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olivLaw · US equity research

Stryker Corporation SYK

Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)

306.81USD+5.12% · 1 dayClose 02 Nov 2026

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The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).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.

Market cap
116.8 bn USD
shares as of 30 Sept 2026
P/E (TTM)
32.7
Diluted EPS TTM 9.39 · TTM to 30 Sept 2026
E/P (TTM)
3.06%
TTM to 30 Sept 2026
Dividend yield
1.15%
DPS 12m 3.52
Beta (2y)
0.55
Volatility (1y) 32%
52-week range
269.75387.46

Price history

Loading chart…

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

CompanyS&P 500vs S&P 500Vertical 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—
Max drawdown (1y)
−30.4%
27 Feb 2026 → 24 Sept 2026
Max drawdown (5y)
−33.2%
25 Jul 2025 → 24 Sept 2026
Compound annual growth (5y)
+2.4%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
6.5 bn USD
+7.6% YoY
Net income
753.0 m USD
−12.3% YoY
Diluted EPS
1.96
−11.7% YoY
net / operating
11.5% / 15.9%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue6.4 bn5.9 bn6.0 bn6.1 bn7.2 bn6.0 bn6.6 bn6.5 bn
Cost of revenue2.3 bn2.1 bn2.2 bn2.2 bn2.5 bn2.2 bn2.1 bn2.3 bn
Gross profit4.2 bn3.7 bn3.8 bn3.9 bn4.6 bn3.8 bn4.5 bn4.2 bn
Research & development358.0 m405.0 m407.0 m410.0 m401.0 m413.0 m434.0 m433.0 m
SG&A2.1 bn2.3 bn2.1 bn2.0 bn2.2 bn2.3 bn2.2 bn2.3 bn
Operating income581.0 m837.0 m1.1 bn1.1 bn1.8 bn936.0 m1.7 bn1.0 bn
Depreciation & amortisation346.0 m361.0 m387.0 m402.0 m417.0 m397.0 m404.0 m397.0 m
Interest expense117.0 m137.0 m159.0 m157.0 m154.0 m148.0 m141.0 m143.0 m
Pre-tax income528.0 m764.0 m1.0 bn1.0 bn1.7 bn850.0 m1.6 bn997.0 m
Income tax-18.0 m110.0 m132.0 m170.0 m856.0 m105.0 m288.0 m244.0 m
Net income546.0 m654.0 m884.0 m859.0 m849.0 m745.0 m1.3 bn753.0 m
Diluted EPS1.411.692.292.222.201.933.301.96
Operating cash flow1.9 bn250.0 m1.1 bn ≈1.5 bn ≈2.1 bn581.0 m1.3 bn ≈1.5 bn ≈
Capex266.0 m123.0 m183.0 m ≈187.0 m ≈268.0 m166.0 m202.0 m ≈237.0 m ≈
Dividends paid305.0 m320.0 m321.0 m ≈322.0 m ≈321.0 m337.0 m337.0 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 year20182019202020212022202320242025
Revenue13.6 bn14.9 bn14.4 bn17.1 bn18.4 bn20.5 bn22.6 bn25.1 bn
Revenue YoY+9.3%+9.4%−3.6%+19.2%+7.8%+11.1%+10.2%+11.2%
Net income3.6 bn2.1 bn1.6 bn2.0 bn2.4 bn3.2 bn3.0 bn3.2 bn
Net income YoY+248.3%−41.4%−23.2%+24.7%+18.3%+34.2%−5.4%+8.5%
Diluted EPS9.345.484.205.216.178.257.768.40
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 flow2.0 bn1.5 bn2.8 bn2.7 bn2.0 bn3.1 bn3.5 bn4.3 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

