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Compare medical-device and medtech stocks across several years using the same fiscal periods and clearly defined measures—not a single quarter, growth rate, or dividend yield. Start with revenue and its sources, then compare GAAP operating cash flow and capital spending, and assess dividends against the cash left after those needs and other obligations. The examples below illustrate the method; they are not a ranked peer group or investment recommendations.
Build a comparison on consistent periods and definitions
Before comparing companies, choose a peer group whose businesses are sufficiently similar, then set up a table using the same fiscal years wherever possible. Medtronic’s fiscal year ends in April; the cited Abbott and Boston Scientific reports cover calendar years. Their figures therefore should not be treated as perfectly aligned annual periods. Label each figure with its reporting period, currency, units, business scope, and whether it is GAAP or a company-defined non-GAAP measure.
Use the same rows for each company and add source-period notes so differences in reporting do not disappear inside the comparison.
| Measure | What to record |
|---|---|
| Revenue and growth | Several years of revenue and growth, with reported and organic growth identified separately |
| Business mix | Segments and disclosed drivers, including existing-product growth, acquisitions, divestitures, and currency effects |
| Operating cash flow | Net cash provided by operating activities from the cash-flow statement |
| Capital expenditure | Capital additions or purchases of property, plant, and equipment, using the issuer’s terminology |
| Cash after capital expenditure | Operating cash flow less capital expenditure, labeled as your calculation unless the issuer defines an equivalent measure |
| Dividends | Cash dividends paid or declared, with the period and per-share basis stated |
| Balance sheet and risks | Debt, liquidity, other obligations, planned investment, and material disclosed risks |
Do not describe consolidated cash flow as device-segment cash flow when a company operates across other businesses. Abbott, for example, is diversified beyond medical devices; its consolidated cash-flow figures cover the company as a whole.
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How to compare growth without mixing unlike measures
Look at several years, not one growth rate
Start with multi-year revenue trends, then investigate what drove them. A single strong year can reflect acquisitions, currency movements, divestitures, or a temporary change in demand rather than sustained growth from existing operations. Compare periods that cover the same number of years and note fiscal-year differences.
Separate reported growth from organic growth
Reported revenue growth reflects the company’s reported results. Organic growth is a company-defined measure intended to adjust for specified factors; the definition and adjustments can vary by issuer. Read the company’s calculation before comparing it with another company’s organic figure.
Medtronic reported FY2026 revenue of $36.4 billion, with 8.4% growth as reported and 5.8% organic growth. Its release discusses foreign-exchange and other adjustments in the organic-growth comparison. Those figures show why the labels and calculation matter; they are not a direct peer ranking. See Medtronic’s FY2026 results release.
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How to assess cash generation
Begin with GAAP operating cash flow
Use net cash provided by operating activities from the cash-flow statement and examine several years. Working-capital movements and tax payments can raise or reduce a year’s operating cash flow, so a change should not automatically be attributed to sales growth. Review the filing’s discussion of cash-flow movements when interpreting a trend.
Subtract capital spending consistently
A simple estimate of cash remaining after capital needs is operating cash flow minus additions to property, plant, and equipment. State that it is your calculation unless the issuer reports the same measure under a defined name. This measure does not, by itself, account for dividends, debt repayments, acquisitions, or every other use of cash.
Medtronic defines free cash flow as operating cash flow less additions to property, plant, and equipment. Its FY2026 Form 10-K reports $7,330 million of operating cash flow, $1,904 million of capital additions, and $5,426 million of free cash flow. For FY2025, it reports $7,044 million, $1,859 million, and $5,185 million, respectively. These are company-reported historical figures for the stated fiscal years, not forecasts. Medtronic says its non-GAAP free-cash-flow measure is supplemental to, not a substitute for, U.S. GAAP results. Read the FY2026 Form 10-K and its results release for the company’s presentation and definitions.
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Abbott’s 2025 Annual Report lists operating cash flow of $9,566 million in 2025, $8,558 million in 2024, and $7,261 million in 2023. It separately lists property-and-equipment spending of $2,171 million, $2,207 million, and $2,202 million for those years. Those are consolidated company figures; consider working-capital and tax effects when interpreting the trend. The figures appear in Abbott’s 2025 Annual Report.
