--- title: "Medtronic: Competitors" description: "Medtronic compared with companies that share its SEC industry classification: revenue, growth and margins from SEC filings, and how the peer group is chosen." canonical: https://www.getswoopr.com/stocks/companies/medtronic/competitors/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Medtronic: Competitors & Industry Structure ## Direct Answer SEC EDGAR classifies Medtronic under SIC code 3845 (Electromedical & Electrotherapeutic Apparatus). Among Swoopr's S&P 500 Equal Weight companies, 15 others share that classification; by latest reported revenue, Medtronic ranks 1 of 16. A filing classification is a starting point: a company's real competitors depend on its segments, which its 10-K describes. ## How Does Medtronic Compare With Its Peers? | Company | Revenue (latest FY) | Revenue growth | Operating margin | Net margin | | --- | --- | --- | --- | --- | | **Medtronic (MDT)** | $36.4 billion FY2026 | 8.4% | 17.8% | 0.0% | | [Axogen Inc. (AXGN)](https://www.getswoopr.com/stocks/companies/axogen-inc/) | $225 million FY2025 | 20.2% | -3.5% | -7.0% | | [Outset Medical Inc. (OM)](https://www.getswoopr.com/stocks/companies/outset-medical-inc/) | $119 million FY2025 | 5.1% | -55.8% | -68.3% | | [CeriBell Inc. (CBLL)](https://www.getswoopr.com/stocks/companies/ceribell-inc/) | $89 million FY2025 | 36.1% | -65.6% | -60.0% | | [Electromed Inc. (ELMD)](https://www.getswoopr.com/stocks/companies/electromed-inc/) | $64 million FY2025 | 17.0% | 15.1% | 11.8% | | [IRIDEX Corporation (IRIX)](https://www.getswoopr.com/stocks/companies/iridex-corporation/) | $53 million FY2025 | 8.2% | -4.9% | -8.4% | | [Stereotaxis Inc. (STXS)](https://www.getswoopr.com/stocks/companies/stereotaxis-inc/) | $32 million FY2025 | 20.3% | -68.3% | -66.8% | | [electroCore Inc. (ECOR)](https://www.getswoopr.com/stocks/companies/electrocore-inc/) | $32 million FY2025 | 27.2% | -41.1% | -43.6% | | [Precision Optics Corporation Inc. (POCI)](https://www.getswoopr.com/stocks/companies/precision-optics-corporation-inc/) | $19 million FY2025 | -0.1% | -29.1% | -30.3% | | [QT Imaging Holdings Inc. (QTI)](https://www.getswoopr.com/stocks/companies/qt-imaging-holdings-inc/) | $19 million FY2025 | 287.9% | -23.4% | -111.4% | | [Hyperfine Inc. (HYPR)](https://www.getswoopr.com/stocks/companies/hyperfine-inc/) | $14 million FY2025 | 5.2% | -273.4% | -262.3% | | [CapsoVision Inc. (CV)](https://www.getswoopr.com/stocks/companies/capsovision-inc/) | $14 million FY2025 | 15.3% | -188.3% | -186.8% | | [Nuwellis Inc. (NUWE)](https://www.getswoopr.com/stocks/companies/nuwellis-inc/) | $8 million FY2025 | -5.4% | -134.3% | -211.9% | | [Neuraxis Inc. (NRXS)](https://www.getswoopr.com/stocks/companies/neuraxis-inc/) | $4 million FY2025 | 32.9% | -219.4% | -218.5% | | [Nexalin Technology Inc. (NXL)](https://www.getswoopr.com/stocks/companies/nexalin-technology-inc/) | $301,647 FY2025 | 78.8% | -2781.7% | -2725.8% | | [Vivani Medical Inc. (VANI)](https://www.getswoopr.com/stocks/companies/vivani-medical-inc/) | $0 FY2025 | n/a | n/a | n/a | Revenue growth compares each company's latest fiscal year with the one before. Fiscal years do not always end on the same date, so treat close comparisons with care. ![Bar chart of operating margin for Medtronic and 7 peers: Medtronic (MDT) 17.8%, Axogen Inc. (AXGN) -3.5%, Outset Medical Inc. (OM) -55.8%, CeriBell Inc. (CBLL) -65.6%, Electromed Inc. (ELMD) 15.1%, IRIDEX Corporation (IRIX) -4.9%, Stereotaxis Inc. (STXS) -68.3%, electroCore Inc. (ECOR) -41.1%.](https://www.getswoopr.com/images/charts/medtronic-competitors-peer-margins.webp) *Operating margin of Medtronic against companies sharing its SEC industry classification, from the table above. Select the chart to open it full size.* ## How Does Medtronic Rank Among All SEC Filers in Its Industry Code? 15 companies with annual reports in Swoopr's SEC dataset share SIC code 3845 (Electromedical & Electrotherapeutic Apparatus), a wider group than the S&P 500 Equal Weight companies above. Ranks run from 1 (highest) and use each company's latest fiscal year, in U.S. dollars. | Measure | Medtronic | Median of filers | Rank | | --- | --- | --- | --- | | Revenue | $36.4 billion | $32 million | 1 of 15 | | Revenue growth | 8.4% | 17.0% | 10 of 15 | | Operating margin | 17.8% | -55.8% | 1 of 15 | | Net margin | 0.0% | -66.8% | 2 of 15 | A SIC code reflects the filer's main business as the SEC records it, so the group mixes companies of very different size; the median is a better guide than the average, and a rank near the top by revenue says nothing about quality. ## Where These Numbers Come From Every figure on this page is a value Medtronic reported in its own SEC filings, read from the SEC's XBRL data (accession 0001628280-26-044354 for fiscal year 2026). Ratios are computed from those reported values. Figures were retrieved on October 12, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary. Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation. ## Frequently Asked Questions ### Who are Medtronic's competitors? Companies sharing Medtronic's SEC classification (SIC code 3845 (Electromedical & Electrotherapeutic Apparatus)) include Axogen Inc. (AXGN), Outset Medical Inc. (OM), CeriBell Inc. (CBLL), Electromed Inc. (ELMD), IRIDEX Corporation (IRIX). Its 10-K names the competitors it considers most relevant. ### How does Medtronic compare with its peers on margins? Medtronic's fiscal 2026 operating margin was 17.8%, against a peer median of -60.7%. ### How are these peers chosen? By the SEC Standard Industrial Classification code each company files under, within Swoopr's S&P 500 Equal Weight company set, falling back to the two-digit major group when fewer than two companies share the exact code. Classification codes are broad, so read the peer list as a screen, not a verdict. ### How does Medtronic rank among all companies in its SEC industry? Among 15 SEC filers under SIC code 3845, Medtronic ranks 1 by latest revenue, and 1 of 15 by operating margin (17.8% against a median of -55.8%). ## References - [SEC EDGAR: Medtronic plc Form 10-K filed June 18, 2026](https://www.sec.gov/Archives/edgar/data/1613103/000162828026044354/mdt-20260424.htm) - [SEC EDGAR: Medtronic plc annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1613103&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) ## Related Pages - [Medtronic company dossier](https://www.getswoopr.com/stocks/companies/medtronic/) - [Medtronic financial metrics](https://www.getswoopr.com/stocks/companies/medtronic/metrics/) - [Medtronic financial risk indicators](https://www.getswoopr.com/stocks/companies/medtronic/risks/) - [Medtronic peer comparison](https://www.getswoopr.com/stocks/companies/medtronic/competitors/) - [Medtronic business model and revenue mix](https://www.getswoopr.com/stocks/companies/medtronic/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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