Medtronic management check
MDT · Health Care · Health Care Equipment · CEO Geoff Martha
Filings as of
2 good · 2 to watch · 3 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2022 grew to $74, against $97 for the peer group the company picked itself.
- Flag
Does pay follow performance?
Pay moved against returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of -0.59 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
477822.4% of net income$22.9m of reported pay in fiscal 2026, against $5k of net income.
- Watch
Do they own the stock?
CEO stake ≈ 1.2 years of payThe CEO holds 277,866 shares, directly or through trusts (unvested awards not counted): about 1.2 years of pay. Light activity: no buys, $6.5m sold in six months. 3 of 6 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -1.6% a year over the last three fiscal years. Stock-based pay was 1.3% of revenue in the latest year.
- Watch
Is leadership stable?
13 leadership filings in 3 yearsCEO in the pay table: Geoff Martha. 13 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 20 | 26 | |
| Pay for performance | 20 | 85 | |
| CEO cost | 0 | 44 | |
| Skin in the game | 38 | 46 | |
| Dilution | 70 | 68 | |
| Stable leadership | 60 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Health Care Equipment, by management score. Medtronic is 57th of 60 in its sector.
- 115ABTAbbott Laboratories75
- 149SYKStryker Corporation72
- 156ISRGIntuitive Surgical72
- 188IDXXIdexx Laboratories69
- 192BSXBoston Scientific69
- 246RVTYRevvity64
- 256GEHCGE HealthCare64
- 294RMDResMed62
- 321STESteris60
- 353BDXBecton Dickinson58
Pay versus performance
From the proxy statement filed August 17, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2026 | Geoff Martha | $22.9m | $22.5m | $7.3m | $74 | $97 | $5k |
| 2025 | Geoff Martha | $21.2m | $26.1m | $5.6m | $98 | $149 | $5k |
| 2024 | Geoff Martha | $20.1m | $11.1m | $7.6m | $90 | $135 | $4k |
| 2023 | Geoff Martha | $15.4m | $3.3m | $5.4m | $99 | $131 | $4k |
| 2022 | Geoff Martha | $17.9m | $3.0m | $7.6m | $110 | $124 | $5k |
The board says pay is tied most to Revenue Growth. Its other key measures: EPS, Total Shareholder Return, Free Cash Flow.
Insiders and the CEO's stake
Geoffrey Martha (Chairman and CEO) held 277,866 shares directly after their latest Form 4 on Oct 15, 2026, roughly $26.4m at that filing's price.
Light activity: no buys, $6.5m sold in six months. 3 of 6 sales ran on pre-arranged 10b5-1 plans.
- SoldGeoffrey MarthaChairman and CEO · 10b5-1 plan$4.8mOct 15, 2026
- SoldMichael MarinaroEVP, Pres MedSurg and Americas · 10b5-1 plan$1.0mOct 15, 2026
- SoldHarry Skip KiilEVP & President Cardiovascular$476kSep 16, 2026
- SoldMatthew R. WalterSVP, Chief HR Officer · 10b5-1 plan$258kJul 8, 2026
Leadership and governance on file
- Oct 19, 2026Leadership change8-K 5.02
- May 18, 2026Leadership change8-K 5.02
- Nov 3, 2025Leadership change8-K 5.02
- Aug 19, 2025Leadership change8-K 5.02
- Jun 23, 2025Leadership change8-K 5.02
- May 21, 2025Leadership change8-K 5.02
- Mar 17, 2025Leadership change8-K 5.02
- Jan 21, 2025Leadership change8-K 5.02
- Aug 16, 2024Leadership change8-K/A 5.02
- Jun 26, 2024Leadership change8-K 5.02
- Jun 4, 2024Leadership change8-K 5.02
- Feb 20, 2024Leadership change8-K 5.02
Latest shareholder vote results: Oct 19, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $27.5bn returned to owners in buybacks and dividends, 125319110% of net income, and $2.0bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $31.7bn | $31.2bn | $32.4bn | $33.5bn | $36.4bn |
| Net income | $5k | $4k | $4k | $5k | $5k |
| Stock-based pay | $359.0m | $355.0m | $393.0m | $429.0m | $457.0m |
| Buybacks | $2.5bn | $645.0m | $2.1bn | $3.2bn | $1.0bn |
| Dividends | $3.4bn | $3.6bn | $3.7bn | $3.6bn | $3.6bn |
| Diluted shares | 1351m | 1333m | 1330m | 1290m | 1288m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.