NYSE · Healthcare

Stryker Corporation

SYK · Medical Devices

$292.30

▼ -2.43 (-0.83%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Stryker Corporation at $292.30.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 64.0%

Operating Margin 20.1%

Net Income Margin 12.9%

Fin. Health C

Years to Pay Off Debt 4.9 yrs

Working Capital vs Long-Term Debt -$7.9B

Working Capital $7.0B

Valuation F

Margin of Safety 0.0%

Price-to-Book 4.99x

Cash Flow B

Free Cash Flow $4.3B

CapEx % of Net Income 23.4%

Owner Earnings $5.2B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $111.9B

Enterprise Value $124.1B

P/E (TTM) 34.80

Dividend Yield 1.17%

Exchange NYSE

Key Margins

Gross Profit 64.0%

Operating Margin 20.1%

Net Margin 12.9%

Company Info

Sector Healthcare

Industry Medical Devices

Employees 56000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Stryker Corporation at $292.30.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $292.30, the stock trades at a 178% premium to its Graham Number of $105.19. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Stryker Corporation

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

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	64.0% ▲	63.9%	63.7%	62.8%	N/A
Operating Margin %	20.1% ▼	20.7%	19.1%	16.9%	N/A
Net Income %	12.9% ▼	13.2%	15.4%	12.8%	N/A
Diluted EPS	8.40 ▲	7.76	8.25	6.17	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$47.8B	$43.0B	$39.9B	$36.9B	N/A
Total Debt	$15.9B ↑	$13.6B	$13.0B	$13.0B	N/A
Working Capital	$7.0B ▼	$7.2B	$4.6B	$4.0B	N/A
Years to Pay Debt	4.89	4.54	4.11	5.53	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$4.3B ▲	$3.5B	$3.1B	$2.0B	N/A
Owner Earnings	$5.2B	$4.8B	$4.8B	$3.9B	N/A
CapEx % of Net Income	23.4%	25.2%	18.2%	24.9%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-47,754	-139,611	-4,968	-32,670
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	6,484,000	5,928,000	5,100,000	4,379,000
Total Unusual Items	-170,000	-977,000	-36,000	-270,000
Total Unusual Items Excluding Goodwill	-170,000	-977,000	-36,000	-270,000
Net Income From Continuing Operation Net Minority Interest	3,246,000	2,993,000	3,165,000	2,358,000
Reconciled Depreciation	1,193,000	1,050,000	1,028,000	998,000
Reconciled Cost Of Revenue	8,590,000	7,728,000	7,047,000	6,500,000
EBITDA	6,314,000	4,951,000	5,064,000	4,109,000
EBIT	5,121,000	3,901,000	4,036,000	3,111,000
Net Interest Income	-607,000	-409,000	-363,000
Interest Expense	607,000	409,000	363,000
Normalized Income	3,368,246	3,830,389	3,196,032	2,595,330
Net Income From Continuing And Discontinued Operation	3,246,000	2,993,000	3,165,000	2,358,000
Total Expenses	20,057,000	17,929,000	16,574,000	15,338,000
Total Operating Income As Reported	4,889,000	3,689,000	3,888,000	2,841,000
Diluted Average Shares	386,500	385,600	383,700	382,200
Basic Average Shares	382,200	381,000	379,600	378,200
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,246,000	2,993,000	3,165,000	2,358,000
Net Income Common Stockholders	3,246,000	2,993,000	3,165,000	2,358,000
Net Income	3,246,000	2,993,000	3,165,000	2,358,000
Net Income Including Noncontrolling Interests	3,246,000	2,993,000	3,165,000	2,358,000
Net Income Continuous Operations	3,246,000	2,993,000	3,165,000	2,358,000
Tax Provision	1,268,000	499,000	508,000	325,000
Pretax Income	4,514,000	3,492,000	3,673,000	2,683,000
Other Income Expense	62,000	-765,000	112,000	-428,000
Other Non Operating Income Expenses	232,000	212,000	148,000	-158,000
Special Income Charges	-170,000	-977,000	-36,000	-270,000
Other Special Charges			18,000	-15,000	103,000
Impairment Of Capital Assets	170,000	977,000	36,000	270,000
Net Non Operating Interest Income Expense	-607,000	-409,000	-363,000
Interest Expense Non Operating	607,000	409,000	363,000
Operating Income	5,059,000	4,666,000	3,924,000	3,111,000
Operating Expense	11,006,000	9,774,000	9,134,000	8,467,000
Depreciation Amortization Depletion Income Statement	732,000	623,000	635,000	627,000
