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MMED, MiniMed Group Inc.
We are a scaled global medical technology company that develops, manufactures, and markets a comprehensive suite of solutions for the management of diabetes.
We were the first player in the market to commercialize all parts of an integrated diabetes management system.
By enhancing glycemic control, our products can help reduce long-term complications of diabetes, improve longevity and quality of life, and reduce associated costs to health systems.
The business
What it sells, where the money comes from, the kind of company it is.
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by CGM (50%) and Consumables (31%), with 2 more lines behind.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
- What moves the needle
- Operating margin has run around −5.4% through the cycle on a 56% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Read this kind of business on the installed base and what follows it. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −3%, above 15% in 0 of 3 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Revenue spreads across 4 lines, the largest CGM at 50%.
- CGM50%$1.6B
- Consumables31%$956M
- Pumps18%$546M
- Other1%$46M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2024–2026
realized figures from each filing · older years to the left| 2024’24 | 2025’25 | 2026’26 | TTMTTMApr 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $2.5B | $2.7B | $3.1B | $3.1B | RevenueRevenue |
| $1.4B | $1.5B | $1.7B | $1.7B | Gross profitGross prof. |
| 58% | 56% | 54% | 54% | Gross marginGross mgn |
| 43% | 40% | 38% | 38% | SG&A / revenueSG&A/rev |
| 18% | 16% | 14% | 14% | R&D / revenueR&D/rev |
| ($69M) | ($146M) | ($190M) | ($190M) | Operating incomeOp. inc. |
| −2.8% | −5.4% | −6.1% | −6.1% | Operating marginOp. mgn |
| ($70M) | ($147M) | ($189M) | — | Pretax incomePretax |
| ($112M) | ($213M) | ($333M) | ($333M) | Net incomeNet inc. |
| Cash flow & returns | ||||
| $41M | $140M | ($197M) | ($197M) | Operating cash flowOp. cash |
| $129M | $143M | $156M | $156M | Depreciation & amortizationD&A |
| ($14M) | $169M | ($66M) | ($66M) | Working capital & otherWC & other |
| $148M | $193M | $223M | $223M | CapexCapex |
| 6.0% | 7.1% | 7.2% | 7.2% | Capex / revenueCapex/rev |
| ($107M) | ($3M) | ($353M) | ($353M) | Owner earningsOwner earn. |
| −4.3% | −0.1% | −11.4% | −11.4% | Owner earnings marginOE mgn |
| ($107M) | ($53M) | ($420M) | ($420M) | Free cash flowFCF |
| −4.3% | −2.0% | −13.5% | −13.5% | Free cash flow marginFCF mgn |
| ($157M) | ($193M) | ($233M) | — | Investing cash flowInv. cash |
| $112M | $10M | $716M | — | Financing cash flowFin. cash |
| $0 | $0 | $1M | — | Exchange-rate effectFX |
| ($4M) | ($43M) | $287M | — | Change in cashΔ cash |
| -2% | -3% | -5% | -5% | ROICROIC |
| -3% | -6% | -9% | -9% | Return on equityROE |
| −3% | −6% | −9% | −9% | Retained to equityRetained/eq |
| Balance sheet | ||||
| $54M | $11M | $298M | $298M | Cash & investmentsCash+inv |
| — | $570M | $200M | $200M | ReceivablesReceiv. |
| — | $311M | $341M | $341M | InventoryInvent. |
| — | $205M | $163M | $163M | Accounts payablePayables |
| — | $676M | $378M | $378M | Operating working capitalOper. WC |
| — | $939M | $1.3B | $1.3B | Current assetsCur. assets |
| — | $710M | $702M | $702M | Current liabilitiesCur. liab. |
| — | 1.3× | 1.9× | 1.9× | Current ratioCurr. ratio |
| — | $706M | $711M | — | Net PP&ENet PP&E |
| — | $2.3B | $2.3B | $2.3B | GoodwillGoodwill |
| — | $4.2B | $4.6B | $4.6B | Total assetsAssets |
| ($54M) | ($11M) | ($298M) | ($298M) | Net debt / (cash)Net debt |
| — | $871M | $1.0B | — | Total liabilitiesTotal liab. |
| — | $0 | $0 | — | Noncontrolling interestsNCI |
| $3.4B | $3.3B | $3.6B | $3.6B | Shareholders’ equityEquity |
| 1.5% | 1.5% | 1.5% | 1.5% | Stock comp / revenueSBC/rev |
| Per share | ||||
| 253M | 253M | 257M | 257M | Shares out (diluted)Shares |
| $9.77 | $10.74 | $12.09 | $12.09 | Revenue / shareRev/sh |
| $-0.44 | $-0.84 | $-1.30 | $-1.30 | EPS (diluted)EPS |
| $-0.42 | $-0.01 | $-1.38 | $-1.38 | Owner earnings / shareOE/sh |
| $-0.42 | $-0.21 | $-1.64 | $-1.64 | Free cash flow / shareFCF/sh |
| $0.59 | $0.76 | $0.87 | $0.87 | Cap. spending / shareCapex/sh |
| $13.64 | $13.17 | $14.07 | $14.07 | Book value / shareBVPS |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- International+20.6%
“International sales increased by 21% and U.S. sales increased 2% primarily as a result of increased volumes.”
