Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Medtronic PLC, EBITDA calculation

US$ in millions

12 months ended:	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020	Apr 26, 2019	Apr 27, 2018
Net income attributable to Medtronic	3,758)	5,039)	3,606)	4,789)	4,631)	3,104)
Add: Net income attributable to noncontrolling interest	26)	23)	24)	17)	19)	(9)
Add: Income tax expense	1,580)	455)	265)	(751)	547)	2,580)
Earnings before tax (EBT)	5,364)	5,517)	3,895)	4,055)	5,197)	5,675)
Add: Interest expense, net	636)	553)	925)	1,092)	1,444)	1,146)
Earnings before interest and tax (EBIT)	6,000)	6,070)	4,820)	5,147)	6,641)	6,821)
Add: Depreciation and amortization	2,697)	2,707)	2,702)	2,663)	2,659)	2,644)
Earnings before interest, tax, depreciation and amortization (EBITDA)	8,697)	8,777)	7,522)	7,810)	9,300)	9,465)

Based on: 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), 10-K (reporting date: 2018-04-27).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Medtronic PLC EBITDA increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Medtronic PLC, current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	123,317)
Earnings before interest, tax, depreciation and amortization (EBITDA)	8,697)
Valuation Ratio
EV/EBITDA	14.18
Benchmarks
EV/EBITDA, Competitors¹
Abbott Laboratories	18.31
Cigna Group	12.58
CVS Health Corp.	7.45
Elevance Health Inc.	10.76
Humana Inc.	6.10
Intuitive Surgical Inc.	53.72
Shockwave Medical Inc.	62.86
UnitedHealth Group Inc.	13.32
EV/EBITDA, Sector
Health Care Equipment & Services	13.23
EV/EBITDA, Industry
Health Care	18.29

Based on: 10-K (reporting date: 2023-04-28).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Medtronic PLC, historical EV/EBITDA calculation, comparison to benchmarks

	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020	Apr 26, 2019	Apr 27, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	132,878)	131,529)	183,640)	139,945)	148,881)	131,974)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	8,697)	8,777)	7,522)	7,810)	9,300)	9,465)
Valuation Ratio
EV/EBITDA³	15.28	14.99	24.41	17.92	16.01	13.94
Benchmarks
EV/EBITDA, Competitors⁴
Abbott Laboratories	19.49	15.85	17.42	25.99	21.70	—
Cigna Group	12.11	8.88	9.06	6.31	8.42	—
CVS Health Corp.	8.03	12.42	10.41	8.56	9.43	—
Elevance Health Inc.	10.24	10.26	10.05	7.57	9.05	—
Humana Inc.	7.33	11.59	11.22	6.91	9.30	—
Intuitive Surgical Inc.	53.82	41.52	44.54	59.12	37.53	—
Shockwave Medical Inc.	49.39	52.02	—	—	—	—
UnitedHealth Group Inc.	13.60	15.11	17.39	13.39	13.82	—
EV/EBITDA, Sector
Health Care Equipment & Services	13.58	13.91	15.27	12.79	12.97	—
EV/EBITDA, Industry
Health Care	18.80	13.80	13.98	16.48	14.28	—

Based on: 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), 10-K (reporting date: 2018-04-27).

¹ See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 132,878 ÷ 8,697 = 15.28

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Medtronic PLC EV/EBITDA ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Medtronic PLC (NYSE:MDT)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical