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Stryker Corporation (SYK) stock

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NYSE: SYK NYSE Health Care Equipment Next results ~January 28, 2027

B Fundamentals grade

Stryker Corporation is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$260

Cash-flow model

Base case. Range ~$190–$350 across our lower- and higher-growth cases (3.8%–13.8% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 21% above our base value.

Price used: $309.17, November 3, 2026

Stryker Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Stryker files

10-Q filed October 30: Stryker

Revenue for the twelve months to September 2026 was $26.3bn, up 7.9% on a year earlier, slower than the 8.5% growth a quarter earlier. Free-cash-flow margin held at 17.4%. Operating margin widened to 20.7% from 15.0%. Its fundamentals grade moves from C+ to B. Our model value is little changed at $256 a share, against a share price of $292. The rating stays Hold. At that price, our model says the market is pricing in about 11.0% a year of cash-flow growth for five years, close to the 9.0% a year revenue growth it has delivered.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Stryker stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $25.8bn, up 8.5% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 18.2% from 16.9% a year earlier. Operating margin widened to 21.4% from 15.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $227 a share, against a share price of $303. At that price, our model says the market is pricing in about 13.9% a year of cash-flow growth for five years, faster than the 8.6% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Stryker Corporation's trailing-twelve-month revenue grew 7.9% year on year, with a free-cash-flow margin of 17.4%. Where it stands out: stock pay as % of revenue of 1.0% ranks 7 of 123 health care equipment companies we cover.

Our discounted-cash-flow model values the business at ~$260 per share in the base case (~$190–$350 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 7.9% (-0.6pp vs the prior quarter), the 3rd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 5.6 points on a year ago.

Things to watch

  • Insiders selling. 8 insiders sold $586M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$3.52 against an average estimate of $3.55: missed by 0.8%
Revenue
$6.52bn, up 7.6% on a year earlier
Share reaction
-4.0% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
organic net sales growth growth 8.3% to 9.3% (full year 2026); adjusted net earnings per diluted share $14.95 to $15.1 (full year 2026)
Next report
January 28, 2027; average EPS estimate $5.09

Stryker's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.8%
  • 1 week+2.6%
  • 1 month+12.2%
  • This year-12.0%
  • 1 year-12.7%
  • 5 years+20.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$26.3B
Operating margin
20.7%
Net margin
13.8%
EPS (TTM, diluted)
$9.39

Growth

Revenue growth
+7.9%
Change in growth rate
−0.6 pts
Share count change
−0.1%

Cash

Free cash flow (TTM)
$4.6B
FCF margin
17.4%
Stock pay % of revenue
1.0%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Our research
  3. Results
  4. Deal
  5. Announcement
  6. Announcement
  7. Leadership
  8. Results
  9. Deal
  10. Insider trade
  11. Insider trade
  12. Dividend
  13. Results
  14. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Stryker Corporation valuation models and calculator

What the price is pricing in

The share price implies about 11.9% a year of cash-flow growth for five years.That is close to the 9.0% a year revenue growth Stryker has delivered.

  • Priced in11.9%
  • Last 12 months7.9%
  • 3 years a year9.8%
  • 5 years a year9.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($309.25, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$260
Price used
$309.25close November 3, 2026
Implied change
▼ 17%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Stryker Corporation's free cash flow after stock-based pay with after-tax interest added back ($4.5B, FY2026 Q3 TTM), growing 8.9% and 8.9% in the next two years (forecasts, guidance and its record), then back to 8.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$190–~$350 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Stryker Corporation's free cash flow after stock-based pay ( $4.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Stryker Corporation as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.85 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$260 ~$190–$350 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$270 ~$240–$440 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$130 ~$92–$170 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$140 ~$120–$170 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$210 ~$130–$270 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Stryker Corporation with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▲ +4%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $138$198$278$383$520$697
8.5% $99$142$200$275$373$498
10% $75$108$153$210$285$380

