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.

Analysis of Solvency Ratios 

Microsoft Excel

Solvency Ratios (Summary)

Stryker Corp., solvency ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Debt Ratios
Debt to equity 0.84 1.07 0.87 0.84 0.72
Debt to equity (including operating lease liability) 0.87 1.10 0.90 0.84 0.72
Debt to capital 0.46 0.52 0.46 0.46 0.42
Debt to capital (including operating lease liability) 0.46 0.52 0.47 0.46 0.42
Debt to assets 0.36 0.41 0.37 0.36 0.33
Debt to assets (including operating lease liability) 0.37 0.42 0.38 0.36 0.33
Financial leverage 2.33 2.62 2.36 2.32 2.23
Coverage Ratios
Interest coverage 7.77 7.20 9.93 9.92 9.35
Fixed charge coverage 5.85 5.39 7.10 6.86 6.55

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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Stryker Corp. debt to equity ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Stryker Corp. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Stryker Corp. debt to capital ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Stryker Corp. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Stryker Corp. debt to assets ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Stryker Corp. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Stryker Corp. financial leverage ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Stryker Corp. interest coverage ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Stryker Corp. fixed charge coverage ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Debt to Equity

Stryker Corp., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt 7 761 859 1,373 632
Long-term debt, excluding current maturities 12,472 13,230 10,231 8,486 6,590
Total debt 12,479 13,991 11,090 9,859 7,222
 
Total Stryker shareholders’ equity 14,877 13,084 12,807 11,730 9,966
Solvency Ratio
Debt to equity1 0.84 1.07 0.87 0.84 0.72
Benchmarks
Debt to Equity, Competitors2
Abbott Laboratories 0.50 0.57 0.58
Cigna Group 0.71 0.65 0.83
CVS Health Corp. 0.75 0.93 1.07
Elevance Health Inc. 0.64 0.60 0.63
Humana Inc. 0.80 0.51 0.49
Intuitive Surgical Inc. 0.00 0.00 0.00
Medtronic PLC 0.51 0.49 0.51
UnitedHealth Group Inc. 0.64 0.66 0.71
Debt to Equity, Sector
Health Care Equipment & Services 0.63 0.65 0.72
Debt to Equity, Industry
Health Care 0.78 0.90 0.91

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
Debt to equity = Total debt ÷ Total Stryker shareholders’ equity
= 12,479 ÷ 14,877 = 0.84

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Stryker Corp. debt to equity ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Debt to Equity (including Operating Lease Liability)

Stryker Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt 7 761 859 1,373 632
Long-term debt, excluding current maturities 12,472 13,230 10,231 8,486 6,590
Total debt 12,479 13,991 11,090 9,859 7,222
Current operating lease liabilities (recorded in Accrued expenses and other liabilities) 112 109 86
Noncurrent operating lease liabilities (recorded in Other noncurrent liabilities) 310 325 301
Total debt (including operating lease liability) 12,901 14,425 11,477 9,859 7,222
 
Total Stryker shareholders’ equity 14,877 13,084 12,807 11,730 9,966
Solvency Ratio
Debt to equity (including operating lease liability)1 0.87 1.10 0.90 0.84 0.72
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.54 0.61 0.61
Cigna Group 0.73 0.67 0.84
CVS Health Corp. 1.01 1.23 1.39
Elevance Health Inc. 0.67 0.63 0.65
Humana Inc. 0.84 0.54 0.53
Intuitive Surgical Inc. 0.01 0.01 0.01
Medtronic PLC 0.53 0.51 0.51
UnitedHealth Group Inc. 0.70 0.73 0.77
Debt to Equity (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.71 0.74 0.81
Debt to Equity (including Operating Lease Liability), Industry
Health Care 0.84 0.96 0.97

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
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Stryker shareholders’ equity
= 12,901 ÷ 14,877 = 0.87

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Stryker Corp. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Debt to Capital

