Selected Financial Data
since 2005
Income Statement
Stryker Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Operating income | Net earnings |
|---|---|---|---|
| Dec 31, 2021 | 17,108) | 2,584) | 1,994) |
| Dec 31, 2020 | 14,351) | 2,223) | 1,599) |
| Dec 31, 2019 | 14,884) | 2,713) | 2,083) |
| Dec 31, 2018 | 13,601) | 2,537) | 3,553) |
| Dec 31, 2017 | 12,444) | 2,290) | 1,020) |
| Dec 31, 2016 | 11,325) | 2,166) | 1,647) |
| Dec 31, 2015 | 9,946) | 1,861) | 1,439) |
| Dec 31, 2014 | 9,675) | 1,246) | 515) |
| Dec 31, 2013 | 9,021) | 1,256) | 1,006) |
| Dec 31, 2012 | 8,657) | 1,741) | 1,298) |
| Dec 31, 2011 | 8,307) | 1,686) | 1,345) |
| Dec 31, 2010 | 7,320) | 1,751) | 1,273) |
| Dec 31, 2009 | 6,723) | 1,594) | 1,107) |
| Dec 31, 2008 | 6,718) | 1,519) | 1,148) |
| Dec 31, 2007 | 6,001) | 1,307) | 1,017) |
| Dec 31, 2006 | 5,406) | 1,074) | 778) |
| Dec 31, 2005 | 4,872) | 999) | 675) |
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).
The financial performance from 2005 to 2021 is characterized by consistent long-term revenue expansion accompanied by fluctuating operating efficiencies and significant volatility in net earnings.
- Revenue Growth Trends
- Net sales demonstrated a sustained upward trajectory, increasing from 4,872 million USD in 2005 to 17,108 million USD by 2021. This represents a substantial growth in market scale over the sixteen-year period. Growth was nearly linear until 2019, with a marginal contraction observed in 2020 where sales decreased to 14,351 million USD, followed by a sharp recovery in 2021.
- Operating Income and Margin Analysis
- Operating income grew from 999 million USD in 2005 to 2,584 million USD in 2021, though the growth was less consistent than that of net sales. A period of margin compression occurred between 2013 and 2014, where operating income declined to approximately 1,246 million USD despite rising sales. While operating income peaked at 2,713 million USD in 2019, the 2021 figure indicates that operating profit has not yet returned to its 2019 peak despite the record high in net sales, suggesting a decline in operating margins.
- Net Earnings Volatility
- Net earnings exhibited the highest degree of variance among the analyzed metrics. A significant trough occurred in 2014, with earnings falling to 515 million USD. Conversely, an exceptional peak was recorded in 2018, with net earnings surging to 3,553 million USD, a figure that deviates sharply from the surrounding years and suggests the impact of non-recurring items or accounting adjustments. Following this spike, net earnings normalized, falling to 1,599 million USD in 2020 before recovering to 1,994 million USD in 2021.
- Comparative Profitability Correlation
- The relationship between revenue and bottom-line profitability reveals a divergence in the later years of the period. Between 2005 and 2012, net earnings generally scaled in proportion to sales. However, in the final decade, the gap between the growth of net sales and the growth of net earnings widened, indicating that top-line growth did not translate linearly into net profit increases.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Balance Sheet: Assets
Stryker Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 10,017) | 34,631) |
| Dec 31, 2020 | 9,707) | 34,330) |
| Dec 31, 2019 | 11,360) | 30,167) |
| Dec 31, 2018 | 9,733) | 27,229) |
| Dec 31, 2017 | 7,993) | 22,197) |
| Dec 31, 2016 | 7,861) | 20,435) |
| Dec 31, 2015 | 7,944) | 16,247) |
| Dec 31, 2014 | 9,673) | 17,713) |
| Dec 31, 2013 | 8,335) | 15,743) |
| Dec 31, 2012 | 8,148) | 13,206) |
| Dec 31, 2011 | 7,211) | 12,405) |
| Dec 31, 2010 | 7,631) | 10,895) |
| Dec 31, 2009 | 5,851) | 9,071) |
| Dec 31, 2008 | 4,979) | 7,603) |
| Dec 31, 2007 | 4,905) | 7,354) |
| Dec 31, 2006 | 3,534) | 5,874) |
| Dec 31, 2005 | 2,870) | 4,944) |
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).
The asset base exhibits a sustained long-term expansion from 2005 through 2021. Total assets grew from US$ 4,944 million to US$ 34,631 million, representing a substantial increase in the overall scale of the balance sheet.
- Total Asset Growth Trajectory
- A consistent upward trend is observed in total assets, characterized by a significant acceleration in growth after 2016. Total assets rose from US$ 20,435 million in 2016 to US$ 34,631 million by 2021, indicating an aggressive expansion of the resource base in the latter part of the period.
- Current Asset Dynamics
- Current assets demonstrated a general increase from US$ 2,870 million in 2005 to US$ 10,017 million in 2021. This growth was punctuated by a period of volatility between 2014 and 2016, where current assets declined from a peak of US$ 9,673 million to US$ 7,861 million before resuming an upward trajectory to a peak of US$ 11,360 million in 2019.
