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SYKStryker Corporation

Health care · Medical Instruments · NYSE
SYK quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 11.2%, free cash flow up to $4.3B

XBRL, from each 10-K
RevenueStatements ↓
$25.1B
from $22.6B in FY2024
FY2016FY2025
Net incomeStatements ↓
$3.2B
from $3.0B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$4.3B
from $3.5B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$8.40
from $7.76 in FY2024
FY2016FY2025
Operating marginStatements ↓
19.5%
from 16.3% in FY2024
FY2016FY2025
Total debtStatements ↓
$14.9B
from $12.2B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)9.39Sales (ttm)26.3BNet income (ttm)3.6BSales growth+11.2%EPS growth+8.2%Sales Q/Q+7.6%
Free cash flow4.6BGross margin65.3%Oper. margin20.7%Net margin13.8%FCF margin17.4%ROE15.4%
ROA7.7%R&D / sales6.5%Dividend-Debt/Eq0.61Curr. ratio2.18Cash3.3B
Op. cash flow (ttm)5.4BEBITDA6.5BEBITDA margin25.7%Net debt11.2BQuick ratio1.37Interest cover8.05
ROIC9.3%Tax rate28.1%Stock pay / sales1.0%Shares out.380.7MShares Y/Y+0.2%Book / share61.62
Cash / share8.59Sales / share69.08Asset turnover0.56Inventory turns1.70Days sales out.59Sales 3Y CAGR+10.8%
Sales 5Y CAGR+11.8%EPS 3Y CAGR+10.8%EPS 5Y CAGR+14.9%Employees56,000Sales / employee470K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Operating margin widened to 19.5%16.3% → 19.5% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

SYK against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
SYKPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+11.2%16th of 60 · median +7.1%
Net margin
13.8%24th of 60 · median 9.6%
Return on equity
15.4%19th of 54 · median 13.1%
Free cash flow margin
17.4%23rd of 56 · median 15.5%
Debt / equity (less is better)
0.6123rd of 49 · median 0.66
SYK and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
SYK Stryker Corporation$26.3B +11.2%65.3%13.8%15.4%17.4%0.61
GILD Gilead Sciences$31.0B +2.4%79.9%-12.5%-29.6%44.5%2.01
DHR Danaher Corporation$25.6B +2.9%58.6%16.9%8.1%22.4%0.53
BDX Becton Dickinson$22.5B +8.2%46.9%4.2%3.9%14.2%0.69
GEHC GE HealthCare$21.6B +4.8%39.9%10.0%18.5%8.7%0.86
BSX Boston Scientific$21.1B +19.9%69.1%16.6%13.7%15.8%0.47
Where each dollar goes

From $17.1B of sales to $2.0B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $11.0BRevenue to Cost of revenue: $6.1BGross profit to Operating profit: $2.6BGross profit to Operating expenses: $8.4BOperating profit to Net profit: $2.0BOperating profit to Tax & other: $590.0MOperating expenses to R&D: $1.2BOperating expenses to Sales, admin & other: $7.1B Revenue: $17.1B Revenue$17.1B +19% Y/Y Gross profit: $11.0B · 64% margin Gross profit$11.0B64% margin +21% Y/Y Cost of revenue: $6.1B · 36% of revenue Cost of revenue$6.1B36% of revenue Operating profit: $2.6B · 15% margin Operating profit$2.6B15% margin +16% Y/Y Operating expenses: $8.4B · 49% of revenue Operating expenses$8.4B49% of revenue Net profit: $2.0B · 12% margin Net profit$2.0B12% margin +25% Y/Y Tax & other: $590.0M · 3% of revenue Tax & other$590.0M3% of revenue R&D: $1.2B · 7% of revenue R&D$1.2B7% of revenue Sales, admin & other: $7.1B · 42% of revenue Sales, admin & other$7.1B42% of revenue

