ELV vs. MDT: Elevance Health vs. Medtronic Stock Comparison

November 11, 2026

How do Elevance Health (ELV) and Medtronic (MDT) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Elevance Health (ELV) and Medtronic (MDT) both fall under the Health Care Equipment & Services industry group, but ELV is classified in Health Care Providers & Services while MDT is classified in Health Care Equipment & Supplies.

Company profile comparison for Elevance Health (ELV) and Medtronic (MDT)
Profile Item	ELV	MDT
Name	Elevance Health, Inc.	Medtronic plc
Country/Region	United States	Ireland
GICS Sector	Health Care	Health Care
GICS Industry Group	Health Care Equipment & Services	Health Care Equipment & Services
GICS Industry	Health Care Providers & Services	Health Care Equipment & Supplies
GICS Sub-Industry	Managed Health Care	Health Care Equipment
Market Capitalization	91.96 billion USD	130.22 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	October 30, 2001	May 2, 1973
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

ELV

MDT

GSPC

Elevance Health (ELV) vs. Medtronic (MDT), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Elevance Health (ELV) and Medtronic (MDT). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Elevance Health (ELV) and Medtronic (MDT). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Elevance Health (ELV) and Medtronic (MDT)
Metric	ELV	MDT
Total Return (1Y)	35.51%	15.72%
Total Return (3Y, Annualized)	-0.68%	17.58%
Total Return (5Y, Annualized)	1.10%	-0.18%

Risk Profile

Drawdown History

ELV

MDT

GSPC

Elevance Health (ELV) vs. Medtronic (MDT), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Elevance Health (ELV) and Medtronic (MDT). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Elevance Health (ELV) and Medtronic (MDT)
Metric	ELV	MDT
Volatility (1Y, Annualized)	35.05%	25.84%
Beta (5Y)	0.61	0.53
Max Drawdown (5Y)	-50.38%	-39.67%
Avg. Volume (3M)	1.19M	16.48M

Risk-Adjusted Performance

Risk-Return Positioning

ELV and MDT are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Elevance Health (ELV) and Medtronic (MDT)
Metric	ELV	MDT
Sharpe Ratio (1Y)	0.89	0.44
Sortino Ratio (1Y)	1.25	0.71

Profitability

ROE (TTM)

Both Elevance Health (ELV) at 11.48% and Medtronic (MDT) at 10.65% land near their industries’ usual ROE ranges, so capital efficiency looks broadly in line with peers on both sides.

ELV

Health Care Equipment & Services industry group

11.48%

Max: 47.61%
Q3: 14.36%
ELV: 11.48%
Median: 5.45%
Q1: -10.67%
Min: -47.01%

MDT

Health Care Equipment & Services industry group

10.65%

Max: 47.61%
Q3: 14.36%
MDT: 10.65%
Median: 5.45%
Q1: -10.67%
Min: -47.01%

Elevance Health (ELV) vs. Medtronic (MDT): A comparison of their ROE against the Health Care Equipment & Services industry group benchmark.

Net Margin (TTM)

Medtronic (MDT) at 13.93% retains a top-quartile share of revenue as profit, ahead of Elevance Health (ELV) at 2.55%, which keeps about the industry-typical share.

ELV

Health Care Equipment & Services industry group

2.55%

Max: 29.35%
Q3: 9.33%
ELV: 2.55%
Median: 2.18%
Q1: -6.29%
Min: -28.46%

MDT

Health Care Equipment & Services industry group

13.93%

Max: 29.35%
MDT: 13.93%
Q3: 9.33%
Median: 2.18%
Q1: -6.29%
Min: -28.46%

Elevance Health (ELV) vs. Medtronic (MDT): A comparison of their net margin against the Health Care Equipment & Services industry group benchmark.

Operating Margin (TTM)

Medtronic (MDT) at 19.33% operates in the top operating margin quartile, ahead of Elevance Health (ELV) at 4.22%, which runs around its industry’s norm.

ELV

Health Care Equipment & Services industry group

4.22%

Max: 35.43%
Q3: 14.14%
Median: 6.81%
ELV: 4.22%
Q1: -0.28%
Min: -16.29%

MDT

Health Care Equipment & Services industry group

19.33%

Max: 35.43%
MDT: 19.33%
Q3: 14.14%
Median: 6.81%
Q1: -0.28%
Min: -16.29%

Elevance Health (ELV) vs. Medtronic (MDT): A comparison of their operating margin against the Health Care Equipment & Services industry group benchmark.

Profitability Metrics

Profitability metrics for Elevance Health (ELV) and Medtronic (MDT)
Metric	ELV	MDT
ROE (TTM)	11.48%	10.65%
ROA (TTM)	4.01%	5.12%
Net Margin (TTM)	2.55%	13.93%
Operating Margin (TTM)	4.22%	19.33%
Gross Margin (TTM)	26.43%	65.27%

Growth

Revenue Growth

Both Elevance Health (ELV) at 12.62% and Medtronic (MDT) at 8.43% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Elevance Health (ELV) vs. Medtronic (MDT): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Elevance Health (ELV) at -1.83% and Medtronic (MDT) at 3.32% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

Elevance Health (ELV) vs. Medtronic (MDT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Elevance Health (ELV) and Medtronic (MDT)
Metric	ELV	MDT
Revenue Growth (YoY)	12.62%	8.43%
Revenue Growth (3Y CAGR)	8.34%	5.21%
EPS Growth (YoY)	-1.83%	3.32%
EPS Growth (3Y CAGR)	0.53%	9.77%

Financial Strength

Current Ratio (MRQ)

Both Elevance Health (ELV) at 1.47 and Medtronic (MDT) at 2.07 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

ELV

Health Care Equipment & Services industry group

1.47

Max: 7.59
Q3: 4.00
Median: 1.98
ELV: 1.47
Q1: 1.37
Min: 0.30

MDT

Health Care Equipment & Services industry group

2.07

Max: 7.59
Q3: 4.00
MDT: 2.07
Median: 1.98
Q1: 1.37
Min: 0.30

Elevance Health (ELV) vs. Medtronic (MDT): A comparison of their current ratio against the Health Care Equipment & Services industry group benchmark.