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$82.38$107.66$140.86$144.29$195.27$230.74$254.34$235.47$291.51$353.72$348.48$306.81
Market value$31.4bn$40.7bn$53.5bn$54.9bn$74.2bn$87.8bn$97.2bn$90.0bn$111.9bn$136.4bn$134.7bn$118.4bn
+ Net debt (− = net cash)$619m$3.6bn$4.7bn$6.2bn$6.8bn$11.0bn$9.5bn$11.2bn$10.0bn$9.9bn$11.8bn$11.7bn
Enterprise value$32.0bn$44.3bn$58.2bn$61.1bn$80.9bn$98.8bn$106.8bn$101.2bn$121.9bn$146.3bn$146.5bn$130.1bn
Multiples
Price / sales 3.2x3.6x4.3x4.0x5.0x6.1x5.7x4.9x5.5x6.0x5.4x4.5x
Price / earnings 21.8x24.7x52.5x15.4x35.6x54.9x48.8x38.2x35.3x45.6x41.5x32.7x
Price / free cash flow 44.1x28.6x55.7x26.9x48.1x31.5x35.5x44.2x35.7x39.1x31.4x25.9x
EV / EBITDA 13.1x15.2x18.4x17.4x21.5x29.9x27.7x24.6x23.3x28.6x22.7x18.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

78 /100

Strong moat

How hard Stryker's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Net income has been a median 6.8% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 63.9%, moving by 1.0 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 17.2%; its worst year was 15.0%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 13.8% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 0.7% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 28, 2027, after the close. Analysts expect revenue of $7.7bn and EPS of $5.09 (range $4.97 to $5.23) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $14.93 +10% $26.8bn +7%
Next $16.53 +11% $29.3bn +9%

Next year's EPS estimate has moved −1.4% in 90 days, across 28 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.6% on 90 days ago. In the last 30 days, 1 analyst raised Stryker Corporation's forecast and 13 cut it.

Consensus EPS forecast Stryker Corporation, last 90 days
$14.50 $15.00 $15.50 $16.00 $16.50 $17.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $15.01 Current fiscal year, 60 days ago: $15.02 Current fiscal year, 30 days ago: $14.99 Current fiscal year, 7 days ago: $14.95 Current fiscal year, Now: $14.93 $14.93 Next fiscal year, 90 days ago: $16.76 Next fiscal year, 60 days ago: $16.75 Next fiscal year, 30 days ago: $16.72 Next fiscal year, 7 days ago: $16.66 Next fiscal year, Now: $16.53 $16.53

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $15.01$16.76
60 days ago $15.02$16.75
30 days ago $14.99$16.72
7 days ago $14.95$16.66
Now $14.93$16.53

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.55 $3.52 −0.8%
Jun 2026 $3.49 $3.69 +5.8%
Mar 2026 $2.98 $2.60 −12.9%
Dec 2025 $4.40 $4.47 +1.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • organic net sales growth full year 2026 8.3% growth to 9.3% growth Non-GAAP Narrowed
    “We are narrowing our full year 2026 guidance and now expect organic net sales growth (2) in the range of 8.3% to 9.3% and adjusted net earnings per diluted share (2) in the range of $14.95 to $15.10.” source
  • adjusted net earnings per diluted share full year 2026 $14.95 to $15.10 Non-GAAP Narrowed
    “We are narrowing our full year 2026 guidance and now expect organic net sales growth (2) in the range of 8.3% to 9.3% and adjusted net earnings per diluted share (2) in the range of $14.95 to $15.10.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Stryker Corporation's revenue by +8.9% next year and +8.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.0%, weight 70%) and the company's own record (+8.8%, weight 30%) . How the weights are set.

