Return on Equity (ROE)
since 2005
Calculation
Medtronic PLC, ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income attributable to Medtronic1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| 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: 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 financial data reveals several noteworthy trends in the company’s net income, shareholders’ equity, and return on equity (ROE) over the period analyzed.
- Net Income
- The net income shows significant fluctuations across the years. Starting at 1,804 million USD in 2005, it generally increases to a peak of 4,789 million USD in 2020 with intermittent rises and declines. After 2020, net income exhibits volatility, decreasing to 3,606 million USD in 2021, rising again to 5,039 million USD in 2022, then falling to 3,758 million USD in 2023, and slightly declining to 3,676 million USD in 2024 before increasing to 4,662 million USD in 2025. This pattern highlights irregular earnings with notable peaks and troughs rather than a smooth growth trajectory.
- Shareholders’ Equity
- Shareholders’ equity displays a consistent upward trend from 10,450 million USD in 2005 to a sharp increase around 2014 at 53,230 million USD, which then stabilizes and slightly declines in the subsequent years, ending at 48,024 million USD in 2025. The substantial jump around 2014 could indicate a major corporate event such as a business combination, equity issuance, or revaluation, followed by a gradual correction or capital returns to shareholders. The equity balance remains relatively stable after this peak with mild decreases towards the end of the period.
- Return on Equity (ROE)
- The ROE follows a downward trend with some recovery periods. Initially high at 27.14% in 2006, it declines progressively to single digits post-2010. Between 2011 and 2025, ROE remains relatively low, fluctuating mostly between 5% and 10%, with occasional moderate upticks peaking at 9.71% in 2025. The decrease in ROE despite fluctuating net income and rising equity suggests that earnings growth has not kept pace with the expansion in equity, implying reduced efficiency in generating profits from shareholder investments over time.
Overall, the company appears to have increased its equity base significantly mid-period, which, combined with fluctuating net income levels, has led to a decline in profitability efficiency as measured by ROE. The volatile net income trend also indicates potential variability in operational performance or external factors impacting earnings consistency.
Comparison to Competitors
Medtronic PLC, ROE, long-term trends, comparison to competitors
| Medtronic PLC | Abbott Laboratories | CVS Health Corp. | Elevance Health Inc. | Intuitive Surgical Inc. | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Apr 25, 2025 | 9.71% | — | — | — | — | — |
| Apr 26, 2024 | 7.32% | 28.12% | 6.11% | 14.47% | 14.13% | 15.55% |
| Apr 28, 2023 | 7.30% | 14.83% | 10.91% | 15.23% | 13.51% | 25.22% |
| Apr 29, 2022 | 9.59% | 18.90% | 5.84% | 16.59% | 11.98% | 25.87% |
| Apr 30, 2021 | 7.01% | 19.75% | 10.54% | 16.93% | 14.32% | 24.09% |
| Apr 24, 2020 | 9.44% | 13.71% | 10.35% | 13.77% | 10.90% | 23.52% |
| Apr 26, 2019 | 9.25% | 11.86% | 10.39% | 15.15% | 16.69% | 24.02% |
| Apr 27, 2018 | 6.12% | 7.76% | -1.02% | 13.14% | 16.89% | 23.19% |
| Apr 28, 2017 | 8.01% | 1.54% | 17.57% | 14.50% | 13.97% | 22.10% |
| Apr 29, 2016 | 6.80% | 6.82% | 14.44% | 9.84% | 12.74% | 18.33% |
| Apr 24, 2015 | 5.03% | 20.85% | 14.08% | 11.11% | 13.63% | 17.18% |
| Apr 25, 2014 | 15.76% | 10.61% | 12.23% | 10.60% | 12.39% | 17.31% |
| Apr 26, 2013 | 18.57% | 10.23% | 12.10% | 10.05% | 19.16% | 17.50% |
| Apr 27, 2012 | 21.14% | 22.32% | 10.28% | 11.16% | 18.34% | 17.72% |
| Apr 29, 2011 | 19.39% | 19.35% | 9.10% | 11.36% | 18.71% | 18.17% |
| Apr 30, 2010 | 21.18% | 20.66% | 9.09% | 12.12% | 18.74% | 17.94% |
| Apr 24, 2009 | 16.88% | 25.14% | 10.33% | 19.09% | 15.13% | 16.19% |
| Apr 25, 2008 | 19.34% | 27.92% | 9.29% | 11.62% | 16.13% | 14.33% |
| Apr 27, 2007 | 25.53% | 20.28% | 8.42% | 14.55% | 16.26% | 23.20% |
| Apr 28, 2006 | 27.14% | 12.22% | 13.80% | 12.59% | 12.22% | 19.99% |
| Apr 29, 2005 | 17.26% | 23.39% | 14.70% | 9.86% | 21.27% | 18.61% |
Based on: 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 25, 2025 | 9.71% | — |
| Apr 26, 2024 | 7.32% | 13.71% |
| Apr 28, 2023 | 7.30% | 15.59% |
| Apr 29, 2022 | 9.59% | 15.27% |
| Apr 30, 2021 | 7.01% | 15.49% |
| Apr 24, 2020 | 9.44% | 14.35% |
| Apr 26, 2019 | 9.25% | 14.41% |
| Apr 27, 2018 | 6.12% | 9.60% |
| Apr 28, 2017 | 8.01% | 13.23% |
| Apr 29, 2016 | 6.80% | 11.47% |
| Apr 24, 2015 | 5.03% | 12.32% |
| Apr 25, 2014 | 15.76% | 13.38% |
| Apr 26, 2013 | 18.57% | 13.66% |
| Apr 27, 2012 | 21.14% | 15.91% |
| Apr 29, 2011 | 19.39% | 14.75% |
| Apr 30, 2010 | 21.18% | 15.08% |
| Apr 24, 2009 | 16.88% | 16.80% |
| Apr 25, 2008 | 19.34% | 14.94% |
| Apr 27, 2007 | 25.53% | 16.53% |
| Apr 28, 2006 | 27.14% | 16.33% |
| Apr 29, 2005 | 17.26% | 16.05% |
Based on: 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 25, 2025 | 9.71% | — |
| Apr 26, 2024 | 7.32% | 14.75% |
| Apr 28, 2023 | 7.30% | 18.50% |
| Apr 29, 2022 | 9.59% | 22.94% |
| Apr 30, 2021 | 7.01% | 23.78% |
| Apr 24, 2020 | 9.44% | 15.95% |
| Apr 26, 2019 | 9.25% | 21.79% |
| Apr 27, 2018 | 6.12% | 18.65% |
| Apr 28, 2017 | 8.01% | 14.05% |
| Apr 29, 2016 | 6.80% | 18.22% |
| Apr 24, 2015 | 5.03% | 18.18% |
| Apr 25, 2014 | 15.76% | 18.58% |
| Apr 26, 2013 | 18.57% | 18.25% |
| Apr 27, 2012 | 21.14% | 17.51% |
| Apr 29, 2011 | 19.39% | 15.27% |
| Apr 30, 2010 | 21.18% | 14.32% |
| Apr 24, 2009 | 16.88% | 19.27% |
| Apr 25, 2008 | 19.34% | 19.00% |
| Apr 27, 2007 | 25.53% | 16.88% |
| Apr 28, 2006 | 27.14% | 20.24% |
| Apr 29, 2005 | 17.26% | 18.16% |
Based on: 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).