MDT vs SYK: Medtronic and Stryker compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Medtronic is the larger company, worth $117.1B, close to Stryker's $111.8B.
- Medtronic grew revenue faster over the last year (+13.7% vs +9.4%).
- Stryker keeps more of each dollar of revenue as operating profit (21.4% vs 18.1%).
- On earnings, Medtronic is the cheaper stock (25.5x vs 28.7x).
- Stryker's price assumes faster free cash flow growth: about 8% a year, against 6% for Medtronic (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | MDT | SYK |
|---|---|---|
| Market cap | $117.1B | $111.8B |
| Share price | $88.48 | $277.33 |
| Revenue (last fiscal year) | $36.4B | $25.1B |
| Free cash flow (last fiscal year) | $5.4B | $4.3B |
| Revenue growth, last year | +13.7% | +9.4% |
| Revenue growth per year, last 5 fiscal years | +3.5% | +10.1% |
| Operating margin | 18.1% | 21.4% |
| Net margin | 13.9% | 14.4% |
| Return on equity | 10.4% | 15.6% |
| P/E (trailing) | 25.5x | 28.7x |
| Price / free cash flow | 22.6x | 26.1x |
| EV / EBITDA | 13.0x | 16.3x |
| FCF growth the price implies | 6.0% | 8.5% |
| Dividend yield | 3.2% | 1.2% |
| Debt / equity | 0.85x | 1.00x |
| Fundamental grade | B | B |
| Superinvestors holding it | 7 | 5 |
| Insider purchases, last 12 months | 4 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Medtronic
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $31.7B | $6.0B | 18.2% |
| 2023 | $31.2B | $4.6B | 17.6% |
| 2024 | $32.4B | $5.2B | 15.9% |
| 2025 | $33.5B | $5.2B | 17.8% |
| 2026 | $36.4B | $5.4B | 17.8% |
Stryker
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $17.1B | $2.7B | 15.1% |
| 2022 | $18.4B | $2.0B | 15.4% |
| 2023 | $20.5B | $3.1B | 19.0% |
| 2024 | $22.6B | $3.5B | 16.3% |
| 2025 | $25.1B | $4.3B | 19.5% |
Where the revenue comes from
Medtronic · by segments, 2026
Cardiovascular$14.0B38%
Neuroscience$10.3B28%
Medical Surgical$8.8B24%
Diabetes$3.1B9%
Other Operating Segments$135M0%
Stryker · by segments, 2025
MedSurg and Neurotechnology$15.6B62%
Orthopaedics$9.5B38%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MDT in InvestinglyQuestions
Which is bigger, Medtronic or Stryker?
Medtronic (MDT), at $117.1B against $111.8B.
Is MDT or SYK cheaper?
By trailing P/E, Medtronic (25.5x) is cheaper than Stryker (28.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, MDT or SYK?
Medtronic: revenue grew +13.7% over the last year, against +9.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.