Stryker Corp. (NYSE:SYK)

Debt to Equity Ratio

The debt to equity ratio exhibits some fluctuations over the observed period. Starting at 0.74 in March 2017, it generally remains in the range of 0.69 to 0.87 through 2017 to early 2019. There is a noticeable increase beginning in 2020, peaking at 1.07 by December 2020. Subsequently, the ratio gradually declines but stays close to the 0.9 to 1.0 range through early 2022, with a slight uptick to 0.94 in March 2022. This suggests a trend toward higher leverage around 2020, followed by a modest deleveraging phase.

Debt to Capital Ratio

The debt to capital ratio shows a relatively stable pattern with minimal variability. It oscillates between 0.41 and 0.46 prior to 2020. Starting early 2020, the ratio sees an uptick to around 0.50 to 0.52, indicating a higher proportion of debt relative to total capital during this period. Toward the end of the data at March 2022, the ratio slightly decreases to 0.48. Overall, the trend indicates a modest increase in debt's share of capital during 2020, followed by slight stabilization.

Debt to Assets Ratio

The debt to assets ratio remains fairly consistent throughout the periods, primarily fluctuating between 0.32 and 0.36 before 2020. During 2020, it rises to approximately 0.41, remaining elevated through 2021. By March 2022, the ratio dips marginally to 0.39. The pattern indicates increased leverage relative to assets starting in 2020, with a partial retreat thereafter but still elevated compared to earlier years.

Financial Leverage

Financial leverage exhibits a gradual increasing trend over the time span. Beginning at about 2.11 in early 2017, it displays minor fluctuations but generally trends upward, reaching 2.62 at the end of 2020. Following this peak, a slight decline occurs through 2021, ending near 2.33 by the first quarter of 2022. This measure confirms an overall incremental increase in leverage, particularly intensified during 2020, with a partial reduction in subsequent quarters.

The financial data indicates fluctuations in both the total debt and total shareholders' equity over the observed periods, resulting in varying debt-to-equity ratios.

Total Debt

The total debt exhibits periodic increases and decreases, with an overall upward trend from March 2017 to March 2022. Initial values around 7,200 million USD gradually rise to over 14,000 million USD by early 2022, with some notable increases occurring during late 2018 and mid-2020 periods reflecting substantial debt increments.

Total Shareholders’ Equity

Shareholders' equity shows a general upward trend throughout the timeframe, increasing from approximately 9,700 million USD in early 2017 to over 15,000 million USD by the first quarter of 2022. Some periods, such as late 2018 and mid-2020, exhibit slight stagnations or minor declines, but the overall trajectory remains positive, indicating growth in equity capital.

Debt-to-Equity Ratio

The debt-to-equity ratio fluctuates around 0.7 to 1.0 throughout the timeline, reflecting changes in debt relative to equity. It starts below 0.75, ascends to a peak above 1.0 during mid-2020 and late 2020, implying increased leverage, before decreasing again to around 0.94 by early 2022. This indicates periods where the company increased its debt load relative to equity, followed by a modest reduction in leverage.

In summary, the company’s financial leverage increased particularly in 2020, likely linked to strategic financing or investment activities, before a gradual reduction by early 2022. The growth in shareholders' equity alongside total debt suggests a strengthening equity base supporting the company’s capital structure. The observed patterns imply active management of financing resources to balance growth with risk.

Total Debt

Total debt exhibits a generally increasing pattern over the observed time frame. Starting at 7,219 million USD in March 2017, it remains relatively stable with minor fluctuations until the end of 2017. A significant increase occurs in December 2018, jumping to 9,859 million USD from 7,203 million USD in the preceding quarter.

Following this spike, total debt fluctuates between approximately 8,400 million USD and 11,090 million USD throughout 2019 and early 2020. From mid-2020 onward, a notable upward trend is observed, with total debt reaching 13,991 million USD by December 2020. After peaking, it stabilizes somewhat, hovering between 12,479 million USD and 14,099 million USD in the first quarter of 2022.

Total Capital

Total capital shows an upward trajectory across the periods analyzed. Initial values in early 2017 are around 16,923 million USD, with a gradual increase and a notable jump occurring at the end of 2018 to 21,589 million USD, corresponding with the increase in total debt during the same time.

