Stock Analysis on Net
Stock Analysis on Net

Medtronic PLC (NYSE:MDT)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Medtronic PLC, decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jan 26, 2024 8.11% = 4.63% × 1.75
Oct 27, 2023 7.97% = 4.55% × 1.75
Jul 28, 2023 7.07% = 3.99% × 1.77
Apr 28, 2023 7.30% = 4.13% × 1.77
Jan 27, 2023 7.90% = 4.32% × 1.83
Oct 28, 2022 8.33% = 4.63% × 1.80
Jul 29, 2022 9.88% = 5.79% × 1.71
Apr 29, 2022 9.59% = 5.54% × 1.73
Jan 28, 2022 9.35% = 5.35% × 1.75
Oct 29, 2021 9.05% = 5.13% × 1.76
Jul 30, 2021 7.54% = 4.23% × 1.78
Apr 30, 2021 7.01% = 3.87% × 1.81
Jan 29, 2021 5.70% = 2.97% × 1.92
Oct 30, 2020 7.05% = 3.69% × 1.91
Jul 31, 2020 8.77% = 4.70% × 1.87
Apr 24, 2020 9.44% = 5.28% × 1.79
Jan 24, 2020 10.26% = 5.73% × 1.79
Oct 25, 2019 9.23% = 5.13% × 1.80
Jul 26, 2019 8.78% = 4.84% × 1.81
Apr 26, 2019 9.25% = 5.16% × 1.79
Jan 25, 2019 9.87% = 5.54% × 1.78
Oct 26, 2018 4.56% = 2.56% × 1.78
Jul 27, 2018 6.30% = 3.53% × 1.79
Apr 27, 2018 6.12% = 3.40% × 1.80
Jan 26, 2018 — = — × 1.91
Oct 27, 2017 — = — × 1.84
Jul 28, 2017 — = — × 1.98

Based on: 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27), 10-K (reporting date: 2018-04-27), 10-Q (reporting date: 2018-01-26), 10-Q (reporting date: 2017-10-27), 10-Q (reporting date: 2017-07-28).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2024 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Medtronic PLC, decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jan 26, 2024 8.11% = 13.00% × 0.36 × 1.75
Oct 27, 2023 7.97% = 12.84% × 0.35 × 1.75
Jul 28, 2023 7.07% = 11.47% × 0.35 × 1.77
Apr 28, 2023 7.30% = 12.03% × 0.34 × 1.77
Jan 27, 2023 7.90% = 13.20% × 0.33 × 1.83
Oct 28, 2022 8.33% = 14.03% × 0.33 × 1.80
Jul 29, 2022 9.88% = 16.75% × 0.35 × 1.71
Apr 29, 2022 9.59% = 15.90% × 0.35 × 1.73
Jan 28, 2022 9.35% = 15.46% × 0.35 × 1.75
Oct 29, 2021 9.05% = 14.79% × 0.35 × 1.76
Jul 30, 2021 7.54% = 12.29% × 0.34 × 1.78
Apr 30, 2021 7.01% = 11.97% × 0.32 × 1.81
Jan 29, 2021 5.70% = 10.36% × 0.29 × 1.92
Oct 30, 2020 7.05% = 12.69% × 0.29 × 1.91
Jul 31, 2020 8.77% = 15.80% × 0.30 × 1.87
Apr 24, 2020 9.44% = 16.56% × 0.32 × 1.79
Jan 24, 2020 10.26% = 17.11% × 0.33 × 1.79
Oct 25, 2019 9.23% = 15.11% × 0.34 × 1.80
Jul 26, 2019 8.78% = 14.41% × 0.34 × 1.81
Apr 26, 2019 9.25% = 15.16% × 0.34 × 1.79
Jan 25, 2019 9.87% = 16.10% × 0.34 × 1.78
Oct 26, 2018 4.56% = 7.44% × 0.34 × 1.78
Jul 27, 2018 6.30% = 10.56% × 0.33 × 1.79
Apr 27, 2018 6.12% = 10.36% × 0.33 × 1.80
Jan 26, 2018 — = — × — × 1.91
Oct 27, 2017 — = — × — × 1.84
Jul 28, 2017 — = — × — × 1.98

