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 
Quarterly Data

Microsoft Excel

Short-term Activity Ratios (Summary)

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

Microsoft Excel
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Turnover Ratios
Inventory turnover 1.77 1.85 1.76 1.69 1.58 1.52 1.50 1.50 1.55 1.58 1.56 1.54 1.56 1.58 1.57 1.64 1.64 1.73
Receivables turnover 5.83 5.66 5.92 5.99 5.63 5.31 5.86 6.39 5.65 5.14 5.97 5.90 6.08 5.83 6.39 6.24 6.04 5.66
Payables turnover 5.75 5.44 6.46 6.70 7.15 6.54 8.00 8.12 7.08 7.69 7.74 8.00 7.74 7.22 8.09 8.01 8.28 8.77
Working capital turnover 4.04 3.13 3.33 3.40 2.93 3.08 1.61 1.68 2.28 2.14 3.13 3.35 3.32 2.76 3.53 3.87 4.17 2.76
Average No. Days
Average inventory processing period 206 197 208 216 231 241 244 244 235 231 234 237 233 231 232 223 222 211
Add: Average receivable collection period 63 64 62 61 65 69 62 57 65 71 61 62 60 63 57 58 60 64
Operating cycle 269 261 270 277 296 310 306 301 300 302 295 299 293 294 289 281 282 275
Less: Average payables payment period 63 67 57 54 51 56 46 45 52 47 47 46 47 51 45 46 44 42
Cash conversion cycle 206 194 213 223 245 254 260 256 248 255 248 253 246 243 244 235 238 233

Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

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 improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.
Receivables turnover An activity ratio equal to revenue divided by receivables. Stryker Corp. receivables turnover ratio deteriorated from Q3 2021 to Q4 2021 but then improved from Q4 2021 to Q1 2022 not reaching Q3 2021 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Stryker Corp. payables turnover ratio decreased from Q3 2021 to Q4 2021 but then slightly increased from Q4 2021 to Q1 2022.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Stryker Corp. working capital turnover ratio deteriorated from Q3 2021 to Q4 2021 but then improved from Q4 2021 to Q1 2022 exceeding Q3 2021 level.

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 improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Stryker Corp. operating cycle improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 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 Q3 2021 to Q4 2021 but then slightly decreased from Q4 2021 to Q1 2022.
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 Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Inventory Turnover

Stryker Corp., inventory turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Cost of sales 1,541 1,656 1,518 1,522 1,444 1,545 1,276 1,216 1,257 1,428 1,257 1,270 1,233 1,340 1,087 1,132 1,104 1,232 1,024 1,022 993
Inventories 3,525 3,314 3,434 3,431 3,473 3,494 3,459 3,442 3,359 3,282 3,269 3,198 3,064 2,955 2,893 2,740 2,664 2,465 2,454 2,279 2,172
Short-term Activity Ratio
Inventory turnover1 1.77 1.85 1.76 1.69 1.58 1.52 1.50 1.50 1.55 1.58 1.56 1.54 1.56 1.58 1.57 1.64 1.64 1.73
Benchmarks
Inventory Turnover, Competitors2
Abbott Laboratories 3.36 3.59 3.47 3.27 2.99 2.99 2.71 2.56 2.92 3.07
Cigna Group 34.32 31.58 37.54 36.13 36.50 32.70 37.84 36.30 38.13 36.70
CVS Health Corp. 13.60 13.52 13.49 13.48 12.57 11.88 12.43 13.03 12.68 12.06
Intuitive Surgical Inc. 2.82 2.98 2.90 2.84 2.64 2.49 2.18 2.22 2.30 2.30
Medtronic PLC 2.47 2.43 2.24 2.20 2.10 2.23 2.34 2.35 2.37 2.44

Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Inventory turnover = (Cost of salesQ1 2022 + Cost of salesQ4 2021 + Cost of salesQ3 2021 + Cost of salesQ2 2021) ÷ Inventories
= (1,541 + 1,656 + 1,518 + 1,522) ÷ 3,525 = 1.77