This growth trend continues steadily through 2019 and 2020, reaching 27,075 million USD by December 2020. Subsequently, total capital remains relatively steady with slight increases, culminating at 29,145 million USD by March 2022, indicating overall strengthening of the company's capital base.

Debt to Capital Ratio

The debt to capital ratio fluctuates within a range of approximately 0.41 to 0.52, reflecting changes in the relative proportions of debt and total capital. Early 2017 values hover around 0.41 to 0.43, with a noticeable increase to 0.46 in the first quarter of 2018.

This ratio dips slightly towards the end of 2018 and through 2019, stabilizing near 0.41 to 0.42, before rising again in 2020 to reach a peak of 0.52 in December 2020, corresponding with the peak in total debt noted earlier.

Following this peak, the ratio gradually decreases to a range near 0.46 to 0.48 by the first quarter of 2022. This pattern indicates that although total debt increased substantially during the period, total capital growth somewhat offset the increase, maintaining a moderate leverage level.

Total Debt

The total debt level demonstrated fluctuations over the observed period, beginning at $7,219 million at the end of March 2017 and experiencing intermittent increases and decreases through the years. A notable spike occurred at the end of December 2018, reaching $9,859 million, followed by a decline in the subsequent quarters. The debt peaked again in December 2020 at $13,991 million, representing the highest point in the series, before slightly tapering off but remaining elevated through March 2022 at $14,099 million. This upward trend in debt levels over the latter years suggests increased leverage or financing activities during this period.

Total Assets

Total assets showed a consistent upward trend throughout the quarters, starting at $20,517 million in March 2017 and increasing steadily with modest quarter-to-quarter growth. The asset base expanded significantly by December 2018, reaching $27,229 million, which was followed by continuous growth, culminating at $36,137 million by March 2022. This represents a substantial increase in the overall asset size of the company, indicating asset accumulation or appreciation over the nearly five-year period.

Debt to Assets Ratio

The debt to assets ratio remained relatively stable within a range of approximately 0.33 to 0.41 across the timeframe. Initially, the ratio hovered around 0.34 to 0.35 in 2017, suggesting moderate leverage. It increased slightly during peaks of debt growth, notably in December 2020 where it reached the high point of approximately 0.41, reflecting elevated leverage specific to that period. Subsequently, the ratio demonstrated a mild declining trend through 2021 but increased again slightly to 0.39 by March 2022. Overall, despite increases in both debt and assets, the company maintained a fairly consistent leverage profile without extreme volatility.

The analysis of the financial data reveals several key trends in the company's asset base, equity position, and financial leverage over the observed periods.

Total Assets

The total assets demonstrated a general upward trajectory from March 31, 2017, to March 31, 2022. Starting at approximately 20.5 billion US dollars, assets gradually increased with some fluctuations, reaching around 36.1 billion US dollars by the end of the period. Notably, the asset growth accelerated especially between the end of 2018 and 2022, where total assets rose significantly from approximately 27.2 billion to over 36 billion US dollars, indicating substantial expansion or capital investment.

Total Shareholders’ Equity

Shareholders' equity showed a more moderate but steady increase over the same period. Beginning at about 9.7 billion US dollars, equity experienced slight fluctuations but generally rose to approximately 15.0 billion US dollars by March 31, 2022. The equity base did not grow as rapidly as total assets, which may imply an increasing reliance on external financing.

Financial Leverage

The financial leverage ratio, defined as the ratio of total assets to shareholders’ equity, reflects the degree of financial risk taken. This ratio fluctuated somewhat but indicated an increasing trend over time. Starting just above 2.1 in early 2017, the leverage ratio rose to peaks above 2.6 during 2020, before moderating to around 2.4 by March 2022. The elevated leverage levels suggest that the company increased its use of debt or other liabilities to finance asset growth, particularly through 2020 and 2021.

Overall, the data indicates that the company expanded its asset base at a faster rate than its equity, leading to a rising but somewhat stabilized financial leverage ratio. This pattern points to increased borrowing or external funding being utilized to support growth initiatives. The trends suggest careful management of leverage as it remains within a relatively narrow band after peaking, possibly reflecting strategic financial planning to balance growth with risk.