- Structural Shift in Asset Composition
- There is a observable shift in the composition of the balance sheet, as total assets grew at a significantly faster rate than current assets. In 2005, current assets accounted for approximately 58% of total assets. By 2021, this proportion decreased to approximately 29%. This trend indicates a strategic reallocation of capital toward non-current assets, suggesting increased investment in long-term infrastructure, acquisitions, or intangible assets.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Balance Sheet: Liabilities and Stockholders’ Equity
Stryker Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt, including current maturities | Total Stryker shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2021 | 4,549) | 19,754) | 12,479) | 14,877) |
| Dec 31, 2020 | 5,041) | 21,246) | 13,991) | 13,084) |
| Dec 31, 2019 | 4,400) | 17,360) | 11,090) | 12,807) |
| Dec 31, 2018 | 4,807) | 15,499) | 9,859) | 11,730) |
| Dec 31, 2017 | 3,485) | 12,217) | 7,222) | 9,966) |
| Dec 31, 2016 | 3,148) | 10,885) | 6,914) | 9,550) |
| Dec 31, 2015 | 3,503) | —) | 4,022) | 8,511) |
| Dec 31, 2014 | 4,464) | —) | 3,973) | 8,595) |
| Dec 31, 2013 | 2,657) | —) | 2,764) | 9,047) |
| Dec 31, 2012 | 1,876) | —) | 1,762) | 8,597) |
| Dec 31, 2011 | 1,828) | —) | 1,768) | 7,683) |
| Dec 31, 2010 | 1,605) | —) | 1,022) | 7,174) |
| Dec 31, 2009 | 1,441) | —) | 18) | 6,595) |
| Dec 31, 2008 | 1,462) | —) | 21) | 5,407) |
| Dec 31, 2007 | 1,333) | —) | 17) | 5,379) |
| Dec 31, 2006 | 1,352) | —) | 15) | 4,191) |
| Dec 31, 2005 | 1,249) | —) | 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).
The balance sheet exhibits a substantial expansion in both total liabilities and shareholders' equity from 2005 through 2021. While equity growth followed a consistent upward trajectory, the company's liability structure underwent a fundamental shift in capital strategy starting around 2010, characterized by a significant increase in long-term borrowing.
- Long-term Debt Trends
- Between 2005 and 2009, long-term debt remained negligible, fluctuating between 15 million US$ and 232 million US$. A pivot in financing strategy occurred in 2010, with debt increasing to 1,022 million US$. This growth accelerated aggressively after 2015, rising from 4,022 million US$ to a peak of 13,991 million US$ by 2020. A slight contraction was observed in 2021, with debt decreasing to 12,479 million US$.
- Current Liabilities Analysis
- Current liabilities demonstrated a gradual increase from 1,249 million US$ in 2005 to 1,876 million US$ in 2012. A sharp escalation occurred in 2014, where current liabilities jumped to 4,464 million US$. Subsequent years showed volatility, with a peak of 5,041 million US$ in 2020 before settling at 4,549 million US$ at the end of 2021.
- Shareholders' Equity Growth
- Total shareholders' equity grew steadily from 3,252 million US$ in 2005 to 14,877 million US$ in 2021. The progression was largely linear, with a brief period of stagnation observed between 2013 and 2015, during which equity remained between 8,511 million US$ and 9,047 million US$. This persistent increase indicates a consistent accumulation of retained earnings or capital contributions over the sixteen-year period.
- Total Liabilities and Capital Structure
- Total liabilities increased from 10,885 million US$ in 2016 to a peak of 21,246 million US$ in 2020. The data indicates that the growth in total liabilities was driven primarily by the expansion of long-term debt rather than current obligations. By 2021, total liabilities decreased slightly to 19,754 million US$, while shareholders' equity continued to rise, suggesting a slight improvement in the debt-to-equity profile in the final year of the analysis.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Cash Flow Statement
Stryker Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 3,263) | (859) | (2,365) |
| Dec 31, 2020 | 3,277) | (4,701) | (11) |
| Dec 31, 2019 | 2,191) | (1,455) | 3) |
| Dec 31, 2018 | 2,610) | (2,857) | 1,329) |
| Dec 31, 2017 | 1,559) | (1,613) | (794) |
| Dec 31, 2016 | 1,812) | (4,191) | 2,361) |
| Dec 31, 2015 | 899) | 1,956) | (1,141) |
| Dec 31, 2014 | 1,782) | (1,878) | 629) |
| Dec 31, 2013 | 1,886) | (2,217) | 300) |
| Dec 31, 2012 | 1,657) | (736) | (449) |
| Dec 31, 2011 | 1,434) | (2,135) | (161) |
| Dec 31, 2010 | 1,547) | (796) | 410) |
| Dec 31, 2009 | 1,461) | (1,328) | (193) |
| Dec 31, 2008 | 1,176) | 310) | (1,046) |
| Dec 31, 2007 | 1,028) | (1,178) | 14) |
| Dec 31, 2006 | 867) | (742) | (203) |
| Dec 31, 2005 | 864) | (903) | 202) |
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).
