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Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.
Solvency Ratios (Summary)
Medtronic PLC, solvency ratios
Based on: 10-K (filing date: 2021-06-25), 10-K (filing date: 2020-06-19), 10-K (filing date: 2019-06-21), 10-K (filing date: 2018-06-22), 10-K (filing date: 2017-06-27), 10-K (filing date: 2016-06-28).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Medtronic PLC’s debt to equity ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Medtronic PLC’s debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Medtronic PLC’s debt to capital ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Medtronic PLC’s debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Medtronic PLC’s debt to assets ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Medtronic PLC’s debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Medtronic PLC’s financial leverage ratio decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Medtronic PLC’s interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Medtronic PLC’s fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |
Debt to Equity
Medtronic PLC, debt to equity calculation, comparison to benchmarks
| Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | Apr 28, 2017 | Apr 29, 2016 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | |||||||
| Long-term debt | |||||||
| Total debt | |||||||
| Shareholders’ equity | |||||||
| Solvency Ratio | |||||||
| Debt to equity1 | |||||||
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| Abbott Laboratories | |||||||
| Anthem Inc. | |||||||
| Becton, Dickinson & Co. | |||||||
| Bristol-Myers Squibb Co. | |||||||
| CVS Health Corp. | |||||||
| Danaher Corp. | |||||||
| Edwards Lifesciences Corp. | |||||||
| HCA Healthcare Inc. | |||||||
| Intuitive Surgical Inc. | |||||||
| Stryker Corp. | |||||||
| UnitedHealth Group Inc. | |||||||
| Debt to Equity, Sector | |||||||
| Health Care Equipment & Services | |||||||
| Debt to Equity, Industry | |||||||
| Health Care | |||||||
Based on: 10-K (filing date: 2021-06-25), 10-K (filing date: 2020-06-19), 10-K (filing date: 2019-06-21), 10-K (filing date: 2018-06-22), 10-K (filing date: 2017-06-27), 10-K (filing date: 2016-06-28).
1 2021 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Medtronic PLC’s debt to equity ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021. |
Debt to Equity (including Operating Lease Liability)
Medtronic PLC, debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | Apr 28, 2017 | Apr 29, 2016 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | |||||||
| Long-term debt | |||||||
| Total debt | |||||||
| Operating lease current liability (classified in Other accrued expenses) | |||||||
| Operating lease non-current liability (classified in Other liabilities) | |||||||
| Total debt (including operating lease liability) | |||||||
| Shareholders’ equity | |||||||
| Solvency Ratio | |||||||
| Debt to equity (including operating lease liability)1 | |||||||
| Benchmarks | |||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||
| Abbott Laboratories | |||||||
| Anthem Inc. | |||||||
| Becton, Dickinson & Co. | |||||||
| Bristol-Myers Squibb Co. | |||||||
| CVS Health Corp. | |||||||
| Danaher Corp. | |||||||
| Edwards Lifesciences Corp. | |||||||
| HCA Healthcare Inc. | |||||||
| Intuitive Surgical Inc. | |||||||
| Stryker Corp. | |||||||
| UnitedHealth Group Inc. | |||||||
| Debt to Equity (including Operating Lease Liability), Sector | |||||||
| Health Care Equipment & Services | |||||||
| Debt to Equity (including Operating Lease Liability), Industry | |||||||
| Health Care | |||||||
Based on: 10-K (filing date: 2021-06-25), 10-K (filing date: 2020-06-19), 10-K (filing date: 2019-06-21), 10-K (filing date: 2018-06-22), 10-K (filing date: 2017-06-27), 10-K (filing date: 2016-06-28).
1 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Medtronic PLC’s debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021. |
Debt to Capital
Medtronic PLC, debt to capital calculation, comparison to benchmarks
| Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | Apr 28, 2017 | Apr 29, 2016 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | |||||||
| Long-term debt | |||||||
| Total debt | |||||||
| Shareholders’ equity | |||||||
| Total capital | |||||||
| Solvency Ratio | |||||||
| Debt to capital1 | |||||||
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| Abbott Laboratories | |||||||
| Anthem Inc. | |||||||
| Becton, Dickinson & Co. | |||||||
| Bristol-Myers Squibb Co. | |||||||
| CVS Health Corp. | |||||||
| Danaher Corp. | |||||||
| Edwards Lifesciences Corp. | |||||||
| HCA Healthcare Inc. | |||||||
| Intuitive Surgical Inc. | |||||||
| Stryker Corp. | |||||||
| UnitedHealth Group Inc. | |||||||
| Debt to Capital, Sector | |||||||
| Health Care Equipment & Services | |||||||
| Debt to Capital, Industry | |||||||
| Health Care | |||||||
Based on: 10-K (filing date: 2021-06-25), 10-K (filing date: 2020-06-19), 10-K (filing date: 2019-06-21), 10-K (filing date: 2018-06-22), 10-K (filing date: 2017-06-27), 10-K (filing date: 2016-06-28).
