Debt to Equity
since 2005
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Medtronic PLC pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Calculation
Medtronic PLC, debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Apr 25, 2025 | = | ÷ | |||
| Apr 26, 2024 | = | ÷ | |||
| Apr 28, 2023 | = | ÷ | |||
| Apr 29, 2022 | = | ÷ | |||
| Apr 30, 2021 | = | ÷ | |||
| Apr 24, 2020 | = | ÷ | |||
| Apr 26, 2019 | = | ÷ | |||
| Apr 27, 2018 | = | ÷ | |||
| Apr 28, 2017 | = | ÷ | |||
| Apr 29, 2016 | = | ÷ | |||
| Apr 24, 2015 | = | ÷ | |||
| Apr 25, 2014 | = | ÷ | |||
| Apr 26, 2013 | = | ÷ | |||
| Apr 27, 2012 | = | ÷ | |||
| Apr 29, 2011 | = | ÷ | |||
| Apr 30, 2010 | = | ÷ | |||
| Apr 24, 2009 | = | ÷ | |||
| Apr 25, 2008 | = | ÷ | |||
| Apr 27, 2007 | = | ÷ | |||
| Apr 28, 2006 | = | ÷ | |||
| Apr 29, 2005 | = | ÷ |
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), 10-K (reporting date: 2019-04-26), 10-K (reporting date: 2018-04-27), 10-K (reporting date: 2017-04-28), 10-K (reporting date: 2016-04-29), 10-K (reporting date: 2015-04-24), 10-K (reporting date: 2014-04-25), 10-K (reporting date: 2013-04-26), 10-K (reporting date: 2012-04-27), 10-K (reporting date: 2011-04-29), 10-K (reporting date: 2010-04-30), 10-K (reporting date: 2009-04-24), 10-K (reporting date: 2008-04-25), 10-K (reporting date: 2007-04-27), 10-K (reporting date: 2006-04-28), 10-K (reporting date: 2005-04-29).
1 US$ in millions
The financial data over the analyzed periods reveal notable shifts in both total debt and shareholders’ equity, influencing the company's leverage position as reflected in the debt to equity ratio.
- Total Debt
- The total debt experienced substantial fluctuations. Initially, it increased markedly from 2,452 million USD in 2005 to a peak of 11,928 million USD by 2014. This upward trend included a significant jump between 2013 and 2015, where debt nearly tripled to 36,186 million USD in 2015. Following this peak, total debt declined somewhat but remained elevated above 24,000 million USD in the most recent years, with a slight resurgence to 28,516 million USD by 2025. The overall pattern shows an increasing reliance on debt financing over time with periods of large increments, particularly around 2014-2015.
- Shareholders’ Equity
- Shareholders’ equity rose steadily from 10,450 million USD in 2005 to a pronounced jump to 53,230 million USD in 2015, which corresponds with the period of elevated debt levels. Following 2015, equity slightly decreased but remained stable around the 50,000 million USD mark through to 2025. This suggests significant equity growth up to 2015, followed by plateauing or modest declines, indicating possible capital restructuring or changes in retained earnings and reserves post-2015.
- Debt to Equity Ratio
- The debt to equity ratio exhibits volatility in line with movements in debt and equity. The ratio increased from a low of 0.23 in 2005 to a high of 0.84 in 2006, then stabilized between 0.5 and 0.68 until 2015. Notably, despite the surge in both debt and equity around 2015, the ratio remained below 0.7, reflecting balanced growth in leverage and equity. After 2015, the ratio declined to around 0.46 by 2022 but reversed upward approaching 0.59 by 2025. This oscillation indicates moderate adjustments in capital structure, with overall leverage remaining moderate relative to equity over the analyzed period.
In summary, the company expanded its capital base significantly through both debt and equity from 2005 through 2015, achieving a substantial increase in scale and financial resources. Post-2015, the levels of debt and equity stabilized with some fluctuations, maintaining a conservative to moderate leverage stance as indicated by the debt to equity ratio remaining predominantly below 0.7. The observed trends suggest strategic management of the capital structure balancing growth and risk considerations.