Revenue
2023
20.5 bn
2024
22.6 bn
2025
25.1 bn

SEC (XBRL)· 11 Feb 2026verified

Cost of revenue
2023
7.4 bn
2024
8.2 bn
2025
9.1 bn

SEC (XBRL)· 11 Feb 2026verified

Gross profit
2023
13.1 bn
2024
14.4 bn
2025
16.1 bn

SEC (XBRL)· 11 Feb 2026verified

Research & development
2023
1.4 bn
2024
1.5 bn
2025
1.6 bn

SEC (XBRL)· 11 Feb 2026verified

SG&A
2023
7.1 bn
2024
7.7 bn
2025
8.7 bn

SEC (XBRL)· 11 Feb 2026verified

Operating income
2023
3.9 bn
2024
3.7 bn
2025
4.9 bn

SEC (XBRL)· 11 Feb 2026verified

Depreciation & amortisation
2023
1.3 bn
2024
1.4 bn
2025
1.6 bn

SEC (XBRL)· 11 Feb 2026verified

EBITDA
2023
5.2 bn ≈
2024
5.1 bn ≈
2025
6.5 bn ≈

SEC (XBRL)· 11 Feb 2026derived

Interest expense
2023
363.0 m
2024
409.0 m
2025
607.0 m

SEC (XBRL)· 11 Feb 2026verified

Pre-tax income
2023
3.7 bn
2024
3.5 bn
2025
4.5 bn

SEC (XBRL)· 11 Feb 2026verified

Income tax
2023
508.0 m
2024
499.0 m
2025
1.3 bn

SEC (XBRL)· 11 Feb 2026verified

Net income
2023
3.2 bn
2024
3.0 bn
2025
3.2 bn

SEC (XBRL)· 11 Feb 2026verified

Diluted EPS
2023
8.25
2024
7.76
2025
8.40

SEC (XBRL)· 11 Feb 2026verified

Weighted average diluted shares
2023
383.7 m
2024
385.6 m
2025
386.5 m

SEC (XBRL)· 11 Feb 2026verified

Balance sheet · USD

Cash
2023
3.0 bn
2024
3.7 bn
2025
4.0 bn

SEC (XBRL)· 11 Feb 2026verified

Receivables
2023
3.8 bn
2024
4.0 bn
2025
4.0 bn

SEC (XBRL)· 11 Feb 2026verified

Inventories
2023
4.8 bn
2024
4.8 bn
2025
5.3 bn

SEC (XBRL)· 11 Feb 2026verified

Current assets
2023
12.5 bn
2024
14.8 bn
2025
14.8 bn

SEC (XBRL)· 11 Feb 2026verified

Property, plant & equipment, net
2023
3.2 bn
2024
3.4 bn
2025
3.9 bn

SEC (XBRL)· 11 Feb 2026verified

Goodwill
2023
15.2 bn
2024
15.9 bn
2025
19.3 bn

SEC (XBRL)· 11 Feb 2026verified

Intangibles (excl. goodwill)
2023
4.6 bn
2024
4.4 bn
2025
5.7 bn

SEC (XBRL)· 11 Feb 2026verified

Total assets
2023
39.9 bn
2024
43.0 bn
2025
47.8 bn

SEC (XBRL)· 11 Feb 2026verified

Short-term debt
2023
2.1 bn
2024
1.4 bn
2025
1.0 bn

SEC (XBRL)· 11 Feb 2026verified

Long-term debt
2023
10.9 bn
2024
12.2 bn
2025
14.9 bn

SEC (XBRL)· 11 Feb 2026verified

Current liabilities
2023
7.9 bn
2024
7.6 bn
2025
7.8 bn

SEC (XBRL)· 11 Feb 2026verified

Total liabilities
2023
21.3 bn
2024
22.3 bn
2025
25.4 bn

SEC (XBRL)· 11 Feb 2026verified

Equity
2023
18.6 bn
2024
20.6 bn
2025
22.4 bn

SEC (XBRL)· 11 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
3.7 bn
2024
4.2 bn
2025
5.0 bn

