Stryker Corp., current enterprise value calculation

Current share price (P)	$241.26
No. shares of common stock outstanding	378,154,080
US$ in millions
Common equity (market value)¹	91,233)
Add: Non-controlling interest (per books)	—)
Total equity	91,233)
Add: Current maturities of debt (per books)	7)
Add: Long-term debt, excluding current maturities (per books)	12,472)
Total equity and debt	103,712)
Less: Cash and cash equivalents	2,944)
Less: Marketable securities	75)
Enterprise value (EV)	100,693)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 241.26 × 378,154,080

Stryker Corp., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$251.65	$245.34	$218.24	$180.75	$148.01
No. shares of common stock outstanding¹	377,544,686	376,200,942	374,575,145	372,664,636	374,642,060
US$ in millions
Common equity (market value)³	95,009)	92,297)	81,747)	67,359)	55,451)
Add: Non-controlling interest (book value)	—)	—)	—)	—)	14)
Total equity	95,009)	92,297)	81,747)	67,359)	55,465)
Add: Current maturities of debt (book value)	7)	761)	859)	1,373)	632)
Add: Long-term debt, excluding current maturities (book value)	12,472)	13,230)	10,231)	8,486)	6,590)
Total equity and debt	107,488)	106,288)	92,837)	77,218)	62,687)
Less: Cash and cash equivalents	2,944)	2,943)	4,337)	3,616)	2,542)
Less: Marketable securities	75)	81)	88)	83)	251)
Enterprise value (EV)	104,469)	103,264)	88,412)	73,519)	59,894)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Stryker Corp. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 251.65 × 377,544,686

A consistent upward trajectory is observed in the company's Enterprise Value (EV) and market capitalization from 2017 through 2021. The total valuation of the firm expanded significantly, with EV increasing from 59,894 million US$ in 2017 to 104,469 million US$ by the end of 2021. This growth pattern indicates a sustained increase in the company's overall market valuation and capital scale over the five-year period.

Enterprise Value Expansion: The EV exhibited strong year-over-year growth, particularly between 2017 and 2020, where it rose from 59,894 million US$ to 103,264 million US$. A marked deceleration in growth is noted in 2021, with the value increasing by approximately 1.2% to reach 104,469 million US$, suggesting a stabilization of the firm's valuation.
Market Value of Equity Trends: Common equity market value followed a similar growth trajectory, rising from 55,451 million US$ in 2017 to 95,009 million US$ in 2021. The most rapid appreciation occurred between 2017 and 2019, after which the rate of increase decelerated, mirroring the trend observed in the total Enterprise Value.
Capital Structure and Debt Analysis: The relationship between Total equity and debt and the Enterprise Value highlights shifts in the company's financial leverage. Total equity and debt increased steadily from 62,687 million US$ in 2017 to 107,488 million US$ in 2021. The gap between Enterprise Value and the market value of equity—representing net debt—expanded from 4,443 million US$ in 2017 to a peak of 10,967 million US$ in 2020, before narrowing to 9,460 million US$ in 2021.

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Stryker Corp. (NYSE:SYK)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)