A consistent long-term expansion in cash generation from core operations is evident over the analyzed period, with significant acceleration observed in the latter half of the timeframe. This growth indicates an increasing capacity to fund corporate activities through internal cash flows, despite occasional volatility.
- Operating Cash Flow Dynamics
- Net cash provided by operating activities grew steadily from 864 million US dollars in 2005 to 1,782 million US dollars by 2014. A notable contraction occurred in 2015, where cash flow dropped to 899 million US dollars, representing a significant temporary decline. However, a strong recovery followed, with operating cash flows reaching a peak of 3,277 million US dollars in 2020, maintaining a level above 3,200 million US dollars into 2021.
- Investment Patterns and Capital Deployment
- Investing activities remained predominantly negative, reflecting a sustained strategy of capital expenditure and asset acquisition. Major investment outflows were recorded in 2016 (4,191 million US dollars) and 2020 (4,701 million US dollars). Conversely, positive cash flows from investing activities were observed in 2008 and 2015, suggesting periods of asset divestiture or liquidation that provided temporary liquidity.
- Financing Activity Volatility
- Cash flows from financing activities exhibit high variability, alternating between net inflows and outflows. Significant inflows were noted in 2016 (2,361 million US dollars) and 2018 (1,329 million US dollars), indicating periods of increased borrowing or equity issuance. This is contrasted by substantial outflows, most notably in 2021, where net cash used in financing activities reached 2,365 million US dollars, pointing toward aggressive debt repayment or shareholder returns.
The overall financial trajectory reveals a transition toward a more self-sustaining capital structure. While early periods relied more heavily on fluctuating financing to balance investment needs, the latter years demonstrate a pattern where substantial operating cash flows are utilized to fund aggressive investing activities, with financing activities serving as a mechanism for strategic balance sheet adjustments.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Per Share Data
Stryker Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | 5.29 | 5.21 | 2.59 |
| Dec 31, 2020 | 4.26 | 4.20 | 2.36 |
| Dec 31, 2019 | 5.57 | 5.48 | 2.14 |
| Dec 31, 2018 | 9.50 | 9.34 | 1.93 |
| Dec 31, 2017 | 2.73 | 2.68 | 1.75 |
| Dec 31, 2016 | 4.40 | 4.35 | 1.57 |
| Dec 31, 2015 | 3.82 | 3.78 | 1.42 |
| Dec 31, 2014 | 1.36 | 1.34 | 1.26 |
| Dec 31, 2013 | 2.66 | 2.63 | 1.10 |
| Dec 31, 2012 | 3.41 | 3.39 | 0.90 |
| Dec 31, 2011 | 3.48 | 3.45 | 0.75 |
| Dec 31, 2010 | 3.21 | 3.19 | 0.63 |
| Dec 31, 2009 | 2.79 | 2.77 | 0.25 |
| Dec 31, 2008 | 2.81 | 2.78 | 0.40 |
| Dec 31, 2007 | 2.48 | 2.44 | 0.33 |
| Dec 31, 2006 | 1.91 | 1.89 | 0.22 |
| Dec 31, 2005 | 1.67 | 1.64 | 0.11 |
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, 2, 3 Data adjusted for splits and stock dividends.
An analysis of per-share metrics from 2005 to 2021 reveals a period of earnings volatility contrasted by a consistent, long-term growth strategy in shareholder distributions.
- Earnings Per Share (EPS) Performance
- Basic and diluted earnings per share exhibited a general upward trajectory from 2005 through 2012, peaking at 3.48 and 3.45 respectively in 2011. A significant contraction occurred between 2013 and 2014, with Basic EPS falling to 1.36. A subsequent recovery was observed by 2016, followed by a sharp decline in 2017 and an anomalous peak in 2018, where Basic EPS reached a maximum of 9.50. Earnings then moderated to a range between 4.26 and 5.29 from 2019 through 2021.
- Dividend Distribution Trends
- Dividend per share demonstrated a strong and nearly uninterrupted growth pattern. Starting at 0.11 in 2005, payments increased steadily, with the sole exception of a reduction in 2009 to 0.25. Following 2009, the dividend grew annually without exception, reaching 2.59 by 2021. This trajectory indicates a prioritized commitment to increasing shareholder returns.
- Correlation Between Earnings and Dividends
- The relationship between earnings and dividends suggests a decoupled distribution policy. While Basic EPS experienced substantial fluctuations—most notably the drop in 2014 and the spike in 2018—dividend payments remained resilient and grew linearly. Even during the 2014 earnings trough, the dividend per share increased from 1.10 to 1.26, suggesting that dividend growth is managed independently of short-term earnings volatility.
- Dilution Impact
- The variance between basic and diluted earnings per share remained minimal throughout the entire period. The close alignment of these two figures indicates that the impact of potentially dilutive securities on earnings per share was negligible across the sixteen-year span.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?