Analysis of Geographic Areas
Medtronic PLC operates in 3 regions: Ireland; United States; and Rest of world.
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- Statement of Comprehensive Income
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- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Area Asset Turnover
Medtronic PLC, asset turnover by geographic area
| Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | |
|---|---|---|---|---|---|---|
| Ireland | ||||||
| United States | ||||||
| Rest of world |
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).
The annual geographic area asset turnover ratios demonstrate distinct trends across Ireland, the United States, and the Rest of the World over the given periods from April 2020 to April 2025.
- Ireland
- The asset turnover ratio for Ireland initially increased from 0.52 in April 2020 to a peak of 0.59 in April 2021. Following this, there was a gradual decline in the ratio over subsequent years, dropping to 0.57 in 2022, then to 0.53 in 2023, and further decreasing to 0.45 in 2024 and 0.40 by April 2025. This indicates a declining efficiency in asset utilization within this region after the initial improvement in 2021.
- United States
- The United States exhibits a somewhat downward trajectory in asset turnover ratios across the observed years. Starting at 4.31 in April 2020, the ratio slightly falls to 4.21 in 2021 and remains relatively stable at 4.22 in 2022. However, a more pronounced decline is visible thereafter, dropping to 4.01 in 2023, then to 3.61 in 2024, and reaching 3.35 in 2025. This trend suggests a decreasing efficiency in asset turnover in the U.S. market during this timeframe.
- Rest of World
- The Rest of the World category shows a different pattern, with high asset turnover ratios compared to the other regions. The ratio decreased from 11.54 in 2020 to 10.63 in 2021 but then rebounded to 10.92 in 2022. A continued increase is observed in 2023 and 2024, reaching 11.33 and 12.20 respectively, before experiencing a slight decline to 11.49 in 2025. Overall, this signifies relatively strong and somewhat volatile asset utilization in these regions, with a general upward trend after 2021 despite a small dip at the end.
In summary, the data indicates that the asset turnover efficiency shows a declining trend in Ireland and the United States, while the Rest of the World region maintains higher turnover ratios with some fluctuations but an overall positive trend after a dip in 2021. These trends may reflect regional differences in market conditions, operational efficiency, or asset management strategies.
Area Asset Turnover: Ireland
Medtronic PLC; Ireland; area asset turnover calculation
| Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Property, plant, and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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
Area asset turnover = Net sales ÷ Property, plant, and equipment, net
= ÷ =
The financial data for the Ireland geographic area over the six-year period from 2020 to 2025 demonstrates several notable trends in sales, asset base, and efficiency metrics.
- Net Sales
- Net sales generally show an upward trend, increasing from 85 million US dollars in 2020 to 116 million in 2025. The growth is steady with a slight dip observed in 2023, where sales decreased to 98 million from 101 million in 2022, before recovering and reaching the highest recorded value in 2025.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment exhibits a consistent and marked increase through the years. Starting at 164 million US dollars in 2020, this figure rises progressively and more sharply after 2023, reaching 291 million in 2025. This suggests significant investment or asset accumulation in the latter years, particularly between 2023 and 2025.
- Area Asset Turnover
- The asset turnover ratio, which reflects the efficiency of asset use in generating sales, shows a declining trend from 0.52 in 2020 to 0.40 in 2025. Despite the increase in net sales, this ratio decreases steadily, indicating that the increase in assets is outpacing sales growth. The lowest ratio occurs in 2025, paralleling the peak in property and equipment values.
Overall, while net sales are increasing moderately, the substantial growth in asset base is accompanied by a declining asset turnover ratio. This pattern suggests that the company’s asset growth in Ireland is not yet fully matched by proportional sales growth, which may signal underutilization of assets or a strategic buildup of capacity in anticipation of future sales expansion.
Area Asset Turnover: United States
Medtronic PLC; United States; area asset turnover calculation
| Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Property, plant, and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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
Area asset turnover = Net sales ÷ Property, plant, and equipment, net
= ÷ =
- Net Sales
- Net sales demonstrated a steady growth trend over the six-year period from 2020 to 2025. Starting at 14,919 million US dollars in 2020, sales increased consistently each year, reaching 17,171 million US dollars by 2025. This represents a cumulative increase of approximately 15.1%, indicating sustained revenue expansion within the United States geographic area.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment showed a continuous upward trajectory across the observed years. Beginning at 3,459 million US dollars in 2020, the figure rose progressively each year to reach 5,133 million US dollars in 2025, marking an increase of nearly 48.4% over the period. This significant growth suggests ongoing capital investment and asset accumulation within the region.
- Area Asset Turnover
- The area asset turnover ratio exhibited a declining trend during the six years. Starting at a ratio of 4.31 in 2020, the metric gradually decreased each year, arriving at 3.35 in 2025. This downward movement indicates that despite increases in both sales and assets, the efficiency with which assets generate sales has diminished. It may reflect that asset growth outpaces sales growth, potentially signaling a lower utilization rate of the assets held in this geographic area.
- Overall Insights
- The data reveals that while revenue and asset base both expanded steadily, the efficiency metric experienced a decline. This pattern suggests a scenario where capital investments are growing faster than sales, which may necessitate further analysis to ensure asset deployment remains optimal and to assess potential impacts on profitability and return on assets in the United States market.
