Price to Sales (P/S)
since 2005
Calculation
Medtronic PLC, P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jun 18, 2026 | 2.79 | = | 79.34 | ÷ | 28.41 | 28.41 | = | 36,364 | ÷ | 1,280,045,190 | |
| Jun 20, 2025 | 3.30 | = | 86.34 | ÷ | 26.17 | 26.17 | = | 33,537 | ÷ | 1,281,264,703 | |
| Jun 20, 2024 | 3.18 | = | 80.17 | ÷ | 25.24 | 25.24 | = | 32,364 | ÷ | 1,282,269,783 | |
| Jun 22, 2023 | 3.72 | = | 87.41 | ÷ | 23.47 | 23.47 | = | 31,227 | ÷ | 1,330,405,428 | |
| Jun 23, 2022 | 3.72 | = | 88.67 | ÷ | 23.85 | 23.85 | = | 31,686 | ÷ | 1,328,709,310 | |
| Jun 25, 2021 | 5.57 | = | 124.93 | ÷ | 22.41 | 22.41 | = | 30,117 | ÷ | 1,343,904,180 | |
| Jun 19, 2020 | 4.36 | = | 93.91 | ÷ | 21.56 | 21.56 | = | 28,913 | ÷ | 1,341,298,882 | |
| Jun 21, 2019 | 4.36 | = | 99.38 | ÷ | 22.78 | 22.78 | = | 30,557 | ÷ | 1,341,156,703 | |
| Jun 22, 2018 | 3.92 | = | 86.81 | ÷ | 22.16 | 22.16 | = | 29,953 | ÷ | 1,351,709,097 | |
| Jun 27, 2017 | 4.06 | = | 88.79 | ÷ | 21.86 | 21.86 | = | 29,710 | ÷ | 1,359,026,669 | |
| Jun 28, 2016 | 4.07 | = | 84.14 | ÷ | 20.67 | 20.67 | = | 28,833 | ÷ | 1,394,731,892 | |
| Jun 23, 2015 | 5.36 | = | 76.61 | ÷ | 14.31 | 14.31 | = | 20,261 | ÷ | 1,416,351,117 | |
| Jun 20, 2014 | 3.74 | = | 63.86 | ÷ | 17.08 | 17.08 | = | 17,005 | ÷ | 995,764,180 | |
| Jun 24, 2013 | 3.13 | = | 51.58 | ÷ | 16.47 | 16.47 | = | 16,590 | ÷ | 1,007,412,613 | |
| Jun 26, 2012 | 2.36 | = | 37.31 | ÷ | 15.79 | 15.79 | = | 16,184 | ÷ | 1,025,044,679 | |
| Jun 28, 2011 | 2.60 | = | 39.01 | ÷ | 15.02 | 15.02 | = | 15,933 | ÷ | 1,060,963,265 | |
| Jun 29, 2010 | 2.48 | = | 36.21 | ÷ | 14.61 | 14.61 | = | 15,817 | ÷ | 1,082,967,846 | |
| Jun 23, 2009 | 2.54 | = | 33.37 | ÷ | 13.12 | 13.12 | = | 14,599 | ÷ | 1,112,348,250 | |
| Jun 24, 2008 | 4.30 | = | 51.59 | ÷ | 12.01 | 12.01 | = | 13,515 | ÷ | 1,125,244,102 | |
| Jun 25, 2007 | 4.74 | = | 51.12 | ÷ | 10.78 | 10.78 | = | 12,299 | ÷ | 1,140,402,281 | |
| Jun 28, 2006 | 4.81 | = | 46.99 | ÷ | 9.78 | 9.78 | = | 11,292 | ÷ | 1,154,790,616 | |
| Jun 29, 2005 | 6.30 | = | 52.20 | ÷ | 8.28 | 8.28 | = | 10,055 | ÷ | 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 Price to Sales (P/S) ratio exhibits a volatile long-term trajectory characterized by an initial contraction, a period of recovery and peaking, and a subsequent recent decline. While sales per share have demonstrated consistent long-term growth, the market valuation expressed through the share price has fluctuated significantly, leading to substantial shifts in the valuation multiple.
- Initial Valuation Contraction (2005–2012)
- A significant downward trend in the P/S ratio is observed during this period, falling from a peak of 6.30 in 2005 to a low of 2.36 by 2012. This compression occurred despite a steady increase in sales per share, which rose from 8.28 to 15.79. This indicates that the share price declined or failed to keep pace with revenue growth, suggesting a reduction in the market's valuation premium during these years.
- Recovery and Valuation Peak (2013–2021)
- The valuation multiple entered a recovery phase starting in 2013, with the P/S ratio climbing to 5.36 by 2015. After a period of relative stability between 3.92 and 4.36 from 2016 to 2020, a sharp peak occurred in 2021, where the ratio reached 5.57. This spike was driven primarily by a substantial increase in the share price to 124.93, which significantly outpaced the growth in sales per share for that specific period.
- Recent Valuation Compression (2022–2026)
- A consistent decline in the P/S ratio is evident from 2022 onward, moving from 3.72 down to a projected 2.79 by 2026. This trend is marked by a decrease in share price from 88.67 to 79.34, even as sales per share continued to grow from 23.85 to 28.41. This divergence indicates a systemic compression of the revenue multiple, as the market is assigning less value to each dollar of sales generated.
- Correlation Between Revenue and Price
- The data reveals a decoupling between operational performance and market valuation. Sales per share have grown nearly 3.5 times from 2005 to 2026. However, the P/S ratio suggests that the market's willingness to pay a premium for these sales has diminished over the long term, returning toward levels not seen since the 2009–2012 period.
