Stryker (SYK) FY2020 results: revenue $14.4 billion, down 3.6% on the year
Stryker Corp. (SYK) reported revenue of $14.4 billion for fiscal 2020, the year ended 31 December 2020, down 3.6% on the year before. Net income was $1.6 billion, down 23.2%, and diluted earnings per share $4.20. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2021.
Revenue
$14.4 billion
-3.6% on the year
FY2013FY2020
Operating margin
15.5%
18.2% a year earlier
FY2013FY2020
Net income
$1.6 billion
-23.2% on the year
FY2013FY2020
Diluted EPS
$4.20
-23.4% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
14,351
14,884
13,601
-3.6%
Cost of revenue
5,294
5,188
4,663
+2.0%
Gross profit
9,057
9,696
8,938
-6.6%
Gross margin
63.1%
65.1%
65.7%
Research and development
984
971
862
+1.3%
Selling, general and administrative
5,361
5,356
5,099
+0.1%
Operating income
2,223
2,713
2,537
-18.1%
Operating margin
15.5%
18.2%
18.7%
Interest expense
315
287
264
+9.8%
Pre-tax income
1,954
2,562
2,356
-23.7%
Income tax
355
479
-1,197
-25.9%
Effective tax rate
18.2%
18.7%
-50.8%
Net income
1,599
2,083
3,553
-23.2%
Net margin
11.1%
14.0%
26.1%
Diluted EPS
$4.20
$5.48
$9.34
-23.4%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,277
2,191
2,610
+49.6%
Capital expenditure
487
649
572
-25.0%
Free cash flow
2,790
1,542
2,038
+80.9%
Free cash flow margin
19.4%
10.4%
15.0%
Cash from investing
-4,701
-1,455
-2,857
Cash from financing
-11.0
3.0
1,329
Depreciation and amortisation
1,076
1,044
966
+3.1%
Share-based compensation
142
127
119
+11.8%
Buybacks
0.0
307
300
Dividends paid
863
778
703
+10.9%
Diluted shares, weighted
380m
380m
380m
+0.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
13,084
12,807
11,730
+2.2%
Debt
13,991
11,090
9,859
+26.2%
Operating lease liabilities
325
301
n/a
+8.0%
Other liabilities
6,930
5,969
5,640
+16.1%
Total liabilities and equity
34,330
30,167
27,229
+13.8%
Fixed assets
2,752
2,567
2,291
+7.2%
Goodwill
12,778
9,069
8,563
+40.9%
Intangible assets
5,554
4,227
4,163
+31.4%
Investments
81.0
88.0
83.0
-8.0%
Cash and equivalents
2,943
4,337
3,616
-32.1%
Receivables
2,701
2,893
2,332
-6.6%
Inventory
3,494
2,980
2,955
+17.2%
Other assets
4,027
4,006
3,226
+0.5%
Total assets
34,330
30,167
27,229
+13.8%
10-K for the year ended 31 December 2020, filed 11 February 2021: the filing.