Stock Analysis on Net
Stock Analysis on Net

Medtronic PLC (NYSE:MDT)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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

Microsoft Excel
Apr 24, 2026 Apr 25, 2025 Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021
Current debt obligations 1.92 3.13 1.21 0.02 4.11 0.01
Accounts payable 2.84 2.67 2.68 2.93 2.50 2.26
Accrued compensation 2.88 2.74 2.64 2.14 2.33 2.67
Accrued income taxes 0.98 1.48 1.48 0.92 0.77 0.47
Other accrued expenses 3.91 4.02 3.98 3.94 3.90 3.73
Current liabilities 12.53% 14.05% 11.99% 9.95% 13.62% 9.14%
Long-term debt 28.13 27.97 26.60 26.77 22.39 28.34
Accrued compensation and retirement benefits 1.28 1.26 1.22 1.20 1.22 1.67
Accrued income taxes 1.63 1.72 2.07 2.59 2.29 2.42
Deferred tax liabilities 0.39 0.44 0.57 0.78 0.97 1.10
Other liabilities 2.21 1.93 1.52 1.90 1.55 1.89
Noncurrent liabilities 33.64% 33.32% 31.98% 33.24% 28.43% 35.42%
Total liabilities 46.18% 47.36% 43.97% 43.19% 42.05% 44.56%
Ordinary shares, par value $0.0001 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 22.49 22.72 25.70 27.04 27.00 28.27
Retained earnings 35.08 34.33 33.79 33.42 33.25 30.72
Accumulated other comprehensive loss -4.41 -4.67 -3.69 -3.85 -2.49 -3.74
Shareholders’ equity 53.17% 52.38% 55.81% 56.61% 57.76% 55.25%
Noncontrolling interests 0.65 0.25 0.23 0.20 0.19 0.19
Total equity 53.82% 52.64% 56.03% 56.81% 57.95% 55.44%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2026-04-24), 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).

The overall capital structure exhibits a gradual shift toward increased liability reliance and a corresponding decrease in the proportion of total equity. Total liabilities have trended upward from 44.56% in 2021 to 46.18% by 2026, while total equity declined from a peak of 57.95% in 2022 to 53.82% in 2026.

Liability Structure and Debt Trends
Noncurrent liabilities represent the largest portion of the company's obligations, consistently remaining above 28% of total liabilities and equity. Long-term debt is the primary driver of this segment, stabilizing near 28.13% by 2026 after a notable dip to 22.39% in 2022. Current liabilities show higher volatility, fluctuating between 9.14% and 14.05%, with a general upward trend in recent periods, partly influenced by variations in current debt obligations which peaked at 4.11% in 2022.
Equity Composition and Internal Funding
A clear inverse relationship is observed between additional paid-in capital and retained earnings. Additional paid-in capital has steadily declined from 28.27% in 2021 to 22.49% in 2026. Conversely, retained earnings have shown a consistent increase, rising from 30.72% to 35.08% over the same period. This pattern indicates a transition toward financing the balance sheet through accumulated internal profits rather than external capital contributions.
Tax and Comprehensive Loss Analysis
Deferred tax liabilities have experienced a significant and consistent downward trend, decreasing from 1.10% in 2021 to 0.39% in 2026. Accumulated other comprehensive loss has remained a persistent negative factor throughout the period, fluctuating between -2.49% and -4.67%, which serves as a consistent drag on the total shareholders' equity.
Working Capital Components
Accounts payable and other accrued expenses have remained relatively stable, with accounts payable hovering between 2.26% and 2.93% and other accrued expenses remaining near 4%. Accrued compensation exhibits moderate stability, ending the period at 2.88%, suggesting a consistent management of short-term operational obligations relative to the total capital structure.

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