Stock Analysis on Net
Stock Analysis on Net

Stryker Corp. (NYSE:SYK)

This company has been moved to the archive! The financial data has not been updated since April 29, 2022.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Stryker Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Activity Ratio
Total Asset Turnover
Reported 0.49 0.42 0.49 0.50 0.56
Adjusted 0.52 0.44 0.52 0.52 0.56
Liquidity Ratio
Current Ratio
Reported 2.20 1.93 2.58 2.02 2.29
Adjusted 2.24 1.95 2.60 2.04 2.31
Solvency Ratios
Debt to Equity
Reported 0.84 1.07 0.87 0.84 0.72
Adjusted 0.97 1.22 1.00 1.00 0.77
Debt to Capital
Reported 0.46 0.52 0.46 0.46 0.42
Adjusted 0.49 0.55 0.50 0.50 0.43
Financial Leverage
Reported 2.33 2.62 2.36 2.32 2.23
Adjusted 2.47 2.79 2.51 2.55 2.27
Profitability Ratios
Net Profit Margin
Reported 11.66% 11.14% 13.99% 26.12% 8.20%
Adjusted 14.14% 7.94% 15.17% 13.95% 10.18%
Return on Equity (ROE)
Reported 13.40% 12.22% 16.26% 30.29% 10.23%
Adjusted 18.12% 9.65% 19.76% 18.66% 12.92%
Return on Assets (ROA)
Reported 5.76% 4.66% 6.90% 13.05% 4.60%
Adjusted 7.32% 3.46% 7.87% 7.32% 5.69%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Stryker Corp. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Stryker Corp. adjusted current ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Stryker Corp. adjusted debt-to-equity ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Stryker Corp. adjusted debt-to-capital ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Stryker Corp. adjusted financial leverage ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Stryker Corp. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Stryker Corp. adjusted ROE deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Stryker Corp. adjusted ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Stryker Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Net sales 17,108 14,351 14,884 13,601 12,444
Total assets 34,631 34,330 30,167 27,229 22,197
Activity Ratio
Total asset turnover1 0.49 0.42 0.49 0.50 0.56
Adjusted
Selected Financial Data (US$ in millions)
Net sales 17,108 14,351 14,884 13,601 12,444
Adjusted total assets2 33,038 32,931 28,680 25,923 22,269
Activity Ratio
Adjusted total asset turnover3 0.52 0.44 0.52 0.52 0.56

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).

1 2021 Calculation
Total asset turnover = Net sales ÷ Total assets
= 17,108 ÷ 34,631 = 0.49

2 Adjusted total assets. See details »

3 2021 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 17,108 ÷ 33,038 = 0.52

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Stryker Corp. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Current assets 10,017 9,707 11,360 9,733 7,993
Current liabilities 4,549 5,041 4,400 4,807 3,485
Liquidity Ratio
Current ratio1 2.20 1.93 2.58 2.02 2.29
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 10,184 9,838 11,448 9,797 8,052
Current liabilities 4,549 5,041 4,400 4,807 3,485
Liquidity Ratio
Adjusted current ratio3 2.24 1.95 2.60 2.04 2.31

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).

1 2021 Calculation
Current ratio = Current assets ÷ Current liabilities
= 10,017 ÷ 4,549 = 2.20

2 Adjusted current assets. See details »

3 2021 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 10,184 ÷ 4,549 = 2.24

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Stryker Corp. adjusted current ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Total debt 12,479 13,991 11,090 9,859 7,222
Total Stryker shareholders’ equity 14,877 13,084 12,807 11,730 9,966
Solvency Ratio
Debt to equity1 0.84 1.07 0.87 0.84 0.72
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 12,901 14,425 11,477 10,167 7,518
Adjusted total shareholders’ equity3 13,352 11,802 11,428 10,170 9,803
Solvency Ratio
Adjusted debt to equity4 0.97 1.22 1.00 1.00 0.77

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).

