# Stryker Corporation (SYK) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/SYK/thesis · /stocks/SYK/memo

## Financial Snapshot

---
ticker: SYK
step: 04
generated: 2026-05-12
source: quick-research
---

### Stryker Corporation (SYK) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $20.5B | $22.6B | $25.1B | +11% |
| Adj. Gross Margin | 63% | 64% | 64% | flat |
| Adj. Operating Margin | 25% | 26% | 27% | +1pp |
| Adj. EPS | $10.95 | $12.20 | $13.63 | +12% |
| Free Cash Flow | $2.8B | $3.2B | $3.5B | +9% |

#### Segment Performance (FY2025)

| Segment | Revenue | YoY Growth |
|---------|---------|-----------|
| MedSurg & Neurotechnology | ~$14.5B | +10% |
| - Inari Medical (acquired 2025) | $300M+ | first partial year |
| - Instruments + Endoscopy | growing | |
| - Medical (patient handling, EMS) | strong | |
| Orthopaedics | ~$10.6B | +13% |
| - Knees (incl. Mako) | growing | |
| - Hips (incl. Mako Hip + Revision Hip) | growing | |
| - Trauma + Extremities | strong (Pangea rollout) | |

#### Q1 2026 Highlights

| Metric | Q1 2026 | YoY |
|--------|---------|-----|
| Sales | $5.7B | +2.6% (Cyberattack impact) |
| Adj. Gross Margin | 63.6% | -190bps (tariffs + lost manufacturing absorption) |
| Cyberattack revenue impact | -$310M | 3-week shutdown |
| Mako Q1 installations | best-ever | |

#### Mako Installations + Procedures

| Metric | Value |
|--------|-------|
| Cumulative Mako installations | 3,000+ globally |
| Cumulative Mako procedures | 2M+ (Q2 2025 milestone) |
| FY25 Mako growth | Record installations |
| FY26 launches | Mako Spine + Mako Shoulder (full launch) |
| Mako RPS handheld | Limited market release 2026 |

#### 2026 Guidance

| Metric | 2026 Guide |
|--------|------------|
| Organic Net Sales Growth | 8-9.5% |
| Adj. EPS | $14.90-15.10 |
| Tariff Headwind | ~$200M revenue |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$4.5B |
| Capital Expenditures | ~$0.8B |
| Free Cash Flow | $3.5B |
| Cash & Investments | ~$6B |
| Total Debt | ~$13B (post-Inari $4.9B) |
| Net Debt/EBITDA | ~1.7x |

#### Inari Medical Acquisition (2025)

| Metric | Value |
|--------|-------|
| Deal value | $4.9B |
| Products | ClotTriever, FlowTriever (VTE intervention) |
| 2026 Synergies | $100M+ |
| Strategic focus | High-growth VTE market |

#### Key Ratios (approximate, May 2026)
- P/E (forward): ~28x | EV/EBITDA: ~20x | Dividend Yield: ~0.95%
- ROIC: ~15%
- FCF Margin: ~14%

#### Growth Profile
FY25 revenue +11% to $25.1B; adj EPS +12% to $13.63. Q1 2026 sales only +2.6% due to $310M cyberattack revenue shortfall (3-week shutdown). Reaffirmed 2026 guidance at 8-9.5% organic + $14.90-15.10 EPS. Mako installations record; Mako Spine + Shoulder full launches in 2026. Inari VTE adding $100M+ synergies in 2026.

#### Forward Estimates
- **FY2026E Revenue:** ~$27B (+8-9%, includes tariff drag offset)
- **FY2026E Adj EPS:** $14.90-15.10 (mgmt)
- **FY2027E EPS:** ~$17 (+13%)
- **Long-term EPS growth target:** 10-15%
- **Mako Spine + Shoulder peak sales potential:** $500M+ annually

#### Capital Return
- Dividend $3.40 annual (~$1.3B paid)
- 30+ consecutive years of dividend growth
- Buybacks: ~$1B annual (moderated for Inari deleveraging)
- Total return: ~1% dividend + buybacks + 10-15% EPS growth

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/SYK/fundamental

## Navigation

- Overview: /stocks/SYK
- Financials (this page): /stocks/SYK/financials
- Thesis: /stocks/SYK/thesis
- Investment Memo: /stocks/SYK/memo
- Coverage universe: /stocks