Medtronic vs Stryker
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The short version
- Medtronic is the larger business, with $36.4B of revenue in fiscal 2026 against $25.1B for Stryker.
- Stryker grew revenue faster (11.2%, against 8.4%).
- Stryker kept more of each dollar of sales as operating profit (19.5% operating margin, against 17.8%).
- Stryker turned more of its sales into free cash flow (17.1% FCF margin, against 14.9%).
- Stryker earned a higher return on the capital invested in it (11.3%, against 7.7%).
- Investors pay more for each dollar of Stryker’s earnings: a P/E of 31.8x against 23.4x for Medtronic.
| Latest fiscal year | MDT · FY26 | SYK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $122.6B | $118.6B |
| Revenue | $36.4B | $25.1B |
| Free cash flow | $5.4B | $4.3B |
| Net income | $4.8B | $3.2B |
| Growth | ||
| Revenue growth | 8.4% | 11.2% |
| 5-year growth | 3.8% | 11.8% |
| Share count change | −0.1% | 0.2% |
| Profitability | ||
| Gross margin | 65.0% | 64.0% |
| Operating margin | 17.8% | 19.5% |
| Net margin | 13.2% | 12.9% |
| FCF margin | 14.9% | 17.1% |
| Return on capital | 7.7% | 11.3% |
| Return on equity | 9.9% | 15.1% |
| Balance sheet | ||
| Net debt | $17.0B | $10.8B |
| Net debt / EBITDA | 1.8x | 1.7x |
| Dividends and buybacks | $4.7B | $1.3B |
| Valuation & quality | ||
| P/E | 23.4x | 31.8x |
| Piotroski F-score | 7 | 6 |
Revenue
FY17
MDT $29.7B
SYK $12.4B
FY18
MDT $30.0B
SYK $13.6B
FY19
MDT $30.6B
SYK $14.9B
FY20
MDT $28.9B
SYK $14.4B
FY21
MDT $30.1B
SYK $17.1B
FY22
MDT $31.7B
SYK $18.4B
FY23
MDT $31.2B
SYK $20.5B
FY24
MDT $32.4B
SYK $22.6B
FY25
MDT $33.5B
SYK $25.1B
FY26
MDT $36.4B
SYK —
MDT
SYK
Operating margin
FY17
MDT 18.1%
SYK 18.5%
FY18
MDT 22.2%
SYK 18.7%
FY19
MDT 20.5%
SYK 18.2%
FY20
MDT 16.6%
SYK 15.5%
FY21
MDT 14.9%
SYK 15.1%
FY22
MDT 18.2%
SYK 15.4%
FY23
MDT 17.6%
SYK 19.0%
FY24
MDT 15.9%
SYK 16.3%
FY25
MDT 17.8%
SYK 19.5%
FY26
MDT 17.8%
SYK —
MDT
SYK
Free cash flow
FY17
MDT $5.6B
SYK $961M
FY18
MDT $3.6B
SYK $2.0B
FY19
MDT $5.9B
SYK $1.5B
FY20
MDT $6.0B
SYK $2.8B
FY21
MDT $4.9B
SYK $2.7B
FY22
MDT $6.0B
SYK $2.0B
FY23
MDT $4.6B
SYK $3.1B
FY24
MDT $5.2B
SYK $3.5B
FY25
MDT $5.2B
SYK $4.3B
FY26
MDT $5.4B
SYK —
MDT
SYK
Return on capital
FY17
MDT 6.7%
SYK 8.5%
FY18
MDT 5.4%
SYK 16.6%
FY19
MDT 8.6%
SYK 12.5%
FY20
MDT 7.3%
SYK 8.7%
FY21
MDT —
SYK 9.5%
FY22
MDT —
SYK 9.8%
FY23
MDT 5.9%
SYK 12.7%
FY24
MDT 5.8%
SYK 11.4%
FY25
MDT 7.5%
SYK 11.3%
FY26
MDT 7.7%
SYK —
MDT
SYK
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.