Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Stryker Corp., long-term (investment) activity ratios
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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Stryker Corp. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Stryker Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Stryker Corp. total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Stryker Corp. equity turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Net Fixed Asset Turnover
Stryker Corp., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 17,108) | 14,351) | 14,884) | 13,601) | 12,444) | |
| Property, plant and equipment, net | 2,833) | 2,752) | 2,567) | 2,291) | 1,975) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 6.04 | 5.21 | 5.80 | 5.94 | 6.30 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Abbott Laboratories | 4.81 | 3.83 | — | — | — | |
| CVS Health Corp. | 22.56 | 21.25 | — | — | — | |
| Elevance Health Inc. | 34.94 | 34.69 | — | — | — | |
| Intuitive Surgical Inc. | 3.04 | 2.76 | — | — | — | |
| Medtronic PLC | 5.77 | 5.99 | 6.54 | — | — | |
| UnitedHealth Group Inc. | 31.81 | 29.64 | — | — | — | |
| Net Fixed Asset Turnover, Sector | ||||||
| Health Care Equipment & Services | 18.93 | 17.74 | — | — | — | |
| Net Fixed Asset Turnover, Industry | ||||||
| Health Care | 9.09 | 8.34 | — | — | — | |
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
Net fixed asset turnover = Net sales ÷ Property, plant and equipment, net
= 17,108 ÷ 2,833 = 6.04
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Stryker Corp. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Stryker Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 17,108) | 14,351) | 14,884) | 13,601) | 12,444) | |
| Property, plant and equipment, net | 2,833) | 2,752) | 2,567) | 2,291) | 1,975) | |
| Operating lease right-of-use assets (recorded in Other noncurrent assets) | 419) | 423) | 384) | —) | —) | |
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 3,252) | 3,175) | 2,951) | 2,291) | 1,975) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 5.26 | 4.52 | 5.04 | 5.94 | 6.30 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Abbott Laboratories | 4.26 | 3.42 | — | — | — | |
| CVS Health Corp. | 9.09 | 8.04 | — | — | — | |
| Elevance Health Inc. | 30.12 | 29.26 | — | — | — | |
| Intuitive Surgical Inc. | 2.93 | 2.66 | — | — | — | |
| Medtronic PLC | 4.84 | 5.02 | 6.54 | — | — | |
| UnitedHealth Group Inc. | 21.54 | 19.55 | — | — | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Health Care Equipment & Services | 11.63 | 10.46 | — | — | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Health Care | 7.17 | 6.51 | — | — | — | |
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
Net fixed asset turnover (including operating lease, right-of-use asset) = Net sales ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 17,108 ÷ 3,252 = 5.26
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Stryker Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Total Asset Turnover
Stryker Corp., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 17,108) | 14,351) | 14,884) | 13,601) | 12,444) | |
| Total assets | 34,631) | 34,330) | 30,167) | 27,229) | 22,197) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.49 | 0.42 | 0.49 | 0.50 | 0.56 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Abbott Laboratories | 0.57 | 0.48 | — | — | — | |
| CVS Health Corp. | 1.25 | 1.16 | — | — | — | |
| Elevance Health Inc. | 1.41 | 1.39 | — | — | — | |
| Intuitive Surgical Inc. | 0.42 | 0.39 | — | — | — | |
| Medtronic PLC | 0.32 | 0.32 | 0.34 | — | — | |
| UnitedHealth Group Inc. | 1.34 | 1.30 | — | — | — | |
| Total Asset Turnover, Sector | ||||||
| Health Care Equipment & Services | 1.09 | 1.03 | — | — | — | |
| Total Asset Turnover, Industry | ||||||
| Health Care | 0.70 | 0.64 | — | — | — | |
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
Total asset turnover = Net sales ÷ Total assets
= 17,108 ÷ 34,631 = 0.49
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Stryker Corp. total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Equity Turnover
Stryker Corp., equity turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 17,108) | 14,351) | 14,884) | 13,601) | 12,444) | |
| Total Stryker shareholders’ equity | 14,877) | 13,084) | 12,807) | 11,730) | 9,966) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 1.15 | 1.10 | 1.16 | 1.16 | 1.25 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Abbott Laboratories | 1.20 | 1.06 | — | — | — | |
| CVS Health Corp. | 3.87 | 3.86 | — | — | — | |
| Elevance Health Inc. | 3.80 | 3.64 | — | — | — | |
| Intuitive Surgical Inc. | 0.48 | 0.45 | — | — | — | |
| Medtronic PLC | 0.59 | 0.57 | 0.61 | — | — | |
| UnitedHealth Group Inc. | 3.98 | 3.90 | — | — | — | |
| Equity Turnover, Sector | ||||||
| Health Care Equipment & Services | 2.81 | 2.73 | — | — | — | |
| Equity Turnover, Industry | ||||||
| Health Care | 1.91 | 1.89 | — | — | — | |
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
Equity turnover = Net sales ÷ Total Stryker shareholders’ equity
= 17,108 ÷ 14,877 = 1.15
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Stryker Corp. equity turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |