Analysis of Geographic Areas
Stryker Corp. operates in 4 regions: United States; Europe, Middle East, Africa; Asia Pacific; and Other countries.
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- Analysis of Liquidity Ratios
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- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
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- Operating Profit Margin since 2005
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- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Area Asset Turnover
Stryker Corp., asset turnover by geographic area
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe, Middle East, Africa | |||||
| Asia Pacific | |||||
| Other countries |
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).
- United States
- The asset turnover ratio in the United States exhibited a declining trend from 8.22 in 2017 to 6.36 in 2020. However, there was a moderate recovery in 2021, with the ratio increasing to 7.18. Overall, the ratio showed volatility but remained lower in 2021 compared to the initial value in 2017.
- Europe, Middle East, Africa (EMEA)
- The EMEA region's asset turnover ratio experienced fluctuations during the period. It increased from 2.18 in 2017 to a peak of 2.68 in 2018, followed by a decline to 1.94 in 2020. In 2021, the ratio rebounded to 2.44, indicating some recovery albeit not reaching the earlier peak.
- Asia Pacific
- The Asia Pacific region displayed a consistent upward trend across the years. Starting at 13.21 in 2017, the asset turnover ratio steadily increased each year, culminating in a significant rise to 25.96 by 2021. This notable growth represents a strong improvement in asset utilization efficiency in this geographic area.
- Other countries
- The asset turnover ratio for other countries showed considerable variability. Initially at 8.44 in 2017, it dropped sharply to 2.40 in 2018, then partially recovered to 5.78 in 2019. The ratio remained relatively stable but slightly declining afterwards, with values of 5.74 in 2020 and 5.20 in 2021, indicating unresolved fluctuations and lower asset turnover efficiency compared to 2017.
Area Asset Turnover: United States
Stryker Corp.; United States; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Net property, plant and equipment | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2021 Calculation
Area asset turnover = Net sales ÷ Net property, plant and equipment
= ÷ =
- Net Sales
- Net sales exhibited a generally upward trend over the five-year period, increasing from US$9,059 million in 2017 to US$12,321 million in 2021. There was consistent growth year over year, with a slight dip in 2020, where sales decreased from US$10,957 million in 2019 to US$10,455 million. However, this decline was followed by a notable recovery in 2021, surpassing previous years' figures.
- Net Property, Plant and Equipment
- The net value of property, plant, and equipment steadily increased throughout the period, starting at US$1,102 million in 2017 and rising to US$1,717 million in 2021. This indicates a consistent investment in fixed assets, with an especially pronounced increase between 2017 and 2019. The growth in asset base appears to have slowed somewhat in later years but maintained a clear upward trajectory.
- Area Asset Turnover
- The area asset turnover ratio demonstrated a declining trend from 8.22 in 2017 to a low of 6.36 in 2020, indicating a decreasing efficiency in utilizing assets to generate sales over the initial years. In 2021, this ratio rebounded slightly to 7.18, suggesting some improvement in asset utilization, but it remained below the 2017 level. The decline over most of the period may be attributed to the faster growth rate in assets relative to sales, while the partial recovery in 2021 aligns with the increase in sales.
- Overall Analysis
- Over the analyzed timeframe, the company expanded its sales and asset base within the United States geographic area, although the efficiency of asset use, as measured by the area asset turnover ratio, declined before showing signs of recovery. The dip in 2020 sales and asset turnover likely reflects external challenges during that year, while the strong rebound in 2021 points to improved market conditions and operational performance. The consistent increase in property, plant, and equipment suggests a strategic emphasis on capacity building and infrastructure investment.
Area Asset Turnover: Europe, Middle East, Africa
Stryker Corp.; Europe, Middle East, Africa; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Net property, plant and equipment | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2021 Calculation
Area asset turnover = Net sales ÷ Net property, plant and equipment
= ÷ =
- Net Sales
- Net sales demonstrated a generally positive trend over the analyzed period. Starting at 1,567 million US dollars in 2017, sales increased consistently to 1,793 million in 2018 and 1,888 million in 2019. There was a slight decline to 1,818 million in 2020, followed by a substantial increase to 2,299 million in 2021. This indicates overall growth with a minor interruption likely due to external factors in 2020.
