Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Medtronic PLC, liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 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).
- Current Ratio
- The current ratio exhibits notable fluctuations over the observed periods. Initially, there is a rising trend from 1.87 to a peak of 2.91 between July 2020 and October 2021. This indicates an improving short-term liquidity position during this timeframe. Subsequently, the ratio declines sharply to 1.58 by July 2022, reflecting a reduction in current assets relative to current liabilities. Following this dip, the current ratio gradually recovers and stabilizes around values between 1.76 and 2.42 through to the end of the period in October 2025. Overall, the trend suggests periods of liquidity strengthening followed by intermittent contractions, but with general recovery towards the later periods.
- Quick Ratio
- The quick ratio trends largely mirror those observed in the current ratio, signaling consistent dynamics in liquid assets excluding inventories. It increases from 1.37 in July 2020 to a high of 2.07 in October 2021, suggesting improved immediate liquidity. This ratio then falls markedly to 1.01 in July 2022, highlighting a significant reduction in highly liquid assets relative to current liabilities. The subsequent recovery phase shows the ratio rising steadily to 1.48 by October 2025, though it does not reach the prior peak levels. This pattern indicates a similar liquidity fluctuation but with more moderate recovery than the current ratio.
- Cash Ratio
- The cash ratio, representing the most conservative liquidity measure, also shows a rising trend from 0.99 in July 2020 to 1.37 by October 2021. This increase suggests accumulation of cash and cash equivalents during this period. However, a sharp decline to 0.63 by July 2022 follows, suggesting a reduction in readily available cash. Although the ratio recovers slightly in the later periods, ranging between 0.7 and 0.88, it remains below the earlier peak levels. This ongoing lower positioning indicates a conservative cash holding strategy or reallocation of cash resources over time.
- Summary
- Overall liquidity ratios demonstrate a pattern of initial improvement in the early phases, peaking in late 2021, followed by marked declines around mid-2022. Subsequent recovery occurs but does not consistently reach previous highs, particularly in the cash ratio. These trends may reflect changes in working capital management, variations in current liabilities, or strategic adjustments in asset allocations. The divergences among the three ratios in later periods suggest a shift towards managing liquidity beyond just cash, possibly emphasizing other current assets. The data points to a dynamic liquidity profile with periods of both strengthening and contraction, ending with moderate liquidity levels.
Current Ratio
Medtronic PLC, current ratio calculation (quarterly data)
| Oct 24, 2025 | Jul 25, 2025 | Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current assets | 23,996) | 23,223) | 23,814) | 22,513) | 22,438) | 21,947) | 21,935) | 22,513) | 22,081) | 21,869) | 21,675) | 25,364) | 25,398) | 22,135) | 23,059) | 23,303) | 22,731) | 22,434) | 22,548) | 26,347) | 26,036) | 24,509) | |||||||
| Current liabilities | 9,935) | 11,530) | 12,879) | 11,840) | 12,195) | 10,287) | 10,789) | 9,793) | 9,659) | 9,047) | 9,051) | 14,422) | 14,465) | 14,049) | 12,394) | 8,927) | 7,803) | 7,764) | 8,509) | 12,534) | 12,071) | 13,086) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | 2.42 | 2.01 | 1.85 | 1.90 | 1.84 | 2.13 | 2.03 | 2.30 | 2.29 | 2.42 | 2.39 | 1.76 | 1.76 | 1.58 | 1.86 | 2.61 | 2.91 | 2.89 | 2.65 | 2.10 | 2.16 | 1.87 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | — | — | — | 1.70 | 1.82 | 1.78 | 1.67 | 1.60 | 1.68 | 1.60 | 1.64 | 1.74 | 1.64 | 1.68 | 1.63 | 1.86 | 2.01 | 1.85 | 1.85 | 1.83 | 1.79 | 1.75 | |||||||
| Elevance Health Inc. | — | — | — | 1.56 | 1.44 | 1.43 | 1.45 | 1.50 | 1.49 | 1.37 | 1.44 | 1.41 | 1.44 | 1.43 | 1.40 | 1.35 | 1.36 | 1.36 | 1.47 | 1.48 | 1.49 | 1.57 | |||||||
| Intuitive Surgical Inc. | — | — | — | 4.73 | 5.17 | 4.98 | 4.07 | 4.30 | 5.15 | 5.55 | 4.76 | 5.31 | 5.22 | 5.26 | 4.40 | 5.10 | 5.36 | 5.22 | 5.08 | 5.58 | 5.99 | 6.71 | |||||||
| UnitedHealth Group Inc. | — | — | — | 0.82 | 0.85 | 0.85 | 0.83 | 0.91 | 0.88 | 0.85 | 0.79 | 0.80 | 0.80 | 0.81 | 0.77 | 0.82 | 0.77 | 0.78 | 0.79 | 0.77 | 0.77 | 0.74 | |||||||
Based on: 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 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).