Analyst recommendations

30 analysts, Oct 2026
Buy2377%
Hold723%
Sell00%

Monthly trend

  1. Oct 2026815730
  2. Sep 2026715628
  3. Aug 2026715628
  4. Jul 2026716528

Counts of recommendations published by analysts covering Stryker Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.6%
of tradable shares
Days to cover
2.15
at average volume
Short interest, 1 month
−26%
to October 15, 2026
Held by institutions
83%
of shares
Held by insiders
5.4%
of shares
Employees
56,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −12.9%

$352.34 on October 31, 2025 to $306.81

ThenNowEffect
Revenue (last 12 months) $23.8bn $25.8bn +8.5%
Net margin 12.3% 14.4% +17.8%
P/E multiple 46.6x 31.8x −31.8%
Share count 386m 386m −0.1%

Biggest factor: p/e multiple.

Last 3 years +14.4%

$268.16 on November 3, 2023 to $306.81

ThenNowEffect
Revenue (last 12 months) $19.5bn $25.8bn +32.8%
Net margin 13.9% 14.4% +3.7%
P/E multiple 37.9x 31.8x −16.1%
Share count 383m 386m −1.0%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SYK+10%−7%+24%+21%−2%−12%
Industry peers (median)−9%−37%−9%−20%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SYK67%50%67%58%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SYK−15%−31%−17%−12%−15%−30%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 44% from February 19, 2020 to March 23, 2020. Getting back needed a 78% gain, reached on October 9, 2020, 200 days after the low.

Price behaviour

52-week range
$268.90 – $384.17
From 52-week high
−20.1%
vs 50-day average
+5.2%
vs 200-day average
−4.7%
Volatility (1 year)
31%
Beta vs S&P 500
0.16

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±4.0%
After a week
4 up, 7 down
typical move ±4.0%
After a month
7 up, 4 down
typical move ±4.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −4.0% −2.1% — —
July 30, 2026 −7.5% +2.4% −4.2% −6.1%
April 30, 2026 −6.5% +1.3% −6.6% −5.0%
January 29, 2026 +3.3% −0.5% +1.3% +8.2%
October 30, 2025 −3.6% −0.8% −4.3% +0.7%
July 31, 2025 −5.6% −2.0% −6.0% −2.2%
May 1, 2025 +1.1% +2.2% +2.3% +1.9%
January 28, 2025 −2.2% +0.4% −1.9% −2.8%
October 29, 2024 +2.1% −0.1% +3.9% +9.0%
July 30, 2024 −1.7% +1.1% −3.2% +6.9%
April 30, 2024 −3.2% −1.9% −2.0% +0.5%
January 30, 2024 +6.7% −1.7% +8.0% +11.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Stryker Corporation’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.94× the last 60 days’ realised volatility , richer than 13% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

SYK Stryker Corporation Grade B $305.35

Own 100 shares, sell the $340 call expiring December 18, 2026 (46 days) for $3.80 a share — $380 per contract.

Previous session · Bid $3.80, ask $4.30, quoted Mon 2 Nov, 17:37 New York time with SYK at $305.35. Option prices move with the shares: check the live chain at your broker before trading.

  • If SYK ends below $340: you keep your shares and the $380 — 1.2% extra on the position, 9.9% a year at that pace.
  • If it ends above $340: your shares are sold at $340, a total return of 12.6% including the premium — at or above our value of ~$260.
$3.8k $0 −$6.0k Our value $260 Break-even $301.55 Price $305.35
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$380
Annualised
9.9%
Break-even
$301.55
Max gain
$3,845
Chance of selling
~21%

Collar

Own the shares, buy the $290 put and sell the $340 call, both expiring December 18, 2026 (46 days).