✓ figure matches the filed record - CGM+18.3%
“CGM sales in the U.S. grew 8% during the fiscal year ended April 24, 2026, as a result of a sustained upward trend in CGM Attachment Rate and the launch of Simplera and Instinct CGM in the third quarter of fiscal year 2026.”
✓ direction matches the filed record - Consumables+11.9%
“Consumables sales increased 12% for the fiscal year ended April 24, 2026, as a result of 16% growth internationally and offset by a 1% decline in the U.S.”
✓ figure matches the filed record
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2026 the business earned ($353M) of owner earnings, the operating cash left after the $156M it takes just to hold its position. It put $67M more into growth; free cash flow, after that spending, was ($420M).
| FY2026 | FY2025 | FY2024 | |
|---|---|---|---|
| Reported net income | ($333M) | ($213M) | ($112M) |
| Depreciationnon-cash charge added back | +$130M | +$114M | +$96M |
| Amortization of intangible assetsnon-cash charge added back; the purchase price of past acquisitions, expensed over time | +$26M | +$29M | +$33M |
| Stock-based compensationreal costnon-cash, but a real cost | +$46M | +$41M | +$38M |
| Working capital & othertiming of cash in and out, other non-cash items | −$66M | +$169M | −$14M |
| Cash from operations | ($197M) | $140M | $41M |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$156M | −$143M | −$148M |
| Owner earnings | ($353M) | ($3M) | ($107M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$67M | −$50M | — |
| Free cash flow | ($420M) | ($53M) | ($107M) |
| Owner-earnings marginowner earnings ÷ revenue | -11% | 0% | -4% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $156M, roughly its depreciation, the rate its assets wear out). The other $67M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $46M), owner earnings is nearer ($399M).
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $298M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $298M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Long (60+ days)DSO 24 + DIO 88 − DPO 42 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Not enough dataIndustry peers: median 10%
What this means
The filing data didn't include the inputs for this check.
- Consumes cash through the cycle3-yr median margin, range -11%–-0%; latest ($353M) = operating cash ($197M) − maintenance capex $156MIndustry peers: median 17%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -11% of revenue this year, a -4% median across 3 years. It chose to put $67M more into growth, so free cash flow this year was ($420M) — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $46M of SBC) leaves ($399M).
- Are earnings backed by cash? ($197M)Loss, and burning cashNet income ($333M) · cash from operations ($197M)
In the filing’s words And the filing leans heavily on adjusted, non-GAAP earnings — steering you off the GAAP figure just where the cash is not backing it. Read the reconciliation in the notes before taking the adjusted number.
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 1.43×ExpandingCapex $223M ÷ depreciation & amortization as filed $156M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
The promise and the pay packet
- Is the buyback buying ownership, or mopping up? 1.5%The count is flatStock compensation $46M (fiscal 2026), 1.5% of revenue · no repurchases · diluted shares +1.5% since 2024
What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.
Graham’s defensive tests · 1 of 2 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size PassRevenue ≥ $2B · $3.1B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity NearCurrent ratio ≥ 2× · 1.92×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.78/share (latest year $-1.19), the averaged base the calculator's gate runs on, and book value is $12.86/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Apr 24, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$298M
- Receivables$200M
- Inventory$341M
- Other current assets$509M
- Accounts payable$163M
- Other current liabilities$539M
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 3-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend summed across the company's full tagged history, write-downs across the 3-year record, from the company's own filings.
Management, ownership & pay
From the proxy: how much of the business the people running it own, and how they are paid.
- Stock-based compensation$46M
The slice of the business handed to employees in shares in fiscal 2026, 1.5% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2026
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Medical Devices & Equipment
The same industry, side by side on owner economics. Each column names the period it is read over; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Gross marginmedian over the record | Op. marginmedian over the record | ROICmedian over the record | Owner earn. marginmedian over the record |
|---|---|---|---|---|---|
| RMDResMed Inc. | $5.7B | 57% | 27.7% | 19% | 19% |
| DXCMDexCom Inc. | $4.7B | 65% | 12.1% | 10% | 17% |
| MMEDMiniMed Group Inc. | $3.1B | 56% | -5.4% | -3% | -4% |
| WSTWest Pharmaceutical | $3.1B | 35% | 19.0% | 19% | 17% |
| GMEDGlobus Medical | $2.9B | 75% | 19.9% | 11% | 17% |
| PODDInsulet Corporation | $2.7B | 65% | 6.2% | 5% | 4% |
| ICUIICU Medical | $2.2B | 37% | 2.0% | 5% | 5% |
| TFXTeleflex | $2.0B | 55% | 16.6% | 7% | 13% |
| Group median | — | 57% | 14.4% | 8% | 15% |
The price
What a price has to assume.
What the price implies
reverse-DCFMiniMed Group Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
Enter a price to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Manual order: ← MMC its page in the Manual MMI →
Industry order: ← MDXG the Medical Devices & Equipment chapter MMM →