Swipe sideways for the whole flow →

From $18.4B of sales to $2.4B of profit

FY2022, from the 10-K income statement and revenue by region
United States to Revenue: $13.6BEurope, Middle East, Africa to Revenue: $2.3BAsia Pacific to Revenue: $1.9BOther foreign countries to Revenue: $578.0MRevenue to Gross profit: $11.6BRevenue to Cost of revenue: $6.9BGross profit to Operating profit: $2.8BGross profit to Operating expenses: $8.7BOperating profit to Net profit: $2.4BOperating profit to Tax & other: $483.0MOperating expenses to R&D: $1.5BOperating expenses to Sales, admin & other: $7.3B United States: $13.6B · 74% United States$13.6B74% Europe, Middle East, Africa: $2.3B · 13% Europe, Middle East, Af…$2.3B13% Asia Pacific: $1.9B · 10% Asia Pacific$1.9B10% Other foreign countries: $578.0M · 3% Other foreign countries$578.0M3% Revenue: $18.4B Revenue$18.4B +8% Y/Y Gross profit: $11.6B · 63% margin Gross profit$11.6B63% margin +6% Y/Y Cost of revenue: $6.9B · 37% of revenue Cost of revenue$6.9B37% of revenue Operating profit: $2.8B · 15% margin Operating profit$2.8B15% margin +10% Y/Y Operating expenses: $8.7B · 47% of revenue Operating expenses$8.7B47% of revenue Net profit: $2.4B · 13% margin Net profit$2.4B13% margin +18% Y/Y Tax & other: $483.0M · 3% of revenue Tax & other$483.0M3% of revenue R&D: $1.5B · 8% of revenue R&D$1.5B8% of revenue Sales, admin & other: $7.3B · 39% of revenue Sales, admin & other$7.3B39% of revenue

Swipe sideways for the whole flow →

From $20.5B of sales to $3.2B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $13.1BRevenue to Cost of revenue: $7.4BGross profit to Operating profit: $3.9BGross profit to Operating expenses: $9.2BOperating profit to Net profit: $3.2BOperating profit to Tax & other: $723.0MOperating expenses to R&D: $1.4BOperating expenses to Sales, admin & other: $7.8B Revenue: $20.5B Revenue$20.5B +11% Y/Y Gross profit: $13.1B · 64% margin Gross profit$13.1B64% margin +13% Y/Y Cost of revenue: $7.4B · 36% of revenue Cost of revenue$7.4B36% of revenue Operating profit: $3.9B · 19% margin Operating profit$3.9B19% margin +37% Y/Y Operating expenses: $9.2B · 45% of revenue Operating expenses$9.2B45% of revenue Net profit: $3.2B · 15% margin Net profit$3.2B15% margin +34% Y/Y Tax & other: $723.0M · 4% of revenue Tax & other$723.0M4% of revenue R&D: $1.4B · 7% of revenue R&D$1.4B7% of revenue Sales, admin & other: $7.8B · 38% of revenue Sales, admin & other$7.8B38% of revenue

Swipe sideways for the whole flow →

From $22.6B of sales to $3.0B of profit

FY2024, from the 10-K income statement and revenue by region
United States to Revenue: $16.9BEurope, Middle East, Africa to Revenue: $2.9BAsia Pacific to Revenue: $2.0BOther foreign countries to Revenue: $735.0MRevenue to Gross profit: $14.4BRevenue to Cost of revenue: $8.2BGross profit to Operating profit: $3.7BGross profit to Operating expenses: $10.8BOperating profit to Net profit: $3.0BOperating profit to Tax & other: $696.0MOperating expenses to R&D: $1.5BOperating expenses to Sales, admin & other: $9.3B United States: $16.9B · 75% United States$16.9B75% Europe, Middle East, Africa: $2.9B · 13% Europe, Middle East, Af…$2.9B13% Asia Pacific: $2.0B · 9% Asia Pacific$2.0B9% Other foreign countries: $735.0M · 3% Other foreign countries$735.0M3% Revenue: $22.6B Revenue$22.6B +10% Y/Y Gross profit: $14.4B · 64% margin Gross profit$14.4B64% margin +11% Y/Y Cost of revenue: $8.2B · 36% of revenue Cost of revenue$8.2B36% of revenue Operating profit: $3.7B · 16% margin Operating profit$3.7B16% margin −5% Y/Y Operating expenses: $10.8B · 48% of revenue Operating expenses$10.8B48% of revenue Net profit: $3.0B · 13% margin Net profit$3.0B13% margin −5% Y/Y Tax & other: $696.0M · 3% of revenue Tax & other$696.0M3% of revenue R&D: $1.5B · 6% of revenue R&D$1.5B6% of revenue Sales, admin & other: $9.3B · 41% of revenue Sales, admin & other$9.3B41% of revenue

