Research · Sep 3, 2026
[SYK] Stryker Thesis 2026: First Twenty-Five Billion Year, Mako Installed Base Scales
Stryker FY25 (Dec 31, 2025) at $25.12B revenue (+11.2%). Organic 10.3% FY (Q4 +11%). MedSurg+Neuro Q4 +12.6%; Orthopedics +8.4%. Mako 3,000+ installed; 2M+ cumulative procedures. Operating income $4.89B (19.5%); net income $3.25B (+9%); Diluted EPS $8.40. Adjusted EPS $13.63 (+11.8%). FCF $4.28B (+23%). $0 buybacks (vs $195M FY24); div $1.28B. Total debt $14.86B. 8 analysts: 5 Buy / 3 Hold; consensus $391, range $357-$454. Feb-Apr 2026: 7 of 8 covered actions PT cuts — Goldman -$46 (Street-low $357), Citi -$35, Evercore -$35.