# Medtronic (MDT.US)

Canonical: https://gigainvestors.com/s/MDT

Analysis as of: 2026-10-16T07:30:08.494Z. Financial observations: FY1997–FY2027.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $95.45 per share; close as of 2026-10-15.

Estimated value: low $57.68 per share, central $64.77 per share, high $74.20 per share. Buy at or below the central value $64.77 per share. Valuation as of 2026-10-16T07:30:08.494Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.22×

- FY2019: 0.21×

- FY2020: 0.17×

- FY2021: 0.15×

- FY2022: 0.18×

- FY2023: 0.18×

- FY2024: 0.16×

- FY2025: 0.18×

- FY2026: 0.18×

- LTM to Jul 2026: 0.18×

### moat: pass

- ROIC, median of available years: 18.0%

- ROIC, second-lowest year: 15.0%

- Typical minus recent gross margin: 1.5 pp

- Typical gross margin (annual median): 66.5%

- Recent gross margin (lower of latest and 3-year median): 65.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.4%

- ROIC including acquisitions, ten-year median: 8.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 16.8%

- FY2019: 21.9%

- FY2020: 19.4%

- FY2021: 16.7%

- FY2022: 20.6%

- FY2023: 14.6%

- FY2024: 15.0%

- FY2025: 19.2%

- FY2026: 19.9%

- LTM to Jul 2026: 20.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.26×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $28B

- Net income, five-year total: $22B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.9 pp

- Working capital / revenue, final three-year average: 27.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2023: 1.33×

- FY2024: 1.29×

- FY2025: 1.21×

- FY2026: 1.22×

- LTM to Jul 2026: 1.10×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.8% vs 19.2%

- Per-share earnings: 2.48 to 3.61 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.0%

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: -$10B

- Cumulative retained earnings: $9.3B

- Diluted shares, 10-year annual growth: -1.0%

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 4.8%

- Per-share value change: $1.13

- Per-share value, starting three-year median: $2.48

- Per-share value, ending three-year median: $3.61

- Buybacks concentrated in cheaper years (correlation): 0.33

- Average buyback yield: 1.7%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $970M

- Cumulative net income, 10 years: $42B

- ROIC, first three-year median: 16.8%

- ROIC, last three-year median: 19.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: $2.89

- FY2018: $2.27

- FY2019: $3.41

- FY2020: $3.54

- FY2021: $2.66

- FY2022: $3.73

- FY2023: $2.82

- FY2024: $2.76

- FY2025: $3.61

- FY2026: $3.73

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 6.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.07×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.9%

- FY2018: -1.7%

- FY2019: -2.6%

- FY2020: -2.7%

- FY2021: -2.8%

- FY2022: -2.5%

- FY2023: -2.5%

- FY2024: -3.5%

- FY2025: -2.6%

- FY2026: -2.7%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Harry Burn](https://gigainvestors.com/SSHFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 20% since Oct 2021 · "Looking ahead, we anticipate incurring additional costs related to current imposed and proposed tariffs." (SEC filing, Jun 2026) · sales +8.4%

Story as of 2026-10-16T09:59:08.779Z; price observation 2026-10-15.

Price needs cash profits to grow 6.2% a year for ten years

- 2025-11-19: Medtronic raises FY26 outlook amid cardiac ablation surge ([finance.yahoo.com](https://finance.yahoo.com/news/medtronic-raises-fy26-outlook-amid-124432363.html))

- 2026-01-12: Medtronic gains FDA clearance for MiniMed Go insulin dosing system app ([seekingalpha.com](https://seekingalpha.com/news/4538460-medtronic-gains-fda-clearance-minimed-go-insulin-dosing-system-app?utm_source=feed_news_all&amp;utm_medium=referral&amp;feed_item_type=news))

- 2026-02-15: Medtronic Faces Antitrust Hit While Betting On Stealth AXiS Growth ([finance.yahoo.com](https://finance.yahoo.com/news/medtronic-faces-antitrust-hit-while-081052020.html))

