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.

Enterprise Value to FCFF (EV/FCFF)

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Free Cash Flow to The Firm (FCFF)

Stryker Corp., FCFF calculation

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net earnings 1,994 1,599 2,083 3,553 1,020
Net noncash charges 1,557 1,282 1,306 (687) 986
Changes in operating assets and liabilities (288) 396 (1,198) (256) (447)
Net cash provided by operating activities 3,263 3,277 2,191 2,610 1,559
Cash paid for interest on debt, net of tax1 284 249 233 196 237
Purchases of property, plant and equipment (525) (487) (649) (572) (598)
Free cash flow to the firm (FCFF) 3,022 3,039 1,775 2,234 1,198

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).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Stryker Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Stryker Corp. FCFF increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Interest Paid, Net of Tax

Stryker Corp., interest paid, net of tax calculation

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Effective Income Tax Rate (EITR)
EITR1 12.60% 18.20% 18.70% 21.00% 10.30%
Interest Paid, Net of Tax
Cash paid for interest on debt, before tax 325 304 286 248 264
Less: Cash paid for interest on debt, tax2 41 55 53 52 27
Cash paid for interest on debt, net of tax 284 249 233 196 237

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 See details »

2 2021 Calculation
Cash paid for interest on debt, tax = Cash paid for interest on debt × EITR
= 325 × 12.60% = 41


Enterprise Value to FCFF Ratio, Current

Stryker Corp., current EV/FCFF calculation, comparison to benchmarks

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Selected Financial Data (US$ in millions)
Enterprise value (EV) 100,693
Free cash flow to the firm (FCFF) 3,022
Valuation Ratio
EV/FCFF 33.32
Benchmarks
EV/FCFF, Competitors1
Abbott Laboratories 36.34
Cigna Group 11.13
CVS Health Corp. 12.31
Danaher Corp. 36.08
Elevance Health Inc. 14.51
Humana Inc. 9.45
Intuitive Surgical Inc. 181.21
Medtronic PLC 26.36
UnitedHealth Group Inc. 17.42
EV/FCFF, Sector
Health Care Equipment & Services 20.08
EV/FCFF, Industry
Health Care 20.02

Based on: 10-K (reporting date: 2021-12-31).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

Stryker Corp., historical EV/FCFF calculation, comparison to benchmarks

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 104,469 103,264 88,412 73,519 59,894
Free cash flow to the firm (FCFF)2 3,022 3,039 1,775 2,234 1,198
Valuation Ratio
EV/FCFF3 34.57 33.98 49.82 32.91 50.00
Benchmarks
EV/FCFF, Competitors4
Abbott Laboratories 23.47 36.94 33.05
Cigna Group 14.17 9.16 10.24
CVS Health Corp. 10.30 9.42 12.30
Danaher Corp. 28.25 30.66 37.11
Elevance Health Inc. 12.74 6.04 12.73
Humana Inc. 42.03 7.92 8.46
Intuitive Surgical Inc. 56.01 76.70 54.58
Medtronic PLC 33.84 21.43 22.07 27.88
UnitedHealth Group Inc. 22.21 15.82 17.51
EV/FCFF, Sector
Health Care Equipment & Services 20.42 15.95 17.63
EV/FCFF, Industry
Health Care 17.21 17.77 18.34

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 See details »

2 See details »

3 2021 Calculation
EV/FCFF = EV ÷ FCFF
= 104,469 ÷ 3,022 = 34.57

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Stryker Corp. EV/FCFF ratio decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.