Medtronic PLC, current enterprise value calculation

Current share price (P)	$83.06
No. shares of common stock outstanding	1,280,045,190
US$ in millions
Common equity (market value)¹	106,321)
Add: Noncontrolling interests (per books)	609)
Total equity	106,930)
Add: Current debt obligations (per books)	1,788)
Add: Long-term debt (per books)	26,173)
Total equity and debt	134,891)
Less: Cash and cash equivalents	1,949)
Less: Investments	7,271)
Enterprise value (EV)	125,671)

Based on: 10-K (reporting date: 2026-04-24).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 83.06 × 1,280,045,190

Medtronic PLC, EV calculation

	Apr 24, 2026	Apr 25, 2025	Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021
Share price^1, 2	$79.34	$86.34	$80.17	$87.41	$88.67	$124.93
No. shares of common stock outstanding¹	1,280,045,190	1,281,264,703	1,282,269,783	1,330,405,428	1,328,709,310	1,343,904,180
US$ in millions
Common equity (market value)³	101,559)	110,624)	102,800)	116,291)	117,817)	167,894)
Add: Noncontrolling interests (book value)	609)	232)	206)	182)	171)	174)
Total equity	102,168)	110,856)	103,006)	116,473)	117,988)	168,068)
Add: Current debt obligations (book value)	1,788)	2,874)	1,092)	20)	3,742)	11)
Add: Long-term debt (book value)	26,173)	25,642)	23,932)	24,344)	20,372)	26,378)
Total equity and debt	130,129)	139,372)	128,030)	140,837)	142,102)	194,457)
Less: Cash and cash equivalents	1,949)	2,218)	1,284)	1,543)	3,714)	3,593)
Less: Investments	7,271)	6,747)	6,721)	6,416)	6,859)	7,224)
Enterprise value (EV)	120,909)	130,407)	120,025)	132,878)	131,529)	183,640)

Based on: 10-K (reporting date: 2026-04-24), 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).

¹ Data adjusted for splits and stock dividends.

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

³ 2026 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 79.34 × 1,280,045,190

A significant contraction in valuation is observed over the period from April 2021 to April 2026. The overarching trend is characterized by a substantial reduction in market equity and enterprise value, with a temporary period of stabilization and slight growth occurring in 2025 before returning to a downward trajectory in 2026.

Market Equity Trends: Common equity market value experienced a steep decline, falling from 167,894 million in 2021 to 101,559 million by 2026. The most pronounced drop occurred between 2021 and 2022, where the value decreased by approximately 29.6%.
Capital Structure and Total Liabilities: Total equity and debt followed a similar downward pattern, decreasing from 194,457 million in 2021 to 130,129 million in 2026. This indicates a general reduction in the total capital base over the analyzed period.
Enterprise Value (EV) Analysis: Enterprise value declined from 183,640 million in 2021 to 120,909 million in 2026. The EV remained consistently higher than the market value of equity throughout the period, confirming a sustained net debt position. A momentary increase to 130,407 million was noted in 2025, though this gain was erased by 2026.

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Medtronic PLC (NYSE:MDT)

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Current Enterprise Value (EV)

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