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Stryker Corporation

SYK Healthcare Medical Devices

Stryker Corporation’s revenue for fiscal 2025 (year ended December 2025) was $25.1 billion, up 11.2% from fiscal 2024.

Revenue
+7.64%
EPS
−12.4%
Free cash flow
−19.4%
Total debt
−10.0%

Quarter to September 2026, against a year earlier

327.05 8.03 −2.40%
Market cap
$127.6B
P/E
35.3×
Fwd P/E
24.6×
Dividend yield
1.05%
F-score
5/9
Altman Z
4.81
Beneish M
−2.62
Dividend safety
82/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2025

  • United States
  • Europe, Middle East, Africa
  • Asia Pacific
  • Other foreign countries

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 400.75
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 — — 3 — — 3 — — —
Insider Ownership 6.25%

Capital & Financial Ratios $m

Size
Market Cap 127,560.00
Revenue ttm 26,300.00
Net income ttm 3,623.00
Free cash flow ttm 4,408.00
Net debt Q 11,659.00
Valuation
P/E 35.33 (above 35: high)
Forward P/E 24.60
Price / sales 4.85
Forward P/S Powerpack
Price / FCF 28.95
Price / book 5.44
Financial health
Current ratio Q 2.18 (at or above 1.5: strong)
Debt / equity Q 0.64
Interest coverage Q 7.23
Growth
Revenue growth Q +7.64% (above 0%: growing)
Operating income growth Q −8.90% (below 0%: shrinking)
EPS, this year +8.89%
EPS, next year A +10.01%
Revenue, next year A +6.77%
EPS, past 5 yrs +14.87%
EPS, next 5 yrs A +9.90%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.3×, against a ten-year median of 5.7×; over the ten years it ranged from 3.7× in 2016 to 7.4× in 2021.
P/E against its own 10 years 36.38%
10-year low 10-year high
P/S against its own 10 years 34.21%
10-year low 10-year high
P/B against its own 10 years 28.09%
10-year low 10-year high
EV/Sales against its own 10 years 34.10%
10-year low 10-year high
EV/FCF against its own 10 years 7.96%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.05%
Annual rate
3.52
Payout ratio
37.5%
Growth, 2017–25
+8.70%/yr
  1. 1.75 ’17
  2. 1.93 ’18 +11
  3. 2.14 ’19 +11
  4. 2.36 ’20 +10
  5. 2.59 ’21 +10
  6. 2.84 ’22 +10
  7. 3.05 ’23 +8
  8. 3.24 ’24 +6
  9. 3.40 ’25 +5
  10. 3.62 ’26e +7
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,053 4,493 4,100 3,271
Receivables 3,765 3,987 4,039 3,693
Inventory 4,843 4,774 5,310 5,747
Other — — — —
12,518 14,847 14,755 14,183
2023 2024 2025 Q'26
Payables 1,517 1,679 1,799 1,634
ST’ Debt 2,094 1,409 1,000 754
Other — — — —
7,921 7,616 7,794 6,500

Compound Annual Growth %

10y 5y 3y
Sales 9.71% 11.84% 10.83%
Cash Flow 17.79% 9.01% 24.34%
Earnings 8.47% 15.21% 11.24%
Book Value 10.17% 11.37% 10.50%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.56 Actual 3.52

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 4.40 4.47 Beat by 0.07
Q1 FY26 2.98 2.60 Miss by 0.38
Q2 FY26 3.46 3.69 Beat by 0.23
Q3 FY26 3.56 3.52 Miss by 0.04
Q4 FY26 5.04 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.93 3.30 1.96 — —
’25 1.69 2.29 2.22 2.20 8.40
’24 2.05 2.14 2.16 1.41 7.76
’23 1.54 1.93 1.80 2.98 8.25
’22 0.84 1.72 2.14 1.47 6.17
’21 0.79 1.55 1.14 1.73 5.21
’20 1.30 (0.22) 1.63 1.49 4.20
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,020 6,589 6,520 — —
’25 5,866 6,022 6,057 7,171 25,116
’24 5,243 5,422 5,494 6,436 22,595
’23 4,778 4,996 4,909 5,815 20,498
’22 4,275 4,493 4,479 5,202 18,449
’21 3,953 4,294 4,160 4,701 17,108
’20 3,588 2,764 3,737 4,262 14,351
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 581 1,261 1,461 — —
’25 250 1,111 1,540 2,143 5,044
’24 204 633 1,474 1,931 4,242
’23 445 688 1,050 1,528 3,711
’22 203 529 889 1,003 2,624
’21 452 878 933 1,000 3,263
’20 591 620 829 1,237 3,277
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 415 1,059 1,224 — —
’25 127 928 1,518 1,710 4,283
’24 37 481 1,304 1,665 3,487
’23 315 536 902 1,383 3,136
’22 84 386 751 815 2,036
’21 369 772 803 794 2,738
’20 447 511 760 1,072 2,790
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 12.6% a year for ten years. It grew 15.8% a year over the last ten.

