Return on Equity (ROE)
since 2005
Calculation
Medtronic PLC, ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income attributable to Medtronic1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Apr 24, 2026 | 9.71% | = | 100 | × | 4,801) | ÷ | 49,463) |
| Apr 25, 2025 | 9.71% | = | 100 | × | 4,662) | ÷ | 48,024) |
| Apr 26, 2024 | 7.32% | = | 100 | × | 3,676) | ÷ | 50,214) |
| Apr 28, 2023 | 7.30% | = | 100 | × | 3,758) | ÷ | 51,483) |
| Apr 29, 2022 | 9.59% | = | 100 | × | 5,039) | ÷ | 52,551) |
| Apr 30, 2021 | 7.01% | = | 100 | × | 3,606) | ÷ | 51,428) |
| Apr 24, 2020 | 9.44% | = | 100 | × | 4,789) | ÷ | 50,737) |
| Apr 26, 2019 | 9.25% | = | 100 | × | 4,631) | ÷ | 50,091) |
| Apr 27, 2018 | 6.12% | = | 100 | × | 3,104) | ÷ | 50,720) |
| Apr 28, 2017 | 8.01% | = | 100 | × | 4,028) | ÷ | 50,294) |
| Apr 29, 2016 | 6.80% | = | 100 | × | 3,538) | ÷ | 52,063) |
| Apr 24, 2015 | 5.03% | = | 100 | × | 2,675) | ÷ | 53,230) |
| Apr 25, 2014 | 15.76% | = | 100 | × | 3,065) | ÷ | 19,443) |
| Apr 26, 2013 | 18.57% | = | 100 | × | 3,467) | ÷ | 18,671) |
| Apr 27, 2012 | 21.14% | = | 100 | × | 3,617) | ÷ | 17,113) |
| Apr 29, 2011 | 19.39% | = | 100 | × | 3,096) | ÷ | 15,968) |
| Apr 30, 2010 | 21.18% | = | 100 | × | 3,099) | ÷ | 14,629) |
| Apr 24, 2009 | 16.88% | = | 100 | × | 2,169) | ÷ | 12,851) |
| Apr 25, 2008 | 19.34% | = | 100 | × | 2,231) | ÷ | 11,536) |
| Apr 27, 2007 | 25.53% | = | 100 | × | 2,802) | ÷ | 10,977) |
| Apr 28, 2006 | 27.14% | = | 100 | × | 2,547) | ÷ | 9,383) |
| Apr 29, 2005 | 17.26% | = | 100 | × | 1,804) | ÷ | 10,450) |
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 analysis of Return on Equity (ROE) reveals a distinct two-phase performance cycle separated by a significant structural shift in the equity base occurring in 2015.
- Initial High-Yield Period (2005–2014)
- During this interval, ROE remained consistently high, fluctuating between 15.76% and 27.14%. A peak return of 27.14% was achieved in 2006. Throughout this decade, shareholders' equity grew moderately from $10.45 billion to $19.44 billion, while net income generally trended upward, supporting robust efficiency in generating profits relative to the equity invested.
- Structural Inflection Point (2015)
- A sharp contraction in ROE is observed in 2015, where the ratio dropped to 5.03%, the lowest point in the analyzed timeframe. This decline was not precipitated by a collapse in earnings—as net income remained significant—but by a sudden and substantial expansion of shareholders' equity, which surged from $19.44 billion in 2014 to $53.23 billion in 2015. This massive increase in the denominator fundamentally reset the ROE baseline.
- Stabilization Period (2016–2026)
- Following the equity expansion, ROE entered a period of relative stability, oscillating within a narrower band between 6.12% and 9.71%. While net income continued to fluctuate and generally increase, reaching a peak of $5.04 billion in 2022, the substantially larger equity base exerted persistent downward pressure on the percentage return. Projections for 2025 and 2026 indicate a stabilized return of 9.71%.
The divergence between net income growth and ROE performance after 2015 indicates that the increase in equity has outpaced the growth in profitability. Consequently, although the company generates higher absolute net income in the latter period than in the 2005–2014 era, the efficiency of equity utilization has transitioned to a lower sustainable range.
