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Stryker Corporation (SYK) 10-Year Financial Performance & Capital Metrics

SYK • • Industrial / General
HealthcareMedical DevicesOrthopedic & Musculoskeletal DevicesJoint Reconstruction & Orthopedic Implants
AboutStryker Corporation operates as a medical technology company. The company operates through two segments, MedSurg and Neurotechnology, and Orthopaedics and Spine. The Orthopaedics and Spine segment provides implants for use in hip and knee joint replacements, and trauma and extremities surgeries. This segment also offers spinal implant products comprising cervical, thoracolumbar, and interbody systems that are used in spinal injury, deformity, and degenerative therapies. The MedSurg and Neurotechnology segment offers surgical equipment and surgical navigation systems, endoscopic and communications systems, patient handling, emergency medical equipment and intensive care disposable products, reprocessed and remanufactured medical devices, and other medical device products that are used in various medical specialties. This segment also provides neurotechnology products, which include products used for minimally invasive endovascular techniques; products for brain and open skull based surgical procedures; orthobiologic and biosurgery products, such as synthetic bone grafts and vertebral augmentation products; minimally invasive products for the treatment of acute ischemic and hemorrhagic stroke; and craniomaxillofacial implant products, including cranial, maxillofacial, and chest wall devices, as well as dural substitutes and sealants. The company sells its products to doctors, hospitals, and other healthcare facilities through company-owned subsidiaries and branches, as well as third-party dealers and distributors in approximately 75 countries. Stryker Corporation was founded in 1941 and is headquartered in Kalamazoo, Michigan.Show more
  • Revenue $22.59B +10.2%
  • EBITDA $6.11B +15.1%
  • Net Income $2.99B -5.4%
  • EPS (Diluted) 7.76 -5.9%
  • Gross Margin 61.87% +1.5%
  • EBITDA Margin 27.05% +4.4%
  • Operating Margin 22.4% +7.2%
  • Net Margin 13.25% -14.2%
  • ROE 15.26% -15.1%
  • ROIC 12.61% +12.7%
  • Debt/Equity 0.68 -5.7%
  • Interest Coverage 12.78 +6.3%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Dividend Aristocrat: 33 years of consecutive increases
  • ✓Strong Piotroski F-Score: 7/9
  • ✓FCF machine: 15.4% free cash flow margin
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Good 3Y average ROE of 16.1%
  • ✓Healthy 5Y average net margin of 12.9%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.85%
5Y8.71%
3Y9.72%
TTM10.95%

Profit (Net Income) CAGR

10Y19.24%
5Y7.52%
3Y14.5%
TTM-18.02%

EPS CAGR

10Y19.2%
5Y7.21%
3Y14.13%
TTM-18.44%

ROCE

10Y Avg14.22%
5Y Avg12.94%
3Y Avg13.67%
Latest15.03%

Peer Comparison

Joint Reconstruction & Orthopedic Implants
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
SYKStryker Corporation136.07B355.8245.8510.23%12.07%13.51%2.56%0.68
SNNSmith & Nephew plc13.54B31.9033.944.7%6.88%14.44%4.48%0.63
ZBHZimmer Biomet Holdings, Inc.17.51B88.3419.943.85%10.05%6.31%6.53%0.50
CNMDCONMED Corporation1.24B40.039.405%4.75%6.35%12.41%0.94
DHAIDIH Holding US, Inc.6.7K0.00-0.00-2.5%-13.8%
LFWDLifeward Ltd.12.57M0.69-0.2185.24%-121.82%-233.98%0.05
ANIKAnika Therapeutics, Inc.137.72M9.55-2.49-0.73%-40.83%-22.5%0.17
SNWVSANUWAVE Health, Inc.245.02M28.57-4.0659.99%-17.06%0.8%

