Analysis of Geographic Areas
Medtronic PLC operates in 3 regions: Ireland; United States; and Rest of world.
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Area Asset Turnover
Medtronic PLC, asset turnover by geographic area
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Ireland | ||||||
| United States | ||||||
| Rest of world |
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).
The asset turnover ratios across the three reported geographic segments exhibit divergent trajectories, characterized by a general decline in asset efficiency within the domestic and Irish markets, contrasting with the sustained high-performance levels observed in international operations.
- Ireland
- A consistent downward trend is observed from 2021 to 2025, with the ratio decreasing from 0.59 to 0.40. Although a marginal recovery to 0.42 occurred in 2026, this region maintains the lowest asset productivity of all analyzed areas, indicating a significant disparity between the asset base and the revenue generated.
- United States
- Asset turnover remained relatively stable between 2021 and 2022, peaking at 4.22. However, a steady contraction followed, with the ratio falling to 3.32 by 2026. This decline suggests a diminishing capacity to generate sales relative to the assets deployed within the United States market over the latter half of the period.
- Rest of World
- This segment demonstrates the highest level of asset efficiency, significantly outpacing the other two regions. The ratio experienced a period of growth, rising from 10.63 in 2021 to a peak of 12.20 in 2024, before moderating to 11.16 by 2026. Despite the recent slight decline, the region continues to operate with a highly lean asset structure relative to its revenue output.
Comparative analysis reveals a widening efficiency gap between the international markets and the United States and Ireland. While the Rest of World segment optimizes asset utilization most effectively, both the United States and Ireland have seen a reduction in their respective turnover ratios over the six-year period, indicating a trend of declining asset productivity in those specific regions.
Area Asset Turnover: Ireland
Medtronic PLC; Ireland; area asset turnover calculation
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| 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: 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).
1 2026 Calculation
Area asset turnover = Net sales ÷ Property, plant, and equipment, net
= ÷ =
The analysis of the Irish operations reveals a consistent decline in asset utilization efficiency over the observed period, characterized by a widening gap between fixed asset investment and revenue generation.
- Net Sales Performance
- Revenue remained relatively stagnant between 2021 and 2023, fluctuating within a narrow range between US$ 98 million and US$ 101 million. A positive growth trajectory emerged from 2024 onward, with sales increasing to US$ 113 million in 2024 and reaching US$ 143 million by 2026.
- Fixed Asset Investment
- Property, plant, and equipment (net) exhibited a sustained upward trend throughout the period. A significant acceleration in capital expansion occurred starting in 2024, with net PP&E rising from US$ 184 million in 2023 to US$ 338 million by 2026, representing a substantial increase in the physical asset base.
- Area Asset Turnover Efficiency
- The area asset turnover ratio decreased steadily from 0.59 in 2021 to a low of 0.40 in 2025. This downward trend indicates that the growth in net sales lagged behind the aggressive expansion of fixed assets. A marginal recovery to 0.42 was observed in 2026, coinciding with a sharper increase in sales, although the overall efficiency remains significantly lower than the 2021 baseline.
Area Asset Turnover: United States
Medtronic PLC; United States; area asset turnover calculation
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| 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: 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).
1 2026 Calculation
Area asset turnover = Net sales ÷ Property, plant, and equipment, net
= ÷ =
The analysis of United States operations reveals a period of consistent revenue growth accompanied by a significant expansion of the fixed asset base, which has resulted in a gradual decline in asset utilization efficiency.
- Revenue Growth Trends
- Net sales in the United States exhibited a steady upward trajectory, rising from 15,526 million US dollars in 2021 to 18,103 million US dollars by 2026. This represents continuous top-line expansion over the six-year period, with the most pronounced increase occurring between 2025 and 2026.
- Capital Asset Expansion
- Net property, plant, and equipment grew more aggressively than net sales. The asset base increased from 3,688 million US dollars in 2021 to 5,455 million US dollars by 2026. A notable acceleration in capital accumulation occurred between 2023 and 2025, indicating substantial investment in US-based infrastructure and equipment.
- Area Asset Turnover Performance
- The area asset turnover ratio experienced a sustained downward trend following a peak of 4.22 in 2022, falling to 3.32 by 2026. This decline confirms that the growth in the net asset base has outpaced the growth in net sales. The reduction in the ratio suggests a diminishing efficiency in generating revenue from fixed assets, likely reflecting a lag between the execution of heavy capital expenditures and the resulting realization of sales growth.
Area Asset Turnover: Rest of world
Medtronic PLC; Rest of world; area asset turnover calculation
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| 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: 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).
