Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We will tell you our conclusion at the front, the way we would want it told to us, and then spend the next several thousand words trying to talk ourselves out of it. Medtronic is the largest pure-play medical-device company on earth. It makes pacemakers, defibrillators, heart valves, ablation catheters, spinal implants, surgical staplers, ventilators, and (for a few more months) insulin pumps. It has raised its dividend for forty-nine consecutive years. It generates more than five billion dollars of free cash a year, carries an investment-grade balance sheet, and at $78.92 it trades for roughly thirteen times next year's earnings with a 3.6% yield, near a fifty-two-week low. To most people that reads like a wonderful business on sale. It is not.
Recent filings analysed: 10-K (2026-06-18), 8-K (2026-06-03), 8-K (2026-05-18), 8-K (2026-04-27).
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