Swipe sideways for the whole flow →

From $25.1B of sales to $3.2B of profit

FY2025, from the 10-K income statement and revenue by region
United States to Revenue: $19.0BEurope, Middle East, Africa to Revenue: $3.2BAsia Pacific to Revenue: $2.2BOther foreign countries to Revenue: $765.0MRevenue to Gross profit: $16.1BRevenue to Cost of revenue: $9.1BGross profit to Operating profit: $4.9BGross profit to Operating expenses: $11.2BOperating profit to Net profit: $3.2BOperating profit to Tax & other: $1.6BOperating expenses to R&D: $1.6BOperating expenses to Sales, admin & other: $9.6B United States: $19.0B · 76% United States$19.0B76% Europe, Middle East, Africa: $3.2B · 13% Europe, Middle East, Af…$3.2B13% Asia Pacific: $2.2B · 9% Asia Pacific$2.2B9% Other foreign countries: $765.0M · 3% Other foreign countries$765.0M3% Revenue: $25.1B Revenue$25.1B +11% Y/Y Gross profit: $16.1B · 64% margin Gross profit$16.1B64% margin +11% Y/Y Cost of revenue: $9.1B · 36% of revenue Cost of revenue$9.1B36% of revenue Operating profit: $4.9B · 19% margin Operating profit$4.9B19% margin +33% Y/Y Operating expenses: $11.2B · 44% of revenue Operating expenses$11.2B44% of revenue Net profit: $3.2B · 13% margin Net profit$3.2B13% margin +8% Y/Y Tax & other: $1.6B · 7% of revenue Tax & other$1.6B7% of revenue R&D: $1.6B · 6% of revenue R&D$1.6B6% of revenue Sales, admin & other: $9.6B · 38% of revenue Sales, admin & other$9.6B38% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median13.8% vs 9.6%
  • ✓
    Gross margin up over 5 years63.1% → 64.0%
  • ✓
    Return on equity above 15%15.4%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 14.5% → 12.9%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 8.1× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.61 on the latest balance sheet (peer median 0.66)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 2.18
  • ✓
    Net debt under 3 years of free cash flow$11.1B net debt, 2.4 years
Debt / equity at each year end, FY2016 to FY2025: 0.72 → 0.66
What the debt is made of ↓

Cash and shareholders

2 of 3
  • ✓
    Free cash flow positive in every one of 10 years$4.3B last year
  • !
    Share count up over 5 years+1.6%
  • ✓
    Cash from operations above net income$5.0B vs $3.2B
Free cash flow, FY2016 to FY2025: 1.4B → 4.3B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$16.0B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 25.1B Net income 3.2B
FY2016 revenue 11.3B · Revenues, 0000310764-19-000014 FY2016 net income 1.6B · NetIncomeLoss, 0000310764-19-000014 11.3B FY2016 FY2017 revenue 12.4B · Revenues, 0000310764-20-000014 FY2017 net income 1.0B · NetIncomeLoss, 0000310764-20-000014 12.4B FY2017 FY2018 revenue 13.6B · Revenues, 0000310764-21-000027 FY2018 net income 3.6B · NetIncomeLoss, 0000310764-21-000027 13.6B FY2018 FY2019 revenue 14.9B · Revenues, 0000310764-22-000028 FY2019 net income 2.1B · NetIncomeLoss, 0000310764-22-000028 14.9B FY2019 FY2020 revenue 14.4B · Revenues, 0000310764-23-000017 FY2020 net income 1.6B · NetIncomeLoss, 0000310764-23-000017 14.4B FY2020 FY2021 revenue 17.1B · Revenues, 0000310764-24-000024 FY2021 net income 2.0B · NetIncomeLoss, 0000310764-24-000024 17.1B FY2021 FY2022 revenue 18.4B · Revenues, 0000310764-25-000023 FY2022 net income 2.4B · NetIncomeLoss, 0000310764-25-000023 18.4B FY2022 FY2023 revenue 20.5B · Revenues, 0000310764-26-000010 FY2023 net income 3.2B · NetIncomeLoss, 0000310764-26-000010 20.5B FY2023 FY2024 revenue 22.6B · Revenues, 0000310764-26-000010 FY2024 net income 3.0B · NetIncomeLoss, 0000310764-26-000010 22.6B FY2024 FY2025 revenue 25.1B · Revenues, 0000310764-26-000010 FY2025 net income 3.2B · NetIncomeLoss, 0000310764-26-000010 25.1B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

