MDT vs TMO
Medtronic PLC and Thermo Fisher Scientific Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | MDT | TMO |
|---|---|---|
| Revenue | $36.4B | $44.6B |
| Net income | $4.8B | $6.7B |
| Gross margin | 65.0% | · |
| Net margin | 13.3% | 15.1% |
| Return on equity | 9.8% | 13.0% |
| Diluted EPS | $3.73 | $17.74 |
| Dividend / share | $2.84 | $1.72 |
| Payout ratio | 75.8% | 9.5% |
| Free cash flow | $5.4B | $6.3B |
| Equity | $49.5B | $53.4B |
| Net debt / equity | 0.53× | 0.62× |
| Current ratio | 2.13× | 1.89× |
| Revenue CAGR 5y | 3.8% | 6.7% |
| Profit CAGR 5y | 5.9% | · |
TMO bills 1.2× the revenue of MDT, and keeps more of each dollar of revenue as profit (15.1% against 13.3%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | MDT | TMO |
|---|---|---|
| FY2025 | $36.4B | $44.6B |
| FY2024 | $33.5B | $42.9B |
| FY2023 | $32.4B | $42.9B |
| FY2022 | $31.2B | $44.9B |
| FY2021 | $31.7B | $39.2B |
| FY2020 | $30.1B | $32.2B |
| FY2019 | $28.9B | $25.5B |
| FY2018 | $30.6B | $24.4B |
| FY2017 | $30.0B | $20.9B |
| FY2016 | $29.7B | $18.3B |
Bottom line
| Fiscal year | MDT | TMO |
|---|---|---|
| FY2025 | $4.8B | $6.7B |
| FY2024 | $4.7B | $6.3B |
| FY2023 | $3.7B | $6.0B |
| FY2022 | $3.8B | $7.0B |
| FY2021 | $5.0B | $7.7B |
| FY2020 | $3.6B | $6.4B |
| FY2019 | $4.8B | $3.7B |
| FY2018 | $4.6B | $2.9B |
| FY2017 | $3.1B | $2.2B |
| FY2016 | $4.0B | $2.0B |
14 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$8,192,000,000 | TMO |
| FY2024 | −$9,342,000,000 | TMO |
| FY2023 | −$10,493,000,000 | TMO |
| FY2022 | −$13,688,000,000 | TMO |
| FY2021 | −$7,525,000,000 | TMO |
| FY2020 | −$2,101,000,000 | TMO |
| FY2019 | +$3,371,000,000 | MDT |
| FY2018 | +$6,199,000,000 | MDT |
| FY2017 | +$9,035,000,000 | MDT |
| FY2016 | +$11,436,000,000 | MDT |
| FY2015 | +$11,868,000,000 | MDT |
| FY2014 | +$3,371,400,000 | MDT |
| FY2013 | +$3,914,700,000 | MDT |
| FY2012 | +$4,080,100,000 | MDT |
The higher-revenue side has changed between MDT and TMO over this period. The gap has widened since the earliest year compared.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.
9 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −1.8 pp | TMO |
| FY2024 | −0.8 pp | TMO |
| FY2023 | −2.4 pp | TMO |
| FY2022 | −3.4 pp | TMO |
| FY2021 | −3.7 pp | TMO |
| FY2020 | −7.7 pp | TMO |
| FY2019 | +2.1 pp | MDT |
| FY2013 | +8.3 pp | MDT |
| FY2012 | +11.5 pp | MDT |
The higher net margin has changed hands between MDT and TMO over this period.
9 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
TMO's net margin has been more volatile than MDT's over the 9 comparable fiscal years — 3.4 percentage points of standard deviation against 3.0.
9 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between MDT and TMO over these 9 fiscal years — MDT led in 3 and TMO in 6.
9 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
TMO's return on equity has been more volatile than MDT's over the 14 comparable fiscal years — 3.9 percentage points of standard deviation against 3.5.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between MDT and TMO over these 14 fiscal years — MDT led in 2 and TMO in 12.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.