Stryker CorporationSYK
NYSE•Healthcare•Medical Devices
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.
Stryker Corporation (SYK) reported trailing twelve months revenue of $25.27B as of March 2026, a 8.8% increase year-over-year. Quarterly revenue reached $6.02B, reflecting continued top-line momentum.
Stryker Corporation generated $3.34B in TTM net income, with quarterly EBITDA of $1.33B. The operating margin expanded from 14.3% to 15.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (15.5%) and net margin (12.4%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 11.1% a year ago, signaling stronger bottom-line efficiency.
SYK trades at a P/E of 37.4x (a premium multiple) and a P/S of 4.9x. The price-to-book ratio of 5.4x indicates a significant premium over book value.
The company generated $415.00M in free cash flow over the trailing twelve months, a 226.8% increase year-over-year, indicating cash generation ability. The balance sheet shows $46.29B in total assets with $14.22B in long-term debt against $22.98B in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~17.5%, suggesting durable pricing power and cost discipline.
ROE is positive at ~15.0% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~18.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~19.5% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.6 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation