The Forward PE Ratio of a company is often used to compare current earnings to estimated future earnings, as well as gaining a clearer picture of what earnings will look like without charges and other accounting adjustments. If earnings are expected to grow in the future, the Forward PE Ratio will be lower than the current PE Ratio. This measure is also used to compare one company to another with a forward-looking focus.
Trailing PE Ratio relies on what is already done. It uses the current share price and divides by the total EPS (Basic) over the past 12 months. PE Ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than PE Ratio .
Medtronic Forward PE Ratio Related Terms
Medtronic Forward PE Ratio Historical Data
* Premium members only.
The historical data trend for Medtronic's Forward PE Ratio 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.
Medtronic Forward PE Ratio Chart
Medtronic Annual Data
Trend
2016-04
2017-04
2018-04
2019-04
2026-04
Forward PE Ratio
16.78
16.58
15.20
15.97
13.73
Medtronic Quarterly Data
2016-01
2016-04
2016-07
2016-10
2017-01
2017-04
2017-07
2017-10
2018-01
2018-04
2018-07
2018-10
2019-01
2019-04
2026-01
2026-04
Forward PE Ratio
15.29
16.78
18.52
18.28
14.88
16.58
17.70
17.36
17.24
15.20
17.18
17.79
15.70
15.97
16.79
13.73
XSWX:MDT vs SYK, BSX, EW: Forward PE Ratio Comparison
For the Medical Devices subindustry, Medtronic's Forward PE Ratio, along with its competitors' market caps and Forward PE Ratio 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 Forward PE Ratio vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Medtronic's Forward PE Ratio distribution charts can be found below:
* The bar in red indicates where Medtronic's Forward PE Ratio falls into.
It's a measure of the price-to-earnings ratio (PE Ratio) using forecasted earnings for the calculation. While the earnings used are just an estimate and are not as reliable as current earnings data, there is still benefit in estimated P/E analysis. The forecasted earnings used in the formula can either be for the next 12 months or for the next full-year fiscal period.
Medtronic (XSWX:MDT) has a Forward PE Ratio of 14.03 as of Jul. 12, 2026. Forward P/E ratio is the share price dividend by the expected per-share earnings in the next 12 months. View historical data on Medtronic and its competitors. According to the industry distribution chart, Medtronic ranks #114 out of 392 companies in the Medical Devices & Instruments industry, placing it in the top 29.1%.
Is Medtronic's Forward PE Ratio too high?
Medtronic's current Forward PE Ratio is 14.03. The Medical Devices & Instruments industry median Forward PE Ratio is 19.14. Medtronic's value of 14.03 is 26.7% below this industry median. Based on the distribution chart, Medtronic ranks #114 out of 392 companies in the Medical Devices & Instruments industry, which is above the industry midpoint. Overall, Medtronic has a GF Score™ of 78/100, reflecting its overall financial health beyond just this single metric.
How does Medtronic's Forward PE Ratio compare to SYK and BSX?
According to the Medical Devices & Instruments industry distribution chart, Medtronic ranks #114 out of 392 companies for Forward PE Ratio. This puts Medtronic in the upper half of its industry. The industry median Forward PE Ratio is 19.14. Medtronic's value of 14.03 is 26.7% below this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Forward PE Ratio for a Medical Devices & Instruments company?
The median Forward PE Ratio among Medical Devices & Instruments companies is 19.14, based on 392 companies in the industry. Companies in the top quartile (top 25%) have a Forward PE Ratio significantly above this median, while those in the bottom quartile fall well below. However, Forward PE Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Medtronic's current Forward PE Ratio of 14.03 is 26.7% 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 Forward PE Ratio mean?
A high Forward PE Ratio can signal that a stock is expensive relative to its fundamentals. Forward P/E ratio is the share price dividend by the expected per-share earnings in the next 12 months. View historical data on Medtronic and its competitors. For the Medical Devices & Instruments industry, the median Forward PE Ratio is 19.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Medtronic's current Forward PE Ratio is 14.03. 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?
Medtronic (XSWX:MDT) has a current Forward PE Ratio of 14.03. The stock's GF Value™ is CHF79.57, compared to a current price of CHF66.93 — trading 15.9% below its estimated fair value. The current Forward PE Ratio is 14.03 and 26.7% below the Medical Devices & Instruments industry median of 19.14. 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 Forward PE Ratio calculated?
Forward PE Ratio is calculated from a company's financial statements. For Medtronic (XSWX:MDT), the current Forward PE Ratio is 14.03 as of Jul. 12, 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 (XSWX:MDT) Overvalued in 2026?
Based on GuruFocus' analysis, Medtronic stock appears to be undervalued.
The current stock price of CHF66.93 is trading 15.9% below its estimated GF Value™ of CHF79.57.
Key valuation signals for XSWX:MDT:
Forward PE Ratio: 14.03
GF Value™: CHF79.57 vs. price of CHF66.93 (15.9% below fair value)
Industry Position: 26.7% below the Medical Devices & Instruments median (#114 of 392)
No single metric tells the full story. See the XSWX: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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