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Boston Scientific’s FY2025 Form 10-K reports operating cash flow of $4,534 million in 2025, $3,435 million in 2024, and $2,503 million in 2023. It reports capital purchases and acquisitions separately. Acquisition outlays varied materially between years, so do not treat total investing cash flows or acquisition spending as recurring operating expense. See Boston Scientific’s FY2025 Form 10-K.
Check non-GAAP reconciliations before comparing
Companies may use different definitions of free cash flow or other adjusted measures. Read each issuer’s definition and reconciliation, then compare like with like. If definitions differ, show GAAP operating cash flow and capital expenditure separately and calculate a consistent cash-after-capex figure yourself.
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How to judge dividend safety
Measure coverage from recurring cash, not yield alone
Dividend yield changes with the share price; it is not a measure of the company’s ability to fund the dividend. Compare the absolute cash dividend with operating cash flow after capital spending, and consider debt maturities, liquidity, pension and other obligations, and planned investment. A dividend increase streak and management’s stated policy provide context, but neither guarantees future payments.
Abbott declared common dividends of $2.40 per share in 2025, $2.24 in 2024, and $2.08 in 2023. Its 2025 Annual Report says management expects annual operating cash flow to continue to exceed capital expenditures and cash dividends. Treat that as management’s expectation, not an assured outcome; the report’s cash-flow and capital-spending figures allow readers to examine the coverage themselves. Source: Abbott’s 2025 Annual Report.
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Dividend policy varies across medtech companies. Boston Scientific’s FY2025 Form 10-K says it paid no cash dividend on common stock in 2023, 2024, or 2025 and did not then intend to pay one. It may fit a comparison of growth and cash generation, but that disclosure does not make it a current common-dividend income example. Check the latest filing for subsequent policy changes. Source: Boston Scientific’s FY2025 Form 10-K.
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Medtronic’s June 2026 FY2026 results release said its board increased the Q1 FY2027 dividend to $0.72 per share, equivalent to $2.88 annualized, and described it as the 49th consecutive year of increases. Annualizing one quarterly declaration is not a guarantee of future payments; check later declarations and cash coverage. The same release reported FY2026 operating cash flow of $7.3 billion and free cash flow of $5.4 billion. Source: Medtronic’s FY2026 results release.
Identify risks that can change growth or cash conversion
Historical growth, operating cash flow, and dividend coverage are not guarantees of future results. Review company-specific disclosures for factors that could affect product sales, margins, collections, investment needs, or operating costs. Boston Scientific’s FY2025 Form 10-K identifies risks including currency, competition, reimbursement and regulation, trade policy, supply-chain disruption, procedure volumes, new-product adoption, pricing, acquisitions and integration, and litigation.
Across the sector, product adoption, reimbursement, regulation, pricing, competition, procedure volumes, currency, supply chains, acquisitions, and litigation can all affect results. Weigh these disclosures against the business mix and period being compared instead of projecting one year’s performance forward unchanged. See Boston Scientific’s FY2025 Form 10-K for its company-specific risk discussion.
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A practical way to complete the comparison
- Choose comparable companies and periods. Note fiscal-year ends and whether each figure is consolidated or segment-specific.
- Record several years of revenue and operating cash flow. Use reported figures from annual reports or filings, with units and period labels.
- Explain growth sources. Separate reported from organic growth and identify disclosed effects such as currency, acquisitions, or divestitures.
- Calculate cash after capital expenditure. Subtract property, plant, and equipment additions from GAAP operating cash flow, and label your calculation.
- Read adjusted-measure definitions and reconciliations. Do not assume that two companies’ free-cash-flow figures are calculated the same way.
- Assess dividend capacity and obligations. Compare dividends with cash after capital spending and consider debt, liquidity, other obligations, and planned investment.
- Review disclosed risks and refresh the data. Use later quarterly filings and dividend declarations to account for changes since the annual report.
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