Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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Historical Valuation Ratios (Summary)
Stryker Corp., historical price multiples (quarterly data)
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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibits significant fluctuations over the observed periods. Starting from a value of 54.36 in March 2018, the ratio peaked at 62.59 in June 2018 and subsequently trended downward to 18.96 by March 2019. After rebounding above 39 in March 2020, the P/E ratio experienced another rise, reaching a peak of 69.46 in June 2021 before declining again towards 45.28 in March 2022. This pattern indicates volatility in market valuation relative to earnings, with marked peaks in mid-2018 and mid-2021.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio shows a cyclical trend with moderate volatility. It began at 24.21 in March 2018, rose steadily to 33.22 by September 2019, and then declined to 24.04 in June 2020. Following this, a notable increase occurred, peaking at 47.78 in June 2021 before easing back to 35.47 by March 2022. The fluctuations suggest varying market perceptions of operating profitability over time, with peaks roughly correlating with those observed in the P/E ratio.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio reflects a generally upward trend with intermittent corrections. Starting at 4.46 in March 2018, it increased to above 5.5 by late 2019, dipped to around 4.53 in March 2020, and subsequently climbed to a peak of 6.65 in June 2021. Since then, it has moderated slightly to 5.23 in March 2022. This rising trend suggests growing market valuation relative to sales, with a slight correction during the early 2020 period.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio demonstrates a gradual upward movement with some volatility. Beginning at 5.21 in March 2017, it increased to 6.92 by March 2018, and after modest fluctuations, it dipped to 5.17 in March 2020. From that point, the ratio ascended steadily, peaking at 7.33 in September 2021 before declining to 6.06 in March 2022. This pattern indicates a generally rising market valuation relative to book equity, tempered by occasional downward adjustments, notably around early 2020.
Price to Earnings (P/E)
Stryker Corp., historical P/E calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net earnings (loss) (in millions) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2022 Calculation
EPS
= (Net earnings (loss)Q1 2022
+ Net earnings (loss)Q4 2021
+ Net earnings (loss)Q3 2021
+ Net earnings (loss)Q2 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Stryker Corp. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data over the observed quarters reveals several notable trends in the company’s share price, earnings per share (EPS), and price-to-earnings (P/E) ratio.
- Share Price (US$)
- The share price exhibited overall growth across the period, beginning at $135.37 in March 2017 and rising to a peak of $268.68 in June 2021. There were periods of fluctuation where prices temporarily declined, such as the drop from $218.24 in December 2019 to $180.62 in March 2020, likely reflecting market volatility around that time. Subsequently, the price recovered strongly, reaching new highs by the end of 2020 and mid-2021 before experiencing a gradual decrease to $241.26 in March 2022.
- Earnings Per Share (EPS) (US$)
- EPS data from March 2018 onward displays variability with a notable spike seen in early 2019, where EPS jumped sharply to around $9.5 per share, significantly higher than previous quarters. Following this peak, EPS declined markedly, falling near $4.26 in September 2020. It showed some recovery thereafter, fluctuating between approximately $3.74 and $5.52 from late 2020 through early 2022, although not returning to the earlier peak levels. This pattern suggests episodic influences impacting earnings during this window, possibly including extraordinary items or accounting adjustments.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio initially decreased from a high in the low 60s in mid-2018 to a low around 18.96 in early 2019, coinciding with the EPS surge. Thereafter, the ratio climbed steadily, reaching its highest values near 69.46 by mid-2021. This rise indicates increasing share prices relative to earnings or declining earnings relative to pricing. The P/E declined again somewhat in the following quarters but remained elevated in the range of 45 to 52, which could imply a market anticipation of future growth or a premium valuation despite lower recent earnings. The volatility in P/E correlates strongly with the observed EPS fluctuations.
Overall, the data reflects a strong bullish trend in share price fueled initially by rising EPS but complicated by significant EPS volatility after 2018. The elevated and variable P/E ratio suggests that market sentiment remained optimistic despite earnings dips, possibly due to external factors or expectations of recovery and growth. The period observed includes episodes of both rapid earnings expansion and contraction, mirrored by the corresponding fluctuations in valuation measurements.
Price to Operating Profit (P/OP)
Stryker Corp., historical P/OP calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2022 Calculation
Operating profit per share
= (Operating income (loss)Q1 2022
+ Operating income (loss)Q4 2021
+ Operating income (loss)Q3 2021
+ Operating income (loss)Q2 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Stryker Corp. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the provided quarterly financial data reveals several patterns and trends in the share price, operating profit per share, and the price-to-operating profit (P/OP) ratio.
- Share Price
- The share price showed a general upward trend over the examined period. Starting from $135.37 at the end of Q1 2017, it increased to a peak of $268.68 in Q3 2021. There were some fluctuations, including a notable dip from $218.24 in Q4 2019 to $180.62 in Q1 2020, likely reflecting external market or economic conditions. Although the price recovered and reached new highs toward the end of 2020 and into 2021, it experienced a moderate decline in early 2022, ending at $241.26 in Q1 2022.
