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Medtronic

Our readCheapest large-cap medtech (fwd P/E ~13x, ~half of BSX/SYK) finally inflecting — PFA + Hugo + an Elliott-forced cost/portfolio reset put a credible re-rating in play, but the whole thesis rests on one unproven number: does organic growth hold above 5%?

catalyst in 20dWebsite
Ticker
MDT
Beat
bci
Size
Public Company
Revenue
$9.8B
as of Jul 2026
Cash
$1.7B
as of Jul 2026
Researched · Fresh
8 days ago

Cheapest large-cap medtech (fwd P/E ~13x, ~half of BSX/SYK) finally inflecting — PFA + Hugo + an Elliott-forced cost/portfolio reset put a credible re-rating in play, but the whole thesis rests on one unproven number: does organic growth hold above 5%?

Orbit · who it trades with and competes with
10 on the rings · 3 trade · 10 rival
23 mentions across our dossiers
Focus · BCI
Medtronic
MDT · public
No published house view
Trades and competes with
Competes with
Next prints in its web
Links · 10 companies · 3 trade · 10 rival
“- Suppliers: vertically integrated on the electrode array (own MEMS fab); the surgical-navigation layer is now Medtronic (StealthStation) via the Jan 2026 partnership.”Precision Neuroscience · BOTH · from Precision Neuroscience’s dossier
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Price

Weekly closes

MDT · weekly close
96.54 USD+1.2%
Friday 30 Oct 2026 · last 52 Fridays 73.81–105.33
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 252,876,033 sh · 6 filings, Form 4 · 15 Oct 2026
  2. Short interest: 139,004,337 sh · 2.93 days to cover, FINRA · settled 15 Oct 2026
  3. Next print: in 20 days, Scheduled · 24 Nov 2026, scheduled
96.54USD+1.2%MDT · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 15 Oct 2026
6 filings · 252,876,033 shares
Shares sold shortFINRA · settled 15 Oct 2026
139,004,337 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
2.93
see the whole series
Financials

The reported figures

Revenue · quarterly
$9.8B
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$9.8B USD
as of 31 Jul 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Medtronic, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2327 Oct 2023$8.0B USD16.8% share of revenue$200M USD$461M USD$1.3B USD1.33B sharesFiled · primarysec.gov
Q4 ’2326 Jan 2024$8.1B USD18.3% share of revenue$2.1B USD$346M USD$1.6B USD1.33B sharesFiled · primarysec.gov
Q1 ’2426 Apr 2024$8.6B USD12.3% share of revenue$2.4B USD$426M USD$1.3B USD1.33B sharesFiled · primarysec.gov
Q2 ’2426 Jul 2024$7.9B USD16.1% share of revenue$466M USD$520M USD$1.3B USD1.28B sharesFiled · primarysec.gov
Q3 ’2425 Oct 2024$8.4B USD19.0% share of revenue$554M USD$404M USD$1.4B USD1.28B sharesFiled · primarysec.gov
Q4 ’2424 Jan 2025$8.3B USD19.9% share of revenue$2.1B USD$476M USD$1.2B USD1.28B sharesFiled · primarysec.gov
Q1 ’2525 Apr 2025$8.9B USD16.1% share of revenue$2.1B USD$459M USD$2.2B USD1.28B sharesFiled · primarysec.gov
Q2 ’2525 Jul 2025$8.6B USD16.8% share of revenue$584M USD$504M USD$1.3B USD1.28B sharesFiled · primarysec.gov
Q3 ’2524 Oct 2025$9.0B USD18.8% share of revenue$457M USD$468M USD$1.3B USD1.28B sharesFiled · primarysec.gov
Q4 ’2523 Jan 2026$9.0B USD16.2% share of revenue$2.3B USD$444M USD$1.1B USD1.28B sharesFiled · primarysec.gov
Q1 ’2624 Apr 2026$9.8B USD19.1% share of revenue$2.1B USD$488M USD$1.9B USD1.28B sharesFiled · primarysec.gov
Q2 ’2631 Jul 2026$9.8B USD18.1% share of revenue$1.3B USD$503M USD$1.7B USD1.28B sharesFiled · primarysec.gov

Medtronic’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$9.8B+14% vs Q2 ’25

Q2 ’26 · as of Jul 2026

Revenue Q3 ’23: $8.0B, as of Oct 2023Revenue Q4 ’23: $8.1B, as of Jan 2024Revenue Q1 ’24: $8.6B, as of Apr 2024Revenue Q2 ’24: $7.9B, as of Jul 2024Revenue Q3 ’24: $8.4B, as of Oct 2024Revenue Q4 ’24: $8.3B, as of Jan 2025Revenue Q1 ’25: $8.9B, as of Apr 2025Revenue Q2 ’25: $8.6B, as of Jul 2025Revenue Q3 ’25: $9.0B, as of Oct 2025Revenue Q4 ’25: $9.0B, as of Jan 2026Revenue Q1 ’26: $9.8B, as of Apr 2026Revenue Q2 ’26: $9.8B, as of Jul 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
18.1%+1.2 pts vs Q2 ’25