Implied
12.6%
10 years, reported
15.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 11,325 12,444 13,601 14,884 14,351 17,108 18,449 20,498 22,595 25,116 26,300 +9.3% 26,817 29,251 30,874 +7.1%
Gross margin, % 66.26 65.73 65.72 65.14 63.11 64.11 62.76 63.70 63.91 63.96 65.34 (2.3) pt
EBT 1,921 2,063 2,356 2,562 1,954 2,281 2,683 3,673 3,492 4,514 5,116 +10.0%
EBT margin, % 16.96 16.58 17.32 17.21 13.62 13.33 14.54 17.92 15.45 17.97 19.45 +1.0 pt
Net income 1,647 1,020 3,553 2,083 1,599 1,994 2,358 3,165 2,993 3,246 3,623 +7.8%
Per share, $
Per share, $ Revenue 30.27 33.27 36.36 39.80 38.22 45.38 48.78 54.00 59.30 65.71 68.81 +9.0%
Earnings 4.40 2.73 9.50 5.57 4.26 5.29 6.23 8.34 7.86 8.49 9.45 +7.6%
Cash flow 5.12 4.17 6.98 5.86 8.73 8.66 6.94 9.78 11.13 13.20 14.25 +11.1%
Capex (1.31) (1.60) (1.53) (1.74) (1.30) (1.39) (1.55) (1.51) (1.98) (1.99) (2.72) +4.8%
Free cash flow 3.81 2.57 5.45 4.12 7.43 7.26 5.38 8.26 9.15 11.21 11.53 +12.7%
Book value 25.53 26.68 31.36 34.24 34.84 39.46 43.93 48.98 54.16 58.66 61.37 +9.7%
Shares, m 374 374 374 374 376 377 378 380 381 382 383 +0.2%
Valuation, ×
Valuation, × P/E 27.08 57.84 16.52 37.69 57.39 50.55 39.49 35.52 45.87 41.40 35.33 40.9
P/S 3.95 4.75 4.31 5.28 6.41 5.89 5.04 5.49 6.07 5.35 4.85 5.3
P/B 4.68 5.92 5.00 6.13 7.03 6.78 5.60 6.05 6.65 5.99 5.44 6.0
EV/Sales 4.26 5.10 4.76 5.72 7.18 6.45 5.65 5.97 6.47 5.82 5.30 5.7
EV/FCF 33.83 66.06 31.80 55.24 36.91 40.28 51.16 39.03 41.95 34.11 31.59 43.0
Cash, $m
Cash, $m Operating cash flow 1,915 1,559 2,610 2,191 3,277 3,263 2,624 3,711 4,242 5,044 5,446 +11.4%
Capex (490) (598) (572) (649) (487) (525) (588) (575) (755) (761) (1,038) +5.0%
Free cash flow 1,425 961 2,038 1,542 2,790 2,738 2,036 3,136 3,487 4,283 4,408 +13.0%
Balance, $m
Balance, $m Working capital 4,713 4,508 4,926 6,658 4,666 5,468 3,972 4,597 7,231 6,961 7,683 +4.4%
Net debt 3,530 4,429 6,160 6,665 10,967 9,460 11,120 9,942 9,104 11,759 11,659 +14.3%
Shareholders’ equity 9,550 9,980 11,730 12,807 13,084 14,877 16,616 18,593 20,634 22,420 23,457 +9.9%
Returns, %
Returns, % ROA 8.99 4.79 14.38 7.26 4.96 5.78 6.59 8.24 7.22 7.15 7.68 (1.8) pt
ROIC 10.39 9.96 8.86 8.71 5.78 6.64 6.40 8.52 7.75 8.94 9.67 (1.5) pt
ROE 18.24 10.45 32.73 16.98 12.35 14.26 14.97 17.98 15.26 15.08 16.02 (3.2) pt
People
People Employees 33,000 33,000 36,000 40,000 43,000 46,000 51,000 52,000 53,000 56,000 — +6.1%
Revenue/emp, $m 0.34 0.38 0.38 0.37 0.33 0.37 0.36 0.39 0.43 0.45 — +3.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Stryker is a medical technology company that sells equipment, implants and other products used in hospitals and other healthcare facilities. Its businesses cover medical and surgical care, treatments for vascular and neurological conditions, and orthopaedics. Most products are marketed directly to doctors, hospitals and other healthcare facilities.

