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
The organization transitioned from a nearly debt-free capital structure to a significantly leveraged position between 2005 and 2021. This evolution is characterized by a long-term shift in how assets were financed, moving from an almost exclusive reliance on equity to a balanced use of debt and equity.
- Long-Term Debt Trajectory
- From 2006 to 2009, long-term debt was negligible, remaining below 21 million US dollars. A structural shift occurred in 2010, with debt increasing to 1,022 million US dollars. This initiated a period of aggressive expansion in borrowing, with debt climbing steadily to reach a peak of 13,991 million US dollars by 2020. A slight reduction in total debt to 12,479 million US dollars was observed in 2021.
- Shareholders' Equity Trends
- Total shareholders' equity demonstrated consistent growth over the analyzed period, increasing from 3,252 million US dollars in 2005 to 14,877 million US dollars in 2021. This growth indicates a steady accumulation of retained earnings or capital contributions, providing a stabilizing foundation as debt levels increased.
- Debt to Equity Ratio Analysis
- The debt to equity ratio remained at or near 0.00 between 2006 and 2009, signifying a period of minimal leverage. Starting in 2010, the ratio began a sustained ascent, rising from 0.14 to 0.87 by 2019. The ratio peaked in 2020 at 1.07, marking the only instance in the period where long-term debt exceeded total shareholders' equity. In 2021, the ratio moderated to 0.84, reflecting a combination of debt reduction and equity growth.
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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).