Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.

Solvency Ratios (Summary)
Debt to Equity
Debt to Equity (including Operating Lease Liability)
Debt to Capital
Debt to Capital (including Operating Lease Liability)
Debt to Assets
Debt to Assets (including Operating Lease Liability)
Financial Leverage
Interest Coverage
Fixed Charge Coverage

Medtronic PLC, solvency ratios

	Apr 24, 2020	Apr 26, 2019	Apr 27, 2018	Apr 28, 2017	Apr 29, 2016	Apr 24, 2015
Debt Ratios
Debt to equity	0.49	0.51	0.51	0.66	0.60	0.68
Debt to equity (including operating lease liability)	0.51	0.51	0.51	0.66	0.60	0.68
Debt to capital	0.33	0.34	0.34	0.40	0.38	0.40
Debt to capital (including operating lease liability)	0.34	0.34	0.34	0.40	0.38	0.40
Debt to assets	0.27	0.28	0.28	0.34	0.31	0.34
Debt to assets (including operating lease liability)	0.28	0.28	0.28	0.34	0.31	0.34
Financial leverage	1.79	1.79	1.80	1.98	1.92	2.00
Coverage Ratios
Interest coverage	4.71	4.60	5.95	5.21	4.13	6.23
Fixed charge coverage	3.98	3.97	4.87	4.32	3.62	5.05

Based on: 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), 10-K (filing date: 2015-06-23).

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 2018 to 2019 and from 2019 to 2020.
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) improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level.
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 2018 to 2019 and from 2019 to 2020.
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) improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level.
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	Medtronic PLC’s debt to assets ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
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 2018 to 2019 and from 2019 to 2020.
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	Medtronic PLC’s financial leverage ratio decreased from 2018 to 2019 and from 2019 to 2020.

Solvency ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Medtronic PLC’s interest coverage ratio deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.
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 deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.

Medtronic PLC, debt to equity calculation, comparison to benchmarks

	Apr 24, 2020	Apr 26, 2019	Apr 27, 2018	Apr 28, 2017	Apr 29, 2016	Apr 24, 2015
Selected Financial Data (US$ in millions)
Current debt obligations	2,776	838	2,058	7,520	993	2,434
Long-term debt	22,021	24,486	23,699	25,921	30,247	33,752
Total debt	24,797	25,324	25,757	33,441	31,240	36,186

Shareholders’ equity	50,737	50,091	50,720	50,294	52,063	53,230
Solvency Ratio
Debt to equity¹	0.49	0.51	0.51	0.66	0.60	0.68
Benchmarks
Debt to Equity, Competitors²
Becton, Dickinson & Co.	—	0.92	1.02	1.46	1.51	1.79
Boston Scientific Corp.	—	0.72	0.81	0.80	0.81	0.90
Danaher Corp.	—	0.72	0.35	0.40	0.53	0.54
Intuitive Surgical Inc.	—	0.00	0.00	0.00	0.00	0.00
Stryker Corp.	—	0.87	0.84	0.72	0.72	0.47
Thermo Fisher Scientific Inc.	—	0.60	0.69	0.83	0.77	0.59
UnitedHealth Group Inc.	—	0.71	0.71	0.66	0.86	0.95
Debt to Equity, Sector
Health Care Equipment & Services	—	0.65	0.63	0.70	0.71	0.73
Debt to Equity, Industry
Health Care	—	0.90	0.82	0.83	0.79	0.71

Based on: 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), 10-K (filing date: 2015-06-23).

¹ 2020 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 24,797 ÷ 50,737 = 0.49

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 2018 to 2019 and from 2019 to 2020.

