Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Analysis of Debt
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Profitability Ratios (Summary)
Medtronic PLC, profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-01-23), 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).
The profitability metrics demonstrate a generally positive trend over the observed period, though with some fluctuations. Gross profit margin, operating profit margin, net profit margin, return on equity (ROE), and return on assets (ROA) all exhibited improvement from the beginning of the period through early 2022, followed by varying degrees of stabilization and, in some cases, slight decline. A more detailed examination of each metric reveals specific patterns.
- Gross Profit Margin
- The gross profit margin experienced a moderate increase from 65.76% in July 2020 to 67.89% in January 2022. Following this peak, the margin stabilized, fluctuating between approximately 65.04% and 67.61% for the remainder of the period, ending at 64.86% in January 2026. This suggests a consistent ability to manage production costs, with a slight decrease in recent quarters.
- Operating Profit Margin
- The operating profit margin showed a more pronounced upward trend, increasing from 14.25% in July 2020 to 18.15% in April 2022. This indicates improved operational efficiency and cost control. However, the margin subsequently decreased to 15.89% in April 2024, before a modest recovery to 17.00% in January 2026. This suggests potential increases in operating expenses or competitive pressures in later periods.
- Net Profit Margin
- Similar to the operating profit margin, the net profit margin increased significantly from 15.80% in July 2020 to 16.75% in July 2022. A subsequent decline to 12.03% in October 2022 was observed, followed by a recovery to 13.71% in January 2026. This pattern suggests that factors beyond core operations, such as financing costs or taxes, may be influencing net profitability.
- Return on Equity (ROE)
- ROE demonstrated a clear upward trajectory from 8.77% in July 2020 to a peak of 9.88% in July 2022. The metric then experienced a slight decline, stabilizing around 9.42% - 9.79% from October 2023 through January 2026. This indicates a generally efficient use of shareholder equity to generate profits, with recent performance remaining strong.
- Return on Assets (ROA)
- ROA mirrored the trend observed in ROE, increasing from 4.70% in July 2020 to 5.79% in July 2022. A similar stabilization and slight decline followed, with ROA reaching 5.04% in January 2026. This suggests an effective utilization of assets to generate earnings, though with a slight decrease in efficiency in the most recent period.
Overall, the observed profitability ratios indicate a period of strong performance followed by a period of stabilization. While margins and returns have generally remained healthy, the slight declines observed in recent quarters warrant further investigation to identify potential contributing factors and ensure continued profitability.
Return on Sales
Return on Investment
Gross Profit Margin
Medtronic PLC, gross profit margin calculation (quarterly data)
| Jan 23, 2026 | 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) | ||||||||||||||||||||||||||||||
| Gross profit | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Gross profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-01-23), 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 Q3 2026 Calculation
Gross profit margin = 100
× (Gross profitQ3 2026
+ Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025)
÷ (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The gross profit margin exhibited a generally stable pattern over the analyzed period, spanning from July 2020 to January 2026. While fluctuations occurred, the metric largely remained within a relatively narrow range, indicating consistent production efficiency and pricing strategies. An initial decline is observed in the earlier part of the period, followed by a period of relative stability and then a slight downward trend towards the end of the observation window.
- Initial Trend (July 2020 - January 2021)
- The gross profit margin began at 65.76% in July 2020 and experienced a gradual decrease, reaching 63.85% by January 2021. This initial decline suggests potential increases in the cost of goods sold relative to net sales during this timeframe, or potentially some pricing pressure.
- Period of Stability and Increase (April 2021 - January 2022)
- Following the decline, the gross profit margin demonstrated a recovery, peaking at 67.89% in January 2022. This improvement indicates a potential stabilization of costs or successful implementation of pricing adjustments. The period between April 2021 and October 2021 shows a consistent increase, suggesting positive operational performance.
- Subsequent Fluctuations (April 2022 - January 2026)
- From April 2022 onwards, the gross profit margin exhibited more frequent fluctuations. It decreased to 67.61% in July 2022, then experienced a slight decline to 64.86% by January 2026. While remaining above the low point observed in early 2021, this period suggests increased volatility in cost management or pricing dynamics. The most recent value, 64.86%, represents the lowest point in the observed period.
- Overall Range
- Throughout the entire period, the gross profit margin fluctuated between a high of 67.89% and a low of 63.85%. This range of approximately 4 percentage points indicates a moderate degree of variability in the company’s ability to control production costs and maintain pricing power.
The observed trends suggest that while the company generally maintains a healthy gross profit margin, ongoing monitoring of cost structures and pricing strategies is crucial to address potential downward pressures and maintain profitability. The recent fluctuations warrant further investigation to identify the underlying drivers and implement appropriate mitigation strategies.
