MedtronicXSWX:MDT +1.21%21 ROC (Joel Greenblatt) % is 60.21% as of Apr. 2026, which is 0% below its 10-year median of 60.22. GuruFocus rates XSWX:MDT with a GF Score™ of 21/100 and a GF Value™ of CHF80.97 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 841 Medical Devices & Instruments companies, Medtronic ranks better than 90.37% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Medtronic's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 was 60.21%.
The historical rank and industry rank for Medtronic's ROC (Joel Greenblatt) % or its related term are showing as below:
XSWX:MDT'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 52.15 Med: 60.22 Max: 79.72
Current: 52.15
During the past 13 years, Medtronic's highest ROC (Joel Greenblatt) % was 79.72%. The lowest was 52.15%. And the median was 60.22%.
XSWX:MDT's ROC (Joel Greenblatt) % is ranked better than 90.37% of 841
companies
in the Medical Devices & Instruments industry
Industry Median: 4.13
vs XSWX:MDT: 52.15
Medtronic's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -2.40% per year.
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
The historical data trend for Medtronic's ROC (Joel Greenblatt) % 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.
XSWX:MDT vs SYK, BSX, EW: ROC (Joel Greenblatt) % Comparison
For the Medical Devices subindustry, Medtronic's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Medtronic's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Medtronic's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Apr. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of 60.21% mean?
Medtronic (XSWX:MDT) has a ROC (Joel Greenblatt) % of 60.21% as of Apr. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Medtronic and its competitors. This is near median its historical median of 60.22. Over the past decade, Medtronic's ROC (Joel Greenblatt) % has ranged from 52.15 to 79.72. According to the industry distribution chart, Medtronic ranks #81 out of 841 companies in the Medical Devices & Instruments industry, placing it in the top 9.6%.
Is Medtronic's ROC (Joel Greenblatt) % too high?
Medtronic's current ROC (Joel Greenblatt) % of 60.21% is near median its 10-year median of 60.22. Over the past 10 years, this metric has ranged from a low of 52.15 to a high of 79.72. The Medical Devices & Instruments industry median ROC (Joel Greenblatt) % is 4.13. Medtronic's value of 60.21% is 1357.9% above this industry median. Based on the distribution chart, Medtronic ranks #81 out of 841 companies in the Medical Devices & Instruments industry, which is in the top quartile — a strong position relative to peers. Overall, Medtronic has a GF Score™ of 21/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Medtronic's ROC (Joel Greenblatt) % compare to SYK and BSX?
According to the Medical Devices & Instruments industry distribution chart, Medtronic ranks #81 out of 841 companies for ROC (Joel Greenblatt) %. This places Medtronic in the top 10% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 4.13. Medtronic's value of 60.21% is 1357.9% above this benchmark. Historically, Medtronic's own ROC (Joel Greenblatt) % has ranged from 52.15 to 79.72 over the past decade. While the company's 10-year median is 60.22 vs. the industry median of 4.13, Medtronic has consistently been above 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 ROC (Joel Greenblatt) % for a Medical Devices & Instruments company?
The median ROC (Joel Greenblatt) % among Medical Devices & Instruments companies is 4.13, based on 841 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Medtronic's current ROC (Joel Greenblatt) % of 60.21% is 1357.9% above 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Medtronic and its competitors. For the Medical Devices & Instruments industry, the median ROC (Joel Greenblatt) % is 4.13 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Medtronic's current ROC (Joel Greenblatt) % is 60.21%, which is near median its own 10-year median of 60.22. 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 (XSWX:MDT) is currently considered Modestly Undervalued. The stock's GF Value™ is CHF80.97, compared to a current price of CHF65.29 — trading 19.4% below its estimated fair value. The current ROC (Joel Greenblatt) % is 60.21%, which is near median its 10-year median of 60.22 and 1357.9% above the Medical Devices & Instruments industry median of 4.13. Medtronic's overall GF Score™ is 21/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Medtronic (XSWX:MDT), the current ROC (Joel Greenblatt) % is 60.21% as of Apr. 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 CHF65.29 is trading 19.4% below its estimated GF Value™ of CHF80.97.
GuruFocus considers Medtronic to be Modestly Undervalued.
Key valuation signals for XSWX:MDT:
ROC (Joel Greenblatt) %: 60.21% (near median its 10-year median of 60.22)
GF Value™: CHF80.97 vs. price of CHF65.29 (19.4% below fair value)
Industry Position: 1357.9% above the Medical Devices & Instruments median (#81 of 841)
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.
21GF Score
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