MiniMed Group, Inc. (MMED)

Price$19.75Cached quoteAs of 2026-09-30 14:20 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because growth is improving, but cash profits are not yet proven.

At the observed quote, MiniMed's equity value is about $6.3 billion. The latest quarter's roughly $207 million of cash and no debt imply a business value after cash near $6.1 billion. If fiscal 2026 sales of $3.102 billion grow about 10.5%, fiscal 2027 sales would approach $3.43 billion. At management's 16% adjusted EBITDA margin target—an operating-profit measure before interest, taxes, depreciation and amortization—that implies about $548 million of profit, or roughly 11 times business value. Reasonable, but not an obvious bargain.

Big pictureSales keep growing, yet several years of losses make the recent improvement important but unproven.

Revenue climbed from $2.245 billion in fiscal 2023 to $3.102 billion in fiscal 2026, while the net loss widened from $96 million to $333 million. Fiscal 2026 operating cash flow was negative $197 million and capital spending was $223 million, leaving about $420 million of negative free cash flow, meaning cash left after running and investing in the business. First-quarter fiscal 2027 improved sharply to $843 million of sales, $5 million of operating income and roughly breakeven net income, but reported free cash flow remained negative $90 million.

Business strengthRecurring sensor and supply sales soften pump-launch swings, while the debt-free balance sheet adds resilience.

First-quarter sensors and consumables produced $692 million, about 82% of sales, giving MiniMed a recurring revenue core after pumps enter service. Launch timing still matters: fourth-quarter U.S. sales grew only 1.5% as customers waited for Flex, then first-quarter U.S. sales rose 13.1% and new pump sales exceeded 20% growth. The March offering issued 28 million shares and raised about $538 million net, partly repaying Medtronic debt; that added dilution but helped leave the latest quarter with $207 million cash, no debt and a $500 million unused credit line.

What could change the storySustained cash generation and successful new-device launches could justify more value; setbacks would weaken the case.

The bull case requires MiniMed to sustain roughly 10% sales growth, reach its 16% adjusted operating-profit target and turn reported free cash flow positive as separation costs fade. Fit, Flex and the Vivera algorithm provide concrete growth opportunities. The bear case is equally specific: first-quarter adjusted EBITDA margin was only about 9.9%, so the current valuation assumes a substantial margin ramp. At a 10% margin instead of 16%, the business would trade near the high teens times that profit measure. Fiscal 2026 also included $46 million of stock compensation and no buybacks or dividends.

AI: News

Q1 growth and guidanceFirst-quarter sales accelerated, guidance rose, and several pipeline milestones arrived earlier than expected.

On September 1, MiniMed reported $843 million of first-quarter sales, up 16.6% as reported and 15.8% organically, including an estimated 4% to 6% benefit from an extra fiscal week. U.S. sales rose 13.1%, and U.S. new pump sales grew more than 20%. Management raised fiscal 2027 organic growth guidance to about 10.5% while keeping its 16% adjusted EBITDA margin target. Shares finished the session up about 10.7%; the timing strongly suggests the report mattered, although timing alone cannot prove full causation.

Flex reach expandsMiniMed widened Flex access and added Abbott's Instinct sensor, expanding its potential U.S. customer base.

MiniMed opened Flex access to Medicare and Medicare Advantage beneficiaries on July 22, then began commercially shipping Flex with Abbott's Instinct sensor on August 17. Instinct offers up to 15 days of sensor wear, adding another sensor choice to MiniMed's app-controlled pump. These changes matter because wider reimbursement can remove an adoption barrier while greater sensor choice can improve pump appeal and recurring sensor revenue. Subsequent first-quarter results showed U.S. new pump sales above 20% growth, although the company cannot isolate how much came from these specific changes.

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Revenue

2023

2024

2025

2026

Net income

2023

2024

2025

2026

Free cash flow

2023

2024

2025

2026

Total cash / debt

CashTotal debt

2024

2025

2026

Financial statements

	2026	2025	2024	2023
Revenue	$3.10B	$2.71B	$2.47B	$2.25B
Gross profit	$1.68B	$1.53B	$1.44B	$1.31B
Gross margin	54.16%	56.28%	58.16%	58.26%
Research & development	$448.0M	$436.0M	$437.0M	$429.0M
Operating expenses	$1.87B	$1.67B	$1.50B	$1.38B
Operating income	−$190.0M	−$146.0M	−$69.0M	−$69.0M
Operating margin	−6.13%	−5.38%	−2.79%	−3.07%
EBITDA	−$34.0M	−$3.0M	$60.0M	$46.0M
EBITDA margin	−1.10%	−0.11%	2.43%	2.05%
Net income	−$333.0M	−$213.0M	−$112.0M	−$96.0M
Net profit margin	−10.74%	−7.85%	−4.54%	−4.28%
Basic EPSper basic share	-$1.30	-$0.84	-$0.44	-$0.34
Diluted EPSper diluted share	-$1.30	-$0.84	-$0.44	-$0.34

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Owners

Reported shareholders

Reference date Jun 30, 2026

≈90.02%of listed shares

Medtronic plc252.81M shares · Mar 5, 2026

View holders

Top 20 reported holders of MMED
Holder	% owned
Medtronic plc	≈90.02%252.81M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	≈2.97%8.33M shares
MILLENNIUM MANAGEMENT LLC	≈1.09%3.06M shares
CITADEL ADVISORS LLC	≈1.02%2.87M shares
Longaeva Partners L.P.	≈1.00%2.81M shares
Sessa Capital IM, L.P.	≈0.71%2M shares
BlackRock, Inc.	≈0.71%2M shares
NORGES BANK	≈0.70%1.96M shares
Rock Springs Capital Management LP	≈0.54%1.52M shares
ExodusPoint Capital Management, LP	≈0.51%1.44M shares
FMR LLC	≈0.38%1.08M shares
GEODE CAPITAL MANAGEMENT, LLC	≈0.34%956.02K shares
Boston Partners	≈0.32%902.36K shares
J. Goldman & Co LP	≈0.30%830.22K shares
Dallara Que	≈0.22%616.75K shares
Nuveen, LLC	≈0.19%539.31K shares
UBS Group AG	≈0.15%413.42K shares
STATE STREET CORP	≈0.14%403.29K shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	≈0.13%375K shares
FIRST TRUST ADVISORS LP	≈0.13%366.27K shares

Percentages use 280.84M shares of this listed class outstanding on Jun 19, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Reported positions exceed 100% in total, so the circle shows the selected holder only.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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MiniMed Group, Inc. (MMED)

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