SEC (XBRL)· 11 Feb 2026verified

Capex
2023
575.0 m
2024
755.0 m
2025
761.0 m

SEC (XBRL)· 11 Feb 2026verified

Free cash flow
2023
3.1 bn ≈
2024
3.5 bn ≈
2025
4.3 bn ≈

SEC (XBRL)· 11 Feb 2026derived

Investing cash flow
2023
-962.0 m
2024
-3.0 bn
2025
-4.9 bn

SEC (XBRL)· 11 Feb 2026verified

Financing cash flow
2023
-1.6 bn
2024
-525.0 m
2025
113.0 m

SEC (XBRL)· 11 Feb 2026verified

Dividends paid
2023
1.1 bn
2024
1.2 bn
2025
1.3 bn

SEC (XBRL)· 11 Feb 2026verified

Share repurchases
2023
—
2024
—
2025
—

SEC (XBRL)· 11 Feb 2022verified

Computed indicators

Growth

Revenue growth (YoY)
11.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
10.8%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
11.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
32.5%
computed by olivLawFY 2025
Net income growth (YoY)
8.5%
computed by olivLawFY 2025
Net income CAGR 3Y
11.2%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
15.2%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
8.2%
computed by olivLawFY 2025
EPS CAGR 3Y
10.8%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
14.9%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
22.8%
computed by olivLawFY 2025

Profitability

Gross margin
65.3%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
26.8%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
20.7%
computed by olivLawTTM to 30 Sept 2026
Net margin
13.8%
computed by olivLawTTM to 30 Sept 2026
FCF margin
17.4%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
16.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
7.7%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
11.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROCE
13.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
37.5%
computed by olivLawTTM to 30 Sept 2026
Payout ratio (FCF)
29.1%
computed by olivLawTTM to 30 Sept 2026

Balance sheet

Net debt
11.7 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
1.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Debt / equity
0.6x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
9.3x
computed by olivLawTTM to 30 Sept 2026

Liquidity

Current ratio
2.2x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
1.3x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.5x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
5.4 bn USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
873.0 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
4.6 bn USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
126.2%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
77.3%
computed by olivLawTTM to 30 Sept 2026

Efficiency

Days sales outstanding
51 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days inventory outstanding
223 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
116.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
128.5 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
32.2x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
32.7x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
3.1%
computed by olivLawTTM to 30 Sept 2026
P/B
5.0x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
4.4x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
18.2x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBIT
23.6x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/Sales
4.9x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
P/FCF
25.5x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
FCF yield
3.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
1.1%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
1.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 52 / 100

A scoring methodology on indicators and valuation, not investment advice.

(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])

Closing price

306.81 USD

02 Nov 2026Source: olivLaw, closing series

Market cap: 116.8 bn USD

Key indicators

Market capitalisation
116.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
32.7x
computed by olivLawTTM to 30 Sept 2026
P/B
5.0x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
18.2x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROE
16.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
13.8%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
11.2%
computed by olivLawFY 2025
Dividend yield
1.1%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

34/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 30 Sept 2026
Source: SEC (XBRL)published 30 Oct 2026
verified 3222derived 201

Score by group

  • Returns50
  • Balance sheet60
  • Valuation39
  • Quality41
  • Growth81

Estimated value range

Low
196.79
USD per share
Mid
235.85
USD per share
High
283.34
USD per share
Price: 306.81 USD
The price is above the range
Potential to the central value: -23.1% (value / price − 1)
Margin of safety: -30.1% (1 − price / value)
Agreement between methods: high · 4 methods used · 3 independent bases

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 – 15.7x
    BDX, BSX, MMM, RMD
  • Peers: P/E211.77 – 400.83 (Mid 281.46)
    6 companies used · median multiple 30.0x · quartiles 22.6x – 42.7x
    BDX, BSX, DXCM, MMM, RMD, WST
  • Dividend discount (DDM)20.57 – 27.66 (Mid 23.59)
Multiple comparisons use the SIC vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)