Operating Profit Margin
Medtronic PLC, operating profit margin calculation (quarterly data)
| Jan 23, 2026 | 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) | ||||||||||||||||||||||||||||||
| Operating profit | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-01-23), 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 Q3 2026 Calculation
Operating profit margin = 100
× (Operating profitQ3 2026
+ Operating profitQ2 2026
+ Operating profitQ1 2026
+ Operating profitQ4 2025)
÷ (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The operating profit margin exhibited considerable fluctuation over the observed period, spanning from July 2020 to January 2026. Initially, the margin decreased from 14.25% to 11.44% before demonstrating a recovery and subsequent peak.
- Initial Decline and Recovery (July 2020 – January 2021)
- The operating profit margin began at 14.25% in July 2020 and experienced a decline through January 2021, reaching a low of 11.44%. This suggests potential pressures on profitability during this period, possibly related to increased costs or pricing challenges. Following this decline, a recovery was observed in the subsequent quarter, reaching 14.89% in April 2021.
- Period of Expansion (April 2021 – January 2022)
- From April 2021 to January 2022, the operating profit margin generally trended upward. It peaked at 18.15% in April 2022, indicating improved operational efficiency or favorable market conditions. This period represents a strong performance in profitability.
- Subsequent Fluctuations (January 2022 – October 2023)
- Following the peak in April 2022, the operating profit margin experienced fluctuations, ranging from 17.89% to 19.37% and then decreasing to 17.41% by October 2023. While remaining at a relatively high level, this period demonstrates a loss of the consistent upward trajectory seen previously.
- Recent Trends (October 2023 – January 2026)
- From October 2023 through January 2026, the operating profit margin showed further variability, with a low of 15.89% in April 2024 and a high of 17.88% in January 2026. The most recent value, 17.00% in January 2026, represents a decrease from the peak values observed earlier in the period, but remains within the range of values seen since the beginning of 2022.
Overall, the operating profit margin demonstrates a dynamic pattern, with periods of decline, recovery, and fluctuation. While the margin generally remained healthy throughout the observed timeframe, the recent period suggests a potential stabilization or slight downward trend, warranting further investigation into the underlying drivers of profitability.
Net Profit Margin
Medtronic PLC, net profit margin calculation (quarterly data)
| Jan 23, 2026 | 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) | ||||||||||||||||||||||||||||||
| Net income attributable to Medtronic | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-01-23), 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 Q3 2026 Calculation
Net profit margin = 100
× (Net income attributable to MedtronicQ3 2026
+ Net income attributable to MedtronicQ2 2026
+ Net income attributable to MedtronicQ1 2026
+ Net income attributable to MedtronicQ4 2025)
÷ (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The net profit margin exhibited considerable fluctuation over the observed period, spanning from July 2020 to January 2026. Initial values demonstrated a strong profitability position, followed by periods of decline and subsequent recovery, ultimately concluding with a margin comparable to the earlier levels.
- Initial Period (July 2020 - January 2021)
- The net profit margin began at 15.80% in July 2020, then decreased to 12.69% in October 2020. A significant increase was then observed, reaching 10.36% in January 2021. This initial period suggests a potential sensitivity to external factors or internal cost management challenges.
- Recovery and Peak (April 2021 - January 2022)
- From April 2021, the net profit margin demonstrated a recovery, rising to 11.97% and continuing to increase, peaking at 15.90% in January 2022. This indicates successful implementation of strategies to improve profitability, potentially through increased sales efficiency or cost reduction initiatives.
- Mid-Period Volatility (April 2022 - October 2023)
- Following the peak, the margin experienced volatility. It decreased to 16.75% in April 2022, then declined sharply to 14.03% in October 2022. A subsequent increase to 13.20% in January 2023 was followed by a decrease to 12.84% in October 2023. This period suggests a challenging operating environment or increased competitive pressures.
- Recent Performance (January 2024 - January 2026)
- The net profit margin showed a degree of stabilization in the latter part of the period. It increased to 13.00% in January 2024, dipped to 11.36% in April 2024, and then rose again, reaching 13.71% in January 2026. This suggests a return to a more consistent profitability level, although fluctuations remain present.
- Overall Trend
- Despite the interim volatility, the net profit margin demonstrates a general tendency to remain within the 10% to 16% range throughout the observed timeframe. The final reported value of 13.71% in January 2026 is comparable to the values observed in the earlier stages of the period, indicating a cyclical pattern in profitability.