Stryker Corp., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt 7 761 859 1,373 632
Long-term debt, excluding current maturities 12,472 13,230 10,231 8,486 6,590
Total debt 12,479 13,991 11,090 9,859 7,222
Total Stryker shareholders’ equity 14,877 13,084 12,807 11,730 9,966
Total capital 27,356 27,075 23,897 21,589 17,188
Solvency Ratio
Debt to capital1 0.46 0.52 0.46 0.46 0.42
Benchmarks
Debt to Capital, Competitors2
Abbott Laboratories 0.34 0.36 0.37
Cigna Group 0.42 0.40 0.45
CVS Health Corp. 0.43 0.48 0.52
Elevance Health Inc. 0.39 0.38 0.39
Humana Inc. 0.44 0.34 0.33
Intuitive Surgical Inc. 0.00 0.00 0.00
Medtronic PLC 0.34 0.33 0.34
UnitedHealth Group Inc. 0.39 0.40 0.41
Debt to Capital, Sector
Health Care Equipment & Services 0.39 0.39 0.42
Debt to Capital, Industry
Health Care 0.44 0.47 0.48

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 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 12,479 ÷ 27,356 = 0.46

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Stryker Corp. debt to capital ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Debt to Capital (including Operating Lease Liability)

Stryker Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt 7 761 859 1,373 632
Long-term debt, excluding current maturities 12,472 13,230 10,231 8,486 6,590
Total debt 12,479 13,991 11,090 9,859 7,222
Current operating lease liabilities (recorded in Accrued expenses and other liabilities) 112 109 86
Noncurrent operating lease liabilities (recorded in Other noncurrent liabilities) 310 325 301
Total debt (including operating lease liability) 12,901 14,425 11,477 9,859 7,222
Total Stryker shareholders’ equity 14,877 13,084 12,807 11,730 9,966
Total capital (including operating lease liability) 27,778 27,509 24,284 21,589 17,188
Solvency Ratio
Debt to capital (including operating lease liability)1 0.46 0.52 0.47 0.46 0.42
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.35 0.38 0.38
Cigna Group 0.42 0.40 0.46
CVS Health Corp. 0.50 0.55 0.58
Elevance Health Inc. 0.40 0.39 0.40
Humana Inc. 0.46 0.35 0.34
Intuitive Surgical Inc. 0.01 0.01 0.01
Medtronic PLC 0.35 0.34 0.34
UnitedHealth Group Inc. 0.41 0.42 0.44
Debt to Capital (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.41 0.43 0.45
Debt to Capital (including Operating Lease Liability), Industry
Health Care 0.46 0.49 0.49

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
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 12,901 ÷ 27,778 = 0.46

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Stryker Corp. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Debt to Assets

Stryker Corp., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt 7 761 859 1,373 632
Long-term debt, excluding current maturities 12,472 13,230 10,231 8,486 6,590
Total debt 12,479 13,991 11,090 9,859 7,222
 
Total assets 34,631 34,330 30,167 27,229 22,197
Solvency Ratio
Debt to assets1 0.36 0.41 0.37 0.36 0.33
Benchmarks
Debt to Assets, Competitors2
Abbott Laboratories 0.24 0.26 0.27
Cigna Group 0.22 0.21 0.24
CVS Health Corp. 0.24 0.28 0.31
Elevance Health Inc. 0.24 0.23 0.26
Humana Inc. 0.29 0.20 0.20
Intuitive Surgical Inc. 0.00 0.00 0.00
Medtronic PLC 0.28 0.27 0.28
UnitedHealth Group Inc. 0.22 0.22 0.23
Debt to Assets, Sector
Health Care Equipment & Services 0.23 0.24 0.26
Debt to Assets, Industry
Health Care 0.28 0.30 0.31

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
Debt to assets = Total debt ÷ Total assets
= 12,479 ÷ 34,631 = 0.36

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Stryker Corp. debt to assets ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Debt to Assets (including Operating Lease Liability)

Stryker Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt 7 761 859 1,373 632
Long-term debt, excluding current maturities 12,472 13,230 10,231 8,486 6,590
Total debt 12,479 13,991 11,090 9,859 7,222
Current operating lease liabilities (recorded in Accrued expenses and other liabilities) 112 109 86
Noncurrent operating lease liabilities (recorded in Other noncurrent liabilities) 310 325 301
Total debt (including operating lease liability) 12,901 14,425 11,477 9,859 7,222
 
