Debt to Equity
since 2005
Calculation
Stryker Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt, including current maturities1 | ÷ | Total Stryker shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 0.84 | = | 12,479) | ÷ | 14,877) |
| Dec 31, 2020 | 1.07 | = | 13,991) | ÷ | 13,084) |
| Dec 31, 2019 | 0.87 | = | 11,090) | ÷ | 12,807) |
| Dec 31, 2018 | 0.84 | = | 9,859) | ÷ | 11,730) |
| Dec 31, 2017 | 0.72 | = | 7,222) | ÷ | 9,966) |
| Dec 31, 2016 | 0.72 | = | 6,914) | ÷ | 9,550) |
| Dec 31, 2015 | 0.47 | = | 4,022) | ÷ | 8,511) |
| Dec 31, 2014 | 0.46 | = | 3,973) | ÷ | 8,595) |
| Dec 31, 2013 | 0.31 | = | 2,764) | ÷ | 9,047) |
| Dec 31, 2012 | 0.20 | = | 1,762) | ÷ | 8,597) |
| Dec 31, 2011 | 0.23 | = | 1,768) | ÷ | 7,683) |
| Dec 31, 2010 | 0.14 | = | 1,022) | ÷ | 7,174) |
| Dec 31, 2009 | 0.00 | = | 18) | ÷ | 6,595) |
| Dec 31, 2008 | 0.00 | = | 21) | ÷ | 5,407) |
| Dec 31, 2007 | 0.00 | = | 17) | ÷ | 5,379) |
| Dec 31, 2006 | 0.00 | = | 15) | ÷ | 4,191) |
| Dec 31, 2005 | 0.07 | = | 232) | ÷ | 3,252) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
- Long-term Debt Trends
- The long-term debt including current maturities shows a significant increase over the observation period. Initially, debt levels were relatively low and stable, remaining below 25 million US dollars through 2008. Beginning in 2009, there is a marked rise in debt, jumping sharply to over 1,000 million US dollars in 2010. This upward trend continues, with notable increases in 2015 and 2016, culminating in debt peaking at nearly 14,000 million US dollars in 2020 before slightly declining in 2021.
- Shareholders’ Equity Trends
- Shareholders’ equity generally illustrates a positive growth trajectory across the years. Starting at approximately 3,252 million US dollars in 2005, equity increases steadily, with only minor fluctuations, reaching almost 15,000 million US dollars by the end of 2021. Despite the increases in debt, equity growth remains consistent, indicating continued accumulation of company value.
- Debt to Equity Ratio Trends
- The debt to equity ratio remains near zero until 2009, reflecting minimal leverage. From 2010 onward, this ratio rises steadily, signaling an increase in financial leverage. The ratio peaks above 1.0 in 2020, indicating that total debt surpassed total equity during this year. In 2021, the ratio declines to 0.84, suggesting a reduction in relative debt levels. Overall, the trend reveals a strategic shift toward higher leverage beginning in 2010, with a peak followed by a modest deleveraging in the most recent year.
- Summary of Observations
- Over the analyzed period, there is a clear pattern of increasing reliance on long-term debt, especially after 2009, while shareholders' equity has also steadily grown, reflecting overall company growth. The rising debt to equity ratio signifies a transition toward more debt financing, potentially to support expansion or other strategic initiatives. The slight reduction in the debt to equity ratio in the last year could indicate a move toward balancing financial risk. The trends suggest careful management of capital structure with increasing but controlled leverage.
Comparison to Competitors
Stryker Corp., debt to equity, long-term trends, comparison to competitors
| Stryker Corp. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2021 | 0.84 | 0.50 | 0.64 | 0.00 | 0.51 | 0.64 |
| Dec 31, 2020 | 1.07 | 0.57 | 0.60 | 0.00 | 0.49 | 0.66 |
| Dec 31, 2019 | 0.87 | 0.58 | 0.63 | 0.00 | 0.51 | 0.71 |
| Dec 31, 2018 | 0.84 | 0.64 | 0.67 | 0.00 | 0.51 | 0.71 |
| Dec 31, 2017 | 0.72 | 0.90 | 0.75 | 0.00 | 0.66 | 0.66 |
| Dec 31, 2016 | 0.72 | 1.07 | 0.63 | 0.00 | 0.60 | 0.86 |
| Dec 31, 2015 | 0.47 | 0.42 | 0.69 | 0.00 | 0.68 | 0.95 |
| Dec 31, 2014 | 0.46 | 0.36 | 0.62 | 0.00 | 0.61 | 0.54 |
| Dec 31, 2013 | 0.31 | 0.26 | 0.59 | 0.00 | 0.57 | 0.52 |
| Dec 31, 2012 | 0.20 | 0.77 | 0.63 | 0.00 | 0.62 | 0.54 |
| Dec 31, 2011 | 0.23 | 0.63 | 0.42 | 0.00 | 0.62 | 0.41 |
| Dec 31, 2010 | 0.14 | 0.85 | 0.38 | 0.00 | 0.65 | 0.43 |
| Dec 31, 2009 | 0.00 | 0.72 | 0.34 | 0.00 | 0.57 | 0.47 |
| Dec 31, 2008 | 0.00 | 0.65 | 0.41 | 0.00 | 0.60 | 0.62 |
| Dec 31, 2007 | 0.00 | 0.69 | 0.39 | 0.00 | 0.55 | 0.55 |
| Dec 31, 2006 | 0.00 | 0.88 | 0.29 | 0.00 | 0.84 | 0.36 |
| Dec 31, 2005 | 0.07 | 0.46 | 0.27 | 0.00 | 0.23 | 0.40 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Health Care Equipment & Services)
Stryker Corp., debt to equity, long-term trends, comparison to sector (health care equipment & services)
| Stryker Corp. | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2021 | 0.84 | 0.55 |
| Dec 31, 2020 | 1.07 | 0.56 |
| Dec 31, 2019 | 0.87 | 0.58 |
| Dec 31, 2018 | 0.84 | 0.60 |
| Dec 31, 2017 | 0.72 | 0.71 |
| Dec 31, 2016 | 0.72 | 0.72 |
| Dec 31, 2015 | 0.47 | 0.69 |
| Dec 31, 2014 | 0.46 | 0.52 |
| Dec 31, 2013 | 0.31 | 0.47 |
| Dec 31, 2012 | 0.20 | 0.61 |
| Dec 31, 2011 | 0.23 | 0.49 |
| Dec 31, 2010 | 0.14 | 0.55 |
| Dec 31, 2009 | 0.00 | 0.51 |
| Dec 31, 2008 | 0.00 | 0.55 |
| Dec 31, 2007 | 0.00 | 0.53 |
| Dec 31, 2006 | 0.00 | 0.50 |
| Dec 31, 2005 | 0.07 | 0.34 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Stryker Corp., debt to equity, long-term trends, comparison to industry (health care)
| Stryker Corp. | Health Care | |
|---|---|---|
| Dec 31, 2021 | 0.84 | 0.80 |
| Dec 31, 2020 | 1.07 | 0.92 |
| Dec 31, 2019 | 0.87 | 0.90 |
| Dec 31, 2018 | 0.84 | 0.80 |
| Dec 31, 2017 | 0.72 | 0.82 |
| Dec 31, 2016 | 0.72 | 0.77 |
| Dec 31, 2015 | 0.47 | 0.69 |
| Dec 31, 2014 | 0.46 | 0.54 |
| Dec 31, 2013 | 0.31 | 0.50 |
| Dec 31, 2012 | 0.20 | 0.54 |
| Dec 31, 2011 | 0.23 | 0.47 |
| Dec 31, 2010 | 0.14 | 0.43 |
| Dec 31, 2009 | 0.00 | 0.42 |
| Dec 31, 2008 | 0.00 | 0.42 |
| Dec 31, 2007 | 0.00 | 0.36 |
| Dec 31, 2006 | 0.00 | 0.32 |
| Dec 31, 2005 | 0.07 | 0.30 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).