Q2 ’26 · as of Jul 2026

Operating margin Q3 ’23: 16.8%, as of Oct 2023Operating margin Q4 ’23: 18.3%, as of Jan 2024Operating margin Q1 ’24: 12.3%, as of Apr 2024Operating margin Q2 ’24: 16.1%, as of Jul 2024Operating margin Q3 ’24: 19.0%, as of Oct 2024Operating margin Q4 ’24: 19.9%, as of Jan 2025Operating margin Q1 ’25: 16.1%, as of Apr 2025Operating margin Q2 ’25: 16.8%, as of Jul 2025Operating margin Q3 ’25: 18.8%, as of Oct 2025Operating margin Q4 ’25: 16.2%, as of Jan 2026Operating margin Q1 ’26: 19.1%, as of Apr 2026Operating margin Q2 ’26: 18.1%, as of Jul 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
$1.3B

Q2 ’26 · as of Jul 2026

Free cash flow Q3 ’23: $200M, as of Oct 2023Free cash flow Q4 ’23: $2.1B, as of Jan 2024Free cash flow Q1 ’24: $2.4B, as of Apr 2024Free cash flow Q2 ’24: $466M, as of Jul 2024Free cash flow Q3 ’24: $554M, as of Oct 2024Free cash flow Q4 ’24: $2.1B, as of Jan 2025Free cash flow Q1 ’25: $2.1B, as of Apr 2025Free cash flow Q2 ’25: $584M, as of Jul 2025Free cash flow Q3 ’25: $457M, as of Oct 2025Free cash flow Q4 ’25: $2.3B, as of Jan 2026Free cash flow Q1 ’26: $2.1B, as of Apr 2026Free cash flow Q2 ’26: $1.3B, as of Jul 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$1.7B

Q2 ’26 · as of Jul 2026

Cash Q3 ’23: $1.3B, as of Oct 2023Cash Q4 ’23: $1.6B, as of Jan 2024Cash Q1 ’24: $1.3B, as of Apr 2024Cash Q2 ’24: $1.3B, as of Jul 2024Cash Q3 ’24: $1.4B, as of Oct 2024Cash Q4 ’24: $1.2B, as of Jan 2025Cash Q1 ’25: $2.2B, as of Apr 2025Cash Q2 ’25: $1.3B, as of Jul 2025Cash Q3 ’25: $1.3B, as of Oct 2025Cash Q4 ’25: $1.1B, as of Jan 2026Cash Q1 ’26: $1.9B, as of Apr 2026Cash Q2 ’26: $1.7B, as of Jul 2026
Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
1.28B-3.8% since Q3 ’23

Q2 ’26 · as of Jul 2026

Shares outstanding Q3 ’23: 1.33B, as of Oct 2023Shares outstanding Q4 ’23: 1.33B, as of Jan 2024Shares outstanding Q1 ’24: 1.33B, as of Apr 2024Shares outstanding Q2 ’24: 1.28B, as of Jul 2024Shares outstanding Q3 ’24: 1.28B, as of Oct 2024Shares outstanding Q4 ’24: 1.28B, as of Jan 2025Shares outstanding Q1 ’25: 1.28B, as of Apr 2025Shares outstanding Q2 ’25: 1.28B, as of Jul 2025Shares outstanding Q3 ’25: 1.28B, as of Oct 2025Shares outstanding Q4 ’25: 1.28B, as of Jan 2026Shares outstanding Q1 ’26: 1.28B, as of Apr 2026Shares outstanding Q2 ’26: 1.28B, as of Jul 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateWhat happened
27 Oct 2026Sources added: 0 → 4The dossier's cited-link count grew from 0 to 4.editorial note · the dossier
21 Oct 2026Medtronic: 4 reporting persons file Form 4s on MiniMed exchange, 15 OctLofton exchanged 182 shares for 836 MiniMed; Marinaro sold 10,420 shares at $96; Martha sold 50,000 at $95; Medtronic plc disposed of 252,813,348 MiniMed shares for 55,032,401 Medtronic shares.filing · SEC Form 4 · 21 Oct 2026
19 Oct 20268-K: Michael Marinaro named President; AGM results; MiniMed separationBoard appointed Michael Marinaro President, Medtronic, effective 14 Oct 2026; base salary $1,000,000 for FY2027. At the 15 Oct 2026 AGM all 12 directors were elected. MiniMed exchange offer settled and separation completed 15 Oct 2026.filing · SEC 8-K · 19 Oct 2026
16 Oct 2026Medtronic: 3 reporting persons file Form 4s, including MiniMed exchange offerThree reporting persons filed Form 4s for 15 Oct 2026: Marinaro sold 10,420 shares at $96; Martha sold 50,000 shares at $95; Medtronic plc disposed of 252,813,348 MiniMed Group shares in an exchange offer for 55,032,401 Medtronic ordinary shares.filing · SEC Form 4 · 16 Oct 2026
17 Sept 20268-K Item 8.01: Medtronic corrects guaranteed delivery term in MiniMed exchange offerCorrects the 14 Sep 2026 prospectus for the exchange offer of up to 225,361,295 MiniMed common shares: guaranteed delivery notice expiry corrected to 5:00 p.m. NYC time on the second NYSE trading day after execution.filing · SEC 8-K · 17 Sept 2026
dossier age
8 days
researched 27 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 11 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-21), 478 words, 8 filing mentions
  2. The dossier: What held, 56 words, 3 filing mentions
Research

The Medtronic dossier

The verdict

Cheapest large-cap medtech (fwd P/E ~13x, ~half of BSX/SYK) finally inflecting — PFA + Hugo + an Elliott-forced cost/portfolio reset put a credible re-rating in play, but the whole thesis rests on one unproven number: does organic growth hold above 5%?

