Analysis of Property, Plant and Equipment
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- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Price to Book Value (P/BV) since 2005
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Property, Plant and Equipment Disclosure
Medtronic PLC, balance sheet: property, plant and equipment
US$ in millions
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).
- Equipment
- The value of equipment has generally increased over the six-year period, rising from 5,859 million USD in 2020 to 7,156 million USD in 2025. Notably, a slight decline occurred between 2023 and 2024, dropping from 6,707 million USD to 6,396 million USD, before recovering to its highest recorded value in 2025. This suggests some asset disposals or write-downs followed by renewed investment.
- Computer software
- Computer software assets exhibit a steady upward trend throughout the period, increasing from 2,131 million USD in 2020 to 3,295 million USD in 2025. Despite a minor dip from 2,952 million USD in 2023 to 2,872 million USD in 2024, the overall trajectory reflects consistent investment in software development or acquisition.
- Land and land improvements
- This category shows marginal fluctuation with a slight downward trend over time. The value decreased from 175 million USD in 2020 to 160 million USD in 2025, indicating limited activity or valuation adjustments in land-related assets.
- Buildings and leasehold improvements
- Values in this category increased moderately from 2,277 million USD in 2020 to 2,685 million USD in 2025. The progression suggests steady capital expenditures in building and leasehold improvements, with a notable acceleration between 2023 and 2025.
- Construction in progress
- Construction in progress demonstrates a strong uptrend, rising from 1,202 million USD in 2020 to 2,340 million USD in 2025. This indicates ongoing expansion or upgrades of fixed assets, with significant increases particularly from 2023 onward.
- Property, plant, and equipment, at cost
- The total cost basis of property, plant, and equipment has grown consistently from 11,644 million USD in 2020 to 15,636 million USD in 2025. The steady accumulation reflects continuous investment in capital assets, with a plateau between 2023 and 2024 before a marked increase in 2025.
- Accumulated depreciation
- Accumulated depreciation has increased in absolute terms, indicating ongoing usage and aging of assets. The figures progressed from -6,816 million USD in 2020 to -8,799 million USD in 2025, with a slight temporary reduction between 2023 and 2024, likely due to asset disposals or changes in depreciation estimates.
- Property, plant, and equipment, net
- The net book value of property, plant, and equipment has shown steady growth from 4,828 million USD in 2020 to 6,837 million USD in 2025. This growth demonstrates that despite accumulated depreciation, new investments and asset additions have outpaced amortization and disposals, strengthening the asset base.
Asset Age Ratios (Summary)
Medtronic PLC, asset age ratios
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).
- Average Age Ratio
- The average age ratio demonstrated a generally stable trend from April 2020 to April 2023, slightly increasing from 59.43% to 61.10%. However, a decline was observed from April 2024 onwards, with the ratio decreasing to 57.01% and further to 56.86% in April 2025. This indicates a recent reduction in the relative age of the property, plant, and equipment assets, suggesting possible recent additions or retirements of older assets.
- Estimated Total Useful Life
- The estimated total useful life showed a slight increase over the period. Starting at 13 years in April 2020, it rose to 14 years in April 2021 and remained consistent through April 2023. In April 2024, the estimated life extended to 15 years before slightly decreasing back to 14 years by April 2025. This mild variation may reflect reassessments or changes in asset longevity expectations.
- Estimated Age, Time Elapsed Since Purchase
- The estimated age of assets remained relatively constant, ranging between 8 and 9 years throughout the review period. Notably, it held steady at 8 years from 2020 to 2022, increased slightly to 9 years in 2023, and returned to 8 years in 2024 and 2025. This suggests a stable asset acquisition and replacement cycle with minor fluctuations.
- Estimated Remaining Life
- The estimated remaining life consistently showed a value of 5 years from 2020 through 2023. It increased to 6 years in April 2024 and maintained that level in April 2025. This upward change corresponds with the increase in estimated total useful life and reflects extended expectations for asset usability going forward.
Average Age
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).
2025 Calculations
1 Average age = 100 × Accumulated depreciation ÷ (Property, plant, and equipment, at cost – Land and land improvements)
= 100 × ÷ ( – ) =
- Property, Plant, and Equipment at Cost
- The recorded value of property, plant, and equipment at cost shows a consistent upward trend over the observed periods. Beginning at $11,644 million in April 2020, it increases progressively each year, reaching $15,636 million by April 2025. This steady growth indicates ongoing investment in capital assets, with a notable acceleration between April 2024 and April 2025.
- Accumulated Depreciation
- Accumulated depreciation rises from $6,816 million in April 2020 to $8,799 million in April 2025, reflecting the aging and utilization of assets over time. A slight decline is observed in April 2024, where accumulated depreciation decreases from $8,493 million in April 2023 to $7,921 million, potentially suggesting asset disposals or changes in depreciation methods during that period before increasing again in the subsequent year.
- Land and Land Improvements
- Values for land and land improvements remain relatively stable, fluctuating slightly around the range of $159 million to $178 million. There is a gradual decline from $175 million in April 2020 to $160 million in April 2025, which may imply minor disposals or revaluations but generally indicates stable holdings in land-related assets.
- Average Age Ratio
- The average age ratio of assets initially trends upward from 59.43% in April 2020 to a peak of 61.1% in April 2023, indicating that the overall asset base was aging during this timeframe. However, this trend reverses from April 2023 onward, with the average age ratio decreasing to 56.86% by April 2025. This decline suggests that newer assets were added or that older assets were retired, contributing to a younger asset base in the most recent years.
