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 data reveals a generally positive growth trend in net sales over the analyzed years. Starting at $4,872 million in 2005, net sales increased steadily almost every year, reaching $17,108 million by 2021. This represents a significant expansion in revenue, reflecting successful business development and market penetration. There is a consistent upward trajectory with only minor fluctuations, such as a slight decline from 2019 to 2020, which could be attributed to external factors impacting sales.
Operating income also demonstrated growth over the period, though the pattern is less steady than net sales. Beginning at $999 million in 2005, operating income grew to a peak of $2,713 million in 2019 before declining to $2,223 million in 2020, then partially recovering to $2,584 million in 2021. The dip in 2019-2020 suggests some challenges in operational efficiency or increased costs during that phase. Nonetheless, the overall increase indicates improving profitability at the operational level across the years.
Net earnings followed a more volatile pattern despite an overall upward direction. Earnings increased from $675 million in 2005 to a high of $3,553 million in 2018, which represents an exceptionally strong profitability year. However, net earnings showed marked variability with declines in some years, notably in 2013 and 2014, and again in 2017, before rebounding sharply. Such fluctuations may indicate impacts from non-operating factors, extraordinary items, or tax effects influencing net profitability differently than operational results.
- Summary of Key Trends
- Consistent and substantial net sales growth suggests effective expansion strategies and market demand.
- Operating income increased overall, but not uniformly, implying periods of operational challenges or increased expenses.
- Net earnings demonstrate higher volatility, with peak earnings in 2018 and notable swings in other years, pointing to influences beyond core operations affecting profitability.
- The decline in financial performance around 2019-2020 across all metrics aligns with external disruptions likely impacting sales and earnings.
Balance Sheet: Assets
Stryker Corp., selected items from assets, long-term trends
US$ 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 annual financial data exhibits several notable trends in asset composition and scale over the period analyzed.
- Current Assets
- Current assets showed a generally upward trend from 2005 through 2019, increasing from $2,870 million to $11,360 million, indicating growth in liquid or near-liquid resources available to the company. There was a slight decline in 2015 and 2016, where current assets decreased from $9,673 million in 2014 to $7,944 million and $7,861 million respectively, suggesting a temporary contraction or reallocation of current assets.
- Following that, current assets rebounded strongly in 2018 and 2019, reaching a historical peak in 2019. The years 2020 and 2021 saw a modest decrease and stabilization with values around $9,700 million to $10,017 million, which may reflect a cautious liquidity management or shifts in working capital requirements.
- Total Assets
- Total assets displayed consistent growth throughout the entire period reviewed, expanding from $4,944 million in 2005 to $34,631 million by 2021, representing a sevenfold increase. This steady rise indicates significant asset accumulation, possibly through reinvestment, acquisitions, or organic expansion.
- The data shows a temporary deceleration in asset growth during 2014 and 2015, where total assets declined slightly from $17,713 million in 2013 to $16,247 million in 2015. However, from 2016 onward, total assets resumed an upward trajectory, reflecting renewed asset acquisition or growth initiatives.
In summary, the data reflects a solid expansion of the asset base over the years, with current assets generally following the broader asset growth trend but exhibiting more volatility. These patterns suggest ongoing investment in operational capacity and liquidity management strategies adapted to prevailing business conditions.
Balance Sheet: Liabilities and Stockholders’ Equity
Stryker Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ 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).
- Current Liabilities
- The current liabilities demonstrate a general upward trend over the period analyzed. Starting at $1,249 million in 2005, the figure remained relatively stable until 2008, hovering around $1,300 to $1,460 million. From 2009 onwards, a marked increase is observed with a significant spike in 2013 reaching $2,657 million, followed by another peak in 2014 at $4,464 million, the highest point recorded. After 2014, current liabilities fluctuate but remain elevated, ending at $4,549 million in 2021, indicating increased short-term obligations.
- Total Liabilities
- Data for total liabilities is only available starting from 2014. For this period, there is a consistent and significant rise from $10,885 million in 2014 to $21,246 million in 2019. A decline occurs in 2020 and 2021, decreasing to $19,754 million in 2021. This upward trend over most years indicates increasing overall obligations.
- Long-term Debt, Including Current Maturities
- The long-term debt remains low and stable from 2005 ($232 million) to 2008 ($21 million), followed by a sharp rise in 2010 to $1,022 million. After 2010, debt increases progressively, nearly doubling every few years until peaking at $13,991 million in 2020. In 2021, there is a decrease to $12,479 million, though the level remains substantially elevated compared to earlier years, suggesting considerable reliance on debt financing over the long term.
