Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Medtronic PLC, solvency ratios
Based on: 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), 10-K (reporting date: 2019-04-26).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Medtronic PLC debt to equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| 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 debt to equity ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Medtronic PLC debt to capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| 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 debt to capital ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Medtronic PLC debt to assets ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| 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 debt to assets ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Medtronic PLC financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Medtronic PLC interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Medtronic PLC fixed charge coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Debt to Equity
Medtronic PLC, debt to equity calculation, comparison to benchmarks
| Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | 1,092) | 20) | 3,742) | 11) | 2,776) | 838) | |
| Long-term debt | 23,932) | 24,344) | 20,372) | 26,378) | 22,021) | 24,486) | |
| Total debt | 25,024) | 24,364) | 24,114) | 26,389) | 24,797) | 25,324) | |
| Shareholders’ equity | 50,214) | 51,483) | 52,551) | 51,428) | 50,737) | 50,091) | |
| Solvency Ratio | |||||||
| Debt to equity1 | 0.50 | 0.47 | 0.46 | 0.51 | 0.49 | 0.51 | |
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| Abbott Laboratories | — | 0.38 | 0.46 | 0.50 | 0.57 | 0.58 | |
| Cigna Group | — | 0.67 | 0.69 | 0.71 | 0.65 | 0.83 | |
| CVS Health Corp. | — | 0.81 | 0.74 | 0.75 | 0.93 | 1.07 | |
| Elevance Health Inc. | — | 0.64 | 0.66 | 0.64 | 0.60 | 0.63 | |
| Humana Inc. | — | 0.74 | 0.75 | 0.80 | 0.51 | 0.49 | |
| Intuitive Surgical Inc. | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| UnitedHealth Group Inc. | — | 0.70 | 0.74 | 0.64 | 0.66 | 0.71 | |
| Debt to Equity, Sector | |||||||
| Health Care Equipment & Services | — | 0.62 | 0.63 | 0.63 | 0.65 | 0.72 | |
| Debt to Equity, Industry | |||||||
| Health Care | — | 0.81 | 0.72 | 0.78 | 0.90 | 0.91 | |
Based on: 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), 10-K (reporting date: 2019-04-26).
1 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 25,024 ÷ 50,214 = 0.50
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 debt to equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Debt to Equity (including Operating Lease Liability)
Medtronic PLC, debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | 1,092) | 20) | 3,742) | 11) | 2,776) | 838) | |
| Long-term debt | 23,932) | 24,344) | 20,372) | 26,378) | 22,021) | 24,486) | |
| Total debt | 25,024) | 24,364) | 24,114) | 26,389) | 24,797) | 25,324) | |
| Operating lease current liability (classified in Other accrued expenses) | 183) | 180) | 167) | 186) | 171) | —) | |
| Operating lease non-current liability (classified in Other liabilities) | 840) | 869) | 703) | 829) | 774) | —) | |
| Total debt (including operating lease liability) | 26,047) | 25,413) | 24,984) | 27,404) | 25,742) | 25,324) | |
| Shareholders’ equity | 50,214) | 51,483) | 52,551) | 51,428) | 50,737) | 50,091) | |
| Solvency Ratio | |||||||
| Debt to equity (including operating lease liability)1 | 0.52 | 0.49 | 0.48 | 0.53 | 0.51 | 0.51 | |
| Benchmarks | |||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||
| Abbott Laboratories | — | 0.41 | 0.49 | 0.54 | 0.61 | 0.61 | |
| Cigna Group | — | 0.68 | 0.70 | 0.73 | 0.67 | 0.84 | |
| CVS Health Corp. | — | 1.04 | 1.00 | 1.01 | 1.23 | 1.39 | |
| Elevance Health Inc. | — | 0.66 | 0.69 | 0.67 | 0.63 | 0.65 | |
| Humana Inc. | — | 0.77 | 0.79 | 0.84 | 0.54 | 0.53 | |
| Intuitive Surgical Inc. | — | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |
| UnitedHealth Group Inc. | — | 0.76 | 0.80 | 0.70 | 0.73 | 0.77 | |
| Debt to Equity (including Operating Lease Liability), Sector | |||||||
| Health Care Equipment & Services | — | 0.70 | 0.71 | 0.71 | 0.74 | 0.81 | |
| Debt to Equity (including Operating Lease Liability), Industry | |||||||
| Health Care | — | 0.86 | 0.77 | 0.84 | 0.96 | 0.97 | |
Based on: 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), 10-K (reporting date: 2019-04-26).
