Price to Earnings (P/E)
since 2005
Calculation
Stryker Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net earnings1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2022 | 47.65 | = | 251.65 | ÷ | 5.28 | 5.28 | = | 1,994 | ÷ | 377,544,686 | |
| Feb 11, 2021 | 57.72 | = | 245.34 | ÷ | 4.25 | 4.25 | = | 1,599 | ÷ | 376,200,942 | |
| Feb 6, 2020 | 39.24 | = | 218.24 | ÷ | 5.56 | 5.56 | = | 2,083 | ÷ | 374,575,145 | |
| Feb 7, 2019 | 18.96 | = | 180.75 | ÷ | 9.53 | 9.53 | = | 3,553 | ÷ | 372,664,636 | |
| Feb 8, 2018 | 54.36 | = | 148.01 | ÷ | 2.72 | 2.72 | = | 1,020 | ÷ | 374,642,060 | |
| Feb 9, 2017 | 27.92 | = | 123.32 | ÷ | 4.42 | 4.42 | = | 1,647 | ÷ | 372,878,298 | |
| Feb 11, 2016 | 24.92 | = | 96.16 | ÷ | 3.86 | 3.86 | = | 1,439 | ÷ | 372,982,213 | |
| Feb 12, 2015 | 68.67 | = | 93.37 | ÷ | 1.36 | 1.36 | = | 515 | ÷ | 378,749,951 | |
| Feb 13, 2014 | 31.08 | = | 82.75 | ÷ | 2.66 | 2.66 | = | 1,006 | ÷ | 377,870,936 | |
| Feb 27, 2013 | 18.66 | = | 63.66 | ÷ | 3.41 | 3.41 | = | 1,298 | ÷ | 380,512,172 | |
| Feb 13, 2012 | 15.26 | = | 53.87 | ÷ | 3.53 | 3.53 | = | 1,345 | ÷ | 381,020,353 | |
| Feb 18, 2011 | 19.36 | = | 63.00 | ÷ | 3.25 | 3.25 | = | 1,273 | ÷ | 391,246,163 | |
| Feb 26, 2010 | 19.09 | = | 53.10 | ÷ | 2.78 | 2.78 | = | 1,107 | ÷ | 398,051,370 | |
| Feb 20, 2009 | 13.83 | = | 40.03 | ÷ | 2.89 | 2.89 | = | 1,148 | ÷ | 396,531,769 | |
| Feb 28, 2008 | 26.69 | = | 66.04 | ÷ | 2.47 | 2.47 | = | 1,017 | ÷ | 411,183,514 | |
| Feb 28, 2007 | 32.57 | = | 62.02 | ÷ | 1.90 | 1.90 | = | 778 | ÷ | 408,450,841 | |
| Mar 7, 2006 | 27.54 | = | 45.81 | ÷ | 1.66 | 1.66 | = | 675 | ÷ | 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 long-term financial trajectory shows a substantial increase in share price coupled with significant fluctuations in earnings and valuation multiples. While the share price maintained a general upward trajectory over the sixteen-year period, the Price-to-Earnings (P/E) ratio exhibited high volatility, reflecting shifting market expectations and periodic earnings anomalies.
- Share Price Trends
- The share price grew from US$ 45.81 in March 2006 to US$ 251.65 by February 2022. A notable contraction occurred in February 2009, where the price fell to US$ 40.03, before beginning a consistent recovery. The most aggressive growth phase occurred between 2016 and 2022, with the price more than doubling from US$ 96.16 to over US$ 250.
- Earnings per Share (EPS) Performance
- Earnings displayed a non-linear growth pattern. EPS rose steadily from US$ 1.66 in 2006 to a peak of US$ 3.53 in 2012. A significant outlier is observed in February 2015, where EPS dropped to US$ 1.36. The highest recorded earnings occurred in February 2019 at US$ 9.53, followed by a correction to a range between US$ 4.25 and US$ 5.28 in the subsequent years.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio demonstrates extreme variability, indicating periods of high market premium and periods of valuation compression. The ratio reached its lowest point in February 2009 at 13.83. Conversely, valuation peaks were observed in February 2015 (68.67), February 2018 (54.36), and February 2021 (57.72). These spikes frequently correlate with years of depressed EPS relative to the share price, whereas the lowest P/E ratios typically coincide with earnings surges or broader market downturns.
