GMED vs MDT: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: MDT is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. GMED and MDT share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined GMED and MDT exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Globus Medical designs and sells musculoskeletal implants and the enabling technology used to place them. The core business is spine: pedicle screws, interbody cages, cervical plates, expandable implants and the disposable instruments that go with them, sold to hospitals and surgery centers largely through a direct sales force. Sitting on top of that is the enabling-technology line, principally the ExcelsiusGPS robotic navigation platform, the Excelsius3D imaging system and the Excelsius Flex robot aimed at knee replacement. The robots themselves are a modest share of revenue; their commercial purpose is to place capital in a hospital and pull recurring implant volume through it for years afterward. The September 2023 all-stock merger with NuVasive roughly doubled the company's size and made it the second largest spine business in the world behind Medtronic, and the April 2025 acquisition of Nevro added spinal cord stimulation for chronic pain, extending Globus beyond surgical implants into neuromodulation.

Full GMED guide

Medtronic is one of the largest medical device companies in the world, designing, manufacturing, and selling therapies and devices across a broad range of chronic and acute conditions. Its business spans four main areas: Cardiovascular (pacemakers, defibrillators, heart valves, and cardiac ablation), Neuroscience (spine implants, neuromodulation for pain and movement disorders, and surgical navigation), Medical Surgical (surgical stapling, energy devices, and a growing robotic-surgery platform), and Diabetes (insulin pumps and continuous glucose monitoring). The company sells primarily to hospitals, surgeons, and health systems, generating durable, recurring demand tied to procedure volumes and chronic-disease management. Medtronic's scale gives it deep relationships with providers, a large installed base of devices, and the resources to fund extensive R&D and acquisitions. Growth depends on new product cycles, pipeline approvals, and global expansion, especially in emerging markets. Founded in 1949 and headquartered in Ireland for tax purposes (operationally rooted in Minnesota), Medtronic is a large-cap, dividend-growing medical-technology company tied to long-term healthcare demand and aging demographics.

Full MDT guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• GMED drivers: NuVasive integration and operating leverage; Robotics as an implant channel.
• MDT drivers: Diversified device portfolio; Innovation pipeline and new product cycles.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The largest structural risk is pricing: spinal implants face steady per-unit price erosion from hospital purchasing groups and payers, so Globus has to grow procedure volume just to hold revenue flat. For MDT, medtronic has at times delivered sluggish organic growth, raising concerns that its scale slows innovation relative to nimbler competitors like Boston Scientific and Edwards Lifesciences.

Pick GMED if you believe its drivers more; MDT if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the GMED and MDT guides.

GMED. At roughly $85.90 a share against guided non-GAAP EPS of about $5.00, Globus trades near 17 times forward non-GAAP earnings and roughly 3.7 times trailing revenue, a discount to large-cap medtech peers that typically carry higher multiples. The gap reflects the market pricing spine as a low-growth, price-eroding category and discounting the durability of the current margin expansion. Note that the GAAP and non-GAAP figures diverge widely because merger amortization and integration costs are excluded from the adjusted numbers, so the GAAP earnings multiple is considerably higher.

MDT. Medtronic trades at a moderate valuation relative to faster-growing medtech peers, reflecting its scale, diversification, and reliable dividend but also a track record of slower organic growth. The multiple has expanded when new product cycles reaccelerated growth and compressed during periods of execution stumbles. The yield gives it a defensive, income-oriented profile within healthcare.

Headline figures (approximate, August 2026): GMED shows revenue (ttm) ~$3.14 billion, q2 2026 revenue ~$789.6 million, up ~6% year over year (~9% excluding Nevro), q2 2026 eps ~$1.10 GAAP, ~$1.34 non-GAAP (non-GAAP up ~56% year over year), adjusted ebitda margin (q2 2026) ~35.4%, expanded ~740 basis points year over year; MDT shows revenue (ttm) ~$33 billion, operating margin ~20% (non-GAAP higher; GAAP affected by amortization), net income (ttm) ~$4.5 billion, eps (ttm) ~$3.50 GAAP; non-GAAP higher.

GMED and MDT are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined GMED and MDT exposure against your real portfolio. It is not an investment adviser.