Alcon Inc. vs STRYKER CORP, two Medical Devices stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
No growth column appears here, but Stryker's 38.5 times multiple against Alcon's 46.8 implies the market expects more from the eye-care company that currently earns less: a 9.5% operating margin against Stryker's 15.6%, a 3.3% return on equity against 14.5%. Stryker is the larger franchise, $128B against $34B, compounding orthopedics and med-surg with a 0.6 turn of acquisition debt; Alcon runs debt-free and converts more of its price into free cash, 5.1% against 3.6%. Both are priced far above the market's resting multiple for device makers, which leaves the pair arguing only about which premium is better earned. The economics say Stryker; the higher multiple says Alcon; those two sentences disagree, and one of them will be revised.
Comparison updated 2026-07-10.
| Metric | ALC | SYK |
|---|---|---|
| Price | $67.85 | $332.30 |
| Market cap | $33.6B | $128.4B |
| Sector | Medical Devices | Medical Devices |
| Stage | Mature | Mature |
| Implied growth (priced in) | — | +23.7% |
| P/E | 46.8 | 38.5 |
| P/B | 1.52 | 5.59 |
| P/S | 3.45 | 5.08 |
| EV/EBITDA | 31.0 | 21.3 |
| Revenue growth | +5.3% | +8.8% |
| Gross margin | 53.5% | 63.3% |
| Operating margin | 9.5% | 15.6% |
| Net margin | 7.4% | 13.2% |
| Return on equity | 3.3% | 14.5% |
| Return on assets | 2.3% | 7.2% |
| Return on invested capital | 4.2% | 11.6% |
| FCF yield | 5.1% | 3.6% |
| Dividend yield | — | 0.5% |
| Debt / equity | 0.00 | 0.64 |
| Current ratio | 2.12 | 2.11 |
| Altman Z (solvency) | 2.58 | 4.73 |
| Piotroski F (quality) | 6 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.