- 2026-03-25: Medtronic lowers earnings forecast after MiniMed IPO ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/medtronic-lowers-earnings-forecast-minimed-114323074.html))

- 2026-07-10: Medtronic gains on reimbursement hopes for blood pressure therapy ([seekingalpha.com](https://seekingalpha.com/news/4612988-medtronic-gains-coverage-hopes-renal-denervation?utm_source=feed_news_all&amp;utm_medium=referral&amp;feed_item_type=news))

- 2026-08-08: Medtronic (MDT) Wins Expanded CE Mark For Affera System In Ventricular Arrhythmias ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/medtronic-mdt-wins-expanded-ce-020910766.html))

### Sales · FY2025–2026

sales +8.4%; source https://www.sec.gov/Archives/edgar/data/1613103/000162828026044354/mdt-20260424.htm; observed 2026-06-18.

- FY2017: $30B 

- FY2018: $30B 

- FY2019: $31B 

- FY2020: $29B 

- FY2021: $30B 

- FY2022: $32B 

- FY2023: $31B 

- FY2024: $32B 

- FY2025: $34B 

- FY2026: $36B 

### Gross margin · FY2026

gross margin 65%; source https://www.sec.gov/Archives/edgar/data/1613103/000162828026044354/mdt-20260424.htm; observed 2026-06-18.

- FY2017: 68.7% 

- FY2018: 69.7% 

- FY2019: 70.0% 

- FY2020: 67.4% 

- FY2021: 65.2% 

- FY2022: 68.0% 

- FY2023: 65.7% 

- FY2024: 65.3% 

- FY2025: 65.3% 

- FY2026: 65.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are USD 36.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1613103/000162828026044354/mdt-20260424.htm (filed 2026-06-18); FY2026: revenue 36364000000; grossProfit 23643000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MDT.US: Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients in the United States, Ireland, and internationally. It operates through three segments: The Cardiovascular Portfolio, Neuroscience Portfolio, and Medical Surgical Portfolio. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software. It also provides aortic valves, surgical valve replacement and repair products, endovascular stent grafts and accessories, and transcatheter pulmonary valves, left atrial appendage exclusion systems, extracorporeal membrane oxygenation (ECMO) systems and percutaneous coronary intervention products, percutaneous angioplasty balloons, and endovenous products. The Neuroscience Portfolio segment offers medical devices and implants, biologic solutions, spinal cord stimulation and brain modulation systems, implantable drug infusion systems, and interventional products, as well as nerve ablation system under the Accurian name. This segment offers its products for spinal surgeons, neurosurgeons, neurologists, pain management specialists, anesthesiologists, orthopedic surgeons, urologists, urogynecologists, and interventional radiologists, as well as ear, nose, and throat specialists, and energy surgical instruments. The Medical Surgical Portfolio segment offers surgical stapling devices, vessel sealing instruments, wound closure and electrosurgery products, AI-powered surgical video and analytics platform, robotic-assisted surgery products, hernia mechanical devices, mesh implants, gynecology products, gastrointestinal and hepatologic diagnostics and therapies, and therapies to treat diseases and conditions, and patient monitoring and airway management products, as well as insulin pumps and consumables, continuous glucose monitoring sys

