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 Short-term (Operating) Activity Ratios

Microsoft Excel

Short-term Activity Ratios (Summary)

Stryker Corp., short-term (operating) activity ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Turnover Ratios
Inventory turnover 1.85 1.52 1.58 1.58 1.73
Receivables turnover 5.66 5.31 5.14 5.83 5.66
Payables turnover 5.44 6.54 7.69 7.22 8.77
Working capital turnover 3.13 3.08 2.14 2.76 2.76
Average No. Days
Average inventory processing period 197 241 231 231 211
Add: Average receivable collection period 64 69 71 63 64
Operating cycle 261 310 302 294 275
Less: Average payables payment period 67 56 47 51 42
Cash conversion cycle 194 254 255 243 233

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).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Stryker Corp. inventory turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Receivables turnover An activity ratio equal to revenue divided by receivables. Stryker Corp. receivables turnover ratio improved from 2019 to 2020 and from 2020 to 2021.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Stryker Corp. payables turnover ratio decreased from 2019 to 2020 and from 2020 to 2021.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Stryker Corp. working capital turnover ratio improved from 2019 to 2020 and from 2020 to 2021.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Stryker Corp. number of days of inventory outstanding deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Stryker Corp. number of days of receivables outstanding improved from 2019 to 2020 and from 2020 to 2021.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Stryker Corp. operating cycle deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Stryker Corp. number of days of payables outstanding increased from 2019 to 2020 and from 2020 to 2021.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Stryker Corp. cash conversion cycle improved from 2019 to 2020 and from 2020 to 2021.

Inventory Turnover

Stryker Corp., inventory turnover 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)
Cost of sales 6,140 5,294 5,188 4,663 4,271
Inventories 3,314 3,494 3,282 2,955 2,465
Short-term Activity Ratio
Inventory turnover1 1.85 1.52 1.58 1.58 1.73
Benchmarks
Inventory Turnover, Competitors2
Abbott Laboratories 3.59 2.99 3.07
Cigna Group 31.58 32.70 36.70
CVS Health Corp. 13.52 11.88 12.06
Intuitive Surgical Inc. 2.98 2.49 2.30
Medtronic PLC 2.43 2.23 2.44
Inventory Turnover, Sector
Health Care Equipment & Services 23.69 20.89 21.66
Inventory Turnover, Industry
Health Care 10.91 9.96 10.08

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
Inventory turnover = Cost of sales ÷ Inventories
= 6,140 ÷ 3,314 = 1.85

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Stryker Corp. inventory turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Receivables Turnover

Stryker Corp., receivables turnover 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 sales 17,108 14,351 14,884 13,601 12,444
Accounts receivable, less allowance 3,022 2,701 2,893 2,332 2,198
Short-term Activity Ratio
Receivables turnover1 5.66 5.31 5.14 5.83 5.66
Benchmarks
Receivables Turnover, Competitors2
Abbott Laboratories 6.64 5.40 5.88
Cigna Group 19.35 19.47 20.05
CVS Health Corp. 11.91 12.32 13.04
Elevance Health Inc. 20.66 19.72 18.20
Humana Inc. 45.69 66.78 60.97
Intuitive Surgical Inc. 7.30 6.75 6.94
Medtronic PLC 5.51 6.22 4.91
UnitedHealth Group Inc. 20.07 19.86 20.32
Receivables Turnover, Sector
Health Care Equipment & Services 14.99 15.09 14.97
Receivables Turnover, Industry
Health Care 9.45 9.50 9.90

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
Receivables turnover = Net sales ÷ Accounts receivable, less allowance
= 17,108 ÷ 3,022 = 5.66

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Stryker Corp. receivables turnover ratio improved from 2019 to 2020 and from 2020 to 2021.

Payables Turnover

Stryker Corp., payables turnover 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)
Cost of sales 6,140 5,294 5,188 4,663 4,271
Accounts payable 1,129 810 675 646 487
Short-term Activity Ratio
Payables turnover1 5.44 6.54 7.69 7.22 8.77
Benchmarks
Payables Turnover, Competitors2
Abbott Laboratories 4.21 3.80 4.07
Cigna Group 7.68 7.75 9.34
CVS Health Corp. 19.14 19.72 20.13
Elevance Health Inc. 7.59 7.75 9.25
Humana Inc. 8.35 7.57 8.97
Intuitive Surgical Inc. 14.45 18.35 11.08
Medtronic PLC 4.98 4.72 4.69
UnitedHealth Group Inc. 7.63 7.29 7.21
Payables Turnover, Sector
Health Care Equipment & Services 9.25 9.16 9.95
Payables Turnover, Industry
Health Care 7.68 7.52 8.05

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
Payables turnover = Cost of sales ÷ Accounts payable
= 6,140 ÷ 1,129 = 5.44

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Stryker Corp. payables turnover ratio decreased from 2019 to 2020 and from 2020 to 2021.