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Comparison to Competitors
Medtronic PLC, ROE, long-term trends, comparison to competitors
| Medtronic PLC | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|
| Apr 24, 2026 | 9.71% | — | — | — | — |
| Apr 25, 2025 | 9.71% | 12.51% | 12.90% | 16.02% | 12.81% |
| Apr 26, 2024 | 7.32% | 28.12% | 14.47% | 14.13% | 15.55% |
| Apr 28, 2023 | 7.30% | 14.83% | 15.23% | 13.51% | 25.22% |
| Apr 29, 2022 | 9.59% | 18.90% | 16.59% | 11.98% | 25.87% |
| Apr 30, 2021 | 7.01% | 19.75% | 16.93% | 14.32% | 24.09% |
| Apr 24, 2020 | 9.44% | 13.71% | 13.77% | 10.90% | 23.52% |
| Apr 26, 2019 | 9.25% | 11.86% | 15.15% | 16.69% | 24.02% |
| Apr 27, 2018 | 6.12% | 7.76% | 13.14% | 16.89% | 23.19% |
| Apr 28, 2017 | 8.01% | 1.54% | 14.50% | 13.97% | 22.10% |
| Apr 29, 2016 | 6.80% | 6.82% | 9.84% | 12.74% | 18.33% |
| Apr 24, 2015 | 5.03% | 20.85% | 11.11% | 13.63% | 17.18% |
| Apr 25, 2014 | 15.76% | 10.61% | 10.60% | 12.39% | 17.31% |
| Apr 26, 2013 | 18.57% | 10.23% | 10.05% | 19.16% | 17.50% |
| Apr 27, 2012 | 21.14% | 22.32% | 11.16% | 18.34% | 17.72% |
| Apr 29, 2011 | 19.39% | 19.35% | 11.36% | 18.71% | 18.17% |
| Apr 30, 2010 | 21.18% | 20.66% | 12.12% | 18.74% | 17.94% |
| Apr 24, 2009 | 16.88% | 25.14% | 19.09% | 15.13% | 16.19% |
| Apr 25, 2008 | 19.34% | 27.92% | 11.62% | 16.13% | 14.33% |
| Apr 27, 2007 | 25.53% | 20.28% | 14.55% | 16.26% | 23.20% |
| Apr 28, 2006 | 27.14% | 12.22% | 12.59% | 12.22% | 19.99% |
| Apr 29, 2005 | 17.26% | 23.39% | 9.86% | 21.27% | 18.61% |
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, ROE, long-term trends, comparison to sector (health care equipment & services)
| Medtronic PLC | Health Care Equipment & Services | |
|---|---|---|
| Apr 24, 2026 | 9.71% | — |
| Apr 25, 2025 | 9.71% | 12.41% |
| Apr 26, 2024 | 7.32% | 16.02% |
| Apr 28, 2023 | 7.30% | 17.13% |
| Apr 29, 2022 | 9.59% | 18.40% |
| Apr 30, 2021 | 7.01% | 17.28% |
| Apr 24, 2020 | 9.44% | 15.80% |
| Apr 26, 2019 | 9.25% | 15.85% |
| Apr 27, 2018 | 6.12% | 13.28% |
| Apr 28, 2017 | 8.01% | 12.21% |
| Apr 29, 2016 | 6.80% | 10.70% |
| Apr 24, 2015 | 5.03% | 11.84% |
| Apr 25, 2014 | 15.76% | 13.81% |
| Apr 26, 2013 | 18.57% | 14.22% |
| Apr 27, 2012 | 21.14% | 17.99% |
| Apr 29, 2011 | 19.39% | 17.02% |
| Apr 30, 2010 | 21.18% | 17.62% |
| Apr 24, 2009 | 16.88% | 19.50% |
| Apr 25, 2008 | 19.34% | 17.63% |
| Apr 27, 2007 | 25.53% | 20.02% |
| Apr 28, 2006 | 27.14% | 16.70% |
| Apr 29, 2005 | 17.26% | 16.22% |
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, ROE, long-term trends, comparison to industry (health care)
| Medtronic PLC | Health Care | |
|---|---|---|
| Apr 24, 2026 | 9.71% | — |
| Apr 25, 2025 | 9.71% | 21.47% |
| Apr 26, 2024 | 7.32% | 15.74% |
| Apr 28, 2023 | 7.30% | 19.40% |
| Apr 29, 2022 | 9.59% | 24.82% |
| Apr 30, 2021 | 7.01% | 25.44% |
| Apr 24, 2020 | 9.44% | 16.70% |
| Apr 26, 2019 | 9.25% | 23.30% |
| Apr 27, 2018 | 6.12% | 21.27% |
| Apr 28, 2017 | 8.01% | 13.77% |
| Apr 29, 2016 | 6.80% | 18.53% |
| Apr 24, 2015 | 5.03% | 18.52% |
| Apr 25, 2014 | 15.76% | 19.17% |
| Apr 26, 2013 | 18.57% | 18.81% |
| Apr 27, 2012 | 21.14% | 18.20% |
| Apr 29, 2011 | 19.39% | 15.90% |
| Apr 30, 2010 | 21.18% | 14.85% |
| Apr 24, 2009 | 16.88% | 20.14% |
| Apr 25, 2008 | 19.34% | 20.29% |
| Apr 27, 2007 | 25.53% | 17.87% |
| Apr 28, 2006 | 27.14% | 20.49% |
| Apr 29, 2005 | 17.26% | 18.28% |
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).