Debt to Equity
since 2005
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Medtronic PLC pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
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Calculation
Medtronic PLC, debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Apr 24, 2026 | = | ÷ | |||
| 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: 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), 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 capital structure of the organization has evolved through distinct phases over the observed period, characterized by a significant expansion of the balance sheet in 2015 followed by a period of stabilization and gradual deleveraging.
- Total Debt Trends
- Debt levels remained relatively low and stable between 2005 and 2014, fluctuating between 2.45 billion and 11.93 billion US dollars. A substantial increase occurred in 2015, where total debt surged to 36.19 billion US dollars. Following this peak, debt levels gradually declined and stabilized, fluctuating between approximately 24 billion and 26 billion US dollars from 2018 through 2023, before showing a slight increase toward 28.52 billion US dollars in 2024.
- Shareholders' Equity Trends
- Equity demonstrated consistent growth from 10.45 billion US dollars in 2005 to 19.44 billion US dollars in 2014. Similar to the debt trend, a sharp increase was recorded in 2015, with equity rising to 53.23 billion US dollars. Since 2015, equity has remained remarkably stable, consistently hovering around the 50 billion to 52 billion US dollar mark, with a slight decrease observed in the most recent projections for 2025 and 2026.
- Debt to Equity Ratio Analysis
- The debt to equity ratio has historically remained within a moderate range, generally fluctuating between 0.46 and 0.84. Despite the massive increase in absolute debt and equity in 2015, the ratio remained disciplined at 0.68, indicating a proportional increase in both liabilities and equity. A period of deleveraging is evident between 2017 and 2022, during which the ratio declined from 0.66 to a low of 0.46. Most recent figures indicate a slight upward correction, with the ratio returning to the 0.57 to 0.59 range by 2025 and 2026.
Overall, the data indicates a strategic shift in the scale of the balance sheet occurring in 2015, while the underlying leverage remains conservative. The company has successfully maintained a balanced capital structure, ensuring that debt growth is generally offset by equity growth, thereby keeping the debt to equity ratio well below 1.0 throughout the entire duration.
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 24, 2026 | |||||
| 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: 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), 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 24, 2026 | ||
| 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: 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), 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 24, 2026 | ||
| 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: 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), 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).