Common-Size Income Statement
Quarterly Data
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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)
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Medtronic PLC, common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26).
- Gross Profit Trend
- Gross profit as a percentage of net sales exhibited variability over the observation period. Initially high around 68.9%, it experienced a notable decline to around 61.5% in mid-2020, coinciding with an increase in cost of products sold. Subsequently, gross profit margins recovered somewhat, fluctuating in a range between approximately 64.5% and 67.6%, indicating some stabilization but not reaching the initial peak levels.
- Cost of Products Sold
- The cost of products sold, excluding amortization, increased sharply in the early 2020 period from around 31% to a peak close to 38.5%, reflecting compression of gross margins. After this spike, costs moderated but generally remained elevated above pre-2020 levels, oscillating mostly between 33% and 35%, suggesting ongoing cost pressure.
- Operating Expenses
- Research and development expenses as a percentage of net sales tended to increase during mid-2020, reaching near 9.5%, before generally settling back to a range between 7.5% and 9%. Selling, general, and administrative expenses showed a similar pattern, peaking around 39.3% during early 2020, then decreasing and stabilizing mostly in the low to mid-30% area. This reflects heightened operational spending during the pandemic onset, followed by a normalization phase.
- Amortization of Intangible Assets
- Amortization consistently constituted approximately 5% to 6% of net sales, with slight fluctuations but no clear trend upward or downward over the period.
- Special Charges and Other Operating Items
- Restructuring charges displayed irregular spikes, most notably a sharp increase in early 2023 to over 3%, which is significantly higher than previous periods generally below 1%. Certain litigation charges were mostly negative or near zero, with a few positive outliers, indicating episodic litigation expenses or recoveries. Other operating income and expenses fluctuated considerably, with several quarters showing negative impacts, particularly a notable negative spike around mid-2021 and again in early 2024.
- Operating Profit
- Operating profit margins were adversely impacted in early 2020, dropping sharply to around 5.3%, reflecting the high costs and expenses during that period. Following this trough, operating profit recovered steadily, frequently exceeding 16%, and approaching or surpassing 19% in multiple quarters, suggesting successful cost management and margin recovery after disruptions.
- Non-Operating Income and Interest Expense
- Other non-operating income remained positive and relatively stable, generally ranging from 0.8% to 2.2% of net sales. Interest expense exhibited a notable decrease after mid-2019, dropping from over 8% to a more consistent range near 2% to 3%, indicating improved financing costs or debt management.
- Income Before Taxes and Tax Provision
- Income before income taxes paralleled operating profit trends but showed more volatility, especially during early 2020, dropping to roughly 3.4% before recovering and stabilizing mostly in the 15% to 20% range. Income tax provisions were inconsistent, sometimes positive (provision) and occasionally negative (benefits), with some quarters reflecting sizable tax charges, including an unusual -12.66% provision in late 2022, suggesting variability in tax rates or one-time tax events.
- Net Income and Attributable Earnings
- Net income showed significant volatility, decreasing markedly at the onset of the pandemic to approximately 7.5%, then gradually climbing back above 15% in several subsequent quarters. The net income attributable to the company closely mirrored overall net income, with minor deductions for noncontrolling interests, which remained small and relatively stable. Overall, profitability recovered from early dips and maintained moderate strength with periodic fluctuations.