Area Asset Turnover: Rest of world
Medtronic PLC; Rest of world; area asset turnover calculation
| Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Property, plant, and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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
Area asset turnover = Net sales ÷ Property, plant, and equipment, net
= ÷ =
- Net Sales
- Net sales in the "Rest of world" geographic area show a generally increasing trend over the examined fiscal years. Starting from US$13,909 million in 2020, net sales rose steadily to US$15,450 million by 2022. Although there was a slight dip in 2023 to US$14,756 million, sales recovered and grew to US$15,689 million in 2024 and further increased to US$16,250 million in 2025, reflecting overall growth across the period.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment exhibited moderate fluctuations over the years. Beginning at US$1,205 million in 2020, this asset category increased to US$1,363 million in 2021 and continued to a peak of US$1,415 million in 2022. However, a decline followed in 2023 and 2024, where the net value decreased to US$1,302 million and US$1,286 million respectively. By 2025, there was a recovery to US$1,414 million, indicating a restoration of asset levels closer to previous peak values.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which measures the efficiency of property, plant, and equipment in generating sales, displayed variability but generally remained strong. Starting at 11.54 in 2020, the ratio dipped to 10.63 in 2021, before recovering to 10.92 in 2022. It increased further to 11.33 in 2023 and saw its highest value at 12.20 in 2024. In 2025, the ratio slightly decreased to 11.49. These variations suggest a fluctuating but generally efficient utilization of assets in generating sales within the geographic area.
Net sales
Medtronic PLC, net sales by geographic area
US$ in millions
| Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | |
|---|---|---|---|---|---|---|
| Ireland | ||||||
| United States | ||||||
| Rest of world | ||||||
| Other countries, excluding Ireland | ||||||
| Total |
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).
- Overall Sales Trend
- The total net sales exhibit a consistent upward trend from April 2020 to April 2025. Sales increased from approximately $28.9 billion in April 2020 to about $33.5 billion in April 2025, reflecting steady growth over the six-year period.
- United States Sales
- Sales in the United States show a gradual increase each year. Starting from roughly $14.9 billion in April 2020, sales rose to approximately $17.2 billion in April 2025. This steady growth highlights the significance of the U.S. market in the company’s overall revenue performance.
- Rest of World Sales
- Sales outside of the United States and Ireland also followed an upward trajectory overall, increasing from about $13.9 billion in April 2020 to around $16.3 billion in April 2025. There is a slight dip in the year ending April 2023, where sales dropped to approximately $14.8 billion from $15.5 billion in the previous year, but the subsequent year experienced recovery and growth.
- Ireland Sales
- Sales in Ireland are relatively small compared to other regions but show moderate increases. Starting at $85 million in April 2020, sales rose gradually to $116 million by April 2025. Some fluctuations are observed, such as a decrease from $101 million in April 2022 to $98 million in April 2023, followed by renewed growth.
- Other Countries (Excluding Ireland and United States)
- This category, which aggregates various international markets, also demonstrates growth from about $28.8 billion in April 2020 to approximately $33.4 billion in April 2025. Similar to the rest of the world category, there is a minor decline near April 2023; however, sales quickly resumed their upward trend afterward.
- Summary
- The analysis reveals sustained revenue growth across all geographic segments over the five-year period. The United States remains the largest contributor to net sales, followed by the combined other countries segment. Occasional minor declines occur around the April 2023 period in some regions, potentially indicating short-term market fluctuations or external challenges, but overall recovery and growth were achieved thereafter.
Property, plant, and equipment, net
Medtronic PLC, property, plant, and equipment, net by geographic area
US$ in millions
| Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | |
|---|---|---|---|---|---|---|
| Ireland | ||||||
| United States | ||||||
| Rest of world | ||||||
| Other countries, excluding Ireland | ||||||
| Total |
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).
The annual data for property, plant, and equipment, net, segmented by geographic area, exhibits a general upward trend across the periods analyzed.
- Ireland
- The net value of property, plant, and equipment in Ireland shows a steady increase from $164 million in April 2020 to $291 million in April 2025. This represents a significant growth, especially notable between April 2023 and April 2025, where the increase accelerated from $184 million to $291 million.
- United States
- The United States displays the largest values and consistent growth throughout the periods. Starting at $3,459 million in April 2020, the figure rises progressively to $5,133 million by April 2025. The increments are steady each year, with an overall substantial increase of $1,674 million over the six-year span, indicating sustained investment or expansion in this region.
- Rest of World
- This category shows a fluctuating pattern. It increased from $1,205 million in April 2020 to a peak of $1,415 million in April 2022, followed by a decline to $1,286 million by April 2024. However, there is a recovery noted in April 2025 with an increase to $1,414 million. The variations suggest some regional fluctuations or adjustments in asset valuation in these areas.
- Other countries, excluding Ireland
- The property, plant, and equipment assets categorized under other countries excluding Ireland maintain a steady rise from $4,664 million in April 2020 to $6,547 million in April 2025. The increments are consistent, reflecting a positive growth trajectory in these geographic segments outside of the primary regions mentioned.
- Total
- The total net property, plant, and equipment amount accrues from $4,828 million in April 2020 to $6,838 million in April 2025. This overall increase is driven primarily by the significant growth in the United States and other countries excluding Ireland, while Ireland also contributes positively despite its smaller base. The rest of the world segment contributes less steadily and exhibits more variability.
In summary, the data reflects an overall expansion in physical capital assets, with the United States and other countries excluding Ireland being the major contributors. The steady growth in Ireland complements the overall rise, while the rest of the world segment shows periods of fluctuation, suggesting diverse regional dynamics influencing asset values.