Stock Analysis on Net
Stock Analysis on Net

Stryker Corp. (NYSE:SYK)

This company has been moved to the archive! The financial data has not been updated since April 29, 2022.

Common-Size Balance Sheet: Assets

Stryker Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Cash and cash equivalents 8.50 8.57 14.38 13.28 11.45
Marketable securities 0.22 0.24 0.29 0.30 1.13
Accounts receivable, less allowance 8.73 7.87 9.59 8.56 9.90
Inventories 9.57 10.18 10.88 10.85 11.11
Prepaid expenses and other current assets 1.91 1.42 2.52 2.74 2.42
Current assets 28.92% 28.28% 37.66% 35.74% 36.01%
Property, plant and equipment, net 8.18 8.02 8.51 8.41 8.90
Goodwill 37.30 37.22 30.06 31.45 32.29
Other intangibles, net 13.98 16.18 14.01 15.29 15.66
Noncurrent deferred income tax assets 5.08 4.46 5.22 6.16 1.27
Other noncurrent assets 6.53 5.85 4.54 2.94 5.86
Noncurrent assets 71.08% 71.72% 62.34% 64.26% 63.99%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

The asset composition of the balance sheet indicates a strategic shift from current liquidity toward noncurrent assets over the five-year period. Total current assets declined from 36.01% of total assets in 2017 to 28.92% in 2021, while noncurrent assets grew from 63.99% to 71.08% during the same timeframe.

Liquidity and Working Capital Trends
Cash and cash equivalents exhibited growth from 2017 through 2019, peaking at 14.38% of total assets, before experiencing a significant contraction in 2020 to 8.57% and remaining relatively stable at 8.50% in 2021. Marketable securities showed a consistent downward trend, decreasing from 1.13% to 0.22% over the period. Accounts receivable remained relatively stable, fluctuating within a narrow band between 7.87% and 9.90%. Inventories showed a gradual and steady decline, moving from 11.11% in 2017 to 9.57% in 2021, suggesting improved inventory management or a shift in asset allocation.
Intangible Asset and Acquisition Impact
A substantial increase in the weight of noncurrent assets is primarily driven by goodwill. Goodwill represented 32.29% of total assets in 2017, dipped slightly to 30.06% by 2019, and then surged to 37.22% in 2020 and 37.30% in 2021. This spike in 2020 correlates with the simultaneous drop in cash reserves, indicating a likely large-scale acquisition. Other intangible assets remained more stable, though they experienced a slight overall decrease from 15.66% in 2017 to 13.98% in 2021.
Fixed and Other Noncurrent Assets
Property, plant, and equipment, net, maintained a consistent presence, fluctuating minimally between 8.02% and 8.90% of total assets. Noncurrent deferred income tax assets saw a notable increase from 1.27% in 2017 to a peak of 6.16% in 2018, eventually stabilizing around 5.08% by 2021. Other noncurrent assets showed volatility, ending the period at 6.53%, up from 5.86% in 2017.

Overall, the asset structure evolved from a more liquid position toward one heavily weighted in intangible assets and goodwill. The transition observed between 2019 and 2020 suggests a significant reallocation of capital from cash and liquid reserves into long-term strategic acquisitions.

AI Ask an analyst for more