NYSE Shariah screener · October 2026
Is Medtronic plc (MDT) Halal?
Medtronic plc · NYSE: MDT · Healthcare
The short answer
Yes - Medtronic plc (MDT) passes this Shariah stock screen at all three gates. Medtronic, the Galway-based medical technology company, earns its revenue from cardiovascular, neuroscience, surgical, and diabetes device therapies (FY2026 net sales $36,364M) - none of which involve alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance as a core activity. The financial ratios pass: total debt of $28.0B is about 24.8% of its ~$113.02B market cap ($86.44/share, October 2, 2026), below the ~33% ceiling, and interest income of $383M is about 1.05% of revenue, below the 5% ceiling. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.
Gate 1 — Business activity: PASS
Medtronic plc (NYSE: MDT), founded in 1949 and headquartered at Building Two, Parkmore Business Park West, Galway, Ireland, is a global medical technology company that develops, manufactures, and sells device-based medical therapies. Per its 10-Q for the quarter ended July 31, 2026 (filed September 3, 2026), its reportable segments are Cardiovascular ($3,927M), Neuroscience ($2,678M), Medical Surgical ($2,279M), Diabetes ($843M), and Other ($29M) - quarterly net sales $9,756M. Business-screen implication (factual): medical devices - no alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance as a core activity. (The Diabetes segment - insulin pumps, glucose monitoring - is standard medical device business; MiniMed Group went public in March 2026 and the exchange offer to split off the remaining ~90% launched September 14, 2026.) Gate 1 passes. Facts only.
Gate 2 — Debt and cash: PASS
Per Medtronic's FY2026 10-K (fiscal year ended April 24, 2026; filed June 18, 2026), total debt at April 24, 2026 was $28.0B (10-Q MD&A; MarketBeat independently reports $27.96B total debt at end of 2026; the 10-Q for July 31, 2026 shows $28.2B - about 25.0% of market cap, still passing). Against a market cap of about $113.02B ($86.44 per share, Finnhub, October 2, 2026; sanity check: 1,281.8M basic weighted-average shares x $86.44 = about $110.8B - same ballpark), debt / market cap is about 24.8% - below the ~33% ceiling. Gate 2 passes. Facts only.
Gate 3 — Non-compliant income: PASS
Per Medtronic's FY2026 10-K (filed June 18, 2026), interest income disclosed in the Investments note to the consolidated financial statements was $383M (FY2025: $511M; FY2024: $597M), recognized in 'other nonoperating expense (income), net' (not a standalone income-statement line). $383M / FY2026 net sales of $36,364M (Consolidated Statements of Income) = about 1.05% of revenue - below the 5% non-compliant income ceiling. (Zoya's MDT page shows $0 because its parser misses the buried line; the 10-K's disclosed $383M is authoritative.) FY2026 interest expense, net was $715M. Gate 3 passes. Facts only.
Key figures used
- Business: global medical technology (est. 1949; HQ Galway, Ireland) - Cardiovascular, Neuroscience, Medical Surgical, Diabetes, Other; develops, manufactures, and sells device-based medical therapies
- FY2026 (10-K, filed Jun 18, 2026): net sales $36,364M; interest income $383M (Investments note); interest expense, net $715M; operating profit $6,467M; net income attributable to Medtronic $4,801M; diluted EPS $3.73
- Debt: $28.0B total (Apr 24, 2026; $28.2B at Jul 31, 2026) - about 24.8% of ~$113.02B market cap ($86.44, Oct 2, 2026), below the ~33% ceiling
- Interest income: $383M - about 1.05% of $36,364M net sales, below the 5% ceiling (disclosed in Investments note, recognized in 'other nonoperating expense (income), net')
- Cash/securities: $1.7B cash and cash equivalents + $7.1B current investments (Jul 31, 2026) - about 7.8% of market cap
- No haram segments: medical devices - no alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance
- Third-party screeners: Zoya covers (page contradictory - data only, no rating quoted); Musaffa - no coverage found; ShariaPortfolio - no coverage found
- Material: MiniMed separation - announced May 2025; MiniMed Group IPO completed Mar 9, 2026 (Medtronic retained ~90%); exchange offer launched Sep 14, 2026 to split off at least 80.1% (expected expiry Oct 9, 2026); full FY2026 revenue +8.4% (strongest annual growth in a decade); dividend raised to $0.71/quarter (May 2026; 48th consecutive annual increase; ~3.2% yield); Q1 FY2027 10-Q filed Sep 3, 2026
- Listing: NYSE-listed ordinary shares (ticker MDT; Commission File No. 1-36820; Ireland, EIN 98-1183488) - confirmed by 10-K cover and live quote $86.44 Oct 2, 2026; Sep 29, 2025 Form 25-NSE covered matured debt notes, not the ordinary shares
Frequently asked questions
What does Medtronic do?