  • Net cost of $3.30 a share ($330 per contract of 100 shares).
  • Worst case at expiry: -6.1%, if the shares fall below $290 (-5.0% from today).
  • Best case at expiry: +10.3%, if the shares rise above $340 (+11.3%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $260: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Stryker Corporation in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Stryker Corporation
$20B $22B $24B $26B $28B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $20.5B Revenue (TTM), FY24 Q1: $21B Revenue (TTM), FY24 Q2: $21.4B Revenue (TTM), FY24 Q3: $22B Revenue (TTM), FY24 Q4: $22.6B Revenue (TTM), FY25 Q1: $23.2B Revenue (TTM), FY25 Q2: $23.8B Revenue (TTM), FY25 Q3: $24.4B Revenue (TTM), FY25 Q4: $25.1B Revenue (TTM), FY26 Q1: $25.3B Revenue (TTM), FY26 Q2: $25.8B Revenue (TTM), FY26 Q3: $26.3B $26.3B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $20.5B
FY24 Q1 $21B
FY24 Q2 $21.4B
FY24 Q3 $22B
FY24 Q4 $22.6B
FY25 Q1 $23.2B
FY25 Q2 $23.8B
FY25 Q3 $24.4B
FY25 Q4 $25.1B
FY26 Q1 $25.3B
FY26 Q2 $25.8B
FY26 Q3 $26.3B
Revenue growth, TTM YoY Stryker Corporation
7% 8% 9% 10% 11% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 11.1% Revenue growth, TTM YoY, FY24 Q1: 10.6% Revenue growth, TTM YoY, FY24 Q2: 9.9% Revenue growth, TTM YoY, FY24 Q3: 10.5% Revenue growth, TTM YoY, FY24 Q4: 10.2% Revenue growth, TTM YoY, FY25 Q1: 10.8% Revenue growth, TTM YoY, FY25 Q2: 11.4% Revenue growth, TTM YoY, FY25 Q3: 11.0% Revenue growth, TTM YoY, FY25 Q4: 11.2% Revenue growth, TTM YoY, FY26 Q1: 8.8% Revenue growth, TTM YoY, FY26 Q2: 8.5% Revenue growth, TTM YoY, FY26 Q3: 7.9% 7.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 11.1%
FY24 Q1 10.6%
FY24 Q2 9.9%
FY24 Q3 10.5%
FY24 Q4 10.2%
FY25 Q1 10.8%
FY25 Q2 11.4%
FY25 Q3 11.0%
FY25 Q4 11.2%
FY26 Q1 8.8%
FY26 Q2 8.5%
FY26 Q3 7.9%
Operating margin (TTM) Stryker Corporation
14% 16% 18% 20% 22% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 19.0% Operating margin (TTM), FY24 Q1: 19.7% Operating margin (TTM), FY24 Q2: 19.7% Operating margin (TTM), FY24 Q3: 19.9% Operating margin (TTM), FY24 Q4: 16.3% Operating margin (TTM), FY25 Q1: 15.3% Operating margin (TTM), FY25 Q2: 15.2% Operating margin (TTM), FY25 Q3: 15.0% Operating margin (TTM), FY25 Q4: 19.5% Operating margin (TTM), FY26 Q1: 19.7% Operating margin (TTM), FY26 Q2: 21.4% Operating margin (TTM), FY26 Q3: 20.7% 20.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 19.0%
FY24 Q1 19.7%
FY24 Q2 19.7%
FY24 Q3 19.9%
FY24 Q4 16.3%
FY25 Q1 15.3%
FY25 Q2 15.2%
FY25 Q3 15.0%
FY25 Q4 19.5%
FY26 Q1 19.7%
FY26 Q2 21.4%
FY26 Q3 20.7%
FCF margin (TTM) Stryker Corporation
12% 14% 16% 18% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 15.3% FCF margin (TTM), FY24 Q1: 13.6% FCF margin (TTM), FY24 Q2: 13.1% FCF margin (TTM), FY24 Q3: 14.6% FCF margin (TTM), FY24 Q4: 15.4% FCF margin (TTM), FY25 Q1: 15.4% FCF margin (TTM), FY25 Q2: 16.9% FCF margin (TTM), FY25 Q3: 16.7% FCF margin (TTM), FY25 Q4: 17.1% FCF margin (TTM), FY26 Q1: 18.1% FCF margin (TTM), FY26 Q2: 18.2% FCF margin (TTM), FY26 Q3: 17.4% 17.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 15.3%
FY24 Q1 13.6%
FY24 Q2 13.1%
FY24 Q3 14.6%
FY24 Q4 15.4%
FY25 Q1 15.4%
FY25 Q2 16.9%
FY25 Q3 16.7%
FY25 Q4 17.1%
FY26 Q1 18.1%
FY26 Q2 18.2%
FY26 Q3 17.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Stryker took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $25.1B
  2. Cost of revenue $9.1B · 36.0%
  3. Gross profit $16.1B · 64.0%
  4. Research and development $1.6B · 6.5%
  5. Selling, general and admin $8.7B · 34.4%
  6. Other operating costs $902M · 3.6%
  7. Operating income $4.9B · 19.5%
  8. Income tax $1.3B · 5.0%
  9. Interest and other $375M · 1.5%
  10. Net income $3.2B · 12.9%

