WinstonWınston
Stock

Medtronic

2M6.DE
60
Medical - Devices · Healthcare
Price
€78.34
+1.34 (+1.74%)
Market Cap
€100.28B
Exchange
Frankfurt Stock Exchange
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 5, 2026 · filings through Jul 31, 2026

§How the score breaks down

Quality
Good
19/30
Growth
Good
13/20
Cash Flow
Exceptional
9/10
Stability
Strong
8/10
Valuation
Strong
8/10
Ownership
Weak
1/15
Dividends
Mixed
2/5

60 of 100 counted points = Winston Score 60.

Share count falling — buybacks

−4.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.35B (2022) → 1.29B (2026)

§Winston Score History

The full picture

Medtronic makes medical devices — tools and machines that doctors use to treat patients. Its products include pacemakers (devices that help hearts beat correctly), insulin pumps for people with diabetes, spinal implants, and surgical robots. Hospitals and clinics around the world are its main customers, making Medtronic one of the largest medical device companies on the planet.

Medtronic earns money by selling its devices and the disposable supplies that go with them, creating repeat purchases over time. It operates in over 150 countries, with roughly half its revenue coming from outside the United States. Its main competitive advantages are decades of clinical data, deep relationships with surgeons, and a large portfolio of FDA-approved products that take years and billions of dollars for rivals to replicate. The key risk the company faces is slower-than-expected adoption of newer products, like its surgical robotics system, which it needs to grow in order to offset pricing pressure in its older, more mature device categories.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+42.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$2.9B/ year

↑ Rising (+5% vs prior year)

7.9% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$10.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Medtronic is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
61.0%
Premium pricing power — 61.0% gross margin
Profit after running costs
Operating Margin
20.6%
Excellent — 20.6% operating margin
Return on the money invested
ROCE
9.9%
Below par — 9.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+9.6%
Steady sales growth (+9.6% YoY)
Profit growth
EPS YoY
+12.4%
Earnings growing (+12.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
154%
Turns 154% of profit into real cash
Spare cash per sale
FCF Margin
16.3%
Converts sales into free cash efficiently (16.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.56
Conservative — low debt load (0.56)
Covers its interest
Interest Cover
10.70x
Comfortably covers interest (10.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
19.2x
Fair value — P/E 19.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+6.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (19.2 → 12.7)

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Dividends

Dividend
Dividend Yield
3.27%
Moderate income — 3.27% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+0.5%
Dividend flat

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