Adjusted Financial Ratios
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Adjusted Financial Ratios (Summary)
Medtronic PLC, adjusted financial ratios
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).
- Total Asset Turnover
- The reported total asset turnover exhibited a gradual increase over the years, rising from 0.32 in 2020 to 0.37 by 2025. The adjusted figures mirrored this trend, starting at 0.33 and increasing steadily to 0.38 in 2025. This indicates a consistent improvement in the company's efficiency in generating sales from its assets.
- Current Ratio
- The reported current ratio showed fluctuations, beginning at a high of 2.13 in 2020, peaking at 2.65 in 2021, then declining to 1.85 by 2025. The adjusted current ratio followed a similar pattern with slightly higher figures, reaching 2.77 in 2021 before decreasing to 1.92 in 2025. This suggests a reduction in short-term liquidity over the period, indicating potentially tighter working capital management or increased current liabilities relative to current assets.
- Debt to Equity Ratio
- Both reported and adjusted debt to equity ratios decreased slightly from 2021 to 2022 but then showed a rising trend from 2023 onward. The reported ratio increased from 0.47 in 2023 to 0.59 in 2025, while the adjusted ratio rose from 0.51 to 0.65 during the same period. This reflects a growing reliance on debt financing in relation to shareholders' equity over time.
- Debt to Capital Ratio
- The reported debt to capital ratio remained relatively stable, fluctuating between 0.31 and 0.33 from 2020 through 2024 before rising to 0.37 in 2025. The adjusted figures showed a slight increase from 0.34 in 2020 to 0.39 in 2025. This trend aligns with the increase in debt to equity, suggesting a gradual increase in leverage within the capital structure.
- Financial Leverage
- Reported financial leverage showed minor variation around 1.7 to 1.8 from 2020 to 2024, followed by a slight increase to 1.91 in 2025. The adjusted leverage mirrored this pattern, increasing from 1.77 in 2020 to 1.93 in 2025. This indicates a modest rise in the use of debt relative to equity financing, consistent with other leverage metrics.
- Net Profit Margin
- The reported net profit margin experienced notable volatility, starting at 16.56% in 2020, declining to 11.97% in 2021, recovering to 15.9% in 2022, then falling below 12% in 2023 and 2024 before climbing again to 13.9% in 2025. Adjusted net profit margins showed greater variability, peaking at 17.79% in 2022 and dropping to 7.58% in 2023. Overall, profitability margins were uneven but demonstrated partial recovery toward the end of the period.
- Return on Equity (ROE)
- Reported ROE declined from 9.44% in 2020 to around 7.0% by 2021, bounced back to 9.59% in 2022, then decreased again to roughly 7.3% through 2024, before rising to 9.71% in 2025. The adjusted ROE trend was similar but showed more pronounced dips, with a low of 4.76% in 2023 and a final increase to 7.5% in 2025. This suggests fluctuating returns to shareholders with partial recovery in the later years.
- Return on Assets (ROA)
- Reported ROA followed a pattern of decline and recovery, moving from 5.28% in 2020 down to around 3.9% in 2021, peaking at 5.54% in 2022, then declining to about 4.09% in 2024, and improving to 5.09% in 2025. Adjusted ROA showed a similar trajectory but with lower percentages overall, hitting a low of 2.7% in 2023 and modestly rising to 3.88% by 2025. The trend reveals varying efficiency in asset utilization over time, with evidence of recovery in later years.
Medtronic PLC, Financial Ratios: Reported vs. Adjusted
Adjusted Total Asset Turnover
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).
1 2025 Calculation
Total asset turnover = Net sales ÷ Total assets
= ÷ =
2 Adjusted net sales. See details »
3 Adjusted total assets. See details »
4 2025 Calculation
Adjusted total asset turnover = Adjusted net sales ÷ Adjusted total assets
= ÷ =
- Net Sales
- Net sales exhibited a consistent upward trend over the observed periods, increasing from 28,913 million USD in 2020 to 33,537 million USD projected for 2025. A notable growth occurred between 2023 and 2025, indicating an accelerating sales performance.
- Total Assets
- Total assets showed a slight fluctuation throughout the years, starting at 90,689 million USD in 2020 and hovering around the 90,000 million USD mark before a minor decline to 89,981 million USD in 2024. A modest rebound is projected for 2025 with assets increasing to 91,680 million USD. Overall, the asset base remained relatively stable with minor variations.