Medtronic PLC, debt to equity (including operating lease liability) calculation, comparison to benchmarks

	Apr 24, 2020	Apr 26, 2019	Apr 27, 2018	Apr 28, 2017	Apr 29, 2016	Apr 24, 2015
Selected Financial Data (US$ in millions)
Current debt obligations	2,776	838	2,058	7,520	993	2,434
Long-term debt	22,021	24,486	23,699	25,921	30,247	33,752
Total debt	24,797	25,324	25,757	33,441	31,240	36,186
Operating lease current liability (classified in Other accrued expenses)	171	—	—	—	—	—
Operating lease non-current liability (classified in Other liabilities)	774	—	—	—	—	—
Total debt (including operating lease liability)	25,742	25,324	25,757	33,441	31,240	36,186

Shareholders’ equity	50,737	50,091	50,720	50,294	52,063	53,230
Solvency Ratio
Debt to equity (including operating lease liability)¹	0.51	0.51	0.51	0.66	0.60	0.68
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors²
Boston Scientific Corp.	—	0.75	0.81	0.80	0.81	0.90
Danaher Corp.	—	0.74	0.35	0.40	0.53	0.54
Intuitive Surgical Inc.	—	0.01	0.00	0.00	0.00	0.00
Stryker Corp.	—	0.90	0.84	0.72	0.72	0.47
Thermo Fisher Scientific Inc.	—	0.62	0.69	0.83	0.77	0.59
UnitedHealth Group Inc.	—	0.77	0.71	0.66	0.86	0.95
Debt to Equity (including Operating Lease Liability), Sector
Health Care Equipment & Services	—	0.68	0.63	0.70	0.71	0.73
Debt to Equity (including Operating Lease Liability), Industry
Health Care	—	0.93	0.82	0.83	0.79	0.71

Based on: 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), 10-K (filing date: 2015-06-23).

¹ 2020 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 25,742 ÷ 50,737 = 0.51

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) improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level.

Medtronic PLC, debt to capital calculation, comparison to benchmarks

	Apr 24, 2020	Apr 26, 2019	Apr 27, 2018	Apr 28, 2017	Apr 29, 2016	Apr 24, 2015
Selected Financial Data (US$ in millions)
Current debt obligations	2,776	838	2,058	7,520	993	2,434
Long-term debt	22,021	24,486	23,699	25,921	30,247	33,752
Total debt	24,797	25,324	25,757	33,441	31,240	36,186
Shareholders’ equity	50,737	50,091	50,720	50,294	52,063	53,230
Total capital	75,534	75,415	76,477	83,735	83,303	89,416
Solvency Ratio
Debt to capital¹	0.33	0.34	0.34	0.40	0.38	0.40
Benchmarks
Debt to Capital, Competitors²
Becton, Dickinson & Co.	—	0.48	0.51	0.59	0.60	0.64
Boston Scientific Corp.	—	0.42	0.45	0.44	0.45	0.47
Danaher Corp.	—	0.42	0.26	0.29	0.35	0.35
Intuitive Surgical Inc.	—	0.00	0.00	0.00	0.00	0.00
Stryker Corp.	—	0.46	0.46	0.42	0.42	0.32
Thermo Fisher Scientific Inc.	—	0.37	0.41	0.45	0.44	0.37
UnitedHealth Group Inc.	—	0.41	0.41	0.40	0.46	0.49
Debt to Capital, Sector
Health Care Equipment & Services	—	0.39	0.39	0.41	0.42	0.42
Debt to Capital, Industry
Health Care	—	0.47	0.45	0.45	0.44	0.42

Based on: 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), 10-K (filing date: 2015-06-23).

¹ 2020 Calculation
Debt to capital = Total debt ÷ Total capital
= 24,797 ÷ 75,534 = 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’s debt to capital ratio improved from 2018 to 2019 and from 2019 to 2020.