SYK's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue25.1B
FY2016: 11.3BFY2017: 12.4BFY2018: 13.6BFY2019: 14.9BFY2020: 14.4BFY2021: 17.1BFY2022: 18.4BFY2023: 20.5BFY2024: 22.6BFY2025: 25.1B FY2017FY2019FY2021FY2023FY2025
Net income3.2B
FY2016: 1.6BFY2017: 1.0BFY2018: 3.6BFY2019: 2.1BFY2020: 1.6BFY2021: 2.0BFY2022: 2.4BFY2023: 3.2BFY2024: 3.0BFY2025: 3.2B FY2017FY2019FY2021FY2023FY2025
Free cash flow4.3B
FY2016: 1.4BFY2017: 961.0MFY2018: 2.0BFY2019: 1.5BFY2020: 2.8BFY2021: 2.7BFY2022: 2.0BFY2023: 3.1BFY2024: 3.5BFY2025: 4.3B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)8.40
FY2016: 4.35FY2017: 2.68FY2018: 9.34FY2019: 5.48FY2020: 4.20FY2021: 5.21FY2022: 6.17FY2023: 8.25FY2024: 7.76FY2025: 8.40 FY2017FY2019FY2021FY2023FY2025
Diluted shares386.5M
FY2016: 378.5MFY2017: 380.1MFY2018: 380.3MFY2019: 379.9MFY2020: 380.3MFY2021: 382.3MFY2022: 382.2MFY2023: 383.7MFY2024: 385.6MFY2025: 386.5M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
MedSurg and Neurotechnology 15.6B62.3% +15.7%
Orthopaedics 9.5B37.7% +4.3%
Orthopaedics 9.5B37.7% +4.3%

10-K 0000310764-26-000010, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 19.0B75.7% +12.2%
International 6.1B24.3% +8.1%
Europe, Middle East, Africa 3.2B12.7% +9.8%
Asia Pacific 2.2B8.6% +7.1%
Other foreign countries 765.0M3.0% +4.1%