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 improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Receivables Turnover

Stryker Corp., receivables turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Net sales 4,275 4,701 4,160 4,294 3,953 4,262 3,737 2,764 3,588 4,131 3,587 3,650 3,516 3,796 3,242 3,322 3,241 3,471 3,006 3,012 2,955
Accounts receivable, less allowance 2,991 3,022 2,817 2,714 2,616 2,701 2,426 2,203 2,646 2,893 2,438 2,408 2,284 2,332 2,076 2,089 2,108 2,198 1,965 1,905 1,875
Short-term Activity Ratio
Receivables turnover1 5.83 5.66 5.92 5.99 5.63 5.31 5.86 6.39 5.65 5.14 5.97 5.90 6.08 5.83 6.39 6.24 6.04 5.66
Benchmarks
Receivables Turnover, Competitors2
Abbott Laboratories 6.20 6.64 6.61 6.58 6.13 5.40 5.70 6.12 6.06 5.88
CVS Health Corp. 11.30 11.91 11.23 11.48 11.32 12.32 11.14 11.68 11.33 13.04
Elevance Health Inc. 16.67 20.66 18.93 18.81 17.39 19.72 18.91 18.04 16.74 18.20
Humana Inc. 27.18 45.69 42.91 32.51 35.43 66.78 64.58 31.30 33.43 60.97
Intuitive Surgical Inc. 6.52 7.30 7.90 7.38 6.96 6.75 7.32 8.56 8.73 6.94
Medtronic PLC 5.82 5.51 5.35 5.21 5.73 6.22 4.97 5.05 5.20 4.91
UnitedHealth Group Inc. 15.65 20.07 19.60 18.53 16.35 19.86 20.63 19.62 16.73 20.32

Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Receivables turnover = (Net salesQ1 2022 + Net salesQ4 2021 + Net salesQ3 2021 + Net salesQ2 2021) ÷ Accounts receivable, less allowance
= (4,275 + 4,701 + 4,160 + 4,294) ÷ 2,991 = 5.83

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 deteriorated from Q3 2021 to Q4 2021 but then improved from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Payables Turnover

Stryker Corp., payables turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Cost of sales 1,541 1,656 1,518 1,522 1,444 1,545 1,276 1,216 1,257 1,428 1,257 1,270 1,233 1,340 1,087 1,132 1,104 1,232 1,024 1,022 993
Accounts payable 1,084 1,129 934 864 767 810 647 635 736 675 659 616 619 646 563 561 529 487 458 427 456
Short-term Activity Ratio
Payables turnover1 5.75 5.44 6.46 6.70 7.15 6.54 8.00 8.12 7.08 7.69 7.74 8.00 7.74 7.22 8.09 8.01 8.28 8.77
Benchmarks
Payables Turnover, Competitors2
Abbott Laboratories 4.02 4.21 4.55 4.43 3.97 3.80 4.37 4.00 4.20 4.07
Cigna Group 7.89 7.68 7.71 7.60 7.74 7.75 8.02 8.30 9.06 9.34
CVS Health Corp. 19.38 19.14 18.49 20.72 20.50 19.72 18.61 21.70 21.06 20.13
Elevance Health Inc. 7.28 7.59 7.31 7.30 7.31 7.75 8.32 8.42 8.48 9.25
Humana Inc. 7.63 8.35 7.76 7.81 7.32 7.57 7.20 7.12 7.90 8.97
Intuitive Surgical Inc. 14.36 14.45 14.13 13.71 14.80 18.35 12.46 13.18 10.69 11.08
Medtronic PLC 5.67 4.98 5.56 5.19 5.56 4.72 4.96 4.84 4.89 4.69
UnitedHealth Group Inc. 6.78 7.63 6.98 6.97 6.58 7.29 7.40 8.02 6.96 7.21

Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Payables turnover = (Cost of salesQ1 2022 + Cost of salesQ4 2021 + Cost of salesQ3 2021 + Cost of salesQ2 2021) ÷ Accounts payable
= (1,541 + 1,656 + 1,518 + 1,522) ÷ 1,084 = 5.75

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 Q3 2021 to Q4 2021 but then slightly increased from Q4 2021 to Q1 2022.