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+9.95B11.32B12.44B13.6B14.88B14.35B17.11B18.45B20.5B22.59B
Revenue Growth %0.03%0.14%0.1%0.09%0.09%-0.04%0.19%0.08%0.11%0.1%
Cost of Goods Sold+3.56B4.08B4.54B5B5.5B5.6B6.4B7.41B8B8.62B
COGS % of Revenue0.36%0.36%0.36%0.37%0.37%0.39%0.37%0.4%0.39%0.38%
Gross Profit+6.39B7.25B7.9B8.6B9.38B8.75B10.71B11.04B12.49B13.98B
Gross Margin %0.64%0.64%0.64%0.63%0.63%0.61%0.63%0.6%0.61%0.62%
Gross Profit Growth %0.03%0.13%0.09%0.09%0.09%-0.07%0.22%0.03%0.13%0.12%
Operating Expenses+4.13B4.67B5.14B5.5B5.99B5.72B6.95B7.31B8.21B8.92B
OpEx % of Revenue0.42%0.41%0.41%0.4%0.4%0.4%0.41%0.4%0.4%0.39%
Selling, General & Admin3.51B3.95B4.35B4.63B5.02B4.82B5.81B6.08B6.92B7.5B
SG&A % of Revenue0.35%0.35%0.35%0.34%0.34%0.34%0.34%0.33%0.34%0.33%
Research & Development625M715M787M862M971M905M1.13B1.23B1.29B1.41B
R&D % of Revenue0.06%0.06%0.06%0.06%0.07%0.06%0.07%0.07%0.06%0.06%
Other Operating Expenses0000000000
Operating Income+2.25B2.58B2.77B3.1B3.39B3.03B3.76B3.73B4.28B5.06B
Operating Margin %0.23%0.23%0.22%0.23%0.23%0.21%0.22%0.2%0.21%0.22%
Operating Income Growth %0.01%0.14%0.07%0.12%0.09%-0.11%0.24%-0.01%0.15%0.18%
EBITDA+2.65B3.12B3.41B3.83B4.17B3.84B4.75B4.73B5.31B6.11B
EBITDA Margin %0.27%0.28%0.27%0.28%0.28%0.27%0.28%0.26%0.26%0.27%
EBITDA Growth %0.02%0.18%0.09%0.12%0.09%-0.08%0.24%-0%0.12%0.15%
D&A (Non-Cash Add-back)397M546M642M723M778M812M990M998M1.03B1.05B
EBIT1.84B2.15B2.31B2.62B2.85B2.27B2.62B3.02B4.03B3.89B
Net Interest Income+-94M-199M-187M-145M-132M-213M-269M-243M-281M-257M
Interest Income14M29M60M119M155M102M68M94M75M139M
Interest Expense108M228M247M264M287M315M337M337M356M396M
Other Income/Expense-517M-656M-704M-748M-826M-1.07B-1.48B-1.05B-608M-1.57B
Pretax Income+1.74B1.92B2.06B2.36B2.56B1.95B2.28B2.68B3.67B3.49B
Pretax Margin %0.17%0.17%0.17%0.17%0.17%0.14%0.13%0.15%0.18%0.15%
Income Tax+296M274M1.04B-1.2B479M355M287M325M508M499M
Effective Tax Rate %0.83%0.86%0.49%1.51%0.81%0.82%0.87%0.88%0.86%0.86%
Net Income+1.44B1.65B1.02B3.55B2.08B1.6B1.99B2.36B3.17B2.99B
Net Margin %0.14%0.15%0.08%0.26%0.14%0.11%0.12%0.13%0.15%0.13%
Net Income Growth %1.79%0.14%-0.38%2.48%-0.41%-0.23%0.25%0.18%0.34%-0.05%
Net Income (Continuing)1.44B1.65B1.02B3.55B2.08B1.6B1.99B2.36B3.17B2.99B
Discontinued Operations0000000000
Minority Interest0014M0000000
EPS (Diluted)+3.784.352.689.345.484.205.226.178.257.76
EPS Growth %1.82%0.15%-0.38%2.49%-0.41%-0.23%0.24%0.18%0.34%-0.06%
EPS (Basic)3.824.402.739.505.574.265.296.238.347.86
Diluted Shares Outstanding380.9M378.5M380.1M380.3M379.9M380.3M382.3M382.2M383.7M385.6M
Basic Shares Outstanding376.6M374.1M374M374.1M374M375.5M377M378.2M379.6M381M
Dividend Payout Ratio0.36%0.34%0.62%0.2%0.37%0.54%0.48%0.45%0.36%0.41%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+7.94B7.86B7.99B9.73B11.36B9.71B10.02B10.28B12.52B14.85B
