Stock Analysis on Net

Medtronic PLC (NYSE:MDT)

Price to FCFE (P/FCFE) 

Microsoft Excel

Free Cash Flow to Equity (FCFE)

Medtronic PLC, FCFE calculation

US$ in millions

Microsoft Excel
12 months ended: Apr 29, 2022 Apr 30, 2021 Apr 24, 2020 Apr 26, 2019 Apr 27, 2018 Apr 28, 2017
Net income attributable to Medtronic 5,039  3,606  4,789  4,631  3,104  4,028 
Net (income) loss attributable to noncontrolling interests 23  24  17  19  (9) (4)
Net noncash charges 3,173  3,311  2,367  3,437  1,762  2,717 
Change in operating assets and liabilities, net of acquisitions and divestitures (889) (701) 61  (1,080) (173) 139 
Net cash provided by operating activities 7,346  6,240  7,234  7,007  4,684  6,880 
Additions to property, plant, and equipment (1,368) (1,355) (1,213) (1,134) (1,068) (1,254)
Change in current debt obligations, net —  (311) (17) (713) (249) 906 
Proceeds from short-term borrowings, maturities greater than 90 days —  2,789  —  —  —  — 
Repayments from short-term borrowings, maturities greater than 90 days —  (2,853) —  —  —  — 
Issuance of long-term debt —  7,172  5,568  7,794  21  2,140 
Payments on long-term debt (1) (7,367) (6,110) (7,948) (7,370) (863)
Free cash flow to equity (FCFE) 5,977  4,315  5,462  5,006  (3,982) 7,809 

Based on: 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), 10-K (reporting date: 2017-04-28).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Medtronic PLC equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Medtronic PLC FCFE decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Price to FCFE Ratio, Current

Medtronic PLC, current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 1,329,153,289
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 5,977 
FCFE per share 4.50
Current share price (P) 85.05
Valuation Ratio
P/FCFE 18.91
Benchmarks
P/FCFE, Competitors1
Abbott Laboratories 21.55
Bristol-Myers Squibb Co. 16.85
Cigna Corp. 13.68
CVS Health Corp. 20.36
Danaher Corp. 22.71
Elevance Health Inc. 11.50
Humana Inc. 13.65
Intuitive Surgical Inc. 41.43
UnitedHealth Group Inc. 22.04
P/FCFE, Sector
Health Care Equipment & Services 19.57
P/FCFE, Industry
Health Care 17.26

Based on: 10-K (reporting date: 2022-04-29).

1 Click competitor name to see calculations.

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


Price to FCFE Ratio, Historical

Medtronic PLC, historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Apr 29, 2022 Apr 30, 2021 Apr 24, 2020 Apr 26, 2019 Apr 27, 2018 Apr 28, 2017
No. shares of common stock outstanding1 1,328,709,310 1,343,904,180 1,341,298,882 1,341,156,703 1,351,709,097 1,359,026,669
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 5,977  4,315  5,462  5,006  (3,982) 7,809 
FCFE per share3 4.50 3.21 4.07 3.73 -2.95 5.75
Share price1, 4 88.67 124.93 93.91 99.38 86.81 88.79
Valuation Ratio
P/FCFE5 19.71 38.91 23.06 26.62 15.45
Benchmarks
P/FCFE, Competitors6
Abbott Laboratories 24.52 38.42 53.19 70.38
Bristol-Myers Squibb Co. 16.17 7.80 5.80 18.62 20.01
Cigna Corp. 10.98 16.30 20.76 2.41 12.81
CVS Health Corp. 21.23 11.93 18.52 1.66 12.89
Danaher Corp. 20.75 44.62 6.88 26.93 300.48
Elevance Health Inc. 11.07 7.75 13.72 52.47 8.42
Humana Inc. 11.49 8.47 11.73 15.30 8.65
Intuitive Surgical Inc. 58.86 81.15 57.31 60.90 49.12
UnitedHealth Group Inc. 20.11 13.93 13.90 14.22 24.48
P/FCFE, Sector
Health Care Equipment & Services 19.78 16.02 13.31 10.36 19.45
P/FCFE, Industry
Health Care 16.88 17.98 13.32 14.07 17.29

Based on: 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), 10-K (reporting date: 2017-04-28).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 5,977,000,000 ÷ 1,328,709,310 = 4.50

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

5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 88.67 ÷ 4.50 = 19.71

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Medtronic PLC P/FCFE ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.