Net Profit Margin
since 2005
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Medtronic PLC pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Calculation
Medtronic PLC, net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income attributable to Medtronic1 | ÷ | Net sales1 | |
|---|---|---|---|---|---|---|---|
| Apr 24, 2026 | = | 100 | × | ÷ | |||
| Apr 25, 2025 | = | 100 | × | ÷ | |||
| Apr 26, 2024 | = | 100 | × | ÷ | |||
| Apr 28, 2023 | = | 100 | × | ÷ | |||
| Apr 29, 2022 | = | 100 | × | ÷ | |||
| Apr 30, 2021 | = | 100 | × | ÷ | |||
| Apr 24, 2020 | = | 100 | × | ÷ | |||
| Apr 26, 2019 | = | 100 | × | ÷ | |||
| Apr 27, 2018 | = | 100 | × | ÷ | |||
| Apr 28, 2017 | = | 100 | × | ÷ | |||
| Apr 29, 2016 | = | 100 | × | ÷ | |||
| Apr 24, 2015 | = | 100 | × | ÷ | |||
| Apr 25, 2014 | = | 100 | × | ÷ | |||
| Apr 26, 2013 | = | 100 | × | ÷ | |||
| Apr 27, 2012 | = | 100 | × | ÷ | |||
| Apr 29, 2011 | = | 100 | × | ÷ | |||
| Apr 30, 2010 | = | 100 | × | ÷ | |||
| Apr 24, 2009 | = | 100 | × | ÷ | |||
| Apr 25, 2008 | = | 100 | × | ÷ | |||
| Apr 27, 2007 | = | 100 | × | ÷ | |||
| Apr 28, 2006 | = | 100 | × | ÷ | |||
| Apr 29, 2005 | = | 100 | × | ÷ |
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
An analysis of the financial performance from 2005 through 2026 reveals a significant expansion in net sales, which grew from 10,055 million US$ to a projected 36,364 million US$. However, this top-line growth has not been mirrored by a proportional increase in net income, resulting in a general compression of the net profit margin over the long term.
- High-Margin Phase (2005–2013)
- During this period, the net profit margin exhibited strong performance, peaking at 22.78% in 2007 and returning to a high of 22.35% in 2012. Despite a temporary dip between 2008 and 2009, where margins fell to 14.86%, the company maintained a relatively high capacity to convert sales into profit, generally staying above the 18% threshold for much of this timeframe.
- Margin Erosion and Volatility (2014–2018)
- A pronounced downward trend is observed starting in 2014. Net profit margins declined from 18.02% to a period low of 10.36% by 2018. This era is characterized by a disconnect between rising net sales—which climbed from 17,005 million US$ to 29,953 million US$—and stagnating or declining net income, indicating increased operational costs or pricing pressures.
- Recent Performance and Projections (2019–2026)
- The most recent period shows a pattern of volatility without a sustained return to historical highs. A recovery to 16.56% occurred in 2020, but margins subsequently fluctuated, dipping to 11.36% in 2023. The projections for 2025 and 2026 suggest a stabilization of the net profit margin between 13.20% and 13.90%, reflecting a new baseline that is significantly lower than the peaks seen in the first decade of the analysis.
Overall, while the absolute volume of net income has increased from 1,804 million US$ in 2005 to a projected 4,801 million US$ in 2026, the efficiency of profit generation has diminished. The transition from a peak margin of nearly 23% to a projected margin of approximately 13% indicates a structural shift in the cost-to-revenue ratio over the last twenty years.
Comparison to Competitors
Medtronic PLC, net profit margin, 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, net profit margin, 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, net profit margin, 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).