Does Medtronic plc have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores Medtronic plc (MDT) 49.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 6, balance-sheet safety 35, capital discipline 52.

Is MDT stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $49.16 per share versus a recent price of $83.20 — 69% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has MDT's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 49.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Medtronic plc

MDT · Healthcare · $106.5B mkt cap · FY2026 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power100

Median gross margin 66.5% over 10y, very stable.

Returns on capital6

Median ROIC 6.3%, above the 9% hurdle in 0% of years.

Balance-sheet safety35

Net debt/EBITDA 2.8x, interest coverage 9x.

Capital discipline52

Owner earnings +0.3%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

69% above value

Owner earnings (normalized): $5.7B
Est. intrinsic value / share: $49.16
Recent price: $83.20
Discount to value: 69% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

15 years of fundamentals

The business, in plain English

Medtronic plc booked $36.4B of revenue in FY2026 in the Healthcare sector and kept 65.0% of it as gross profit — a high-margin business by that measure. After every other cost, 13.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $16.6B (FY2013) to $36.4B (FY2026) — about 6.2% a year compounded over 13 years.

It earned 6.8% on invested capital in FY2026, with a median of 6.3% across 14 filed years. The Returns on Capital filter above scores it 6/100.

The balance sheet carried $28.0B of total debt in FY2026 against $5.9B of owner earnings — roughly 4.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 35/100.

The share count rose 28.1% between FY2014 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 52/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Returns on Capital the weakest (6/100), which is how MDT lands at 49/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$36.4B FY2026

Gross marginRevenue kept after cost of goods65.0% FY2026

Return on invested capitalOperating profit on the capital employed6.8% FY2026

Owner earningsCash an owner could take out$5.9B FY2026

Gaps in a line mean that item isn’t in MDT’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale49.0 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — MDT has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#125 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#123WHWK Whitehawk Therapeutics, Inc.49.0 out of 100, Shallow moatShallow moat
#124INSP Inspire Medical Systems, Inc.49.0 out of 100, Shallow moatShallow moat
#126NVST ENVISTA HOLDINGS CORPORATION49.0 out of 100, Shallow moatShallow moat
#127MYO MYOMO, INC.48.9 out of 100, Shallow moatShallow moat

Compare MDT with its nearest peers →All Healthcare companies on the Index →

Common questions about MDT

Does Medtronic plc have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores Medtronic plc (MDT) 49.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 6, balance-sheet safety 35, capital discipline 52.
Is MDT stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $49.16 per share versus a recent price of $83.20 — 69% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has MDT's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 49.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MDT. See the disclaimer.