Stryker (SYK) FY2017 results: revenue $12.4 billion, up 9.9% on the year
Stryker Corp. (SYK) reported revenue of $12.4 billion for fiscal 2017, the year ended 31 December 2017, up 9.9% on the year before. Net income was $1.0 billion, down 38.1%, and diluted earnings per share $2.68. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2019.
Revenue
$12.4 billion
+9.9% on the year
FY2010FY2017
Operating margin
18.5%
19.2% a year earlier
FY2010FY2017
Net income
$1.0 billion
-38.1% on the year
FY2010FY2017
Diluted EPS
$2.68
-38.4% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
12,444
11,325
9,946
+9.9%
Cost of revenue
4,264
3,821
3,344
+11.6%
Gross profit
8,173
7,495
6,602
+9.0%
Gross margin
65.7%
66.2%
66.4%
Research and development
787
715
625
+10.1%
Selling, general and administrative
4,552
4,137
3,610
+10.0%
Operating income
2,297
2,175
1,861
+5.6%
Operating margin
18.5%
19.2%
18.7%
Interest expense
247
228
108
+8.3%
Pre-tax income
2,063
1,921
1,735
+7.4%
Income tax
1,043
274
296
+280.7%
Effective tax rate
50.6%
14.3%
17.1%
Net income
1,020
1,647
1,439
-38.1%
Net margin
8.2%
14.5%
14.5%
Diluted EPS
$2.68
$4.35
$3.78
-38.4%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,559
1,915
981
-18.6%
Capital expenditure
598
490
270
+22.0%
Free cash flow
961
1,425
711
-32.6%
Free cash flow margin
7.7%
12.6%
7.1%
Cash from investing
-1,613
-4,191
1,956
Cash from financing
-794
2,258
-1,223
Depreciation and amortisation
859
752
590
+14.2%
Share-based compensation
113
97.0
86.0
+16.5%
Buybacks
230
13.0
700
+1,669.2%
Dividends paid
636
568
521
+12.0%
Dividend per share
n/a
$1.56
$1.42
Diluted shares, weighted
380m
378m
381m
+0.4%
Shares outstanding at period end
374m
375m
373m
-0.2%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
9,966
9,550
8,511
+4.4%
Non-controlling interest
14.0
0.0
n/a
Debt
7,222
6,914
3,998
+4.5%
Other liabilities
4,995
3,971
3,738
+25.8%
Total liabilities and equity
22,197
20,435
16,247
+8.6%
Fixed assets
1,975
1,569
1,199
+25.9%
Goodwill
7,168
6,356
4,136
+12.8%
Intangible assets
3,477
3,508
1,794
-0.9%
Investments
251
68.0
700
+269.1%
Cash and equivalents
2,542
3,316
3,379
-23.3%
Receivables
2,198
1,967
1,662
+11.7%
Inventory
2,465
2,030
1,639
+21.4%
Other assets
2,121
1,621
1,738
+30.8%
Total assets
22,197
20,435
16,247
+8.6%
10-K for the year ended 31 December 2017, filed 7 February 2019: the filing.