- Reported Total Asset Turnover
- The reported total asset turnover ratio improved gradually from 0.32 in 2020 and 2021 to an anticipated 0.37 in 2025. This upward trend suggests enhanced efficiency in utilizing assets to generate sales over the timeframe analyzed.
- Adjusted Net Sales
- The adjusted net sales figures closely mirror those of net sales, rising steadily from 28,901 million USD in 2020 to a forecasted 33,530 million USD in 2025. This stability between adjusted and reported values implies consistent accounting treatments and reliable sales growth.
- Adjusted Total Assets
- Adjusted total assets decreased gradually from 88,115 million USD in 2020 to 86,593 million USD in 2024, followed by a small projected increase to 87,972 million USD in 2025. The adjusted figures portray a slight contraction in asset base, consistent with the trend observed in reported total assets.
- Adjusted Total Asset Turnover
- The adjusted total asset turnover ratio showed an improvement from 0.33 in 2020 to an expected 0.38 in 2025. This indicates increasing operational efficiency and better asset utilization when adjusted data is considered, aligning with the reported turnover trend but showing marginally higher ratios.
Adjusted Current Ratio
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).
1 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Adjusted current assets. See details »
3 Adjusted current liabilities. See details »
4 2025 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= ÷ =
- Current assets
- Current assets demonstrate a generally stable trend over the observed periods, beginning at 22,031 million USD in April 2020 and peaking at 23,059 million USD by April 2022. After a slight decline to 21,675 million USD in April 2023, current assets recovered modestly to 23,814 million USD by April 2025, indicating a maintained level of liquidity with minor fluctuations.
- Current liabilities
- Current liabilities show greater volatility relative to current assets. Starting at 10,366 million USD in April 2020, liabilities decreased to a low of 8,509 million USD in April 2021, then sharply increased to 12,394 million USD by April 2022. Although there was some moderation afterwards, liabilities rose again to reach 12,879 million USD in April 2025. This variation suggests fluctuating short-term obligations with a tendency towards increase in later periods.
- Reported current ratio
- The reported current ratio, an indicator of short-term financial health, fluctuates significantly throughout the time frame. It starts at 2.13 in April 2020, peaks at 2.65 in April 2021, but then declines sharply to 1.86 by April 2022. The ratio improves somewhat to 2.39 in April 2023 but falls progressively to 1.85 by April 2025. This trend indicates a diminishing margin of safety for meeting short-term liabilities with current assets over the latter periods, despite episodic improvements.
- Adjusted current assets
- The adjusted current assets closely mirror the pattern of reported current assets but are slightly higher in all periods. Starting at 22,239 million USD in April 2020, they rise to 23,289 million USD by April 2022, then dip to 21,851 million USD in April 2023 before climbing again to 24,013 million USD in April 2025. The upward trend post-2023 suggests some adjustment benefits or reassessments increasing the asset base.
- Adjusted current liabilities
- Adjusted current liabilities show a similar pattern to reported current liabilities but at consistently lower values. Beginning at 10,153 million USD in April 2020, they reduce to 8,233 million USD in April 2021, rise sharply to 12,089 million USD in April 2022, then slightly decrease before increasing again to 12,525 million USD by April 2025. This indicates that adjustments reduce the liabilities estimate somewhat but confirm the underlying volatility and general growth trend.
- Adjusted current ratio
- The adjusted current ratio also parallels the reported current ratio but registers marginally higher values. It starts at 2.19 in April 2020, improves to 2.77 in April 2021, then drops to 1.93 in April 2022. After rising to 2.50 in April 2023, the ratio declines to 1.92 by April 2025. The adjustment provides a slightly more optimistic liquidity perspective but similarly suggests a weakening short-term financial position in the latest periods.
Adjusted Debt to Equity
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).
1 2025 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= ÷ =
2 Adjusted total debt. See details »
3 Adjusted total equity. See details »
4 2025 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= ÷ =
- Total Debt
- The total debt exhibited a generally stable pattern from 2020 to 2024, fluctuating slightly between approximately $24.1 billion and $26.4 billion. However, it increased notably in 2025 to about $28.5 billion, marking the highest level across the observed periods.
- Shareholders’ Equity
- Shareholders’ equity displayed a declining trend over the six-year span. It peaked in 2022 at approximately $52.6 billion and then gradually decreased, reaching about $48.0 billion by 2025, reflecting a persistent reduction in equity.
