Medtronic plc vs Smith & Nephew plc, two Medical Devices stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
No growth figures print here, so the multiples carry the expectations: Smith & Nephew at 41.6 times earnings is priced for a margin recovery, Medtronic at 21.7 for more of what it already does, and the current numbers explain who has further to travel: operating margins of 12.9% against 19.1%. The scale gap is four-fold, $26B against $104B. Medtronic pays one of devices' biggest dividends, 3.5%, on almost no debt; Smith & Nephew pays none listed and yields 4.9% in free cash to Medtronic's 5.2%. The premium multiple sits on the smaller, thinner, repair-stage franchise; the giant trades as if its steadiness were a defect.
Comparison updated 2026-07-10.
| Metric | MDT | SNN |
|---|---|---|
| Price | $80.98 | $30.02 |
| Market cap | $104.4B | $26.0B |
| Sector | Medical Devices | Medical Devices |
| Stage | Mature | Mature |
| Implied growth (priced in) | +3.2% | — |
| P/E | 21.7 | 41.6 |
| P/B | 2.09 | 4.92 |
| P/S | 2.87 | 4.22 |
| EV/EBITDA | 11.1 | 32.1 |
| Revenue growth | +8.4% | +4.3% |
| Gross margin | — | 68.0% |
| Operating margin | 19.1% | 12.9% |
| Net margin | 13.2% | 10.1% |
| Return on equity | 9.6% | 11.8% |
| Return on assets | 5.2% | 6.0% |
| Return on invested capital | 8.6% | 12.0% |
| FCF yield | 5.2% | 4.9% |
| Dividend yield | 3.5% | — |
| Debt / equity | 0.04 | 0.00 |
| Current ratio | 2.13 | 2.57 |
| Altman Z (solvency) | 2.58 | 4.86 |
| 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.