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Stryker

SYK NYSE Health Care Equipment Financials FY2016–FY2025

Stryker's revenue rose 11.2% to $25.1 billion in fiscal 2025. Its operating margin was 19.5%, up from 16.3% a year earlier. Free cash flow was $4.3 billion, up 22.8%. It paid out $1.3 billion in dividends and buybacks, 30% of free cash flow. The diluted share count rose 0.2%.

Last close · Oct 23, 2026

$307.15

0.0%
Value it Compare
Revenue Total sales reported in the income statement.
$25.1B
11.2% vs prior year
Operating margin Operating income as a share of revenue.
19.5%
3.1 pts
Net income Profit after all expenses, interest and tax.
$3.2B
8.5%
Free cash flow Cash from operations minus capital spending.
$4.3B
22.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
11.3%
0.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$118.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
31.8x
On $9.65 EPS (TTM)

What Stryker does

Stryker makes medical devices, mostly sold directly to doctors, hospitals and other healthcare facilities. Its products include surgical tools, endoscopy cameras, hospital beds and stretchers, defibrillators, stroke and blood-clot treatment devices, and joint replacement implants. It sells in about 61 countries through its own subsidiaries and through outside dealers and distributors. It says its products reach more than 150 million patients a year.

It has two segments. MedSurg and Neurotechnology (instruments, endoscopy, medical, vascular and neuro cranial products) is the larger one by sales. Orthopaedics sells knee, hip, shoulder, trauma and extremity implants, including for use with its Mako robotic-arm system, now offered in more than 45 countries. Stryker says it competes in joint replacement mainly with Zimmer Biomet, Johnson & Johnson MedTech and Smith & Nephew, and names Medtronic and Olympus as rivals in other lines.

In 2025 Stryker bought Inari Medical, which adds products for blood clots in veins and now forms part of its Vascular business, along with smaller deals such as Guard Medical. The company owns about 5,600 US patents. Its business is generally not seasonal, though orthopaedic surgeries are fewer in summer and equipment sales are higher in the fourth quarter.

Legal name
STRYKER CORP
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 11, 2026
Accession · CIK
0000310764-26-000010
0000310764

Revenue and margins

Stryker had $25.1B of revenue in fiscal 2025, up 11.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 7.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $4.3B in fiscal 2025, 17.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Stryker returned $1.3B to shareholders in fiscal 2025, 30% of free cash flow. The diluted share count rose 0.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Stryker yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$10.8B and divides by 386.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 31.8x · peers 21.0x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Stryker can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.0B$1.9B$3.1B$3.7B$4.1B
Debt incl. finance leases $12.5B$11.9B$10.9B$12.2B$14.9B
Net debt / EBITDA 2.5x2.4x1.5x1.7x1.7x
Debt / equity 0.8x0.7x0.6x0.6x0.7x
Interest coverage 7.7x8.4x10.7x9.0x8.1x
Current ratio 2.2x1.6x1.6x2.0x1.9x
Quick ratio 1.5x1.0x1.0x1.3x1.2x
Total assets $34.6B$36.9B$39.9B$43.0B$47.8B
Total liabilities $19.8B$20.3B$21.3B$22.3B$25.4B
Shareholders' equity $14.9B$16.6B$18.6B$20.6B$22.4B
Net debt (− = net cash) $9.5B$9.9B$7.8B$8.4B$10.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$402M

8 insiders

Of sales under plans

0%

$1.4M

DateInsiderTradeSharesPriceValueFiling
Aug 21, 2026 Dylan Bram CrottyGroup President Sold 441 $328.61 $0.1M Form 4
Aug 19, 2026 Ronda E StrykerDirector Sold 50,000 $340.11 $17.0M Form 4
Aug 18, 2026 Debra KingSee Remarks Sold 826 $336.30 $0.3M Form 4
Aug 18, 2026 Ronda E StrykerDirector Sold 300,000 $335.90 $101M Form 4
May 28, 2026 Robert S FletcherVP, Chief Legal Officer Sold plan 4,544 $306.87 $1.4M Form 4
May 26, 2026 Ronda E StrykerDirector Sold 310,000 $312.23 $96.8M Form 4
May 11, 2026 Fink M KathrynVP, Chief HR Officer Sold 8,720 $283.69 $2.5M Form 4
Feb 5, 2026 Ronda E StrykerDirector Sold 250,000 $363.96 $91.0M Form 4
Feb 4, 2026 Ronda E StrykerDirector Sold 250,000 $362.92 $90.7M Form 4
Feb 2, 2026 James Andrew PierceGroup President Sold 475 $368.87 $0.2M Form 4
Nov 20, 2025 Preston Wendell WellsVP, Chief Financial Officer Sold 165 $365.88 $0.1M Form 4
Nov 14, 2025 William E Berry JrVP, Chief Accounting Officer Sold 1,953 $365.49 $0.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 96 / 96 / 9
Accruals ratio −1.4%−3.0%−4.0%
Altman Z'' 3.704.063.96

