Stock Analysis on Net
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.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin 
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Stryker Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Mar 31, 2022 13.39% = 5.58% × 2.40
Dec 31, 2021 13.40% = 5.76% × 2.33
Sep 30, 2021 13.40% = 5.56% × 2.41
Jun 30, 2021 15.07% = 6.18% × 2.44
Mar 31, 2021 10.43% = 4.21% × 2.48
Dec 31, 2020 12.22% = 4.66% × 2.62
Sep 30, 2020 13.52% = 5.44% × 2.49
Jun 30, 2020 12.55% = 5.09% × 2.47
Mar 31, 2020 16.50% = 7.35% × 2.24
Dec 31, 2019 16.26% = 6.90% × 2.36
Sep 30, 2019 27.82% = 12.85% × 2.16
Jun 30, 2019 29.72% = 13.47% × 2.21
Mar 31, 2019 30.12% = 13.58% × 2.22
Dec 31, 2018 30.29% = 13.05% × 2.32
Sep 30, 2018 12.54% = 5.60% × 2.24
Jun 30, 2018 11.42% = 5.01% × 2.28
Mar 31, 2018 11.06% = 4.60% × 2.40
Dec 31, 2017 10.23% = 4.60% × 2.23
Sep 30, 2017 — = — × 2.06
Jun 30, 2017 — = — × 2.12
Mar 31, 2017 — = — × 2.11

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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q1 2022 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Stryker Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Mar 31, 2022 13.39% = 11.56% × 0.48 × 2.40
Dec 31, 2021 13.40% = 11.66% × 0.49 × 2.33
Sep 30, 2021 13.40% = 11.40% × 0.49 × 2.41
Jun 30, 2021 15.07% = 12.82% × 0.48 × 2.44
Mar 31, 2021 10.43% = 9.57% × 0.44 × 2.48
Dec 31, 2020 12.22% = 11.14% × 0.42 × 2.62
Sep 30, 2020 13.52% = 12.35% × 0.44 × 2.49
Jun 30, 2020 12.55% = 11.38% × 0.45 × 2.47
Mar 31, 2020 16.50% = 14.47% × 0.51 × 2.24
Dec 31, 2019 16.26% = 13.99% × 0.49 × 2.36
Sep 30, 2019 27.82% = 23.55% × 0.55 × 2.16
Jun 30, 2019 29.72% = 24.99% × 0.54 × 2.21
Mar 31, 2019 30.12% = 25.38% × 0.53 × 2.22
Dec 31, 2018 30.29% = 26.12% × 0.50 × 2.32
Sep 30, 2018 12.54% = 9.31% × 0.60 × 2.24
Jun 30, 2018 11.42% = 8.28% × 0.60 × 2.28
Mar 31, 2018 11.06% = 8.00% × 0.58 × 2.40
Dec 31, 2017 10.23% = 8.20% × 0.56 × 2.23
Sep 30, 2017 — = — × — × 2.06
Jun 30, 2017 — = — × — × 2.12
Mar 31, 2017 — = — × — × 2.11

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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q1 2022 is the decrease in efficiency measured by asset turnover ratio.

Two-Component Disaggregation of ROA

Stryker Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Mar 31, 2022 5.58% = 11.56% × 0.48
Dec 31, 2021 5.76% = 11.66% × 0.49
Sep 30, 2021 5.56% = 11.40% × 0.49
Jun 30, 2021 6.18% = 12.82% × 0.48
Mar 31, 2021 4.21% = 9.57% × 0.44
Dec 31, 2020 4.66% = 11.14% × 0.42
Sep 30, 2020 5.44% = 12.35% × 0.44
Jun 30, 2020 5.09% = 11.38% × 0.45
Mar 31, 2020 7.35% = 14.47% × 0.51
Dec 31, 2019 6.90% = 13.99% × 0.49
Sep 30, 2019 12.85% = 23.55% × 0.55
Jun 30, 2019 13.47% = 24.99% × 0.54
Mar 31, 2019 13.58% = 25.38% × 0.53
Dec 31, 2018 13.05% = 26.12% × 0.50
Sep 30, 2018 5.60% = 9.31% × 0.60
Jun 30, 2018 5.01% = 8.28% × 0.60
Mar 31, 2018 4.60% = 8.00% × 0.58
Dec 31, 2017 4.60% = 8.20% × 0.56
Sep 30, 2017 — = — × —
Jun 30, 2017 — = — × —
Mar 31, 2017 — = — × —

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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q1 2022 is the decrease in asset turnover ratio.