Debt is smaller than equity and it can meet short-term obligations.
Metrics · D/E ~66% · Current Ratio 2.11
💲Is the price expensive now?
On the expensive side
Even accounting for growth expectations, the price is set high.
Metrics · P/E 38.2 · P/B 5.5
💡No.1 in orthopedics at 22.5% operating margin, 15.2% ROE, D/E 0.66. But equity is mostly acquired goodwill — tangible equity is negative.
Compiled from public financial data. Not a recommendation to buy or sell any security. · Source: stockanalysis (margins, ROE, P/B are TTM; operating margin on stockanalysis basis) · P/E on the July 24 close, as of 2026-07-24
Business Summary · Key Value Metrics
A medical-technology leader in orthopedic implants (hip, knee), the Mako surgical robot, and medical/surgical equipment. Grown through M&A, it earns recurring revenue from installed Mako systems and the implants they consume. TTM revenue $25.27B, operating margin 22.5%, ROE 15.2%.
Current Price
$330.25
+3.54%+$11.28· Close 2026-07-24
Analyst Consensus Target (external reference)
$386.52
Avg. of 27 external analysts · stockanalysis (27-analyst consensus, Buy · high $465 / low $315)
P/E (TTM)
38.2x
TTM · premium to peers
Operating margin
22.5%
TTM · best of ortho three
ROE
15.2%
TTM · on acquired intangibles
Net margin
13.2%
TTM
Dividend yield
1.10%
quarterly dividend
Market cap
$126.6B
as of 2026-07-24
Economic Moat · Key Business Segments
SYK's moat is switching costs in orthopedic implants plus the Mako installed base. Surgeons trained on a given implant and system rarely switch, and a hospital that adopts Mako is tied to its CT-based planning and Stryker-only implants. Over 1.5 million procedures run on 3,000-plus Mako systems. Implants and surgery are aging-driven essential demand, defensive through downturns (Source: company IR, stockanalysis).
Mako installed-base lock-in
3,000+ systems, 1.5M+ procedures. CT planning and dedicated implants tie hospitals in.
Surgeon switching costs
Once trained on an implant and system, surgeons rarely switch. Preference drives revenue.
Aging essential demand
Hip and knee implants are non-cyclical essential care. Defensive in a downturn.
M&A roll-up scale
Acquisitions built a No.1 franchise across ortho, surgical equipment, and neurotech.
10-Year Financial Trends
Revenue compounded at a 9-year CAGR of +9.3% ($11.3B in 2016 to $25.1B in 2025), with operating income +9.4%. Two middle years are tax-distorted: 2017 EPS ($2.68) was depressed by a $1,043M TCJA transition tax, and 2018 EPS ($9.34) was inflated by a $1,197M IP-transfer tax benefit (that year's 57.8x and 16.8x P/E mirror the distortion). Excluding those, operating margin runs 15-19%. In Q1 2026 a cyberattack delayed shipments, slowing revenue growth to +2.6%, though the company reaffirmed full-year guidance (Source: SEC EDGAR 10-K, company IR, stockanalysis).
9-Year CAGR: Revenue +9.3% · Operating Income +9.4% · Net Income +7.8% · EPS +7.6%
Source: SEC EDGAR 10-K (revenue, operating income, net income, diluted EPS, equity, goodwill, intangibles, tax); fiscal year-end closes from Yahoo Finance; cross-checked against stockanalysis. P/E is year-end close ÷ diluted EPS and matches stockanalysis to the decimal for 2021-2025. 2017 was a TCJA transition tax and 2018 an IP-transfer tax benefit. Note: TTM operating margin in the tiles (22.5%) is on the stockanalysis basis; the series (15-19%) is the EDGAR basis.
Mega-Cap Value Metric Comparison
SYK's 22.5% operating margin and 15.2% ROE lead ortho peers Medtronic (20.0%, 9.8%) and Zimmer Biomet (17.5%, 6.1%), and its 38.2x P/E reflects that edge. But SYK's equity is filled with acquired goodwill and intangibles — tangible equity is negative — so ROE and P/B need care (Source: stockanalysis, company IR).
Equity quality (goodwill impairment risk)— Grown by M&A roll-up, goodwill plus intangibles ($25.0B) exceed equity ($22.4B), leaving tangible equity around -$2.6B. The 15.2% ROE sits on acquired intangibles, and weak acquired businesses could trigger a goodwill write-down hitting GAAP earnings.Source: SEC EDGAR 10-K
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Rich valuation— The 38.2x GAAP P/E is a market premium. It falls to ~22x adjusted for intangible amortization (~$6/share), but that amortization is a real, recurring cost, so the adjusted figure should not be taken at face value.Source: stockanalysis, company IR
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Cyberattack and slowdown— A Q1 2026 cyberattack delayed shipments, slowing revenue growth to +2.6% (the cause of the -18% drawdown). It looks one-off, but the recovery pace is a variable. GLP-1 impact on joint-surgery demand is a long-term watch item.Source: company IR, industry reports
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Tax one-off years— 2017 (TCJA transition tax) and 2018 (IP-transfer tax benefit) EPS and P/E are distorted and should be excluded when reading the series.Source: SEC EDGAR 10-K
✦ ValueCrab Dashboard PreviewSYK $330.25 +3.54% · as of 2026-07-24
Q. What are the key value metrics for Stryker (SYK)?P/E (TTM) 38.2, operating margin 22.5%, ROE 15.2%, net margin 13.2%, dividend yield 1.10%, and a 9-year revenue CAGR of +9.3% (Source: stockanalysis, SEC EDGAR, as of 2026-07-24).
Q. What does negative tangible equity mean?Book equity ($22.4B) is positive, but subtracting acquired goodwill and intangibles ($25.0B) leaves 'tangible equity' around -$2.6B. That's typical of an M&A-built company. It's fine while the business performs, but weak acquired units would require a goodwill write-down that cuts earnings.
Q. Isn't a 38x P/E expensive?It is a market premium. Adjusted for intangible amortization (~$6/share) the P/E drops to about 22x, but that amortization is a real recurring cost, so don't take the adjusted figure at face value. The premium rests on peer-leading 22.5% margins and 15.2% ROE.
Q. Why a crash-buy candidate?Hip and knee implants and surgery are aging-driven essential care, defensive even in a recession. Mako installed base and surgeon switching costs make revenue sticky. It's expensive at 38x now, but the idea is to accumulate an essential-care franchise on a crash. ValueCrab does not provide buy/sell judgments.