Stryker (SYK) FY2014 results: revenue $9.7 billion, up 7.2% on the year
Stryker Corp. (SYK) reported revenue of $9.7 billion for fiscal 2014, the year ended 31 December 2014, up 7.2% on the year before. Net income was $515 million, down 48.8%, and diluted earnings per share $1.34. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2015.
Revenue
$9.7 billion
+7.2% on the year
FY2007FY2014
Operating margin
12.9%
13.9% a year earlier
FY2007FY2014
Net income
$515 million
-48.8% on the year
FY2007FY2014
Diluted EPS
$1.34
-49.0% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
9,675
9,021
8,657
+7.2%
Cost of revenue
3,319
3,002
2,781
+10.6%
Gross profit
6,356
6,019
5,876
+5.6%
Gross margin
65.7%
66.7%
67.9%
Research and development
614
536
471
+14.6%
Selling, general and administrative
3,547
3,467
3,367
+2.3%
Operating income
1,246
1,256
1,741
-0.8%
Operating margin
12.9%
13.9%
20.1%
Interest expense
113
83.0
63.0
+36.1%
Pre-tax income
1,160
1,212
1,705
-4.3%
Income tax
645
206
407
+213.1%
Effective tax rate
55.6%
17.0%
23.9%
Net income
515
1,006
1,298
-48.8%
Net margin
5.3%
11.2%
15.0%
Diluted EPS
$1.34
$2.63
$3.39
-49.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,782
1,886
1,657
-5.5%
Capital expenditure
233
195
210
+19.5%
Free cash flow
1,549
1,691
1,447
-8.4%
Free cash flow margin
16.0%
18.7%
16.7%
Cash from investing
-1,878
-2,217
-736
Cash from financing
629
300
-449
+109.7%
Depreciation and amortisation
586
511
486
+14.7%
Share-based compensation
77.0
76.0
75.0
+1.3%
Buybacks
100
317
108
-68.5%
Dividends paid
462
401
324
+15.2%
Dividend per share
$1.26
$1.10
$0.90
+14.5%
Diluted shares, weighted
383m
382m
383m
+0.2%
Shares outstanding at period end
378m
378m
380m
0.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
8,595
9,047
8,597
-5.0%
Debt
3,973
2,764
1,762
+43.7%
Other liabilities
4,690
3,588
2,847
+30.7%
Total liabilities and equity
17,258
15,399
13,206
+12.1%
Fixed assets
1,098
1,081
948
+1.6%
Goodwill
4,186
3,844
2,142
+8.9%
Intangible assets
2,018
1,989
1,424
+1.5%
Investments
3,205
2,641
2,890
+21.4%
Cash and equivalents
1,795
1,339
1,395
+34.1%
Receivables
1,572
1,518
1,430
+3.6%
Inventory
1,588
1,422
1,265
+11.7%
Other assets
1,796
1,565
1,712
+14.8%
Total assets
17,258
15,399
13,206
+12.1%
10-K for the year ended 31 December 2014, filed 12 February 2015: the filing.