Price to Book Value (P/BV)
since 2005
Calculation
Medtronic PLC, P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jun 18, 2026 | 2.05 | = | 79.34 | ÷ | 38.64 | 38.64 | = | 49,463 | ÷ | 1,280,045,190 | |
| Jun 20, 2025 | 2.30 | = | 86.34 | ÷ | 37.48 | 37.48 | = | 48,024 | ÷ | 1,281,264,703 | |
| Jun 20, 2024 | 2.05 | = | 80.17 | ÷ | 39.16 | 39.16 | = | 50,214 | ÷ | 1,282,269,783 | |
| Jun 22, 2023 | 2.26 | = | 87.41 | ÷ | 38.70 | 38.70 | = | 51,483 | ÷ | 1,330,405,428 | |
| Jun 23, 2022 | 2.24 | = | 88.67 | ÷ | 39.55 | 39.55 | = | 52,551 | ÷ | 1,328,709,310 | |
| Jun 25, 2021 | 3.26 | = | 124.93 | ÷ | 38.27 | 38.27 | = | 51,428 | ÷ | 1,343,904,180 | |
| Jun 19, 2020 | 2.48 | = | 93.91 | ÷ | 37.83 | 37.83 | = | 50,737 | ÷ | 1,341,298,882 | |
| Jun 21, 2019 | 2.66 | = | 99.38 | ÷ | 37.35 | 37.35 | = | 50,091 | ÷ | 1,341,156,703 | |
| Jun 22, 2018 | 2.31 | = | 86.81 | ÷ | 37.52 | 37.52 | = | 50,720 | ÷ | 1,351,709,097 | |
| Jun 27, 2017 | 2.40 | = | 88.79 | ÷ | 37.01 | 37.01 | = | 50,294 | ÷ | 1,359,026,669 | |
| Jun 28, 2016 | 2.25 | = | 84.14 | ÷ | 37.33 | 37.33 | = | 52,063 | ÷ | 1,394,731,892 | |
| Jun 23, 2015 | 2.04 | = | 76.61 | ÷ | 37.58 | 37.58 | = | 53,230 | ÷ | 1,416,351,117 | |
| Jun 20, 2014 | 3.27 | = | 63.86 | ÷ | 19.53 | 19.53 | = | 19,443 | ÷ | 995,764,180 | |
| Jun 24, 2013 | 2.78 | = | 51.58 | ÷ | 18.53 | 18.53 | = | 18,671 | ÷ | 1,007,412,613 | |
| Jun 26, 2012 | 2.23 | = | 37.31 | ÷ | 16.69 | 16.69 | = | 17,113 | ÷ | 1,025,044,679 | |
| Jun 28, 2011 | 2.59 | = | 39.01 | ÷ | 15.05 | 15.05 | = | 15,968 | ÷ | 1,060,963,265 | |
| Jun 29, 2010 | 2.68 | = | 36.21 | ÷ | 13.51 | 13.51 | = | 14,629 | ÷ | 1,082,967,846 | |
| Jun 23, 2009 | 2.89 | = | 33.37 | ÷ | 11.55 | 11.55 | = | 12,851 | ÷ | 1,112,348,250 | |
| Jun 24, 2008 | 5.03 | = | 51.59 | ÷ | 10.25 | 10.25 | = | 11,536 | ÷ | 1,125,244,102 | |
| Jun 25, 2007 | 5.31 | = | 51.12 | ÷ | 9.63 | 9.63 | = | 10,977 | ÷ | 1,140,402,281 | |
| Jun 28, 2006 | 5.78 | = | 46.99 | ÷ | 8.12 | 8.12 | = | 9,383 | ÷ | 1,154,790,616 | |
| Jun 29, 2005 | 6.06 | = | 52.20 | ÷ | 8.61 | 8.61 | = | 10,450 | ÷ | 1,213,729,424 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Medtronic PLC Annual Report.
The financial data reveals a long-term compression of the Price to Book Value (P/BV) ratio, transitioning from a high-premium valuation in the mid-2000s to a more stabilized, lower range over the subsequent two decades.
- Price to Book Value (P/BV) Trend
- A significant downward trend in the P/BV ratio is observed between 2005 and 2012, where the ratio declined from a peak of 6.06 to a low of 2.23. Following this period, the ratio entered a phase of relative stability, fluctuating primarily between 2.04 and 3.27. A notable peak occurred in 2021 at 3.26, before returning to a baseline of approximately 2.05 to 2.30 by 2026.
- Book Value per Share (BVPS) Evolution
- BVPS exhibited steady growth from 2005 (8.61 US$) through 2014 (19.53 US$). A substantial structural increase is noted between 2014 and 2015, where BVPS nearly doubled from 19.53 US$ to 37.58 US$. From 2015 through 2026, the BVPS remained remarkably stable, maintaining a tight range between 37.01 US$ and 39.55 US$.
- Share Price Volatility and Valuation Impact
- The share price experienced significant volatility, with a notable decline during the 2009 period (33.37 US$) and a historical peak in 2021 (124.93 US$). Because the BVPS remained stable after 2015, the fluctuations in the P/BV ratio during the latter half of the timeline were driven almost exclusively by changes in the market share price rather than changes in the underlying book value.
- Correlation Analysis
- The divergence between the share price and BVPS is most evident in the early part of the sequence, where the high P/BV ratios indicated a market valuation far exceeding the accounting value. The subsequent convergence and stabilization suggest a shift in market perception or a re-rating of the asset base, resulting in a more consistent valuation multiple in the 2x to 3x range.
