Medtronic plc
Medtronic plc returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2027 Q1 | Jul 31, 2026 | 7.09% | 8.43% | 18.78% | 10.66% | 5.68% | -0.6 pp |
| FY 2026 Q4 | Apr 24, 2026 | 6.77% | 8.08% | 8.71% | 9.85% | 5.2% | -0.9 pp |
| FY 2026 Q3 | Jan 23, 2026 | 6.66% | 7.53% | 40.09% | 9.38% | 5.08% | -1 pp |
| FY 2026 Q2 | Oct 24, 2025 | 6.86% | 7.8% | 67.25% | 9.81% | 5.25% | -0.8 pp |
| FY 2026 Q1 | Jul 25, 2025 | 6.75% | 7.71% | 121.7% | 9.72% | 5.16% | -0.9 pp |
| FY 2025 Q4 | Apr 25, 2025 | 6.68% | 7.54% | 260.29% | 9.49% | 5.13% | -1 pp |
| FY 2025 Q3 | Jan 24, 2025 | 6.08% | 7% | — | 8.42% | 4.71% | -1.6 pp |
| FY 2025 Q2 | Oct 25, 2024 | 6% | 6.83% | 134.1% | 8.58% | 4.76% | -1.7 pp |
| FY 2025 Q1 | Jul 26, 2024 | 5.55% | 6.39% | — | 7.92% | 4.35% | -2.2 pp |
| FY 2024 Q4 | Apr 26, 2024 | 5.3% | 6.39% | — | 7.23% | 4.06% | -2.4 pp |
| FY 2024 Q3 | Jan 26, 2024 | 5.74% | 7.04% | 32.12% | 8.14% | 4.54% | -2 pp |
| FY 2024 Q2 | Oct 27, 2023 | 5.66% | 6.99% | -18.85% | 7.94% | 4.47% | -2 pp |
| FY 2024 Q1 | Jul 28, 2023 | 5% | 7.14% | -160.98% | 6.97% | 4.01% | -2.7 pp |
| FY 2023 Q4 | Apr 28, 2023 | 5.24% | 6.84% | -103.17% | 7.22% | 4.13% | -2.5 pp |
| FY 2023 Q3 | Jan 27, 2023 | 5.64% | 6.88% | -107.38% | 7.81% | 4.37% | -2.1 pp |
| FY 2023 Q2 | Oct 28, 2022 | 6.08% | 7.2% | — | 8.32% | 4.67% | -1.6 pp |
| FY 2023 Q1 | Jul 29, 2022 | 7.39% | 7.53% | — | 9.99% | 5.73% | -0.3 pp |
| FY 2022 Q4 | Apr 29, 2022 | 7.15% | 7.05% | — | 9.69% | 5.48% | -0.5 pp |
| FY 2022 Q3 | Jan 28, 2022 | 6.8% | 6.78% | — | 9.51% | 5.2% | -0.9 pp |
| FY 2022 Q2 | Oct 29, 2021 | 6.6% | 6.32% | — | 9.21% | 5.01% | -1.1 pp |
| FY 2022 Q1 | Jul 30, 2021 | 5.98% | 5.67% | — | 7.63% | 4.18% | -1.7 pp |
| FY 2021 Q4 | Apr 30, 2021 | 5.73% | 5.44% | — | 7.06% | 3.92% | -2 pp |
| FY 2021 Q3 | Jan 29, 2021 | — | 3.79% | — | 5.64% | 3.04% | — |
| FY 2021 Q2 | Oct 30, 2020 | — | 4.27% | — | 7.02% | 3.78% | — |
| FY 2021 Q1 | Jul 31, 2020 | — | 4.87% | — | 8.77% | 4.77% | — |
| FY 2020 Q4 | Apr 24, 2020 | — | 5.93% | — | 9.5% | 5.31% | — |
| FY 2020 Q3 | Jan 24, 2020 | — | 7.83% | — | 10.46% | 5.86% | — |
| FY 2020 Q2 | Oct 25, 2019 | 8.42% | 7.78% | 216.61% | 9.32% | 5.21% | 0.7 pp |
| FY 2020 Q1 | Jul 26, 2019 | 8.13% | 7.98% | 429.15% | 8.79% | 4.88% | 0.4 pp |
| FY 2019 Q4 | Apr 26, 2019 | 7.79% | 7.71% | — | 9.19% | 5.11% | 0.1 pp |
| FY 2019 Q3 | Jan 25, 2019 | 7.61% | 7.6% | — | 9.83% | 5.33% | -0.1 pp |
| FY 2019 Q2 | Oct 26, 2018 | 3.61% | 7.51% | — | 4.47% | 2.48% | -4.1 pp |
| FY 2019 Q1 | Jul 27, 2018 | 4.8% | 7.84% | — | 6.27% | 3.33% | -2.9 pp |
| FY 2018 Q4 | Apr 27, 2018 | 4.78% | 7.97% | — | 6.15% | 3.25% | -2.9 pp |
| FY 2018 Q3 | Jan 26, 2018 | 4.34% | 7.48% | — | 5.64% | 2.9% | -3.4 pp |
| FY 2018 Q2 | Oct 27, 2017 | 7.37% | 7.02% | — | 9.87% | 5.2% | -0.3 pp |
| FY 2018 Q1 | Jul 28, 2017 | 5.92% | 6.32% | 150.3% | 8.11% | 4.14% | -1.8 pp |
| FY 2017 Q4 | Apr 28, 2017 | 5.85% | 5.98% | — | 7.87% | 4.04% | -1.8 pp |
| FY 2017 Q3 | Jan 27, 2017 | 5.89% | 5.8% | — | 7.92% | 3.96% | -1.8 pp |
| FY 2017 Q2 | Oct 28, 2016 | 6.14% | 5.83% | — | 8.28% | 4.17% | -1.6 pp |
| FY 2017 Q1 | Jul 29, 2016 | 5.36% | 5.68% | — | 7.04% | 3.59% | -2.3 pp |
| FY 2016 Q4 | Apr 29, 2016 | 5.23% | 5.57% | — | 6.72% | 3.43% | -2.5 pp |
| FY 2016 Q3 | Jan 29, 2016 | — | 8.8% | — | 9.59% | 4.74% | — |
| FY 2016 Q2 | Oct 30, 2015 | — | — | — | — | — | — |
| FY 2016 Q1 | Jul 31, 2015 | — | — | — | — | — | — |
| FY 2015 Q4 | Apr 24, 2015 | — | — | — | — | — | — |
| FY 2015 Q3 | Jan 23, 2015 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · MDT, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.