Working Capital Turnover

Stryker Corp., working capital turnover 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 assets 10,017 9,707 11,360 9,733 7,993
Less: Current liabilities 4,549 5,041 4,400 4,807 3,485
Working capital 5,468 4,666 6,960 4,926 4,508
 
Net sales 17,108 14,351 14,884 13,601 12,444
Short-term Activity Ratio
Working capital turnover1 3.13 3.08 2.14 2.76 2.76
Benchmarks
Working Capital Turnover, Competitors2
Abbott Laboratories 3.87 4.06 6.64
Cigna Group
CVS Health Corp.
Elevance Health Inc. 7.23 6.39 6.11
Humana Inc. 8.67 7.42 7.19
Intuitive Surgical Inc. 1.22 0.77 1.23
Medtronic PLC 2.15 2.48 2.26
UnitedHealth Group Inc.
Working Capital Turnover, Sector
Health Care Equipment & Services 40.87 44.34 59.48
Working Capital Turnover, Industry
Health Care 13.72 14.03 9.09

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
Working capital turnover = Net sales ÷ Working capital
= 17,108 ÷ 5,468 = 3.13

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Stryker Corp. working capital turnover ratio improved from 2019 to 2020 and from 2020 to 2021.

Average Inventory Processing Period

Stryker Corp., average inventory processing period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data
Inventory turnover 1.85 1.52 1.58 1.58 1.73
Short-term Activity Ratio (no. days)
Average inventory processing period1 197 241 231 231 211
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Abbott Laboratories 102 122 119
Cigna Group 12 11 10
CVS Health Corp. 27 31 30
Intuitive Surgical Inc. 122 147 159
Medtronic PLC 150 164 150
Average Inventory Processing Period, Sector
Health Care Equipment & Services 15 17 17
Average Inventory Processing Period, Industry
Health Care 33 37 36

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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 1.85 = 197

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Stryker Corp. number of days of inventory outstanding deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Average Receivable Collection Period

Stryker Corp., average receivable collection period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data
Receivables turnover 5.66 5.31 5.14 5.83 5.66
Short-term Activity Ratio (no. days)
Average receivable collection period1 64 69 71 63 64
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Abbott Laboratories 55 68 62
Cigna Group 19 19 18
CVS Health Corp. 31 30 28
Elevance Health Inc. 18 19 20
Humana Inc. 8 5 6
Intuitive Surgical Inc. 50 54 53
Medtronic PLC 66 59 74
UnitedHealth Group Inc. 18 18 18
Average Receivable Collection Period, Sector
Health Care Equipment & Services 24 24 24
Average Receivable Collection Period, Industry
Health Care 39 38 37

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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 5.66 = 64

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Stryker Corp. number of days of receivables outstanding improved from 2019 to 2020 and from 2020 to 2021.

Operating Cycle

Stryker Corp., operating cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data
Average inventory processing period 197 241 231 231 211
Average receivable collection period 64 69 71 63 64
Short-term Activity Ratio
Operating cycle1 261 310 302 294 275
Benchmarks
Operating Cycle, Competitors2
Abbott Laboratories 157 190 181
Cigna Group 31 30 28
CVS Health Corp. 58 61 58
Intuitive Surgical Inc. 172 201 212
Medtronic PLC 216 223 224
Operating Cycle, Sector
Health Care Equipment & Services 39 41 41
Operating Cycle, Industry
Health Care 72 75 73

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
Operating cycle = Average inventory processing period + Average receivable collection period
= 197 + 64 = 261

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Stryker Corp. operating cycle deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Average Payables Payment Period

Stryker Corp., average payables payment period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data
Payables turnover 5.44 6.54 7.69 7.22 8.77
Short-term Activity Ratio (no. days)
Average payables payment period1 67 56 47 51 42
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Abbott Laboratories 87 96 90
Cigna Group 48 47 39
CVS Health Corp. 19 19 18
Elevance Health Inc. 48 47 39
Humana Inc. 44 48 41
Intuitive Surgical Inc. 25 20 33
Medtronic PLC 73 77 78
UnitedHealth Group Inc. 48 50 51
Average Payables Payment Period, Sector
Health Care Equipment & Services 39 40 37
Average Payables Payment Period, Industry
Health Care 48 49 45

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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 5.44 = 67

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Stryker Corp. number of days of payables outstanding increased from 2019 to 2020 and from 2020 to 2021.

Cash Conversion Cycle

Stryker Corp., cash conversion cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data
Average inventory processing period 197 241 231 231 211
Average receivable collection period 64 69 71 63 64
Average payables payment period 67 56 47 51 42
Short-term Activity Ratio
Cash conversion cycle1 194 254 255 243 233
Benchmarks
Cash Conversion Cycle, Competitors2
Abbott Laboratories 70 94 91
Cigna Group -17 -17 -11
CVS Health Corp. 39 42 40
Intuitive Surgical Inc. 147 181 179
Medtronic PLC 143 146 146
Cash Conversion Cycle, Sector
Health Care Equipment & Services 0 1 4
Cash Conversion Cycle, Industry
Health Care 24 26 28

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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 197 + 6467 = 194

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Stryker Corp. cash conversion cycle improved from 2019 to 2020 and from 2020 to 2021.