1 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 26,047 ÷ 50,214 = 0.52
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 debt to equity ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024. |
Debt to Capital
Medtronic PLC, debt to capital calculation, comparison to benchmarks
| Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | 1,092) | 20) | 3,742) | 11) | 2,776) | 838) | |
| Long-term debt | 23,932) | 24,344) | 20,372) | 26,378) | 22,021) | 24,486) | |
| Total debt | 25,024) | 24,364) | 24,114) | 26,389) | 24,797) | 25,324) | |
| Shareholders’ equity | 50,214) | 51,483) | 52,551) | 51,428) | 50,737) | 50,091) | |
| Total capital | 75,238) | 75,847) | 76,665) | 77,817) | 75,534) | 75,415) | |
| Solvency Ratio | |||||||
| Debt to capital1 | 0.33 | 0.32 | 0.31 | 0.34 | 0.33 | 0.34 | |
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| Abbott Laboratories | — | 0.28 | 0.31 | 0.34 | 0.36 | 0.37 | |
| Cigna Group | — | 0.40 | 0.41 | 0.42 | 0.40 | 0.45 | |
| CVS Health Corp. | — | 0.45 | 0.42 | 0.43 | 0.48 | 0.52 | |
| Elevance Health Inc. | — | 0.39 | 0.40 | 0.39 | 0.38 | 0.39 | |
| Humana Inc. | — | 0.42 | 0.43 | 0.44 | 0.34 | 0.33 | |
| Intuitive Surgical Inc. | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| UnitedHealth Group Inc. | — | 0.41 | 0.43 | 0.39 | 0.40 | 0.41 | |
| Debt to Capital, Sector | |||||||
| Health Care Equipment & Services | — | 0.38 | 0.39 | 0.39 | 0.39 | 0.42 | |
| Debt to Capital, Industry | |||||||
| Health Care | — | 0.45 | 0.42 | 0.44 | 0.47 | 0.48 | |
Based on: 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), 10-K (reporting date: 2019-04-26).
1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 25,024 ÷ 75,238 = 0.33
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 debt to capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Debt to Capital (including Operating Lease Liability)
Medtronic PLC, debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | 1,092) | 20) | 3,742) | 11) | 2,776) | 838) | |
| Long-term debt | 23,932) | 24,344) | 20,372) | 26,378) | 22,021) | 24,486) | |
| Total debt | 25,024) | 24,364) | 24,114) | 26,389) | 24,797) | 25,324) | |
| Operating lease current liability (classified in Other accrued expenses) | 183) | 180) | 167) | 186) | 171) | —) | |
| Operating lease non-current liability (classified in Other liabilities) | 840) | 869) | 703) | 829) | 774) | —) | |
| Total debt (including operating lease liability) | 26,047) | 25,413) | 24,984) | 27,404) | 25,742) | 25,324) | |
| Shareholders’ equity | 50,214) | 51,483) | 52,551) | 51,428) | 50,737) | 50,091) | |
| Total capital (including operating lease liability) | 76,261) | 76,896) | 77,535) | 78,832) | 76,479) | 75,415) | |
| Solvency Ratio | |||||||
| Debt to capital (including operating lease liability)1 | 0.34 | 0.33 | 0.32 | 0.35 | 0.34 | 0.34 | |
| Benchmarks | |||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||
| Abbott Laboratories | — | 0.29 | 0.33 | 0.35 | 0.38 | 0.38 | |
| Cigna Group | — | 0.40 | 0.41 | 0.42 | 0.40 | 0.46 | |
| CVS Health Corp. | — | 0.51 | 0.50 | 0.50 | 0.55 | 0.58 | |
| Elevance Health Inc. | — | 0.40 | 0.41 | 0.40 | 0.39 | 0.40 | |
| Humana Inc. | — | 0.44 | 0.44 | 0.46 | 0.35 | 0.34 | |
| Intuitive Surgical Inc. | — | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |
| UnitedHealth Group Inc. | — | 0.43 | 0.45 | 0.41 | 0.42 | 0.44 | |
| Debt to Capital (including Operating Lease Liability), Sector | |||||||
| Health Care Equipment & Services | — | 0.41 | 0.41 | 0.41 | 0.43 | 0.45 | |
| Debt to Capital (including Operating Lease Liability), Industry | |||||||
| Health Care | — | 0.46 | 0.44 | 0.46 | 0.49 | 0.49 | |
Based on: 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), 10-K (reporting date: 2019-04-26).
