Medtronic plc vs ResMed Inc., two Medical Devices stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
ResMed's 34.9% operating margin nearly doubles Medtronic's 19.1%, sleep-apnea focus outearning device breadth, and the returns repeat the verdict: 17.3% on assets against 5.2%, 23.4% on equity against 9.6%, both effectively unlevered. The market prices the pair within 2.4 turns, 21.7 and 19.3 times earnings, as if the margin structures were siblings. Medtronic's case is income and immensity, a 3.5% dividend on $104B of diversified devices; ResMed's is quality with a GLP-1 asterisk the market refuses to erase. Similar prices, dissimilar machines: the discount on the better economics has a name, and it is not on this page.
Comparison updated 2026-07-10.
| Metric | MDT | RMD |
|---|---|---|
| Price | $80.98 | $200.28 |
| Market cap | $104.4B | $29.2B |
| Sector | Medical Devices | Medical Devices |
| Stage | Mature | Mature |
| Implied growth (priced in) | +3.2% | +4.3% |
| P/E | 21.7 | 19.3 |
| P/B | 2.09 | 4.50 |
| P/S | 2.87 | 5.27 |
| EV/EBITDA | 11.1 | 13.3 |
| Revenue growth | +8.4% | +10.3% |
| Gross margin | — | 62.3% |
| Operating margin | 19.1% | 34.9% |
| Net margin | 13.2% | 27.4% |
| Return on equity | 9.6% | 23.4% |
| Return on assets | 5.2% | 17.3% |
| Return on invested capital | 8.6% | 21.0% |
| FCF yield | 5.2% | 6.0% |
| Dividend yield | 3.5% | 1.1% |
| Debt / equity | 0.04 | 0.10 |
| Current ratio | 2.13 | 3.01 |
| Altman Z (solvency) | 2.58 | 8.30 |
| Piotroski F (quality) | 7 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.