Medtronic vs Stryker: Revenue, Profit and Business Model
Medtronic had $32.4B of annual revenue in FY2025 and $3.7B of net income. Stryker had $20.5B of annual revenue in FY2024 and $3.2B of net income.
Latest financial snapshot
Financial summary
Medtronic
Medtronic exhibits robust financial performance with $32.4 billion in annual revenue, $3.7 billion in net income, strong operating cash flows, and a disciplined capital allocation framework. Medtronic delivers durable financial performance characterized by diversified revenue streams, high operating margins, and consistent free cash flow generation. Operating as an S&P 500 Dividend Aristocrat with over 46 consecutive years of annual dividend increases, Medtronic balances disciplined capital reinvestment in next-generation medical innovation with substantial shareholder capital returns. The enterprise maintains an investment-grade A credit rating, ample liquidity cushions, and strategic currency hedging to insulate against foreign exchange volatility.
Stryker
Stryker demonstrates an enviable financial record of organic top-line compounding, expanding operating leverage, and robust capital generation. In fiscal year 2024, Stryker generated consolidated net sales of $20.50 billion, up 10.5% year-over-year with organic sales growth exceeding 9.5%. GAAP net income reached $3.165 billion ($8.17 diluted EPS), with adjusted operating margins expanding to 25.5%. Stryker generated $3.7 billion in operating cash flow, maintaining an investment-grade A credit rating and deploying capital toward strategic bolt-on M&A and over $1.1 billion in annual cash dividends as a reliable Dividend Aristocrat.
Revenue and profit by year
Medtronic
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $32.4B | $3.7B | 11.4% | -0.1% | |
| FY2024 | $32.4B | $3.1B | 9.4% | +3.7% | |
| FY2023 | $31.2B | $3.8B | 12.0% | -1.4% | |
| FY2022 | $31.7B | $5B | 15.9% | +5.2% | |
| FY2021 | $30.1B | $3.6B | 12.0% | +4.2% | |
| FY2020 | $28.9B | $4.8B | 16.5% | -5.4% | |
| FY2019 | $30.6B | $4.6B | 15.0% | +2.0% | |
| FY2018 | $30B | $3.1B | 10.3% | +0.8% | |
| FY2017 | $29.7B | $4B | 13.6% | +3.0% | |
| FY2016 | $28.8B | $3.5B | 12.3% | — |
Stryker
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $20.5B | $3.2B | 15.4% | +10.2% | |
| FY2023 | $18.6B | $2.8B | 15.1% | +11.4% | |
| FY2022 | $16.7B | $2.4B | 14.4% | +7.7% | |
| FY2021 | $15.5B | $2.3B | 14.8% | +8.0% | |
| FY2020 | $14.3B | $1.6B | 11.1% | -3.7% | |
| FY2019 | $14.9B | $2.1B | 14.0% | +9.6% | |
| FY2018 | $13.6B | $3.6B | 26.2% | +9.3% | |
| FY2017 | $12.4B | $1.8B | 14.5% | +9.3% | |
| FY2016 | $11.4B | $1.6B | 13.9% | +14.9% | |
| FY2015 | $9.9B | $1.4B | 14.6% | — |
Where the revenue comes from
Medtronic
- Cardiovascular Portfolio36
Cardiac Rhythm Management, Structural Heart, and Vascular therapies.
- Medical Surgical Portfolio28
Surgical innovations, instruments, and patient monitoring devices.
- Neuroscience Portfolio26
Cranial & spinal technologies, specialty therapies, and neuromodulation.
- Diabetes Operating Unit10
Advanced insulin pumps and continuous glucose monitoring systems.
Stryker
No segment breakdown is published.
Business model and strategy
Medtronic
How it makes money
Medtronic operates a diversified global medical technology business model, generating revenue through four primary operating segments: Cardiovascular, Medical Surgical, Neuroscience, and Diabetes.
Growth strategy
Medtronic’s growth strategy centers on expanding surgical robotics adoption, scaling leadless cardiac devices, integrating AI-driven health ecosystems, and accelerating penetration in emerging international markets.
Stryker
How it makes money
Stryker operates a highly durable, diversified medtech business model spanning surgical consumables, capital equipment, and implantable medical devices: (1) MedSurg and Neurotechnology (~58% of revenue / ~$11.9B), generating high-margin revenue from surgical power tools, endoscopes, Neptune waste management systems, emergency stretchers, and Vocera clinical software;
Growth strategy
Under CEO Kevin Lobo, Stryker is pursuing four core growth vectors: (1) Expanding Mako Indications: Commercializing Mako Spine and Mako Shoulder robotic capabilities to capture multi-billion-dollar adjacencies in outpatient surgery centers;
Competitive advantage
Stryker's primary competitive moats include the proprietary Mako robotic-arm assisted surgery ecosystem (which drives high-margin implant pull-through and locks hospitals into its surgical software platform), deep clinical relationships with orthopedic surgeons and hospital administrators, an extensive portfolio of market-leading proprietary medical devices, rigorous operational execution, and a proven programmatic M…
Questions about Medtronic vs Stryker
Which company has higher revenue — Medtronic or Stryker?
Medtronic had $32.4B (FY2025), while Stryker had $20.5B (FY2024). By latest annual revenue, Medtronic is the larger business, with Stryker showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Medtronic vs Stryker?
Medtronic's market capitalisation stands at $115.0B, while Stryker's is $135.0B. Stryker carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Medtronic.
How does revenue per employee compare for Medtronic and Stryker?
Stryker generates $394k / employee in revenue per employee. A comparable figure for Medtronic requires matching employee and revenue data from the same reporting period.
How do Medtronic and Stryker make money?
Medtronic and Stryker generate revenue in fundamentally different ways. Medtronic: Medtronic operates a diversified global medical technology business model, generating revenue through four primary operating segments: Cardiovascular, Medical Surgical, Neuroscience, and Diabetes. Stryker: Stryker operates a highly durable, diversified medtech business model spanning surgical consumables, capital equipment, and implantable medical devices: (1) MedSurg and Neurotechnology (~58% of revenue / ~$11.9B), generating high-margin revenue from surgical power tools, endoscopes, Neptune waste management systems, emergency stretchers, and Vocera clinical software; (2) Orthopedics (~42% of revenue / ~$8.6B), monetizing proprietary titanium hip and knee implants, trauma fixation plates, extremities devices, and Mako robotic consoles; and (3) Razors-and-Blades Capital Equipment Model: Stryker installs multi-hundred-thousand-dollar capital systems (Mako robots, operating room visualization towers, hospital beds) that drive continuous, recurring daily utilization of single-use surgical cutting blades, sterile drapes, burrs, and implant components.
Is Medtronic bigger than Stryker?
By last reported revenue, Medtronic ($32.4B (FY2025)) is the larger company compared to Stryker ($20.5B (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Medtronic vs Stryker overview