1 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 26,047 ÷ 76,261 = 0.34
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 debt to capital ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024. |
Debt to Assets
Medtronic PLC, debt to assets calculation, comparison to benchmarks
| Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | 1,092) | 20) | 3,742) | 11) | 2,776) | 838) | |
| Long-term debt | 23,932) | 24,344) | 20,372) | 26,378) | 22,021) | 24,486) | |
| Total debt | 25,024) | 24,364) | 24,114) | 26,389) | 24,797) | 25,324) | |
| Total assets | 89,981) | 90,948) | 90,981) | 93,083) | 90,689) | 89,694) | |
| Solvency Ratio | |||||||
| Debt to assets1 | 0.28 | 0.27 | 0.27 | 0.28 | 0.27 | 0.28 | |
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| Abbott Laboratories | — | 0.20 | 0.23 | 0.24 | 0.26 | 0.27 | |
| Cigna Group | — | 0.20 | 0.22 | 0.22 | 0.21 | 0.24 | |
| CVS Health Corp. | — | 0.25 | 0.23 | 0.24 | 0.28 | 0.31 | |
| Elevance Health Inc. | — | 0.23 | 0.23 | 0.24 | 0.23 | 0.26 | |
| Humana Inc. | — | 0.26 | 0.27 | 0.29 | 0.20 | 0.20 | |
| Intuitive Surgical Inc. | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| UnitedHealth Group Inc. | — | 0.23 | 0.23 | 0.22 | 0.22 | 0.23 | |
| Debt to Assets, Sector | |||||||
| Health Care Equipment & Services | — | 0.23 | 0.23 | 0.23 | 0.24 | 0.26 | |
| Debt to Assets, Industry | |||||||
| Health Care | — | 0.29 | 0.27 | 0.28 | 0.30 | 0.31 | |
Based on: 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), 10-K (reporting date: 2019-04-26).