Depreciation And Amortization In Income Statement	732,000	623,000	635,000	627,000
Amortization	732,000	623,000	635,000	627,000
Amortization Of Intangibles Income Statement	732,000	623,000	635,000	627,000
Research And Development	1,623,000	1,466,000	1,388,000	1,454,000
Selling General And Administration	8,651,000	7,685,000	7,111,000	6,386,000
Gross Profit	16,065,000	14,440,000	13,058,000	11,578,000
Cost Of Revenue	9,051,000	8,155,000	7,440,000	6,871,000
Total Revenue	25,116,000	22,595,000	20,498,000	18,449,000
Operating Revenue	25,116,000	22,595,000	20,498,000	18,449,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	382,500	381,400	380,100	378,700
Share Issued	382,500	381,400	380,100	378,700
Net Debt	11,848,000	9,945,000	10,024,000	11,204,000
Total Debt	15,859,000	13,597,000	12,995,000	13,048,000
Tangible Book Value	-2,552,000	384,000	-1,243,000	-3,149,000
Invested Capital	38,279,000	34,231,000	31,588,000	29,664,000
Working Capital	6,961,000	7,231,000	4,597,000	3,972,000
Net Tangible Assets	-2,552,000	384,000	-1,243,000	-3,149,000
Common Stock Equity	22,420,000	20,634,000	18,593,000	16,616,000
Total Capitalization	37,279,000	32,822,000	29,494,000	28,473,000
Total Equity Gross Minority Interest	22,420,000	20,634,000	18,593,000	16,616,000
Stockholders Equity	22,420,000	20,634,000	18,593,000	16,616,000
Gains Losses Not Affecting Retained Earnings	-687,000	-293,000	-416,000	-221,000
Other Equity Adjustments	-687,000	-293,000	-416,000	-221,000
Retained Earnings	20,472,000	18,528,000	16,771,000	14,765,000
Additional Paid In Capital	2,597,000	2,361,000	2,200,000	2,034,000
Capital Stock	38,000	38,000	38,000	38,000
Common Stock	38,000	38,000	38,000	38,000
Total Liabilities Net Minority Interest	25,424,000	22,337,000	21,319,000	20,268,000
Total Non Current Liabilities Net Minority Interest	17,630,000	14,721,000	13,398,000	13,965,000
Other Non Current Liabilities	2,369,000	2,184,000	1,930,000	1,467,000
Tradeand Other Payables Non Current	402,000	349,000	567,000	641,000
Long Term Debt And Capital Lease Obligation	14,859,000	12,188,000	10,901,000	11,857,000
Long Term Debt	14,859,000	12,188,000	10,901,000	11,857,000
Current Liabilities	7,794,000	7,616,000	7,921,000	6,303,000
Current Debt And Capital Lease Obligation	1,000,000	1,409,000	2,094,000	1,191,000
Current Debt	1,000,000	1,409,000	2,094,000	1,191,000
Other Current Borrowings	1,000,000	1,409,000	2,094,000
Pensionand Other Post Retirement Benefit Plans Current	1,595,000	1,403,000	1,478,000	1,149,000
Payables And Accrued Expenses	5,199,000	4,804,000	4,349,000	3,963,000
Current Accrued Expenses	2,645,000	2,266,000	2,137,000	1,974,000
Payables	2,554,000	2,538,000	2,212,000	1,989,000
Dividends Payable	337,000	320,000	304,000	284,000
Total Tax Payable	418,000	539,000	391,000	292,000
Income Tax Payable	418,000	539,000	391,000	292,000
Accounts Payable	1,799,000	1,679,000	1,517,000	1,413,000
Total Assets	47,844,000	42,971,000	39,912,000	36,884,000
Total Non Current Assets	33,089,000	28,124,000	27,394,000	26,609,000
Other Non Current Assets	3,143,000	2,684,000	2,673,000	2,464,000
Non Current Deferred Assets	1,098,000	1,742,000	1,670,000	1,410,000
Non Current Deferred Taxes Assets	1,098,000	1,742,000	1,670,000	1,410,000
Goodwill And Other Intangible Assets	24,972,000	20,250,000	19,836,000	19,765,000
Other Intangible Assets	5,681,000	4,395,000	4,593,000	4,885,000
Goodwill	19,291,000	15,855,000	15,243,000	14,880,000
Net PPE	3,876,000	3,448,000	3,215,000	2,970,000
Accumulated Depreciation	-3,661,000	-3,235,000	-3,129,000	-2,835,000
Gross PPE	7,537,000	6,683,000	6,344,000	5,805,000
Machinery Furniture Equipment	5,744,000	5,056,000	4,652,000	4,066,000
Properties	1,793,000	1,627,000	1,692,000	1,739,000
Current Assets	14,755,000	14,847,000	12,518,000	10,275,000
Other Current Assets	1,306,000	1,593,000	857,000	787,000
Prepaid Assets				787,000	662,000
Inventory	5,310,000	4,774,000	4,843,000	3,995,000
Finished Goods	3,546,000	3,291,000	3,271,000	2,641,000