Medtronic PLC, debt to capital (including operating lease liability) calculation, comparison to benchmarks

	Apr 24, 2020	Apr 26, 2019	Apr 27, 2018	Apr 28, 2017	Apr 29, 2016	Apr 24, 2015
Selected Financial Data (US$ in millions)
Current debt obligations	2,776	838	2,058	7,520	993	2,434
Long-term debt	22,021	24,486	23,699	25,921	30,247	33,752
Total debt	24,797	25,324	25,757	33,441	31,240	36,186
Operating lease current liability (classified in Other accrued expenses)	171	—	—	—	—	—
Operating lease non-current liability (classified in Other liabilities)	774	—	—	—	—	—
Total debt (including operating lease liability)	25,742	25,324	25,757	33,441	31,240	36,186
Shareholders’ equity	50,737	50,091	50,720	50,294	52,063	53,230
Total capital (including operating lease liability)	76,479	75,415	76,477	83,735	83,303	89,416
Solvency Ratio
Debt to capital (including operating lease liability)¹	0.34	0.34	0.34	0.40	0.38	0.40
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors²
Boston Scientific Corp.	—	0.43	0.45	0.44	0.45	0.47
Danaher Corp.	—	0.43	0.26	0.29	0.35	0.35
Intuitive Surgical Inc.	—	0.01	0.00	0.00	0.00	0.00
Stryker Corp.	—	0.47	0.46	0.42	0.42	0.32
Thermo Fisher Scientific Inc.	—	0.38	0.41	0.45	0.44	0.37
UnitedHealth Group Inc.	—	0.44	0.41	0.40	0.46	0.49
Debt to Capital (including Operating Lease Liability), Sector
Health Care Equipment & Services	—	0.41	0.39	0.41	0.42	0.42
Debt to Capital (including Operating Lease Liability), Industry
Health Care	—	0.48	0.45	0.45	0.44	0.42

Based on: 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), 10-K (filing date: 2015-06-23).

¹ 2020 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 25,742 ÷ 76,479 = 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’s debt to capital ratio (including operating lease liability) improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level.

Medtronic PLC, debt to assets calculation, comparison to benchmarks

	Apr 24, 2020	Apr 26, 2019	Apr 27, 2018	Apr 28, 2017	Apr 29, 2016	Apr 24, 2015
Selected Financial Data (US$ in millions)
Current debt obligations	2,776	838	2,058	7,520	993	2,434
Long-term debt	22,021	24,486	23,699	25,921	30,247	33,752
Total debt	24,797	25,324	25,757	33,441	31,240	36,186

Total assets	90,689	89,694	91,393	99,816	99,782	106,685
Solvency Ratio
Debt to assets¹	0.27	0.28	0.28	0.34	0.31	0.34
Benchmarks
Debt to Assets, Competitors²
Becton, Dickinson & Co.	—	0.37	0.40	0.50	0.45	0.48
Boston Scientific Corp.	—	0.33	0.34	0.29	0.30	0.31
Danaher Corp.	—	0.35	0.20	0.23	0.27	0.27
Intuitive Surgical Inc.	—	0.00	0.00	0.00	0.00	0.00
Stryker Corp.	—	0.37	0.36	0.33	0.34	0.25
Thermo Fisher Scientific Inc.	—	0.30	0.34	0.37	0.36	0.31
UnitedHealth Group Inc.	—	0.23	0.24	0.23	0.27	0.29
Debt to Assets, Sector
Health Care Equipment & Services	—	0.29	0.28	0.30	0.30	0.31
Debt to Assets, Industry
Health Care	—	0.33	0.31	0.32	0.31	0.29

Based on: 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), 10-K (filing date: 2015-06-23).