### Why customers stay

Margins ranged from 65% to 65.3% during 2024–26; it earns 18% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2024: grossProfit / revenue = 65.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2025: grossProfit / revenue = 65.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1613103/000162828026044354/mdt-20260424.htm (filed 2026-06-18); FY2026: grossProfit / revenue = 65%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); 10-year return on capital observations [[2017,0.14955860131986556],[2018,0.16785283708629875],[2019,0.2190817611716556],[2020,0.19361487169125075],[2021,0.1668967142964293],[2022,0.20619681126289602],[2023,0.14621768837798463],[2024,0.15007770481565377],[2025,0.19214398191388002],[2026,0.19900561444717765]]; median 0.17999840950008938. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2017: growth capex 0; upkeep 1254000000; owner earnings 5691000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2018: growth capex 0; upkeep 1068000000; owner earnings 4680000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2019: growth capex 0; upkeep 1134000000; owner earnings 6156000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2020: growth capex 0; upkeep 1213000000; owner earnings 6239000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2021: growth capex 0; upkeep 1355000000; owner earnings 4953000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2022: growth capex 0; upkeep 1368000000; owner earnings 6378000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2023: growth capex 0; upkeep 1459000000; owner earnings 4996000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2024: growth capex 0; upkeep 1587000000; owner earnings 4736000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2025: growth capex 0; upkeep 1859000000; owner earnings 5664000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1613103/000162828026044354/mdt-20260424.htm (filed 2026-06-18); FY2026: growth capex 0; upkeep 1904000000; owner earnings 5854000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); Dividend observations: [[2017,2376000000],[2018,2494000000],[2019,2693000000],[2020,2894000000],[2021,3121000000],[2022,3383000000],[2023,3616000000],[2024,3666000000],[2025,3589000000],[2026,3639000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1613103/000162828026044354/mdt-20260424.htm (filed 2026-06-18); FY2026: cash repurchases 1035000000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MDT.US SharesStats.PercentInsiders = 0.349 percentage points; cache date 2026-10-16.

### What could break it

"Laws and regulations governing international business operations could adversely impact our business." (SEC filing, Jun 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1613103/000162828026044354/mdt-20260424.htm (filed 2026-06-18); Laws and regulations governing international business operations could adversely impact our business.

### What the price says

The price assumes cash profits grow 6.2% yearly over ten years; actual growth was 2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); Ten-year compound average after fade. Initial solved rate 0.07565737759037627. Price 95.45; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 3.7253664352338873 → FY2026 4.544678208213648. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $82.02 per share

