Latest Ratios: P/E Ratio 37.3x · EV/EBITDA 21.8x · ROE 15.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $120.1B | $134.3B | $138.8B | $114.9B | $93.4B | $102.2B | $93.2B | $79.8B | $59.6B | $58.9B | $45.3B |
| Enterprise Value | $132.5B | $146.7B | $149.3B | $125.4B | $105.1B | $112.2B | $104.7B | $86.9B | $65.9B | $63.5B | $48.9B |
| P/E Ratio → | 37.31 | 41.84 | 46.40 | 36.30 | 39.63 | 51.23 | 58.34 | 38.31 | 16.78 | 57.78 | 27.54 |
| P/S Ratio | 4.78 | 5.35 | 6.14 | 5.61 | 5.06 | 5.98 | 6.49 | 5.36 | 4.38 | 4.73 | 4.00 |
| P/B Ratio | 5.34 | 5.99 | 6.73 | 6.18 | 5.62 | 6.87 | 7.12 | 6.23 | 5.08 | 5.90 | 4.75 |
| P/FCF | 28.05 | 31.36 | 39.82 | 36.64 | 45.90 | 37.34 | 33.40 | 51.72 | 29.25 | 61.24 | 31.82 |
| P/OCF | 23.82 | 26.63 | 32.73 | 30.96 | 35.61 | 31.33 | 28.44 | 36.40 | 22.84 | 37.75 | 23.68 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.84 | 6.61 | 6.12 | 5.70 | 6.56 | 7.29 | 5.84 | 4.84 | 5.11 | 4.32 |
| EV / EBITDA | 21.78 | 24.12 | 24.43 | 23.63 | 22.22 | 23.60 | 27.26 | 20.86 | 17.21 | 18.64 | 15.67 |
| EV / EBIT | 27.10 | 28.64 | 38.40 | 31.13 | 34.81 | 42.85 | 46.13 | 30.50 | 25.14 | 27.50 | 22.78 |
| EV / FCF | — | 34.25 | 42.82 | 40.00 | 51.63 | 40.98 | 37.52 | 56.35 | 32.31 | 66.11 | 34.35 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.0% | 64.0% | 61.9% | 61.0% | 59.8% | 62.6% | 61.0% | 63.0% | 63.2% | 63.5% | 64.0% |
| Operating Margin | 19.5% | 19.5% | 22.4% | 20.9% | 20.2% | 22.0% | 21.1% | 22.8% | 22.8% | 22.2% | 22.8% |
| Net Profit Margin | 12.9% | 12.9% | 13.2% | 15.4% | 12.8% | 11.7% | 11.1% | 14.0% | 26.1% | 8.2% | 14.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.1% | 15.1% | 15.3% | 18.0% | 15.0% | 14.3% | 12.4% | 17.0% | 32.7% | 10.4% | 18.2% |
| ROA | 7.1% | 7.1% | 7.2% | 8.2% | 6.6% | 5.8% | 5.0% | 7.3% | 14.4% | 4.8% | 9.0% |
| ROIC | 11.1% | 11.1% | 12.6% | 11.2% | 10.5% | 11.4% | 10.2% | 13.4% | 14.3% | 14.9% | 17.4% |
| ROCE | 13.0% | 13.0% | 15.0% | 13.7% | 12.3% | 12.7% | 11.0% | 14.1% | 15.0% | 15.0% | 16.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.73 | 0.73 | 0.68 | 0.73 | 0.81 | 0.87 | 1.10 | 0.90 | 0.84 | 0.72 | 0.72 |
| Debt / EBITDA | 2.69 | 2.69 | 2.31 | 2.54 | 2.86 | 2.71 | 3.76 | 2.75 | 2.58 | 2.12 | 2.21 |
| Net Debt / Equity | — | 0.55 | 0.51 | 0.57 | 0.70 | 0.67 | 0.88 | 0.56 | 0.53 | 0.47 | 0.38 |
| Net Debt / EBITDA | 2.03 | 2.03 | 1.71 | 1.98 | 2.47 | 2.09 | 2.99 | 1.71 | 1.63 | 1.37 | 1.15 |
| Debt / FCF | — | 2.88 | 3.00 | 3.36 | 5.74 | 3.64 | 4.12 | 4.63 | 3.06 | 4.87 | 2.52 |
| Interest Coverage | 8.44 | 8.44 | 9.82 | 11.32 | 8.96 | 7.77 | 7.20 | 9.93 | 9.92 | 9.35 | 9.43 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.89 | 1.89 | 1.95 | 1.58 | 1.63 | 2.20 | 1.93 | 2.58 | 2.02 | 2.43 | 3.08 |
| Quick Ratio | 1.21 | 1.21 | 1.32 | 0.97 | 1.00 | 1.47 | 1.23 | 1.84 | 1.41 | 1.68 | 2.28 |
| Cash Ratio | 0.53 | 0.53 | 0.59 | 0.39 | 0.31 | 0.66 | 0.60 | 1.01 | 0.77 | 0.85 | 1.32 |
| Asset Turnover | — | 0.52 | 0.53 | 0.51 | 0.50 | 0.49 | 0.42 | 0.49 | 0.50 | 0.56 | 0.55 |
| Inventory Turnover | 1.70 | 1.70 | 1.80 | 1.65 | 1.85 | 1.93 | 1.60 | 1.68 | 1.69 | 1.84 | 2.01 |
| Days Sales Outstanding | — | 58.70 | 64.41 | 67.04 | 70.53 | 64.47 | 68.70 | 70.94 | 62.58 | 64.47 | 63.40 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 1.0% | 0.9% | 1.0% | 1.1% | 0.9% | 0.9% | 1.0% | 1.2% | 1.1% | 1.3% |
| Payout Ratio | 39.6% | 39.6% | 40.7% | 36.0% | 44.6% | 47.6% | 54.0% | 37.4% | 19.8% | 62.4% | 34.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 2.4% | 2.2% | 2.8% | 2.5% | 2.0% | 1.7% | 2.6% | 6.0% | 1.7% | 3.6% |
| FCF Yield | 3.6% | 3.2% | 2.5% | 2.7% | 2.2% | 2.7% | 3.0% | 1.9% | 3.4% | 1.6% | 3.1% |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.4% | 0.5% | 0.4% | 0.0% |
| Total Shareholder Yield | 1.1% | 1.0% | 1.0% | 1.1% | 1.3% | 1.0% | 1.0% | 1.4% | 1.7% | 1.5% | 1.3% |
| Shares Outstanding | — | $382M | $386M | $384M | $382M | $382M | $380M | $380M | $380M | $380M | $379M |
Elective procedure volume volatility
According to current market data, Stryker trades at a TTM P/E of 39.56, which appears elevated relative to its peer group and historical averages, suggesting that investors are pricing in a growth trajectory that may be increasingly difficult to sustain given recent top-line deceleration.
The forward P/E of 22.18 implies that the market expects a significant earnings recovery, yet the PEG ratio of 2.66 indicates that this valuation is not supported by near-term growth expectations. Investors should monitor whether the current premium to peers like Medtronic and Zimmer Biomet remains justified if the company's robotic-assisted surgery adoption rates fail to accelerate.
Based on reported figures, Stryker's ROIC has remained in a narrow range between 2.0% and 4.2% over the last ten quarters, indicating that the company's aggressive inorganic growth strategy may be diluting the returns generated on its invested capital base.
The persistent gap between ROIC and the company's cost of capital warrants further investigation into the quality of recent acquisitions. While the company maintains a strong market position, the inability to consistently expand returns on capital suggests that the integration of large-scale purchases is currently offsetting the operational efficiencies gained in the core business.
As reported in financial statements, Stryker's cash conversion cycle reached 206 days in 2026Q1, a figure that highlights the significant capital tied up in consignment inventory and the inherent inefficiencies of managing a decentralized, high-touch surgical equipment distribution model.
The elevated days inventory outstanding (DIO) of 218 days suggests that the company's reliance on hospital-based consignment models creates a structural drag on cash flow. This inefficiency necessitates careful monitoring, as any shift in surgeon preference or hospital procurement policy could lead to significant inventory obsolescence charges.
According to recent SEC filings, Stryker maintains a debt-to-equity ratio of 0.66 as of 2026Q1, providing a robust balance sheet that offers the company significant dry powder to pursue further acquisitions despite the recent volatility in its interest coverage ratios.
The company's ability to maintain a fortress balance sheet while funding large-scale acquisitions is a key differentiator in the medical device sector. However, the fluctuation in interest coverage suggests that the company's debt service capacity is sensitive to the timing of its M&A activity and the resulting integration costs.
Based on the provided data, the P/E ratio is frequently misapplied to Stryker because it fails to account for the significant non-cash amortization of intangible assets resulting from the company's serial acquisition strategy, which artificially depresses reported GAAP earnings.
Investors should instead focus on EV/EBITDA or P/FCF to better gauge the company's true operational earning power. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation, as it ignores the cash-generative nature of the underlying MedSurg and Orthopaedics business units.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SYK stock.
Stryker Corporation's current P/E ratio is 37.3x. The historical average is 36.9x. This places it at the 52th percentile of its historical range.
Stryker Corporation's current EV/EBITDA is 21.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.7x.
Stryker Corporation's return on equity (ROE) is 15.1%. The historical average is 17.8%.
Based on historical data, Stryker Corporation is trading at a P/E of 37.3x. This is at the 52th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Stryker Corporation's current dividend yield is 1.07% with a payout ratio of 39.6%.
Stryker Corporation has 64.0% gross margin and 19.5% operating margin. Operating margin between 10-20% is typical for established companies.
Stryker Corporation's Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.