olivLaw · US equity research
Stryker Corporation SYK
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
Stryker is a global medical technology leader with net sales of 25.116 bn USD in fiscal 2025, up 11.2% on the prior year. Second quarter 2026 reported sales growth was 9.4%, and full-year 2026 organic growth guidance was narrowed to 8.3% to 9.3%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 02 Nov 2026, Stryker Corporation (SYK) stock was 306.81 USD (+5.12% on the day), with market capitalisation 116.8 bn USD, P/E 32.7 on diluted EPS of 9.39 USD over the last 12 months, dividend yield 1.15%, beta 0.55, 52-week range 269.75–387.46 USD. Latest reported quarter (Q3 2026): revenue of 6.5 bn USD (+7.6% YoY), net income of 753.0 m USD (−12.3% YoY), diluted EPS 1.96 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.1
- strong (55–70)
- Bollinger (20, 2)
- 270.08 – 317.79
- in the upper half of the band · %B 0.77 · band width 16.2%
- SMA 50 / 200
- 292.25 / 323.54
- mixed trend
- MACD (12, 26, 9)
- 4.63 / 3.40
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.4% | −2.3% | +13.7 pp | — |
| 3 months | −10.1% | −0.8% | −9.3 pp | — |
| 6 months | +5.5% | +4.7% | +0.7 pp | — |
| Year to date | −12.7% | +10.2% | −22.9 pp | — |
| 1 year | −13.9% | +10.3% | −24.1 pp | +16.9% |
| 3 years | +11.1% | +73.0% | −62.0 pp | +11.6% |
| 5 years | +12.9% | +61.8% | −49.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.4 bn | 5.9 bn | 6.0 bn | 6.1 bn | 7.2 bn | 6.0 bn | 6.6 bn | 6.5 bn |
| Cost of revenue | 2.3 bn | 2.1 bn | 2.2 bn | 2.2 bn | 2.5 bn | 2.2 bn | 2.1 bn | 2.3 bn |
| Gross profit | 4.2 bn | 3.7 bn | 3.8 bn | 3.9 bn | 4.6 bn | 3.8 bn | 4.5 bn | 4.2 bn |
| Research & development | 358.0 m | 405.0 m | 407.0 m | 410.0 m | 401.0 m | 413.0 m | 434.0 m | 433.0 m |
| SG&A | 2.1 bn | 2.3 bn | 2.1 bn | 2.0 bn | 2.2 bn | 2.3 bn | 2.2 bn | 2.3 bn |
| Operating income | 581.0 m | 837.0 m | 1.1 bn | 1.1 bn | 1.8 bn | 936.0 m | 1.7 bn | 1.0 bn |
| Depreciation & amortisation | 346.0 m | 361.0 m | 387.0 m | 402.0 m | 417.0 m | 397.0 m | 404.0 m | 397.0 m |
| Interest expense | 117.0 m | 137.0 m | 159.0 m | 157.0 m | 154.0 m | 148.0 m | 141.0 m | 143.0 m |
| Pre-tax income | 528.0 m | 764.0 m | 1.0 bn | 1.0 bn | 1.7 bn | 850.0 m | 1.6 bn | 997.0 m |
| Income tax | -18.0 m | 110.0 m | 132.0 m | 170.0 m | 856.0 m | 105.0 m | 288.0 m | 244.0 m |
| Net income | 546.0 m | 654.0 m | 884.0 m | 859.0 m | 849.0 m | 745.0 m | 1.3 bn | 753.0 m |
| Diluted EPS | 1.41 | 1.69 | 2.29 | 2.22 | 2.20 | 1.93 | 3.30 | 1.96 |
| Operating cash flow | 1.9 bn | 250.0 m | 1.1 bn ≈ | 1.5 bn ≈ | 2.1 bn | 581.0 m | 1.3 bn ≈ | 1.5 bn ≈ |
| Capex | 266.0 m | 123.0 m | 183.0 m ≈ | 187.0 m ≈ | 268.0 m | 166.0 m | 202.0 m ≈ | 237.0 m ≈ |
| Dividends paid | 305.0 m | 320.0 m | 321.0 m ≈ | 322.0 m ≈ | 321.0 m | 337.0 m | 337.0 m ≈ | 338.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 36 percentile of its own 44-quarter history (min 16.8, median 39.2, max 66.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.6 bn | 14.9 bn | 14.4 bn | 17.1 bn | 18.4 bn | 20.5 bn | 22.6 bn | 25.1 bn |
| Revenue YoY | +9.3% | +9.4% | −3.6% | +19.2% | +7.8% | +11.1% | +10.2% | +11.2% |
| Net income | 3.6 bn | 2.1 bn | 1.6 bn | 2.0 bn | 2.4 bn | 3.2 bn | 3.0 bn | 3.2 bn |
| Net income YoY | +248.3% | −41.4% | −23.2% | +24.7% | +18.3% | +34.2% | −5.4% | +8.5% |
| Diluted EPS | 9.34 | 5.48 | 4.20 | 5.21 | 6.17 | 8.25 | 7.76 | 8.40 |
| Diluted EPS YoY | +248.5% | −41.3% | −23.4% | +24.0% | +18.4% | +33.7% | −5.9% | +8.2% |
| net % | 26.1% | 14.0% | 11.1% | 11.7% | 12.8% | 15.4% | 13.2% | 12.9% |
| Free cash flow | 2.0 bn | 1.5 bn | 2.8 bn | 2.7 bn | 2.0 bn | 3.1 bn | 3.5 bn | 4.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.0 bn USD
- Financial debt
- 15.9 bn USD
- Net debt
- 11.8 bn USD
- Equity
- 22.4 bn USD
- Total assets
- 47.8 bn USD
- Debt / equity
- 0.71x
- Current ratio
- 1.89x
- ROE
- 15.1%
- ROA
- 7.1%
- FCF margin
