Stock Analysis on Net

Medtronic PLC (NYSE:MDT)

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Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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Medtronic PLC, common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Apr 25, 2025 Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021 Apr 24, 2020
Current debt obligations
Accounts payable
Accrued compensation
Accrued income taxes
Other accrued expenses
Current liabilities
Long-term debt
Accrued compensation and retirement benefits
Accrued income taxes
Deferred tax liabilities
Other liabilities
Noncurrent liabilities
Total liabilities
Ordinary shares, par value $0.0001
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

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).


The financial data reveals various trends regarding the composition of liabilities and equity over the analyzed periods. The following observations summarize the key patterns and changes:

Current Debt Obligations
Fluctuations are evident in the share of current debt obligations within total liabilities and equity, with values oscillating between very low percentages (near 0.01% in 2021 and 0.02% in 2023) and moderate rises in other years, reaching 4.11% in 2022 and 3.13% in 2025. This indicates variability in short-term borrowing or similar commitments.
Accounts Payable
A steady increase was observed from 2.2% in 2020, slowly rising to a peak of 2.93% in 2023, before settling slightly lower around 2.67% in 2024 and 2025. This suggests incremental growth in trade-related obligations.
Accrued Compensation
This category generally rose over the periods, starting at 2.31% in 2020, peaking at 2.74% in 2025, with minor declines in intervening years. The rise reflects an increasing proportion of liabilities allocated to employee-related obligations.
Accrued Income Taxes (current liabilities)
Values increased steadily from 0.55% in 2020 to 1.48% in both 2024 and 2025, indicating growing short-term tax accruals relative to total financing.
Other Accrued Expenses
There was a gradual increase from 3.3% in 2020 to 4.02% in 2025, implying a steady expansion in other accrued liabilities not otherwise specified.
Current Liabilities
The current liabilities figure showed volatility, starting at 11.43% in 2020, declining to a low of 9.14% in 2021, rising sharply to 13.62% in 2022, then fluctuating between 9.95% and 14.05% through to 2025. This indicates varying short-term obligations over time.
Long-Term Debt
Long-term debt composition showed a decrease from 24.28% in 2020 to 22.39% in 2022, then an increase back to approximately 27% by 2025, reflecting adjustments in long-term borrowing or refinancing activities.
Accrued Compensation and Retirement Benefits
A decreasing trend is noticeable from 2.11% in 2020 to approximately 1.2%-1.26% from 2022 through 2025, which may suggest improvements in managing retirement-related liabilities or changes in benefit structures.
Accrued Income Taxes (noncurrent liabilities)
A declining trend is evident, dropping from 2.96% in 2020 to 1.72% in 2025, indicating a reduction in long-term tax-related liabilities.
Deferred Tax Liabilities
There is a consistent decrease from 1.29% in 2020 to 0.44% in 2025, which may reflect changes in tax timing differences or tax planning strategies impacting deferred taxes.
Other Liabilities
Values remained relatively steady with slight fluctuations around 1.5%-1.9%, showing stability in miscellaneous long-term obligations.
Noncurrent Liabilities
After peaking at 35.42% in 2021, the share of noncurrent liabilities decreased to 28.43% in 2022 before recovering somewhat and stabilizing near 33% through 2025, suggesting changes in long-term obligations composition and balance.
Total Liabilities
The total liabilities percentage of the overall financing mix hovered within the low-to-mid 40% range, showing a slight increase over the later years and reaching 47.36% by 2025, implying a somewhat heavier reliance on debt and other liabilities at the end of the period.
Additional Paid-in Capital
A downtrend is apparent, with the share decreasing consistently from 28.85% in 2020 to 22.72% in 2025, indicating either a reduction in capital injections or changes in equity capital structure.
Retained Earnings
Retained earnings as a proportion of total financing exhibited growth, rising from 31.02% in 2020 to 34.33% in 2025, highlighting accumulated profits increasing relative to total liabilities and equity.
Accumulated Other Comprehensive Loss
This negative component fluctuated moderately, generally between -2.49% and -4.67%, with no clear directional trend, reflecting volatility in unrealized losses or gains recognized in equity.
Shareholders’ Equity
Shareholders’ equity showed a gradual decline from 55.95% in 2020 to 52.38% in 2025, aligning with the observed increase in total liabilities toward the end of the period, thereby indicating a slight shift toward greater leverage.
Noncontrolling Interests
There was a modest increase from 0.15% to 0.25%, which suggests a slight growth in the portion of equity attributable to minority shareholders.
Total Equity
The total equity component followed a descending trend from 56.1% in 2020 to 52.64% in 2025, underscoring a gradual reduction in equity proportion of total financing in favor of liabilities.

In summary, the data highlights a trend of relatively stable but fluctuating total liabilities and equity composition, with a noticeable gradual shift towards higher liabilities, particularly driven by rises in total liabilities and decreases in paid-in capital and overall equity share. Retained earnings have grown consistently, serving as a stabilizing factor within equity. The balance between current and noncurrent liabilities has been variable, indicating dynamic financial management with respect to obligations over short and long terms.