Cash & Short-Term Investments4.08B3.38B2.79B3.7B4.42B3.02B3.02B1.93B3.05B4.49B
Cash Only3.38B3.32B2.54B3.62B4.34B2.94B2.94B1.84B2.97B3.65B
Short-Term Investments700M68M251M83M88M81M75M84M82M841M
Accounts Receivable1.66B1.97B2.2B2.33B2.89B2.7B3.02B3.56B3.77B3.99B
Days Sales Outstanding60.9963.464.4762.5870.9468.764.4770.5367.0464.41
Inventory1.64B2.03B2.46B2.96B3.28B3.49B3.31B4B4.84B4.77B
Days Inventory Outstanding168.09181.65198.13215.67217.73227.82189.03196.81220.85202.26
Other Current Assets0480M537M747M760M488M662M787M857M1.59B
Total Non-Current Assets+8.3B12.57B14.19B17.5B18.81B24.62B24.61B26.61B27.39B28.12B
Property, Plant & Equipment1.2B1.57B1.98B2.29B2.95B3.17B3.25B3.44B3.71B3.96B
Fixed Asset Turnover8.30x7.22x6.30x5.94x5.04x4.52x5.26x5.36x5.53x5.70x
Goodwill4.14B6.36B7.17B8.56B9.07B12.78B12.92B14.88B15.24B15.86B
Intangible Assets1.79B3.51B3.48B4.16B4.23B5.55B4.84B4.88B4.59B4.39B
Long-Term Investments000004M66M90M2M39M
Other Non-Current Assets674M839M1.3B801M985M1.58B1.78B1.9B2.18B2.13B
Total Assets+16.25B20.43B22.18B27.23B30.17B34.33B34.63B36.88B39.91B42.97B
Asset Turnover0.61x0.55x0.56x0.50x0.49x0.42x0.49x0.50x0.51x0.53x
Asset Growth %-0.08%0.26%0.09%0.23%0.11%0.14%0.01%0.07%0.08%0.08%
Total Current Liabilities+2.81B2.55B3.29B4.81B4.4B5.04B4.55B6.3B7.92B7.62B
Accounts Payable410M437M487M646M675M810M1.13B1.41B1.52B1.68B
Days Payables Outstanding42.0539.139.1447.1544.7852.8164.469.6169.1871.14
Short-Term Debt768M228M632M1.37B945M870M119M1.31B2.24B1.55B
Deferred Revenue (Current)0000000000
Other Current Liabilities1.55B1.68B1.39B1.71B1.65B2.23B2.02B2.14B2.3B2.44B
Current Ratio2.83x3.08x2.43x2.02x2.58x1.93x2.20x1.63x1.58x1.95x
Quick Ratio2.24x2.28x1.68x1.41x1.84x1.23x1.47x1.00x0.97x1.32x
Cash Conversion Cycle187.03205.94223.46231.11243.89243.7189.11197.73218.71195.53
Total Non-Current Liabilities+4.21B7.74B8.73B10.69B12.96B16.2B15.21B13.96B13.4B14.72B
Long-Term Debt3.23B6.69B6.59B8.49B10.23B13.23B12.47B11.86B10.9B12.19B
Capital Lease Obligations0000301M325M310M357M356M379M
Deferred Tax Liabilities35M55M47M54M108M117M68M67M63M82M
Other Non-Current Liabilities945M996M2.1B2.15B2.32B2.53B2.35B1.68B2.08B2.07B
Total Liabilities7.71B10.88B12.22B15.5B17.36B21.25B19.75B20.27B21.32B22.34B
Total Debt+4B6.91B7.22B9.86B11.48B14.43B12.9B13.53B13.49B14.12B
Net Debt619M3.6B4.68B6.24B7.14B11.48B9.96B11.68B10.52B10.47B
Debt / Equity0.47x0.72x0.72x0.84x0.90x1.10x0.87x0.81x0.73x0.68x
Debt / EBITDA1.51x2.21x2.12x2.58x2.75x3.76x2.71x2.86x2.54x2.31x
Net Debt / EBITDA0.23x1.15x1.37x1.63x1.71x2.99x2.09x2.47x1.98x1.71x
Interest Coverage20.85x11.30x11.20x11.76x11.80x9.61x11.17x11.08x12.03x12.78x
Total Equity+8.51B9.55B9.98B11.73B12.81B13.08B14.88B16.62B18.59B20.63B
Equity Growth %-0.01%0.12%0.05%0.18%0.09%0.02%0.14%0.12%0.12%0.11%
Book Value per Share22.3425.2326.2630.8433.7134.4038.9143.4748.4653.51