1 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 25,024 ÷ 89,981 = 0.28
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 debt to assets ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Debt to Assets (including Operating Lease Liability)
Medtronic PLC, debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current debt obligations | 1,092) | 20) | 3,742) | 11) | 2,776) | 838) | |
| Long-term debt | 23,932) | 24,344) | 20,372) | 26,378) | 22,021) | 24,486) | |
| Total debt | 25,024) | 24,364) | 24,114) | 26,389) | 24,797) | 25,324) | |
| Operating lease current liability (classified in Other accrued expenses) | 183) | 180) | 167) | 186) | 171) | —) | |
| Operating lease non-current liability (classified in Other liabilities) | 840) | 869) | 703) | 829) | 774) | —) | |
| Total debt (including operating lease liability) | 26,047) | 25,413) | 24,984) | 27,404) | 25,742) | 25,324) | |
| Total assets | 89,981) | 90,948) | 90,981) | 93,083) | 90,689) | 89,694) | |
| Solvency Ratio | |||||||
| Debt to assets (including operating lease liability)1 | 0.29 | 0.28 | 0.27 | 0.29 | 0.28 | 0.28 | |
| Benchmarks | |||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||
| Abbott Laboratories | — | 0.22 | 0.24 | 0.26 | 0.27 | 0.28 | |
| Cigna Group | — | 0.21 | 0.22 | 0.22 | 0.22 | 0.24 | |
| CVS Health Corp. | — | 0.32 | 0.31 | 0.33 | 0.37 | 0.40 | |
| Elevance Health Inc. | — | 0.24 | 0.24 | 0.25 | 0.24 | 0.27 | |
| Humana Inc. | — | 0.27 | 0.28 | 0.31 | 0.21 | 0.22 | |
| Intuitive Surgical Inc. | — | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |
| UnitedHealth Group Inc. | — | 0.25 | 0.25 | 0.24 | 0.24 | 0.26 | |
| Debt to Assets (including Operating Lease Liability), Sector | |||||||
| Health Care Equipment & Services | — | 0.26 | 0.26 | 0.27 | 0.27 | 0.29 | |
| Debt to Assets (including Operating Lease Liability), Industry | |||||||
| Health Care | — | 0.31 | 0.29 | 0.30 | 0.32 | 0.33 | |
Based on: 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), 10-K (reporting date: 2019-04-26).
1 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 26,047 ÷ 89,981 = 0.29
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 debt to assets ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024. |
Financial Leverage
Medtronic PLC, financial leverage calculation, comparison to benchmarks
| Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Total assets | 89,981) | 90,948) | 90,981) | 93,083) | 90,689) | 89,694) | |
| Shareholders’ equity | 50,214) | 51,483) | 52,551) | 51,428) | 50,737) | 50,091) | |
| Solvency Ratio | |||||||
| Financial leverage1 | 1.79 | 1.77 | 1.73 | 1.81 | 1.79 | 1.79 | |
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| Abbott Laboratories | — | 1.90 | 2.03 | 2.10 | 2.21 | 2.18 | |
| Cigna Group | — | 3.30 | 3.21 | 3.29 | 3.09 | 3.44 | |
| CVS Health Corp. | — | 3.27 | 3.21 | 3.10 | 3.32 | 3.48 | |
| Elevance Health Inc. | — | 2.77 | 2.83 | 2.70 | 2.61 | 2.44 | |
| Humana Inc. | — | 2.89 | 2.81 | 2.76 | 2.55 | 2.42 | |
| Intuitive Surgical Inc. | — | 1.16 | 1.17 | 1.14 | 1.15 | 1.18 | |
| UnitedHealth Group Inc. | — | 3.08 | 3.16 | 2.96 | 3.01 | 3.02 | |
| Financial Leverage, Sector | |||||||
| Health Care Equipment & Services | — | 2.73 | 2.73 | 2.68 | 2.70 | 2.75 | |
| Financial Leverage, Industry | |||||||
| Health Care | — | 2.80 | 2.66 | 2.77 | 2.95 | 2.93 | |
Based on: 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), 10-K (reporting date: 2019-04-26).
