Analysis of Reportable Segments
Stryker Corp. operates in 2 segments: MedSurg and Neurotechnology and Orthopaedics and Spine.
Segment Profit Margin
Stryker Corp., profit margin by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| MedSurg and Neurotechnology | 29.43% | 28.93% | 27.19% | — | — |
| Orthopaedics and Spine | 28.80% | 26.44% | 32.52% | — | — |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | MedSurg and Neurotechnology | MedSurg and Neurotechnology segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. |
| Orthopaedics and Spine | Orthopaedics and Spine segment profit margin ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Segment Profit Margin: MedSurg and Neurotechnology
Stryker Corp.; MedSurg and Neurotechnology; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating income | 2,807) | 2,414) | 2,304) | —) | —) |
| Net sales | 9,538) | 8,345) | 8,475) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 29.43% | 28.93% | 27.19% | — | — |
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
Segment profit margin = 100 × Segment operating income ÷ Net sales
= 100 × 2,807 ÷ 9,538 = 29.43%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | MedSurg and Neurotechnology | MedSurg and Neurotechnology segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. |
Segment Profit Margin: Orthopaedics and Spine
Stryker Corp.; Orthopaedics and Spine; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating income | 2,180) | 1,588) | 2,084) | —) | —) |
| Net sales | 7,570) | 6,006) | 6,409) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 28.80% | 26.44% | 32.52% | — | — |
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
Segment profit margin = 100 × Segment operating income ÷ Net sales
= 100 × 2,180 ÷ 7,570 = 28.80%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Orthopaedics and Spine | Orthopaedics and Spine segment profit margin ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Segment Return on Assets (Segment ROA)
Stryker Corp., ROA by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| MedSurg and Neurotechnology | 18.45% | 15.83% | 14.16% | — | — |
| Orthopaedics and Spine | 12.01% | 8.78% | 16.64% | — | — |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | MedSurg and Neurotechnology | MedSurg and Neurotechnology segment ROA improved from 2019 to 2020 and from 2020 to 2021. |
| Orthopaedics and Spine | Orthopaedics and Spine segment ROA deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Segment ROA: MedSurg and Neurotechnology
Stryker Corp.; MedSurg and Neurotechnology; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating income | 2,807) | 2,414) | 2,304) | —) | —) |
| Assets | 15,218) | 15,250) | 16,270) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 18.45% | 15.83% | 14.16% | — | — |
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
Segment ROA = 100 × Segment operating income ÷ Assets
= 100 × 2,807 ÷ 15,218 = 18.45%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | MedSurg and Neurotechnology | MedSurg and Neurotechnology segment ROA improved from 2019 to 2020 and from 2020 to 2021. |
Segment ROA: Orthopaedics and Spine
Stryker Corp.; Orthopaedics and Spine; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating income | 2,180) | 1,588) | 2,084) | —) | —) |
| Assets | 18,149) | 18,090) | 12,527) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 12.01% | 8.78% | 16.64% | — | — |
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
Segment ROA = 100 × Segment operating income ÷ Assets
= 100 × 2,180 ÷ 18,149 = 12.01%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Orthopaedics and Spine | Orthopaedics and Spine segment ROA deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Segment Asset Turnover
Stryker Corp., asset turnover by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| MedSurg and Neurotechnology | 0.63 | 0.55 | 0.52 | — | — |
| Orthopaedics and Spine | 0.42 | 0.33 | 0.51 | — | — |
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).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | MedSurg and Neurotechnology | MedSurg and Neurotechnology segment asset turnover ratio improved from 2019 to 2020 and from 2020 to 2021. |
| Orthopaedics and Spine | Orthopaedics and Spine segment asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Segment Asset Turnover: MedSurg and Neurotechnology
Stryker Corp.; MedSurg and Neurotechnology; segment 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 | 9,538) | 8,345) | 8,475) | —) | —) |
| Assets | 15,218) | 15,250) | 16,270) | —) | —) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.63 | 0.55 | 0.52 | — | — |
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
Segment asset turnover = Net sales ÷ Assets
= 9,538 ÷ 15,218 = 0.63