Based on: 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27), 10-K (reporting date: 2018-04-27), 10-Q (reporting date: 2018-01-26), 10-Q (reporting date: 2017-10-27), 10-Q (reporting date: 2017-07-28).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2024 is the increase in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Medtronic PLC, decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jan 26, 2024 8.11% = 0.76 × 0.89 × 19.19% × 0.36 × 1.75
Oct 27, 2023 7.97% = 0.76 × 0.89 × 19.06% × 0.35 × 1.75
Jul 28, 2023 7.07% = 0.66 × 0.90 × 19.35% × 0.35 × 1.77
Apr 28, 2023 7.30% = 0.70 × 0.89 × 19.13% × 0.34 × 1.77
Jan 27, 2023 7.90% = 0.75 × 0.90 × 19.44% × 0.33 × 1.83
Oct 28, 2022 8.33% = 0.77 × 0.91 × 20.03% × 0.33 × 1.80
Jul 29, 2022 9.88% = 0.91 × 0.91 × 20.24% × 0.35 × 1.71
Apr 29, 2022 9.59% = 0.92 × 0.91 × 19.08% × 0.35 × 1.73
Jan 28, 2022 9.35% = 0.90 × 0.91 × 18.91% × 0.35 × 1.75
Oct 29, 2021 9.05% = 0.93 × 0.90 × 17.74% × 0.35 × 1.76
Jul 30, 2021 7.54% = 0.94 × 0.82 × 15.85% × 0.34 × 1.78
Apr 30, 2021 7.01% = 0.93 × 0.81 × 15.92% × 0.32 × 1.81
Jan 29, 2021 5.70% = 1.15 × 0.73 × 12.42% × 0.29 × 1.92
Oct 30, 2020 7.05% = 1.23 × 0.75 × 13.80% × 0.29 × 1.91
Jul 31, 2020 8.77% = 1.21 × 0.85 × 15.43% × 0.30 × 1.87
Apr 24, 2020 9.44% = 1.19 × 0.79 × 17.74% × 0.32 × 1.79
Jan 24, 2020 10.26% = 1.04 × 0.76 × 21.75% × 0.33 × 1.79
Oct 25, 2019 9.23% = 0.95 × 0.74 × 21.48% × 0.34 × 1.80
Jul 26, 2019 8.78% = 0.89 × 0.73 × 22.09% × 0.34 × 1.81
Apr 26, 2019 9.25% = 0.89 × 0.78 × 21.67% × 0.34 × 1.79
Jan 25, 2019 9.87% = 0.88 × 0.84 × 21.79% × 0.34 × 1.78
Oct 26, 2018 4.56% = 0.43 × 0.83 × 20.90% × 0.34 × 1.78
Jul 27, 2018 6.30% = 0.56 × 0.84 × 22.58% × 0.33 × 1.79
Apr 27, 2018 6.12% = 0.55 × 0.83 × 22.80% × 0.33 × 1.80
Jan 26, 2018 — = — × — × — × — × 1.91
Oct 27, 2017 — = — × — × — × — × 1.84
Jul 28, 2017 — = — × — × — × — × 1.98

Based on: 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27), 10-K (reporting date: 2018-04-27), 10-Q (reporting date: 2018-01-26), 10-Q (reporting date: 2017-10-27), 10-Q (reporting date: 2017-07-28).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2024 is the increase in effect of taxes measured by tax burden ratio.

Two-Component Disaggregation of ROA

Medtronic PLC, decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jan 26, 2024 4.63% = 13.00% × 0.36
Oct 27, 2023 4.55% = 12.84% × 0.35
Jul 28, 2023 3.99% = 11.47% × 0.35
Apr 28, 2023 4.13% = 12.03% × 0.34
Jan 27, 2023 4.32% = 13.20% × 0.33
Oct 28, 2022 4.63% = 14.03% × 0.33
Jul 29, 2022 5.79% = 16.75% × 0.35
Apr 29, 2022 5.54% = 15.90% × 0.35
Jan 28, 2022 5.35% = 15.46% × 0.35
Oct 29, 2021 5.13% = 14.79% × 0.35
Jul 30, 2021 4.23% = 12.29% × 0.34
Apr 30, 2021 3.87% = 11.97% × 0.32
Jan 29, 2021 2.97% = 10.36% × 0.29
Oct 30, 2020 3.69% = 12.69% × 0.29
Jul 31, 2020 4.70% = 15.80% × 0.30
Apr 24, 2020 5.28% = 16.56% × 0.32
Jan 24, 2020 5.73% = 17.11% × 0.33
Oct 25, 2019 5.13% = 15.11% × 0.34
Jul 26, 2019 4.84% = 14.41% × 0.34
Apr 26, 2019 5.16% = 15.16% × 0.34
Jan 25, 2019 5.54% = 16.10% × 0.34
Oct 26, 2018 2.56% = 7.44% × 0.34
Jul 27, 2018 3.53% = 10.56% × 0.33
Apr 27, 2018 3.40% = 10.36% × 0.33
Jan 26, 2018 — = — × —
Oct 27, 2017 — = — × —
Jul 28, 2017 — = — × —