Comparison to Competitors
Medtronic PLC, debt to equity, long-term trends, comparison to competitors
| Medtronic PLC | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|
| Apr 25, 2025 | |||||
| Apr 26, 2024 | |||||
| Apr 28, 2023 | |||||
| Apr 29, 2022 | |||||
| Apr 30, 2021 | |||||
| Apr 24, 2020 | |||||
| Apr 26, 2019 | |||||
| Apr 27, 2018 | |||||
| Apr 28, 2017 | |||||
| Apr 29, 2016 | |||||
| Apr 24, 2015 | |||||
| Apr 25, 2014 | |||||
| Apr 26, 2013 | |||||
| Apr 27, 2012 | |||||
| Apr 29, 2011 | |||||
| Apr 30, 2010 | |||||
| Apr 24, 2009 | |||||
| Apr 25, 2008 | |||||
| Apr 27, 2007 | |||||
| Apr 28, 2006 | |||||
| Apr 29, 2005 |
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), 10-K (reporting date: 2019-04-26), 10-K (reporting date: 2018-04-27), 10-K (reporting date: 2017-04-28), 10-K (reporting date: 2016-04-29), 10-K (reporting date: 2015-04-24), 10-K (reporting date: 2014-04-25), 10-K (reporting date: 2013-04-26), 10-K (reporting date: 2012-04-27), 10-K (reporting date: 2011-04-29), 10-K (reporting date: 2010-04-30), 10-K (reporting date: 2009-04-24), 10-K (reporting date: 2008-04-25), 10-K (reporting date: 2007-04-27), 10-K (reporting date: 2006-04-28), 10-K (reporting date: 2005-04-29).
Comparison to Sector (Health Care Equipment & Services)
Medtronic PLC, debt to equity, long-term trends, comparison to sector (health care equipment & services)
| Medtronic PLC | Health Care Equipment & Services | |
|---|---|---|
| Apr 25, 2025 | ||
| Apr 26, 2024 | ||
| Apr 28, 2023 | ||
| Apr 29, 2022 | ||
| Apr 30, 2021 | ||
| Apr 24, 2020 | ||
| Apr 26, 2019 | ||
| Apr 27, 2018 | ||
| Apr 28, 2017 | ||
| Apr 29, 2016 | ||
| Apr 24, 2015 | ||
| Apr 25, 2014 | ||
| Apr 26, 2013 | ||
| Apr 27, 2012 | ||
| Apr 29, 2011 | ||
| Apr 30, 2010 | ||
| Apr 24, 2009 | ||
| Apr 25, 2008 | ||
| Apr 27, 2007 | ||
| Apr 28, 2006 | ||
| Apr 29, 2005 |
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), 10-K (reporting date: 2019-04-26), 10-K (reporting date: 2018-04-27), 10-K (reporting date: 2017-04-28), 10-K (reporting date: 2016-04-29), 10-K (reporting date: 2015-04-24), 10-K (reporting date: 2014-04-25), 10-K (reporting date: 2013-04-26), 10-K (reporting date: 2012-04-27), 10-K (reporting date: 2011-04-29), 10-K (reporting date: 2010-04-30), 10-K (reporting date: 2009-04-24), 10-K (reporting date: 2008-04-25), 10-K (reporting date: 2007-04-27), 10-K (reporting date: 2006-04-28), 10-K (reporting date: 2005-04-29).
Comparison to Industry (Health Care)
Medtronic PLC, debt to equity, long-term trends, comparison to industry (health care)
| Medtronic PLC | Health Care | |
|---|---|---|
| Apr 25, 2025 | ||
| Apr 26, 2024 | ||
| Apr 28, 2023 | ||
| Apr 29, 2022 | ||
| Apr 30, 2021 | ||
| Apr 24, 2020 | ||
| Apr 26, 2019 | ||
| Apr 27, 2018 | ||
| Apr 28, 2017 | ||
| Apr 29, 2016 | ||
| Apr 24, 2015 | ||
| Apr 25, 2014 | ||
| Apr 26, 2013 | ||
| Apr 27, 2012 | ||
| Apr 29, 2011 | ||
| Apr 30, 2010 | ||
| Apr 24, 2009 | ||
| Apr 25, 2008 | ||
| Apr 27, 2007 | ||
| Apr 28, 2006 | ||
| Apr 29, 2005 |
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), 10-K (reporting date: 2019-04-26), 10-K (reporting date: 2018-04-27), 10-K (reporting date: 2017-04-28), 10-K (reporting date: 2016-04-29), 10-K (reporting date: 2015-04-24), 10-K (reporting date: 2014-04-25), 10-K (reporting date: 2013-04-26), 10-K (reporting date: 2012-04-27), 10-K (reporting date: 2011-04-29), 10-K (reporting date: 2010-04-30), 10-K (reporting date: 2009-04-24), 10-K (reporting date: 2008-04-25), 10-K (reporting date: 2007-04-27), 10-K (reporting date: 2006-04-28), 10-K (reporting date: 2005-04-29).