Shares of revenue. Source: Stryker's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 6.7 7.3 8.3 8.7 9.0 9.7 9.9 11.3 12.4 13.6 14.9 14.4 17.1 18.4 20.5 22.6 25.1 26.3
Gross profit 4.5 5.0 5.5 5.9 6.0 6.4 6.6 7.5 8.2 8.9 9.7 9.1 11.0 11.6 13.1 14.4 16.1 17.2
EBITDA 2.0 2.2 2.2 2.2 1.8 1.8 2.5 2.9 3.2 3.5 3.8 3.3 3.9 4.1 5.2 5.1 6.5 7.0
Operating income 1.6 1.8 1.7 1.7 1.3 1.2 1.9 2.2 2.3 2.5 2.7 2.2 2.6 2.8 3.9 3.7 4.9 5.4
Net income 1.1 1.3 1.3 1.3 1.0 0.5 1.4 1.6 1.0 3.6 2.1 1.6 2.0 2.4 3.2 3.0 3.2 3.6
Diluted EPS $2.77 $3.19 $3.45 $3.39 $2.63 $1.34 $3.78 $4.35 $2.68 $9.34 $5.48 $4.20 $5.21 $6.17 $8.25 $7.76 $8.40 $9.39
Growth (year on year)
Revenue +0.1% +8.9% +13.5% +4.2% +4.2% +7.2% +2.8% +13.9% +9.9% +9.3% +9.4% −3.6% +19.2% +7.8% +11.1% +10.2% +11.2% +7.9%
EBITDA +18.2% +9.2% +0.3% +2.8% −20.7% +3.7% +33.8% +19.4% +7.8% +11.0% +7.3% −12.2% +16.9% +6.8% +26.9% −2.2% +26.3% +36.5%
Operating income +4.9% +9.8% −3.7% +3.3% −27.9% −0.8% +49.4% +16.9% +5.6% +10.4% +6.9% −18.1% +16.2% +9.9% +36.9% −5.1% +32.5% +48.2%
Net income −3.6% +15.0% +5.7% −3.5% −22.5% −48.8% +179.4% +14.5% −38.1% +248.3% −41.4% −23.2% +24.7% +18.3% +34.2% −5.4% +8.5% +23.1%
Diluted EPS −0.4% +15.2% +8.2% −1.7% −22.4% −49.0% +182.1% +15.1% −38.4% +248.5% −41.3% −23.4% +24.0% +18.4% +33.7% −5.9% +8.2% +23.3%
Margins
Gross margin 67.5% 68.8% 66.2% 67.9% 66.7% 65.7% 66.4% 66.3% 65.7% 65.7% 65.1% 63.1% 64.1% 62.8% 63.7% 63.9% 64.0% 65.3%
EBITDA margin 29.4% 29.5% 26.1% 25.7% 19.6% 18.9% 24.6% 25.8% 25.4% 25.8% 25.2% 23.0% 22.5% 22.3% 25.5% 22.6% 25.7% 26.8%
Operating margin 23.7% 23.9% 20.3% 20.1% 13.9% 12.9% 18.7% 19.2% 18.5% 18.7% 18.2% 15.5% 15.1% 15.4% 19.0% 16.3% 19.5% 20.7%
Net margin 16.5% 17.4% 16.2% 15.0% 11.2% 5.3% 14.5% 14.5% 8.2% 26.1% 14.0% 11.1% 11.7% 12.8% 15.4% 13.2% 12.9% 13.8%
Free-cash-flow margin 19.8% 18.6% 14.5% 16.7% 18.7% 16.0% 7.1% 12.6% 7.7% 15.0% 10.4% 19.4% 16.0% 11.0% 15.3% 15.4% 17.1% 17.4%
Cash flow