In medical and surgical care, Stryker sells operating-room equipment, endoscopic camera and communications systems, hospital beds, emergency medical equipment and disposable products. It also offers clinical communication and virtual-care technology. Its vascular products include devices used to treat strokes and blood clots, while its neurotechnology range includes products for brain and skull surgery.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by regions, and margins
United States 19,006 75.67%
Europe, Middle East, Africa 3,181 12.67%
Asia Pacific 2,164 8.62%
Other foreign countries 765 3.05%
Gross margin 63.96%
Operating margin 19.47%
Pre-tax margin 17.97%

Revenue by segment since 2008

Stryker Corporation vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ABT Abbott Laboratories $196.6B 42.3× 35.1× +14.46% (above 0%: growing) −43.62% (below 0%: shrinking) +28.87% (above 0%: growing) 56.75% 10.44% Compare
MDT Medtronic PLC $134.1B 25.6× 20.8× +13.73% (above 0%: growing) +41.98% (above 0%: growing) +120.89% (above 0%: growing) 64.99% 18.08% Compare
SYK Stryker Corporation $127.6B 35.3× 24.6× +7.64% (above 0%: growing) −12.44% (below 0%: shrinking) −19.37% (below 0%: shrinking) 65.15% 15.86%
BSX Boston Scientific Corporation $64.7B 18.7× 17.0× +1.44% (above 0%: growing) −21.57% (below 0%: shrinking) −25.30% (below 0%: shrinking) 66.72% 16.12% Compare
EW Edwards Lifesciences Corporation $58.1B 56.7× 36.5× +10.46% (above 0%: growing) +6.00% (above 0%: growing) −1.84% (below 0%: shrinking) 78.48% 17.44% Compare
GEHC GE HealthCare Technologies Inc. $37.9B 17.5× 15.5× +7.19% (above 0%: growing) +40.64% (above 0%: growing) +64.18% (above 0%: growing) 40.34% 14.58% Compare
DXCM DexCom, Inc. $31.5B 32.6× 31.8× +11.18% (above 0%: growing) 0.00% −52.93% (below 0%: shrinking) 64.29% 24.34% Compare
PHG Koninklijke Philips N.V. $29.8B 25.8× 11.2× +0.55% (above 0%: growing) −85.00% (below 0%: shrinking) +154.15% (above 0%: growing) 46.44% 3.76% Compare
STE STERIS plc $24.8B 30.0× 25.1× +8.79% (above 0%: growing) +12.82% (above 0%: growing) +43.64% (above 0%: growing) 44.74% 18.53% Compare
Median of peers $48.0B 27.9× 23.0× +9.63% +3.00% +36.26% 60.52% 16.78%

All 149 Medical Devices stocks →

From the latest earnings call

Updated

  • Kevin Lobo said hip and knee procedure growth had slowed, while Stryker’s cyber incident and orthopaedics system implementation had disrupted commercial execution.
  • Preston Wells said Stryker revised its full-year outlook to reflect softer procedure trends, peripheral vascular supply constraints and capital equipment execution risk.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Truist Oct 6, 2026 Target cut Hold 340.00 → 310.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 79.98%
Held by the ten largest 38.73%
Holder Shares Stake Change
Vanguard 34.30m 8.94% +54.77k
BlackRock 27.41m 7.15% −187.31k
JPMorgan Chase 17.26m 4.50% +1.66m
State Street 15.53m 4.05% +183.40k
GREENLEAF TRUST 15.23m 3.97% −709.52k
T. Rowe Price 11.93m 3.11% +1.88m
Wellington Management 8.17m 2.13% +45.48k
Geode Capital Management 7.82m 2.04% +71.51k
Morgan Stanley 5.96m 1.55% −336.82k
AllianceBernstein 4.93m 1.28% −1.13m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 23 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 21.40m 24.78m 151.03
2024 21.98m 48.19m 153.30
2023 20.77m 42.47m 126.33
2022 18.56m 11.42m 102.05
2021 16.36m 27.84m 110.22
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Stryker Corporation (SYK) Latest News

3 Nov

Impact 3 · · Trefis

31 Oct

Impact 3 · · StockStory
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

30 Oct

Impact 4 · · Zacks
Impact 3 · · TIKR
Impact 3 · · The Motley Fool transcript
Impact 3 · · medtechdive.com
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Impact 3 · · MarketBeat transcript
Impact 3 · · 24/7 Wall St.

29 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · Trefis

28 Oct

Impact 4 · · Zacks
Impact 4 · · Trefis
Impact 3 · · StockStory

27 Oct

Impact 4 · · medtechdive.com

26 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Trefis
Impact 3 · · Zacks

23 Oct

Impact 3 · · Simply Wall St.

22 Oct

Impact 4 ·
Impact 3 · · Zacks
Impact 3 · · Trefis

21 Oct

Impact 3 · · Zacks

SYK metrics, ten years each

stockrow.com/SYK · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com