Financials Stryker Corporation

Equities

SYK

US8636671013

Medical Equipment, Supplies & Distribution

Market Closed - Nyse Other stock markets 04:00:03 2024-05-31 pm EDT			5-day change	1st Jan Change
340.6 ^USD	+0.01%		+1.50%	+13.73%

May. 29	First European Announces That Surgeries Completed Using Stryker?s Gamma4 Hip Fracture Nailing System	CI
May. 23	Stryker Insider Sold Shares Worth $668,308, According to a Recent SEC Filing	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	78,602	92,084	100,882	92,522	113,776	129,938	-	-
Enterprise Value (EV) ¹	84,408	102,290	110,335	102,451	121,655	137,201	134,410	131,356
P/E ratio	38.3 x	58.3 x	51.3 x	39.6 x	36.3 x	33.3 x	29.1 x	26.1 x
Yield	1.02%	0.96%	0.97%	1.16%	-	0.97%	1.06%	1.17%
Capitalization / Revenue	5.28 x	6.42 x	5.9 x	5.02 x	5.55 x	5.83 x	5.41 x	5.04 x
EV / Revenue	5.67 x	7.13 x	6.45 x	5.55 x	5.93 x	6.15 x	5.6 x	5.09 x
EV / EBITDA	20 x	26.6 x	23.2 x	21.5 x	22.7 x	22.7 x	20 x	18 x
EV / FCF	54.7 x	36.7 x	40.3 x	50.3 x	39.2 x	39.8 x	32.3 x	28.8 x
FCF Yield	1.83%	2.73%	2.48%	1.99%	2.55%	2.51%	3.1%	3.48%
Price to Book	6.14 x	7.04 x	6.79 x	5.56 x	6.11 x	6.13 x	5.4 x	4.7 x
Nbr of stocks (in thousands)	374,400	375,791	377,240	378,430	379,938	380,950	-	-
Reference price ²	209.9	245.0	267.4	244.5	299.5	341.1	341.1	341.1
Announcement Date	1/28/20	1/27/21	1/27/22	1/31/23	1/30/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,884	14,351	17,108	18,449	20,498	22,302	23,997	25,807
EBITDA ¹	4,222	3,839	4,753	4,755	5,348	6,053	6,713	7,310
EBIT ¹	3,908	3,499	4,382	4,384	4,955	5,613	6,268	6,851
Operating Margin	26.26%	24.38%	25.61%	23.76%	24.17%	25.17%	26.12%	26.55%
Earnings before Tax (EBT) ¹	2,562	1,954	2,281	2,683	3,673	4,551	5,346	5,978
Net income ¹	2,083	1,599	1,994	2,358	3,165	3,907	4,480	4,985
Net margin	13.99%	11.14%	11.66%	12.78%	15.44%	17.52%	18.67%	19.32%
EPS ²	5.480	4.200	5.210	6.170	8.250	10.24	11.74	13.05
Free Cash Flow ¹	1,542	2,790	2,738	2,036	3,105	3,446	4,164	4,566
FCF margin	10.36%	19.44%	16%	11.04%	15.15%	15.45%	17.35%	17.69%
FCF Conversion (EBITDA)	36.52%	72.68%	57.61%	42.82%	58.06%	56.94%	62.03%	62.47%
FCF Conversion (Net income)	74.03%	174.48%	137.31%	86.34%	98.1%	88.2%	92.94%	91.6%
Dividend per Share ²	2.135	2.355	2.585	2.835	-	3.317	3.610	3.978
Announcement Date	1/28/20	1/27/21	1/27/22	1/31/23	1/30/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	4,701	4,275	4,493	4,479	5,202	4,778	4,996	4,909	5,815	5,243	5,405	5,344	6,320	5,636	5,808
EBITDA ¹	1,378	1,026	1,156	1,092	1,481	1,102	1,314	1,247	1,685	1,253	1,428	1,431	1,942	1,440	1,604
EBIT ¹	1,285	934	1,063	1,001	1,386	1,006	1,216	1,149	1,584	1,146	1,323	1,322	1,822	1,325	1,497
Operating Margin	27.33%	21.85%	23.66%	22.35%	26.64%	21.05%	24.34%	23.41%	27.24%	21.86%	24.48%	24.73%	28.82%	23.51%	25.77%
Earnings before Tax (EBT) ¹	757	386	720	816	761	679	899	869	1,226	923	1,091	1,084	1,641	1,149	1,316
Net income ¹	662	323	656	816	563	592	738	692	1,143	788	942.4	941.1	1,386	997.1	1,108
Net margin	14.08%	7.56%	14.6%	18.22%	10.82%	12.39%	14.77%	14.1%	19.66%	15.03%	17.43%	17.61%	21.93%	17.69%	19.08%
EPS ²	1.730	0.8400	1.720	2.140	1.470	1.540	1.930	1.800	2.980	2.050	2.447	2.440	3.584	2.555	2.873
Dividend per Share ²	0.6950	0.6950	0.6950	0.6950	0.7500	0.7500	0.7500	0.7500	-	-	0.7960	0.7944	0.8357	0.8437	0.8464
Announcement Date	1/27/22	4/28/22	7/26/22	10/31/22	1/31/23	5/1/23	8/3/23	11/2/23	1/30/24	4/30/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,806	10,206	9,453	9,929	7,879	7,262	4,471	1,418
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.375 x	2.659 x	1.989 x	2.088 x	1.473 x	1.2 x	0.6661 x	0.194 x
Free Cash Flow ¹	1,542	2,790	2,738	2,036	3,105	3,446	4,164	4,566
ROE (net income / shareholders' equity)	25.6%	21.8%	24.8%	22.7%	23.1%	23%	22.1%	21.3%
ROA (Net income/ Total Assets)	10.9%	8.77%	10.1%	9.99%	10.6%	10.4%	11.4%	12%
Assets ¹	19,044	18,240	19,791	23,611	29,877	37,680	39,336	41,671
Book Value Per Share ²	34.20	34.80	39.40	43.90	49.00	55.60	63.20	72.60
Cash Flow per Share ²	5.770	8.620	8.540	6.870	9.590	12.60	13.70	14.80
Capex ¹	649	487	525	588	575	666	703	753
Capex / Sales	4.36%	3.39%	3.07%	3.19%	2.81%	2.99%	2.93%	2.92%
Announcement Date	1/28/20	1/27/21	1/27/22	1/31/23	1/30/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Stryker Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

341.1 USD

Average target price

373.1 USD

Spread / Average Target

+9.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Devices & Implants

	1st Jan change	Capi.
STRYKER CORPORATION	+13.73%	130B
SMITH & NEPHEW PLC	-8.17%	10.99B
IMEIK TECHNOLOGY DEVELOPMENT CO.,LTD.	-4.33%	8.35B
GLAUKOS CORPORATION	+41.80%	5.67B
INSPIRE MEDICAL SYSTEMS, INC.	-21.94%	4.72B
AXONICS, INC.	+7.81%	3.42B
ENOVIS CORPORATION	-10.26%	2.76B
BEIJING BALANCE MEDICAL TECHNOLOGY CO.,LTD.	-10.29%	2.11B
SHANGHAI MICROPORT ENDOVASCULAR MEDTECH CO., LTD.	-13.58%	1.92B
DOUBLE MEDICAL TECHNOLOGY INC.	-27.77%	1.68B

Medical Devices & Implants