- Net Property, Plant and Equipment
- The value of net property, plant, and equipment exhibited fluctuations during the period. Initially, it decreased from 718 million US dollars in 2017 to 669 million in 2018. Subsequently, it rose to 838 million in 2019 and continued increasing to 938 million in 2020. The asset base stabilized in 2021, showing only a slight increase to 941 million. This suggests recent investments in fixed assets, particularly from 2018 onward, after an initial reduction.
- Area Asset Turnover
- The area asset turnover ratio experienced variability throughout the period. It increased from 2.18 in 2017 to a peak of 2.68 in 2018, indicating improved efficiency in using assets to generate sales. However, it declined to 2.25 in 2019 and further dropped to 1.94 in 2020, suggesting reduced efficiency possibly linked to the 2020 dip in sales or increased asset base. The ratio rebounded to 2.44 in 2021, reflecting a recovery in asset utilization effectiveness.
Area Asset Turnover: Asia Pacific
Stryker Corp.; Asia Pacific; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Net property, plant and equipment | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2021 Calculation
Area asset turnover = Net sales ÷ Net property, plant and equipment
= ÷ =
- Net Sales
- Net sales in the Asia Pacific region demonstrated a consistent upward trend over the five-year period. Starting at 1,413 million US dollars in 2017, sales increased each year, reaching 1,973 million US dollars by 2021. This represents a significant growth, with the most substantial increase occurring between 2020 and 2021.
- Net Property, Plant and Equipment
- The value of net property, plant, and equipment showed a declining trend from 2017 to 2021. Beginning at 107 million US dollars in 2017, the value steadily decreased, ending at 76 million US dollars in 2021. This decline occurred despite the increase in net sales, indicating a possible reduction in physical asset investment or increased asset efficiency.
- Area Asset Turnover
- The area asset turnover ratio exhibited a marked improvement throughout the period. Starting at 13.21 in 2017, the ratio gradually increased each year, accelerating sharply between 2020 and 2021 to reach 25.96. This suggests a significant enhancement in the efficiency with which the company utilized its assets in the Asia Pacific region to generate sales.
Area Asset Turnover: Other countries
Stryker Corp.; Other countries; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Net property, plant and equipment | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2021 Calculation
Area asset turnover = Net sales ÷ Net property, plant and equipment
= ÷ =
- Net Sales
- Net sales exhibited an overall upward trend from 2017 to 2021. Starting at 405 million USD in 2017, sales increased gradually through 2018 and 2019, with a slight dip in 2019 compared to 2018. However, a notable rise was observed in 2020 and continued strongly into 2021, reaching a peak of 515 million USD. This indicates a positive growth trajectory in revenue from this geographic area over the five-year period.
- Net Property, Plant and Equipment
- The net property, plant, and equipment values showed significant volatility over the analyzed years. An initial figure of 48 million USD in 2017 jumped sharply to 178 million USD in 2018, before declining to 73 million USD in 2019. From 2019 onwards, the values gradually increased to 78 million USD in 2020 and further to 99 million USD in 2021. This pattern suggests an irregular investment or asset base adjustment in the early years, followed by a more stable and increasing trend in recent years.
- Area Asset Turnover
- The area asset turnover ratio displayed a marked fluctuation. In 2017, the ratio was notably high at 8.44, which then dropped sharply to 2.4 in 2018. It subsequently increased to 5.78 in 2019 and remained relatively stable in 2020 at 5.74, before declining slightly to 5.2 in 2021. This suggests that after a period of reduced efficiency in using assets to generate sales in 2018, efficiency improved significantly over the next two years, with a minor decrease in the final year analyzed. The fluctuation may reflect changes in asset utilization or shifts in operational efficiency within this region.