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | MedSurg and Neurotechnology | MedSurg and Neurotechnology segment asset turnover ratio improved from 2019 to 2020 and from 2020 to 2021. |
Segment Asset Turnover: Orthopaedics and Spine
Stryker Corp.; Orthopaedics and Spine; segment 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 | 7,570) | 6,006) | 6,409) | —) | —) |
| Assets | 18,149) | 18,090) | 12,527) | —) | —) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.42 | 0.33 | 0.51 | — | — |
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
Segment asset turnover = Net sales ÷ Assets
= 7,570 ÷ 18,149 = 0.42
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Orthopaedics and Spine | Orthopaedics and Spine segment asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Segment Capital Expenditures to Depreciation
Stryker Corp., capital expenditures to depreciation by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| MedSurg and Neurotechnology | 0.38 | 0.39 | 0.58 | — | — |
| Orthopaedics and Spine | 0.26 | 0.33 | 0.30 | — | — |
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).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | MedSurg and Neurotechnology | MedSurg and Neurotechnology segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Orthopaedics and Spine | Orthopaedics and Spine segment capital expenditures to depreciation ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021. |
Segment Capital Expenditures to Depreciation: MedSurg and Neurotechnology
Stryker Corp.; MedSurg and Neurotechnology; segment capital expenditures to depreciation calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Purchases of property, plant and equipment | 197) | 192) | 281) | —) | —) |
| Depreciation and amortization | 518) | 496) | 488) | —) | —) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.38 | 0.39 | 0.58 | — | — |
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
Segment capital expenditures to depreciation = Purchases of property, plant and equipment ÷ Depreciation and amortization
= 197 ÷ 518 = 0.38
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | MedSurg and Neurotechnology | MedSurg and Neurotechnology segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
Segment Capital Expenditures to Depreciation: Orthopaedics and Spine
Stryker Corp.; Orthopaedics and Spine; segment capital expenditures to depreciation calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Purchases of property, plant and equipment | 165) | 150) | 138) | —) | —) |
| Depreciation and amortization | 629) | 458) | 457) | —) | —) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.26 | 0.33 | 0.30 | — | — |
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
Segment capital expenditures to depreciation = Purchases of property, plant and equipment ÷ Depreciation and amortization
= 165 ÷ 629 = 0.26
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Orthopaedics and Spine | Orthopaedics and Spine segment capital expenditures to depreciation ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021. |
Net sales
Stryker Corp., net sales by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| MedSurg and Neurotechnology | 9,538) | 8,345) | 8,475) | —) | —) |
| Orthopaedics and Spine | 7,570) | 6,006) | 6,409) | —) | —) |
| Total | 17,108) | 14,351) | 14,884) | —) | —) |
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).
Depreciation and amortization
Stryker Corp., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| MedSurg and Neurotechnology | 518) | 496) | 488) | —) | —) |
| Orthopaedics and Spine | 629) | 458) | 457) | —) | —) |
| Corporate and Other | 125) | 122) | 99) | —) | —) |
| Total | 1,272) | 1,076) | 1,044) | —) | —) |
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).
Segment operating income
Stryker Corp., segment operating income by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| MedSurg and Neurotechnology | 2,807) | 2,414) | 2,304) | —) | —) |
| Orthopaedics and Spine | 2,180) | 1,588) | 2,084) | —) | —) |
| Total | 4,987) | 4,002) | 4,388) | —) | —) |
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).
Assets
Stryker Corp., assets by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| MedSurg and Neurotechnology | 15,218) | 15,250) | 16,270) | —) | —) |
| Orthopaedics and Spine | 18,149) | 18,090) | 12,527) | —) | —) |
| Corporate and Other | 1,264) | 990) | 1,370) | —) | —) |
| Total | 34,631) | 34,330) | 30,167) | —) | —) |
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).
Purchases of property, plant and equipment
Stryker Corp., purchases of property, plant and equipment by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| MedSurg and Neurotechnology | 197) | 192) | 281) | —) | —) |
| Orthopaedics and Spine | 165) | 150) | 138) | —) | —) |
| Corporate and Other | 163) | 145) | 230) | —) | —) |
| Total | 525) | 487) | 649) | —) | —) |
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).