Financials Stryker Corporation

Equities

SYK

US8636671013

Medical Equipment, Supplies & Distribution

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
335.6 ^USD	-0.46%		+3.13%	+12.07%

Apr. 15	Truist Securities Adjusts Stryker Price Target to $364 From $345	MT
Apr. 15	BTIG Adjusts Stryker's Price Target to $366 From $353	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	127,620	-	-
Enterprise Value (EV) ¹	84,408	102,290	110,335	102,451	121,655	135,375	132,973	130,360
P/E ratio	38.3 x	58.3 x	51.3 x	39.6 x	36.3 x	33.4 x	29.3 x	26.1 x
Yield	1.02%	0.96%	0.97%	1.16%	-	0.95%	1.03%	1.09%
Capitalization / Revenue	5.28 x	6.42 x	5.9 x	5.02 x	5.55 x	5.76 x	5.35 x	4.98 x
EV / Revenue	5.67 x	7.13 x	6.45 x	5.55 x	5.93 x	6.11 x	5.58 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	18.1 x
EV / FCF	54.7 x	36.7 x	40.3 x	50.3 x	39.2 x	38.8 x	32.3 x	28.8 x
FCF Yield	1.83%	2.73%	2.48%	1.99%	2.55%	2.58%	3.09%	3.48%
Price to Book	6.14 x	7.04 x	6.79 x	5.56 x	6.11 x	6.03 x	5.36 x	4.73 x
Nbr of stocks (in thousands)	374,400	375,791	377,240	378,430	379,938	380,264	-	-
Reference price ²	209.9	245.0	267.4	244.5	299.5	335.6	335.6	335.6
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	22,174	23,835	25,608
EBITDA ¹	4,222	3,839	4,753	4,755	5,348	5,972	6,641	7,201
EBIT ¹	3,908	3,499	4,382	4,384	4,955	5,574	6,210	6,788
Operating Margin	26.26%	24.38%	25.61%	23.76%	24.17%	25.14%	26.05%	26.51%
Earnings before Tax (EBT) ¹	2,562	1,954	2,281	2,683	3,673	4,561	5,202	5,876
Net income ¹	2,083	1,599	1,994	2,358	3,165	3,877	4,396	4,913
Net margin	13.99%	11.14%	11.66%	12.78%	15.44%	17.49%	18.44%	19.18%
EPS ²	5.480	4.200	5.210	6.170	8.250	10.04	11.47	12.88
Free Cash Flow ¹	1,542	2,790	2,738	2,036	3,105	3,490	4,111	4,533
FCF margin	10.36%	19.44%	16%	11.04%	15.15%	15.74%	17.25%	17.7%
FCF Conversion (EBITDA)	36.52%	72.68%	57.61%	42.82%	58.06%	58.44%	61.89%	62.95%
FCF Conversion (Net income)	74.03%	174.48%	137.31%	86.34%	98.1%	90.01%	93.51%	92.28%
Dividend per Share ²	2.135	2.355	2.585	2.835	-	3.190	3.446	3.644
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 Q3	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
Net sales ¹	4,160	4,701	4,275	4,493	4,479	5,202	4,778	4,996	4,909	5,815	5,105	5,392	5,345	6,333	5,484
EBITDA ¹	1,149	1,378	1,026	1,156	1,092	1,481	1,102	1,314	1,247	1,685	1,223	1,453	1,430	1,902	1,383
EBIT ¹	1,058	1,285	934	1,063	1,001	1,386	1,006	1,216	1,149	1,584	1,121	1,345	1,322	1,799	1,281
Operating Margin	25.43%	27.33%	21.85%	23.66%	22.35%	26.64%	21.05%	24.34%	23.41%	27.24%	21.96%	24.94%	24.74%	28.4%	23.35%
Earnings before Tax (EBT) ¹	495	757	386	720	816	761	679	899	869	1,226	892.7	1,108	1,074	1,626	1,034
Net income ¹	438	662	323	656	816	563	592	738	692	1,143	761.1	943.3	935.9	1,352	942.5
Net margin	10.53%	14.08%	7.56%	14.6%	18.22%	10.82%	12.39%	14.77%	14.1%	19.66%	14.91%	17.5%	17.51%	21.34%	17.19%
EPS ²	1.140	1.730	0.8400	1.720	2.140	1.470	1.540	1.930	1.800	2.980	1.931	2.424	2.394	3.464	2.450
Dividend per Share ²	0.6300	0.6950	0.6950	0.6950	0.6950	0.7500	0.7500	0.7500	0.7500	-	0.7908	0.7933	0.7901	0.7926	0.8449
Announcement Date	10/28/21	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	-	-	-	-	-

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	7,755	5,353	2,740
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.375 x	2.659 x	1.989 x	2.088 x	1.473 x	1.299 x	0.806 x	0.3805 x
Free Cash Flow ¹	1,542	2,790	2,738	2,036	3,105	3,490	4,111	4,533
ROE (net income / shareholders' equity)	25.6%	21.8%	24.8%	22.7%	23.1%	22.8%	22.1%	21.2%
ROA (Net income/ Total Assets)	10.9%	8.77%	10.1%	9.99%	10.6%	10.7%	11.7%	12.3%
Assets ¹	19,044	18,240	19,791	23,611	29,877	36,220	37,441	39,898
Book Value Per Share ²	34.20	34.80	39.40	43.90	49.00	55.60	62.70	70.90
Cash Flow per Share ²	5.770	8.620	8.540	6.870	9.590	11.80	13.30	14.50
Capex ¹	649	487	525	588	575	669	707	758
Capex / Sales	4.36%	3.39%	3.07%	3.19%	2.81%	3.02%	2.96%	2.96%
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

335.6 USD

Average target price

365.7 USD

Spread / Average Target

+8.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Devices & Implants

	1st Jan change	Capi.
STRYKER CORPORATION	+12.07%	128B
SMITH & NEPHEW PLC	-9.04%	10.65B
IMEIK TECHNOLOGY DEVELOPMENT CO.,LTD.	+0.91%	8.82B
INSPIRE MEDICAL SYSTEMS, INC.	+16.72%	7.19B
GLAUKOS CORPORATION	+25.15%	4.99B
AXONICS, INC.	+7.17%	3.4B
ENOVIS CORPORATION	-1.36%	3.03B
BEIJING BALANCE MEDICAL TECHNOLOGY CO.,LTD.	-8.73%	2.14B
SHANGHAI MICROPORT ENDOVASCULAR MEDTECH CO., LTD.	-10.15%	2B
DOUBLE MEDICAL TECHNOLOGY INC.	-22.81%	1.79B

Medical Devices & Implants