- Reported Debt to Equity Ratio
- The reported debt to equity ratio remained relatively consistent from 2020 to 2024, oscillating between 0.46 and 0.51. In 2025, it rose to 0.59, indicating a higher proportion of debt relative to equity and suggesting an increase in leverage.
- Adjusted Total Debt
- Adjusted total debt mirrored the trend of reported total debt with minor variations. It showed stability between 2020 and 2024 within a range of roughly $24.9 billion to $27.4 billion and then increased significantly to approximately $29.6 billion in 2025.
- Adjusted Total Equity
- The adjusted total equity followed a downward trajectory throughout the period. Starting at nearly $49.9 billion in 2020, it gradually decreased each year to reach about $45.5 billion in 2025, reinforcing the pattern observed in reported equity.
- Adjusted Debt to Equity Ratio
- This ratio reflected a slight increase in financial leverage over the years. From 0.52 in 2020, it decreased marginally until 2022 but then steadily rose to 0.65 by 2025. The increasing ratio underscores a trend of growing debt levels relative to equity on an adjusted basis.
Adjusted Debt to Capital
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).
1 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Adjusted total debt. See details »
3 Adjusted total capital. See details »
4 2025 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= ÷ =
- Total Debt
- Total debt exhibits an overall increasing trend across the observed period, starting from 24,797 million US dollars in April 2020 and rising to 28,516 million US dollars by April 2025. There is a slight decline noted between April 2021 and April 2022, followed by a steady increase thereafter, indicating a gradual accumulation of debt over the years.
- Total Capital
- Total capital remains relatively stable over the time frame, with minor fluctuations. The value begins at 75,534 million US dollars in April 2020, peaks slightly at 77,817 million in April 2021, and then experiences a gradual decrease before rising marginally again to 76,540 million by April 2025. This stability in capital suggests consistent resource availability despite changes in debt levels.
- Reported Debt to Capital Ratio
- The reported debt to capital ratio varies moderately, ranging from a low of 0.31 in April 2022 to a high of 0.37 in April 2025. The ratio maintains a generally narrow band between 0.31 and 0.37, with an upward trend towards the end of the period. This increase suggests a proportionally larger share of debt relative to capital in recent years.
- Adjusted Total Debt
- Adjusted total debt follows a similar pattern to reported total debt, starting at 25,742 million US dollars in April 2020, dipping slightly in April 2022, and then increasing steadily to 29,626 million by April 2025. The adjusted values consistently exceed the reported totals, implying adjustments that recognize additional debt obligations or reclassification.
- Adjusted Total Capital
- Adjusted total capital shows minor decline over the observed years, beginning at 75,629 million US dollars in April 2020 and decreasing to 75,173 million by April 2025. The adjusted capital remains close in magnitude to the reported capital, with a slight downward trend indicating modest resource contraction or reevaluation.
- Adjusted Debt to Capital Ratio
- Adjusted debt to capital ratio ranges between 0.33 and 0.39, reflecting an increasing trend similar to the reported ratio. The ratio starts at 0.34 in April 2020 and gradually rises to 0.39 by April 2025. This suggests a growing reliance on debt-financing relative to capital when considering adjusted figures, pointing to incremental leverage over time.
Adjusted Financial Leverage
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).
1 2025 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= ÷ =
2 Adjusted total assets. See details »
3 Adjusted total equity. See details »
4 2025 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= ÷ =
- Total assets
- The total assets exhibit relative stability across the observed periods, starting at 90,689 million US dollars in April 2020 and slightly fluctuating over the years, ending at 91,680 million US dollars in April 2025. A mild decrease is apparent between 2021 and 2024, followed by a small increase in the final period.
- Shareholders’ equity
- Shareholders’ equity maintains a moderate upward trend from 50,737 million US dollars in April 2020, peaking at 52,551 million in April 2022. Subsequently, it demonstrates a gradual decline, reaching 48,024 million US dollars by April 2025. This suggests some erosion of equity in the latter periods.
- Reported financial leverage
- The reported financial leverage ratio stays relatively consistent but shows a slight upward trend overall. Initially, it was 1.79 in April 2020, with minor dips and rises in the intermediate years, and it concludes at a higher level of 1.91 in April 2025, implying a gradual increase in financial leverage over time.
- Adjusted total assets
- Adjusted total assets follow a similar pattern to total assets, with a starting value of 88,115 million in April 2020 and a decline through April 2024 to 86,593 million. The last period sees a small recovery, with adjusted total assets rising to 87,972 million in April 2025. Generally, this indicates a slight contraction in asset base when adjustments are considered.
