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.
Paying user area
Try for free
Stryker Corp. pages available for free this week:
- Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Stryker Corp. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
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).
The analysis of the financial turnover ratios over the presented periods indicates several noteworthy trends in asset utilization and efficiency.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a general declining trend from the start of the period in March 2018 through December 2020, decreasing from 6.2 to a low of 5.21. This suggests a gradual reduction in the efficiency with which the fixed assets are being used to generate sales. However, starting in March 2021, the ratio reverses this trend, showing a progressive increase and reaching a peak of 6.24 by March 2022. This recovery may reflect improvements in asset management or increased sales relative to fixed assets.
- Total Asset Turnover
- The total asset turnover displays a fluctuating but generally downward trend, decreasing from 0.58 in March 2018 to 0.42 in December 2020, indicating a declining efficiency in generating sales from total assets. Post-2020, there is a modest recovery to about 0.48 by March 2022, though it does not reach the earlier levels seen in 2018. This pattern points to some challenges in leveraging total assets that were partially mitigated in later periods.
- Equity Turnover
- Equity turnover shows a consistent downward trend from 1.38 in early 2018 to near 1.09 by March 2021, signifying diminishing sales generation from shareholder equity. Following this low point, the ratio demonstrates minor fluctuations but stabilizes around 1.15 by early 2022. This stability after a decline may signal a period of adjustment or optimized equity utilization following prior inefficiencies.
In summary, the company experienced a period from 2018 to 2020 characterized by declining turnover ratios across fixed assets, total assets, and equity, indicating reducing efficiency in asset and equity utilization to generate sales. Beginning around 2021, improvement is observed primarily in net fixed asset turnover and to a lesser extent in total asset and equity turnover, suggesting an ongoing recovery in operational efficiency. The increases in net fixed asset turnover are particularly notable, surpassing previous levels by early 2022, which could reflect effective asset deployment or sales growth strategies.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |||||||||||||||||||||||
| 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).
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.
The company's net sales demonstrate a general upward trend over the observed periods, albeit with fluctuations. Starting at 3,241 million USD in the first quarter of 2018, net sales increased steadily and peaked at 4,701 million USD by the end of 2021. An exception to this positive trajectory occurred in mid-2020, where there was a noticeable dip to 2,764 million USD, likely reflecting temporary disruptions during that period. However, net sales recovered strongly in subsequent quarters, exceeding previous highs by the end of 2021.
Net property, plant, and equipment (PPE) values consistently increased throughout the timeframe, reflecting ongoing investment and asset growth. Beginning at 2,054 million USD in early 2018, net PPE values rose steadily to 2,833 million USD by the first quarter of 2022. Minor fluctuations were observed, yet the overall pattern is one of progressive capital expenditure and asset accumulation.
The net fixed asset turnover ratio, which measures the efficiency of the company’s use of its fixed assets to generate sales, showed a gradual decline from approximately 6.2 in early 2018 to a low of 5.21 at the end of 2020. This decrease suggests that asset productivity lowered during this interval. Notably, this trend reversed afterwards, with the ratio increasing once more to 6.24 by the first quarter of 2022, representing improved utilization of the fixed asset base.
- Net Sales
- Displayed an upward trajectory with intermittent variability, sharply decreased in mid-2020 but recovered strongly, achieving a new peak at 4,701 million USD in late 2021.
- Property, Plant and Equipment, Net
- Experienced steady growth, indicating continued investment in fixed assets and supporting capacity expansion over the observed periods.
- Net Fixed Asset Turnover
- Initially declined, implying reduced efficiency in asset utilization during 2018 to 2020, but subsequently improved markedly, surpassing earlier levels by early 2022.
Overall, the data reflect a company that expanded its asset base while navigating periods of volatility in sales. The recovery in fixed asset turnover ratio in the latter part of the timeline indicates enhanced operational efficiency and better alignment of asset investment with sales generation.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||
| 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).
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.
The financial data reveals several notable trends over the examined periods regarding sales, asset base, and efficiency of asset utilization.
- Net Sales
- Net sales exhibited fluctuations with a general upward tendency from the first quarter of 2018 through early 2022. Initial values hovered around the 3,200 to 3,300 million USD range in 2018, followed by a steady increase that peaked in the fourth quarter of 2019 at over 4,100 million USD. A significant dip emerged in mid-2020, correlating with global economic disruptions, dropping below 2,800 million USD in the second quarter. Subsequent quarters demonstrated recovery and growth, reaching the highest sales figures recorded in the dataset by the end of 2021 and early 2022, with values exceeding 4,700 million USD in one quarter and maintaining strong performance thereafter.
- Total Assets
- Total assets rose consistently throughout the period, beginning from approximately 22,100 million USD in early 2018 and increasing steadily to over 36,000 million USD by the first quarter of 2022. This growth suggests ongoing investment or acquisition strategies expanding the asset base over time. The steady accumulation indicates a proactive approach towards resource augmentation, potentially aimed at supporting increased production capacity or new business ventures.
- Total Asset Turnover
- The total asset turnover ratio, representing the efficiency of asset utilization in generating sales, trended downwards over the years. Initially recorded near 0.58 to 0.60 in early 2018, the ratio declined steadily to about 0.42 to 0.45 throughout 2020 and early 2021, before slightly improving to just under 0.50 by early 2022. The decline implies that although net sales grew, the total assets expanded at a faster pace, reducing the overall efficiency in asset turnover. The slight recovery towards the end may indicate ongoing efforts to optimize asset use or improved operational effectiveness.
In summary, the data shows a growing company with increasing sales and expanding assets, although the efficiency in converting assets into sales has decreased over the long term, reflecting the challenges of maintaining turnover rates amidst asset growth. Recent trends hint at possible improvements in operational efficiency.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Total Stryker shareholders’ equity | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||
| 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).
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.
The financial data reveals several key trends over the indicated periods. Net sales demonstrate notable fluctuations over time, with an overall upward trajectory despite interim declines. From early 2018 through early 2022, sales generally increased, reaching peak values in late 2021 and early 2022. However, there was a significant dip observed in the middle of 2020, likely reflecting extraordinary circumstances affecting sales during that period.
Total shareholders’ equity also shows a consistent upward trend over the entire span, indicating sustained growth in the company’s net assets. The equity base grew steadily from 2018 into 2022, reflecting retained earnings and possible other contributions to equity. This continuous increase suggests a solid financial foundation and the ability to absorb short-term fluctuations in sales.
Equity turnover ratios have gradually declined from around 1.38 in early 2018 to levels closer to 1.10 by mid-2020, followed by slight fluctuations around 1.10 to 1.18 thereafter. This downward trend in turnover ratio implies that while equity is increasing, net sales growth has not proportionally matched this increase during some periods, signaling a reduction in the efficiency of equity utilization. However, the ratio stabilizes somewhat in the latter periods, indicating a possible adjustment or improved efficiency in utilizing equity to generate sales.
- Net Sales
- Overall upward trend with growth peaks in late 2021 and early 2022.
- Marked decline in sales during mid-2020, with recovery afterwards.
- Total Shareholders’ Equity
- Continuous and steady increase across all periods, reinforcing financial stability.
- Equity Turnover
- Gradual decrease from 2018 through early 2020, indicating less efficient equity use relative to sales.
- Subsequent stabilization with minor fluctuations in later periods.
In summary, the company exhibits strong growth in equity, suggesting a robust capital base. While sales growth is generally positive, temporary disruptions impacted performance in 2020. The equity turnover ratio’s decrease followed by stabilization may point to shifts in operational efficiency or capital structure management. Overall, the data indicates resilience with room to improve the effectiveness of equity in driving sales.