L4-L5 may need surgery.
L5 S1 dehydrated could mean you lack collagen. we have collagen between each disk. In my case I have no collagen between my disks for what ever reasons. I am 48 and that's been the case for years. So it can happen as we age or it can be a degenerative condition. S1 issues can cause low back pain with pain radiating down your legs. If you have severe leg pain they may want to address that stenosis. But so far it sounds like you have nerve impingement at L4 level possible L5. Let us know if we are on track.
I've had 7 surgeries. My entire low back is fuses as is my neck. The only area not touches is my thoracic. So a little knowledge but purely hearing them talk about it only. Not a professional opinion by any means. Best of luck.
Andy, have you not had the chance to discuss these results with your Dr?
Remember that I am FAR from an MD but will give you my best assesment on this given my limited experience.
L4/5 seems like the biggest problem to me. Are you having any kind of leak/buttock pain or weakness? It's possible your not.
If not, I'd say do nothing, if you are, you may need need to consider a surgical intervention.
At L5-S1 you have impingement but it appears less problematic. Also at L5-S1 it means you have a ruptured disc, sounds serious and it can be but it appears to be minimal at present, it could get worse as the gel liquid continues to leak from the disc causing more pressure to the S1 nerve root, you will know this if and when leg pain/weakness appears.
You have DDD (degenerative disc disease) as EVERYONE has as they age, it doesn't cause a problem for the majority of people, but for some it does. If you MRI'd everyone if the world, MOST would have DDD based on their age.
In summary: You basically have two herniated dics with nerve impingement worse at L4-5 than J5-S1.
Ruptured disc at L5-S1.
I see nothing here that would make me rush to the operating table. However, if you are having lower extremity issues this needs to be addressed. Surgery is not always the answer. You can try PT, lumbar injections etc. in fact a good surgeon should suggest this FIRST unless you are screaming in agony with irretractable leg/buttock pain which in fact some people are, I have been there, it's NOT fun.
I have had 3 spine surgeries with less than favorable outcomes, think long and hard before going that route.
Remember, this is my opinion and I'm NOT an MD, discuss your MRI and your options with a health care professional ASAP unless you already have.
I hope I was able to help you better understand your MRI.
Keep us informed of your progress.
Best regards.
-Brian.