Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Current Valuation Ratios
Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Stryker Corp., current price multiples

	Stryker Corp.	Abbott Laboratories	Anthem Inc.	Bristol-Myers Squibb Co.	CVS Health Corp.	Danaher Corp.	Intuitive Surgical Inc.	Medtronic PLC	UnitedHealth Group Inc.	Health Care Equipment & Services	Health Care
Selected Financial Data
Current share price (P)	$241.26
No. shares of common stock outstanding	378,154,080
Growth rate (g)	6.99%

Earnings per share (EPS)	$5.27
Next year expected EPS	$5.64
Operating profit per share	$6.83
Sales per share	$45.24
Book value per share (BVPS)	$39.34
Valuation Ratios (Price Multiples)
Price to earnings (P/E)	45.75	27.29	19.06	23.39	15.57	29.93	43.40	24.10	28.08	25.72	21.35
Price to next year expected earnings	42.77	26.32	17.03	23.70	14.69	27.49	37.86	23.50	24.05	24.08	19.70
Price-earnings-growth (PEG)	6.55	7.42	1.60	—	2.60	3.37	2.97	9.47	1.68	3.77	2.55
Price to operating profit (P/OP)	35.31	22.91	16.51	22.17	9.34	25.13	40.63	21.11	20.25	19.85	17.84
Price to sales (P/S)	5.33	4.48	0.85	3.53	0.42	6.37	12.96	3.83	1.70	1.69	2.81
Price to book value (P/BV)	6.13	5.39	3.23	4.55	1.64	4.15	6.22	2.31	6.76	4.03	5.38

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

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.

Stryker Corp., historical price multiples

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Price to earnings (P/E)	47.65	57.72	39.24	18.96	54.36
Price to operating profit (P/OP)	36.77	41.52	30.13	26.55	24.21
Price to sales (P/S)	5.55	6.43	5.49	4.95	4.46
Price to book value (P/BV)	6.39	7.05	6.38	5.74	5.56

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).

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Stryker Corp. P/E ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Stryker Corp. P/OP ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Stryker Corp. P/S ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return.	Stryker Corp. P/BV ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Stryker Corp., historical P/E calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	377,544,686	376,200,942	374,575,145	372,664,636	374,642,060
Selected Financial Data (US$)
Net earnings (in millions)	1,994	1,599	2,083	3,553	1,020
Earnings per share (EPS)²	5.28	4.25	5.56	9.53	2.72
Share price^1, 3	251.65	245.34	218.24	180.75	148.01
Valuation Ratio
P/E ratio⁴	47.65	57.72	39.24	18.96	54.36
Benchmarks
P/E Ratio, Competitors⁵
Abbott Laboratories	29.13	48.49	41.83	56.47	220.29
Anthem Inc.	18.13	15.87	15.96	21.45	15.44
Bristol-Myers Squibb Co.	20.92	—	41.99	16.81	103.55
CVS Health Corp.	17.39	12.88	14.15	—	10.69
Danaher Corp.	29.94	44.49	38.34	29.77	27.25
Intuitive Surgical Inc.	59.94	87.47	48.72	53.03	70.95
Medtronic PLC	46.56	26.30	28.78	37.80	29.96
UnitedHealth Group Inc.	26.03	20.54	20.48	21.09	20.77
P/E Ratio, Sector
Health Care Equipment & Services	26.49	37.78	25.77	30.05	26.75
P/E Ratio, Industry
Health Care	20.41	32.29	21.82	25.59	30.63

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 2021 Calculation
EPS = Net earnings ÷ No. shares of common stock outstanding
= 1,994,000,000 ÷ 377,544,686 = 5.28

³ Closing price as at the filing date of Stryker Corp. Annual Report.

⁴ 2021 Calculation
P/E ratio = Share price ÷ EPS
= 251.65 ÷ 5.28 = 47.65

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Stryker Corp. P/E ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Stryker Corp., historical P/OP calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	377,544,686	376,200,942	374,575,145	372,664,636	374,642,060
Selected Financial Data (US$)
Operating income (in millions)	2,584	2,223	2,713	2,537	2,290
Operating profit per share²	6.84	5.91	7.24	6.81	6.11
Share price^1, 3	251.65	245.34	218.24	180.75	148.01
Valuation Ratio
P/OP ratio⁴	36.77	41.52	30.13	26.55	24.21
Benchmarks
P/OP Ratio, Competitors⁵
Abbott Laboratories	24.45	40.69	34.03	36.64	60.88
Anthem Inc.	15.70	12.10	13.55	15.87	14.81
Bristol-Myers Squibb Co.	19.84	—	24.42	16.16	28.87
CVS Health Corp.	10.43	6.65	7.83	18.65	7.44
Danaher Corp.	25.14	36.91	34.47	23.18	22.48
Intuitive Surgical Inc.	56.11	88.37	48.89	49.87	44.40
Medtronic PLC	37.44	26.29	21.26	17.64	22.64
UnitedHealth Group Inc.	18.77	14.12	14.40	14.58	14.42
P/OP Ratio, Sector
Health Care Equipment & Services	20.44	24.89	18.16	18.96	18.27
P/OP Ratio, Industry
Health Care	17.05	23.37	18.07	18.68	17.37