- 2016-11: $73.01 per share

- 2016-12: $71.23 per share

- 2017-01: $76.02 per share

- 2017-02: $80.91 per share

- 2017-03: $80.56 per share

- 2017-04: $83.09 per share

- 2017-05: $84.28 per share

- 2017-06: $88.75 per share

- 2017-07: $83.97 per share

- 2017-08: $80.62 per share

- 2017-09: $77.77 per share

- 2017-10: $80.52 per share

- 2017-11: $82.13 per share

- 2017-12: $80.75 per share

- 2018-01: $85.89 per share

- 2018-02: $79.89 per share

- 2018-03: $80.22 per share

- 2018-04: $80.13 per share

- 2018-05: $86.32 per share

- 2018-06: $85.61 per share

- 2018-07: $90.23 per share

- 2018-08: $96.41 per share

- 2018-09: $98.37 per share

- 2018-10: $89.82 per share

- 2018-11: $97.53 per share

- 2018-12: $90.96 per share

- 2019-01: $88.39 per share

- 2019-02: $90.50 per share

- 2019-03: $91.08 per share

- 2019-04: $88.81 per share

- 2019-05: $92.58 per share

- 2019-06: $97.39 per share

- 2019-07: $101.94 per share

- 2019-08: $107.89 per share

- 2019-09: $108.62 per share

- 2019-10: $108.90 per share

- 2019-11: $111.39 per share

- 2019-12: $113.45 per share

- 2020-01: $115.44 per share

- 2020-02: $100.67 per share

- 2020-03: $90.18 per share

- 2020-04: $97.63 per share

- 2020-05: $98.58 per share

- 2020-06: $91.70 per share

- 2020-07: $96.48 per share

- 2020-08: $107.47 per share

- 2020-09: $103.92 per share

- 2020-10: $100.57 per share

- 2020-11: $113.70 per share

- 2020-12: $117.14 per share

- 2021-01: $111.33 per share

- 2021-02: $116.97 per share

- 2021-03: $118.13 per share

- 2021-04: $130.92 per share

- 2021-05: $126.59 per share

- 2021-06: $124.13 per share

- 2021-07: $131.31 per share

- 2021-08: $133.48 per share

- 2021-09: $125.35 per share

- 2021-10: $119.86 per share

- 2021-11: $106.70 per share

- 2021-12: $103.45 per share

- 2022-01: $103.49 per share

- 2022-02: $104.99 per share

- 2022-03: $110.95 per share

- 2022-04: $104.36 per share

- 2022-05: $100.15 per share

- 2022-06: $89.75 per share

- 2022-07: $92.52 per share

- 2022-08: $87.92 per share

- 2022-09: $80.75 per share

- 2022-10: $87.34 per share

- 2022-11: $79.04 per share

- 2022-12: $77.72 per share

- 2023-01: $83.69 per share

- 2023-02: $82.80 per share

- 2023-03: $80.62 per share

- 2023-04: $90.95 per share

- 2023-05: $82.76 per share

- 2023-06: $88.10 per share

- 2023-07: $87.76 per share

- 2023-08: $81.50 per share

- 2023-09: $78.36 per share

- 2023-10: $70.56 per share

- 2023-11: $79.27 per share

- 2023-12: $82.38 per share

- 2024-01: $87.54 per share

- 2024-02: $83.36 per share

- 2024-03: $87.15 per share

- 2024-04: $80.24 per share

- 2024-05: $81.37 per share

- 2024-06: $78.71 per share

- 2024-07: $80.32 per share

- 2024-08: $88.58 per share

- 2024-09: $90.03 per share

- 2024-10: $89.25 per share

- 2024-11: $86.54 per share

- 2024-12: $79.88 per share

- 2025-01: $90.82 per share

- 2025-02: $92.02 per share

- 2025-03: $89.86 per share

- 2025-04: $84.76 per share

- 2025-05: $82.98 per share

- 2025-06: $87.17 per share

- 2025-07: $90.24 per share

- 2025-08: $92.81 per share

- 2025-09: $95.24 per share

- 2025-10: $90.70 per share

- 2025-11: $105.33 per share

- 2025-12: $96.06 per share

- 2026-01: $102.96 per share

- 2026-02: $97.66 per share

- 2026-03: $86.65 per share

- 2026-04: $80.97 per share

- 2026-05: $73.81 per share

- 2026-06: $78.23 per share

- 2026-07: $85.39 per share

- 2026-08: $90.65 per share

- 2026-09: $86.29 per share

- 2026-10: $93.01 per share

## Annual estimated value (USD per share)

- FY2017: low $54.13 per share, central $60.29 per share, high $68.50 per share

- FY2018: low $51.85 per share, central $57.93 per share, high $66.02 per share

- FY2019: low $52.13 per share, central $58.38 per share, high $66.70 per share

- FY2020: low $52.48 per share, central $58.66 per share, high $66.88 per share

- FY2021: low $54.11 per share, central $60.54 per share, high $69.08 per share

- FY2022: low $58.94 per share, central $66.05 per share, high $75.52 per share

- FY2023: low $57.05 per share, central $64.16 per share, high $73.62 per share

- FY2024: low $49.27 per share, central $55.30 per share, high $63.32 per share

- FY2025: low $53.17 per share, central $59.61 per share, high $68.19 per share

- FY2026: low $56.27 per share, central $63.12 per share, high $72.23 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:35:53.077Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1613103/000162828026044354/mdt-20260424.htm); period 2026-04-24, filed 2026-06-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Medtronic

MDT · US

S&P 500

A wonderful business at too high a price

Passes the quality tests.

Share price: $95.45
Buy up to: $64.77
Expected / yr: 7.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What could break it
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 11.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 17.8%
Worst year: 14.9%
Latest · LTM: 18.1%

Capital return excluding acquisitions: median 18% (minimum 15%), and the second-worst year 15% (minimum 10%).