1 Q2 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 23,996 ÷ 9,935 = 2.42
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in liquidity and working capital management over the observed periods.
- Current Assets
- Current assets fluctuated moderately, initially increasing from 24,509 million US dollars to a peak of 26,347 million US dollars early in the timeline. Thereafter, there was a decline leading to a trough around 21,675 million US dollars, followed by periods of recovery. The values generally stayed within a range of approximately 21,000 to 26,000 million US dollars, indicating some variability but relative stability over the longer term.
- Current Liabilities
- Current liabilities demonstrated a decreasing trend during the initial periods, notably dropping from 13,086 million US dollars to a low point around 7,764 million US dollars. However, subsequent quarters exhibited a pronounced increase, peaking at about 14,465 million US dollars, followed by irregular movements. The pattern shows volatility, with liabilities rising sharply in certain intervals, potentially indicating changes in short-term obligations or operational funding strategies.
- Current Ratio
- The current ratio, which measures liquidity by comparing current assets to current liabilities, exhibited significant fluctuation. Early data show an improving trend from 1.87 to 2.91, reflecting enhanced liquidity and a stronger short-term financial position. This was followed by a considerable decline to approximately 1.58, suggesting a tightening of liquidity. Afterward, the ratio climbed again, reaching around 2.42 in the most recent periods. This oscillation likely reflects dynamic shifts in working capital management and the balance between assets and liabilities.
In summary, the company experienced variable short-term asset and liability balances, with liquidity ratios indicating periods of both strength and constraint. The changes in current liabilities were particularly pronounced, while current assets maintained a narrower band of movement. Overall, the trends suggest active management of working capital, with periodic adjustments responding to operational or market conditions.
Quick Ratio
Medtronic PLC, quick ratio calculation (quarterly data)
| Oct 24, 2025 | Jul 25, 2025 | Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,282) | 1,273) | 2,218) | 1,240) | 1,394) | 1,311) | 1,284) | 1,623) | 1,311) | 1,339) | 1,543) | 4,521) | 4,828) | 2,140) | 3,714) | 3,479) | 2,900) | 3,004) | 3,593) | 5,077) | 6,420) | 6,499) | |||||||
| Investments | 7,045) | 6,848) | 6,747) | 6,682) | 6,595) | 6,532) | 6,721) | 6,698) | 6,423) | 6,537) | 6,416) | 6,616) | 6,602) | 6,733) | 6,859) | 7,742) | 7,769) | 7,591) | 7,224) | 9,562) | 7,857) | 6,513) | |||||||
| Accounts receivable, less allowances and credit losses | 6,389) | 6,263) | 6,515) | 6,115) | 6,260) | 6,011) | 6,128) | 5,968) | 5,934) | 5,806) | 5,998) | 5,887) | 5,626) | 5,308) | 5,551) | 5,446) | 5,493) | 5,431) | 5,462) | 5,215) | 5,348) | 4,876) | |||||||
| Total quick assets | 14,716) | 14,384) | 15,480) | 14,037) | 14,249) | 13,854) | 14,133) | 14,289) | 13,668) | 13,682) | 13,957) | 17,024) | 17,056) | 14,181) | 16,124) | 16,667) | 16,162) | 16,026) | 16,279) | 19,854) | 19,625) | 17,888) | |||||||
