Operating Profit Margin
since 2005
Calculation
Stryker Corp., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating income1 | ÷ | Net sales1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2021 | 15.10% | = | 100 | × | 2,584) | ÷ | 17,108) |
| Dec 31, 2020 | 15.49% | = | 100 | × | 2,223) | ÷ | 14,351) |
| Dec 31, 2019 | 18.23% | = | 100 | × | 2,713) | ÷ | 14,884) |
| Dec 31, 2018 | 18.65% | = | 100 | × | 2,537) | ÷ | 13,601) |
| Dec 31, 2017 | 18.40% | = | 100 | × | 2,290) | ÷ | 12,444) |
| Dec 31, 2016 | 19.13% | = | 100 | × | 2,166) | ÷ | 11,325) |
| Dec 31, 2015 | 18.71% | = | 100 | × | 1,861) | ÷ | 9,946) |
| Dec 31, 2014 | 12.88% | = | 100 | × | 1,246) | ÷ | 9,675) |
| Dec 31, 2013 | 13.92% | = | 100 | × | 1,256) | ÷ | 9,021) |
| Dec 31, 2012 | 20.11% | = | 100 | × | 1,741) | ÷ | 8,657) |
| Dec 31, 2011 | 20.30% | = | 100 | × | 1,686) | ÷ | 8,307) |
| Dec 31, 2010 | 23.93% | = | 100 | × | 1,751) | ÷ | 7,320) |
| Dec 31, 2009 | 23.72% | = | 100 | × | 1,594) | ÷ | 6,723) |
| Dec 31, 2008 | 22.61% | = | 100 | × | 1,519) | ÷ | 6,718) |
| Dec 31, 2007 | 21.79% | = | 100 | × | 1,307) | ÷ | 6,001) |
| Dec 31, 2006 | 19.87% | = | 100 | × | 1,074) | ÷ | 5,406) |
| Dec 31, 2005 | 20.50% | = | 100 | × | 999) | ÷ | 4,872) |
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
An analysis of financial performance from 2005 to 2021 reveals a consistent expansion in scale, though operating efficiency has experienced significant volatility over the sixteen-year period. While net sales grew from 4,872 million US$ to 17,108 million US$, the operating profit margin did not follow a linear trajectory, fluctuating between a high of 23.93% and a low of 12.88%.
- Initial Margin Expansion (2005–2010)
- During the first six years of the period, operating margins exhibited a steady upward trend, rising from 20.50% in 2005 to a peak of 23.93% in 2010. This growth coincided with a consistent increase in operating income, which rose from 999 million US$ to 1,751 million US$, suggesting strong operational leverage and efficiency gains during this phase.
- Significant Margin Contraction (2011–2014)
- A sharp decline in profitability occurred between 2011 and 2014. Despite net sales continuing to grow from 8,307 million US$ in 2011 to 9,675 million US$ in 2014, operating income decreased to 1,246 million US$. This resulted in the operating profit margin dropping to its lowest point in the observed period at 12.88%, indicating that operating expenses grew at a rate significantly exceeding revenue growth.
- Recovery and Recent Trends (2015–2021)
- A recovery phase began in 2015, with margins rebounding to 18.71% and remaining relatively stable between 18.23% and 19.13% through 2019. However, a secondary downward trend emerged in the final two years. Despite net sales reaching a period high of 17,108 million US$ in 2021, the operating profit margin compressed to 15.49% in 2020 and further to 15.10% in 2021, reflecting a decoupling of revenue growth from operating profitability.
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Comparison to Competitors
Stryker Corp., operating profit margin, long-term trends, comparison to competitors
| Stryker Corp. | Abbott Laboratories | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 15.10% | 19.56% | 31.89% | 14.89% | 8.40% |
| Dec 31, 2020 | 15.49% | 15.48% | 24.09% | 16.57% | 8.76% |
| Dec 31, 2019 | 18.23% | 14.21% | 30.69% | 20.51% | 8.19% |
| Dec 31, 2018 | 18.65% | 11.94% | 32.21% | 22.20% | 7.71% |
| Dec 31, 2017 | 18.40% | 6.30% | 33.71% | 17.94% | 7.60% |
| Dec 31, 2016 | 19.13% | 15.27% | 34.95% | 18.35% | 7.03% |
| Dec 31, 2015 | 18.71% | 14.05% | 31.04% | 18.59% | 7.05% |
| Dec 31, 2014 | 12.88% | 12.84% | 25.56% | 22.42% | 7.92% |
| Dec 31, 2013 | 13.92% | 12.03% | 37.64% | 26.53% | 7.90% |
| Dec 31, 2012 | 20.11% | 20.28% | 40.30% | 0.00% | 8.42% |
| Dec 31, 2011 | 20.30% | 14.81% | 39.54% | 0.00% | 8.36% |
| Dec 31, 2010 | 23.93% | 17.31% | 39.29% | 0.00% | 8.41% |
| Dec 31, 2009 | 23.72% | 20.27% | 35.87% | 0.00% | 7.35% |
| Dec 31, 2008 | 22.61% | 19.28% | 35.53% | 0.00% | 6.54% |
| Dec 31, 2007 | 21.79% | 17.67% | 34.41% | 0.00% | 10.57% |
| Dec 31, 2006 | 19.87% | 9.09% | 28.81% | 0.00% | 9.88% |
| Dec 31, 2005 | 20.50% | 19.53% | 30.25% | 0.00% | 11.98% |
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).