Work In Process	415,000	336,000	330,000	348,000
Raw Materials	1,349,000	1,147,000	1,242,000	1,006,000
Receivables	4,039,000	3,987,000	3,765,000	3,565,000
Accounts Receivable	4,039,000	3,987,000	3,765,000	3,565,000
Allowance For Doubtful Accounts Receivable	-216,000	-213,000	-182,000	-154,000
Gross Accounts Receivable	4,255,000	4,200,000	3,947,000	3,719,000
Cash Cash Equivalents And Short Term Investments	4,100,000	4,493,000	3,053,000	1,928,000
Other Short Term Investments	89,000	841,000	82,000	84,000
Cash And Cash Equivalents	4,011,000	3,652,000	2,971,000	1,844,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	4,283,000	3,487,000	3,136,000	2,036,000
Repayment Of Debt	-1,400,000	-2,039,000	-2,058,000	-653,000
Issuance Of Debt	2,979,000	3,011,000	1,241,000	1,500,000
Capital Expenditure	-761,000	-755,000	-575,000	-588,000
Interest Paid Supplemental Data	582,000	396,000	356,000	324,000
Income Tax Paid Supplemental Data	1,002,000	989,000	693,000	505,000
End Cash Position	4,011,000	3,652,000	2,971,000	1,844,000
Beginning Cash Position	3,652,000	2,971,000	1,844,000	2,944,000
Effect Of Exchange Rate Changes	68,000	-36,000	-28,000	-51,000
Changes In Cash	291,000	717,000	1,155,000	-1,049,000
Financing Cash Flow	113,000	-525,000	-1,594,000	-749,000
Cash Flow From Continuing Financing Activities	113,000	-525,000	-1,594,000	-749,000
Net Other Financing Charges	-182,000	-246,000	-178,000	-170,000
Cash Dividends Paid	-1,284,000	-1,219,000	-1,139,000	-1,051,000
Common Stock Dividend Paid	-1,284,000	-1,219,000	-1,139,000	-1,051,000
Net Issuance Payments Of Debt	1,579,000	940,000	-277,000	472,000
Net Short Term Debt Issuance	0	-32,000	540,000	-375,000
Net Long Term Debt Issuance	1,579,000	972,000	-817,000	847,000
Long Term Debt Payments	-1,400,000	-2,039,000	-2,058,000	-653,000
Long Term Debt Issuance	2,979,000	3,011,000	1,241,000	1,500,000
Investing Cash Flow	-4,866,000	-3,000,000	-962,000	-2,924,000
Cash Flow From Continuing Investing Activities	-4,866,000	-3,000,000	-962,000	-2,924,000
Net Other Investing Changes	-60,000	133,000	3,000	39,000
Net Investment Purchase And Sale	750,000	-750,000	0	188,000
Sale Of Investment		148,000	54,000	240,000	55,000
Purchase Of Investment		-808,000	-52,000	-52,000	-49,000
Net Business Purchase And Sale	-4,795,000	-1,628,000	-390,000	-2,563,000
Sale Of Business	165,000	0	0
Purchase Of Business	-4,960,000	-1,628,000	-390,000	-2,563,000
Net PPE Purchase And Sale	-761,000	-755,000	-575,000	-588,000
Purchase Of PPE	-761,000	-755,000	-575,000	-588,000
Operating Cash Flow	5,044,000	4,242,000	3,711,000	2,624,000
Cash Flow From Continuing Operating Activities	5,044,000	4,242,000	3,711,000	2,624,000
Change In Working Capital	-373,000	-683,000	-517,000	-1,240,000
Change In Other Working Capital	-470,000	-306,000	-134,000	-107,000
Change In Payables And Accrued Expense	267,000	150,000	589,000	208,000
Change In Accrued Expense	318,000	74,000	516,000	156,000
Change In Payable	-51,000	76,000	73,000	52,000
Change In Account Payable	94,000	192,000	77,000	290,000
Change In Tax Payable	-145,000	-116,000	-4,000	-238,000
Change In Income Tax Payable	-145,000	-116,000	-4,000	-238,000
Change In Inventory	-297,000	-206,000	-797,000	-762,000
Change In Receivables	127,000	-321,000	-175,000	-579,000
Changes In Account Receivables	127,000	-321,000	-175,000	-579,000
Other Non Cash Items	173,000	46,000	-17,000	12,000
Stock Based Compensation	243,000	229,000	205,000	168,000
Asset Impairment Charge	170,000	977,000	36,000	270,000
Deferred Tax	392,000	-370,000	-206,000	58,000
Deferred Income Tax	392,000	-370,000	-206,000	58,000
Depreciation Amortization Depletion	1,193,000	1,050,000	1,028,000	998,000
Depreciation And Amortization	1,193,000	1,050,000	1,028,000	998,000
Amortization Cash Flow	732,000	623,000	635,000	627,000
Amortization Of Intangibles	732,000	623,000	635,000	627,000
Depreciation	461,000	427,000	393,000	371,000
Net Income From Continuing Operations	3,246,000	2,993,000	3,165,000	2,358,000