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Stryker SYK $118.6B 11.2% 19.5% 17.1% 11.3% 31.8x 6
Becton Dickinson BDX $54.7B 8.2% 11.8% 12.2% 5.5% 59.9x 6 Compare →
GE HealthCare GEHC $32.7B 4.8% 13.4% 7.3% 13.3% 17.1x 7 Compare →
Boston Scientific BSX $67.4B 19.9% 18.0% 18.2% 9.6% 18.5x 7 Compare →
Medtronic MDT $122.6B 8.4% 17.8% 14.9% 7.7% 23.4x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $11.3B $12.4B $13.6B $14.9B $14.4B $17.1B $18.4B $20.5B $22.6B $25.1B
Gross profit $7.5B $8.2B $8.9B $9.7B $9.1B $11.0B $11.6B $13.1B $14.4B $16.1B
Research and development $715M $787M $862M $971M $984M $1.2B $1.5B $1.4B $1.5B $1.6B
Operating income $2.2B $2.3B $2.5B $2.7B $2.2B $2.6B $2.8B $3.9B $3.7B $4.9B
Interest expense $228M $247M $264M $287M $315M $337M $337M $363M $409M $607M
Pretax income $1.9B $2.1B $2.4B $2.6B $2.0B $2.3B $2.7B $3.7B $3.5B $4.5B
Income tax $274M $1.0B −$1.2B $479M $355M $287M $325M $508M $499M $1.3B
Net income $1.6B $1.0B $3.6B $2.1B $1.6B $2.0B $2.4B $3.2B $3.0B $3.2B
Diluted EPS $4.35 $2.68 $9.34 $5.48 $4.20 $5.21 $6.17 $8.25 $7.76 $8.40
Diluted shares 0.38B 0.38B 0.38B 0.38B 0.38B 0.38B 0.38B 0.38B 0.39B 0.39B
Cash flow
Cash from operations $1.9B $1.6B $2.6B $2.2B $3.3B $3.3B $2.6B $3.7B $4.2B $5.0B
Capital expenditure $490M $598M $572M $649M $487M $525M $588M $575M $755M $761M
Free cash flow $1.4B $961M $2.0B $1.5B $2.8B $2.7B $2.0B $3.1B $3.5B $4.3B
Depreciation and amortization $752M $859M $966M $1.0B $1.1B $1.3B $1.3B $1.3B $1.4B $1.6B
Stock-based compensation $97.0M $113M $119M $127M $142M $171M $168M $205M $229M $243M
Acquisitions $4.3B $831M $2.5B $802M $4.2B $339M $2.6B $390M $1.6B $5.0B
Share buybacks $13.0M $230M $300M $307M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $568M $636M $703M $778M $863M $950M $1.1B $1.1B $1.2B $1.3B
Dividends and buybacks $581M $866M $1.0B $1.1B $863M $950M $1.1B $1.1B $1.2B $1.3B
Balance sheet
Cash and short-term investments $3.3B $2.5B $3.6B $4.4B $3.0B $3.0B $1.9B $3.1B $3.7B $4.1B
Total debt $6.9B $6.6B $8.5B $10.2B $13.2B $12.5B $11.9B $10.9B $12.2B $14.9B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $7.9B $8.0B $9.7B $11.1B $9.7B $10.0B $10.3B $12.5B $14.8B $14.8B
Current liabilities $3.1B $3.5B $4.8B $4.4B $5.0B $4.5B $6.3B $7.9B $7.6B $7.8B
Inventory $2.0B $2.5B $3.0B $3.0B $3.5B $3.3B $4.0B $4.8B $4.8B $5.3B
