At a glance
Stryker Corporation is worth $116.80B, about 37 times its fiscal 2025 earnings. Revenue grew 11.2% to $25.12B in fiscal 2025, with 12.9% kept as profit; over 5 years it has grown 11.8% a year. It pays a 1.15% dividend yield, raised every year for at least 9 years, and returned $5.64B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −12.9% over the past year with dividends reinvested and +3.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 43.8% in the 2020 crash (S&P 500: 33.7%) and 31.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months after the low.
The business in plain English
Stryker sells medical technology to hospitals, doctors and other healthcare facilities in approximately 61 countries, mostly directly but also through independent dealers and distributors. Products range from surgical equipment, endoscopic (keyhole-surgery) camera systems and LIFEPAK defibrillators to devices that treat stroke and blood clots and implants for joint replacement and broken-bone (trauma) surgery. It earns money from large equipment purchases, which tend to peak in the fourth quarter, and from implants and disposables used procedure by procedure.
In fiscal 2025 (ended December 31, 2025), net sales were about $25.1 billion across two segments. MedSurg and Neurotechnology, which covers medical-surgical equipment plus brain and stroke products, made up 62%. Its largest lines were Medical (27% of segment sales), Endoscopy (24%) and Instruments (20%); Vascular rose to 13% after the Inari Medical acquisition. Orthopaedics supplied the other 38%, led by Trauma and Extremities (42% of segment sales), Knees (28%) and Hips (20%). Stryker's annual report says its Mako robotic-arm system has been used in more than two million procedures.
The United States supplied about 76% of fiscal 2025 sales; Europe, the Middle East and Africa about 13%; Asia Pacific about 9%; and other countries 3%. That reliance on one market ties results closely to US hospital budgets and to pricing pressure from insurers and government payers.
Price history
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SYK -12.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| MedSurg and Neurotechnology | $15.65B | 62.3% |
| Orthopaedics | $9.47B | 37.7% |
By geography
| United States | $19.01B | 75.7% |
| Europe, Middle East, Africa | $3.18B | 12.7% |
| Asia Pacific | $2.16B | 8.6% |
| Other foreign countries | $765.0M | 3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $6.52B, up 7.6% from a year earlier, and net income was $753.0M (-12.3%).
- For fiscal 2025, revenue was $25.12B (+11.2% year over year; +11.8% a year from FY2020 to FY2025) with a 12.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.8% good |
|---|---|
| Operating margin | 19.5% good |
| Free cash flow margin | 17.1% good |
| Return on equity (FY2025) | 14.5% watch |
| Return on assets (FY2025) | 6.8% watch |
| Net cash (cash minus debt) | $-11.91B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $14.35B | $1.60B | $2.79B |
| FY2021 | $17.11B | $1.99B | $2.74B |
| FY2022 | $18.45B | $2.36B | $2.04B |
| FY2023 | $20.50B | $3.17B | $3.14B |
| FY2024 | $22.59B | $2.99B | $3.49B |
| FY2025 | $25.12B | $3.25B | $4.28B |
Valuation snapshot
| Market value | $116.80B |
|---|---|
| P/E ratio | 36.5 |
| Dividend yield | 1.15% |
Rank among 1514 US companies
Market value at each year end
Stryker’s market value went from $44.86B at the end of 2016 to $116.80B on Nov 2, 2026, about 2.6 times as much; since the end of 2025 it is down 13%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $116.80B | -13.1% |
| 2025 | $134.41B | -2.1% |
| 2024 | $137.26B | +20.7% |
| 2023 | $113.76B | +23.0% |
| 2022 | $92.52B | -8.3% |
| 2021 | $100.88B | +9.6% |
| 2020 | $92.08B | +17.2% |
| 2019 | $78.59B | +34.0% |
| 2018 | $58.65B | +1.2% |
| 2017 | $57.95B | +29.2% |
| 2016 | $44.86B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SYK price data to Nov 2, 2026 | -11.9% | -12.9% | +4.3% | +3.5% | +11.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -11.9% |
| 2025 | -1.5% |
| 2024 | +21.3% |
| 2023 | +23.8% |
| 2022 | -7.4% |
| 2021 | +10.2% |
| 2020 | +18.2% |
| 2019 | +35.3% |
| 2018 | +2.4% |
| 2017 | +30.9% |
| 2016 | +30.7% |
| 2015 | +0.0% |
| 2014 | +27.4% |
| 2013 | +39.3% |
| 2012 | +12.1% |
| 2011 | -6.1% |
| 2010 | +7.9% |
| 2009 | +26.7% |
| 2008 | -46.0% |
| 2007 | +36.2% |
| 2006 | +24.5% |
| 2005 | -7.7% |
| 2004 | +13.7% |
| 2003 | +26.8% |
| 2002 | +15.1% |
| 2001 | +15.5% |
| 2000 | +45.4% |
| 1999 | +26.6% |
| 1998 | +48.0% |
| 1997 | +24.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 56.9% over that stretch · deepest drop along the way 58.6%, back to its old high 54.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.8% over that stretch · deepest drop along the way 43.8%, back to its old high 6.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.5% over that stretch · deepest drop along the way 31.4%, back to its old high 6.5 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 5 open-market purchases ($27K) and 36 sales ($218.9M), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 18, 2026 | Ronda E Stryker Director | sell | $44.2M |
| Aug 18, 2026 | Ronda E Stryker Director | sell | $36.8M |
| May 26, 2026 | Ronda E Stryker Director | sell | $36.1M |
| May 26, 2026 | Ronda E Stryker Director | sell | $35.6M |
| May 26, 2026 | Ronda E Stryker Director | sell | $13.8M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 6.73% | Mar 31, 2026 |
| GREENLEAF TRUST | 4.4% | Dec 31, 2025 |
ETFs with the most weight in SYK
| JGRW Jensen Quality Growth ETF | 6.36% |
| IHI iShares U.S. Medical Devices ETF | 4.55% |
| CWS AdvisorShares Focused Equity ETF | 4.05% |
| DEMZ Democratic Large Cap Core ETF | 3.49% |
| KNO AXS Knowledge Leaders ETF | 3.23% |
| GGRW Gabelli Growth Innovators ETF | 3.18% |
| NEWZ StockSnips AI-Powered Sentiment US All Cap ETF | 3.16% |
| MNTL Tema Neuroscience and Mental Health ETF | 3.04% |
What could go wrong
- Pressure on prices from governments and insurers. Governments, insurers and hospital groups keep pushing to limit healthcare costs. China uses volume-based buying to cut device prices. About 76% of fiscal 2025 sales were in the US, where payment rule changes matter most.