- 17.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 14.4 bn | 17.1 bn | 18.4 bn | 20.5 bn | 22.6 bn | 25.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Cost of revenue | 5.3 bn | 6.1 bn | 6.9 bn | 7.4 bn | 8.2 bn | 9.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Gross profit | 9.1 bn | 11.0 bn | 11.6 bn | 13.1 bn | 14.4 bn | 16.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Research & development | 984.0 m | 1.2 bn | 1.5 bn | 1.4 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| SG&A | 5.4 bn | 6.4 bn | 6.4 bn | 7.1 bn | 7.7 bn | 8.7 bn | SEC (XBRL)· 11 Feb 2026verified |
| Operating income | 2.2 bn | 2.6 bn | 2.8 bn | 3.9 bn | 3.7 bn | 4.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Depreciation & amortisation | 1.1 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| EBITDA | 3.3 bn ≈ | 3.9 bn ≈ | 4.1 bn ≈ | 5.2 bn ≈ | 5.1 bn ≈ | 6.5 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Interest expense | 315.0 m | 337.0 m | 337.0 m | 363.0 m | 409.0 m | 607.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Pre-tax income | 2.0 bn | 2.3 bn | 2.7 bn | 3.7 bn | 3.5 bn | 4.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Income tax | 355.0 m | 287.0 m | 325.0 m | 508.0 m | 499.0 m | 1.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Net income | 1.6 bn | 2.0 bn | 2.4 bn | 3.2 bn | 3.0 bn | 3.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Diluted EPS | 4.20 | 5.21 | 6.17 | 8.25 | 7.76 | 8.40 | SEC (XBRL)· 11 Feb 2026verified |
| Weighted average diluted shares | 380.3 m | 382.3 m | 382.2 m | 383.7 m | 385.6 m | 386.5 m | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.9 bn | 2.9 bn | 1.8 bn | 3.0 bn | 3.7 bn | 4.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Receivables | 2.7 bn | 3.0 bn | 3.6 bn | 3.8 bn | 4.0 bn | 4.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Inventories | 3.5 bn | 3.3 bn | 4.0 bn | 4.8 bn | 4.8 bn | 5.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current assets | 9.7 bn | 10.0 bn | 10.3 bn | 12.5 bn | 14.8 bn | 14.8 bn | SEC (XBRL)· 11 Feb 2026verified |
| Property, plant & equipment, net | 2.8 bn | 2.8 bn | 3.0 bn | 3.2 bn | 3.4 bn | 3.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Goodwill | 12.8 bn | 12.9 bn | 14.9 bn | 15.2 bn | 15.9 bn | 19.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Intangibles (excl. goodwill) | 5.6 bn | 4.8 bn | 4.9 bn | 4.6 bn | 4.4 bn | 5.7 bn | SEC (XBRL)· 11 Feb 2026verified |
| Total assets | 34.3 bn | 34.6 bn | 36.9 bn | 39.9 bn | 43.0 bn | 47.8 bn | SEC (XBRL)· 11 Feb 2026verified |
| Short-term debt | 761.0 m | 7.0 m | 1.2 bn | 2.1 bn | 1.4 bn | 1.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Long-term debt | 13.2 bn | 12.5 bn | 11.9 bn | 10.9 bn | 12.2 bn | 14.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current liabilities | 5.0 bn | 4.5 bn | 6.3 bn | 7.9 bn | 7.6 bn | 7.8 bn | SEC (XBRL)· 11 Feb 2026verified |
| Total liabilities | 21.2 bn | 19.8 bn | 20.3 bn | 21.3 bn | 22.3 bn | 25.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Equity | 13.1 bn | 14.9 bn | 16.6 bn | 18.6 bn | 20.6 bn | 22.4 bn | SEC (XBRL)· 11 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 3.3 bn | 3.3 bn | 2.6 bn | 3.7 bn | 4.2 bn | 5.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Capex | 487.0 m | 525.0 m | 588.0 m | 575.0 m | 755.0 m | 761.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Free cash flow | 2.8 bn ≈ | 2.7 bn ≈ | 2.0 bn ≈ | 3.1 bn ≈ | 3.5 bn ≈ | 4.3 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Investing cash flow | -4.7 bn | -859.0 m | -2.9 bn | -962.0 m | -3.0 bn | -4.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Financing cash flow | -11.0 m | -2.4 bn | -749.0 m | -1.6 bn | -525.0 m | 113.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Dividends paid | 863.0 m | 950.0 m | 1.1 bn | 1.1 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Share repurchases | 0 | 0 | — | — | — | — | SEC (XBRL)· 11 Feb 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 116.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Returns50
- Balance sheet60
- Valuation39
- Quality41
- Growth81
