Stryker Corporation (SYK) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1.2%

$309.51

vs $305.88 price

Levered DCF

$314.29

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

4.58

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	41.4×	45.81×	35.91×	39.24×	50.55×	57.52×	37.69×	16.5×
P/B	5.99×	6.65×	6.11×	5.56×	6.78×	7.03×	6.13×	5×
P/S	5.35×	6.07×	5.55×	5.01×	5.89×	6.41×	5.28×	4.31×
EV / EBITDA	23.23×	24.58×	24.56×	25.92×	30.7×	33.59×	23.62×	19.41×
Gross margin	64.0%	64.4%	61.0%	59.8%	62.6%	61.0%	63.0%	63.2%
Operating margin	19.5%	16.3%	20.9%	20.2%	22.0%	21.1%	22.8%	22.8%
Net margin	12.9%	13.2%	15.4%	12.8%	11.7%	11.1%	14.0%	26.1%
Current ratio	1.89×	1.95×	1.58×	1.63×	2.2×	1.93×	2.58×	2.02×
Debt / equity	0.73×	0.68×	0.73×	0.81×	0.87×	1.1×	0.9×	0.84×
Interest coverage	8.05×	9.32×	12.03×	11.08×	11.17×	9.61×	11.8×	11.76×
Dividend yield	1.0%	0.9%	1.0%	1.1%	0.9%	0.9%	1.0%	1.2%
Payout ratio	39.6%	40.7%	36.0%	44.6%	47.6%	54.0%	37.3%	19.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.5%	14.5%	17.0%	14.2%	13.4%	12.2%	16.3%	30.3%
Return on invested capital	8.5%	8.6%	10.8%	10.3%	10.9%	8.2%	10.3%	13.0%
Return on assets	6.8%	7.0%	7.9%	6.4%	5.8%	4.7%	6.9%	13.0%
Free cash flow yield	3.2%	2.5%	2.8%	2.2%	2.7%	3.0%	2.0%	3.5%
Earnings yield	2.4%	2.2%	2.8%	2.6%	2.0%	1.7%	2.7%	6.1%
Enterprise value	$146.7B	$147.6B	$124.2B	$104.1B	$110.8B	$103.5B	$85.7B	$64.9B
Net debt / EBITDA	1.96×	1.74×	2.08×	2.91×	2.76×	3.73×	1.97×	1.87×
Cash conversion cycle (days)	200	205	219	198	189	244	244	231