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 2021 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 2,584,000,000 ÷ 377,544,686 = 6.84

³ Closing price as at the filing date of Stryker Corp. Annual Report.

⁴ 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 251.65 ÷ 6.84 = 36.77

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Stryker Corp. P/OP ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Stryker Corp., historical P/S calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	377,544,686	376,200,942	374,575,145	372,664,636	374,642,060
Selected Financial Data (US$)
Net sales (in millions)	17,108	14,351	14,884	13,601	12,444
Sales per share²	45.31	38.15	39.74	36.50	33.22
Share price^1, 3	251.65	245.34	218.24	180.75	148.01
Valuation Ratio
P/S ratio⁴	5.55	6.43	5.49	4.95	4.46
Benchmarks
P/S Ratio, Competitors⁵
Abbott Laboratories	4.78	6.30	4.83	4.37	3.84
Anthem Inc.	0.81	0.60	0.74	0.88	0.67
Bristol-Myers Squibb Co.	3.16	3.16	5.52	3.67	5.02
CVS Health Corp.	0.47	0.35	0.37	0.39	0.38
Danaher Corp.	6.37	7.01	6.29	3.97	3.70
Intuitive Surgical Inc.	17.89	21.29	15.01	16.06	14.97
Medtronic PLC	5.57	4.36	4.36	3.92	4.06
UnitedHealth Group Inc.	1.58	1.24	1.18	1.12	1.10
P/S Ratio, Sector
Health Care Equipment & Services	1.74	1.56	1.50	1.43	1.39
P/S Ratio, Industry
Health Care	2.68	2.67	2.52	2.50	2.48

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 2021 Calculation
Sales per share = Net sales ÷ No. shares of common stock outstanding
= 17,108,000,000 ÷ 377,544,686 = 45.31

³ Closing price as at the filing date of Stryker Corp. Annual Report.

⁴ 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= 251.65 ÷ 45.31 = 5.55

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Stryker Corp. P/S ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Stryker Corp., historical P/BV calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	377,544,686	376,200,942	374,575,145	372,664,636	374,642,060
Selected Financial Data (US$)
Total Stryker shareholders’ equity (in millions)	14,877	13,084	12,807	11,730	9,966
Book value per share (BVPS)²	39.40	34.78	34.19	31.48	26.60
Share price^1, 3	251.65	245.34	218.24	180.75	148.01
Valuation Ratio
P/BV ratio⁴	6.39	7.05	6.38	5.74	5.56
Benchmarks
P/BV Ratio, Competitors⁵
Abbott Laboratories	5.75	6.65	4.96	4.38	3.40
Anthem Inc.	3.07	2.19	2.42	2.82	2.24
Bristol-Myers Squibb Co.	4.07	3.55	2.80	5.89	8.88
CVS Health Corp.	1.83	1.33	1.47	1.29	1.88
Danaher Corp.	4.16	3.93	3.72	2.80	2.58
Intuitive Surgical Inc.	8.59	9.53	8.13	8.96	9.91
Medtronic PLC	3.26	2.48	2.66	2.31	2.40
UnitedHealth Group Inc.	6.27	4.83	4.92	4.89	4.59
P/BV Ratio, Sector
Health Care Equipment & Services	4.15	3.57	3.28	3.28	3.37
P/BV Ratio, Industry
Health Care	5.14	5.06	4.76	4.72	4.35

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 2021 Calculation
BVPS = Total Stryker shareholders’ equity ÷ No. shares of common stock outstanding
= 14,877,000,000 ÷ 377,544,686 = 39.40

³ Closing price as at the filing date of Stryker Corp. Annual Report.

⁴ 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= 251.65 ÷ 39.40 = 6.39

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return.	Stryker Corp. P/BV ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Stryker Corp. (NYSE:SYK)

Common Stock Valuation Ratios (Price Multiples)

Current Valuation Ratios

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)