Debt / Equity (MRQ)

Both Elevance Health (ELV) at 0.69 and Medtronic (MDT) at 0.55 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

ELV

Health Care Equipment & Services industry group

0.69

Max: 1.88
Q3: 0.91
ELV: 0.69
Median: 0.58
Q1: 0.16
Min: 0.00

MDT

Health Care Equipment & Services industry group

0.55

Max: 1.88
Q3: 0.91
Median: 0.58
MDT: 0.55
Q1: 0.16
Min: 0.00

Elevance Health (ELV) vs. Medtronic (MDT): A comparison of their debt-to-equity ratio against the Health Care Equipment & Services industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Elevance Health (ELV) and Medtronic (MDT)
Metric	ELV	MDT
Current Ratio (MRQ)	1.47	2.07
Debt / Equity (MRQ)	0.69	0.55
Net Debt / EBITDA	-0.81	1.86

Dividends

Dividend Yield (TTM)

Both Elevance Health (ELV) at 1.59% and Medtronic (MDT) at 2.72% yield above their industries’ entire benchmark ranges — high enough that dividend safety, not income, becomes the first question.

ELV

Health Care Equipment & Services industry group

1.59%

ELV: 1.59%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

MDT

Health Care Equipment & Services industry group

2.72%

MDT: 2.72%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Elevance Health (ELV) vs. Medtronic (MDT): A comparison of their dividend yield against the Health Care Equipment & Services industry group benchmark.

Dividend Payout Ratio (TTM)

Both Elevance Health (ELV) at 29.17% and Medtronic (MDT) at 70.02% pay out more of their earnings than any of their industry peers — the thinnest cover in their groups, so dividend headroom deserves attention.

ELV

Health Care Equipment & Services industry group

29.17%

ELV: 29.17%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

MDT

Health Care Equipment & Services industry group

70.02%

MDT: 70.02%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Elevance Health (ELV) vs. Medtronic (MDT): A comparison of their payout ratio against the Health Care Equipment & Services industry group benchmark.

Dividend Metrics

Dividend metrics for Elevance Health (ELV) and Medtronic (MDT)
Metric	ELV	MDT
Dividend Yield (TTM)	1.59%	2.72%
Dividend Payout Ratio (TTM)	29.17%	70.02%

Valuation

P/E Ratio (TTM)

Elevance Health (ELV) at 18.07 sits in the cheaper P/E ratio quartile, while Medtronic (MDT) at 25.01 is closer to its industry’s usual earnings multiple — a discount for ELV, though growth and earnings durability still matter.

ELV

Health Care Equipment & Services industry group

18.07

Max: 80.41
Q3: 47.62
Median: 29.93
Q1: 21.19
ELV: 18.07
Min: 4.21

MDT

Health Care Equipment & Services industry group

25.01

Max: 80.41
Q3: 47.62
Median: 29.93
MDT: 25.01
Q1: 21.19
Min: 4.21

Elevance Health (ELV) vs. Medtronic (MDT): A comparison of their P/E ratio against the Health Care Equipment & Services industry group benchmark.

P/S Ratio (TTM)

Elevance Health (ELV) at 0.46 sits in the cheaper P/S ratio quartile while Medtronic (MDT) at 3.47 prices around its industry’s middle — ELV costs less per dollar of sales, though read it alongside growth and margins.

ELV

Health Care Equipment & Services industry group

0.46

Max: 8.80
Q3: 4.32
Median: 2.13
Q1: 1.10
ELV: 0.46
Min: 0.03

MDT

Health Care Equipment & Services industry group

3.47

Max: 8.80
Q3: 4.32
MDT: 3.47
Median: 2.13
Q1: 1.10
Min: 0.03

Elevance Health (ELV) vs. Medtronic (MDT): A comparison of their P/S ratio against the Health Care Equipment & Services industry group benchmark.

P/B Ratio (MRQ)

On P/B ratio, both Elevance Health (ELV) at 2.06 and Medtronic (MDT) at 2.59 are valued close to their industries’ norm against book — neither stands out from peers.

ELV

Health Care Equipment & Services industry group

2.06

Max: 11.68
Q3: 6.12
Median: 3.00
ELV: 2.06
Q1: 1.73
Min: -1.31

MDT

Health Care Equipment & Services industry group

2.59

Max: 11.68
Q3: 6.12
Median: 3.00
MDT: 2.59
Q1: 1.73
Min: -1.31

Elevance Health (ELV) vs. Medtronic (MDT): A comparison of their P/B ratio against the Health Care Equipment & Services industry group benchmark.

Valuation Metrics

Valuation metrics for Elevance Health (ELV) and Medtronic (MDT)
Metric	ELV	MDT
P/E Ratio (TTM)	18.07	25.01
P/S Ratio (TTM)	0.46	3.47
P/B Ratio (MRQ)	2.06	2.59
Free Cash Flow Yield (TTM)	8.69%	4.16%