- Adjusted total equity
- Adjusted total equity experiences a moderate increase initially, from 49,887 million in April 2020 to 51,009 million in April 2022, but then declines steadily thereafter to 45,547 million by April 2025. This downward trajectory mirrors the trend in reported shareholders' equity and highlights diminishing adjusted equity levels.
- Adjusted financial leverage
- The adjusted financial leverage ratio shows a pattern closely aligned with the reported financial leverage. It begins at 1.77 in April 2020, decreases slightly in intermediate periods, then rises consistently to reach 1.93 in April 2025. This indicates an increase in leverage when adjustments are taken into account.
Adjusted Net Profit Margin
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).
1 2025 Calculation
Net profit margin = 100 × Net income attributable to Medtronic ÷ Net sales
= 100 × ÷ =
2 Adjusted net income. See details »
3 Adjusted net sales. See details »
4 2025 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted net sales
= 100 × ÷ =
- Net Income Attributable to Medtronic
- The net income shows a fluctuating trend over the observed periods. Starting at 4789 million USD in 2020, it declined to 3606 million USD in 2021, followed by a significant increase to 5039 million USD in 2022. Subsequently, the net income decreased again to 3758 million USD in 2023 and slightly declined further to 3676 million USD in 2024 before rising again to 4662 million USD in 2025. This indicates variability in profitability across the years with some recovery in the final year.
- Net Sales
- Net sales demonstrate a generally upward trend during the period. The values increased steadily from 28913 million USD in 2020 to 33537 million USD in 2025, with slight fluctuations evident in 2023 where sales decreased marginally from the previous year but then resumed growth. This indicates stable revenue growth overall.
- Reported Net Profit Margin
- The reported net profit margin exhibits variability consistent with the net income pattern. It decreased from 16.56% in 2020 to 11.97% in 2021, rebounded to 15.9% in 2022, then fell again to 12.03% in 2023, continued a slight decline to 11.36% in 2024, and improved to 13.9% in 2025. The margin reflects fluctuating profitability relative to net sales over the analyzed years.
- Adjusted Net Income
- The adjusted net income shows considerable volatility with notable peaks and troughs. It began at 2672 million USD in 2020, increased to 3392 million USD in 2021, surged to a peak of 5642 million USD in 2022, then sharply decreased to 2369 million USD in 2023. Following this decline, adjusted net income rose again to 3315 million USD in 2024 and slightly increased to 3414 million USD in 2025. The pattern suggests significant year-to-year variability in adjusted earnings.
- Adjusted Net Sales
- Adjusted net sales track closely with unadjusted net sales, showing steady growth over time. Starting at 28901 million USD in 2020, the figures rose each year, reaching 33530 million USD in 2025. The minor fluctuations in mid-period years are consistent with the overall trend of gradual revenue growth.
- Adjusted Net Profit Margin
- The adjusted net profit margin presents a more volatile pattern compared to the reported margin. It increased from 9.25% in 2020 to 11.24% in 2021, peaked significantly at 17.79% in 2022, then experienced a steep decline to 7.58% in 2023. After this drop, the margin recovered to 10.23% in 2024 and slightly decreased to 10.18% in 2025. These fluctuations indicate variability in profitability when considering adjusted figures, with 2022 standing out as a particularly strong year.
Adjusted Return on Equity (ROE)
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).
1 2025 Calculation
ROE = 100 × Net income attributable to Medtronic ÷ Shareholders’ equity
= 100 × ÷ =
2 Adjusted net income. See details »
3 Adjusted total equity. See details »
4 2025 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × ÷ =
- Net Income Attributable to Medtronic
- The net income exhibited fluctuations over the periods analyzed, starting from US$4,789 million in April 2020, declining to US$3,606 million in April 2021, then rising again to a peak of US$5,039 million in April 2022. This was followed by a decrease to US$3,758 million in April 2023 and a slight downtrend to US$3,676 million in April 2024, before rebounding to US$4,662 million in April 2025. The pattern indicates volatility in profitability with periods of recovery succeeding declines.
- Shareholders' Equity
- Shareholders’ equity demonstrated a gradual downward trend from US$50,737 million in April 2020 to US$48,024 million in April 2025. Although there were minor increases, such as from April 2020 to April 2022, the overall direction was a decrease, suggesting possible equity reduction through mechanisms such as share buybacks or sustained losses not fully offsetting equity gains.