¹ 2020 Calculation
Debt to assets = Total debt ÷ Total assets
= 24,797 ÷ 90,689 = 0.27

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 deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Medtronic PLC, debt to assets (including operating lease liability) calculation, comparison to benchmarks

	Apr 24, 2020	Apr 26, 2019	Apr 27, 2018	Apr 28, 2017	Apr 29, 2016	Apr 24, 2015
Selected Financial Data (US$ in millions)
Current debt obligations	2,776	838	2,058	7,520	993	2,434
Long-term debt	22,021	24,486	23,699	25,921	30,247	33,752
Total debt	24,797	25,324	25,757	33,441	31,240	36,186
Operating lease current liability (classified in Other accrued expenses)	171	—	—	—	—	—
Operating lease non-current liability (classified in Other liabilities)	774	—	—	—	—	—
Total debt (including operating lease liability)	25,742	25,324	25,757	33,441	31,240	36,186

Total assets	90,689	89,694	91,393	99,816	99,782	106,685
Solvency Ratio
Debt to assets (including operating lease liability)¹	0.28	0.28	0.28	0.34	0.31	0.34
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors²
Boston Scientific Corp.	—	0.34	0.34	0.29	0.30	0.31
Danaher Corp.	—	0.36	0.20	0.23	0.27	0.27
Intuitive Surgical Inc.	—	0.01	0.00	0.00	0.00	0.00
Stryker Corp.	—	0.38	0.36	0.33	0.34	0.25
Thermo Fisher Scientific Inc.	—	0.32	0.34	0.37	0.36	0.31
UnitedHealth Group Inc.	—	0.26	0.24	0.23	0.27	0.29
Debt to Assets (including Operating Lease Liability), Sector
Health Care Equipment & Services	—	0.30	0.28	0.30	0.30	0.31
Debt to Assets (including Operating Lease Liability), Industry
Health Care	—	0.34	0.31	0.32	0.31	0.29

Based on: 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), 10-K (filing date: 2015-06-23).

¹ 2020 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 25,742 ÷ 90,689 = 0.28

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 2018 to 2019 and from 2019 to 2020.

Medtronic PLC, financial leverage calculation, comparison to benchmarks

	Apr 24, 2020	Apr 26, 2019	Apr 27, 2018	Apr 28, 2017	Apr 29, 2016	Apr 24, 2015
Selected Financial Data (US$ in millions)
Total assets	90,689	89,694	91,393	99,816	99,782	106,685
Shareholders’ equity	50,737	50,091	50,720	50,294	52,063	53,230
Solvency Ratio
Financial leverage¹	1.79	1.79	1.80	1.98	1.92	2.00
Benchmarks
Financial Leverage, Competitors²
Becton, Dickinson & Co.	—	2.46	2.57	2.91	3.35	3.74
Boston Scientific Corp.	—	2.20	2.41	2.72	2.69	2.87
Danaher Corp.	—	2.05	1.70	1.77	1.97	2.04
Intuitive Surgical Inc.	—	1.18	1.17	1.22	1.12	1.14
Stryker Corp.	—	2.36	2.32	2.23	2.14	1.91
Thermo Fisher Scientific Inc.	—	1.97	2.04	2.23	2.13	1.92
UnitedHealth Group Inc.	—	3.02	2.94	2.91	3.21	3.29
Financial Leverage, Sector
Health Care Equipment & Services	—	2.26	2.22	2.31	2.34	2.36
Financial Leverage, Industry
Health Care	—	2.76	2.67	2.64	2.53	2.41

Based on: 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), 10-K (filing date: 2015-06-23).

¹ 2020 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 90,689 ÷ 50,737 = 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’s financial leverage ratio decreased from 2018 to 2019 and from 2019 to 2020.