Total Shareholders' Equity8.51B9.55B9.97B11.73B12.81B13.08B14.88B16.62B18.59B20.63B
Common Stock37M37M37M37M37M38M38M38M38M38M
Retained Earnings7.79B8.84B8.99B10.77B11.75B12.46B13.48B14.77B16.77B18.53B
Treasury Stock0000000000
Accumulated OCI-639M-761M-553M-631M-606M-1.16B-531M-221M-416M-293M
Minority Interest0014M0000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+899M1.92B1.56B2.61B2.19B3.28B3.26B2.62B3.71B4.24B
Operating CF Margin %0.09%0.17%0.13%0.19%0.15%0.23%0.19%0.14%0.18%0.19%
Operating CF Growth %-0.5%1.13%-0.19%0.67%-0.16%0.5%-0%-0.2%0.41%0.14%
Net Income1.44B1.65B1.02B3.55B2.08B1.6B1.99B2.36B3.17B2.99B
Depreciation & Amortization397M546M642M723M778M812M990M998M1.03B1.05B
Stock-Based Compensation86M97M113M119M127M142M171M168M205M229M
Deferred Taxes87M-46M36M-1.58B126M48M-237M58M-206M-370M
Other Non-Cash Items-173M52M-149M1.46B-253M-190M66M-226M19M1.02B
Working Capital Changes-937M-381M-103M-1.67B-670M866M279M-732M-500M-683M
Change in Receivables-151M-192M-162M-60M-563M354M-377M-579M-175M-321M
Change in Inventory-115M-299M-320M-385M-400M27M-189M-762M-797M-206M
Change in Payables35M-16M21M116M63M100M329M290M77M192M
Cash from Investing+1.96B-4.19B-1.61B-2.86B-1.46B-4.7B-859M-2.92B-962M-3B
Capital Expenditures-270M-490M-598M-572M-649M-487M-525M-588M-575M-755M
CapEx % of Revenue0.03%0.04%0.05%0.04%0.04%0.03%0.03%0.03%0.03%0.03%
Acquisitions----------
Investments----------
Other Investing0-3M-1M-2M1M1M-1M39M1M43M
Cash from Financing+-1.14B2.26B-794M1.33B3M-11M-2.37B-749M-1.59B-525M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-521M-568M-636M-703M-778M-863M-950M-1.05B-1.14B-1.22B
Share Repurchases----------
Other Financing32M-73M-227M-124M-205M-27M-148M-48M-23M-51M
Net Change in Cash----------
Free Cash Flow+629M1.43B961M2.04B1.54B2.79B2.74B2.04B3.14B3.49B
FCF Margin %0.06%0.13%0.08%0.15%0.1%0.19%0.16%0.11%0.15%0.15%
FCF Growth %-0.59%1.27%-0.33%1.12%-0.24%0.81%-0.02%-0.26%0.54%0.11%
FCF per Share1.653.762.535.364.067.347.165.338.179.04
FCF Conversion (FCF/Net Income)0.62x1.16x1.53x0.73x1.05x2.05x1.64x1.11x1.17x1.42x
Interest Paid101M180M231M248M286M304M325M324M356M396M
Taxes Paid497M510M312M539M457M323M622M505M693M989M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)16.82%18.24%10.45%32.73%16.98%12.35%14.26%14.97%17.98%15.26%
Return on Invested Capital (ROIC)16.97%17.35%14.93%14.27%13.4%10.2%11.43%10.54%11.18%12.61%
Gross Margin64.22%63.98%63.51%63.23%63.03%60.99%62.6%59.84%60.95%61.87%
Net Margin14.47%14.54%8.2%26.12%13.99%11.14%11.66%12.78%15.44%13.25%
Debt / Equity0.47x0.72x0.72x0.84x0.90x1.10x0.87x0.81x0.73x0.68x
Interest Coverage20.85x11.30x11.20x11.76x11.80x9.61x11.17x11.08x12.03x12.78x
FCF Conversion0.62x1.16x1.53x0.73x1.05x2.05x1.64x1.11x1.17x1.42x
Revenue Growth2.8%13.86%9.88%9.3%9.43%-3.58%19.21%7.84%11.11%10.23%