Working Capital Turnover

Stryker Corp., working capital turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Current assets 8,725 10,017 9,460 9,032 8,979 9,707 13,545 12,801 10,736 11,360 8,566 8,185 7,888 9,733 7,918 7,413 7,851 7,993 7,710 8,478 7,889
Less: Current liabilities 4,408 4,549 4,449 4,252 3,953 5,041 4,689 4,405 4,162 4,400 3,921 3,946 3,713 4,807 4,153 4,046 4,800 3,485 3,258 3,552 2,554
Working capital 4,317 5,468 5,011 4,780 5,026 4,666 8,856 8,396 6,574 6,960 4,645 4,239 4,175 4,926 3,765 3,367 3,051 4,508 4,452 4,926 5,335
 
Net sales 4,275 4,701 4,160 4,294 3,953 4,262 3,737 2,764 3,588 4,131 3,587 3,650 3,516 3,796 3,242 3,322 3,241 3,471 3,006 3,012 2,955
Short-term Activity Ratio
Working capital turnover1 4.04 3.13 3.33 3.40 2.93 3.08 1.61 1.68 2.28 2.14 3.13 3.35 3.32 2.76 3.53 3.87 4.17 2.76
Benchmarks
Working Capital Turnover, Competitors2
Abbott Laboratories 4.13 3.87 3.98 4.02 3.99 4.06 4.52 5.02 6.84 6.64
Cigna Group
CVS Health Corp.
Elevance Health Inc. 8.65 7.23 6.79 6.67 5.38 6.39 5.98 5.40 6.81 6.11
Humana Inc. 9.27 8.67 7.47 7.38 7.61 7.42 6.04 6.14 6.91 7.19
Intuitive Surgical Inc. 1.26 1.22 1.17 1.03 0.88 0.77 0.80 0.88 1.23 1.23
Medtronic PLC 2.15 2.15 2.02 2.00 2.44 2.48 2.03 2.13 2.16 2.26
UnitedHealth Group Inc.

Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Working capital turnover = (Net salesQ1 2022 + Net salesQ4 2021 + Net salesQ3 2021 + Net salesQ2 2021) ÷ Working capital
= (4,275 + 4,701 + 4,160 + 4,294) ÷ 4,317 = 4.04

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 deteriorated from Q3 2021 to Q4 2021 but then improved from Q4 2021 to Q1 2022 exceeding Q3 2021 level.

Average Inventory Processing Period

Stryker Corp., average inventory processing period calculation (quarterly data)

Microsoft Excel
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data
Inventory turnover 1.77 1.85 1.76 1.69 1.58 1.52 1.50 1.50 1.55 1.58 1.56 1.54 1.56 1.58 1.57 1.64 1.64 1.73
Short-term Activity Ratio (no. days)
Average inventory processing period1 206 197 208 216 231 241 244 244 235 231 234 237 233 231 232 223 222 211
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Abbott Laboratories 109 102 105 111 122 122 135 142 125 119
Cigna Group 11 12 10 10 10 11 10 10 10 10
CVS Health Corp. 27 27 27 27 29 31 29 28 29 30
Intuitive Surgical Inc. 130 122 126 129 138 147 167 164 159 159
Medtronic PLC 148 150 163 166 174 164 156 155 154 150

Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 1.77 = 206

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 improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Average Receivable Collection Period

Stryker Corp., average receivable collection period calculation (quarterly data)