Total assets 34,631 34,330 30,167 27,229 22,197
Solvency Ratio
Debt to assets (including operating lease liability)1 0.37 0.42 0.38 0.36 0.33
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.26 0.27 0.28
Cigna Group 0.22 0.22 0.24
CVS Health Corp. 0.33 0.37 0.40
Elevance Health Inc. 0.25 0.24 0.27
Humana Inc. 0.31 0.21 0.22
Intuitive Surgical Inc. 0.01 0.01 0.01
Medtronic PLC 0.29 0.28 0.28
UnitedHealth Group Inc. 0.24 0.24 0.26
Debt to Assets (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.27 0.27 0.29
Debt to Assets (including Operating Lease Liability), Industry
Health Care 0.30 0.32 0.33

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
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 12,901 ÷ 34,631 = 0.37

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Stryker Corp. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Financial Leverage

Stryker Corp., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Total assets 34,631 34,330 30,167 27,229 22,197
Total Stryker shareholders’ equity 14,877 13,084 12,807 11,730 9,966
Solvency Ratio
Financial leverage1 2.33 2.62 2.36 2.32 2.23
Benchmarks
Financial Leverage, Competitors2
Abbott Laboratories 2.10 2.21 2.18
Cigna Group 3.29 3.09 3.44
CVS Health Corp. 3.10 3.32 3.48
Elevance Health Inc. 2.70 2.61 2.44
Humana Inc. 2.76 2.55 2.42
Intuitive Surgical Inc. 1.14 1.15 1.18
Medtronic PLC 1.81 1.79 1.79
UnitedHealth Group Inc. 2.96 3.01 3.02
Financial Leverage, Sector
Health Care Equipment & Services 2.68 2.70 2.75
Financial Leverage, Industry
Health Care 2.77 2.95 2.93

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
Financial leverage = Total assets ÷ Total Stryker shareholders’ equity
= 34,631 ÷ 14,877 = 2.33

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Stryker Corp. financial leverage ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Interest Coverage

Stryker Corp., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net earnings 1,994 1,599 2,083 3,553 1,020
Add: Income tax expense 287 355 479 (1,197) 1,043
Add: Interest expense 337 315 287 264 247
Earnings before interest and tax (EBIT) 2,618 2,269 2,849 2,620 2,310
Solvency Ratio
Interest coverage1 7.77 7.20 9.93 9.92 9.35
Benchmarks
Interest Coverage, Competitors2
Abbott Laboratories 16.41 10.10 7.09
Cigna Group 6.22 8.76 5.11
CVS Health Corp. 5.16 4.36 3.96
Elevance Health Inc. 10.93 8.96 9.02
Humana Inc. 11.49 17.52 15.34
Intuitive Surgical Inc.
Medtronic PLC 5.21 4.71 4.60
UnitedHealth Group Inc. 14.44 13.47 11.55
Interest Coverage, Sector
Health Care Equipment & Services 9.06 8.21 6.70
Interest Coverage, Industry
Health Care 12.85 7.67 8.84

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
Interest coverage = EBIT ÷ Interest expense
= 2,618 ÷ 337 = 7.77

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Stryker Corp. interest coverage ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Fixed Charge Coverage

Stryker Corp., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net earnings 1,994 1,599 2,083 3,553 1,020
Add: Income tax expense 287 355 479 (1,197) 1,043
Add: Interest expense 337 315 287 264 247
Earnings before interest and tax (EBIT) 2,618 2,269 2,849 2,620 2,310
Add: Operating lease expense 133 130 133 138 125
Earnings before fixed charges and tax 2,751 2,399 2,982 2,758 2,435
 
Interest expense 337 315 287 264 247
Operating lease expense 133 130 133 138 125
Fixed charges 470 445 420 402 372
Solvency Ratio
Fixed charge coverage1 5.85 5.39 7.10 6.86 6.55
Benchmarks
Fixed Charge Coverage, Competitors2
Abbott Laboratories 10.21 6.68 5.14
Cigna Group 5.61 7.84 4.67
CVS Health Corp. 3.03 2.75 2.56
Elevance Health Inc. 8.48 6.10 7.34
Humana Inc. 8.05 12.02 9.76
Intuitive Surgical Inc. 93.66 58.48 79.65
Medtronic PLC 4.31 3.98 3.97
UnitedHealth Group Inc. 8.80 8.51 7.65
Fixed Charge Coverage, Sector
Health Care Equipment & Services 5.95 5.52 4.75
Fixed Charge Coverage, Industry
Health Care 9.09 5.67 6.58

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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 2,751 ÷ 470 = 5.85

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Stryker Corp. fixed charge coverage ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.