- Reported Return on Equity (ROE)
- The reported ROE followed a variable pattern aligned with net income fluctuations. It started at 9.44% in April 2020, dropped to 7.01% in April 2021, rose again to 9.59% in April 2022, then declined to 7.3% in April 2023 and remained relatively stable at 7.32% in April 2024 before increasing to 9.71% in April 2025. This indicates fluctuating efficiency in generating returns for shareholders over the periods.
- Adjusted Net Income
- Adjusted net income showed considerable variability, with a low of US$2,369 million in April 2023 and a high of US$5,642 million in April 2022. While it rose significantly from US$2,672 million in April 2020 to US$3,392 million in April 2021, its sharp peak in April 2022 was followed by a notable drop, followed by moderate increases in subsequent years to reach US$3,414 million in April 2025. This adjusted measure reflects underlying earnings volatility possibly influenced by one-time items or adjustments.
- Adjusted Total Equity
- Similar to shareholders' equity, adjusted total equity trended downward from US$49,887 million in April 2020 to US$45,547 million in April 2025. Occasional minor recoveries did not reverse the overall declining trend, implying a consistent reduction in the adjusted capital base over the assessed period.
- Adjusted Return on Equity (Adjusted ROE)
- The adjusted ROE exhibited greater volatility than the reported ROE. It started at a low 5.36% in April 2020, increased steadily to 6.75% in April 2021, spiked to 11.06% in April 2022, then sharply declined to 4.76% in April 2023. Afterward, it modestly recovered to 6.89% in April 2024 and further to 7.5% in April 2025. These fluctuations suggest variability in core profitability once adjustments for certain items are considered.
Adjusted Return on Assets (ROA)
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).
1 2025 Calculation
ROA = 100 × Net income attributable to Medtronic ÷ Total assets
= 100 × ÷ =
2 Adjusted net income. See details »
3 Adjusted total assets. See details »
4 2025 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × ÷ =
- Net Income Attributable to Medtronic
- The net income experienced fluctuations over the examined periods. There was a notable decline from 4789 million USD in 2020 to 3606 million USD in 2021, followed by a significant increase reaching 5039 million USD in 2022. Subsequently, net income declined again in 2023 and 2024, stabilizing at a lower level compared to 2022, before rebounding to 4662 million USD in 2025. This pattern indicates volatility in profitability across the years without a consistent upward or downward long-term trend.
- Total Assets
- Total assets showed relative stability throughout the periods, fluctuating slightly around the 90,000 million USD mark. The highest reported level was 93,083 million USD in 2021, with a gradual decrease afterward, reaching 89,981 million USD in 2024, before a minor recovery to 91,680 million USD in 2025. Overall, asset levels remained fairly consistent, suggesting stable asset management and investment.
- Reported Return on Assets (ROA)
- The reported ROA mirrored the fluctuations in net income, starting at 5.28% in 2020, dropping to 3.87% in 2021, increasing significantly to 5.54% in 2022, and then declining again in 2023 and 2024 to around 4.1%. A rebound to 5.09% was noted in 2025. These movements indicate that the company’s ability to generate profit from its assets varied notably, likely reflecting operational and market conditions.
- Adjusted Net Income
- Adjusted net income exhibited considerable volatility across the periods with no consistent trend. It increased from 2672 million USD in 2020 to 3392 million USD in 2021, peaked sharply at 5642 million USD in 2022, then dropped substantially to 2369 million USD in 2023. Modest improvements occurred in the subsequent years, stabilizing around 3300-3400 million USD in 2024 and 2025. The adjusted figures suggest significant one-time impacts or accounting adjustments influencing reported profitability.
- Adjusted Total Assets
- Adjusted total assets showed a pattern similar to total assets but at slightly lower levels. The highest value was 90,210 million USD in 2021, with a general downward trend afterwards, reaching 86,593 million USD in 2024, followed by a minor increase to 87,972 million USD in 2025. This gradual decrease over time may indicate asset disposals or revaluation adjustments affecting the asset base on an adjusted basis.
- Adjusted Return on Assets (Adjusted ROA)
- The adjusted ROA fluctuated significantly, starting at a low 3.03% in 2020, rising to 3.76% in 2021, and peaking at 6.42% in 2022. It then declined sharply to 2.7% in 2023, followed by an increase to about 3.8-3.9% in 2024 and 2025. These tendencies reflect the variability in adjusted earnings relative to adjusted asset levels, highlighting the impact of adjustments on profitability assessment and suggesting an unstable earnings quality during the period.