Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We spent our lives looking for businesses where the customer, once captured, does not leave; where the product is a small line-item in the buyer's budget but an indispensable one; and where demographics do the heavy lifting for management. Stryker is such a business. It sells the saws, drills, implants, hospital beds, endoscopy towers, and surgical robots that hospitals cannot function without, to surgeons who trained on Stryker instruments and will not switch, in a market that grows every year because humanity keeps getting older, heavier, and more insistent on walking without pain. The second quarter of 2026, per the 10-Q filed for the period ended June 30, 2026, showed net sales of $6.59 billion, up 9.4% (9.0% organic in constant currency), adjusted operating margin up 170 basis points to 27.4%, and adjusted earnings per share of $3.69, up 17.9%.
Recent filings analysed: 10-Q (2026-07-31), 8-K (2026-07-30), 8-K (2026-06-26), 8-K (2026-05-20).
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