- Acquisitions may not pay off. Stryker acquired several companies in 2025, including Inari Medical. Deals may not deliver as hoped, and total debt was $15.2 billion against $3.3 billion of cash and investments as of September 30, 2026.
- Tough rivals across its product lines. Stryker competes with Zimmer Biomet, Medtronic, Johnson & Johnson MedTech and Smith & Nephew, among others. Staying ahead takes heavy spending on research and sales forces, and new products may not succeed.
- Single-source suppliers, shortages and tariffs. Some materials, parts and services, such as sterilization, come from a single supplier. Stryker has lost sales to supply shortages before, and US tariffs and retaliation could raise costs it cannot fully pass on.
- Strict and tightening government regulation. Most products are regulated by the US Food and Drug Administration, which inspects factories. Rules keep tightening, and breaking anti-kickback laws, which ban improper payments to win business, could bring substantial penalties.
- Lawsuits over products and patents. Patients may sue over implants or devices they say caused harm, and patent fights could bring large costs or block some product sales. Stryker's insurance may not fully cover future claims.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
For income and retirement investors
Stryker pays a modest, steadily rising dividend. Dividends per share rose every fiscal year from 2016 through 2025, a streak of at least nine increases. The payout grew from $2.27 a share in fiscal 2020 to $3.32 in fiscal 2025, about 7.9% a year. It used about 40% of earnings and 30% of free cash flow (cash left after running and investing in the business). The yield was 1.21% as of October 30, 2026, so the starting income is small. Stryker has not relied on buybacks: the share count rose about 0.8% between January 2022 and September 2026.
The shares have fallen hard in downturns. They lost 58.6% in the 2008 financial crisis and needed about 54 months after the March 2009 low to recover. They fell 43.8% in the 2020 COVID crash and 31.4% in the 2022 bear market, but recovered within about seven months each time. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Stryker make money?
Stryker makes money selling medical devices, mostly directly to doctors, hospitals and other healthcare facilities. In fiscal 2025, the MedSurg and Neurotechnology segment brought in $15.6 billion, or 62% of the $25.1 billion total. It covers surgical equipment, endoscopy cameras, emergency gear such as LIFEPAK defibrillators, and stroke and blood-clot treatments. Orthopaedics brought in $9.5 billion, or 38%, from knee, hip and trauma implants, supported by the Mako robotic surgery system. About 76% of sales came from the United States.
Does Stryker raise its dividend every year?
Yes, for at least nine years in a row. Dividends per share rose in every fiscal year from 2016 through 2025, and the streak may be longer. The dividend grew from $2.27 a share in fiscal 2020 to $3.32 in fiscal 2025, about 7.9% a year. The fiscal 2025 dividend used about 40% of earnings and 30% of free cash flow (cash left after running and investing in the business). The yield was 1.21% as of October 30, 2026. Past increases do not guarantee future ones.
Is Stryker still growing?
Yes, though growth was slower in the quarter ended September 30, 2026. Revenue rose 11.2% in fiscal 2025 to $25.1 billion and grew about 11.8% a year from fiscal 2020 to fiscal 2025. Vascular sales, which include the acquired Inari Medical, rose from $1.3 billion in fiscal 2024 to $2.0 billion in fiscal 2025. In the September 2026 quarter, revenue rose 7.6% from a year earlier to $6.52 billion, but net income fell 12.3% to $753 million.
What is Stryker's P/E ratio?
About 34.7 as of October 30, 2026, based on fiscal 2025 earnings of $8.40 a share. The price-to-earnings (P/E) ratio divides the share price by yearly profit per share, so a higher number means investors pay more for each dollar of earnings. Stryker's market value was about $111 billion on that date. The shares were down 16.2% year to date and 20% over one year.
How much debt does Stryker have?
Stryker had $15.2 billion of total debt and $3.3 billion of cash and investments as of September 30, 2026, so debt exceeded cash by about $11.9 billion. Shareholders' equity (assets minus liabilities) was $23.5 billion. The company produced $4.3 billion of free cash flow in fiscal 2025, a year in which it acquired several companies, including Inari Medical. Its annual report warns that future funding may not be available, or only on unfavorable terms.