MeritValue

MiniMed Group, Inc.

MMEDdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

MiniMed Group, Inc. earns about -3% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2024FY 2025FY 2026
Revenue$2.47B1$2.72B1$3.1B1
Net income−$112M2−$213M2−$333M2
Operating cash flow$41M3$140M3−$197M3
Capital expenditure$148M4$193M4$223M4
Free cash flow (derived)−$107M3−$53M3−$420M3
Total debt———
Cash & equivalents$54M5$11M6$298M6
Diluted shares252.8M252.8M256.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$140.72
your share of equity
Profit it earned you last year
−$12.98
Free cash flow it threw off
−$16.37
Debt you’d be carrying
—

10 shares is a claim on $140.72 of net worth that earned you −$12.98 and generated −$16.37 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-3% avg · 3y
FY24 -2%FY25 -3%FY26 -5%

It earned an average -3% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 3y

Share count is roughly flat over 3 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-04-26 · accession 0001628280-26-045915 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-04-26 · accession 0001628280-26-045915 (NetIncomeLoss)
  3. 10-K · period ending 2024-04-26 · accession 0001628280-26-045915 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-04-26 · accession 0001628280-26-045915 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2024-04-26 · accession 0001628280-26-045915 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  6. 10-K · period ending 2025-04-25 · accession 0001628280-26-045915 (CashAndCashEquivalentsAtCarryingValue)