---
title: Medtronic (MDT) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/mdt
ticker: MDT
as_of: 2026-10-17
sector: Healthcare
industry: Medical - Devices
---
# Medtronic (MDT)

Medtronic (MDT) closed at $94.75 on Oct 16, 2026, overvalued by 4% vs its model value of $91.16 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $94.75 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $91.16 |
| Price vs model | overvalued by 4% vs model |
| Range of that model | $51.30 – $264.81 |
| Market value | $121.2B |
| P/E (fiscal 2026) | 25.4 |
| Net margin (fiscal 2026) | 13.2% |
| Free cash flow (fiscal 2026) | $5.4B |
| Dividend yield (trailing twelve months) | 3.02% |
| Beta | 0.57 |
| Cost of capital (WACC) | 7.28% |
| Business classification | Dividend Payer (Low/slowing growth (~6% recent), Moderate margins (13% net margin), Strong dividend yield, Highly cyclical earnings) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 3.02% |
| Dividends per share, last 12 months | $2.86 |
| Dividends / free cash flow (fiscal 2026) | 67.1% |
| Raised | 25 years in a row |
| Growth over 5 years | 3.4% a year |
| Latest payment | $0.72, ex-date Sep 25, 2026, paid Oct 16, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 23, 2021 | $2.42 |
| To Sep 22, 2022 | $2.62 |
| To Sep 21, 2023 | $2.74 |
| To Sep 27, 2024 | $2.78 |
| To Sep 26, 2025 | $2.82 |
| Trailing twelve months (to Sep 25, 2026) | $2.86 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $91.16 | $51.30 | $264.81 |
| DCF · Perpetuity growth · 10y | cross check | $95.72 | $56.21 | $265.11 |
| DCF · EBITDA exit · 5y | cross check | $107.01 | $71.86 | $148.45 |
| DCF · EBITDA exit · 10y | cross check | $108.89 | $71.81 | $158.39 |
| P/E · peers | cross check | $112.56 | $83.60 | $174.32 |
| P/E · own history | cross check | $135.33 | $116.77 | $149.99 |
| PEG | sanity check | $118.06 | $118.06 | $118.06 |
| EV/EBITDA · peers | cross check | $123.76 | $74.46 | $224.32 |
| EV/Revenue · peers | cross check | $114.39 | $68.13 | $200.71 |
| Earnings power value | cross check | $35.91 | $26.32 | $50.48 |
| Dividend discount | cross check | $61.29 | $41.19 | $105.43 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 3 open-market sales ($5.9M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 15, 2026 | Marinaro Michael | EVP, Pres MedSurg and Americas | Open-market sell (10b5-1 plan) | 10,420 | $1.0M |
| Oct 15, 2026 | Martha Geoffrey | Chairman and CEO | Open-market sell (10b5-1 plan) | 50,000 | $4.8M |
| Sep 16, 2026 | KIIL HARRY SKIP | EVP & President Cardiovascular | Open-market sell | 1,483 | $138,883 |
| Sep 15, 2026 | Blomquist Denise L. | Chief Accounting Officer | Bona fide gift | 600 | $0 |
| Aug 20, 2026 | Marinaro Michael | EVP, Pres MedSurg and Americas | Tax withholding | 1,084 | $100,053.2 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 17, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1613103/000162828026062505/mdt-20260917.htm |
| Sep 3, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1613103/000162828026060473/mdt-20260731.htm |
| Sep 1, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1613103/000162828026059697/mdt-20260901.htm |
| Aug 24, 2026 | ARS | Annual report to shareholders | https://www.sec.gov/Archives/edgar/data/1613103/000162828026058626/fy26ars82426.pdf |
| Aug 17, 2026 | DEFA14A | Additional proxy materials | https://www.sec.gov/Archives/edgar/data/1613103/000161310326000012/mdtproxyadditionalmaterial.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| First Eagle | 2026-06-30 | 13,783,983 | $1.1B |
| Dodge & Cox | 2026-06-30 | 7,875,898 | $616.1M |
| Richard Pzena | 2026-06-30 | 3,147,999 | $246.3M |
| Harry Burn | 2026-06-30 | 838,573 | $65.6M |

9 tracked managers in all.

## About

Medtronic plc is a leading global medical technology enterprise that invents, develops, manufactures, and distributes an extensive range of device-based medical therapies. These solutions serve healthcare systems, clinicians, physicians, and patients across the world. The company's operations are categorized into several key portfolios: Cardiovascular Portfolio: This segment focuses on cardiac health, providing technologies for heart rhythm management, including implantable pacemakers, defibrillators, and monitoring systems, alongside cardiac ablation tools and remote patient software. It also addresses structural heart issues with products like aortic and pulmonary valves, surgical repair devices, and endovascular stent grafts, in addition to offerings for percutaneous coronary interventions (e.g., angioplasty balloons). Medical Surgical Portfolio: Offering a broad spectrum of surgical…

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Source: https://sweetvaluelab.com/stocks/mdt (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.