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STRYKER CORP

SYK· NYSE· Surgical & Medical Instruments & Apparatus

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
17.1%
ROIC, 5 yr avg
10.6%
Revenue, 5 yr CAGR
+11.8%
We record prices for the companies we cover; SYK is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
386.5M
Revenue
$25.1B
Free cash flow
$4.3B
Owner earnings
$4.0B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
64.0%
Operating
19.5%
Net
12.9%
Free cash flow
17.1%
Owner earnings
16.1%
Stock pay
1.0%

Returns

ROIC, FY2025
10.6%
ROIC, 5 yr avg
10.6%
ROE, FY2025
14.5%
ROE, 5 yr avg
14.7%

Growth (CAGR)

Revenue, 3 yr
10.8%
Revenue, 5 yr
11.8%
Revenue, 9 yr
9.3%
Diluted EPS, 3 yr
10.8%
Diluted EPS, 5 yr
14.9%
Diluted EPS, 9 yr
7.6%
Free cash flow, 3 yr
28.1%
Free cash flow, 5 yr
9.0%
Free cash flow, 9 yr
13.0%

Financial health · FY2025

Cash and investments
$4.1B
Total debt
$14.9B
Net debt
$10.8B
Debt/Equity
0.7x
Debt/FCF
3.5x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
39.6%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
0.3%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$25.1B

+9.3% a year over 9 years

FY2016: Revenue $11.3BFY2017: Revenue $12.4BFY2018: Revenue $13.6BFY2019: Revenue $14.9BFY2020: Revenue $14.4BFY2021: Revenue $17.1BFY2022: Revenue $18.4BFY2023: Revenue $20.5BFY2024: Revenue $22.6BFY2025: Revenue $25.1B
FY2016FY2025

Margins

Gross64.0%Operating19.5%Net12.9%

FY2025

FY2016: Gross 66.3%, Operating 19.2%, Net 14.5%FY2017: Gross 65.7%, Operating 18.5%, Net 8.2%FY2018: Gross 65.7%, Operating 18.7%, Net 26.1%FY2019: Gross 65.1%, Operating 18.2%, Net 14.0%FY2020: Gross 63.1%, Operating 15.5%, Net 11.1%FY2021: Gross 64.1%, Operating 15.1%, Net 11.7%FY2022: Gross 62.8%, Operating 15.4%, Net 12.8%FY2023: Gross 63.7%, Operating 19.0%, Net 15.4%FY2024: Gross 63.9%, Operating 16.3%, Net 13.2%FY2025: Gross 64.0%, Operating 19.5%, Net 12.9%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$4.3BOwner earnings$4.0B

Free cash flow +13.0% a year

FY2016: Free cash flow $1.4B, Owner earnings $1.3BFY2017: Free cash flow $961.0M, Owner earnings $848.0MFY2018: Free cash flow $2.0B, Owner earnings $1.9BFY2019: Free cash flow $1.5B, Owner earnings $1.4BFY2020: Free cash flow $2.8B, Owner earnings $2.6BFY2021: Free cash flow $2.7B, Owner earnings $2.6BFY2022: Free cash flow $2.0B, Owner earnings $1.9BFY2023: Free cash flow $3.1B, Owner earnings $2.9BFY2024: Free cash flow $3.5B, Owner earnings $3.3BFY2025: Free cash flow $4.3B, Owner earnings $4.0B
FY2016FY2025

Diluted shares

386.5M

+2.1% over 9 years, net dilution

FY2016: Diluted shares 378.5MFY2017: Diluted shares 380.1MFY2018: Diluted shares 380.3MFY2019: Diluted shares 379.9MFY2020: Diluted shares 380.3MFY2021: Diluted shares 382.3MFY2022: Diluted shares 382.2MFY2023: Diluted shares 383.7MFY2024: Diluted shares 385.6MFY2025: Diluted shares 386.5M
FY2016FY2025

Return on invested capital

10.6%

FY2025

FY2016: ROIC 14.2%FY2017: ROIC 8.1%FY2018: ROIC –FY2019: ROIC 11.9%FY2020: ROIC 7.8%FY2021: ROIC 9.3%FY2022: ROIC 9.4%FY2023: ROIC 12.7%FY2024: ROIC 10.9%FY2025: ROIC 10.6%
FY2016FY2025

