Stryker
SYK on NYSE. Stryker sells medical devices and surgical equipment to hospitals and surgeons. Market value $109.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Health care stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.30 of spare cash in the past 12 months. A savings account pays about $4.
You pay 21.9 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 10 cents a year. Above 10 is good.
Quality score: 92 of 100. Price score: 57 of 100. Our list needs 70 on quality and 60 on price.
$285.22 a share, 7% above its 1-year low
Over the past year the price has ranged from $267.00 to $392.55.
Dividend: 1.2% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $17.1bn | $18.4bn | $20.5bn | $22.6bn | $25.1bn |
| Operating margin | |||||
| Operating margin | 15.1% | 15.4% | 19.0% | 16.3% | 19.5% |
| Debt to equity | |||||
| Debt to equity | 0.84 | 0.79 | 0.70 | 0.66 | 0.71 |
| Shares outstanding | |||||
| Shares outstanding | 0.38bn | 0.38bn | 0.38bn | 0.38bn | 0.38bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.71× equity
- Revenue growth, five yearsStrong, 11.8% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $6.6 billion last quarter, up 9% on a year ago.
- Profit: $1.3 billion, up 44% on a year ago.
- It keeps 21 cents of each $1 of sales as operating profit, up from 15 cents a year earlier.
- Spare cash over the past 12 months: $4.7 billion, up from $4 billion.
- About the same number of shares as a year ago.
- Debt is $11.6 billion more than cash, down from $14.2 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $5.5bn |
| December 2024 | $6.4bn |
| March 2025 | $5.9bn |
| June 2025 | $6.0bn |
| September 2025 | $6.1bn |
| December 2025 | $7.2bn |
| March 2026 | $6.0bn |
| June 2026 | $6.6bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $834m |
| December 2024 | $546m |
| March 2025 | $654m |
| June 2025 | $884m |
| September 2025 | $859m |
| December 2025 | $849m |
| March 2026 | $745m |
| June 2026 | $1.3bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 29 October 2026
- Last annual report (10-K)
- 11 February 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
11 long-term investors we follow own it, up from 10 last quarter. 2,257 funds in all.
- Mairs & PowerAndy Adams
- Value
- $1m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| FundsmithTerry Smith | $917m | 6.7% | Cut |
| Boston PartnersBoston Partners team | $337m | 0.3% | Added |
| Jensen Investment ManagementEric Schoenstein | $186m | 4.5% | Cut |
| Fenimore Asset Management (FAM Funds)John Fox | $172m | 3.6% | Added |
| Veritas Asset ManagementAndy Headley | $168m | 3.0% | New |
| Scharf InvestmentsBrian Krawez | $58m | 1.9% | Added |
| Gotham Asset ManagementJoel Greenblatt | $40m | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $28m | <0.1% | Added |
| GAMCO InvestorsMario Gabelli | $7m | <0.1% | Added |
| AKO CapitalNicolai Tangen (founder) | $6m | 0.2% | Cut |
| Mairs & PowerAndy Adams | $1m | <0.1% |
Largest holders overall
- BlackRock$8.6bn
- Vanguard Capital Management$7.1bn
- JPMorgan Chase$5.7bnAdded
- State Street$4.9bn
- Greenleaf Trust$4.8bnCut
- Price T Rowe Associates$3.8bnAdded
- Vanguard Portfolio Management$2.6bn
- Wellington Management Group LLP$2.6bn
- Geode Capital Management$2.5bn
- Morgan Stanley$1.9bnCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Vanguard Capital ManagementPassive investor6.7%Since 31 March 2026
- GREENLEAF TRUSTPassive investorSold down below 5%Since 31 December 2025
- STRYKER RONDA ESold down below 5%Since 27 February 2026
What they said
Ronda E. Stryker intends to evaluate on an ongoing basis her investment in the Company and her options with respect to such investment. Ronda E. Stryker and her husband may, from time to time, acquire additional Common Shares (1) by the exercise or additional vesting of options,…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 6.7% | 31 March 2026 | |
GREENLEAF TRUST Passive investor | Sold down below 5% | 31 December 2025 | |
STRYKER RONDA E | Sold down below 5% | 27 February 2026 | What they saidRonda E. Stryker intends to evaluate on an ongoing basis her investment in the Company and her options with respect to such investment. Ronda E. Stryker and her husband may, from time to time, acquire additional Common Shares (1) by the exercise or additional vesting of options,… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 8 sold $586m, $1m of it under preset trading plans.