Estimated Total Useful Life
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).
2025 Calculations
1 Estimated total useful life = (Property, plant, and equipment, at cost – Land and land improvements) ÷ Depreciation expense
= ( – ) ÷ =
- Property, Plant, and Equipment at Cost
- The value of property, plant, and equipment at cost shows a consistent upward trend over the period analyzed. Starting from US$11,644 million in April 2020, it increased steadily each year reaching US$15,636 million by April 2025. Notably, the most significant increase occurred between April 2024 and April 2025, where the value rose by approximately 11.3%. This indicates a continued investment in physical assets, reflecting capacity expansion or asset replacement strategies.
- Land and Land Improvements
- The value of land and land improvements remained relatively stable, fluctuating slightly but overall exhibiting a slight declining trend from US$175 million in April 2020 to US$160 million in April 2025. The minimal changes suggest limited new acquisitions or disposals of land assets during the period, with the value generally maintained around the same level.
- Depreciation Expense
- Depreciation expense showed a gradual increase over the six years, starting at US$907 million in April 2020 and reaching US$1,100 million in April 2025. The growth in depreciation expense reflects the increasing asset base as indicated by the rising property, plant, and equipment costs. A slight dip is observed in April 2024, which may suggest changes in depreciation methods, asset disposals, or adjustments in estimated useful lives during that year.
- Estimated Total Useful Life
- The estimated total useful life of the property, plant, and equipment remained relatively stable, fluctuating between 13 to 15 years across the period. Initially at 13 years in 2020, it increased slightly to 14 years for several years, briefly reaching 15 years in April 2024 before returning to 14 years in April 2025. These minor changes indicate periodic reviews of asset longevity assumptions but no significant shifts in depreciation policy or asset condition expectations.
Estimated Age, Time Elapsed since Purchase
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).
2025 Calculations
1 Time elapsed since purchase = Accumulated depreciation ÷ Depreciation expense
= ÷ =
- Accumulated depreciation
- The accumulated depreciation value exhibited a consistent upward trajectory from 6,816 million US dollars in April 2020 to 8,493 million US dollars in April 2023. There was a slight decline to 7,921 million US dollars in April 2024, followed by an increase reaching 8,799 million US dollars in April 2025. This general increase reflects ongoing depreciation of property, plant, and equipment over the observed periods, with a minor anomaly in the penultimate year that may warrant attention for potential asset disposals or revaluations.
- Depreciation expense
- The depreciation expense showed a gradual increase overall, starting at 907 million US dollars in April 2020 and rising to 999 million US dollars by April 2023. After a slight decrease to 954 million US dollars in April 2024, the expense sharply increased to 1,100 million US dollars in April 2025. This pattern suggests an accelerating charge to depreciation, possibly due to acquisitions of new fixed assets, changes in depreciation methods, or accelerated depreciation schedules in the most recent year.
- Time elapsed since purchase
- This metric remained fairly stable around 8 years between fiscal years, with a single increase to 9 years in April 2023 before reverting back to 8 years in subsequent years. The relative constancy implies that the company's property, plant, and equipment consist predominantly of assets with similar usable lifespans or replacement cycles, and no significant shifts in asset age profiles occurred during the period.
- Overall insights
- The data indicate a consistent accumulation of depreciation correlating with stable asset ages, with a slowly increasing depreciation expense that sharply rises in the final year. The dip in accumulated depreciation in April 2024 contrasts with the overall growth trend and could be indicative of asset disposals or impairments during that fiscal year. The later increase in depreciation expense suggests potential investments or changes in asset usage affecting the depreciation strategy. The steady time elapsed metric points to asset replacement or acquisition largely maintaining the asset age structure across the years.
Estimated Remaining Life
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).
2025 Calculations
1 Estimated remaining life = (Property, plant, and equipment, net – Land and land improvements) ÷ Depreciation expense
= ( – ) ÷ =
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment demonstrates a consistent upward trend over the period analyzed. Beginning at 4,828 million USD in April 2020, the net value increased steadily each year, reaching 6,837 million USD by April 2025. This growth indicates ongoing investment or capital expenditure exceeding depreciation and disposals, suggesting asset expansion or enhancement.
- Land and Land Improvements
- The value of land and land improvements shows a slight decline from 175 million USD in April 2020 to 160 million USD in April 2025. Notably, the decrease predominantly occurs in the earlier years, with values falling from 175 to 159 million USD between 2020 and 2024, stabilizing afterward. This pattern may reflect limited acquisition or possible revaluation adjustments, consistent with the generally fixed nature of land assets.
- Depreciation Expense
- Depreciation expense presents a generally increasing trajectory throughout the period. Starting at 907 million USD in April 2020, it shows modest growth to 999 million USD by April 2023, followed by a slight dip to 954 million USD in April 2024, and then a notable rise to 1,100 million USD in April 2025. This increase toward the end may result from new asset additions or changes in depreciation policies, reflecting higher amortization charges as net asset bases grow.
- Estimated Remaining Life
- The estimated remaining life of these assets remains stable at 5 years from 2020 through 2023, before increasing to 6 years in 2024 and 2025. This increment suggests either the addition of assets with longer useful lives or a reassessment of the useful lives of existing assets, contributing to the asset management strategy.