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Comparison to Competitors
Stryker Corp., P/E, long-term trends, comparison to competitors
| Stryker Corp. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 11, 2022 | 47.65 | 29.13 | 18.13 | 59.94 | 46.56 | 26.03 |
| Feb 11, 2021 | 57.72 | 48.49 | 15.87 | 87.47 | 26.30 | 20.54 |
| Feb 6, 2020 | 39.24 | 41.83 | 15.96 | 48.72 | 28.78 | 20.48 |
| Feb 7, 2019 | 18.96 | 56.47 | 21.45 | 53.03 | 37.80 | 21.09 |
| Feb 8, 2018 | 54.36 | 220.29 | 15.44 | 70.95 | 29.96 | 20.77 |
| Feb 9, 2017 | 27.92 | 55.16 | 17.48 | 37.16 | 33.17 | 21.73 |
| Feb 11, 2016 | 24.92 | 12.83 | 12.99 | 34.24 | 40.56 | 18.18 |
| Feb 12, 2015 | 68.67 | 31.30 | 15.29 | 44.77 | 20.75 | 18.50 |
| Feb 13, 2014 | 31.08 | 23.25 | 9.95 | 22.82 | 14.99 | 12.35 |
| Feb 27, 2013 | 18.66 | 9.24 | 7.09 | 35.05 | 10.57 | 10.58 |
| Feb 13, 2012 | 15.26 | 18.67 | 8.36 | 39.05 | 13.37 | 10.78 |
| Feb 18, 2011 | 19.36 | 15.68 | 8.74 | 33.85 | 12.65 | 10.01 |
| Feb 26, 2010 | 19.09 | 14.69 | 5.53 | 54.30 | 17.11 | 9.91 |
| Feb 20, 2009 | 13.83 | 17.11 | 8.26 | 21.99 | 26.02 | 11.66 |
| Feb 28, 2008 | 26.69 | 23.82 | 12.02 | 79.87 | 20.81 | 12.85 |
| Feb 28, 2007 | 32.57 | 48.17 | 16.05 | 58.08 | 21.31 | 17.58 |
| Mar 7, 2006 | 27.54 | 20.03 | 20.66 | 36.68 | 35.12 | 24.20 |
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/E, long-term trends, comparison to sector (health care equipment & services)
| Stryker Corp. | Health Care Equipment & Services | |
|---|---|---|
| Feb 11, 2022 | 47.65 | 28.98 |
| Feb 11, 2021 | 57.72 | 27.23 |
| Feb 6, 2020 | 39.24 | 25.22 |
| Feb 7, 2019 | 18.96 | 28.84 |
| Feb 8, 2018 | 54.36 | 28.17 |
| Feb 9, 2017 | 27.92 | 27.54 |
| Feb 11, 2016 | 24.92 | 20.20 |
| Feb 12, 2015 | 68.67 | 21.28 |
| Feb 13, 2014 | 31.08 | 14.93 |
| Feb 27, 2013 | 18.66 | 10.51 |
| Feb 13, 2012 | 15.26 | 14.07 |
| Feb 18, 2011 | 19.36 | 12.56 |
| Feb 26, 2010 | 19.09 | 11.86 |
| Feb 20, 2009 | 13.83 | 15.75 |
| Feb 28, 2008 | 26.69 | 17.58 |
| Feb 28, 2007 | 32.57 | 22.77 |
| Mar 7, 2006 | 27.54 | 24.03 |
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/E, long-term trends, comparison to industry (health care)
| Stryker Corp. | Health Care | |
|---|---|---|
| Feb 11, 2022 | 47.65 | 21.55 |
| Feb 11, 2021 | 57.72 | 32.22 |
| Feb 6, 2020 | 39.24 | 22.09 |
| Feb 7, 2019 | 18.96 | 24.32 |
| Feb 8, 2018 | 54.36 | 33.04 |
| Feb 9, 2017 | 27.92 | 21.90 |
| Feb 11, 2016 | 24.92 | 19.53 |
| Feb 12, 2015 | 68.67 | 21.38 |
| Feb 13, 2014 | 31.08 | 18.67 |
| Feb 27, 2013 | 18.66 | 15.77 |
| Feb 13, 2012 | 15.26 | 15.79 |
| Feb 18, 2011 | 19.36 | 15.12 |
| Feb 26, 2010 | 19.09 | 11.71 |
| Feb 20, 2009 | 13.83 | 13.07 |
| Feb 28, 2008 | 26.69 | 19.29 |
| Feb 28, 2007 | 32.57 | 18.61 |
| Mar 7, 2006 | 27.54 | 21.71 |
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).