Medtronic PLC, interest coverage calculation, comparison to benchmarks

	Apr 24, 2020	Apr 26, 2019	Apr 27, 2018	Apr 28, 2017	Apr 29, 2016	Apr 24, 2015
Selected Financial Data (US$ in millions)
Net income attributable to Medtronic	4,789	4,631	3,104	4,028	3,538	2,675
Add: Net income attributable to noncontrolling interest	17	19	(9)	(4)	—	—
Add: Income tax expense	(751)	547	2,580	578	798	811
Add: Interest expense	1,092	1,444	1,146	1,094	1,386	666
Earnings before interest and tax (EBIT)	5,147	6,641	6,821	5,696	5,722	4,152
Solvency Ratio
Interest coverage¹	4.71	4.60	5.95	5.21	4.13	6.23
Benchmarks
Interest Coverage, Competitors²
Becton, Dickinson & Co.	—	2.84	2.66	2.87	3.77	2.99
Boston Scientific Corp.	—	2.45	6.90	5.07	1.76	-1.29
Danaher Corp.	—	31.44	21.92	19.06	15.16	21.42
Intuitive Surgical Inc.	—	—	—	—	—	—
Stryker Corp.	—	9.93	9.92	9.35	9.43	17.06
Thermo Fisher Scientific Inc.	—	7.02	5.89	5.10	5.31	5.67
UnitedHealth Group Inc.	—	11.55	12.39	12.82	12.12	13.95
Interest Coverage, Sector
Health Care Equipment & Services	—	7.84	8.51	8.21	7.32	8.71
Interest Coverage, Industry
Health Care	—	10.25	9.98	10.30	10.91	13.34

Based on: 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), 10-K (filing date: 2015-06-23).

¹ 2020 Calculation
Interest coverage = EBIT ÷ Interest expense
= 5,147 ÷ 1,092 = 4.71

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 deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.

Medtronic PLC, fixed charge coverage calculation, comparison to benchmarks

	Apr 24, 2020	Apr 26, 2019	Apr 27, 2018	Apr 28, 2017	Apr 29, 2016	Apr 24, 2015
Selected Financial Data (US$ in millions)
Net income attributable to Medtronic	4,789	4,631	3,104	4,028	3,538	2,675
Add: Net income attributable to noncontrolling interest	17	19	(9)	(4)	—	—
Add: Income tax expense	(751)	547	2,580	578	798	811
Add: Interest expense	1,092	1,444	1,146	1,094	1,386	666
Earnings before interest and tax (EBIT)	5,147	6,641	6,821	5,696	5,722	4,152
Add: Operating lease cost	269	305	319	294	269	195
Earnings before fixed charges and tax	5,416	6,946	7,140	5,990	5,991	4,347

Interest expense	1,092	1,444	1,146	1,094	1,386	666
Operating lease cost	269	305	319	294	269	195
Fixed charges	1,361	1,749	1,465	1,388	1,655	861
Solvency Ratio
Fixed charge coverage¹	3.98	3.97	4.87	4.32	3.62	5.05
Benchmarks
Fixed Charge Coverage, Competitors²
Becton, Dickinson & Co.	—	1.99	1.92	2.18	3.15	2.61
Boston Scientific Corp.	—	2.24	5.27	3.94	1.57	-0.81
Danaher Corp.	—	8.38	8.49	8.14	7.46	8.84
Intuitive Surgical Inc.	—	79.65	—	—	—	—
Stryker Corp.	—	7.10	6.86	6.55	6.65	9.30
Thermo Fisher Scientific Inc.	—	5.60	4.72	4.07	4.11	4.25
UnitedHealth Group Inc.	—	7.65	8.41	8.40	8.08	8.61
Fixed Charge Coverage, Sector
Health Care Equipment & Services	—	5.66	6.09	5.92	5.51	6.07
Fixed Charge Coverage, Industry
Health Care	—	7.90	7.87	8.12	8.60	9.99

Based on: 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), 10-K (filing date: 2015-06-23).

¹ 2020 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 5,416 ÷ 1,361 = 3.98

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 deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.

Medtronic PLC (NYSE:MDT)

Analysis of Solvency Ratios

Solvency Ratios (Summary)

Debt to Equity

Debt to Equity (including Operating Lease Liability)

Debt to Capital

Debt to Capital (including Operating Lease Liability)

Debt to Assets

Debt to Assets (including Operating Lease Liability)

Financial Leverage

Interest Coverage

Fixed Charge Coverage