Price to Book Value (P/BV)
since 2005
Calculation
Stryker Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Stryker shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2022 | 6.39 | = | 251.65 | ÷ | 39.40 | 39.40 | = | 14,877 | ÷ | 377,544,686 | |
| Feb 11, 2021 | 7.05 | = | 245.34 | ÷ | 34.78 | 34.78 | = | 13,084 | ÷ | 376,200,942 | |
| Feb 6, 2020 | 6.38 | = | 218.24 | ÷ | 34.19 | 34.19 | = | 12,807 | ÷ | 374,575,145 | |
| Feb 7, 2019 | 5.74 | = | 180.75 | ÷ | 31.48 | 31.48 | = | 11,730 | ÷ | 372,664,636 | |
| Feb 8, 2018 | 5.56 | = | 148.01 | ÷ | 26.60 | 26.60 | = | 9,966 | ÷ | 374,642,060 | |
| Feb 9, 2017 | 4.82 | = | 123.32 | ÷ | 25.61 | 25.61 | = | 9,550 | ÷ | 372,878,298 | |
| Feb 11, 2016 | 4.21 | = | 96.16 | ÷ | 22.82 | 22.82 | = | 8,511 | ÷ | 372,982,213 | |
| Feb 12, 2015 | 4.11 | = | 93.37 | ÷ | 22.69 | 22.69 | = | 8,595 | ÷ | 378,749,951 | |
| Feb 13, 2014 | 3.46 | = | 82.75 | ÷ | 23.94 | 23.94 | = | 9,047 | ÷ | 377,870,936 | |
| Feb 27, 2013 | 2.82 | = | 63.66 | ÷ | 22.59 | 22.59 | = | 8,597 | ÷ | 380,512,172 | |
| Feb 13, 2012 | 2.67 | = | 53.87 | ÷ | 20.16 | 20.16 | = | 7,683 | ÷ | 381,020,353 | |
| Feb 18, 2011 | 3.44 | = | 63.00 | ÷ | 18.34 | 18.34 | = | 7,174 | ÷ | 391,246,163 | |
| Feb 26, 2010 | 3.20 | = | 53.10 | ÷ | 16.57 | 16.57 | = | 6,595 | ÷ | 398,051,370 | |
| Feb 20, 2009 | 2.94 | = | 40.03 | ÷ | 13.63 | 13.63 | = | 5,407 | ÷ | 396,531,769 | |
| Feb 28, 2008 | 5.05 | = | 66.04 | ÷ | 13.08 | 13.08 | = | 5,379 | ÷ | 411,183,514 | |
| Feb 28, 2007 | 6.04 | = | 62.02 | ÷ | 10.26 | 10.26 | = | 4,191 | ÷ | 408,450,841 | |
| Mar 7, 2006 | 5.72 | = | 45.81 | ÷ | 8.01 | 8.01 | = | 3,252 | ÷ | 405,842,341 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Stryker Corp. Annual Report.
The financial trajectory between 2006 and 2022 is characterized by a substantial long-term increase in both market price and book value per share, although the relationship between these two metrics has experienced distinct cyclical fluctuations.
- Share Price and Book Value Growth
- A consistent upward trend in book value per share is observed, rising from 8.01 US$ in 2006 to 39.40 US$ by 2022. While the share price followed a general upward trajectory, increasing from 45.81 US$ to 251.65 US$, it exhibited greater volatility than the book value, most notably during the decline observed in 2009.
- P/BV Ratio Volatility and Contraction
- The price-to-book value ratio began at a relatively high level of 5.72 in 2006 before entering a period of significant contraction. The ratio reached its lowest points between 2009 and 2013, bottoming out at 2.67 in 2012. This period indicates a phase where the market valuation of the company's equity was most closely aligned with its accounting value.
- Valuation Expansion Phase
- Starting in 2014, a sustained expansion in the P/BV ratio is evident. The ratio climbed steadily from 3.46 in 2014 to a peak of 7.05 in 2021. This trend suggests a growing market premium attributed to the company, reflecting increased investor confidence or the recognition of intangible assets not fully captured in the book value.
- Recent Valuation Adjustment
- Following the peak in 2021, a slight moderation in the P/BV ratio occurred, descending to 6.39 in 2022. Despite this recent dip, the valuation remains significantly elevated compared to the historical lows seen in the 2009-2013 window.