Microsoft Excel
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data
Receivables turnover 5.83 5.66 5.92 5.99 5.63 5.31 5.86 6.39 5.65 5.14 5.97 5.90 6.08 5.83 6.39 6.24 6.04 5.66
Short-term Activity Ratio (no. days)
Average receivable collection period1 63 64 62 61 65 69 62 57 65 71 61 62 60 63 57 58 60 64
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Abbott Laboratories 59 55 55 55 60 68 64 60 60 62
CVS Health Corp. 32 31 32 32 32 30 33 31 32 28
Elevance Health Inc. 22 18 19 19 21 19 19 20 22 20
Humana Inc. 13 8 9 11 10 5 6 12 11 6
Intuitive Surgical Inc. 56 50 46 49 52 54 50 43 42 53
Medtronic PLC 63 66 68 70 64 59 73 72 70 74
UnitedHealth Group Inc. 23 18 19 20 22 18 18 19 22 18

Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 5.83 = 63

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.

Operating Cycle

Stryker Corp., operating cycle calculation (quarterly data)

No. days

Microsoft Excel
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data
Average inventory processing period 206 197 208 216 231 241 244 244 235 231 234 237 233 231 232 223 222 211
Average receivable collection period 63 64 62 61 65 69 62 57 65 71 61 62 60 63 57 58 60 64
Short-term Activity Ratio
Operating cycle1 269 261 270 277 296 310 306 301 300 302 295 299 293 294 289 281 282 275
Benchmarks
Operating Cycle, Competitors2
Abbott Laboratories 168 157 160 166 182 190 199 202 185 181
CVS Health Corp. 59 58 59 59 61 61 62 59 61 58
Intuitive Surgical Inc. 186 172 172 178 190 201 217 207 201 212
Medtronic PLC 211 216 231 236 238 223 229 227 224 224

Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 206 + 63 = 269

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 improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Average Payables Payment Period

Stryker Corp., average payables payment period calculation (quarterly data)

Microsoft Excel
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data
Payables turnover 5.75 5.44 6.46 6.70 7.15 6.54 8.00 8.12 7.08 7.69 7.74 8.00 7.74 7.22 8.09 8.01 8.28 8.77
Short-term Activity Ratio (no. days)
Average payables payment period1 63 67 57 54 51 56 46 45 52 47 47 46 47 51 45 46 44 42
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Abbott Laboratories 91 87 80 82 92 96 83 91 87 90
Cigna Group 46 48 47 48 47 47 46 44 40 39
CVS Health Corp. 19 19 20 18 18 19 20 17 17 18
Elevance Health Inc. 50 48 50 50 50 47 44 43 43 39
Humana Inc. 48 44 47 47 50 48 51 51 46 41
Intuitive Surgical Inc. 25 25 26 27 25 20 29 28 34 33
Medtronic PLC 64 73 66 70 66 77 74 75 75 78
UnitedHealth Group Inc. 54 48 52 52 56 50 49 46 52 51

Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 5.75 = 63

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 Q3 2021 to Q4 2021 but then slightly decreased from Q4 2021 to Q1 2022.

Cash Conversion Cycle

Stryker Corp., cash conversion cycle calculation (quarterly data)

No. days

Microsoft Excel
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data
Average inventory processing period 206 197 208 216 231 241 244 244 235 231 234 237 233 231 232 223 222 211
Average receivable collection period 63 64 62 61 65 69 62 57 65 71 61 62 60 63 57 58 60 64
Average payables payment period 63 67 57 54 51 56 46 45 52 47 47 46 47 51 45 46 44 42
Short-term Activity Ratio
Cash conversion cycle1 206 194 213 223 245 254 260 256 248 255 248 253 246 243 244 235 238 233
Benchmarks
Cash Conversion Cycle, Competitors2
Abbott Laboratories 77 70 80 84 90 94 116 111 98 91
CVS Health Corp. 40 39 39 41 43 42 42 42 44 40
Intuitive Surgical Inc. 161 147 146 151 165 181 188 179 167 179
Medtronic PLC 147 143 165 166 172 146 155 152 149 146

Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 206 + 6363 = 206

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 Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.