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 20.57 – 400.83 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)181.82 – 306.61 (Mid 229.27)WACC 8.7% · starting FCFF 5.0 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 23.3%
- Peers: EV/EBITDA220.94 – 260.07 (Mid 242.44)4 companies used · median multiple 14.7x · quartiles 13.6x – 15.7xBDX, BSX, MMM, RMD
- Peers: P/E211.77 – 400.83 (Mid 281.46)6 companies used · median multiple 30.0x · quartiles 22.6x – 42.7xBDX, BSX, DXCM, MMM, RMD, WST
- Dividend discount (DDM)20.57 – 27.66 (Mid 23.59)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.0% | 20 (vs peers) | 10% |
| Net margin · Quality | 13.8% | 17 (vs peers) | 6% |
| FCF conversion · Quality | 126.2% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 10.8% | 90 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 10.8% | 72 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 1.7x | 20 (vs peers) | 10% |
| Interest coverage · Balance sheet | 9.3x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 32.7x | 50 (vs peers) | 10% |
| EV/EBITDA · Valuation | 18.2x | 20 (vs peers) | 10% |
| FCF yield · Valuation | 3.9% | 49 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 29.1% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet60/100 · 3/3 factors with a value
- Growth81/100 · 2/2 factors with a value
- Quality41/100 · 3/3 factors with a value
- Returns50/100 · 2/2 factors with a value
- Valuation39/100 · 3/3 factors with a value
Memo
STRYKER CORP (SYK). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 25.1 bn USD in 2025; YoY growth 11.2%; net margin 13.8%; ROE 16.0%; net debt/EBITDA 1.7x.
The estimated value range is 196.79–283.34 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 235.85 USD, the price of 306.81 USD leaves a potential of -23.1% (value / price − 1) and a margin of safety of -30.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 126.2%
- Revenue CAGR 3Y: 10.8%
- EPS CAGR 3Y: 10.8%
- Interest coverage: 9.3x
- Current ratio: 2.2x
- Payout ratio (FCF): 29.1%
What contradicts it
- ROIC: 11.0%
- Net margin: 13.8%
- Net debt / EBITDA: 1.7x
- EV/EBITDA: 18.2x
- Shareholder yield (distributions): 1.1%
- The price is above the estimated value range
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 6 companies
Only companies with a capitalisation between 14.7 bn and 942.3 bn (within 8× of the company's); 107 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 116.8 bn | 32.7 | 16.0% | 13.8% | +11.2% | −14% / +11% |
| MMM3m Company | 92.2 bn | 26.6 | 80.8% | 14.0% | +1.5% | +4% / +115% |
| BSXBoston Scientific Corporation | 64.2 bn | 18.8 | 14.3% | 16.6% | +19.9% | −56% / −21% |
| BDXBecton, Dickinson And Company | 54.1 bn | 60.0 | 3.8% | 4.0% | +8.2% | +30% / +7% |
| RMDResMed Inc. | 32.8 bn | 21.2 | 26.4% | 27.8% | +9.9% | −9% / +48% |
| DXCMDexcom, Inc. | 31.6 bn | 33.4 | 37.7% | 19.4% | +15.6% | +34% / −27% |
| WSTWest Pharmaceutical Services, Inc. | 28.4 bn | 45.8 | 21.2% | 18.8% | +6.3% | +47% / +16% |
1- and 3-year price returns: for SYK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 195.50 Total return -35% · Per year -35% | 344.63 Total return 14% · Per year 14% | 517.76 Total return 70% · Per year 70% |
| 3 years | 214.64 Total return -27% · Per year -10% | 423.33 Total return 42% · Per year 12% | 694.67 Total return 132% · Per year 32% |
| 5 years | 235.67 Total return -18% · Per year -4% | 519.99 Total return 77% · Per year 12% | 932.01 Total return 214% · Per year 26% |
- Exit P/E± 105.83
- Net margin± 74.08
- Annual revenue growth± 57.33
- Annual dilution± 6.23
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Stryker is a global medical technology leader with net sales of 25.116 bn USD in fiscal 2025 1, up 11.2% on the prior year 1. Second quarter 2026 reported sales growth was 9.4% 23, and full-year 2026 organic growth guidance was narrowed to 8.3% to 9.3% 3.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Supply chainhigh
Disruptions at sole-source suppliers or sterilisation providers could limit product availability 1.