ROIC excluding acquisitions

10y median: 19.3%
Worst year: 14.6%
Latest · LTM: 20.5%

Each $1 of profit left $1.26 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.26×
Annual median: 1.22×
Latest · LTM: 1.10×

Per-share value rose from 2.48 to 3.61, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: $3.15
Worst year: $2.27
Latest · 2026: $3.73

Profits were backed by cash: accruals were -2.7% of assets (limit 10%).

Sloan accruals

10y median: -2.7%
Worst year: -1.7%
Latest · 2026: -2.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 17.9%, three-year average owner earnings per share 4.17 USD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price USD 82.02; 2016-11 · Price USD 73.01; 2016-12 · Price USD 71.23; 2017-01 · Price USD 76.02 · Value 60.29 · Buy at or below 60.29; 2017-02 · Price USD 80.91 · Value 60.29 · Buy at or below 60.29; 2017-03 · Price USD 80.56 · Value 60.29 · Buy at or below 60.29; 2017-04 · Price USD 83.09 · Value 60.29 · Buy at or below 60.29; 2017-05 · Price USD 84.28 · Value 60.29 · Buy at or below 60.29; 2017-06 · Price USD 88.75 · Value 60.29 · Buy at or below 60.29; 2017-07 · Price USD 83.97 · Value 60.29 · Buy at or below 60.29; 2017-08 · Price USD 80.62 · Value 60.29 · Buy at or below 60.29; 2017-09 · Price USD 77.77 · Value 60.29 · Buy at or below 60.29; 2017-10 · Price USD 80.52 · Value 60.29 · Buy at or below 60.29; 2017-11 · Price USD 82.13 · Value 60.29 · Buy at or below 60.29; 2017-12 · Price USD 80.75 · Value 60.29 · Buy at or below 60.29; 2018-01 · Price USD 85.89 · Value 60.29 · Buy at or below 60.29; 2018-02 · Price USD 79.89 · Value 57.93 · Buy at or below 57.93; 2018-03 · Price USD 80.22 · Value 57.93 · Buy at or below 57.93; 2018-04 · Price USD 80.13 · Value 57.93 · Buy at or below 57.93; 2018-05 · Price USD 86.32 · Value 57.93 · Buy at or below 57.93; 2018-06 · Price USD 85.61 · Value 57.93 · Buy at or below 57.93; 2018-07 · Price USD 90.23 · Value 57.93 · Buy at or below 57.93; 2018-08 · Price USD 96.41 · Value 57.93 · Buy at or below 57.93; 2018-09 · Price USD 98.37 · Value 57.93 · Buy at or below 57.93; 2018-10 · Price USD 89.82 · Value 57.93 · Buy at or below 57.93; 2018-11 · Price USD 97.53 · Value 57.93 · Buy at or below 57.93; 2018-12 · Price USD 90.96 · Value 57.93 · Buy at or below 57.93; 2019-01 · Price USD 88.39 · Value 57.93 · Buy at or below 57.93; 2019-02 · Price USD 90.50 · Value 58.38 · Buy at or below 58.38; 2019-03 · Price USD 91.08 · Value 58.38 · Buy at or below 58.38; 2019-04 · Price USD 88.81 · Value 58.38 · Buy at or below 58.38; 2019-05 · Price USD 92.58 · Value 58.38 · Buy at or below 58.38; 2019-06 · Price USD 97.39 · Value 58.38 · Buy at or below 58.38; 2019-07 · Price USD 101.94 · Value 58.38 · Buy at or below 58.38; 2019-08 · Price USD 107.89 · Value 58.38 · Buy at or below 58.38; 2019-09 · Price USD 108.62 · Value 58.38 · Buy at or below 58.38; 2019-10 · Price USD 108.90 · Value 58.38 · Buy at or below 58.38; 2019-11 · Price USD 111.39 · Value 58.38 · Buy at or below 58.38; 2019-12 · Price USD 113.45 · Value 58.38 · Buy at or below 58.38; 2020-01 · Price USD 115.44 · Value 58.38 · Buy at or below 58.38; 2020-02 · Price USD 100.67 · Value 58.66 · Buy at or below 58.66; 2020-03 · Price USD 90.18 · Value 58.66 · Buy at or below 58.66; 2020-04 · Price USD 97.63 · Value 58.66 · Buy at or below 58.66; 2020-05 · Price USD 98.58 · Value 58.66 · Buy at or below 58.66; 2020-06 · Price USD 91.70 · Value 58.66 · Buy at or below 58.66; 2020-07 · Price USD 96.48 · Value 58.66 · Buy at or below 58.66; 2020-08 · Price USD 107.47 · Value 58.66 · Buy at or below 58.66; 2020-09 · Price USD 103.92 · Value 58.66 · Buy at or below 58.66; 2020-10 · Price USD 100.57 · Value 58.66 · Buy at or below 58.66; 2020-11 · Price USD 113.70 · Value 58.66 · Buy at or below 58.66; 2020-12 · Price USD 117.14 · Value 58.66 · Buy at or below 58.66; 2021-01 · Price USD 111.33 · Value 58.66 · Buy at or below 58.66; 2021-02 · Price USD 116.97 · Value 60.54 · Buy at or below 60.54; 2021-03 · Price USD 118.13 · Value 60.54 · Buy at or below 60.54; 2021-04 · Price USD 130.92 · Value 60.54 · Buy at or below 60.54; 2021-05 · Price USD 126.59 · Value 60.54 · Buy at or below 60.54; 2021-06 · Price USD 124.13 · Value 60.54 · Buy at or below 60.54; 2021-07 · Price USD 131.31 · Value 60.54 · Buy at or below 60.54; 2021-08 · Price USD 133.48 · Value 60.54 · Buy at or below 60.54; 2021-09 · Price USD 125.35 · Value 60.54 · Buy at or below 60.54; 2021-10 · Price USD 119.86 · Value 60.54 · Buy at or below 60.54; 2021-11 · Price USD 106.70 · Value 60.54 · Buy at or below 60.54; 2021-12 · Price USD 103.45 · Value 60.54 · Buy at or below 60.54; 2022-01 · Price USD 103.49 · Value 60.54 · Buy at or below 60.54; 2022-02 · Price USD 104.99 · Value 66.05 · Buy at or below 66.05; 2022-03 · Price USD 110.95 · Value 66.05 · Buy at or below 66.05; 2022-04 · Price USD 104.36 · Value 66.05 · Buy at or below 66.05; 2022-05 · Price USD 100.15 · Value 66.05 · Buy at or below 66.05; 2022-06 · Price USD 89.75 · Value 66.05 · Buy at or below 66.05; 2022-07 · Price USD 92.52 · Value 66.05 · Buy at or below 66.05; 2022-08 · Price USD 87.92 · Value 66.05 · Buy at or below 66.05; 2022-09 · Price USD 80.75 · Value 66.05 · Buy at or below 66.05; 2022-10 · Price USD 87.34 · Value 66.05 · Buy at or below 66.05; 2022-11 · Price USD 79.04 · Value 66.05 · Buy at or below 66.05; 2022-12 · Price USD 77.72 · Value 66.05 · Buy at or below 66.05; 2023-01 · Price USD 83.69 · Value 66.05 · Buy at or below 66.05; 2023-02 · Price USD 82.80 · Value 64.16 · Buy at or below 64.16; 2023-03 · Price USD 80.62 · Value 64.16 · Buy at or below 64.16; 2023-04 · Price USD 90.95 · Value 64.16 · Buy at or below 64.16; 2023-05 · Price USD 82.76 · Value 64.16 · Buy at or below 64.16; 2023-06 · Price USD 88.10 · Value 64.16 · Buy at or below 64.16; 2023-07 · Price USD 87.76 · Value 64.16 · Buy at or below 64.16; 2023-08 · Price USD 81.50 · Value 64.16 · Buy at or below 64.16; 2023-09 · Price USD 78.36 · Value 64.16 · Buy at or below 64.16; 2023-10 · Price USD 70.56 · Value 64.16 · Buy at or below 64.16; 2023-11 · Price USD 79.27 · Value 64.16 · Buy at or below 64.16; 2023-12 · Price USD 82.38 · Value 64.16 · Buy at or below 64.16; 2024-01 · Price USD 87.54 · Value 64.16 · Buy at or below 64.16; 2024-02 · Price USD 83.36 · Value 55.30 · Buy at or below 55.30; 2024-03 · Price USD 87.15 · Value 55.30 · Buy at or below 55.30; 2024-04 · Price USD 80.24 · Value 55.30 · Buy at or below 55.30; 2024-05 · Price USD 81.37 · Value 55.30 · Buy at or below 55.30; 2024-06 · Price USD 78.71 · Value 55.30 · Buy at or below 55.30; 2024-07 · Price USD 80.32 · Value 55.30 · Buy at or below 55.30; 2024-08 · Price USD 88.58 · Value 55.30 · Buy at or below 55.30; 2024-09 · Price USD 90.03 · Value 55.30 · Buy at or below 55.30; 2024-10 · Price USD 89.25 · Value 55.30 · Buy at or below 55.30; 2024-11 · Price USD 86.54 · Value 55.30 · Buy at or below 55.30; 2024-12 · Price USD 79.88 · Value 55.30 · Buy at or below 55.30; 2025-01 · Price USD 90.82 · Value 55.30 · Buy at or below 55.30; 2025-02 · Price USD 92.02 · Value 59.61 · Buy at or below 59.61; 2025-03 · Price USD 89.86 · Value 59.61 · Buy at or below 59.61; 2025-04 · Price USD 84.76 · Value 59.61 · Buy at or below 59.61; 2025-05 · Price USD 82.98 · Value 59.61 · Buy at or below 59.61; 2025-06 · Price USD 87.17 · Value 59.61 · Buy at or below 59.61; 2025-07 · Price USD 90.24 · Value 59.61 · Buy at or below 59.61; 2025-08 · Price USD 92.81 · Value 59.61 · Buy at or below 59.61; 2025-09 · Price USD 95.24 · Value 59.61 · Buy at or below 59.61; 2025-10 · Price USD 90.70 · Value 59.61 · Buy at or below 59.61; 2025-11 · Price USD 105.33 · Value 59.61 · Buy at or below 59.61; 2025-12 · Price USD 96.06 · Value 59.61 · Buy at or below 59.61; 2026-01 · Price USD 102.96 · Value 59.61 · Buy at or below 59.61; 2026-02 · Price USD 97.66 · Value 63.12 · Buy at or below 63.12; 2026-03 · Price USD 86.65 · Value 63.12 · Buy at or below 63.12; 2026-04 · Price USD 80.97 · Value 63.12 · Buy at or below 63.12; 2026-05 · Price USD 73.81 · Value 63.12 · Buy at or below 63.12; 2026-06 · Price USD 78.23 · Value 63.12 · Buy at or below 63.12; 2026-07 · Price USD 85.39 · Value 63.12 · Buy at or below 63.12; 2026-08 · Price USD 90.65 · Value 63.12 · Buy at or below 63.12; 2026-09 · Price USD 86.29 · Value 63.12 · Buy at or below 63.12; 2026-10 · Price USD 93.01 · Value 63.12 · Buy at or below 63.12; 2026-10 · Price USD 95.45 · Value 63.12 · Buy at or below 63.12

USD per share · annual estimates

Price & return math
Value range	$57.68 – $74.20
Buy at or below	Central value $64.77
Discount to value	1 − 95.45 / 64.77 = -47.4%
Return / year	About 7.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash USD 4.70/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash USD 6.28/share today.
Required return	10.0% / year, earned by construction at the central value

Revenue$38B

Revenue

Owner earnings$5.8B

Owner earnings

Operating margin18.1%

Operating margin

Net cash / debt-$19B

Net cash / debt

Diluted shares1.3B

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·