MedtronicMDT +0.57%78 EV-to-FCF is 22.67 as of Jun. 28, 2026, which is 17% below its 10-year median of 27.30. GuruFocus rates MDT with a GF Score™ of 78/100 and a GF Value™ of $99.37 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 421 Medical Devices & Instruments companies, Medtronic ranks better than 50.36% on this metric.
EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, Medtronic's Enterprise Value is $123,008 Mil.
Medtronic's Free Cash Flow for the trailing twelve months (TTM) ended in Apr. 2026 was $5,426 Mil. Therefore, Medtronic's EV-to-FCF for today is 22.67.
The historical rank and industry rank for Medtronic's EV-to-FCF or its related term are showing as below:
MDT'
s EV-to-FCF Range Over the Past 10 Years
Min: 17.84 Med: 27.3 Max: 41.84
Current: 22.67
During the past 13 years, the highest EV-to-FCF of Medtronic was 41.84. The lowest was 17.84. And the median was 27.30.
MDT's EV-to-FCF is ranked better than 50.36% of 421
companies
in the Medical Devices & Instruments industry
Industry Median: 22.82
vs MDT: 22.67
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Medtronic's share price for today is $80.98.
Medtronic's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Apr. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $3.730.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Medtronic EV-to-FCF Related Terms
Medtronic EV-to-FCF Historical Data
* Premium members only.
The historical data trend for Medtronic's EV-to-FCF can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Medical Devices subindustry, Medtronic's EV-to-FCF, along with its competitors' market caps and EV-to-FCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Medtronic EV-to-FCF vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Medtronic's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where Medtronic's EV-to-FCF falls into.
Medtronic's current Enterprise Value is $123,008 Mil.
Medtronic's Free Cash Flow for the trailing twelve months (TTM) ended in Apr. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $5,426 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Medtronic (MDT) has a EV-to-FCF of 22.67 as of Jun. 28, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Medtronic and its competitors. This is 17% below median its historical median of 27.30. Over the past decade, Medtronic's EV-to-FCF has ranged from 17.84 to 41.84. According to the industry distribution chart, Medtronic ranks #209 out of 421 companies in the Medical Devices & Instruments industry, placing it in the top 49.6%.
Is Medtronic's EV-to-FCF too high?
Medtronic's current EV-to-FCF of 22.67 is 17% below median its 10-year median of 27.30. Over the past 10 years, this metric has ranged from a low of 17.84 to a high of 41.84. The Medical Devices & Instruments industry median EV-to-FCF is 22.82. Medtronic's value of 22.67 is 0.7% below this industry median. Based on the distribution chart, Medtronic ranks #209 out of 421 companies in the Medical Devices & Instruments industry, which is above the industry midpoint. Overall, Medtronic has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Medtronic's EV-to-FCF compare to SYK and BSX?
According to the Medical Devices & Instruments industry distribution chart, Medtronic ranks #209 out of 421 companies for EV-to-FCF. This puts Medtronic in the upper half of its industry. The industry median EV-to-FCF is 22.82. Medtronic's value of 22.67 is 0.7% below this benchmark. Historically, Medtronic's own EV-to-FCF has ranged from 17.84 to 41.84 over the past decade. While the company's 10-year median is 27.30 vs. the industry median of 22.82, Medtronic has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-FCF for a Medical Devices & Instruments company?
The median EV-to-FCF among Medical Devices & Instruments companies is 22.82, based on 421 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Medtronic's current EV-to-FCF of 22.67 is 0.7% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EV-to-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Medtronic and its competitors. For the Medical Devices & Instruments industry, the median EV-to-FCF is 22.82 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Medtronic's current EV-to-FCF is 22.67, which is 17% below median its own 10-year median of 27.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Medtronic stock overvalued right now?
Based on GuruFocus' analysis, Medtronic (MDT) is currently considered Modestly Undervalued. The stock's GF Value™ is $99.37, compared to a current price of $80.98 — trading 18.5% below its estimated fair value. The current EV-to-FCF is 22.67, which is 17% below median its 10-year median of 27.30 and 0.7% below the Medical Devices & Instruments industry median of 22.82. Medtronic's overall GF Score™ is 78/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For Medtronic (MDT), the current EV-to-FCF is 22.67 as of Jun. 28, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Medtronic (MDT) Overvalued in 2026?
Based on GuruFocus' analysis, Medtronic stock appears to be undervalued.
The current stock price of $80.98 is trading 18.5% below its estimated GF Value™ of $99.37.
GuruFocus considers Medtronic to be Modestly Undervalued.
Key valuation signals for MDT:
EV-to-FCF: 22.67 (17% below median its 10-year median of 27.30)
GF Value™: $99.37 vs. price of $80.98 (18.5% below fair value)
Industry Position: 0.7% below the Medical Devices & Instruments median (#209 of 421)
No single metric tells the full story. See the MDT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
One of the largest medical-device companies, Medtronic develops and manufactures therapeutic medical devices for chronic diseases. Its portfolio includes pacemakers, defibrillators, transcatheter heart valves, stents, spinal fixation devices, neurovascular products, advanced energy, ablation laser therapy, and surgical tools. The company primarily markets its products to healthcare institutions and physicians in the United States, Western Europe, and Japan. Foreign sales account for roughly 50% of the company's total sales.
78GF Score
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