- Crotty Dylan BramGroup PresidentSold
- Date
- 21 August 2026
- Shares
- 441
- Price
- $328.61
- Value
- $144,915
- STRYKER RONDA EDirectorSold
- Date
- 19 August 2026
- Shares
- 50,000
- Price
- $340.10
- Value
- $17m
- STRYKER RONDA EDirectorSold
- Date
- 18 August 2026
- Shares
- 300,000
- Price
- $335.90
- Value
- $101m
- King DebraSee RemarksSold
- Date
- 18 August 2026
- Shares
- 826
- Price
- $336.30
- Value
- $277,787
- Fletcher Robert SVP, Chief Legal OfficerSoldunder a preset trading plan
- Date
- 28 May 2026
- Shares
- 4,544
- Price
- $306.87
- Value
- $1m
- STRYKER RONDA EDirectorSold
- Date
- 26 May 2026
- Shares
- 310,000
- Price
- $312.23
- Value
- $97m
- Fink M KathrynVP, Chief HR OfficerSold
- Date
- 11 May 2026
- Shares
- 8,720
- Price
- $283.69
- Value
- $2m
- STRYKER RONDA EDirectorSold
- Date
- 5 February 2026
- Shares
- 250,000
- Price
- $363.96
- Value
- $91m
- STRYKER RONDA EDirectorSold
- Date
- 4 February 2026
- Shares
- 250,000
- Price
- $362.92
- Value
- $91m
- Pierce James AndrewGroup PresidentSold
- Date
- 2 February 2026
- Shares
- 475
- Price
- $368.87
- Value
- $175,213
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 August 2026 | Crotty Dylan Bram Group President | Sold | 441 | $328.61 | $144,915 |
| 19 August 2026 | STRYKER RONDA E Director | Sold | 50,000 | $340.10 | $17m |
| 18 August 2026 | STRYKER RONDA E Director | Sold | 300,000 | $335.90 | $101m |
| 18 August 2026 | King Debra See Remarks | Sold | 826 | $336.30 | $277,787 |
| 28 May 2026 | Fletcher Robert S VP, Chief Legal Officer | Sold under a preset trading plan | 4,544 | $306.87 | $1m |
| 26 May 2026 | STRYKER RONDA E Director | Sold | 310,000 | $312.23 | $97m |
| 11 May 2026 | Fink M Kathryn VP, Chief HR Officer | Sold | 8,720 | $283.69 | $2m |
| 5 February 2026 | STRYKER RONDA E Director | Sold | 250,000 | $363.96 | $91m |
| 4 February 2026 | STRYKER RONDA E Director | Sold | 250,000 | $362.92 | $91m |
| 2 February 2026 | Pierce James Andrew Group President | Sold | 475 | $368.87 | $175,213 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
allocation of income to each of the income tax jurisdictions
Could happenIncome tax audits associated with the allocation of income and other complex issues, including inventory transfer pricing and cost sharing, product royalty and foreign branch arrangements, may require an extended period to resolve and may result in significant income tax adjustments including the assessment of additional income taxes, interest and penalties. For example, we received a final audit report and assessments from the German Federal Central Tax Office ("FCTO") related to audits of tax years 2010 through 2017. Although we intend to defend our filing positions through the FCTO independent appeals process and, if necessary, litigation, there can be no assurance that we will be successful. If the resolution of this matter results in additional German income taxes, we intend to seek associated foreign tax credits, but such credits may not be available on a timely basis or at all, or may not fully offset any additional liability. Any such outcome could materially adversely affect our business, financial condition and results of operations. See Note 11 to our Consolidated Financial Statements for more information.
Read more
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.