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Major medical device maker focused on orthopedic implants, surgical robotics (Mako) and hospital/medsurg equipment.
Major medical device maker focused on orthopedic implants, surgical robotics (Mako) and hospital/medsurg equipment.
Sells implants, instruments and capital equipment to hospitals and surgery centres. A Mako robot is sold as capital equipment and then pulls through the implants used with it, which are tied to Stryker's system. Acquisitions add new device lines each year.
Moat: wide (installed base, switching costs, brand). Mako robotic installed base and surgeon training create strong switching costs in joint replacement.
Headquarters: Kalamazoo, Michigan, USA · Founded: 1941 · Employees: 56,000
Size Stryker (SYK) is a United States Health Care company (Medical Specialties) with a market value of $124B, the 101st largest of 3,117 United States companies the cockpit tracks. Shares closed at $325.87 on 6 Nov 2026.
Performance Over six months the shares gained 14.5%, against +28.3% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 7.9% over the last twelve months (peer median +8.7%); the operating margin is 24.6% (peer median 20.4%).
Valuation It trades at 20.4× forward earnings against a peer median of 26.0× (8th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.9 points above its cost of capital (8.4% WACC).
Credit Stryker has 20 bonds outstanding ($14.7B), rated BBB+ by the agencies and trading like A+ at a weighted spread of 69 bp.
Short interest Short interest is 1.5% of the free float (15 Oct 2026).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $26.3B | $25.1B | $22.6B | $20.5B | $18.4B |
| Revenue growth | — | +11% | +10% | +11% | — |
| Gross profit | $16.6B | $15.7B | $14.0B | $12.6B | $11.1B |
| EBITDA | $7.67B | $7.04B | $6.17B | $5.39B | $4.78B |
| Net income | $3.62B | $3.25B | $2.99B | $3.17B | $2.36B |
| Free cash flow | $4.57B | $4.28B | $3.49B | $3.14B | $2.04B |
| Capital expenditure | $873M | $761M | $755M | $575M | $588M |
| Total debt | $15.4B | $16.4B | $14.1B | $13.5B | $13.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Stryker SYK | $124B | +14% | +8% | 25% | 20.4× | 10.6% |
| Zimmer Biomet ZBH | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
| Smith & Nephew SN..L | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SYK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.7% | +12.1% | 5th highest of 21 |
| 6-month return | +14.5% | +28.3% | 8th lowest of 21 |
| Distance from 52-week high | -15.8% | -9.2% | 7th lowest of 21 |
| Revenue growth (TTM) | +7.9% | +8.7% | 9th lowest of 21 |
| Operating margin | 24.6% | 20.4% | 8th highest of 21 |
| Forward P/E | 20.4× | 26.0× | 8th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 10.6% | 15.2% | 9th least demanding of 21 |
| Growth delivered (Del g) | +11.8% | +6.7% | 5th highest of 21 |
| Hurdle (Req g minus delivered) | -1.2 pp | +5.8 pp | 4th least demanding of 21 |
| ROIC minus cost of capital | +5.9 pp | +3.1 pp | 9th highest of 21 |
| EV / EBITDA | 17.8× | 20.7× | 9th cheapest of 19 |
| Net debt / EBITDA | 1.6× | 1.9× | 9th least indebted of 19 |
| Bond spread | 69 bp | 64 bp | 5th widest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Stryker SYK | United States | $124B | +14% | +8% | 25% | 20.4× | 10.6% | +11.8% |
| Medtronic MDT | United States | $130B | +35% | +10% | 20% | 16.9× | 8.6% | +3.8% |
| EssilorLuxottica EL.PA | France | $101B | +12% | +8% | 12% | 26.6× | 19.4% | +14.6% |
| Intuitive Surgical ISRG | United States | $157B | +1% | +20% | 32% | 37.5× | 30.8% | +18.2% |
| Danaher DHR | United States | $162B | +35% | +6% | 21% | 25.3× | 20.5% | +2.0% |
| Abbott Laboratories ABT | United States | $190B | +30% | +10% | 14% | 18.8× | 5.6% | +5.1% |
| Boston Scientific BSX | United States | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% | +15.2% |
| Thermo Fisher Scientific TMO | United States | $257B | +50% | +8% | 19% | 25.8× | 20.9% | +6.7% |
| Edwards Lifesciences EW | United States | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% | +6.7% |
| Becton Dickinson BDX | United States | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% | +6.3% |
| Siemens Healthineers SHL.DE | Germany | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% | +10.1% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
Stryker has 20 bonds outstanding with $14.7B face value. The agencies rate it BBB+; its bonds trade like A+. Weighted yield 4.76%, a spread of 69 bp over government bonds.