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

FactorValueScoreWeight used
ROIC · Quality11.0%20 (vs peers)10%
Net margin · Quality13.8%17 (vs peers)6%
FCF conversion · Quality126.2%100 (on a fixed band)6%
Revenue CAGR 3Y · Growth10.8%90 (on a fixed band)8%
EPS CAGR 3Y · Growth10.8%72 (on a fixed band)8%
Net debt / EBITDA · Balance sheet1.7x20 (vs peers)10%
Interest coverage · Balance sheet9.3x100 (on a fixed band)6%
Current ratio · Balance sheet2.2x100 (on a fixed band)4%
P/E (TTM) · Valuation32.7x50 (vs peers)10%
EV/EBITDA · Valuation18.2x20 (vs peers)10%
FCF yield · Valuation3.9%49 (on a fixed band)8%
Shareholder yield (distributions) · Returns1.1%16 (on a fixed band)6%
Payout ratio (FCF) · Returns29.1%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

P/E
32.7x
vertical median 30.0x
above median (+9.0%)
EV/EBITDA
18.2x
vertical median 15.4x
above median (+18.4%)
P/S
4.4x
vertical median 4.7x
below median (−5.2%)
P/B
5.0x
vertical median 7.5x
below median (−34.0%)
ROE
16.0%
vertical median 23.8%
below median (−32.7%)
Net margin
13.8%
vertical median 17.7%
below median (−22.2%)
EBIT margin
20.7%
vertical median 20.9%
at median
Revenue YoY
11.2%
vertical median 9.0%
above median (+23.3%)
Net debt/EBITDA
1.7x
vertical median 0.1x
above median (+1,939.8%)
Dividend yield
1.1%
vertical median 1.4%
below median (−17.4%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
SYKStryker Corp116.8 bn32.716.0%13.8%+11.2%−14% / +11%
MMM3m Company92.2 bn26.680.8%14.0%+1.5%+4% / +115%
BSXBoston Scientific Corporation64.2 bn18.814.3%16.6%+19.9%−56% / −21%
BDXBecton, Dickinson And Company54.1 bn60.03.8%4.0%+8.2%+30% / +7%
RMDResMed Inc.32.8 bn21.226.4%27.8%+9.9%−9% / +48%
DXCMDexcom, Inc.31.6 bn33.437.7%19.4%+15.6%+34% / −27%
WSTWest Pharmaceutical Services, Inc.28.4 bn45.821.2%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.

Bear
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Base
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Bull
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Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
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%
What moves the 3-year price the most
  • 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

  • Broad product portfolio across several medical specialties and an extensive global presence 1.
  • Solid sales and operating profitability growth in recent reported periods 12.
  • A large patent estate and a recognised robotics platform in orthopaedics 1.

Weaknesses

  • Reliance on sole-source suppliers for some materials and components could interrupt production 1.
  • High debt taken on to fund acquisitions limits financial flexibility 2.
  • The MedSurg segment carries lower margins than orthopaedics and its share of sales is rising 1.

Opportunities

  • Expanding robotic platforms and new applications could open additional markets 1.
  • Acquisitions in vascular and wound care could complement the existing portfolio 1.
  • Growing international markets could offset US pricing pressure 1.

Threats

  • Price pressure from public and private payers could reduce margins 1.
  • A cybersecurity incident could disrupt operations and sales, as first reported in 2026 23.
  • Trade tariffs and geopolitical tensions could raise costs and slow demand 1.

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

  • Price pressure in the US and other countries could limit margin expansion over the medium term 1.
  • Debt accumulated for acquisitions could restrict financial flexibility if growth slows 2.
  • The cybersecurity incident and trade tariffs could continue to affect deliveries and costs 23.

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

The EU Medical Device Regulation phases in through 2028, which could raise compliance costs if timelines slip 1. The macroeconomic environment remains uncertain, and tariffs announced in 2025 could raise product costs and weigh on demand 1.

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.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Stryker Corporation · 11 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Stryker Corporation · 31 Jul 2026
  3. [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.

Stryker Corporation (SYK): stock, results, valuation and forecast · olivLaw