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Comparison to Competitors
Medtronic PLC, P/S, long-term trends, comparison to competitors
| Medtronic PLC | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|
| Jun 18, 2026 | 2.79 | — | — | — | — |
| Jun 20, 2025 | 3.30 | 4.40 | 0.38 | 16.90 | 0.60 |
| Jun 20, 2024 | 3.18 | 5.58 | 0.51 | 24.42 | 1.08 |
| Jun 22, 2023 | 3.72 | 4.93 | 0.70 | 18.71 | 1.25 |
| Jun 23, 2022 | 3.72 | 4.25 | 362,239.81 | 13.81 | 1.40 |
| Jun 25, 2021 | 5.57 | 4.78 | 0.81 | 17.89 | 1.58 |
| Jun 19, 2020 | 4.36 | 6.30 | 0.60 | 21.29 | 1.24 |
| Jun 21, 2019 | 4.36 | 4.83 | 0.74 | 15.01 | 1.18 |
| Jun 22, 2018 | 3.92 | 4.37 | 0.88 | 16.06 | 1.12 |
| Jun 27, 2017 | 4.06 | 3.84 | 0.67 | 14.97 | 1.10 |
| Jun 28, 2016 | 4.07 | 3.70 | 0.51 | 10.11 | 0.83 |
| Jun 23, 2015 | 5.36 | 2.78 | 0.42 | 8.46 | 0.68 |
| Jun 20, 2014 | 3.74 | 3.53 | 0.54 | 8.80 | 0.80 |
| Jun 24, 2013 | 3.13 | 2.74 | 0.35 | 6.76 | 0.57 |
| Jun 26, 2012 | 2.36 | 1.38 | 0.31 | 10.56 | 0.53 |
| Jun 28, 2011 | 2.60 | 2.27 | 0.37 | 11.00 | 0.55 |
| Jun 29, 2010 | 2.48 | 2.06 | 0.44 | 9.15 | 0.50 |
| Jun 23, 2009 | 2.54 | 2.74 | 0.43 | 12.01 | 0.44 |
| Jun 24, 2008 | 4.30 | 2.83 | 0.33 | 5.14 | 0.43 |
| Jun 25, 2007 | 4.74 | 3.31 | 0.67 | 19.21 | 0.81 |
| Jun 28, 2006 | 4.81 | 3.68 | 0.89 | 11.23 | 1.03 |
| Jun 29, 2005 | 6.30 | 3.02 | 1.14 | 15.19 | 1.78 |
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/S, long-term trends, comparison to sector (health care equipment & services)
| Medtronic PLC | Health Care Equipment & Services | |
|---|---|---|
| Jun 18, 2026 | 2.79 | — |
| Jun 20, 2025 | 3.30 | 1.12 |
| Jun 20, 2024 | 3.18 | 1.62 |
| Jun 22, 2023 | 3.72 | 1.66 |
| Jun 23, 2022 | 3.72 | 100,807.66 |
| Jun 25, 2021 | 5.57 | 2.07 |
| Jun 19, 2020 | 4.36 | 1.86 |
| Jun 21, 2019 | 4.36 | 1.74 |
| Jun 22, 2018 | 3.92 | 1.69 |
| Jun 27, 2017 | 4.06 | 1.58 |
| Jun 28, 2016 | 4.07 | 1.30 |
| Jun 23, 2015 | 5.36 | 1.17 |
| Jun 20, 2014 | 3.74 | 1.23 |
| Jun 24, 2013 | 3.13 | 0.95 |
| Jun 26, 2012 | 2.36 | 0.85 |
| Jun 28, 2011 | 2.60 | 1.04 |
| Jun 29, 2010 | 2.48 | 0.96 |
| Jun 23, 2009 | 2.54 | 1.02 |
| Jun 24, 2008 | 4.30 | 1.08 |
| Jun 25, 2007 | 4.74 | 1.48 |
| Jun 28, 2006 | 4.81 | 1.64 |
| Jun 29, 2005 | 6.30 | 2.17 |
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/S, long-term trends, comparison to industry (health care)
| Medtronic PLC | Health Care | |
|---|---|---|
| Jun 18, 2026 | 2.79 | — |
| Jun 20, 2025 | 3.30 | 3.34 |
| Jun 20, 2024 | 3.18 | 3.36 |
| Jun 22, 2023 | 3.72 | 3.52 |
| Jun 23, 2022 | 3.72 | 51,413.66 |
| Jun 25, 2021 | 5.57 | 3.28 |
| Jun 19, 2020 | 4.36 | 3.31 |
| Jun 21, 2019 | 4.36 | 3.21 |
| Jun 22, 2018 | 3.92 | 3.07 |
| Jun 27, 2017 | 4.06 | 3.06 |
| Jun 28, 2016 | 4.07 | 2.80 |
| Jun 23, 2015 | 5.36 | 2.72 |
| Jun 20, 2014 | 3.74 | 3.08 |
| Jun 24, 2013 | 3.13 | 2.81 |
| Jun 26, 2012 | 2.36 | 2.20 |
| Jun 28, 2011 | 2.60 | 1.90 |
| Jun 29, 2010 | 2.48 | 1.80 |
| Jun 23, 2009 | 2.54 | 2.08 |
| Jun 24, 2008 | 4.30 | 1.70 |
| Jun 25, 2007 | 4.74 | 2.42 |
| Jun 28, 2006 | 4.81 | 2.85 |
| Jun 29, 2005 | 6.30 | 3.17 |
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).