SYKSTRYKER CORP

Surgical & Medical Instruments & Apparatus

Revenue: $25.1B; 11% YoY
Operating margin: 19.5%; 19% YoY
EBITDA: $6.5B; 26% YoY
Market cap: $109.2B
Employees: 56,000; $449K revenue each
Net debt / EBITDA: 1.8×; $11.7B net debt
AI in 10-K: 3.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
155% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
25% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
41% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$449K · 62nd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.8 per 10K words · 77th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$109.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$586M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$17.1B	$18.4B	$20.5B	$22.6B	$25.1B	11%
Operating income	$2.6B	$2.8B	$3.9B	$3.7B	$4.9B	33%
Net income	$2.0B	$2.4B	$3.2B	$3.0B	$3.2B	8.5%
Operating cash flow	$3.3B	$2.6B	$3.7B	$4.2B	$5.0B	19%
Capex	$525M	$588M	$575M	$755M	$761M	0.8%
Stock-based comp	$171M	$168M	$205M	$229M	$243M	6.1%
Buybacks	$0	—	—	—	—
Dividends	$950M	$1.1B	$1.1B	$1.2B	$1.3B	5.3%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 14, 2026	STRYKER RONDA E	SCHEDULE 13D/A	4.0%	Passive
Mar 13, 2020	STRYKER RONDA E	SC 13D/A	6.2%	Passive
Feb 14, 2020	STRYKER RONDA E	SC 13D/A	6.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $586M · 71
Net: −$586M

Pay vs performance

No pay-versus-performance disclosure yet.