10-K 0000310764-26-000010, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue11.3B12.4B13.6B14.9B14.4B17.1B18.4B20.5B22.6B25.1B
Cost of revenue3.8B4.3B4.7B5.2B5.3B6.1B6.9B7.4B8.2B9.1B
Gross profit7.5B8.2B8.9B9.7B9.1B11.0B11.6B13.1B14.4B16.1B
R&D715.0M787.0M862.0M971.0M984.0M1.2B1.5B1.4B1.5B1.6B
SG&A4.1B4.6B5.1B5.4B5.4B6.4B6.4B7.1B7.7B8.7B
Operating income2.2B2.3B2.5B2.7B2.2B2.6B2.8B3.9B3.7B4.9B
Interest expense228.0M247.0M264.0M287.0M315.0M337.0M337.0M363.0M409.0M607.0M
Pretax income1.9B2.1B2.4B2.6B2.0B2.3B2.7B3.7B3.5B4.5B
Income tax274.0M1.0B-1.2B479.0M355.0M287.0M325.0M508.0M499.0M1.3B
Net income1.6B1.0B3.6B2.1B1.6B2.0B2.4B3.2B3.0B3.2B
EPS (diluted)4.352.689.345.484.205.216.178.257.768.40
Diluted shares378.5M380.1M380.3M379.9M380.3M382.3M382.2M383.7M385.6M386.5M
Depreciation & amortization752.0M859.0M966.0M1.0B1.1B1.3B1.3B1.3B1.4B1.6B
EBITDA2.9B3.2B3.5B3.8B3.3B3.9B4.1B5.2B5.1B6.5B
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 margin14.5%8.2%26.1%14.0%11.1%11.7%12.8%15.4%13.2%12.9%
Revenue growth-+9.9%+9.3%+9.4%-3.6%+19.2%+7.8%+11.1%+10.2%+11.2%
EPS growth--38.4%+249%-41.3%-23.4%+24.0%+18.4%+33.7%-5.9%+8.2%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash3.3B2.5B3.6B4.3B2.9B2.9B1.8B3.0B3.7B4.0B
Short-term investments---88.0M81.0M75.0M84.0M82.0M91.0M89.0M
Receivables2.0B2.2B2.3B2.9B2.7B3.0B3.6B3.8B4.0B4.0B
Inventory2.0B2.5B3.0B3.0B3.5B3.3B4.0B4.8B4.8B5.3B
Current assets7.9B8.0B9.7B11.1B9.7B10.0B10.3B12.5B14.8B14.8B
Property & equipment1.6B2.0B2.3B2.6B2.8B2.8B3.0B3.2B3.4B3.9B
Goodwill6.4B7.2B8.6B9.1B12.8B12.9B14.9B15.2B15.9B19.3B
Total assets20.4B22.2B27.2B30.2B34.3B34.6B36.9B39.9B43.0B47.8B
Current liabilities3.1B3.5B4.8B4.4B5.0B4.5B6.3B7.9B7.6B7.8B
Total debt6.9B6.6B8.5B10.2B13.2B12.5B11.9B10.9B12.2B14.9B
Total liabilities10.9B12.2B15.5B17.4B21.2B19.8B20.3B21.3B22.3B25.4B
Shareholders' equity9.6B10.0B11.7B12.8B13.1B14.9B16.6B18.6B20.6B22.4B
Retained earnings8.8B9.0B10.8B11.7B12.5B13.5B14.8B16.8B18.5B20.5B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow1.9B1.6B2.6B2.2B3.3B3.3B2.6B3.7B4.2B5.0B
Capital spending490.0M598.0M572.0M649.0M487.0M525.0M588.0M575.0M755.0M761.0M
Free cash flow1.4B961.0M2.0B1.5B2.8B2.7B2.0B3.1B3.5B4.3B
Stock-based pay (added back)97.0M113.0M119.0M127.0M142.0M171.0M168.0M205.0M229.0M243.0M
Dividends paid568.0M636.0M703.0M778.0M863.0M950.0M1.1B1.1B1.2B1.3B
Buybacks13.0M230.0M300.0M307.0M00----
Acquisitions4.3B831.0M2.5B802.0M4.2B339.0M2.6B390.0M1.6B5.0B
Debt raised3.5B499.0M3.1B2.6B3.3B5.0M1.5B1.2B3.0B3.0B
Debt repaid750.0M0669.0M1.3B2.3B1.2B653.0M2.1B2.0B1.4B
Investing cash flow-4.2B-1.6B-2.9B-1.5B-4.7B-859.0M-2.9B-962.0M-3.0B-4.9B
Financing cash flow2.3B-794.0M1.3B3.0M-11.0M-2.4B-749.0M-1.6B-525.0M113.0M
Dividend per share1.56---------

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)97.0M113.0M119.0M127.0M142.0M171.0M168.0M205.0M229.0M243.0M
Stock-based pay / revenue0.9%0.9%0.9%0.9%1.0%1.0%0.9%1.0%1.0%1.0%
Right-of-use assets---384.0M423.0M419.0M473.0M494.0M516.0M519.0M
Operating lease liabilities---387.0M434.0M422.0M478.0M499.0M523.0M501.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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