Net sales
Stryker Corp., net sales by geographic area
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe, Middle East, Africa | |||||
| Asia Pacific | |||||
| Other countries | |||||
| Total |
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).
The net sales data across geographic areas reveal several noteworthy trends over the five-year period ending December 31, 2021. Overall, total net sales demonstrate consistent growth, increasing from 12,444 million US dollars in 2017 to 17,108 million US dollars in 2021, indicating a robust upward trajectory despite slight fluctuations in certain years.
- United States
- Net sales in the United States, the largest contributing market, rose steadily from 9,059 million US dollars in 2017 to 12,321 million US dollars in 2021. A notable dip occurred in 2020, where sales decreased to 10,455 million from 10,957 million in 2019, potentially reflecting broader market or economic challenges during that period. However, recovery was apparent in 2021 with a substantial increase of over 1,800 million dollars from 2020.
- Europe, Middle East, Africa (EMEA)
- Sales in the EMEA region exhibited overall growth, increasing from 1,567 million US dollars in 2017 to 2,299 million US dollars by 2021. A slight decrease was observed in 2020 when sales dropped to 1,818 million from 1,888 million in 2019. The rebound in 2021 was strong, with sales rising significantly beyond previous levels, suggesting resilience and an expanding market presence.
- Asia Pacific
- The Asia Pacific segment showed continuous but moderate growth, advancing from 1,413 million US dollars in 2017 to 1,973 million US dollars in 2021. This region demonstrated stability with a minor increase in 2020 despite global uncertainties, followed by a marked increase in 2021, indicating strengthening demand or successful penetration in this market.
- Other countries
- Sales in other countries were comparatively smaller but showed a positive growth trend from 405 million US dollars in 2017 to 515 million US dollars in 2021. The increases were gradual each year, including a slight uptick during 2020, suggesting steady expansion in less dominant markets.
In summary, while 2020 posed some challenges reflected by modest declines or stagnation in the largest regions, recovery in 2021 was evident across all geographic areas. The United States remains the primary revenue driver, but growth in international markets, particularly EMEA and Asia Pacific, contribute increasingly to total net sales. This diversification and consistent expansion indicate a broadly resilient and growth-oriented sales performance across geographic segments.
Net property, plant and equipment
Stryker Corp., net property, plant and equipment by geographic area
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe, Middle East, Africa | |||||
| Asia Pacific | |||||
| Other countries | |||||
| Total |
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).
The analysis of net property, plant, and equipment across geographic areas reveals distinct trends over the five-year period.
- United States
- The United States shows a consistent upward trend in net property, plant, and equipment from 2017 to 2021. The value increased steadily each year from $1,102 million in 2017 to $1,717 million in 2021, indicating continuous investment or asset growth in this region.
- Europe, Middle East, Africa
- This region experienced some fluctuations but overall growth. The value decreased slightly from $718 million in 2017 to $669 million in 2018 but then increased markedly to $838 million in 2019, followed by further growth to $938 million in 2020 and stabilizing at $941 million in 2021. This pattern suggests renewed and sustained investment after a brief decline.
- Asia Pacific
- The Asia Pacific region exhibited a gradual decline in net property, plant, and equipment over the years. The value decreased from $107 million in 2017 to $76 million in 2021, with small annual decreases. This may reflect reduced asset base or lower capital expenditure in this region.
- Other countries
- Other countries present a volatile pattern. Starting at $48 million in 2017, the value surged to $178 million in 2018, then fell back to $73 million in 2019. Subsequent years show gradual recovery to $78 million in 2020 and $99 million in 2021. The sharp rise and fall around 2018 suggest possibly one-time investments or asset revaluations.
- Total
- The total net property, plant, and equipment across all regions increased steadily from $1,975 million in 2017 to $2,833 million in 2021. This overall growth corresponds mainly to the increases seen in the United States and Europe, Middle East, and Africa regions, partially offset by declines in Asia Pacific and variability in other countries.