Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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Long-term Activity Ratios (Summary)
Stryker Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a gradual decline from 6.3 in March 2018 to a low of 5.21 in March 2021, indicating a decreasing efficiency in utilizing fixed assets to generate sales during that period. After March 2021, the ratio experiences a recovery trend, rising to 6.24 by March 2022. This pattern suggests an initial challenge in leveraging fixed assets effectively, followed by an improvement in asset utilization towards the end of the observed timeline.
- Total Asset Turnover
- This ratio fluctuates over the period, starting at 0.56 in March 2018, peaking at 0.6 in September and December 2018, then declining steadily to 0.42 in December 2020. The ratio then gradually increases to 0.48 by March 2022. The trend reflects a period of reduced overall asset efficiency until the end of 2020, after which the company appears to have made progress in generating higher revenue per unit of total assets.
- Equity Turnover
- Equity turnover shows an increase from 1.25 in March 2018 to a peak of 1.38 in June and September 2018, followed by a gradual decline to a low of 1.09 in December 2020. Subsequently, there is a moderate recovery, with the ratio moving upward to 1.16 by March 2022. This pattern indicates that the company initially improved its ability to generate sales from shareholders' equity, experienced a downturn, and then modestly regained efficiency in equity utilization near the end of the period.
Net Fixed Asset Turnover
Stryker Corp., net fixed asset turnover calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Property, plant and equipment, net | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Net fixed asset turnover
= (Net salesQ1 2022
+ Net salesQ4 2021
+ Net salesQ3 2021
+ Net salesQ2 2021)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net sales
- Net sales exhibited a generally upward trend over the observed periods, increasing from 2,955 million US dollars in the first quarter of 2017 to a peak of 4,701 million US dollars in the last quarter of 2021. Notable fluctuations occurred, with a decline observed in mid-2020, coinciding with a decrease to 2,764 million US dollars in the second quarter of 2020, likely reflecting an external disruptive event. Following this decline, sales rebounded strongly from the third quarter of 2020 onward, reaching and surpassing prior peak levels. The overall growth trajectory suggests robust revenue expansion despite episodic short-term setbacks.
- Property, plant and equipment, net
- The net value of property, plant, and equipment consistently increased throughout the period, rising from 1,655 million US dollars in the first quarter of 2017 to 2,793 million US dollars by the first quarter of 2022. There were minor short-term decreases observed in mid-2020, paralleling the dip in net sales, but the general pattern depicts steady capital investment and asset base expansion. This gradual increase in fixed assets aligns with the growth in sales, indicating ongoing capacity enhancement to support business activities.
- Net fixed asset turnover
- The net fixed asset turnover ratio showed relative stability with minor fluctuations. Starting from approximately 6.3 in the fourth quarter of 2017, the ratio declined gradually, reaching a low of about 5.21 in the first quarter of 2020. Following this trough, the ratio recovered and increased steadily to around 6.24 by the first quarter of 2022. This pattern suggests that although the efficiency of asset utilization temporarily decreased during early 2020, it improved thereafter, with asset productivity eventually exceeding prior levels. The movements indicate effective management of assets relative to sales volume over the analyzed timeframe.
Total Asset Turnover
Stryker Corp., total asset turnover calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Total asset turnover
= (Net salesQ1 2022
+ Net salesQ4 2021
+ Net salesQ3 2021
+ Net salesQ2 2021)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibit a generally upward trend over the entire period, rising from 2,955 million USD in March 2017 to 4,275 million USD in March 2022. Seasonal fluctuations are evident, with sales typically peaking in the December quarters, exemplified by a high of 4,701 million USD in December 2021. A notable dip occurred in the mid-2020 quarters, specifically June 2020, when sales dropped to 2,764 million USD, likely reflecting external disruptions. However, recovery was swift, with subsequent quarters showing significant increases, reaching new highs by the end of the dataset.
- Total Assets
- Total assets have consistently increased throughout the period, beginning at 20,517 million USD in March 2017 and reaching 36,137 million USD in March 2022. The growth appears steady, with incremental rises each quarter. Notable jumps occurred toward the end of 2018 and 2019, as well as early 2020, suggesting investments or acquisitions during these times. This continued expansion in assets aligns with the growth in net sales over the same timeframe.
- Total Asset Turnover
- The total asset turnover ratio demonstrates a generally declining trend over the observed periods. Starting at a higher ratio around 0.56-0.60 in late 2017 to early 2018, it declines to approximately 0.42-0.44 by late 2020, indicating a decrease in the efficiency with which assets are used to generate sales. A moderate recovery is seen from late 2020 through early 2022, where the ratio stabilizes around 0.48-0.49. This pattern suggests that while sales and asset bases grew, sales growth did not keep pace with asset accumulation at certain points, particularly during 2020, impacting asset utilization efficiency.
- Overall Analysis
- The data presents a picture of steady growth in both net sales and total assets over the five-year period. The dip in sales during mid-2020 corresponds with a period of decreased asset turnover efficiency, hinting at possible operational or market challenges. Despite this, the company appears to have effectively recovered, with improving sales and asset utilization ratios toward early 2022. The overarching trend suggests strategic asset expansion complemented by a strong sales growth trajectory, albeit with fluctuating asset efficiency that warrants continued monitoring.
Equity Turnover
Stryker Corp., equity turnover calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Total Stryker shareholders’ equity | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Equity turnover
= (Net salesQ1 2022
+ Net salesQ4 2021
+ Net salesQ3 2021
+ Net salesQ2 2021)
÷ Total Stryker shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales exhibited a general upward trend over the analyzed periods, starting from 2,955 million USD in March 2017 and reaching a peak of 4,701 million USD in December 2021. There were periods of fluctuation with slight declines, notably around mid-2020 where sales decreased to 2,764 million USD in June 2020, likely reflecting external challenges during that period. However, recovery was evident afterward, with a consistent rise to the highest reported value by the end of 2021. Seasonal variations appear to influence quarterly figures, with notable increases in the fourth quarter of most years.
- Total Stryker Shareholders’ Equity
- Shareholders' equity generally increased throughout the period, starting at 9,704 million USD in March 2017 and growing steadily to 15,046 million USD by March 2022. Despite minor declines around early 2018 and mid-2020, the overall trend reflects strengthening shareholder value and capitalization. The most significant growth phases occurred between late 2018 and mid-2019, and from late 2020 through early 2022. This suggests a strategic reinforcement of equity, potentially through retained earnings or capital increments.
- Equity Turnover Ratio
- The equity turnover ratio showed a decreasing trend from early 2017 to mid-2020, declining from around 1.25-1.38 levels down to approximately 1.1. After this trough, the ratio stabilized and experienced a slight increase toward the end of 2021, reaching around 1.15-1.16. This pattern indicates that for each dollar of equity, the company generated less sales over time initially, which may be due to the relative growth in equity outpacing sales growth during this period. The stabilization and modest increase later suggest improved efficiency or acceleration in sales relative to equity.