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-21)

  1. Q1 FY2027 results. Revenue $9.756bn, up 13.7% as reported and 13.7% organic. The company estimates the extra fiscal week in Q1 added about $570M to organic revenue. GAAP diluted EPS $1.14 (+40.7%); non-GAAP diluted EPS $1.45 (+15.1%). Non-GAAP operating margin 23.7%. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-09-01, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1613103/000162828026059697/exhibit991-fy27q1earningsr.htm; quarter ended 2026-07-31]
  2. Segments. Cardiovascular $3.927bn (+18.9% organic; Cardiac Ablation Solutions +88%, Cardiac Rhythm Management +15%); Neuroscience $2.678bn (+9.3% organic); Medical Surgical $2.279bn (+10.2%); Diabetes $843M (+14.9% organic). [sec.gov: 8-K filed 2026-09-01, exhibit 99.1, same URL as item 1]
  3. Guidance raised. FY2027 organic revenue growth guidance raised to 7.25% to 7.75% (from 6.75% to 7.25%) and FY2027 diluted non-GAAP EPS to $5.94 to $6.00 (from $5.90 to $6.00). [sec.gov: 8-K filed 2026-09-01, exhibit 99.1, same URL as item 1]
  4. Product and portfolio news in the release. Expanded CE Mark for the Affera mapping and ablation system and Sphere-9 catheter for ventricular arrhythmias; FDA clearance for the Touch Surgery Aide platform; a partnership with Cornerstone Robotics and an investment in Pi-Cardia; completed acquisitions of Scientia Vascular (closed 2026-06-12) and SPR Therapeutics (closed 2026-07-16). [sec.gov: 8-K filed 2026-09-01, exhibit 99.1, same URL as item 1]
  5. MiniMed separation. MiniMed completed its IPO on 2026-03-09 and remains consolidated because Medtronic retains a controlling financial interest; restructuring charges of about $300M to $500M are expected through the end of the transition services agreement (no later than 24 months after the IPO). On 2026-09-14 Medtronic began an exchange offer of up to 225,361,295 MiniMed shares for Medtronic ordinary shares (accepting up to a further 2% of Medtronic shares if oversubscribed); the 2026-09-17 8-K corrects a typographical error on the guaranteed-delivery period. [sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-09-03, https://www.sec.gov/Archives/edgar/data/1613103/000162828026060473/mdt-20260731.htm; 8-K filed 2026-09-17, https://www.sec.gov/Archives/edgar/data/1613103/000162828026062505/mdt-20260917.htm]
  6. Management and annual meeting. On 2026-10-15 the board approved Michael Marinaro as President, Medtronic effective 2026-10-14 (base salary $1,000,000, adding oversight of Greater China, still reporting to Chairman and CEO Geoff Martha). The annual general meeting on 2026-10-15 voted on twelve directors, the auditor, say-on-pay and share authorities; the passages read do not give vote tallies. [sec.gov: 8-K filed 2026-10-19, https://www.sec.gov/Archives/edgar/data/1613103/000162828026066291/mdt-20261015.htm]
  7. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed's single hinge, "does organic growth hold above 5%?", meets items 1 and 3: Q1 organic growth was 13.7%, of which about $570M of revenue is attributed to the extra week, and full-year organic guidance is 7.25% to 7.75%. The carried catalyst "Q1 FY27 print (guide $1.38–$1.40 EPS, +600–700 bps extra-week benefit)" meets item 1: non-GAAP EPS $1.45. The carried catalyst "Affera Sphere-360 US approval / Symplicity Spyral CMS reimbursement" is not addressed beyond the CE Mark news in item 4. The carried catalyst "MiniMed (Diabetes) full separation progress" meets item 5. The carried seed's price figures ($79.34) and its $95–$100 base case rest on market data this delta does not refresh.

What held

  • Cardiovascular, led by cardiac ablation, remains the fastest-growing segment (item 2). [sec.gov: 8-K filed 2026-09-01, exhibit 99.1]
  • The MiniMed separation is still in progress through an exchange offer (item 5). [sec.gov: 8-K filed 2026-09-17]
  • Neuroscience, the unit with the carried DBS exposure, grew 9.3% organic (item 2). [sec.gov: 8-K filed 2026-09-01, exhibit 99.1]

How our view changed

2 dossiers on Medtronic since . The verdict has held each time.

Company details

IndustryNeurotech & BCI
SizePublic Company
WebsiteVisit Medtronic

Others in bci

5 names

Where Medtronic sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.