- Pricing pressurehigh
Cost containment measures could reduce prices and profitability if they expand 1.
- Cybersecurity incidenthigh
A failure or breach of information systems could affect sales, reputation and financial results 23.
- Acquisitions and integrationmedium
Integration of acquired businesses could be slower than projected and could prevent the expected benefits 1.
- EU regulationmedium
Phased application of the new EU medical device regulation could raise compliance costs 1.
Investment thesis
What would need to be true (bull case)
- If organic growth stays within guidance and margins improve, the company could confirm the advantage from innovation and acquisitions 13.
- Robotic platforms and new products could support long-term sales across several specialties 1.
- International expansion and a diverse portfolio could reduce dependence on a single market 1.
What would break the thesis
What to watch
- Third-quarter results and any update to organic growth guidanceQ3 2026
- Progress of recovery from the cybersecurity incident and its effect on salesQ3 2026
- Full US commercial launch of Mako Shoulder, planned for the first quarterQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Stryker operates two reportable segments: MedSurg and Neurotechnology, which generated 15.647 bn USD of 2025 sales 1, and Orthopaedics, with 9.469 bn USD in the same year 1. Products are sold in about 61 countries through company-owned subsidiaries and third-party dealers, mostly marketed directly to doctors and hospitals 1. The company says it impacts more than 150 million patients annually and had about 56,000 employees at December 31, 2025 1.
The capital allocation strategy prioritises acquisitions, dividends and share repurchases in that order 2. In 2025 Stryker invested 4.960 bn USD in acquisitions and paid 1.284 bn USD in dividends 1, with the Inari Medical acquisition expanding the vascular business 1.
At year-end 2025 the company owned about 5,600 US patents and about 9,000 patents in other countries 1. The business is generally not seasonal, though orthopaedic implant surgeries tend to be lower in summer and capital equipment sales are usually higher in the fourth quarter 1.
Market context
Trends
- Robotics and surgical navigationtailwind
The Mako platform, including Mako 4 and advanced Mako Total Hip applications, extends robotic use in orthopaedics and could support segment growth 1.
- Acquisitions as a growth drivermixed
Acquisitions such as Inari, Guard Medical and AMB add new products and could accelerate growth, although integration may delay the expected benefits 1.
- Pricing pressureheadwind
Cost containment measures and reimbursement changes could reduce prices and margins, especially if competition intensifies 1.
- Tariffs and global tradeheadwind
Tariffs and retaliatory measures by other governments could raise supply chain costs and slow customer orders 12.
Competitive position
In surgical instruments Stryker competes with Zimmer Biomet, Medtronic, Johnson & Johnson MedTech and ConMed Linvatec, and in orthopaedics with Zimmer Biomet, Johnson & Johnson MedTech and Smith & Nephew 1. The company says innovation, quality and reputation differentiate it, and that its ability to launch new products remains central 1.
Endoscopy and medical equipment markets also include established rivals such as Karl Storz, Olympus, Baxter and Zoll 1. Competitive pressure could weigh on prices if rivals integrate robotics and artificial intelligence faster 1.
- Zimmer Biomet Holdings, Inc.ZBH
Competitor in surgical instruments and orthopaedics 1.
- Medtronic plcMDT
Competitor in surgical instruments, vascular and Neuro Cranial 1.
- Johnson & Johnson MedTech
Medical technology division of a larger group, present across several Stryker segments 1.
- Smith & Nephew plc
Competitor in endoscopy and orthopaedics 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report06 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report26 Jun 2026Other events · Financial statements and exhibits
- Current report20 May 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report11 May 2026
- Current report08 May 2026Shareholder vote
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Stryker Corporation · 11 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Stryker Corporation · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Stryker Corporation · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.