Price to Sales (P/S)
since 2005
Calculation
Stryker Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2022 | 5.55 | = | 251.65 | ÷ | 45.31 | 45.31 | = | 17,108 | ÷ | 377,544,686 | |
| Feb 11, 2021 | 6.43 | = | 245.34 | ÷ | 38.15 | 38.15 | = | 14,351 | ÷ | 376,200,942 | |
| Feb 6, 2020 | 5.49 | = | 218.24 | ÷ | 39.74 | 39.74 | = | 14,884 | ÷ | 374,575,145 | |
| Feb 7, 2019 | 4.95 | = | 180.75 | ÷ | 36.50 | 36.50 | = | 13,601 | ÷ | 372,664,636 | |
| Feb 8, 2018 | 4.46 | = | 148.01 | ÷ | 33.22 | 33.22 | = | 12,444 | ÷ | 374,642,060 | |
| Feb 9, 2017 | 4.06 | = | 123.32 | ÷ | 30.37 | 30.37 | = | 11,325 | ÷ | 372,878,298 | |
| Feb 11, 2016 | 3.61 | = | 96.16 | ÷ | 26.67 | 26.67 | = | 9,946 | ÷ | 372,982,213 | |
| Feb 12, 2015 | 3.66 | = | 93.37 | ÷ | 25.54 | 25.54 | = | 9,675 | ÷ | 378,749,951 | |
| Feb 13, 2014 | 3.47 | = | 82.75 | ÷ | 23.87 | 23.87 | = | 9,021 | ÷ | 377,870,936 | |
| Feb 27, 2013 | 2.80 | = | 63.66 | ÷ | 22.75 | 22.75 | = | 8,657 | ÷ | 380,512,172 | |
| Feb 13, 2012 | 2.47 | = | 53.87 | ÷ | 21.80 | 21.80 | = | 8,307 | ÷ | 381,020,353 | |
| Feb 18, 2011 | 3.37 | = | 63.00 | ÷ | 18.71 | 18.71 | = | 7,320 | ÷ | 391,246,163 | |
| Feb 26, 2010 | 3.14 | = | 53.10 | ÷ | 16.89 | 16.89 | = | 6,723 | ÷ | 398,051,370 | |
| Feb 20, 2009 | 2.36 | = | 40.03 | ÷ | 16.94 | 16.94 | = | 6,718 | ÷ | 396,531,769 | |
| Feb 28, 2008 | 4.53 | = | 66.04 | ÷ | 14.59 | 14.59 | = | 6,001 | ÷ | 411,183,514 | |
| Feb 28, 2007 | 4.69 | = | 62.02 | ÷ | 13.23 | 13.23 | = | 5,406 | ÷ | 408,450,841 | |
| Mar 7, 2006 | 3.82 | = | 45.81 | ÷ | 12.00 | 12.00 | = | 4,872 | ÷ | 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 analyzed period exhibits a long-term upward trajectory in both share price and sales per share, though the Price-to-Sales (P/S) ratio experienced distinct phases of contraction, stabilization, and expansion.
- Revenue Growth Trends
- Sales per share demonstrated consistent growth, increasing from 12.00 USD in 2006 to 45.31 USD in 2022. This steady climb indicates a sustained increase in top-line performance over the 16-year period, with only a minor deviation observed between 2020 and 2021.
- Share Price Dynamics
- The share price grew from 45.81 USD in 2006 to 251.65 USD in 2022. While the long-term trend is positive, significant volatility occurred in 2009, when the price fell to 40.03 USD, and in 2012, when it dipped to 53.87 USD.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio fluctuated between a minimum of 2.36 in 2009 and a maximum of 6.43 in 2021. The ratio remained relatively suppressed between 2009 and 2013, generally staying below 3.50. A period of sustained expansion began after 2016, as the ratio climbed from 3.61 in 2016 to a peak of 6.43 in 2021, suggesting that the market assigned an increasingly higher premium to each dollar of revenue generated.
The divergence between the steady growth of sales per share and the more aggressive acceleration of the share price in the later years drove the expansion of the P/S ratio. The decrease from 6.43 in 2021 to 5.55 in 2022, occurring despite an increase in sales per share, indicates a contraction in the valuation multiple during the final year of the period.