Cash from operations 1.5 1.5 1.4 1.7 1.9 1.8 1.0 1.9 1.6 2.6 2.2 3.3 3.3 2.6 3.7 4.2 5.0 5.4
Capital spending 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.5 0.6 0.6 0.6 0.5 0.5 0.6 0.6 0.8 0.8 0.9
Free cash flow 1.3 1.4 1.2 1.4 1.7 1.5 0.7 1.4 1.0 2.0 1.5 2.8 2.7 2.0 3.1 3.5 4.3 4.6
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3
Free cash flow after stock pay 1.3 1.3 1.1 1.4 1.6 1.5 0.6 1.3 0.8 1.9 1.4 2.6 2.6 1.9 2.9 3.3 4.0 4.3
Balance sheet
Cash 0.7 1.8 0.9 1.4 1.3 1.8 3.4 3.3 2.5 3.6 4.3 2.9 2.9 1.8 3.0 3.7 4.0 3.3
Total debt 0.0 1.0 2.3 1.8 2.8 4.0 4.0 6.9 7.2 9.9 11.1 14.0 12.5 13.0 13.0 13.6 15.9 14.9
Net debt (negative = net cash) −0.6 −0.7 1.4 0.4 1.4 2.2 0.6 3.6 4.7 6.2 6.8 11.0 9.5 11.2 10.0 9.9 11.8 11.7
Diluted shares 399m 400m 390m 383m 382m 383m 381m 379m 380m 380m 380m 380m 382m 382m 384m 386m 387m 386m
Returned to shareholders
Dividends 0.2 0.2 0.3 0.3 0.4 0.5 0.5 0.6 0.6 0.7 0.8 0.9 1.0 1.1 1.1 1.2 1.3 1.3
Buybacks 0.0 0.4 0.6 0.1 0.3 0.1 0.7 0.0 0.2 0.3 0.3 0.0 0.0 — — — — —
Total returned 0.2 0.7 0.9 0.4 0.7 0.6 1.2 0.6 0.9 1.0 1.1 0.9 1.0 1.1 1.1 1.2 1.3 1.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $47.2bn
Short-term assets $14.2bnLonger-term assets $33.1bn
What it owes, and who funded it · $47.2bn
Short-term liabilities $6.5bnLonger-term liabilities $17.3bnShareholders' equity $23.5bn
  • Short-term assets cover short-term liabilities $14.2bn of assets due within a year against $6.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $14.2bn short-term assets against $17.3bn of longer-dated liabilities.
  • More cash than debt $3.3bn of cash against $14.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 64% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 92% to 64% over five years.
  • A year's operating cash flow covers at least 20% of debt $5.4bn of operating cash flow against $14.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $5.4bn against $586m of interest.

