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LivaNova vs Medtronic: revenue, profit, margins and growth compared

LivaNova brought in $1.4B of revenue in fiscal 2025, Medtronic $36.4B in fiscal 2026. Revenue changed by +10.7% at LivaNova and +8.4% at Medtronic on the year before, so LivaNova grew faster. LivaNova kept -17.5% of its revenue as net profit, Medtronic 13.2%. Free cash flow was $173.3M at LivaNova and $5.4B at Medtronic.

Side by side, latest fiscal year

LIVNMDT
Fiscal year endedFY2025 (December 31, 2025)FY2026 (April 24, 2026)
Revenue$1.4B$36.4B
Revenue growth+10.7%+8.4%
Net income-$242.5M$4.8B
Net margin-17.5%13.2%
Free cash flow$173.3M$5.4B
Free cash flow margin12.5%14.9%
Earnings per share (diluted)-$4.45$3.73
Cash$635.6M$1.9B
Debt$376.1M$26.2B
Price to earningsn/a23.8
Market value$4.2B$113.5B
Dividend yieldn/a3.20%
Rank by revenue in sector#130 of 523 · Health care#21 of 523 · Health care

Over the years

Revenue
LIVN FY2018: $1.1BLIVN FY2019: $1.1BLIVN FY2020: $934.2MLIVN FY2021: $1BLIVN FY2022: $1BLIVN FY2023: $1.2BLIVN FY2024: $1.3BLIVN FY2025: $1.4BMDT FY2019: $30.6BMDT FY2020: $28.9BMDT FY2021: $30.1BMDT FY2022: $31.7BMDT FY2023: $31.2BMDT FY2024: $32.4BMDT FY2025: $33.5BMDT FY2026: $36.4BFY18FY19FY20FY21FY22FY23FY24FY25FY26
LIVN $1.4BMDT $36.4B
Net income
LIVN FY2018: -$189.4MLIVN FY2019: -$157.6MLIVN FY2020: -$348.8MLIVN FY2021: -$135.8MLIVN FY2022: -$86.2MLIVN FY2023: $17.5MLIVN FY2024: $63.2MLIVN FY2025: -$242.5MMDT FY2019: $4.6BMDT FY2020: $4.8BMDT FY2021: $3.6BMDT FY2022: $5BMDT FY2023: $3.8BMDT FY2024: $3.7BMDT FY2025: $4.7BMDT FY2026: $4.8BFY18FY19FY20FY21FY22FY23FY24FY25FY26
LIVN -$242.5MMDT $4.8B
Net margin
LIVN FY2018: -17.1%LIVN FY2019: -14.5%LIVN FY2020: -37.3%LIVN FY2021: -13.1%LIVN FY2022: -8.4%LIVN FY2023: 1.5%LIVN FY2024: 5.0%LIVN FY2025: -17.5%MDT FY2019: 15.2%MDT FY2020: 16.6%MDT FY2021: 12.0%MDT FY2022: 15.9%MDT FY2023: 12.0%MDT FY2024: 11.4%MDT FY2025: 13.9%MDT FY2026: 13.2%FY18FY19FY20FY21FY22FY23FY24FY25FY26
LIVN -17.5%MDT 13.2%
Revenue growth
LIVN FY2019: -2.1%LIVN FY2020: -13.8%LIVN FY2021: +10.8%LIVN FY2022: -1.3%LIVN FY2023: +12.9%LIVN FY2024: +8.7%LIVN FY2025: +10.7%MDT FY2020: -5.4%MDT FY2021: +4.2%MDT FY2022: +5.2%MDT FY2023: -1.4%MDT FY2024: +3.6%MDT FY2025: +3.6%MDT FY2026: +8.4%FY19FY20FY21FY22FY23FY24FY25FY26
LIVN +10.7%MDT +8.4%
Free cash flow
LIVN FY2018: $83.3MLIVN FY2019: -$115.8MLIVN FY2020: -$114.4MLIVN FY2021: $77.1MLIVN FY2022: $43.4MLIVN FY2023: $39.9MLIVN FY2024: $135.9MLIVN FY2025: $173.3MMDT FY2019: $5.9BMDT FY2020: $6BMDT FY2021: $4.9BMDT FY2022: $6BMDT FY2023: $4.6BMDT FY2024: $5.2BMDT FY2025: $5.2BMDT FY2026: $5.4BFY18FY19FY20FY21FY22FY23FY24FY25FY26
LIVN $173.3MMDT $5.4B

Fiscal years as each company reports them; the two may end in different months.

Questions about LivaNova and Medtronic

Which is bigger by revenue, LivaNova or Medtronic?

Medtronic is bigger by revenue: $36.4B in fiscal 2026, against $1.4B for LivaNova in fiscal 2025.

Which keeps more of its revenue as profit, LivaNova or Medtronic?

LivaNova had a net margin of -17.5% in fiscal 2025; Medtronic had 13.2% in fiscal 2026.

Which grew revenue faster, LivaNova or Medtronic?

In their latest fiscal years revenue changed by +10.7% at LivaNova and +8.4% at Medtronic.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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