Smith & Nephew plc vs STRYKER CORP, two Medical Devices stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both prices assume med-tech excellence; only one company currently supplies it. Stryker at 38.5 times earnings backs its premium with a 15.6% operating margin, 14.5% returns on equity, and the sector's steadiest acquisition record; Smith & Nephew at 41.6 times, three turns dearer, backs its with a 12.9% margin and a turnaround now old enough to attend school. The gross margins favor Smith & Nephew, 68% against 63.3%, which is the tantalizing part: the raw material for orthopedic excellence is present, the conversion is not. Smith & Nephew runs debt-free and yields more cash, 4.9% against 3.6%. Paying more per dollar for the promise than the proof is a choice; this pair states its cost precisely.
Comparison updated 2026-07-10.
| Metric | SNN | SYK |
|---|---|---|
| Price | $30.02 | $332.30 |
| Market cap | $26.0B | $128.4B |
| Sector | Medical Devices | Medical Devices |
| Stage | Mature | Mature |
| Implied growth (priced in) | — | +23.7% |
| P/E | 41.6 | 38.5 |
| P/B | 4.92 | 5.59 |
| P/S | 4.22 | 5.08 |
| EV/EBITDA | 32.1 | 21.3 |
| Revenue growth | +4.3% | +8.8% |
| Gross margin | 68.0% | 63.3% |
| Operating margin | 12.9% | 15.6% |
| Net margin | 10.1% | 13.2% |
| Return on equity | 11.8% | 14.5% |
| Return on assets | 6.0% | 7.2% |
| Return on invested capital | 12.0% | 11.6% |
| FCF yield | 4.9% | 3.6% |
| Dividend yield | — | 0.5% |
| Debt / equity | 0.00 | 0.64 |
| Current ratio | 2.57 | 2.11 |
| Altman Z (solvency) | 4.86 | 4.73 |
| Piotroski F (quality) | 7 / 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.