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Stryker Corporation

Rank #189Capital Return

SYK · NYSE · Healthcare

Stryker Corporation (SYK) — Rank #189 by gross profitability (GP/assets 0.34) · ROE 13.5% · Piotroski F-Score 4 / 9.

As-of 2026-09-15 · CIK 0000310764 · all metrics point-in-time as of the filing date.

About

Stryker Corporation operates as a medical technology company in the United States and internationally.

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It operates through two segments, MedSurg and Neurotechnology, and Orthopaedics. The MedSurg and Neurotechnology segment offers surgical equipment, patient and caregiver safety technologies, navigation systems, endoscopic and communications systems, patient handling, emergency medical equipment and intensive care disposable products, clinical communication and artificial intelligence-assisted virtual care platform technology, and minimally invasive products for the treatment of acute ischemic and hemorrhagic stroke and venous thromboembolism; traditional brain and open skull based surgical procedures products; and orthobiologic and biosurgery products, including synthetic bone grafts and vertebral augmentation products. The Orthopaedics segment provides implants for use in total joint replacements, such as hip, knee and shoulder, ankle, and trauma and extremities surgeries; and Mako Shoulder, which expands the smart robotics suite of applications. The company sells its products to doctors, hospitals, and other healthcare facilities through company-owned subsidiaries and branches, as well as third-party dealers and distributors in approximately 61 countries.

Stryker Corporation was founded in 1941 and is headquartered in Portage, Michigan.

Industry
Medical Devices
Sector
Healthcare
State
MI
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

SYK+6.5% · +1.3% CAGRSPY+80.3% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$107.54B

P/E (annual)

33.4

P/S (annual)

4.3

P/B

4.5

P/OCF (annual)

21.3

Shareholder Yield

1.0%

Employees

56,000

Industry

Medical Devices

Exchange

NYSE

Signal Flags

4 green
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak

Quality Profile

Profitability

1/1 pass
GP / assets
0.34
Return on equity
13.5%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.00
Current ratio
2.16×
Net cash
-$11.47B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
1.0%

Growth

2/2 pass
Revenue growth
11.2%
Piotroski F-Score
4 / 9
Share dilution
0.2%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

10.9%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 0.2% — per-share value needs a total required return of 11.1% once share-count change is priced in.

vs. own 6-year median revenue growth: 10.7%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

6.4%

r = 10% (base)

10.9%

r = 12%

14.8%

Net debt / market cap: 10.6%

Base FCF: $4.3B3Y mean FCF: $3.6B

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

43.3xFair
19.4xmed 43.1x67.4x

P / S

Price / revenue per share

5.6xFair
5.1xmed 5.6x6.6x

P / B

Price / book value per share

6.3xCheap
5.9xmed 6.7x7.2x

P / GP

Price / gross profit per share

8.8xFair
7.7xmed 8.8x10.3x

P / FCF

Price / free cash flow per share

32.8xCheap
32.8xmed 42.7x71.5x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.34

Primary signal (Novy-Marx).

12th of 17 SIC 3841 peers

Return on equity

13.5%

Gross margin

64.0%

10th of 17 SIC 3841 peers

Revenue growth (YoY)

11.2%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

10.8%

Revenue CAGR (5Y)

11.8%

Earnings CAGR (3Y)

11.2%

FCF CAGR (3Y)

28.1%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.00

12th of 16 SIC 3841 peers (best = lowest)

Current ratio

2.16×

13th of 17 SIC 3841 peers

Quick ratio

1.08×

Net cash

-$11.47B

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$4.28B

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.32

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.0%

Stock-based comp intensity.

Dividend safety

Composite score

4.0 / 5

Strong
Payout ratio
39.6%4/5 Strong
FCF coverage
3.34×5/5 Strong
Dividend growth streak
10 yr5/5 Strong
Balance-sheet health
D/E 1.00 · IC N/A2/5 Fair

Piotroski F-Score

F-Score

4 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Value
Capital Return
View full financial statements →