| Current liabilities | 9,935) | 11,530) | 12,879) | 11,840) | 12,195) | 10,287) | 10,789) | 9,793) | 9,659) | 9,047) | 9,051) | 14,422) | 14,465) | 14,049) | 12,394) | 8,927) | 7,803) | 7,764) | 8,509) | 12,534) | 12,071) | 13,086) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | 1.48 | 1.25 | 1.20 | 1.19 | 1.17 | 1.35 | 1.31 | 1.46 | 1.42 | 1.51 | 1.54 | 1.18 | 1.18 | 1.01 | 1.30 | 1.87 | 2.07 | 2.06 | 1.91 | 1.58 | 1.63 | 1.37 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | — | — | — | 1.09 | 1.14 | 1.09 | 1.05 | 1.00 | 1.02 | 0.95 | 1.00 | 1.04 | 1.00 | 1.07 | 1.06 | 1.22 | 1.33 | 1.21 | 1.28 | 1.25 | 1.19 | 1.16 | |||||||
| Elevance Health Inc. | — | — | — | 1.43 | 1.32 | 1.31 | 1.32 | 1.34 | 1.32 | 1.23 | 1.30 | 1.29 | 1.32 | 1.31 | 1.27 | 1.21 | 1.22 | 1.23 | 1.33 | 1.33 | 1.35 | 1.43 | |||||||
| Intuitive Surgical Inc. | — | — | — | 3.42 | 3.90 | 3.73 | 3.00 | 3.21 | 3.94 | 4.31 | 3.83 | 4.44 | 4.36 | 4.30 | 3.56 | 4.19 | 4.49 | 4.40 | 4.34 | 4.66 | 5.12 | 5.76 | |||||||
| UnitedHealth Group Inc. | — | — | — | 0.74 | 0.76 | 0.77 | 0.75 | 0.83 | 0.81 | 0.79 | 0.73 | 0.75 | 0.74 | 0.75 | 0.70 | 0.77 | 0.71 | 0.72 | 0.72 | 0.71 | 0.71 | 0.68 | |||||||
Based on: 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 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).
1 Q2 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 14,716 ÷ 9,935 = 1.48
2 Click competitor name to see calculations.
The analysis of the quarterly financial metrics reveals distinct trends in liquidity over the observed period.
- Total Quick Assets
- Total quick assets fluctuated notably. Initially, there was an upward trend from approximately 17,888 million USD to a peak near 19,625 million USD within the first few quarters. Subsequently, the value saw a significant decline reaching a low around 13,682 million USD. This downward movement was followed by a period of modest recovery with values stabilizing in the range of 13,668 million to 14,716 million USD towards the later quarters.
- Current Liabilities
- Current liabilities exhibited considerable volatility. Early data show a decline from roughly 13,086 million USD to a low of approximately 7,764 million USD. However, liabilities then increased sharply to levels exceeding 14,000 million USD before trending downward again around the later periods. Overall, current liabilities show an oscillating pattern without a clear long-term upward or downward trajectory.
- Quick Ratio
- The quick ratio, an indicator of short-term liquidity, initially improved significantly from 1.37 to a high of about 2.07, suggesting an enhanced ability to cover current liabilities with liquid assets. Following this peak, the ratio declined, reaching values close to 1.01 at one point, indicating tightening liquidity. In the most recent periods, the quick ratio demonstrated a moderate recovery and stabilization around values between 1.17 and 1.48, which implies maintenance of an adequate short-term financial position.
In summary, the data depicts an initial strengthening of liquidity followed by fluctuations marked by asset decreases and liability increases. Despite these variations, the quick ratio indicates the company has managed to sustain a liquidity level generally above 1, thereby retaining an adequate capacity to meet short-term obligations through the end of the period analyzed.