- Operating Profit Per Share
- Operating profit per share data is available starting from Q2 2017. It generally demonstrated a gradual increase from 6.11 in Q2 2017 to a peak of 7.51 in Q2 2020. However, there was a decline in Q3 and Q4 2020, followed by some volatility throughout 2021, with values fluctuating between 5.43 and 7.42. By Q1 2022, operating profit per share stabilized around 6.8. The initial rise suggests improving operating efficiency or profitability, but the subsequent fluctuations indicate some variability in performance during the latter part of the period.
- Price-to-Operating Profit (P/OP) Ratio
- The P/OP ratio reveals how the market values the company’s operating profit over time. Starting at 24.21 in Q2 2017, the ratio increased significantly over the period, reaching a high of 47.78 in Q4 2021. This increase indicates that the market was willing to pay a higher price relative to operating profit, suggestive of heightened investor confidence or expected future growth. Notably, there was considerable volatility, with ratios declining in Q1 2020 to 30.13, then bouncing to over 40 in late 2020 and 2021. By Q1 2022, the ratio had moderated slightly to 35.47, still elevated compared to the earlier years.
Overall, the data illustrates a strong growth trajectory in share price alongside increasing operating profits, albeit with some periods of volatility. The rising P/OP ratio reflects enhanced market expectations, although the recent moderation may suggest some reassessment of growth prospects or risk perception by investors.
Price to Sales (P/S)
Stryker Corp., historical P/S calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net sales (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2022 Calculation
Sales per share
= (Net salesQ1 2022
+ Net salesQ4 2021
+ Net salesQ3 2021
+ Net salesQ2 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Stryker Corp. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trajectory from March 31, 2017, to March 31, 2022. Beginning at $135.37 in March 2017, the price increased steadily with some fluctuations, peaking at $268.68 in June 2021 before experiencing a slight decline to $241.26 by March 2022. Notable increments occurred particularly from December 2020 onwards, showing strong market performance during this period.
- Sales per Share Development
- Sales per share data commences in the first quarter of 2018, starting at $33.22. The figures show a consistent gradual rise across subsequent quarters, reaching $46.09 by March 31, 2022. While the increase is relatively steady, there was a minor dip observed in the third quarter of 2020, followed by a swift recovery and continued growth afterward, indicating stable revenue generation per share over time.
- Price-to-Sales (P/S) Ratio Evolution
- The P/S ratio, calculated from quarterly share price and sales per share, exhibited variability throughout the periods analyzed. Initially starting at 4.46 in March 2018, the ratio experienced fluctuations, rising above 6.00 during late 2020 and 2021, with a peak of 6.65 in June 2021. A decline follows in early 2022, ending at 5.23 in March 2022. This pattern suggests varying market valuations relative to sales, with periods of higher investor optimism or perceived growth potential around 2020-2021.
- Correlation and Overall Insights
- The share price increase correlates strongly with the gradual rise in sales per share. However, the P/S ratio's volatility indicates that share price movements were not solely driven by sales growth, implying that market sentiment and external factors likely influenced valuation multiples. The peak P/S ratios in 2020 and 2021 coincide with heightened share prices despite relatively stable sales growth, suggesting elevated market expectations during that timeframe. The slight moderation in the P/S ratio and share price in early 2022 may reflect a market correction or recalibration of investor expectations.
Price to Book Value (P/BV)
Stryker Corp., historical P/BV calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total Stryker shareholders’ equity (in millions) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2022 Calculation
BVPS = Total Stryker shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Stryker Corp. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trend from March 2017 through December 2021, starting at $135.37 and reaching a peak at $268.68 in June 2021. There were periods of fluctuation within this upward movement, including a notable dip from $218.24 in December 2019 to $180.62 in March 2020, likely reflecting external market conditions. After recovering and surpassing previous highs by the end of 2020 and mid-2021, the price showed a downward adjustment towards the first quarter of 2022, closing at $241.26.
- Book Value per Share (BVPS) Trend
- BVPS showed a steady increase over the analyzed period, rising from $25.96 in March 2017 to $39.79 in March 2022. Although minor fluctuations occurred, an overall growth trajectory is evident, with consistent increases particularly noticeable from 2018 onward. This suggests continuous growth in the company’s net asset value on a per-share basis across the timeframe.
- Price-to-Book Value Ratio (P/BV) Trend
- The P/BV ratio demonstrated variability, beginning at 5.21 in March 2017 and peaking at 7.33 in September 2021. Early in the period, the ratio increased from 5.21 to 6.92 in March 2018, followed by a gradual decline to 5.17 by March 2020. Post-March 2020, the ratio rose sharply, surpassing previous highs, before retreating somewhat by March 2022 to 6.06. These fluctuations indicate changing investor sentiment in relation to the company's book value, with periods of higher market valuation multiples as well as corrections.
- Interrelated Observations
- The share price and P/BV ratio trends align to some degree, both peaking around mid-2021 before declining. The increasing BVPS over time supports the long-term intrinsic value growth, while the P/BV ratio's variations suggest investors periodically adjusted the premium paid relative to book value. The decline in share price and P/BV ratio in early 2022 may reflect market reassessments or external factors influencing valuation.