Stryker

SYK · NYSE · Health Care · Financials, fiscal 2016 to 2025

SYK · Last close · October 26, 2026

$306.13

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%.

STRYKER CORP Latest fiscal year ended December 31, 2025 10-K filed February 11, 2026 · 0000310764-26-000010 Updated October 9, 2026

Revenue

$25.1B

11.2%

Operating margin

19.5%

3.1 pts

Net income

$3.2B

8.4%

Free cash flow

$4.3B

22.8%

Return on capital

11.3%

0.1 pts

Market cap

$118.2B

Oct 26 close

P/E

31.7x

On $9.65 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Pricing pressure from health systems, insurers and governments that limit what they pay for devices.
Intense competition, with new technology that could make its products obsolete.
Shortages or price increases in materials and parts, including those it buys from a single supplier.
Relying on independent distributors and on good relationships with healthcare professionals.
Product liability claims, and strict healthcare laws that can bring large penalties.

From Stryker's annual report on Form 10-K, filed February 11, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 7.6% a year and net income 7.8% a year, as new shares raised the share count by 2% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Stryker yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Stryker's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Stryker's fiscal 2025 free cash flow of $4.3B, net cash of −$10.8B at December 31, 2025 and 386 million diluted shares, from its filings. The scenarios are fitted to Stryker: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 10.8% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Health Care Equipment); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Stryker's own revenue growth, as above. Cautious: growth of 5.5% then 4% a year, 2% after year 10, a 10% discount rate. Base: growth of 11% then 7% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 16% then 9.5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $306.13
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Stryker's earnings per share of $9.65 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 27.8×, the middle of Stryker's own P/E today, its peers' median and its sector's median (the Health Care median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Becton Dickinson, GE HealthCare, Boston Scientific.

Earnings growth in the years ahead (% a year) Starts at Stryker's revenue growth over the last 3 years, 10.8% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $306.13
Value at this multiple, against the last close: —
Stryker's P/E at the last close: 31.7×