1 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 89,981 ÷ 50,214 = 1.79
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 financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024. |
Interest Coverage
Medtronic PLC, interest coverage calculation, comparison to benchmarks
| Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net income attributable to Medtronic | 3,676) | 3,758) | 5,039) | 3,606) | 4,789) | 4,631) | |
| Add: Net income attributable to noncontrolling interest | 29) | 26) | 23) | 24) | 17) | 19) | |
| Add: Income tax expense | 1,132) | 1,580) | 455) | 265) | (751) | 547) | |
| Add: Interest expense, net | 719) | 636) | 553) | 925) | 1,092) | 1,444) | |
| Earnings before interest and tax (EBIT) | 5,556) | 6,000) | 6,070) | 4,820) | 5,147) | 6,641) | |
| Solvency Ratio | |||||||
| Interest coverage1 | 7.73 | 9.43 | 10.98 | 5.21 | 4.71 | 4.60 | |
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| Abbott Laboratories | — | 11.46 | 15.89 | 16.41 | 10.10 | 7.09 | |
| Cigna Group | — | 4.94 | 7.43 | 6.22 | 8.76 | 5.11 | |
| CVS Health Corp. | — | 5.20 | 3.46 | 5.16 | 4.36 | 3.96 | |
| Elevance Health Inc. | — | 8.49 | 10.13 | 10.93 | 8.96 | 9.02 | |
| Humana Inc. | — | 7.73 | 9.89 | 11.49 | 17.52 | 15.34 | |
| Intuitive Surgical Inc. | — | — | — | — | — | — | |
| UnitedHealth Group Inc. | — | 9.97 | 13.59 | 14.44 | 13.47 | 11.55 | |
| Interest Coverage, Sector | |||||||
| Health Care Equipment & Services | — | 8.01 | 9.34 | 9.06 | 8.21 | 6.70 | |
| Interest Coverage, Industry | |||||||
| Health Care | — | 6.75 | 12.97 | 12.85 | 7.67 | 8.84 | |
Based on: 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), 10-K (reporting date: 2019-04-26).
1 2024 Calculation
Interest coverage = EBIT ÷ Interest expense
= 5,556 ÷ 719 = 7.73
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 interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Fixed Charge Coverage
Medtronic PLC, fixed charge coverage calculation, comparison to benchmarks
| Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | Apr 26, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net income attributable to Medtronic | 3,676) | 3,758) | 5,039) | 3,606) | 4,789) | 4,631) | |
| Add: Net income attributable to noncontrolling interest | 29) | 26) | 23) | 24) | 17) | 19) | |
| Add: Income tax expense | 1,132) | 1,580) | 455) | 265) | (751) | 547) | |
| Add: Interest expense, net | 719) | 636) | 553) | 925) | 1,092) | 1,444) | |
| Earnings before interest and tax (EBIT) | 5,556) | 6,000) | 6,070) | 4,820) | 5,147) | 6,641) | |
| Add: Operating lease cost | 273) | 273) | 260) | 251) | 269) | 305) | |
| Earnings before fixed charges and tax | 5,829) | 6,273) | 6,330) | 5,071) | 5,416) | 6,946) | |
| Interest expense, net | 719) | 636) | 553) | 925) | 1,092) | 1,444) | |
| Operating lease cost | 273) | 273) | 260) | 251) | 269) | 305) | |
| Fixed charges | 992) | 909) | 813) | 1,176) | 1,361) | 1,749) | |
| Solvency Ratio | |||||||
| Fixed charge coverage1 | 5.88 | 6.90 | 7.79 | 4.31 | 3.98 | 3.97 | |
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors2 | |||||||
| Abbott Laboratories | — | 7.71 | 10.10 | 10.21 | 6.68 | 5.14 | |
| Cigna Group | — | 4.64 | 6.87 | 5.61 | 7.84 | 4.67 | |
| CVS Health Corp. | — | 3.15 | 2.16 | 3.03 | 2.75 | 2.56 | |
| Elevance Health Inc. | — | 7.51 | 8.82 | 8.48 | 6.10 | 7.34 | |
| Humana Inc. | — | 6.20 | 7.10 | 8.05 | 12.02 | 9.76 | |
| Intuitive Surgical Inc. | — | 74.09 | 63.52 | 93.66 | 58.48 | 79.65 | |
| UnitedHealth Group Inc. | — | 7.27 | 8.77 | 8.80 | 8.51 | 7.65 | |
| Fixed Charge Coverage, Sector | |||||||
| Health Care Equipment & Services | — | 5.69 | 6.16 | 5.95 | 5.52 | 4.75 | |
| Fixed Charge Coverage, Industry | |||||||
| Health Care | — | 5.27 | 9.19 | 9.09 | 5.67 | 6.58 | |
Based on: 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), 10-K (reporting date: 2019-04-26).
1 2024 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 5,829 ÷ 992 = 5.88
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 fixed charge coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |