Stryker SYK

NYSE · Surgical & Medical Instruments & Apparatus · $130.3B

$335.08−1.35%Nov 5 close · Databento

Every report since 2023 →

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SYK Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $335.081D −1.35%3M −3.10%SMA20 $301.67SMA50 $292.20RSI(14) 67.1

335.08

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 67.1

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

1 story has a settled next close so far (1 on the Wire). The record starts speaking at three.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$130.3B

EV / True FCF35.2x

Revenue$25.1B +11.2%

True FCF (ex-SBC)$4.0B +22.8%

Rule of 4028.3%

ROIC10.3%

True FCF Yield3.1%

EPS, diluted$8.40 +8.2%

Modern Valuation (EOD)

Market Cap$130.3B

Enterprise Value$142.1B

EV / True FCF35.18

EV / FCF33.18

EV / Gross Profit8.85

EV / EBIT29.07

EV / Sales5.66

P / E (GAAP)40.14

P / FCF30.42

P / Oper. CF25.83

P / Book5.81

Owner & Cash Yields

True FCF Yield3.1%

FCF Yield3.3%

Owner Earn. Yield2.9%

Earnings Yield2.5%

Shareholder Yield+0.8%

Buyback Yield0.0%

Dividend Yield0.47%

Dividend / sh$1.56

Payout Ratio40%

FCF / sh$11.25

EPS (diluted)$8.40

Compounder & Returns

Rule of 4028.3%

ROIC10.3%

Cash ROIC (CROIC)12.5%

GP / Assets33.6%

ROE14.5%

ROA6.8%

Gross Margin64.0%

Oper. Margin19.5%

Net Margin12.9%

FCF Margin17.1%

True FCF Margin16.1%

Quality & Dilution

Cash Conversion132%

Accrual Ratio−3.8%

SBC % of FCF5.7%

SBC % of Rev1.0%

Reinvest. Rate47%

Sales Growth Y/Y+11.2%

Sales 3Y CAGR+10.8%

EPS Growth Y/Y+8.2%

FCF Growth Y/Y+22.8%

FCF 3Y CAGR+28.1%

Share Change Y/Y+0.2%

Balance Sheet & Scale

Revenue (FY)$25.1B

Gross Profit (FY)$16.1B

Oper. Income (FY)$4.9B

GAAP Net Income$3.2B

True FCF (ex-SBC)$4.0B

Cash & Equiv$4.0B

Total Debt$15.9B

Net Cash (Debt)$-11.8B

Net Cash % MCap−9.1%

Debt / FCF (yrs)3.7y

Current Ratio1.89380.69M sh

Price & Technicals (EOD)

Perf Week+7.48%

Perf Month+21.67%

Perf Quarter−1.17%

Perf Half Y+13.88%

Perf YTD−0.96%

SMA 20 Dist+11.07%$301.67

SMA 50 Dist+14.68%$292.20

SMA 100 Dist+8.08%$310.02

Window High−4.87%$352.25

Window Low+24.22%$269.75

RSI (14) · Vol67.149%v

Income Distribution & Cash Flow ConversionHow every dollar of SYK revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$9.1B ($36.0 / $100)

R&D Reinvestment$1.6B ($6.5 / $100)

SG&A & Other OpEx$9.6B ($38.0 / $100)

Tax & Non-Operating$1.6B ($6.5 / $100)

Net Profit Kept$3.2B ($12.9 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$3.2B (12.9% margin)

Operating Cash Flow (OCF)$5.0B(20.1% of rev)

Less: Capital Expenditures−$761.0M(3.0% of rev)

Standard Free Cash Flow (FCF)$4.3B(17.1% margin)

Less: Stock-Based Comp (SBC)−$243.0M(5.7% of FCF)

True FCF (Owner Cash ex-SBC)$4.0B(16.1% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$17.1B	$18.4B	$20.5B	$22.6B	$25.1B	+11.2%	+10.1%
Cost of Revenue (COGS)	$6.1B	$6.9B	$7.4B	$8.2B	$9.1B	+11.0%	+10.2%
Gross Profit	$11.0B	$11.6B	$13.1B	$14.4B	$16.1B	+11.3%	+10.0%
Research & Development (R&D)	$1.2B	$1.5B	$1.4B	$1.5B	$1.6B	+10.7%	+7.1%
Selling, General & Admin (SG&A)	$6.4B	$6.4B	$7.1B	$7.7B	$8.7B	+12.6%	+7.7%
Total Operating Expenses	$8.4B	$8.7B	$9.2B	$10.8B	$11.2B	+4.0%	+7.5%
Operating Income (EBIT)	$2.6B	$2.8B	$3.9B	$3.7B	$4.9B	+32.5%	+17.3%
Interest Expense	—	—	$363.0M	$409.0M	$607.0M	+48.4%	+29.3%
Income Tax Expense	$287.0M	$325.0M	$508.0M	$499.0M	$1.3B	+154.1%	+45.0%
GAAP Net Income	$2.0B	$2.4B	$3.2B	$3.0B	$3.2B	+8.5%	+13.0%
Diluted EPS	$5.21	$6.17	$8.25	$7.76	$8.40	+8.2%	+12.7%
Diluted Shares	382.3M	382.2M	383.7M	385.6M	386.5M	+0.2%	+0.3%
Balance Sheet
Cash & Equivalents	$2.9B	$1.8B	$3.0B	$3.7B	$4.0B	+9.8%	+8.0%
Inventory	$3.3B	$4.0B	$4.8B	$4.8B	$5.3B	+11.2%	+12.5%
Total Current Assets	$10.0B	$10.3B	$12.5B	$14.8B	$14.8B	−0.6%	+10.2%
Total Assets	$34.6B	$36.9B	$39.9B	$43.0B	$47.8B	+11.3%	+8.4%
Total Current Liabilities	$4.5B	$6.3B	$7.9B	$7.6B	$7.8B	+2.3%	+14.4%
Total Debt (Short + Long Term)	$12.5B	$13.0B	$13.0B	$13.6B	$15.9B	+16.6%	+6.2%
Total Liabilities	$19.8B	$20.3B	$21.3B	$22.3B	$25.4B	+13.8%	+6.5%
Stockholders' Equity	$14.9B	$16.6B	$18.6B	$20.6B	$22.4B	+8.7%	+10.8%
Net Cash / (Net Debt)	$-9.5B	$-11.2B	$-10.0B	$-9.9B	$-11.8B	−19.1%	—
Invested Capital	$24.4B	$27.8B	$28.6B	$30.6B	$34.3B	+12.1%	+8.8%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$3.3B	$2.6B	$3.7B	$4.2B	$5.0B	+18.9%	+11.5%
Depreciation & Amortization (D&A)	$1.3B	$1.3B	$1.3B	$1.4B	$1.6B	+10.1%	+5.4%
Stock-Based Compensation (SBC)	$171.0M	$168.0M	$205.0M	$229.0M	$243.0M	+6.1%	+9.2%
Capital Expenditures (CapEx)	$525.0M	$588.0M	$575.0M	$755.0M	$761.0M	+0.8%	+9.7%
Free Cash Flow (FCF)	$2.7B	$2.0B	$3.1B	$3.5B	$4.3B	+22.8%	+11.8%
True FCF (ex-SBC Owner Cash)	$2.6B	$1.9B	$2.9B	$3.3B	$4.0B	+24.0%	+12.0%
Share Repurchases (Buybacks)	$0	—	—	—	$0	—	—
Dividends Paid	$950.0M	$1.1B	$1.1B	$1.2B	$1.3B	+5.3%	+7.8%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what SYK did at the next close after each story

Sep 8

Stryker stock falls 7.7% on supply-chain disruptions affecting medical-device maker

Investing.com · 11:05 AM ET

−8.81%

What happened · big days

24 big days in a year, and what we hold on each

A big day is a close more than 3.24% from the one before, three times SYK’s median day (1.08%). On 7 of the 24, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.24%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DaySYKWhat we hold that dayGroup (median of 4) · each

1 Jan 6, 2026+5.05%
Before our storiesgroup +2.0%, did not move with it
1Jan 6, 2026+5.05%
Before our stories
+2.0% did not move with itBDX +3.2 · BSX +2.4 · MMM +1.6 · RMD +1.6
2 Jan 30, 2026+4.31%
Resultsgroup +0.7%, did not move with it
2Jan 30, 2026+4.31%
ResultsFirst close after the Jan 29 results filing
+0.7% did not move with itBSX +1.3 · BDX +1.2 · RMD +0.3 · MMM −2.1
3 Mar 11, 2026−3.59%
Before our storiesgroup −0.5%, did not move with it
3Mar 11, 2026−3.59%
Before our stories
−0.5% did not move with itRMD −2.8 · BSX −0.5 · BDX −0.4 · MMM −0.1
4 Mar 16, 2026+3.80%
Before our storiesgroup +0.2%, did not move with it
4Mar 16, 2026+3.80%
Before our stories
+0.2% did not move with itBSX +0.9 · BDX +0.6 · RMD −0.1 · MMM −0.7
5 Apr 21, 2026−3.26%
Before our storiesgroup −2.1%, moved with SYK
5Apr 21, 2026−3.26%
Before our stories
−2.1% moved with SYKBSX −2.4 · RMD −2.2 · MMM −1.9 · BDX −1.2
6 May 1, 2026−6.47%
Resultsgroup −2.3%, did not move with it
6May 1, 2026−6.47%
ResultsFirst close after the Apr 30 results filing
−2.3% did not move with itRMD −4.1 · MMM −2.7 · BSX −1.9 · BDX +0.2
7 May 12, 2026+4.20%
Before our storiesgroup +1.9%, did not move with it
7May 12, 2026+4.20%
Before our stories
+1.9% did not move with itBDX +3.0 · RMD +2.5 · BSX +1.4 · MMM −0.1
8 Jun 9, 2026+4.14%
Before our storiesgroup +1.5%, did not move with it
8Jun 9, 2026+4.14%
Before our stories
+1.5% did not move with itRMD +2.0 · MMM +1.6 · BDX +1.4 · BSX +0.5
9 Jun 26, 2026+5.25%
Nothing on SYKgroup +0.5%, did not move with it
9Jun 26, 2026+5.25%
Nothing on SYKNo SYK story, brief or results filing in our record that day
+0.5% did not move with itBDX +3.0 · RMD +0.8 · BSX +0.1 · MMM −2.4
10 Jun 30, 2026−4.74%
Nothing on SYKgroup −1.8%, did not move with it
10Jun 30, 2026−4.74%
Nothing on SYKNo SYK story, brief or results filing in our record that day
−1.8% did not move with itBDX −2.5 · BSX −1.8 · RMD −1.8 · MMM −0.3
11 Jul 2, 2026+4.20%
Nothing on SYKgroup +3.8%, moved with SYK
11Jul 2, 2026+4.20%
Nothing on SYKNo SYK story, brief or results filing in our record that day
+3.8% moved with SYKBSX +4.8 · RMD +4.2 · BDX +3.4 · MMM +0.3
12 Jul 14, 2026−6.15%
Nothing on SYKgroup −2.4%, did not move with it
12Jul 14, 2026−6.15%
Nothing on SYKNo SYK story, brief or results filing in our record that day
−2.4% did not move with itBSX −4.5 · RMD −2.8 · BDX −2.1 · MMM −0.7
13 Jul 16, 2026+4.66%
Nothing on SYKgroup +2.7%, moved with SYK
13Jul 16, 2026+4.66%
Nothing on SYKNo SYK story, brief or results filing in our record that day
+2.7% moved with SYKBSX +3.7 · BDX +3.3 · RMD +2.1 · MMM +0.8
14 Jul 17, 2026−3.42%
Nothing on SYKgroup −1.3%, did not move with it
14Jul 17, 2026−3.42%
Nothing on SYKNo SYK story, brief or results filing in our record that day
−1.3% did not move with itRMD −1.9 · BSX −1.3 · MMM −1.2 · BDX −1.1
15 Jul 24, 2026+3.54%
Nothing on SYKgroup +1.8%, moved with SYK
15Jul 24, 2026+3.54%
Nothing on SYKNo SYK story, brief or results filing in our record that day
+1.8% moved with SYKBDX +2.2 · MMM +1.8 · RMD +1.8 · BSX +1.5
16 Jul 31, 2026−6.42%
Resultsgroup +0.6%, did not move with it
16Jul 31, 2026−6.42%
ResultsFirst close after the Jul 30 results filing
+0.6% did not move with itBDX +0.1 · MMM +0.1 · RMD +1.2 · BSX +1.6
17 Aug 3, 2026+4.76%
Nothing on SYKgroup +2.4%, moved with SYK
17Aug 3, 2026+4.76%
Nothing on SYKNo SYK story, brief or results filing in our record that day
+2.4% moved with SYKBSX +3.6 · BDX +2.8 · RMD +2.0 · MMM +0.5
18 Aug 20, 2026−3.61%
Nothing on SYKgroup −1.2%, did not move with it
18Aug 20, 2026−3.61%
Nothing on SYKNo SYK story, brief or results filing in our record that day
−1.2% did not move with itBSX −5.1 · MMM −1.4 · RMD −1.0 · BDX +0.0
19 Sep 8, 2026−8.81%
1 storygroup −3.1%, did not move with it
19Sep 8, 2026−8.81%
1 story “Supply chain woes send Stryker stock tumbling 7.7%” · Investing.com
−3.1% did not move with itBSX −5.9 · RMD −3.2 · BDX −3.0 · MMM −0.6
20 Oct 5, 2026+3.55%
Nothing on SYKgroup +1.3%, did not move with it
20Oct 5, 2026+3.55%
Nothing on SYKNo SYK story, brief or results filing in our record that day
+1.3% did not move with itBDX +2.2 · RMD +1.8 · MMM +0.8 · BSX −0.5
21 Oct 15, 2026+4.12%
Nothing on SYKgroup +2.6%, moved with SYK
21Oct 15, 2026+4.12%
Nothing on SYKNo SYK story, brief or results filing in our record that day
+2.6% moved with SYKRMD +3.0 · BSX +2.6 · BDX +2.6 · MMM +0.5
22 Oct 30, 2026−6.38%
Resultsgroup −1.7%, did not move with it
22Oct 30, 2026−6.38%
ResultsFirst close after the Oct 29 results filing
−1.7% did not move with itRMD −9.1 · MMM −1.7 · BSX −1.7 · BDX −0.2
23 Nov 2, 2026+5.12%
Nothing on SYKgroup +1.8%, did not move with it
23Nov 2, 2026+5.12%
Nothing on SYKNo SYK story, brief or results filing in our record that day
+1.8% did not move with itBSX +5.6 · MMM +2.3 · RMD +1.3 · BDX +0.4
24 Nov 4, 2026+9.37%
Nothing on SYKgroup +5.7%, moved with SYK
24Nov 4, 2026+9.37%
Nothing on SYKNo SYK story, brief or results filing in our record that day
+5.7% moved with SYKMMM +9.6 · RMD +5.9 · BDX +5.6 · BSX +5.3

A story on the same day is not a cause, and a group move is not proof either. Group: the median of MMM, BSX, BDX and RMD that day, the largest companies in SYK’s SEC industry; “moved with SYK” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). SYK reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Oct 30, 2025

day 1−3.45%day 6−3.51%

Reported Jan 29, 2026

day 1+4.31%day 6+1.13%

Reported Apr 30, 2026

day 1−6.47%day 6−9.41%

Reported Jul 30, 2026

day 1−6.42%day 6−2.59%

Next report: expected late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 29 report: +7.48%. Four reports is a small sample.

Every report since 2023 →

Each line is SYK’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

SYK against four medical device peers, a year at 100

SYK is down 5.9% in a year. Becton Dickinson is up 20.1%, 3M 13.9% and Resmed is down 4.8%. Of these four, only Boston Scientific (−55.4%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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SYK −5.9%. Becton Dickinson +20.1%, 3M +13.9%, Resmed −4.8%, Boston Scientific −55.4%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in SYK’s SEC industry (Surgical & Medical Instruments & Apparatus) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

MMM	3M	$100.0B	−3.19%
BSX	Boston Scientific	$66.4B	−2.58%
BDX	Becton Dickinson	$57.0B	+2.08%
RMD	Resmed	$34.7B	−0.50%
DXCM	Dexcom	$33.4B	−4.54%
MDLN	Medline	$32.7B	−1.46%
WST	West Pharmaceutical Services	$28.8B	−3.99%
SOLV	Solventum	$15.2B	−2.43%