1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Medtronic PLC’s debt to capital ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021. |
Debt to Capital (including Operating Lease Liability)
Medtronic PLC, debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | Apr 28, 2017 | Apr 29, 2016 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | |||||||
| Long-term debt | |||||||
| Total debt | |||||||
| Operating lease current liability (classified in Other accrued expenses) | |||||||
| Operating lease non-current liability (classified in Other liabilities) | |||||||
| Total debt (including operating lease liability) | |||||||
| Shareholders’ equity | |||||||
| Total capital (including operating lease liability) | |||||||
| Solvency Ratio | |||||||
| Debt to capital (including operating lease liability)1 | |||||||
| Benchmarks | |||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||
| Abbott Laboratories | |||||||
| Anthem Inc. | |||||||
| Becton, Dickinson & Co. | |||||||
| Bristol-Myers Squibb Co. | |||||||
| CVS Health Corp. | |||||||
| Danaher Corp. | |||||||
| Edwards Lifesciences Corp. | |||||||
| HCA Healthcare Inc. | |||||||
| Intuitive Surgical Inc. | |||||||
| Stryker Corp. | |||||||
| UnitedHealth Group Inc. | |||||||
| Debt to Capital (including Operating Lease Liability), Sector | |||||||
| Health Care Equipment & Services | |||||||
| Debt to Capital (including Operating Lease Liability), Industry | |||||||
| Health Care | |||||||
Based on: 10-K (filing date: 2021-06-25), 10-K (filing date: 2020-06-19), 10-K (filing date: 2019-06-21), 10-K (filing date: 2018-06-22), 10-K (filing date: 2017-06-27), 10-K (filing date: 2016-06-28).
1 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Medtronic PLC’s debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021. |
Debt to Assets
Medtronic PLC, debt to assets calculation, comparison to benchmarks
| Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | Apr 28, 2017 | Apr 29, 2016 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | |||||||
| Long-term debt | |||||||
| Total debt | |||||||
| Total assets | |||||||
| Solvency Ratio | |||||||
| Debt to assets1 | |||||||
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| Abbott Laboratories | |||||||
| Anthem Inc. | |||||||
| Becton, Dickinson & Co. | |||||||
| Bristol-Myers Squibb Co. | |||||||
| CVS Health Corp. | |||||||
| Danaher Corp. | |||||||
| Edwards Lifesciences Corp. | |||||||
| HCA Healthcare Inc. | |||||||
| Intuitive Surgical Inc. | |||||||
| Stryker Corp. | |||||||
| UnitedHealth Group Inc. | |||||||
| Debt to Assets, Sector | |||||||
| Health Care Equipment & Services | |||||||
| Debt to Assets, Industry | |||||||
| Health Care | |||||||
Based on: 10-K (filing date: 2021-06-25), 10-K (filing date: 2020-06-19), 10-K (filing date: 2019-06-21), 10-K (filing date: 2018-06-22), 10-K (filing date: 2017-06-27), 10-K (filing date: 2016-06-28).
1 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Medtronic PLC’s debt to assets ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021. |
Debt to Assets (including Operating Lease Liability)
Medtronic PLC, debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | Apr 28, 2017 | Apr 29, 2016 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | |||||||
| Long-term debt | |||||||
| Total debt | |||||||
| Operating lease current liability (classified in Other accrued expenses) | |||||||
| Operating lease non-current liability (classified in Other liabilities) | |||||||
| Total debt (including operating lease liability) | |||||||
| Total assets | |||||||
| Solvency Ratio | |||||||
| Debt to assets (including operating lease liability)1 | |||||||
| Benchmarks | |||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||
| Abbott Laboratories | |||||||
| Anthem Inc. | |||||||
| Becton, Dickinson & Co. | |||||||
| Bristol-Myers Squibb Co. | |||||||
| CVS Health Corp. | |||||||
| Danaher Corp. | |||||||
| Edwards Lifesciences Corp. | |||||||
| HCA Healthcare Inc. | |||||||
| Intuitive Surgical Inc. | |||||||
| Stryker Corp. | |||||||
| UnitedHealth Group Inc. | |||||||
| Debt to Assets (including Operating Lease Liability), Sector | |||||||
| Health Care Equipment & Services | |||||||
| Debt to Assets (including Operating Lease Liability), Industry | |||||||
| Health Care | |||||||
Based on: 10-K (filing date: 2021-06-25), 10-K (filing date: 2020-06-19), 10-K (filing date: 2019-06-21), 10-K (filing date: 2018-06-22), 10-K (filing date: 2017-06-27), 10-K (filing date: 2016-06-28).
1 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Medtronic PLC’s debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021. |
Financial Leverage
Medtronic PLC, financial leverage calculation, comparison to benchmarks
| Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | Apr 28, 2017 | Apr 29, 2016 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Total assets | |||||||
| Shareholders’ equity | |||||||
| Solvency Ratio | |||||||
| Financial leverage1 | |||||||
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| Abbott Laboratories | |||||||
| Anthem Inc. | |||||||
| Becton, Dickinson & Co. | |||||||
| Bristol-Myers Squibb Co. | |||||||
| CVS Health Corp. | |||||||
| Danaher Corp. | |||||||
| Edwards Lifesciences Corp. | |||||||
| HCA Healthcare Inc. | |||||||
| Intuitive Surgical Inc. | |||||||
| Stryker Corp. | |||||||
| UnitedHealth Group Inc. | |||||||
| Financial Leverage, Sector | |||||||
| Health Care Equipment & Services | |||||||
| Financial Leverage, Industry | |||||||
| Health Care | |||||||
Based on: 10-K (filing date: 2021-06-25), 10-K (filing date: 2020-06-19), 10-K (filing date: 2019-06-21), 10-K (filing date: 2018-06-22), 10-K (filing date: 2017-06-27), 10-K (filing date: 2016-06-28).
1 2021 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Medtronic PLC’s financial leverage ratio decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level. |
Interest Coverage
Medtronic PLC, interest coverage calculation, comparison to benchmarks
| Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | Apr 28, 2017 | Apr 29, 2016 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net income attributable to Medtronic | |||||||
| Add: Net income attributable to noncontrolling interest | |||||||
| Add: Income tax expense | |||||||
| Add: Interest expense | |||||||
| Earnings before interest and tax (EBIT) | |||||||
| Solvency Ratio | |||||||
| Interest coverage1 | |||||||
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| Abbott Laboratories | |||||||
| Anthem Inc. | |||||||
| Becton, Dickinson & Co. | |||||||
| Bristol-Myers Squibb Co. | |||||||
| CVS Health Corp. | |||||||
| Danaher Corp. | |||||||
| Edwards Lifesciences Corp. | |||||||
| HCA Healthcare Inc. | |||||||
| Intuitive Surgical Inc. | |||||||
| Stryker Corp. | |||||||
| UnitedHealth Group Inc. | |||||||
| Interest Coverage, Sector | |||||||
| Health Care Equipment & Services | |||||||
| Interest Coverage, Industry | |||||||
| Health Care | |||||||
Based on: 10-K (filing date: 2021-06-25), 10-K (filing date: 2020-06-19), 10-K (filing date: 2019-06-21), 10-K (filing date: 2018-06-22), 10-K (filing date: 2017-06-27), 10-K (filing date: 2016-06-28).
1 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Medtronic PLC’s interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |
Fixed Charge Coverage
Medtronic PLC, fixed charge coverage calculation, comparison to benchmarks
| Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | Apr 27, 2018 | Apr 28, 2017 | Apr 29, 2016 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net income attributable to Medtronic | |||||||
| Add: Net income attributable to noncontrolling interest | |||||||
| Add: Income tax expense | |||||||
| Add: Interest expense | |||||||
| Earnings before interest and tax (EBIT) | |||||||
| Add: Operating lease cost | |||||||
| Earnings before fixed charges and tax | |||||||
| Interest expense | |||||||
| Operating lease cost | |||||||
| Fixed charges | |||||||
| Solvency Ratio | |||||||
| Fixed charge coverage1 | |||||||
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors2 | |||||||
| Abbott Laboratories | |||||||
| Anthem Inc. | |||||||
| Becton, Dickinson & Co. | |||||||
| Bristol-Myers Squibb Co. | |||||||
| CVS Health Corp. | |||||||
| Danaher Corp. | |||||||
| Edwards Lifesciences Corp. | |||||||
| HCA Healthcare Inc. | |||||||
| Intuitive Surgical Inc. | |||||||
| Stryker Corp. | |||||||
| UnitedHealth Group Inc. | |||||||
| Fixed Charge Coverage, Sector | |||||||
| Health Care Equipment & Services | |||||||
| Fixed Charge Coverage, Industry | |||||||
| Health Care | |||||||
Based on: 10-K (filing date: 2021-06-25), 10-K (filing date: 2020-06-19), 10-K (filing date: 2019-06-21), 10-K (filing date: 2018-06-22), 10-K (filing date: 2017-06-27), 10-K (filing date: 2016-06-28).
1 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Medtronic PLC’s fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |