Enterprise Value to EBITDA (EV/EBITDA)
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Medtronic PLC pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Medtronic PLC, EBITDA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-04-25), 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).
- Net income attributable to Medtronic
- Net income exhibited fluctuations over the observed periods, beginning at 4789 million US dollars in April 2020, followed by a notable decline to 3606 million in April 2021. Subsequently, there was a recovery to 5039 million in April 2022, yet after this peak, a downward trend was observed with values of 3758 million in April 2023 and 3676 million in April 2024. The figure then rose again to 4662 million in April 2025, indicating some volatility but an overall modest recovery towards the end of the period.
- Earnings before tax (EBT)
- EBT presented a generally positive trend, increasing from 4055 million US dollars in April 2020 to 3895 million in April 2021 with minor decline, then experiencing a significant rise to 5517 million in April 2022. Despite a slight drop to 5364 million in April 2023 and further decline to 4837 million in April 2024, the figure rebounded to its highest value at 5628 million in April 2025. This pattern suggests increasing profitability before tax over the examined timeframe, notwithstanding intermittent decreases.
- Earnings before interest and tax (EBIT)
- EBIT values demonstrated a broadly upward movement, starting at 5147 million US dollars in April 2020 and decreasing slightly to 4820 million in April 2021. From there, EBIT grew steadily to 6070 million in April 2022 and maintained a near plateau at 6000 million in April 2023. A decline to 5556 million was observed in April 2024, which was followed by an increase to 6357 million in April 2025, the highest point in the series. This indicates improved operating performance with some volatility within the years.
- Earnings before interest, tax, depreciation and amortization (EBITDA)
- EBITDA reflected a strong upward trend across the periods. Starting from 7810 million US dollars in April 2020, the value dipped slightly to 7522 million in April 2021 but resumed growth reaching 8777 million in April 2022. Although there was a minor decrease to 8697 million in April 2023 and 8203 million in April 2024, the EBITDA peaked at 9218 million in April 2025. This progression illustrates solid earnings capacity before non-cash expenses, signaling strong operating cash flow generation potential with some year-to-year variability.
Enterprise Value to EBITDA Ratio, Current
Medtronic PLC, current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Abbott Laboratories | |
| CVS Health Corp. | |
| Elevance Health Inc. | |
| Intuitive Surgical Inc. | |
| UnitedHealth Group Inc. | |
| EV/EBITDA, Sector | |
| Health Care Equipment & Services | |
| EV/EBITDA, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2025-04-25).
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.
Enterprise Value to EBITDA Ratio, Historical
Medtronic PLC, historical EV/EBITDA calculation, comparison to benchmarks
| Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | Apr 24, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Enterprise value (EV)1 | |||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | |||||||
| Valuation Ratio | |||||||
| EV/EBITDA3 | |||||||
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Abbott Laboratories | |||||||
| CVS Health Corp. | |||||||
| Elevance Health Inc. | |||||||
| Intuitive Surgical Inc. | |||||||
| UnitedHealth Group Inc. | |||||||
| EV/EBITDA, Sector | |||||||
| Health Care Equipment & Services | |||||||
| EV/EBITDA, Industry | |||||||
| Health Care | |||||||
Based on: 10-K (reporting date: 2025-04-25), 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).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV) Trend
- The enterprise value exhibited fluctuations over the analyzed periods. Initially, there was a considerable increase from approximately 139.9 billion USD in April 2020 to 183.6 billion USD by April 2021. Subsequently, a decline occurred over the next three years, reaching a low of roughly 120.0 billion USD in April 2024, before experiencing a slight recovery to about 130.4 billion USD by April 2025.
- EBITDA Performance
- Earnings before interest, tax, depreciation, and amortization showed variability but generally trended upwards in the later years. Starting at 7.81 billion USD in April 2020, EBITDA dipped slightly to 7.52 billion USD in April 2021. Following this, there was a notable increase to 8.78 billion USD by April 2022, with a slight decrease to 8.70 billion USD in April 2023. The figure then fell again to 8.20 billion USD in April 2024 but rose significantly in the final period to 9.22 billion USD in April 2025.
- EV/EBITDA Ratio Analysis
- The ratio of enterprise value to EBITDA demonstrated marked changes, reflecting shifts in market valuation relative to earnings. The ratio peaked at 24.41 in April 2021, indicative of higher valuation multiples at that time. Subsequently, it declined steadily over the years, falling to 14.15 by April 2025, suggesting a normalization or possible undervaluation of the company relative to its earnings.
- Overall Insights
- The financial data indicates that although enterprise value experienced notable volatility, especially a peak in 2021 followed by reductions, the company's EBITDA remained relatively stable with some evidence of growth towards the end of the period. The declining EV/EBITDA ratio suggests that the market's valuation relative to earnings decreased after 2021. This could reflect adjustments in market perceptions, operating performance, or external factors influencing valuation multiples.