Stock Analysis on Net

Medtronic PLC (NYSE:MDT)

Enterprise Value (EV) 

Microsoft Excel

Current Enterprise Value (EV)

Medtronic PLC, current enterprise value calculation

Microsoft Excel
Current share price (P) $89.73
No. shares of common stock outstanding 1,281,264,703
US$ in millions
Common equity (market value)1 114,968
Add: Noncontrolling interests (per books) 232
Total equity 115,200
Add: Current debt obligations (per books) 2,874
Add: Long-term debt (per books) 25,642
Total equity and debt 143,716
Less: Cash and cash equivalents 2,218
Less: Investments 6,747
Enterprise value (EV) 134,751

Based on: 10-K (reporting date: 2025-04-25).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 89.73 × 1,281,264,703


Historical Enterprise Value (EV)

Medtronic PLC, EV calculation

Microsoft Excel
Apr 25, 2025 Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021 Apr 24, 2020
Share price1, 2 $86.34 $80.17 $87.41 $88.67 $124.93 $93.91
No. shares of common stock outstanding1 1,281,264,703 1,282,269,783 1,330,405,428 1,328,709,310 1,343,904,180 1,341,298,882
US$ in millions
Common equity (market value)3 110,624 102,800 116,291 117,817 167,894 125,961
Add: Noncontrolling interests (book value) 232 206 182 171 174 135
Total equity 110,856 103,006 116,473 117,988 168,068 126,096
Add: Current debt obligations (book value) 2,874 1,092 20 3,742 11 2,776
Add: Long-term debt (book value) 25,642 23,932 24,344 20,372 26,378 22,021
Total equity and debt 139,372 128,030 140,837 142,102 194,457 150,893
Less: Cash and cash equivalents 2,218 1,284 1,543 3,714 3,593 4,140
Less: Investments 6,747 6,721 6,416 6,859 7,224 6,808
Enterprise value (EV) 130,407 120,025 132,878 131,529 183,640 139,945

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).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Medtronic PLC Annual Report.

3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 86.34 × 1,281,264,703


Equity Trends
Over the six-year period, both common equity (market value) and total equity exhibit notable fluctuations. From April 2020 to April 2021, there is a significant increase in common equity, rising from approximately 125.96 billion US dollars to 167.89 billion US dollars, followed by a sharp decline to 117.82 billion US dollars in April 2022. Subsequently, equity values remain relatively lower compared to the peak in 2021, with gradual decreases to 102.8 billion US dollars in April 2024, and a slight recovery to 110.62 billion US dollars by April 2025. Total equity closely mirrors this pattern, confirming consistency between market and book equity measures.
Debt and Capital Structure
The total equity and debt combined figures follow a similar trend to equity alone but reflect an overall larger magnitude, indicating the presence of substantial debt financing. The combined total rises from 150.89 billion US dollars in April 2020 to a peak of 194.46 billion US dollars in April 2021, then decreases to 142.10 billion in April 2022, with subsequent values stabilizing between 128.03 billion and 139.37 billion US dollars through 2025. This pattern suggests an initial increase in leverage or capital structure expansion followed by contraction and stabilization.
Enterprise Value
Enterprise value (EV), which incorporates market capitalization, debt, and cash, follows a trajectory comparable to total capital employed. EV rises from 139.95 billion US dollars in April 2020 to a high of 183.64 billion US dollars in April 2021. It then declines significantly to 131.53 billion US dollars in April 2022, remaining relatively steady around 120.03 to 132.88 billion US dollars through 2024 and 2025. This pattern aligns with the changes observed in market value and combined capital structure, reflecting market and operational factors impacting valuation.
Overall Insights
The data reveals a peak period in 2021 for most financial metrics, potentially indicating favorable market conditions or company performance during that time. After 2021, there is a marked decline in equity values, capital employed, and enterprise value, followed by a period of relative stability with minor fluctuations. This may indicate adjustments in financial strategy, market valuation corrections, or external economic influences affecting capital structure and valuation. The gradual recovery approaching 2025 suggests cautious optimism or improved conditions recovering from the post-2021 trough.