1 2026 Calculation
Area asset turnover = Net sales ÷ Property, plant, and equipment, net
= ÷ =
Net sales in the Rest of World region exhibit a general upward trajectory over the observed period, growing from US$ 14,491 million in April 2021 to a projected US$ 18,118 million by April 2026. Despite a moderate contraction in 2023, the revenue stream shows resilience and accelerated growth in the final two years of the period.
- Net Sales Performance
- Revenue grew steadily from 2021 to 2022, followed by a temporary decline in 2023 to US$ 14,756 million. A recovery phase began in 2024, with significant expansion projected through 2026, representing a cumulative increase of approximately 25% from the 2021 baseline.
- Property, Plant, and Equipment (PP&E) Trends
- Net PP&E remained relatively stable between 2021 and 2024, reaching a low of US$ 1,286 million in April 2024. This stability suggests a period of asset optimization or depreciation outpacing new capital expenditure. However, a marked increase in investment is observed starting in 2025, with assets rising to US$ 1,623 million by 2026.
- Area Asset Turnover Efficiency
- The area asset turnover ratio demonstrates a positive trend in the early part of the period, rising from 10.63 in 2021 to a peak of 12.20 in 2024. This indicates increasing efficiency in utilizing fixed assets to generate sales. In the subsequent years, the ratio declines to 11.49 in 2025 and 11.16 in 2026. This reversal is attributed to the acceleration of PP&E investment outpacing the growth rate of net sales during those specific intervals.
The overall analysis indicates a shift from a phase of maximizing efficiency with existing assets (2021-2024) to a phase of capital reinvestment (2025-2026). While the turnover ratio has softened slightly from its peak, the concurrent rise in both net sales and fixed assets suggests a strategic expansion of capacity to support long-term revenue growth in the Rest of World region.
Net sales
Medtronic PLC, net sales by geographic area
US$ in millions
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Ireland | ||||||
| United States | ||||||
| Rest of world | ||||||
| Other countries, excluding Ireland | ||||||
| Total |
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).
Total net sales demonstrate a consistent upward trajectory over the six-year period, rising from US$ 30,117 million in 2021 to US$ 36,364 million in 2026. Despite a marginal contraction in 2023, the overall growth reflects a sustained increase in revenue generation across all geographic segments.
- United States Market Performance
- The United States serves as a primary revenue driver, showing uninterrupted annual growth from US$ 15,526 million in 2021 to US$ 18,103 million in 2026. This consistent increase underscores a stable and expanding domestic market share.
- Rest of World Segment
- Net sales in the Rest of World segment exhibited fluctuation, with a decline in 2023 to US$ 14,756 million following a peak in 2022. However, the segment demonstrated significant recovery in subsequent years, reaching US$ 18,118 million by 2026, nearly equalizing with US sales.
- Aggregate Sales Excluding Ireland
- The combined sales for all regions excluding Ireland increased from US$ 30,017 million in 2021 to US$ 36,221 million in 2026. This expansion indicates a broad-based growth strategy that effectively leverages both domestic and global markets.
- Ireland Market Contribution
- While representing the smallest share of total revenue, sales in Ireland grew from US$ 100 million in 2021 to US$ 143 million in 2026. A slight dip was observed in 2023, followed by an accelerating growth trend through 2026.
Property, plant, and equipment, net
Medtronic PLC, property, plant, and equipment, net by geographic area
US$ in millions
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Ireland | ||||||
| United States | ||||||
| Rest of world | ||||||
| Other countries, excluding Ireland | ||||||
| Total |
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).
Net property, plant, and equipment exhibit a consistent upward trajectory over the observed six-year period, increasing from US$ 5,221 million in 2021 to US$ 7,416 million by 2026. A notable acceleration in capital accumulation is observed starting in 2024, marking a shift toward more aggressive asset expansion.
- United States Asset Concentration
- The United States represents the largest portion of the net property, plant, and equipment portfolio. Assets in this region grew steadily from US$ 3,688 million in 2021 to US$ 5,455 million in 2026, indicating a sustained commitment to domestic infrastructure and operational capacity.
- Irish Operational Growth
- A consistent increase is observed in Ireland, where assets rose from US$ 170 million in 2021 to US$ 338 million in 2026. Growth in this region accelerated significantly after 2023, with the value increasing by approximately 37% between 2023 and 2024 alone.
- Rest of World Volatility
- Unlike other regions, the Rest of World category experienced a period of contraction. After peaking at US$ 1,415 million in 2022, assets declined to US$ 1,286 million by 2024. However, a recovery phase followed, with values rebounding to US$ 1,623 million by 2026.
- Aggregate Non-Irish Expansion
- The combined value of assets in all countries excluding Ireland demonstrates a linear growth pattern, rising from US$ 5,051 million in 2021 to US$ 7,078 million in 2026. This trend closely mirrors the total global asset growth, underscoring the dominant influence of the United States on the overall capital structure.