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Comparison to Competitors
Stryker Corp., P/BV, long-term trends, comparison to competitors
| Stryker Corp. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 11, 2022 | 6.39 | 5.75 | 3.07 | 8.59 | 3.26 | 6.27 |
| Feb 11, 2021 | 7.05 | 6.65 | 2.19 | 9.53 | 2.48 | 4.83 |
| Feb 6, 2020 | 6.38 | 4.96 | 2.42 | 8.13 | 2.66 | 4.92 |
| Feb 7, 2019 | 5.74 | 4.38 | 2.82 | 8.96 | 2.31 | 4.89 |
| Feb 8, 2018 | 5.56 | 3.40 | 2.24 | 9.91 | 2.40 | 4.59 |
| Feb 9, 2017 | 4.82 | 3.76 | 1.72 | 4.73 | 2.25 | 3.98 |
| Feb 11, 2016 | 4.21 | 2.68 | 1.44 | 4.67 | 2.04 | 3.12 |
| Feb 12, 2015 | 4.11 | 3.32 | 1.62 | 5.55 | 3.27 | 3.20 |
| Feb 13, 2014 | 3.46 | 2.38 | 1.00 | 4.37 | 2.78 | 2.16 |
| Feb 27, 2013 | 2.82 | 2.06 | 0.79 | 6.43 | 2.23 | 1.88 |
| Feb 13, 2012 | 2.67 | 3.61 | 0.95 | 7.31 | 2.59 | 1.96 |
| Feb 18, 2011 | 3.44 | 3.24 | 1.06 | 6.34 | 2.68 | 1.80 |
| Feb 26, 2010 | 3.20 | 3.69 | 1.06 | 8.22 | 2.89 | 1.60 |
| Feb 20, 2009 | 2.94 | 4.78 | 0.96 | 3.55 | 5.03 | 1.67 |
| Feb 28, 2008 | 5.05 | 4.83 | 1.75 | 12.99 | 5.31 | 2.98 |
| Feb 28, 2007 | 6.04 | 5.88 | 2.02 | 7.10 | 5.78 | 3.51 |
| Mar 7, 2006 | 5.72 | 4.69 | 2.04 | 7.80 | 6.06 | 4.50 |
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., P/BV, long-term trends, comparison to sector (health care equipment & services)
| Stryker Corp. | Health Care Equipment & Services | |
|---|---|---|
| Feb 11, 2022 | 6.39 | 5.01 |
| Feb 11, 2021 | 7.05 | 4.30 |
| Feb 6, 2020 | 6.38 | 4.00 |
| Feb 7, 2019 | 5.74 | 3.83 |
| Feb 8, 2018 | 5.56 | 3.44 |
| Feb 9, 2017 | 4.82 | 2.95 |
| Feb 11, 2016 | 4.21 | 2.39 |
| Feb 12, 2015 | 4.11 | 2.94 |
| Feb 13, 2014 | 3.46 | 2.12 |
| Feb 27, 2013 | 2.82 | 1.89 |
| Feb 13, 2012 | 2.67 | 2.39 |
| Feb 18, 2011 | 3.44 | 2.21 |
| Feb 26, 2010 | 3.20 | 2.31 |
| Feb 20, 2009 | 2.94 | 2.78 |
| Feb 28, 2008 | 5.05 | 3.52 |
| Feb 28, 2007 | 6.04 | 3.80 |
| Mar 7, 2006 | 5.72 | 3.90 |
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., P/BV, long-term trends, comparison to industry (health care)
| Stryker Corp. | Health Care | |
|---|---|---|
| Feb 11, 2022 | 6.39 | 5.48 |
| Feb 11, 2021 | 7.05 | 5.37 |
| Feb 6, 2020 | 6.38 | 5.14 |
| Feb 7, 2019 | 5.74 | 5.17 |
| Feb 8, 2018 | 5.56 | 4.55 |
| Feb 9, 2017 | 4.82 | 4.06 |
| Feb 11, 2016 | 4.21 | 3.62 |
| Feb 12, 2015 | 4.11 | 4.10 |
| Feb 13, 2014 | 3.46 | 3.51 |
| Feb 27, 2013 | 2.82 | 2.87 |
| Feb 13, 2012 | 2.67 | 2.51 |
| Feb 18, 2011 | 3.44 | 2.24 |
| Feb 26, 2010 | 3.20 | 2.36 |
| Feb 20, 2009 | 2.94 | 2.65 |
| Feb 28, 2008 | 5.05 | 3.45 |
| Feb 28, 2007 | 6.04 | 3.81 |
| Mar 7, 2006 | 5.72 | 3.97 |
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).