Net debt (below zero)

-$10.8B

$10.8B more debt than cash

FY2016: Net cash -$3.6BFY2017: Net cash -$4.0BFY2018: Net cash -$4.9BFY2019: Net cash -$5.8BFY2020: Net cash -$10.2BFY2021: Net cash -$9.5BFY2022: Net cash -$9.9BFY2023: Net cash -$7.8BFY2024: Net cash -$8.4BFY2025: Net cash -$10.8B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$11.3B$12.4B$13.6B$14.9B$14.4B$17.1B$18.4B$20.5B$22.6B$25.1B
Revenue growth13.9%9.9%9.3%9.4%-3.6%19.2%7.8%11.1%10.2%11.2%
Gross margin66.3%65.7%65.7%65.1%63.1%64.1%62.8%63.7%63.9%64.0%
Operating margin19.2%18.5%18.7%18.2%15.5%15.1%15.4%19.0%16.3%19.5%
Net income$1.6B$1.0B$3.6B$2.1B$1.6B$2.0B$2.4B$3.2B$3.0B$3.2B
Net margin14.5%8.2%26.1%14.0%11.1%11.7%12.8%15.4%13.2%12.9%
Diluted EPS$4.35$2.68$9.34$5.48$4.20$5.21$6.17$8.25$7.76$8.40
Return on invested capital?14.2%8.1%–11.9%7.8%9.3%9.4%12.7%10.9%10.6%
Cash
Operating cash flow$1.9B$1.6B$2.6B$2.2B$3.3B$3.3B$2.6B$3.7B$4.2B$5.0B
Capital expenditure$490.0M$598.0M$572.0M$649.0M$487.0M$525.0M$588.0M$575.0M$755.0M$761.0M
Free cash flow$1.4B$961.0M$2.0B$1.5B$2.8B$2.7B$2.0B$3.1B$3.5B$4.3B
Stock-based compensation$97.0M$113.0M$119.0M$127.0M$142.0M$171.0M$168.0M$205.0M$229.0M$243.0M
Owner earnings?$1.3B$848.0M$1.9B$1.4B$2.6B$2.6B$1.9B$2.9B$3.3B$4.0B
Free cash flow per share$3.76$2.53$5.36$4.06$7.34$7.16$5.33$8.17$9.04$11.08
Capital allocation
Dividends paid$568.0M$636.0M$703.0M$778.0M$863.0M$950.0M$1.1B$1.1B$1.2B$1.3B
Share repurchases$13.0M$230.0M$300.0M$307.0M$0$0––––
Diluted shares378.5M380.1M380.3M379.9M380.3M382.3M382.2M383.7M385.6M386.5M
Share count change?-0.6%0.4%0.1%-0.1%0.1%0.5%0.0%0.4%0.5%0.2%
Balance sheet
Cash and equivalents$3.3B$2.5B$3.6B$4.3B$2.9B$2.9B$1.8B$3.0B$3.7B$4.0B
Short-term investments–––$88.0M$81.0M$75.0M$84.0M$82.0M$91.0M$89.0M
Total debt$6.9B$6.6B$8.5B$10.2B$13.2B$12.5B$11.9B$10.9B$12.2B$14.9B
Net debt$3.6B$4.0B$4.9B$5.8B$10.2B$9.5B$9.9B$7.8B$8.4B$10.8B
Shareholders' equity$9.6B$10.0B$11.7B$12.8B$13.1B$14.9B$16.6B$18.6B$20.6B$22.4B

Latest filings

All on EDGAR
2026-10-3010-QQuarterly report
2026-10-298-KEarnings release
2026-07-3110-QQuarterly report
2026-07-308-KEarnings release
2026-05-1110-QQuarterly report
2026-04-308-KEarnings release
2026-03-23DEF 14AProxy statement
2026-02-1110-KAnnual report
2026-01-298-KEarnings release
2025-10-3110-QQuarterly report

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