Stryker (SYK) FY2019 results: revenue $14.9 billion, up 9.4% on the year
Stryker Corp. (SYK) reported revenue of $14.9 billion for fiscal 2019, the year ended 31 December 2019, up 9.4% on the year before. Net income was $2.1 billion, down 41.4%, and diluted earnings per share $5.48. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2020.
Revenue
$14.9 billion
+9.4% on the year
FY2012FY2019
Operating margin
18.2%
18.7% a year earlier
FY2012FY2019
Net income
$2.1 billion
-41.4% on the year
FY2012FY2019
Diluted EPS
$5.48
-41.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
14,884
13,601
12,444
+9.4%
Cost of revenue
5,188
4,663
4,264
+11.3%
Gross profit
9,696
8,938
8,173
+8.5%
Gross margin
65.1%
65.7%
65.7%
Research and development
971
862
787
+12.6%
Selling, general and administrative
5,356
5,099
4,552
+5.0%
Operating income
2,713
2,537
2,297
+6.9%
Operating margin
18.2%
18.7%
18.5%
Interest expense
287
264
247
+8.7%
Pre-tax income
2,562
2,356
2,063
+8.7%
Income tax
479
-1,197
1,043
Effective tax rate
18.7%
-50.8%
50.6%
Net income
2,083
3,553
1,020
-41.4%
Net margin
14.0%
26.1%
8.2%
Diluted EPS
$5.48
$9.34
$2.68
-41.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,191
2,610
1,559
-16.1%
Capital expenditure
649
572
598
+13.5%
Free cash flow
1,542
2,038
961
-24.3%
Free cash flow margin
10.4%
15.0%
7.7%
Cash from investing
-1,455
-2,857
-1,613
Cash from financing
3.0
1,329
-794
-99.8%
Depreciation and amortisation
1,044
966
859
+8.1%
Share-based compensation
127
119
113
+6.7%
Buybacks
307
300
230
+2.3%
Dividends paid
778
703
636
+10.7%
Diluted shares, weighted
380m
380m
380m
-0.1%
Shares outstanding at period end
n/a
n/a
374m
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
12,807
11,730
9,966
+9.2%
Non-controlling interest
n/a
n/a
14.0
Debt
11,090
9,859
7,222
+12.5%
Operating lease liabilities
301
n/a
n/a
Other liabilities
5,969
5,640
4,995
+5.8%
Total liabilities and equity
30,167
27,229
22,197
+10.8%
Fixed assets
2,567
2,291
1,975
+12.0%
Goodwill
9,069
8,563
7,168
+5.9%
Intangible assets
4,227
4,163
3,477
+1.5%
Investments
88.0
83.0
251
+6.0%
Cash and equivalents
4,337
3,616
2,542
+19.9%
Receivables
2,893
2,332
2,198
+24.1%
Inventory
2,980
2,955
2,465
+0.8%
Other assets
4,006
3,226
2,121
+24.2%
Total assets
30,167
27,229
22,197
+10.8%
10-K for the year ended 31 December 2019, filed 6 February 2020: the filing.