Property and equipment, net $1.6B $2.0B $2.3B $2.6B $2.8B $2.8B $3.0B $3.2B $3.4B $3.9B
Total assets $20.4B $22.2B $27.2B $30.2B $34.3B $34.6B $36.9B $39.9B $43.0B $47.8B
Total liabilities $10.9B $12.2B $15.5B $17.4B $21.2B $19.8B $20.3B $21.3B $22.3B $25.4B
Shareholders' equity $9.6B $10.0B $11.7B $12.8B $13.1B $14.9B $16.6B $18.6B $20.6B $22.4B
Margins
Gross margin 66.3% 65.7% 65.7% 65.1% 63.1% 64.1% 62.8% 63.7% 63.9% 64.0%
Operating margin 19.2% 18.5% 18.7% 18.2% 15.5% 15.1% 15.4% 19.0% 16.3% 19.5%
EBITDA margin 25.9% 25.4% 25.8% 25.2% 23.0% 22.5% 22.3% 25.5% 22.6% 25.7%
Net margin 14.5% 8.2% 26.1% 14.0% 11.1% 11.7% 12.8% 15.4% 13.3% 12.9%
FCF margin 12.6% 7.7% 15.0% 10.4% 19.4% 16.0% 11.0% 15.3% 15.4% 17.1%
Returns
Return on capital 17.4% 8.5% 16.6% 12.5% 8.7% 9.5% 9.8% 12.7% 11.4% 11.3%
Return on capital employed 14.5% 12.8% 12.3% 11.3% 8.1% 8.7% 9.4% 12.4% 11.0% 13.0%
Return on equity 18.2% 10.5% 32.8% 17.0% 12.4% 14.3% 15.0% 18.0% 15.3% 15.1%
Return on assets 9.0% 4.8% 14.4% 7.3% 5.0% 5.8% 6.6% 8.2% 7.2% 7.2%
Growth
Revenue growth 13.9% 9.9% 9.3% 9.4% −3.6% 19.2% 7.8% 11.1% 10.2% 11.2%
Net income growth 14.5% −38.1% 248.3% −41.4% −23.2% 24.7% 18.3% 34.2% −5.4% 8.5%
EPS growth 15.1% −38.4% 248.5% −41.3% −23.4% 24.1% 18.4% 33.7% −5.9% 8.3%
FCF growth 100.4% −32.6% 112.1% −24.3% 80.9% −1.9% −25.6% 54.0% 11.2% 22.8%
Share count change −0.6% 0.4% 0.1% −0.1% 0.1% 0.5% −0.0% 0.4% 0.5% 0.2%
Financial health
Net debt / EBITDA 1.2x 1.3x 1.4x 1.6x 3.1x 2.5x 2.4x 1.5x 1.7x 1.7x
Debt / equity 0.7x 0.7x 0.7x 0.8x 1.0x 0.8x 0.7x 0.6x 0.6x 0.7x
Interest coverage 9.5x 9.3x 9.6x 9.5x 7.1x 7.7x 8.4x 10.7x 9.0x 8.1x
Current ratio 2.5x 2.3x 2.0x 2.5x 1.9x 2.2x 1.6x 1.6x 2.0x 1.9x
Quick ratio 1.9x 1.6x 1.4x 1.8x 1.2x 1.5x 1.0x 1.0x 1.3x 1.2x
Capital allocation
Capex / revenue 4.3% 4.8% 4.2% 4.4% 3.4% 3.1% 3.2% 2.8% 3.3% 3.0%
Stock comp / revenue 0.9% 0.9% 0.9% 0.9% 1.0% 1.0% 0.9% 1.0% 1.0% 1.0%
Payouts / FCF 40.8% 90.1% 49.2% 70.4% 30.9% 34.7% 51.6% 36.3% 35.0% 30.0%
Quality scores
Piotroski F-score 7.0 4.0 4.0 5.0 3.0 8.0 7.0 7.0 6.0 6.0
Altman Z'' 4.6 4.2 3.9 4.1 3.2 3.6 3.4 3.7 4.1 4.0
Accruals ratio −1.5% −2.5% 3.8% −0.4% −5.2% −3.7% −0.7% −1.4% −3.0% −4.0%

Source: SEC EDGAR XBRL filings (CIK 0000310764). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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