Liquidity ratios measure the company ability to meet its short-term obligations.
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Liquidity Ratios (Summary)
Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
---|---|---|---|---|---|---|
Current ratio | ||||||
Quick ratio | ||||||
Cash ratio |
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).
- Current Ratio
- The current ratio exhibits fluctuations over the five-year period. Starting at 2.29 in 2017, it decreased to 2.02 in 2018, followed by an increase to 2.58 in 2019. Subsequently, it declined to 1.93 in 2020 and then rose again to 2.20 in 2021. Overall, the ratio remains above 1.9, indicating a generally strong ability to cover short-term liabilities, with some variability reflecting changes in working capital management or operational conditions.
- Quick Ratio
- The quick ratio follows a similar trend of variability. It begins at 1.43 in 2017, declines to 1.25 in 2018, then rises sharply to 1.66 in 2019. In 2020, it decreases significantly to 1.14 before experiencing a partial recovery to 1.33 in 2021. Despite these fluctuations, the ratio consistently stays above 1.1, suggesting that the company maintains a comfortable liquidity position when excluding inventory.
- Cash Ratio
- The cash ratio also displays a fluctuating pattern, starting at 0.80 in 2017 and slightly decreasing to 0.77 in 2018. It increases notably to 1.01 in 2019, indicating strong cash reserves that year. However, the ratio drops sharply to 0.60 in 2020 and experiences a marginal increase to 0.66 in 2021. These values suggest a more conservative liquidity buffer compared to current and quick ratios, with cash reserves varying considerably across the years.
Current Ratio
Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Current assets | ||||||
Current liabilities | ||||||
Liquidity Ratio | ||||||
Current ratio1 | ||||||
Benchmarks | ||||||
Current Ratio, Competitors2 | ||||||
Abbott Laboratories | ||||||
CVS Health Corp. | ||||||
Elevance Health Inc. | ||||||
Intuitive Surgical Inc. | ||||||
Medtronic PLC | ||||||
UnitedHealth Group Inc. | ||||||
Current Ratio, Sector | ||||||
Health Care Equipment & Services | ||||||
Current Ratio, Industry | ||||||
Health Care |
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
= ÷ =
2 Click competitor name to see calculations.
- Current Assets
- Current assets exhibited a rising trend from 2017 to 2019, increasing from $7,993 million to $11,360 million. However, a decline occurred in 2020, dropping to $9,707 million, followed by a slight recovery to $10,017 million in 2021.
- Current Liabilities
- Current liabilities displayed a generally fluctuating pattern. After increasing sharply from $3,485 million in 2017 to $4,807 million in 2018, they decreased to $4,400 million in 2019. Subsequently, liabilities rose again to $5,041 million in 2020 before declining to $4,549 million in 2021.
- Current Ratio
- The current ratio, which measures short-term liquidity, fluctuated over the five-year period. It started at 2.29 in 2017, decreased to 2.02 in 2018, peaked at 2.58 in 2019, and then fell to its lowest point of 1.93 in 2020. In 2021, it rebounded to 2.2, indicating a strengthening of liquidity after the prior year's dip.
Overall, current assets and liabilities both showed volatility over the period, with current liabilities experiencing more pronounced fluctuations. The current ratio mirrored these movements, reflecting variability in the company's liquidity position. The peak current ratio in 2019 suggests improved short-term financial strength that was somewhat diminished in 2020 but partially restored in 2021.
Quick Ratio
Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Cash and cash equivalents | ||||||
Marketable securities | ||||||
Accounts receivable, less allowance | ||||||
Total quick assets | ||||||
Current liabilities | ||||||
Liquidity Ratio | ||||||
Quick ratio1 | ||||||
Benchmarks | ||||||
Quick Ratio, Competitors2 | ||||||
Abbott Laboratories | ||||||
CVS Health Corp. | ||||||
Elevance Health Inc. | ||||||
Intuitive Surgical Inc. | ||||||
Medtronic PLC | ||||||
UnitedHealth Group Inc. | ||||||
Quick Ratio, Sector | ||||||
Health Care Equipment & Services | ||||||
Quick Ratio, Industry | ||||||
Health Care |
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
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets showed a generally increasing trend from 2017 to 2019, rising from 4,991 million USD to 7,318 million USD. However, in 2020, there was a notable decline to 5,725 million USD before a slight recovery to 6,041 million USD in 2021.
- Current Liabilities
- Current liabilities increased significantly from 3,485 million USD in 2017 to 4,807 million USD in 2018. Afterwards, they decreased slightly to 4,400 million USD in 2019 but rose again to 5,041 million USD in 2020. By 2021, current liabilities decreased moderately to 4,549 million USD.
- Quick Ratio
- The quick ratio exhibited variability over the analyzed period. It started at 1.43 in 2017 and declined to 1.25 in 2018. In 2019, it increased substantially to 1.66, indicating improved liquidity. This was followed by a decline to 1.14 in 2020, the lowest point in the period, before recovering to 1.33 in 2021.
- Summary
- The data indicates fluctuations in liquidity and short-term financial stability. The increase in total quick assets until 2019 aligns with an improved quick ratio, suggesting strengthened liquidity during that period. The subsequent decrease in quick assets and quick ratio in 2020 may reflect increased financial pressure or changes in asset composition. Concurrently, current liabilities have generally increased, peaking in 2020, which may have contributed to the decline in the quick ratio that year. The partial rebound in both total quick assets and the quick ratio in 2021 suggests some recovery in liquidity, while current liabilities decreased, potentially indicating improved management of short-term obligations.
Cash Ratio
Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Cash and cash equivalents | ||||||
Marketable securities | ||||||
Total cash assets | ||||||
Current liabilities | ||||||
Liquidity Ratio | ||||||
Cash ratio1 | ||||||
Benchmarks | ||||||
Cash Ratio, Competitors2 | ||||||
Abbott Laboratories | ||||||
CVS Health Corp. | ||||||
Elevance Health Inc. | ||||||
Intuitive Surgical Inc. | ||||||
Medtronic PLC | ||||||
UnitedHealth Group Inc. | ||||||
Cash Ratio, Sector | ||||||
Health Care Equipment & Services | ||||||
Cash Ratio, Industry | ||||||
Health Care |
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
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Cash Assets
- Total cash assets demonstrated a general upward trend from 2017 to 2019, increasing from 2793 million US dollars to a peak of 4425 million US dollars. However, in 2020 and 2021, this value declined significantly, dropping to 3024 million US dollars and then slightly to 3019 million US dollars, indicating a reduction in liquid asset reserves during the two most recent years.
- Current Liabilities
- Current liabilities exhibited volatility throughout the period analyzed. Beginning at 3485 million US dollars in 2017, liabilities rose sharply to 4807 million US dollars in 2018, followed by a decrease to 4400 million US dollars in 2019. The figure increased again in 2020 to 5041 million US dollars before retracting to 4549 million US dollars in 2021. This trend suggests fluctuations in short-term financial obligations over the five years.
- Cash Ratio
- The cash ratio, which measures the ability to cover current liabilities with cash and cash equivalents, fluctuated notably over the period. It started at 0.8 in 2017, decreased slightly to 0.77 in 2018, then improved to exceed 1.0 in 2019, indicating that cash assets surpassed current liabilities at that point. Following this peak, the ratio declined sharply to 0.6 in 2020 and modestly improved to 0.66 in 2021. Despite this recovery, the ratio remained below the 2017 level, which could signify diminished liquidity relative to obligations in recent years.