These metrics estimate what Stryker Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$105.19

Margin of Safety

Market Cap ÷ Company Value

1.66

P/B Ratio

4.99

Warren's Owner Earnings

$5.2B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$25.1B

vs > $1.5B revenue

❌ Strong Financial Condition

1.89x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.17%

vs Uninterrupted dividends

✅ Earnings Growth

+36.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

34.8x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

4.99x P/B (P/E×P/B: 173.7)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-27.86

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$146.77

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	23.4%	25.2%	18.2%	24.9%	N/A
Repurchase of Capital Stock	N/A	N/A	N/A	N/A	$0M
Free Cash Flow	$4.3B ▲	$3.5B ▲	$3.1B ▲	$2.0B •	N/A •
Warren's Owner Earnings	$5.2B	$4.8B	$4.8B	$3.9B	N/A

Peers & Industry Comparison

Medical Devices — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
SYK	$292.30	$111.9B	34.80	64.0%	12.9%	$25.1B
MDT Medtronic plc.	$78.53	$100.8B	21.9	65.2%	13.0%	$35.5B
ABT Abbott Laboratories	$87.46	$152.3B	24.5	56.5%	13.9%	$45.1B
BSX Boston Scientific Corporation	$56.97	$84.7B	23.8	68.9%	17.3%	$20.6B
EW Edwards Lifesciences Corporatio	$83.23	$48.0B	45.0	77.9%	17.4%	$6.3B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

5.37%

Moderate — some alignment with shareholders

Return on Equity (ROE)

14.5%

Adequate — returns are moderate

Return on Assets (ROA)

6.8%

Strong — management uses assets efficiently

Debt Trend YoY

+16.6% YoY

Debt is growing — management is leveraging up

Leadership Team

Kevin Lobo

Chairman & CEO

Age 60

Pay: $4,716,578

0.145% of net income

Spencer Stiles

President & COO

Age 48

Pay: $1,740,581

0.054% of net income

Preston Wells

VP & CFO

Age 48

Pay: $1,488,921

0.046% of net income

Viju Menon

Group President of Global Quality & Operations

Age 57

Pay: $1,420,476

0.044% of net income

Andrew Pierce

Group President of MedSurg & Neurotechnology

Age 51

Pay: $1,734,729

0.053% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	8.85%	33,907,291
Blackrock Inc.	7.17%	27,449,327
Greenleaf Trust	4.16%	15,938,070
State Street Corporation	3.98%	15,254,407
JPMORGAN CHASE & CO	3.17%	12,145,114
Price (T.Rowe) Associates Inc	2.64%	10,118,064
Geode Capital Management, LLC	1.97%	7,535,572
Wellington Management Group, LLP	1.70%	6,493,276

Risk Analysis

Beta (Market Risk)

0.81

Low volatility — more stable than the market

Short Interest

1.3% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.62x

Conservative balance sheet — low financial risk

Current Ratio

2.11x

Strong liquidity — Graham approved

52-Week Price Range

Low: $290.23 Current: $292.30 High: $404.87

Currently at 2% of 52-week range

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