Boston Scientific vs Stryker
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The short version
- Stryker is the larger business, with $25.1B of revenue in fiscal 2025 against $20.1B for Boston Scientific.
- Boston Scientific grew revenue faster (19.9%, against 11.2%).
- Stryker kept more of each dollar of sales as operating profit (19.5% operating margin, against 18.0%).
- Boston Scientific turned more of its sales into free cash flow (18.2% FCF margin, against 17.1%).
- Stryker earned a higher return on the capital invested in it (11.3%, against 9.6%).
- Investors pay more for each dollar of Stryker’s earnings: a P/E of 31.8x against 18.5x for Boston Scientific.
| Latest fiscal year | BSX · FY25 | SYK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $67.4B | $118.6B |
| Revenue | $20.1B | $25.1B |
| Free cash flow | $3.7B | $4.3B |
| Net income | $2.9B | $3.2B |
| Growth | ||
| Revenue growth | 19.9% | 11.2% |
| 5-year growth | 15.2% | 11.8% |
| Share count change | 0.6% | 0.2% |
| Profitability | ||
| Gross margin | 69.0% | 64.0% |
| Operating margin | 18.0% | 19.5% |
| Net margin | 14.4% | 12.9% |
| FCF margin | 18.2% | 17.1% |
| Return on capital | 9.6% | 11.3% |
| Return on equity | 12.6% | 15.1% |
| Balance sheet | ||
| Net debt | $9.2B | $10.8B |
| Net debt / EBITDA | 1.8x | 1.7x |
| Dividends and buybacks | $0.0M | $1.3B |
| Valuation & quality | ||
| P/E | 18.5x | 31.8x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
BSX $9.1B
SYK $11.3B
FY17
BSX $9.0B
SYK $12.4B
FY18
BSX $9.8B
SYK $13.6B
FY19
BSX $10.7B
SYK $14.9B
FY20
BSX $9.9B
SYK $14.4B
FY21
BSX $11.9B
SYK $17.1B
FY22
BSX $12.7B
SYK $18.4B
FY23
BSX $14.2B
SYK $20.5B
FY24
BSX $16.7B
SYK $22.6B
FY25
BSX $20.1B
SYK $25.1B
BSX
SYK
Operating margin
FY16
BSX 4.9%
SYK 19.2%
FY17
BSX 14.2%
SYK 18.5%
FY18
BSX 15.3%
SYK 18.7%
FY19
BSX 14.1%
SYK 18.2%
FY20
BSX −0.8%
SYK 15.5%
FY21
BSX 10.1%
SYK 15.1%
FY22
BSX 13.0%
SYK 15.4%
FY23
BSX 16.5%
SYK 19.0%
FY24
BSX 15.5%
SYK 16.3%
FY25
BSX 18.0%
SYK 19.5%
BSX
SYK
Free cash flow
FY16
BSX $806M
SYK $1.4B
FY17
BSX $1.1B
SYK $961M
FY18
BSX −$6.0M
SYK $2.0B
FY19
BSX $1.4B
SYK $1.5B
FY20
BSX $1.1B
SYK $2.8B
FY21
BSX $1.3B
SYK $2.7B
FY22
BSX $938M
SYK $2.0B
FY23
BSX $1.8B
SYK $3.1B
FY24
BSX $2.6B
SYK $3.5B
FY25
BSX $3.7B
SYK $4.3B
BSX
SYK
Return on capital
FY16
BSX 3.8%
SYK 17.4%
FY17
BSX 5.7%
SYK 8.5%
FY18
BSX 12.5%
SYK 16.6%
FY19
BSX 8.5%
SYK 12.5%
FY20
BSX −0.3%
SYK 8.7%
FY21
BSX 5.0%
SYK 9.5%
FY22
BSX 4.1%
SYK 9.8%
FY23
BSX 7.1%
SYK 12.7%
FY24
BSX 7.3%
SYK 11.4%
FY25
BSX 9.6%
SYK 11.3%
BSX
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.