Cash Ratio
Medtronic PLC, cash ratio calculation (quarterly data)
| Oct 24, 2025 | Jul 25, 2025 | Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,282) | 1,273) | 2,218) | 1,240) | 1,394) | 1,311) | 1,284) | 1,623) | 1,311) | 1,339) | 1,543) | 4,521) | 4,828) | 2,140) | 3,714) | 3,479) | 2,900) | 3,004) | 3,593) | 5,077) | 6,420) | 6,499) | |||||||
| Investments | 7,045) | 6,848) | 6,747) | 6,682) | 6,595) | 6,532) | 6,721) | 6,698) | 6,423) | 6,537) | 6,416) | 6,616) | 6,602) | 6,733) | 6,859) | 7,742) | 7,769) | 7,591) | 7,224) | 9,562) | 7,857) | 6,513) | |||||||
| Total cash assets | 8,327) | 8,121) | 8,965) | 7,922) | 7,989) | 7,843) | 8,005) | 8,321) | 7,734) | 7,876) | 7,959) | 11,137) | 11,430) | 8,873) | 10,573) | 11,221) | 10,669) | 10,595) | 10,817) | 14,639) | 14,277) | 13,012) | |||||||
| Current liabilities | 9,935) | 11,530) | 12,879) | 11,840) | 12,195) | 10,287) | 10,789) | 9,793) | 9,659) | 9,047) | 9,051) | 14,422) | 14,465) | 14,049) | 12,394) | 8,927) | 7,803) | 7,764) | 8,509) | 12,534) | 12,071) | 13,086) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Cash ratio1 | 0.84 | 0.70 | 0.70 | 0.67 | 0.66 | 0.76 | 0.74 | 0.85 | 0.80 | 0.87 | 0.88 | 0.77 | 0.79 | 0.63 | 0.85 | 1.26 | 1.37 | 1.36 | 1.27 | 1.17 | 1.18 | 0.99 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | — | — | — | 0.53 | 0.54 | 0.53 | 0.56 | 0.52 | 0.52 | 0.47 | 0.53 | 0.54 | 0.57 | 0.66 | 0.66 | 0.74 | 0.75 | 0.65 | 0.78 | 0.75 | 0.71 | 0.67 | |||||||
| Elevance Health Inc. | — | — | — | 0.89 | 0.79 | 0.79 | 0.85 | 0.90 | 0.86 | 0.82 | 0.87 | 0.90 | 0.92 | 0.91 | 0.86 | 0.87 | 0.86 | 0.86 | 0.95 | 0.97 | 0.97 | 1.08 | |||||||
| Intuitive Surgical Inc. | — | — | — | 2.72 | 3.15 | 2.93 | 2.30 | 2.52 | 3.20 | 3.49 | 3.15 | 3.86 | 3.77 | 3.59 | 2.90 | 3.50 | 3.78 | 3.58 | 3.66 | 3.98 | 4.42 | 5.04 | |||||||
| UnitedHealth Group Inc. | — | — | — | 0.26 | 0.29 | 0.30 | 0.28 | 0.37 | 0.33 | 0.35 | 0.34 | 0.42 | 0.44 | 0.43 | 0.36 | 0.46 | 0.36 | 0.37 | 0.36 | 0.35 | 0.35 | 0.33 | |||||||
Based on: 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 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).
1 Q2 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 8,327 ÷ 9,935 = 0.84
2 Click competitor name to see calculations.
- Total Cash Assets
-
Total cash assets exhibit significant fluctuations across the reported periods. Initially, there is a moderate increase from approximately 13,000 million USD to around 14,600 million USD in early 2021, followed by a notable decline to below 9,000 million USD by mid-2022. After this low point, cash assets tend to oscillate between roughly 7,800 million USD and 8,300 million USD through the subsequent quarters, showing less volatility but maintaining a generally lower level compared to early 2021.
- Current Liabilities
-
Current liabilities show a strong inverse pattern to cash assets during some periods. They start near 13,000 million USD and decrease to about 7,700 million USD in mid-2021, which corresponds with relatively high cash asset levels. From mid-2021 onwards, current liabilities increase, peaking above 14,000 million USD in early 2022 and sustaining elevated levels around 11,000 to 13,000 million USD for the remaining periods. This rise in current liabilities occurs concurrently with the reduction in cash assets seen during the same timeframe.
- Cash Ratio
-
The cash ratio, representing the liquidity position relative to current liabilities, initially shows a gradual upward trend reaching a high of about 1.37 in late 2021, indicating strong liquidity coverage. However, starting in early 2022, the ratio declines sharply and remains below 1.0 for all subsequent periods until the end of the timeline, hitting lows around 0.63 to 0.70. This suggests a decreased capacity to cover short-term obligations solely with cash assets in recent periods, reflecting tighter liquidity conditions.
- Overall Analysis
-
The data indicate a shift from a relatively strong liquidity position with higher cash reserves and lower current liabilities in early 2021 to a more constrained liquidity environment characterized by diminished cash holdings and increased current liabilities starting in 2022. The cash ratio trend corroborates this assessment, showing robust liquidity early on that weakens over time. The company’s ability to cover current liabilities with cash alone has decreased, which might necessitate reliance on other liquid assets or financing methods to meet short-term obligations. The fluctuations in total cash assets and current liabilities suggest active balance sheet management in response to operational or market conditions during the periods analyzed.