Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Medtronic PLC, historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26).
The analysis of the provided financial ratios over the quarterly periods reveals several notable trends and patterns:
- Price to Earnings (P/E) Ratio
- The P/E ratio shows an overall upward trend starting from 26.3 in the earlier available quarter and peaks at 55.13 approximately one year later. Following this peak, the ratio declines gradually over subsequent quarters, stabilizing around the mid-20s to high-20s range towards the most recent periods. This indicates initial investor optimism or expected earnings growth, followed by a moderation in price growth relative to earnings.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio exhibits a similar pattern to the P/E ratio, rising sharply from mid-20s to near 50 at its peak. After this, it declines consistently, reaching its lowest levels in the vicinity of 17.99-20.83 before showing some modest fluctuations around the 19-22 range in more recent quarters. This suggests that the stock price premium over operating profit expanded and then retracted, possibly reflecting changes in profitability expectations or operational performance.
- Price to Sales (P/S) Ratio
- This ratio demonstrates an initial increase from 4.36 up to a peak around 5.74, followed by a steady decrease reaching levels close to 3.18-3.5 in the latest quarters. The decline indicates the market is valuing revenues less generously in later periods compared to the peak, suggesting lower expectations for sales growth or compression in revenue multiples.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio starts slightly below 3, experiences fluctuations including a high near 3.52, then moves downward to a range between approximately 2.03 and 2.47 in recent periods. This indicates a more moderated market valuation relative to book value over time, suggesting either a stabilization or a more conservative view of the company's underlying net asset value.
Overall, the financial ratios indicate a phase of heightened valuation across earnings, operating profit, and sales multiples that peaked roughly around early 2021 and subsequently contracted towards more moderate levels into 2024 and 2025. The trend points to a market reassessment of growth prospects and profitability, resulting in adjusted valuation multiples that reflect tempered expectations compared to previous highs.
Price to Earnings (P/E)
Medtronic PLC, historical P/E calculation (quarterly data)
| Jul 25, 2025 | Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | Apr 24, 2020 | Jan 24, 2020 | Oct 25, 2019 | Jul 26, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||
| Net income attributable to Medtronic (in millions) | |||||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net income attributable to MedtronicQ1 2026
+ Net income attributable to MedtronicQ4 2025
+ Net income attributable to MedtronicQ3 2025
+ Net income attributable to MedtronicQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Medtronic PLC Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed period.
- Share Price
- The share price exhibited volatility throughout the timeline. Initially, there was a decline from a high of approximately US$111 in late 2019 to a low under US$94 in early 2020. This was followed by a recovery phase reaching a peak above US$134 by mid-2021. Thereafter, the share price experienced a general downward trend, with values decreasing below US$80 in late 2022 and fluctuating in the range of US$79 to US$92 from early 2023 to mid-2025. The price remained somewhat stable but lower than its earlier peak, indicating potential market uncertainty or company-specific challenges during the latter periods.
- Earnings Per Share (EPS)
- EPS data, available from early 2020 onward, started at 3.57 US$ and showed a declining trend until mid-2021, reaching a low of 2.15 US$ in the second quarter of 2020. Subsequently, EPS recovered gradually, peaking around 3.92 US$ in mid-2022, indicating improved profitability during that time. However, after this peak, EPS exhibited mild fluctuations with a tendency to decrease slightly, settling close to the 3.3 US$ range towards mid-2025. Overall, the EPS trend reflects periods of both contraction and growth, with a recovery phase following an initial dip.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio experienced significant variability throughout the period. It initially rose sharply from 26.3 to a peak above 55 by early 2021, coinciding with a period of declining EPS and fluctuating share prices, which may indicate investor optimism despite lower earnings. After this peak, the P/E ratio steadily declined, falling below 24 by mid-2025. This decrease occurred alongside reductions in share price and moderate EPS stability, suggesting a reassessment of the company’s valuation by investors to more conservative levels consistent with earnings performance.
In summary, the financial indicators exhibit a pattern of initial disruptions followed by recovery phases, both in share price and earnings. The elevated P/E ratios during periods of declining EPS and volatile prices suggest altered market expectations. The more recent trends indicate stabilization of earnings with subdued share price and a more conservative valuation, potentially reflecting a cautious investor outlook.
Price to Operating Profit (P/OP)
Medtronic PLC, historical P/OP calculation (quarterly data)
| Jul 25, 2025 | Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | Apr 24, 2020 | Jan 24, 2020 | Oct 25, 2019 | Jul 26, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||
| Operating profit (in millions) | |||||||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Operating profitQ1 2026
+ Operating profitQ4 2025
+ Operating profitQ3 2025
+ Operating profitQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Medtronic PLC Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited fluctuations over the observed periods, with notable volatility. Initially, from mid-2019 to mid-2021, the price showed an upward trend, peaking around July 2021 at approximately $134.73. Subsequently, the price experienced a significant decline, falling to around $79.25 by October 2022. Following this low point, the share price demonstrated some recovery and stabilized, fluctuating between roughly $79 and $92 through to mid-2025.