1 2021 Calculation
Debt to equity = Total debt ÷ Total Stryker shareholders’ equity
= 12,479 ÷ 14,877 = 0.84

2 Adjusted total debt. See details »

3 Adjusted total shareholders’ equity. See details »

4 2021 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total shareholders’ equity
= 12,901 ÷ 13,352 = 0.97

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Stryker Corp. adjusted debt-to-equity ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Total debt 12,479 13,991 11,090 9,859 7,222
Total capital 27,356 27,075 23,897 21,589 17,188
Solvency Ratio
Debt to capital1 0.46 0.52 0.46 0.46 0.42
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 12,901 14,425 11,477 10,167 7,518
Adjusted total capital3 26,253 26,227 22,905 20,337 17,321
Solvency Ratio
Adjusted debt to capital4 0.49 0.55 0.50 0.50 0.43

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).

1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 12,479 ÷ 27,356 = 0.46

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2021 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 12,901 ÷ 26,253 = 0.49

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Stryker Corp. adjusted debt-to-capital ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Total assets 34,631 34,330 30,167 27,229 22,197
Total Stryker shareholders’ equity 14,877 13,084 12,807 11,730 9,966
Solvency Ratio
Financial leverage1 2.33 2.62 2.36 2.32 2.23
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 33,038 32,931 28,680 25,923 22,269
Adjusted total shareholders’ equity3 13,352 11,802 11,428 10,170 9,803
Solvency Ratio
Adjusted financial leverage4 2.47 2.79 2.51 2.55 2.27

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).

1 2021 Calculation
Financial leverage = Total assets ÷ Total Stryker shareholders’ equity
= 34,631 ÷ 14,877 = 2.33

2 Adjusted total assets. See details »

3 Adjusted total shareholders’ equity. See details »

4 2021 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total shareholders’ equity
= 33,038 ÷ 13,352 = 2.47

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Stryker Corp. adjusted financial leverage ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Net earnings 1,994 1,599 2,083 3,553 1,020
Net sales 17,108 14,351 14,884 13,601 12,444
Profitability Ratio
Net profit margin1 11.66% 11.14% 13.99% 26.12% 8.20%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 2,419 1,139 2,258 1,898 1,267
Net sales 17,108 14,351 14,884 13,601 12,444
Profitability Ratio
Adjusted net profit margin3 14.14% 7.94% 15.17% 13.95% 10.18%

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).

1 2021 Calculation
Net profit margin = 100 × Net earnings ÷ Net sales
= 100 × 1,994 ÷ 17,108 = 11.66%

2 Adjusted net earnings. See details »

3 2021 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Net sales
= 100 × 2,419 ÷ 17,108 = 14.14%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Stryker Corp. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Net earnings 1,994 1,599 2,083 3,553 1,020
Total Stryker shareholders’ equity 14,877 13,084 12,807 11,730 9,966
Profitability Ratio
ROE1 13.40% 12.22% 16.26% 30.29% 10.23%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 2,419 1,139 2,258 1,898 1,267
Adjusted total shareholders’ equity3 13,352 11,802 11,428 10,170 9,803
Profitability Ratio
Adjusted ROE4 18.12% 9.65% 19.76% 18.66% 12.92%

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).

1 2021 Calculation
ROE = 100 × Net earnings ÷ Total Stryker shareholders’ equity
= 100 × 1,994 ÷ 14,877 = 13.40%

2 Adjusted net earnings. See details »

3 Adjusted total shareholders’ equity. See details »

4 2021 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted total shareholders’ equity
= 100 × 2,419 ÷ 13,352 = 18.12%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Stryker Corp. adjusted ROE deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Net earnings 1,994 1,599 2,083 3,553 1,020
Total assets 34,631 34,330 30,167 27,229 22,197
Profitability Ratio
ROA1 5.76% 4.66% 6.90% 13.05% 4.60%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 2,419 1,139 2,258 1,898 1,267
Adjusted total assets3 33,038 32,931 28,680 25,923 22,269
Profitability Ratio
Adjusted ROA4 7.32% 3.46% 7.87% 7.32% 5.69%

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).

1 2021 Calculation
ROA = 100 × Net earnings ÷ Total assets
= 100 × 1,994 ÷ 34,631 = 5.76%

2 Adjusted net earnings. See details »

3 Adjusted total assets. See details »

4 2021 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 2,419 ÷ 33,038 = 7.32%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Stryker Corp. adjusted ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.