Medtronic plc (NYSE: MDT), founded in 1949 and headquartered at Building Two, Parkmore Business Park West, Galway, Ireland, is a global medical technology company that develops, manufactures, and sells device-based medical therapies. Per its 10-Q for the quarter ended July 31, 2026 (filed September 3, 2026), its reportable segments are Cardiovascular ($3,927M), Neuroscience ($2,678M), Medical Surgical ($2,279M), Diabetes ($843M), and Other ($29M) - quarterly net sales $9,756M. Its ordinary shares trade on the New York Stock Exchange (ticker MDT). In FY2026 it reported net sales of $36,364M.
Why does Medtronic pass this Shariah stock screen?
Medtronic passes all three gates of this Shariah stock screen. Gate 1 (business activity): medical devices - cardiovascular, neuroscience, surgical, and diabetes therapies involve no alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance as a core activity - a clean business. Gate 2 (debt): total debt of $28.0B is about 24.8% of its ~$113.02B market cap (October 2, 2026), below the ~33% ceiling. Gate 3 (non-compliant income): interest income of $383M is about 1.05% of FY2026 net sales ($36,364M), below the 5% ceiling. Result: PASS. Two honest notes: the September 29, 2025 Form 25-NSE that surfaces in delisting searches covers a matured debt security ('Guarantor of 2.625% Senior Notes due 2025'), not the ordinary shares - the ordinary shares remain NYSE-listed; and the 10-K accession number was not located in public sources, so it is not cited. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.
What is Medtronic's interest-bearing debt ratio?
Per Medtronic's FY2026 10-K (fiscal year ended April 24, 2026; filed June 18, 2026), total debt at April 24, 2026 was $28.0B (10-Q MD&A; MarketBeat independently reports $27.96B total debt at end of 2026; the 10-Q for July 31, 2026 shows $28.2B - about 25.0% of market cap, still passing). Against a market cap of about $113.02B ($86.44 per share, Finnhub, October 2, 2026; sanity check: 1,281.8M basic weighted-average shares x $86.44 = about $110.8B - same ballpark), debt / market cap is about 24.8% - below the ~33% ceiling. Gate 2 passes. Facts only.
How much interest income does Medtronic earn?
Per Medtronic's FY2026 10-K (filed June 18, 2026), interest income disclosed in the Investments note to the consolidated financial statements was $383M (FY2025: $511M; FY2024: $597M), recognized in 'other nonoperating expense (income), net' (not a standalone income-statement line). $383M / FY2026 net sales of $36,364M (Consolidated Statements of Income) = about 1.05% of revenue - below the 5% non-compliant income ceiling. (Zoya's MDT page shows $0 because its parser misses the buried line; the 10-K's disclosed $383M is authoritative.) FY2026 interest expense, net was $715M. Gate 3 passes. Facts only.
Do Zoya, Musaffa, or ShariaPortfolio cover Medtronic?
Zoya covers Medtronic at zoya.finance/stocks/mdt: its auto-generated FAQ page is self-contradictory (contains both 'Shariah-compliant and therefore considered halal' and 'Shariah-compliant and therefore not considered halal' phrasings), so no Zoya rating is quoted - only the data points (FY2026 revenue $36,364,000,000; Zoya's parser shows interest income $0 because Medtronic buries it inside 'other nonoperating expense (income), net' - the 10-K's $383M is authoritative). Musaffa: no musaffa.com MDT page was found in searches - honestly reported as no coverage found, not invented. ShariaPortfolio: no per-ticker MDT page was found - honestly reported as no coverage found, not invented.
Sources
- Medtronic plc FY2026 10-K (fiscal year ended April 24, 2026; filed June 18, 2026; Commission File No. 1-36820; registrant Medtronic plc, Ireland, EIN 98-1183488): 'Ordinary shares, par value $0.0001 per share - MDT - New York Stock Exchange'; Net sales $36,364M (Consolidated Statements of Income); interest income $383M (Investments note; recognized in 'other nonoperating expense (income), net'); total debt $28.0B (10-Q MD&A); 1,281.8M basic weighted-average shares
- Medtronic plc 10-Q for quarter ended July 31, 2026 (filed September 3, 2026): segments - Cardiovascular $3,927M, Neuroscience $2,678M, Medical Surgical $2,279M, Diabetes $843M, Other $29M, total net sales $9,756M; liquidity - $1.7B cash and cash equivalents, $7.1B current investments; total debt $28.2B
- Zoya Medtronic stock page (2026): coverage of MDT; auto-generated FAQ page is self-contradictory - no rating quoted; shows FY2026 revenue $36,364,000,000
- Finnhub MDT live market data (Oct 2, 2026): NYSE (XNYS), price ~$86.44, market cap ~$113.02B - live quote, no delisting
Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).