The operating profit per share displayed a consistent improvement starting from April 2020, with the value increasing steadily from 2.37 US dollars to reach about 4.77 US dollars by mid-2025. This progression suggests enhanced profitability on a per-share basis over the analyzed timeframe.
The price-to-operating-profit ratio (P/OP) mirrored the movements in share price and operating profit per share. Early in the period starting from April 2020, the ratio was relatively high, peaking near 49.88, indicating that share prices were valued relatively high compared to operating profit. This ratio decreased substantially as operating profit per share increased and the share price declined, reaching its lowest point around 17.99 to 19.31 between mid-2022 and mid-2025. The decreasing P/OP ratio indicates that the market valuation became more aligned with operating earnings over time, reflecting potentially improved market perceptions regarding the company’s operating performance.
- Share Price
- Initial increase until mid-2021, followed by a marked decline and subsequent stabilization with moderate recovery.
- Operating Profit Per Share
- Gradual and continuous growth from April 2020 through mid-2025, indicating strengthening profitability.
- Price-to-Operating-Profit Ratio (P/OP)
- High early in the observed period, declining consistently as profitability increased and share price forms stabilized, suggesting better valuation alignment with operating results.
Price to Sales (P/S)
Medtronic PLC, historical P/S calculation (quarterly data)
| Jul 25, 2025 | Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | Apr 24, 2020 | Jan 24, 2020 | Oct 25, 2019 | Jul 26, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||
| Net sales (in millions) | |||||||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Medtronic PLC Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits significant fluctuations throughout the periods analyzed. Beginning at $107.89, it increased to peak around $134.73 in July 2021, followed by a notable decline to approximately $79.25 in October 2022. Subsequently, the share price demonstrates modest recovery attempts, with values oscillating between $79.27 and $92.18 in the latest periods, indicating volatility but no clear sustained upward trend.
Sales per share data is available starting from July 2020, showing a generally gradual increase from $21.56 to $26.66 as of July 2025. This steady growth suggests improving operational performance and revenue generation on a per-share basis over time, with no sharp declines evident.
The Price-to-Sales (P/S) ratio displays varying trends across the periods. It ascended from approximately 4.36 in July 2020 to a peak of 5.74 in October 2021, indicating that share price growth exceeded the increase in sales per share during this interval. Following this peak, the P/S ratio declined steadily, reaching levels around 3.18 to 3.5 in recent periods. This reduction suggests that share prices decreased relative to sales per share, reflecting either market revaluation or a normalization after previous overvaluation.
Overall, while sales per share show consistent improvement, the share price has been more volatile and has experienced a downward adjustment in recent years, as reflected in the declining P/S ratio. This may imply market reassessment of the company’s valuation despite operational growth, indicating potential investor caution or external market influences impacting share prices.
Price to Book Value (P/BV)
Medtronic PLC, historical P/BV calculation (quarterly data)
| Jul 25, 2025 | Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | Apr 24, 2020 | Jan 24, 2020 | Oct 25, 2019 | Jul 26, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||
| Shareholders’ equity (in millions) | |||||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Medtronic PLC Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price experienced fluctuations over the entire period with several notable phases. Initially, from July 2019 to around July 2021, the share price generally trended upward, reaching a peak of approximately 134.73 US dollars in July 2021. Following that peak, there was a significant decline to a low near 79.25 US dollars by October 2022. After this trough, the share price displayed modest recovery and some volatility, ranging between about 79 and 92 US dollars up to July 2025.
In contrast, the book value per share (BVPS) exhibited a rather stable and gradual pattern with minimal volatility. The BVPS started near 37.54 US dollars in July 2019 and showed a slow increase with minor fluctuations, reaching levels around 39.6 by the middle of 2022. Post mid-2022 through mid-2025, the BVPS hovered close to the 37–39 US dollar range, indicating limited changes in the underlying book value of the company over time.
The price-to-book value (P/BV) ratio reflected the interaction between the share price and the BVPS and was characterized by varying trends. It was relatively high in the early period, peaking around 3.52 in July 2021, corresponding with the elevated share price at that time. Subsequently, the ratio decreased sharply to around 2.03 by October 2022, paralleling the share price decline. Following this decline, the P/BV ratio stabilized in the range of approximately 2.0 to 2.4 up to mid-2025, consistent with the modest changes in both the share price and BVPS during this time.
Overall, the data indicates that the share market valuation of the company experienced considerable fluctuation over the analyzed quarters, while the intrinsic book value per share remained relatively steady. The movement in P/BV ratio suggests that market sentiment or external factors might have influenced the share price independently of changes in the company’s book value.
- Share Price Trend
- Displayed an initial upward trend until mid-2021, peaking, then undergoing a notable decline through late 2022, followed by moderate recovery and volatility until mid-2025.
- Book Value Per Share (BVPS) Trend
- Remained relatively stable with a slight increasing tendency until mid-2022, followed by minor fluctuations, maintaining a generally steady range thereafter.
- Price-to-Book Value (P/BV) Ratio Trend
- Increased to a peak in mid-2021 aligning with a share price high, then decreased significantly to early 2023, stabilizing at a lower ratio reflective of more conservative valuation multiples.