Based on: 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27), 10-K (reporting date: 2018-04-27), 10-Q (reporting date: 2018-01-26), 10-Q (reporting date: 2017-10-27), 10-Q (reporting date: 2017-07-28).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2024 is the increase in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Medtronic PLC, decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jan 26, 2024 4.63% = 0.76 × 0.89 × 19.19% × 0.36
Oct 27, 2023 4.55% = 0.76 × 0.89 × 19.06% × 0.35
Jul 28, 2023 3.99% = 0.66 × 0.90 × 19.35% × 0.35
Apr 28, 2023 4.13% = 0.70 × 0.89 × 19.13% × 0.34
Jan 27, 2023 4.32% = 0.75 × 0.90 × 19.44% × 0.33
Oct 28, 2022 4.63% = 0.77 × 0.91 × 20.03% × 0.33
Jul 29, 2022 5.79% = 0.91 × 0.91 × 20.24% × 0.35
Apr 29, 2022 5.54% = 0.92 × 0.91 × 19.08% × 0.35
Jan 28, 2022 5.35% = 0.90 × 0.91 × 18.91% × 0.35
Oct 29, 2021 5.13% = 0.93 × 0.90 × 17.74% × 0.35
Jul 30, 2021 4.23% = 0.94 × 0.82 × 15.85% × 0.34
Apr 30, 2021 3.87% = 0.93 × 0.81 × 15.92% × 0.32
Jan 29, 2021 2.97% = 1.15 × 0.73 × 12.42% × 0.29
Oct 30, 2020 3.69% = 1.23 × 0.75 × 13.80% × 0.29
Jul 31, 2020 4.70% = 1.21 × 0.85 × 15.43% × 0.30
Apr 24, 2020 5.28% = 1.19 × 0.79 × 17.74% × 0.32
Jan 24, 2020 5.73% = 1.04 × 0.76 × 21.75% × 0.33
Oct 25, 2019 5.13% = 0.95 × 0.74 × 21.48% × 0.34
Jul 26, 2019 4.84% = 0.89 × 0.73 × 22.09% × 0.34
Apr 26, 2019 5.16% = 0.89 × 0.78 × 21.67% × 0.34
Jan 25, 2019 5.54% = 0.88 × 0.84 × 21.79% × 0.34
Oct 26, 2018 2.56% = 0.43 × 0.83 × 20.90% × 0.34
Jul 27, 2018 3.53% = 0.56 × 0.84 × 22.58% × 0.33
Apr 27, 2018 3.40% = 0.55 × 0.83 × 22.80% × 0.33
Jan 26, 2018 — = — × — × — × —
Oct 27, 2017 — = — × — × — × —
Jul 28, 2017 — = — × — × — × —

Based on: 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27), 10-K (reporting date: 2018-04-27), 10-Q (reporting date: 2018-01-26), 10-Q (reporting date: 2017-10-27), 10-Q (reporting date: 2017-07-28).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2024 is the increase in effect of taxes measured by tax burden ratio.

Disaggregation of Net Profit Margin

Medtronic PLC, decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jan 26, 2024 13.00% = 0.76 × 0.89 × 19.19%
Oct 27, 2023 12.84% = 0.76 × 0.89 × 19.06%
Jul 28, 2023 11.47% = 0.66 × 0.90 × 19.35%
Apr 28, 2023 12.03% = 0.70 × 0.89 × 19.13%
Jan 27, 2023 13.20% = 0.75 × 0.90 × 19.44%
Oct 28, 2022 14.03% = 0.77 × 0.91 × 20.03%
Jul 29, 2022 16.75% = 0.91 × 0.91 × 20.24%
Apr 29, 2022 15.90% = 0.92 × 0.91 × 19.08%
Jan 28, 2022 15.46% = 0.90 × 0.91 × 18.91%
Oct 29, 2021 14.79% = 0.93 × 0.90 × 17.74%
Jul 30, 2021 12.29% = 0.94 × 0.82 × 15.85%
Apr 30, 2021 11.97% = 0.93 × 0.81 × 15.92%
Jan 29, 2021 10.36% = 1.15 × 0.73 × 12.42%
Oct 30, 2020 12.69% = 1.23 × 0.75 × 13.80%
Jul 31, 2020 15.80% = 1.21 × 0.85 × 15.43%
Apr 24, 2020 16.56% = 1.19 × 0.79 × 17.74%
Jan 24, 2020 17.11% = 1.04 × 0.76 × 21.75%
Oct 25, 2019 15.11% = 0.95 × 0.74 × 21.48%
Jul 26, 2019 14.41% = 0.89 × 0.73 × 22.09%
Apr 26, 2019 15.16% = 0.89 × 0.78 × 21.67%
Jan 25, 2019 16.10% = 0.88 × 0.84 × 21.79%
Oct 26, 2018 7.44% = 0.43 × 0.83 × 20.90%
Jul 27, 2018 10.56% = 0.56 × 0.84 × 22.58%
Apr 27, 2018 10.36% = 0.55 × 0.83 × 22.80%
Jan 26, 2018 — = — × — × —
Oct 27, 2017 — = — × — × —
Jul 28, 2017 — = — × — × —

Based on: 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27), 10-K (reporting date: 2018-04-27), 10-Q (reporting date: 2018-01-26), 10-Q (reporting date: 2017-10-27), 10-Q (reporting date: 2017-07-28).

The primary reason for the increase in net profit margin ratio over Q3 2024 is the increase in effect of taxes measured by tax burden ratio.