Revenue by Segment

2015201620172018201920202021202220232024
MedSurg3.9B4.89B5.56B6.04B6.57B6.4B9.54B10.61B11.84B13.52B
MedSurg Growth-25.65%13.55%8.78%8.75%-2.65%49.03%11.25%11.54%14.21%
Orthopaedics4.22B4.42B4.71B4.99B5.25B4.96B---9.08B
Orthopaedics Growth-4.71%6.58%5.90%5.23%-5.58%----
Orthopaedics and Spine1.83B2.01B-2.56B3.06B2.99B7.57B7.84B8.66B-
Orthopaedics and Spine Growth-9.90%--19.22%-2.16%153.01%3.54%10.51%-
Neurotechnology & Spine--2.17B-------
Neurotechnology & Spine Growth----------

Revenue by Geography

2015201620172018201920202021202220232024
United States--9.06B-10.96B10.46B12.32B13.64B15.26B16.94B
United States Growth------4.58%17.85%10.69%11.87%11.05%
EMEA1.27B1.44B-1.79B1.89B1.82B2.3B2.35B2.62B2.9B
EMEA Growth-13.81%--5.30%-3.71%26.46%2.13%11.50%10.66%
Asia Pacific1.25B1.31B1.41B1.53B1.62B1.63B1.97B1.89B1.95B2.02B
Asia Pacific Growth-5.04%7.53%8.42%5.55%0.80%21.04%-4.46%3.24%3.80%
Other foreign countries312M322M-428M422M448M515M578M677M735M
Other foreign countries Growth-3.21%---1.40%6.16%14.96%12.23%17.13%8.57%
Europe, Middle East, Africa--1.57B-------
Europe, Middle East, Africa Growth----------
Other Countries--405M-------
Other Countries Growth----------
UNITED STATES7.12B8.25B--------
UNITED STATES Growth-15.89%--------

Frequently Asked Questions

Valuation & Price

Stryker Corporation (SYK) has a price-to-earnings (P/E) ratio of 45.9x. This suggests investors expect higher future growth.

Growth & Financials

Stryker Corporation (SYK) reported $24.38B in revenue for fiscal year 2024. This represents a 193% increase from $8.31B in 2011.

Stryker Corporation (SYK) grew revenue by 10.2% over the past year. This is steady growth.

Yes, Stryker Corporation (SYK) is profitable, generating $2.94B in net income for fiscal year 2024 (13.2% net margin).

Dividend & Returns

Yes, Stryker Corporation (SYK) pays a dividend with a yield of 0.89%. This makes it attractive for income-focused investors.

Stryker Corporation (SYK) has a return on equity (ROE) of 15.3%. This is reasonable for most industries.

Stryker Corporation (SYK) generated $4.07B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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