Filing Flows › Comparisons › MDT vs CNMD
Medtronic vs Conmed: MDT and CNMD compared
Medtronic is the larger company: $9.8B of revenue in its latest quarter (Q1 FY27) against $336M for Conmed (Q3 2026). Medtronic is growing faster (+14% against -0.7% a year earlier). Medtronic is more profitable, with an operating margin of 18.1% against 11.1%.
Where the money goes: MDT and CNMD
Medtronic (MDT) · Q1 FY27
Medtronic, Q1 FY27: revenue $9.8B (+14% year over year), operating margin 18.1%, net earnings $1.5B, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
Conmed (CNMD) · Q3 2026
Conmed, Q3 2026: revenue $336M (-0.7% year over year), operating margin 11.1%, net earnings $19.8M, operating cash flow $49.4M. The chart follows the revenue to costs, profit and cash.
| Medtronic (MDT) | Conmed (CNMD) | |
|---|---|---|
| Latest quarter | Q1 FY27 | Q3 2026 |
| Revenue | $9.8B | $336M |
| Revenue growth, Y/Y | +14% | -0.7% |
| Gross margin | — | 56.4% |
| Operating margin | 18.1% | 11.1% |
| Net earnings | $1.5B | $19.8M |
| Net margin | 15.1% | 5.9% |
| Operating cash flow | $1.8B | $49.4M |
| Free cash flow | $1.3B | $46.7M |
| Market value | $134.7B | $1.4B |
| P/E | 25.6× | 29.3× |
| Analysts’ mean target | $104.61 | $46.83 |
Where the revenue comes from
Conmed
- General Surgery: $187M (56%)
- Orthopedic Surgery: $149M (44%)
Questions
Which is bigger, Medtronic or Conmed?
Medtronic is the larger company: $9.8B of revenue in its latest quarter (Q1 FY27) against $336M for Conmed (Q3 2026).
Is Medtronic or Conmed growing faster?
Medtronic is growing faster (+14% against -0.7% a year earlier).
Which is more profitable, Medtronic or Conmed?
Medtronic is more profitable, with an operating margin of 18.1% against 11.1%.
More: Medtronic earnings · how Medtronic makes money · Conmed earnings · how Conmed makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Sep 3, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.