FirmAtlas
Company handbook · SYK · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
SYK · CIK 310764 · LATEST FILING: 10-Q JUN '26 · FILED JUL 31, 2026
STRYKER CORP
$294.66
+1.43 (+0.49%)
Close, Oct 16, 2026 · 52-week $267–393
Last fiscal year
STRYKER CORP reported revenue of $25.1B for the year ended Dec 31, 2025 (FY25), up 11.2% from FY24. Net income was $3.2B, operating cash flow $5.0B and free cash flow $4.3B. Source: 10-K filed Feb 11, 2026.
Market cap
$113.9B
P/E
30.5
EV/EBITDA
19.3x
P/B
4.8
Div yield
1.19%
ROIC
11.3%
Revenue 1Y
11.2%/yr
EPS 1Y
8.2%/yr
Shares 1Y
+0.2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOKevin A. Lobo
HQPortage, MI
AuditorErnst & Young LLP
Year endsDecember
Revenue by segment · FY25
Med Surg And Neurotechnology62%
Reconstructive38%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
10.0%
2.0%
3.7%
−20.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$10.6B deployed
Capex
$1.5B
14.3%
Acquisitions
$6.6B
62.1%
Dividends
$2.5B
23.6%
Operating cash flow over the period: $9.3B. Total debt changed by +$2.7B. R&D of $3.1B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
22,595
25,116+11.2%
25,837
YoY
+11.2%
Gross profit
14,440
16,065+11.3%
16,788
Gross margin
63.9%
64.0%+0.1 pp
—
Operating income
3,689
4,889+32.5%
5,534
Operating margin
16.3%
19.5%+3.1 pp
—
EBITDA
5,115
6,459+26.3%
—
EBITDA margin
22.6%
25.7%+3.1 pp
—
Interest expense
396
582+47.0%
—
Interest coverage
12.92x
11.10x−1.82x
—
Net income
2,993
3,246+8.5%
3,729
YoY
+8.5%
Net margin
13.2%
12.9%−0.3 pp
—
EPS (diluted, $)
7.76
8.40+8.2%
9.65
YoY
+8.2%
Balance sheet
Total assets
42,971
47,844+11.3%
47,930
Cash & short-term investments
3,652
4,011+9.8%
—
Accounts receivable
3,987
4,039+1.3%
—
Inventory
4,774
5,310+11.2%
—
Net PP&E
3,448
3,876+12.4%
—
Other assets
27,110
30,608+12.9%
—
Total liabilities
22,337
25,424+13.8%
23,942
Total debt
12,188
14,859+21.9%
14,442
Other liabilities
10,149
10,565+4.1%
—
Shareholders’ equity
20,634
22,420+8.7%
23,988
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
4,242
5,044+18.9%
5,525
Net income
2,993
3,246+8.5%
—
Depreciation & amortization
1,426
1,570+10.1%
—
Stock-based compensation
229
243+6.1%
—
Working capital & other
(406)
(15)n/m
—
Cash from investing
(3,000)
(4,866)n/m
—
Capex
(755)
(761)n/m
—
Acquisitions
(1,628)
(4,960)n/m
—
Investments bought
(58)
—
—
Investments sold / matured
49
—
—
Other investing
(608)
855n/m
—
Cash from financing
(525)
113n/m
—
Debt raised
3,011
2,979−1.1%
—
Debt repaid
(2,039)
(1,400)n/m
—
Dividends
(1,219)
(1,284)n/m
—
Other financing
(278)
(182)n/m
—
Net change in cash
681
359−47.3%
—
Free cash flow (OCF − capex)
3,487
4,283+22.8%
4,702
Where the cash went
Operating cash flow
4,242
5,044+18.9%
5,525
Reinvested in the business
2,383
5,721+140.1%
—
% of operating cash flow
56.2%
113.4%
Capex
755
761+0.8%
823
Acquisitions
1,628
4,960+204.7%
—
R&D (memo, already in costs)
1,466
1,623+10.7%
—
Free cash flow
3,487
4,283+22.8%
4,702
YoY
+22.8%
Returned to shareholders
1,219
1,284+5.3%
—
% of free cash flow
35.0%
30.0%
Dividends
1,219
1,284+5.3%
—
Change in total debt
—
2,671
—
Cash left over
—
710
—
FCF conversion (FCF ÷ net income)
116.5%
131.9%+15.4 pp
—
Owner earnings
—
3,467
—
Owner earnings margin
—
13.8%
—
Returns & ratios
ROIC (all capital)
10.8%
11.3%+0.4 pp
—
ROIC (operating)
25.9%
27.6%+1.7 pp
—
Net debt / EBITDA
1.67x
1.68x+0.01x
—
Debt / equity
0.59x
0.66x+0.07x
—
ROE
14.5%
14.5%−0.0 pp
—
ROA
7.0%
6.8%−0.2 pp
—
ROCE
10.4%
12.2%+1.8 pp
—
NOPAT
3,162
3,516+11.2%
—
Invested capital (operating)
12,209
13,225+8.3%
—
Invested capital (all)
29,170
33,268+14.0%
—
Reinvestment rate
—
28.9%
—
Debtor days
64
59−6 d
—
Inventory days
214
214+0 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
6,057
7,171
6,020
6,589
vs year-ago quarter
Gross profit
3,852
4,628
3,810
4,498
Gross margin
63.6%
64.5%
63.3%
68.3%
Operating income
1,135
1,804
936
1,659
Net income
859
849
745
1,276
vs year-ago quarter
Net margin
14.2%
11.8%
12.4%
19.4%
EPS (diluted, $)
2.22
2.20
1.93
3.30
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
47,057
47,844
46,291
47,930
Cash & equivalents
3,256
4,011
2,878
3,391
Total debt
14,845
14,859
14,224
14,442
Shareholders’ equity
21,785
22,420
22,979
23,988
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,540
2,143
581
1,261
Capex
187
268
166
202
Free cash flow
1,353
1,875
415
1,059
vs year-ago quarter