- Total Shareholders’ Equity
- Total shareholders’ equity experienced consistent growth throughout the period. Starting at $3,252 million in 2005, it increased fairly steadily each year, reaching $14,877 million in 2021. There was a slight dip in 2014 to $8,595 million from the previous year's $9,047 million, but overall the equity base expanded, reflecting retained earnings and possibly new equity issuance or appreciation over time.
- Summary and Insights
- Overall, the data reveals a company undertaking significant growth and expansion, as evidenced by the substantial increase in both liabilities and shareholders’ equity over the years. The rapid rise in current liabilities and total liabilities, especially from 2013 to 2019, indicates increased financial obligations and possibly greater operational scale or acquisitions. The long-term debt growth further suggests heightened leveraging, likely funding expansion activities. Despite this, the steady rise in shareholders’ equity indicates accumulating value for shareholders, which may mitigate some financial risk associated with increased debt. The fluctuations and peaks in liabilities highlight periods requiring close financial monitoring to ensure liquidity and solvency are maintained.
Cash Flow Statement
Stryker Corp., selected items from cash flow statement, long-term trends
US$ 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).
- Operating Activities Cash Flow
- The net cash provided by operating activities shows a general upward trend over the period analyzed. Starting at 864 million USD in 2005, it increased steadily with some fluctuations, peaking at 3277 million USD in 2020 before slightly declining to 3263 million USD in 2021. Notably, there was a significant drop in 2014 to 899 million USD, which quickly recovered the following year. Overall, operating cash flow demonstrates robust growth, indicating improving operational efficiency and cash-generating capability.
- Investing Activities Cash Flow
- The net cash used in investing activities displays significant variability, with negative values dominating most years, reflecting consistent cash outflows related to investments. Starting with -903 million USD in 2005, the figure fluctuates, reaching extreme lows such as -4701 million USD in 2020. Occasional positive values occur, notably in 2008 (310 million USD) and 2015 (1956 million USD), indicating periods where investing activities generated cash. The substantial negative flows in recent years suggest aggressive investment or acquisition activities impacting liquidity.
- Financing Activities Cash Flow
- Cash flows from financing activities exhibit considerable volatility without a clear directional trend. Values range from a high of 2361 million USD in 2016 to a low of -2365 million USD in 2021. Several years show negative cash flows, notably 2006, 2008, and 2015, indicative of debt repayments, share buybacks, or dividend payments exceeding new financing. Positive spikes in 2016 and 2018 suggest instances of capital raising or borrowing. The variability highlights fluctuating capital structure management and financing needs across the years.
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.
- Earnings per Share (Basic and Diluted)
- The basic earnings per share (EPS) exhibited a general upward trend from 2005 to 2021, despite some notable fluctuations. Starting at $1.67 in 2005, the EPS increased steadily, reaching a peak in 2008 at $2.81 before experiencing a decline in 2009 and continuing a fluctuating pattern until 2014. A significant drop is observed in 2013 and 2014, with basic EPS declining to $2.66 and then $1.36 respectively. However, from 2014, there is a sharp recovery, with EPS rising substantially to a peak of $9.50 in 2018, followed by a decline and stabilization around the $4 to $5 range by 2021.
- The diluted earnings per share closely parallels the basic EPS trend, though slightly lower in each period, which is consistent with typical dilution effects. Diluted EPS rose from $1.64 in 2005 to $2.78 by 2008, fell similarly during 2013 and 2014, and then surged to a peak of $9.34 in 2018. After 2018, diluted EPS declined with volatility, settling around $5.21 in 2021.
- Dividend per Share
- Dividend per share shows a consistent upward trajectory throughout the period. Beginning at $0.11 in 2005, dividends roughly doubled annually through 2007, reaching $0.40. There was a setback in 2009 where dividends dropped to $0.25, indicating possible financial stress or strategic reallocation of resources. After this dip, dividends resumed a steady increase year-over-year, growing to $2.59 by 2021. This increase suggests a commitment to returning value to shareholders and confidence in sustained profitability over the long term.
- Summary of Trends and Insights
- The earnings per share metrics indicate substantial volatility from 2012 to 2015, likely reflecting operational or market challenges during this interval. The pronounced peak in 2018 suggests an exceptional financial performance or possibly non-recurring gains during that year. The recovery thereafter, although not reaching the 2018 peak, maintains a healthier profit level compared to the earlier troughs.
- The consistent growth in dividends, despite EPS fluctuations, reflects a strategic emphasis on shareholder returns. The only dividend reduction occurred in 2009, coinciding with a dip in earnings, hinting at responsiveness to broader economic conditions. Post-recession recovery in dividend payments underscores company resilience and stable cash flow generation.