From Stryker Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$1.3B
Diluted share count
−0.1%
year over year
Total shareholder yield
1.1%
dividends 1.1% + buybacks 0.0% of market value
Dividend payout ratio
37%
of net income paid out
R&D spending
6.4%
of revenue
Sales & admin spending
34.4%
of revenue
Days sales outstanding
51 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated SYK GEHC BSX PHG MDT ABT Median
Revenue, last 12 months $26.3bn $21.6bn $21.1bn $20.2bn $37.5bn $46.6bn $99m
Revenue growth, last 12 months 7.9% 6.9% 8.9% 3.4% 9.8% 8.1% 9.2%
Revenue growth, 3-year average 9.8% 3.9% 15.3% — 6.0% 5.0% 13.5%
Revenue growth, latest quarter 7.6% 7.2% 1.4% — 13.7% 13.0% 10.2%
Gross margin 65.3% 39.9% 69.1% 45.2% 65.0% 56.6% 61.2%
Operating margin 20.7% 13.3% 18.7% 8.0% 18.1% 15.8% −8.5%
Operating margin, 3-year average 18.5% 13.2% 17.4% 6.6% 17.3% 16.4% −17.9%
Net margin 13.8% 10.0% 16.6% 5.0% 13.9% 11.6% −12.0%
Cash from operations / revenue 20.7% 11.2% 20.1% — 21.4% 21.3% −1.9%
Free-cash-flow margin 17.4% 8.7% 15.8% — 16.3% 16.8% −3.9%
Free-cash-flow margin, 3-year average 16.2% 8.1% 16.4% — 15.9% 15.5% −7.0%
Stock pay / revenue 1.0% 0.7% 1.5% 0.8% 1.3% 1.5% 6.1%
Change in share count −0.1% −0.6% −0.9% 3.1% 0.0% −0.1% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 7.9% 9.1% 74 of 129
Change in growth rate Growth -0.6pp -0.6pp 65 of 129
Gross margin Profitability 65.3% 61.9% 51 of 123
Operating margin Profitability 20.7% -8.3% 11 of 132
Net margin Profitability 13.8% -12.0% 19 of 133
Free-cash-flow margin Cash generation 17.4% -3.4% 16 of 128
Stock pay as % of revenue Cash generation 1.0% 6.1% 7 of 123
Long-term debt as % of assets Balance sheet 30.0% 24.2% 55 of 87
Change in share count Balance sheet -0.1% 3.3% 30 of 115
Days sales outstanding Balance sheet 51 days 57 days 48 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Med Surg and Neurotechnology $15.6B 62.3% ▲ 15.7%
Orthopaedics and Spine $9.5B 37.7% ▲ 4.3%
Geography
Region Revenue Share YoY
United States $19B 75.7% ▲ 12.2%
Outside the US $6.1B 24.3% ▲ 8.1%
EMEA $3.2B 52.1% ▲ 9.8%
Asia Pacific $2.2B 35.4% ▲ 7.1%
Other Foreign Countries $765M 12.5% ▲ 4.1%

