
The raw materials inventory reflects an overall growth trend, increasing from 747 million USD in 2020 to 953 million USD in 2025. This trend includes a marked rise from 2021 through 2023, peaking at 1,063 million USD, before a decrease in 2024 and a moderate recovery in 2025. This pattern could imply changes in procurement strategies or fluctuations in supply and demand for raw materials.
Inventories (total)
Total inventory value shows a steady and sustained increase over the period, rising from 4,229 million USD in 2020 to 5,476 million USD in 2025. Despite minor volatility among individual components, the overall growth indicates an expansion in inventory holdings, which may support increased production capacity or demand forecasts.