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Comparison to Competitors
Stryker Corp., P/S, long-term trends, comparison to competitors
| Stryker Corp. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 11, 2022 | 5.55 | 4.78 | 0.81 | 17.89 | 5.57 | 1.58 |
| Feb 11, 2021 | 6.43 | 6.30 | 0.60 | 21.29 | 4.36 | 1.24 |
| Feb 6, 2020 | 5.49 | 4.83 | 0.74 | 15.01 | 4.36 | 1.18 |
| Feb 7, 2019 | 4.95 | 4.37 | 0.88 | 16.06 | 3.92 | 1.12 |
| Feb 8, 2018 | 4.46 | 3.84 | 0.67 | 14.97 | 4.06 | 1.10 |
| Feb 9, 2017 | 4.06 | 3.70 | 0.51 | 10.11 | 4.07 | 0.83 |
| Feb 11, 2016 | 3.61 | 2.78 | 0.42 | 8.46 | 5.36 | 0.68 |
| Feb 12, 2015 | 3.66 | 3.53 | 0.54 | 8.80 | 3.74 | 0.80 |
| Feb 13, 2014 | 3.47 | 2.74 | 0.35 | 6.76 | 3.13 | 0.57 |
| Feb 27, 2013 | 2.80 | 1.38 | 0.31 | 10.56 | 2.36 | 0.53 |
| Feb 13, 2012 | 2.47 | 2.27 | 0.37 | 11.00 | 2.60 | 0.55 |
| Feb 18, 2011 | 3.37 | 2.06 | 0.44 | 9.15 | 2.48 | 0.50 |
| Feb 26, 2010 | 3.14 | 2.74 | 0.43 | 12.01 | 2.54 | 0.44 |
| Feb 20, 2009 | 2.36 | 2.83 | 0.33 | 5.14 | 4.30 | 0.43 |
| Feb 28, 2008 | 4.53 | 3.31 | 0.67 | 19.21 | 4.74 | 0.81 |
| Feb 28, 2007 | 4.69 | 3.68 | 0.89 | 11.23 | 4.81 | 1.03 |
| Mar 7, 2006 | 3.82 | 3.02 | 1.14 | 15.19 | 6.30 | 1.78 |
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/S, long-term trends, comparison to sector (health care equipment & services)
| Stryker Corp. | Health Care Equipment & Services | |
|---|---|---|
| Feb 11, 2022 | 5.55 | 2.07 |
| Feb 11, 2021 | 6.43 | 1.86 |
| Feb 6, 2020 | 5.49 | 1.74 |
| Feb 7, 2019 | 4.95 | 1.69 |
| Feb 8, 2018 | 4.46 | 1.58 |
| Feb 9, 2017 | 4.06 | 1.30 |
| Feb 11, 2016 | 3.61 | 1.17 |
| Feb 12, 2015 | 3.66 | 1.23 |
| Feb 13, 2014 | 3.47 | 0.95 |
| Feb 27, 2013 | 2.80 | 0.85 |
| Feb 13, 2012 | 2.47 | 1.04 |
| Feb 18, 2011 | 3.37 | 0.96 |
| Feb 26, 2010 | 3.14 | 1.02 |
| Feb 20, 2009 | 2.36 | 1.08 |
| Feb 28, 2008 | 4.53 | 1.48 |
| Feb 28, 2007 | 4.69 | 1.64 |
| Mar 7, 2006 | 3.82 | 2.17 |
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/S, long-term trends, comparison to industry (health care)
| Stryker Corp. | Health Care | |
|---|---|---|
| Feb 11, 2022 | 5.55 | 3.28 |
| Feb 11, 2021 | 6.43 | 3.31 |
| Feb 6, 2020 | 5.49 | 3.21 |
| Feb 7, 2019 | 4.95 | 3.07 |
| Feb 8, 2018 | 4.46 | 3.06 |
| Feb 9, 2017 | 4.06 | 2.80 |
| Feb 11, 2016 | 3.61 | 2.72 |
| Feb 12, 2015 | 3.66 | 3.08 |
| Feb 13, 2014 | 3.47 | 2.81 |
| Feb 27, 2013 | 2.80 | 2.20 |
| Feb 13, 2012 | 2.47 | 1.90 |
| Feb 18, 2011 | 3.37 | 1.80 |
| Feb 26, 2010 | 3.14 | 2.08 |
| Feb 20, 2009 | 2.36 | 1.70 |
| Feb 28, 2008 | 4.53 | 2.42 |
| Feb 28, 2007 | 4.69 | 2.85 |
| Mar 7, 2006 | 3.82 | 3.17 |
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).