From Stryker Corporation's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$97.2B
Institutions reporting
2,254
Shares held vs prior quarter
▲ 2.8%
Positions opened / closed
136 / 178

Top buyers and sellers, Q2 2026: 1,061 institutions bought and 1,038 sold ; the biggest buyer was Price T Rowe Associates Inc (+1.9M shares) and the biggest seller Capital Research Global Investors (−4.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $8.6B 27.4M 8.9% ▼ 0.7%
Vanguard Capital Management LLC $7.1B 22.5M 7.3% ▲ 0.7%
Jpmorgan Chase & Co $5.7B 17.3M 5.9% ▲ 10.7%
State Street Corp $4.9B 15.5M 5.0% ▲ 1.2%
Greenleaf Trust $4.8B 15.2M 4.9% ▼ 4.5%
Price T Rowe Associates Inc $3.8B 11.9M 3.9% ▲ 18.7%
Vanguard Portfolio Management LLC $2.6B 8.2M 2.6% ▼ 1.9%
Wellington Management Group LLP $2.6B 8.2M 2.6% ▲ 0.6%
Geode Capital Management, LLC $2.5B 7.8M 2.5% ▲ 0.9%
Morgan Stanley $1.9B 6.0M 1.9% ▼ 5.3%
Alliancebernstein L.P. $1.6B 4.9M 1.7% ▼ 18.6%
Norges Bank $1.5B 4.9M 1.6% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Stryker Corporation's complete shareholder register. Values are as reported by the filers ; 7 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $586M 71 trades by 8 insiders · 0% under pre-set plans
Net ▼ $586M net selling
Insider Date Trade Shares Price Value
Crotty Dylan Bram Group President August 21, 2026 Sell 441 $328.61 $144,915
Stryker Ronda E Director August 19, 2026 Sell 805 $343.47 $276,495
Stryker Ronda E Director August 19, 2026 Sell 3,852 $342.80 $1.3M
Stryker Ronda E Director August 19, 2026 Sell 3,274 $341.84 $1.1M
Stryker Ronda E Director August 19, 2026 Sell 16,612 $340.71 $5.7M
Stryker Ronda E Director August 19, 2026 Sell 10,812 $339.71 $3.7M
Stryker Ronda E Director August 19, 2026 Sell 11,257 $338.90 $3.8M
Stryker Ronda E Director August 19, 2026 Sell 2,308 $337.98 $780,062
Stryker Ronda E Director August 19, 2026 Sell 320 $336.79 $107,774
Stryker Ronda E Director August 19, 2026 Sell 80 $335.06 $26,804
Stryker Ronda E Director August 19, 2026 Sell 200 $333.93 $66,786
Stryker Ronda E Director August 19, 2026 Sell 440 $333.18 $146,598

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 78 trades and filings

In the last 12 months, 2 members of Congress disclosed 2 purchases and 5 sales of Stryker Corporation shares.

  • Thomas H. Kean, Jr.(R-NJ 7):Sale (partial), $1,001 - $15,000, traded September 30, 2026, filed October 30, 2026
  • Thomas H. Kean, Jr.(R-NJ 7):Sale (partial), $1,001 - $15,000, traded July 22, 2026, filed August 18, 2026
  • Thomas H. Kean, Jr.(R-NJ 7):Sale (partial), $1,001 - $15,000, traded June 2, 2026, filed July 15, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • January 29, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Stryker Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Stryker Corporation in brief

What does Stryker Corporation do?
Stryker Corporation is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Stryker Corporation's stock ticker?
Stryker Corporation trades under the ticker SYK on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Stryker Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Stryker Corporation reported revenue of $26.3B, 7.9% higher than a year earlier, according to its SEC filings.
What is Stryker Corporation's free cash flow?
Stryker Corporation's free-cash-flow margin is 17.4% of revenue over the trailing twelve months, ranking 16 of the 128 health care equipment companies we cover.
What is Stryker Corporation's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Stryker Corporation's free cash flow after stock-based pay gives ~$260 per share in the base case, and ~$190–$350 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Stryker Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Jpmorgan Chase & Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Stryker Corporation's market cap?
On November 2, 2026, Stryker Corporation's market capitalisation was about $118B, with a price-to-earnings ratio of 32.7 and net debt of $11.7B. Market figures come from third-party market data and may be delayed.
Does Stryker Corporation pay a dividend?
Yes: Stryker Corporation paid $1.3B in dividends over the trailing twelve months, a dividend yield of 1.13% and a payout ratio of 36.8%.
How much debt does Stryker Corporation have?
Stryker Corporation's debt-to-equity ratio is 63.6%, from its latest balance sheet (92.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Stryker Corporation's competitors?
In our Health Care Equipment peer group, the companies closest to Stryker Corporation are GE HealthCare, Boston Scientific, Koninklijke Philips NV, Medtronic and Abbott Laboratories. The side-by-side comparison below sets their revenue, margins and growth against Stryker Corporation's.
Are insiders buying or selling Stryker Corporation stock?
Over the last 12 months, Stryker Corporation's directors and officers reported 0 open-market purchases and 71 sales on Form 4. The insider trading page charts every trade.
When is Stryker Corporation's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Stryker Corporation announces its own schedule.