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Comparison to Competitors
Medtronic PLC, P/BV, long-term trends, comparison to competitors
| Medtronic PLC | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|
| Jun 18, 2026 | 2.05 | — | — | — | — |
| Jun 20, 2025 | 2.30 | 3.74 | 1.70 | 9.54 | 2.84 |
| Jun 20, 2024 | 2.05 | 4.91 | 2.15 | 12.41 | 4.63 |
| Jun 22, 2023 | 2.26 | 5.12 | 3.02 | 10.01 | 5.18 |
| Jun 23, 2022 | 2.24 | 5.06 | 1,553,040.70 | 7.78 | 5.81 |
| Jun 25, 2021 | 3.26 | 5.75 | 3.07 | 8.59 | 6.27 |
| Jun 19, 2020 | 2.48 | 6.65 | 2.19 | 9.53 | 4.83 |
| Jun 21, 2019 | 2.66 | 4.96 | 2.42 | 8.13 | 4.92 |
| Jun 22, 2018 | 2.31 | 4.38 | 2.82 | 8.96 | 4.89 |
| Jun 27, 2017 | 2.40 | 3.40 | 2.24 | 9.91 | 4.59 |
| Jun 28, 2016 | 2.25 | 3.76 | 1.72 | 4.73 | 3.98 |
| Jun 23, 2015 | 2.04 | 2.68 | 1.44 | 4.67 | 3.12 |
| Jun 20, 2014 | 3.27 | 3.32 | 1.62 | 5.55 | 3.20 |
| Jun 24, 2013 | 2.78 | 2.38 | 1.00 | 4.37 | 2.16 |
| Jun 26, 2012 | 2.23 | 2.06 | 0.79 | 6.43 | 1.88 |
| Jun 28, 2011 | 2.59 | 3.61 | 0.95 | 7.31 | 1.96 |
| Jun 29, 2010 | 2.68 | 3.24 | 1.06 | 6.34 | 1.80 |
| Jun 23, 2009 | 2.89 | 3.69 | 1.06 | 8.22 | 1.60 |
| Jun 24, 2008 | 5.03 | 4.78 | 0.96 | 3.55 | 1.67 |
| Jun 25, 2007 | 5.31 | 4.83 | 1.75 | 12.99 | 2.98 |
| Jun 28, 2006 | 5.78 | 5.88 | 2.02 | 7.10 | 3.51 |
| Jun 29, 2005 | 6.06 | 4.69 | 2.04 | 7.80 | 4.50 |
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, P/BV, long-term trends, comparison to sector (health care equipment & services)
| Medtronic PLC | Health Care Equipment & Services | |
|---|---|---|
| Jun 18, 2026 | 2.05 | — |
| Jun 20, 2025 | 2.30 | 3.20 |
| Jun 20, 2024 | 2.05 | 4.26 |
| Jun 22, 2023 | 2.26 | 4.43 |
| Jun 23, 2022 | 2.24 | 263,051.14 |
| Jun 25, 2021 | 3.26 | 5.01 |
| Jun 19, 2020 | 2.48 | 4.30 |
| Jun 21, 2019 | 2.66 | 4.00 |
| Jun 22, 2018 | 2.31 | 3.83 |
| Jun 27, 2017 | 2.40 | 3.44 |
| Jun 28, 2016 | 2.25 | 2.95 |
| Jun 23, 2015 | 2.04 | 2.39 |
| Jun 20, 2014 | 3.27 | 2.94 |
| Jun 24, 2013 | 2.78 | 2.12 |
| Jun 26, 2012 | 2.23 | 1.89 |
| Jun 28, 2011 | 2.59 | 2.39 |
| Jun 29, 2010 | 2.68 | 2.21 |
| Jun 23, 2009 | 2.89 | 2.31 |
| Jun 24, 2008 | 5.03 | 2.78 |
| Jun 25, 2007 | 5.31 | 3.52 |
| Jun 28, 2006 | 5.78 | 3.80 |
| Jun 29, 2005 | 6.06 | 3.90 |
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, P/BV, long-term trends, comparison to industry (health care)
| Medtronic PLC | Health Care | |
|---|---|---|
| Jun 18, 2026 | 2.05 | — |
| Jun 20, 2025 | 2.30 | 6.08 |
| Jun 20, 2024 | 2.05 | 5.99 |
| Jun 22, 2023 | 2.26 | 5.94 |
| Jun 23, 2022 | 2.24 | 87,112.79 |
| Jun 25, 2021 | 3.26 | 5.48 |
| Jun 19, 2020 | 2.48 | 5.37 |
| Jun 21, 2019 | 2.66 | 5.14 |
| Jun 22, 2018 | 2.31 | 5.17 |
| Jun 27, 2017 | 2.40 | 4.55 |
| Jun 28, 2016 | 2.25 | 4.06 |
| Jun 23, 2015 | 2.04 | 3.62 |
| Jun 20, 2014 | 3.27 | 4.10 |
| Jun 24, 2013 | 2.78 | 3.51 |
| Jun 26, 2012 | 2.23 | 2.87 |
| Jun 28, 2011 | 2.59 | 2.51 |
| Jun 29, 2010 | 2.68 | 2.24 |
| Jun 23, 2009 | 2.89 | 2.36 |
| Jun 24, 2008 | 5.03 | 2.65 |
| Jun 25, 2007 | 5.31 | 3.45 |
| Jun 28, 2006 | 5.78 | 3.81 |
| Jun 29, 2005 | 6.06 | 3.97 |
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).