Company	Last close	Earnings per share	P/E today
Becton DickinsonBDX	$196.39	$3.32	59.2×
StrykerSYK	$306.13	$9.65	31.7×
Boston ScientificBSX	$45.58	$2.47	18.5×
GE HealthCareGEHC	$71.98	$4.18	17.2×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	3.0	1.9	3.1	3.7	4.1
Debt incl. finance leases	12.5	11.9	10.9	12.2	14.9
Net debt (negative means net cash)	9.5	9.9	7.8	8.4	10.8
Net debt to EBITDA	2.5x	2.4x	1.5x	1.6x	1.7x
Debt to equity	0.8x	0.7x	0.6x	0.6x	0.7x
Interest coverage	7.7x	8.4x	10.7x	9.0x	8.1x
Current ratio	2.2x	1.6x	1.6x	1.9x	1.9x
Quick ratio	1.5x	1.0x	1.0x	1.3x	1.2x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Stryker shares on the open market, and 8 insiders sold $586.1 million, $1.4 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 21, 2026	Dylan Bram CrottyGroup President	Sold	441	$328.61	$144,917	Form 4
Aug 19, 2026	Ronda E StrykerDirector	Sold	50,000	$340.11	$17.0 million	Form 4
Aug 18, 2026	Ronda E StrykerDirector	Sold	300,000	$335.90	$100.8 million	Form 4
Aug 18, 2026	Debra KingSee Remarks	Sold	826	$336.30	$277,784	Form 4
May 28, 2026	Robert S FletcherVP, Chief Legal Officer	Sold plan	4,544	$306.87	$1.4 million	Form 4
May 26, 2026	Ronda E StrykerDirector	Sold	310,000	$312.23	$96.8 million	Form 4
May 11, 2026	Fink M KathrynVP, Chief HR Officer	Sold	8,720	$283.69	$2.5 million	Form 4
Feb 5, 2026	Ronda E StrykerDirector	Sold	250,000	$363.96	$91.0 million	Form 4
Feb 4, 2026	Ronda E StrykerDirector	Sold	250,000	$362.92	$90.7 million	Form 4
Feb 2, 2026	James Andrew PierceGroup President	Sold	475	$368.87	$175,213	Form 4
Nov 20, 2025	Preston Wendell WellsVP, Chief Financial Officer	Sold	165	$365.88	$60,370	Form 4
Nov 14, 2025	William E Berry JrVP, Chief Accounting Officer	Sold	1,953	$365.49	$713,802	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	7 of 9	6 of 9	6 of 9
Accruals ratio	−1.4%	−3.0%	−4.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Stryker side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Stryker	FY25	11.2%	19.5%	17.1%	11.3%	1.7x	6
Becton Dickinson	FY25	8.2%	11.8%	12.2%	5.5%	3.4x	6	Compare
GE HealthCare	FY25	4.8%	13.4%	7.3%	13.2%	1.8x	7	Compare
Boston Scientific	FY25	19.9%	18.0%	18.2%	9.6%	1.8x	7	Compare
Philips	FY25	−1.0%	8.0%	—	6.5%	2.1x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	11.3	12.4	13.6	14.9	14.4	17.1	18.4	20.5	22.6	25.1
Revenue growth	13.9%	9.9%	9.3%	9.4%	−3.6%	19.2%	7.8%	11.1%	10.2%	11.2%
Gross profit	7.5	8.2	8.9	9.7	9.1	11.0	11.6	13.1	14.4	16.1
Research and development	0.7	0.8	0.9	1.0	1.0	1.2	1.5	1.4	1.5	1.6
Operating income	2.2	2.3	2.5	2.7	2.2	2.6	2.8	3.9	3.7	4.9
Net income	1.6	1.0	3.6	2.1	1.6	2.0	2.4	3.2	3.0	3.2
Diluted EPS (US$)	4.35	2.68	9.34	5.48	4.20	5.21	6.17	8.25	7.76	8.40
Diluted shares (millions)	378	380	380	380	380	382	382	384	386	386
Cash flow
Cash from operations	1.9	1.6	2.6	2.2	3.3	3.3	2.6	3.7	4.2	5.0
Capital expenditure	0.5	0.6	0.6	0.6	0.5	0.5	0.6	0.6	0.8	0.8
Free cash flow	1.4	1.0	2.0	1.5	2.8	2.7	2.0	3.1	3.5	4.3
Dividends paid	0.6	0.6	0.7	0.8	0.9	0.9	1.1	1.1	1.2	1.3
Share buybacks	0.0	0.2	0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.0
Acquisitions	4.3	0.8	2.5	0.8	4.2	0.3	2.6	0.4	1.6	5.0
Stock-based compensation	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2
Balance sheet at fiscal year end
Cash and short-term investments	3.3	2.5	3.6	4.4	3.0	3.0	1.9	3.1	3.7	4.1
Debt incl. finance leases	6.9	6.6	8.5	10.2	13.2	12.5	11.9	10.9	12.2	14.9
Total assets	20.4	22.2	27.2	30.2	34.3	34.6	36.9	39.9	43.0	47.8
Total liabilities	10.9	12.2	15.5	17.4	21.2	19.8	20.3	21.3	22.3	25.4
Shareholders' equity	9.6	10.0	11.7	12.8	13.1	14.9	16.6	18.6	20.6	22.4
Margins and ratios
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%	18.6%	18.2%	15.5%	15.1%	15.4%	19.0%	16.3%	19.5%
Net margin	14.5%	8.2%	26.1%	14.0%	11.1%	11.7%	12.8%	15.4%	13.2%	12.9%
Free cash flow margin	12.6%	7.7%	15.0%	10.4%	19.4%	16.0%	11.0%	15.3%	15.4%	17.1%
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 equity	18.2%	10.4%	32.8%	17.0%	12.3%	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%
Net debt to EBITDA	1.2x	1.3x	1.4x	1.6x	3.1x	2.5x	2.4x	1.5x	1.6x	1.7x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Stryker's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Stryker.