Return on Equity (ROE)
Medtronic PLC, ROE calculation (quarterly data)
| Jan 23, 2026 | 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) | ||||||||||||||||||||||||||||||
| Net income attributable to Medtronic | ||||||||||||||||||||||||||||||
| Shareholders’ equity | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-01-23), 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 Q3 2026 Calculation
ROE = 100
× (Net income attributable to MedtronicQ3 2026
+ Net income attributable to MedtronicQ2 2026
+ Net income attributable to MedtronicQ1 2026
+ Net income attributable to MedtronicQ4 2025)
÷ Shareholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The Return on Equity (ROE) for the analyzed period demonstrates considerable fluctuation, though generally remains within a range of approximately 7% to 10%. Initial values show a decline from 8.77% in July 2020 to 7.05% in October 2020, followed by a significant drop to 5.70% in January 2021. A subsequent recovery is observed, with ROE increasing to 7.54% in July 2021 and peaking at 9.35% in January 2022. The metric then exhibits a moderate decline through October 2022, before stabilizing and showing renewed growth into early 2024. A dip is then seen in April 2024, followed by a recovery and a peak of 9.79% in January 2026.
- Overall Trend
- The ROE generally trends upward over the five-year period, despite several intermediate declines. The latter half of the period, from January 2024 onwards, shows a more consistent upward trajectory, culminating in the highest observed ROE value in January 2026.
- Short-Term Fluctuations
- Significant short-term fluctuations are evident, particularly between July 2020 and January 2022. These fluctuations likely correlate with changes in net income, as shareholders’ equity remains relatively stable. The largest single decrease in ROE occurs between October 2020 and January 2021.
- Net Income and ROE Relationship
- A strong correlation exists between net income attributable to Medtronic and the ROE. Periods of higher net income, such as January 2021 and January 2022, generally correspond with higher ROE values. Conversely, lower net income, as seen in October 2022 and April 2023, is associated with lower ROE.
- Shareholders’ Equity Impact
- Shareholders’ equity demonstrates a relatively stable pattern throughout the analyzed period. While minor fluctuations occur, the overall change is limited, suggesting that variations in ROE are primarily driven by changes in net income rather than significant shifts in the equity base.
- Recent Performance
- The most recent quarters analyzed (January 2025 to January 2026) indicate a positive trend in ROE, reaching a high of 9.79% in January 2026. This suggests improving profitability relative to equity during this period.
Return on Assets (ROA)
Medtronic PLC, ROA calculation (quarterly data)
| Jan 23, 2026 | 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) | ||||||||||||||||||||||||||||||
| Net income attributable to Medtronic | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-01-23), 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 Q3 2026 Calculation
ROA = 100
× (Net income attributable to MedtronicQ3 2026
+ Net income attributable to MedtronicQ2 2026
+ Net income attributable to MedtronicQ1 2026
+ Net income attributable to MedtronicQ4 2025)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The Return on Assets (ROA) for the analyzed period demonstrates a fluctuating, yet generally positive, trend. Initial values indicate a decline followed by a period of improvement, with recent quarters showing a stabilization around a higher level. The analysis below details these observations.
- Initial Decline (July 2020 - January 2021)
- The ROA began at 4.70% in July 2020, then experienced a consistent decrease, reaching a low of 2.97% by January 2021. This suggests a period where profitability relative to total assets was diminishing. This decline occurred despite relatively stable total asset values.
- Recovery and Peak (April 2021 - October 2021)
- Following the January 2021 low, the ROA exhibited a strong recovery, increasing to 5.13% by October 2021. This indicates improved efficiency in utilizing assets to generate income. The increase coincided with a rise in net income attributable to the company.
- Stabilization and Fluctuations (January 2022 - October 2023)
- From January 2022 through October 2023, the ROA fluctuated between approximately 4.32% and 5.79%. While not consistently trending upwards, the ROA generally remained above the levels observed in the earlier part of the analyzed period. This suggests a period of relative stability in asset utilization and profitability.
- Recent Performance (January 2024 - October 2025)
- The ROA demonstrated a slight upward trend in the most recent quarters, moving from 4.63% in January 2024 to 5.04% in October 2025. This indicates a renewed improvement in the company’s ability to generate profit from its assets. The values in this period are among the highest observed throughout the entire timeframe. Total assets remained relatively stable during this period.
Overall, the ROA demonstrates a pattern of initial decline, followed by recovery and stabilization at a higher level. The recent trend suggests a positive trajectory, indicating improved asset utilization and profitability. Continued monitoring of this ratio is recommended to assess the sustainability of this performance.