MDT
Medtronic plc
MDT has the edge over NVO overall, supported by lower modeled downside and stronger fundamentals.
NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
MDT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Stable |
MDT's revenue, profitability and cash flow are currently healthy, and its balance sheet is stable.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
MDT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 16x | $101 | — |
| Cheap | 24x | $98.52 | -2.4% |
| Current | 25x | $101 | — |
| Fair | 27x | $111 | +9.9% |
| Expensive | 33x | $135 | +34% |
Historical ranges are pointers, not guarantees.
MDT's PE is in its cheap range at 25x. If earnings grow as analysts expect, today's price would be 16x next year's earnings.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over MDT in the historical PE scenario, which offers more potential upside but is not a forecast.
MDT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Moderate | |
| High |
MDT has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
MDT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.16 | +52% |
| Q3 2026 | $4.06 | +12% |
| Q2 2026 | $3.73 | +3.3% |
| Q1 2026 | $3.58 | +8.5% |
| Q4 2025 | $3.70 | +13% |
| Q3 2025 | $3.62 | +22% |
| Q2 2025 | $3.61 | +31% |
| Q1 2025 | $3.30 | +5.1% |
| Q4 2024 | $3.28 | +6.8% |
MDT's earnings per share have climbed steadily: $4.06 over the past year, up 12% from the year before, and higher year over year for nine quarters in a row.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over MDT on earnings, with stronger typical year-over-year growth.
MDT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $9.8B | +14% |
| Q2 2026 | $9.8B | +9.9% |
| Q1 2026 | $9B | +8.7% |
| Q4 2025 | $9B | +6.6% |
| Q3 2025 | $8.6B | +8.4% |
| Q2 2025 | $8.9B | +3.9% |
| Q1 2025 | $8.3B | +2.5% |
| Q4 2024 | $8.4B | +5.2% |
MDT's revenue has grown year over year for 14 quarters in a row: $9.8B last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 18% | +1.2 points |
| Q2 2026 | 19% | +3 points |
| Q1 2026 | 16% | -3.6 points |
| Q4 2025 | 19% | -0.2 points |
| Q3 2025 | 17% | +0.7 points |
| Q2 2025 | 16% | +3.8 points |
| Q1 2025 | 20% | +1.5 points |
| Q4 2024 | 19% | +2.2 points |
MDT's operating margin was 18% last quarter, up 1.2 points from the same quarter a year ago.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over MDT on profitability, with a higher operating margin.
MDT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +121% |
| Q2 2026 | $2.1B | +0.8% |
| Q1 2026 | $2.3B | +9.7% |
| Q4 2025 | $457M | -18% |
| Q3 2025 | $584M | +25% |
| Q2 2025 | $2.1B | -12% |
| Q1 2025 | $2.1B | -1.5% |
| Q4 2024 | $554M | +177% |
MDT generated $6.1B in free cash flow over the past year, up 16% from the year before.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
MDT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -3M shares |
| 1 year | -0.2% | -2M shares |
| 3 years | -3.7% | -48.7M shares |
| 5 years | -5.3% | -71.3M shares |
| Available history | -4.9% | -66.3M shares |
MDT has 1.3B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $267M |
| Q2 2026 | $435M |
| Q1 2026 | $105M |
| Q4 2025 | $372M |
| Q3 2025 | $123M |
| Q2 2025 | $274M |
| Q1 2025 | $181M |
| Q4 2024 | $288M |
MDT spent $1.2B buying back its own shares over the past year, up 36% from the year before.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over MDT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
MDT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.7x | Moderate |
| Q2 2026 | 2.8x | Moderate |
| Q1 2026 | 3.0x | Moderate |
| Q4 2025 | 3.0x | Elevated |
| Q3 2025 | 3.0x | Elevated |
| Q2 2025 | 3.0x | Moderate |
| Q1 2025 | 3.1x | Elevated |
| Q4 2024 | 3.4x | Elevated |
MDT's net debt is about 2.7 years of its operating earnings (EBITDA), down from 3.0 years a year ago.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO has the edge over MDT on leverage, with a lower net debt burden relative to earnings.
MDT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.9 | Neutral |
| Stochastic | 81.3 | Overbought |
MDT's weekly RSI is 66 (neutral) and its Stochastic is 81 (overbought).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
MDT PE vs Healthcare Sector
| Metric | MDT | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 26x | 3.8% below |
| PE % | 22 | 29 | 7 pts below |
MDT is trading at 25x earnings, in line with the Healthcare sector's median of 26x.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over MDT on valuation relative to its sector.
MDT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $94.1 | 7.3% above |
| 20 week MA | $90.6 | 11% above |
| 50 week MA | $90.0 | 12% above |
| 100 week MA | $89.9 | 12% above |
| 200 week MA | $86.6 | 17% above |
MDT has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
MDT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $113.4 | $114.0 | +0.6% |
| 2021 | $114.0 | $102.9 | -9.8% |
| 2022 | $102.9 | $77.5 | -25% |
| 2023 | $77.5 | $82.4 | +6.3% |
| 2024 | $82.4 | $80.7 | -2% |
| 2025 | $80.7 | $96.5 | +20% |
| 2026 YTD | $96.5 | $101.0 | +4.6% |
MDT has the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.