NYSE : SNN
Smith & Nephew plc — Financial statements
Healthcare · Medical Devices · United Kingdom
Last price 29.925 USD (Oct 30, 2026, 10:01 AM EDT) · Market cap 12.35B
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Financial statements
Smith & Nephew plc (SNN) reported revenue of 6.30B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 6.30B | 6.16B | 5.81B | 5.55B | 5.21B | 5.21B |
| Cost of Revenue | 1.99B | 1.96B | 1.73B | 1.65B | 1.51B | 1.51B |
| Gross Profit | 4.31B | 4.21B | 4.08B | 3.90B | 3.70B | 3.70B |
| Selling, General & Admin | 3.12B | 3.04B | 2.90B | 2.83B | 2.71B | 2.64B |
| Research & Development | 301.00M | 294.00M | 289.00M | 320.00M | 335.00M | 349.00M |
| Operating Expenses | 3.42B | 3.33B | 3.19B | 3.15B | 3.04B | 2.99B |
| Operating Income | 896.00M | 877.00M | 886.00M | 741.00M | 658.00M | 712.00M |
| Interest Expense | -136.00M | -140.00M | -145.00M | -132.00M | -80.00M | -80.00M |
| Interest & Investment Income | 23.00M | 28.00M | 24.00M | 34.00M | 14.00M | 6.00M |
| Earnings From Equity Investments | 119.00M | 113.00M | -10.00M | -30.00M | -141.00M | 9.00M |
| Other Non Operating Income (Expenses) | -16.00M | -10.00M | -24.00M | -6.00M | -6.00M | -6.00M |
| EBT Excluding Unusual Items | 886.00M | 868.00M | 731.00M | 607.00M | 445.00M | 641.00M |
| Merger & Restructuring Charges | -47.00M | -47.00M | -123.00M | -220.00M | -167.00M | -113.00M |
| Gain (Loss) on Sale of Investments | 75.00M | |||||
| Asset Writedown | -10.00M | -10.00M | -16.00M | -37.00M | -39.00M | -2.00M |
| Legal Settlements | -8.00M | |||||
| Other Unusual Items | -32.00M | -32.00M | -94.00M | -60.00M | -4.00M | -7.00M |
| Pretax Income | 797.00M | 779.00M | 498.00M | 290.00M | 235.00M | 586.00M |
| Income Tax Expense | 162.00M | 154.00M | 86.00M | 27.00M | 12.00M | 62.00M |
| Net Income | 635.00M | 625.00M | 412.00M | 263.00M | 223.00M | 524.00M |
| Net Income to Common | 635.00M | 625.00M | 412.00M | 263.00M | 223.00M | 524.00M |
| Shares Outstanding (Basic) | 855.25M | 867.00M | 873.00M | 871.00M | 872.00M | 877.00M |
| Shares Outstanding (Diluted) | 863.46M | 873.00M | 876.00M | 873.00M | 873.00M | 878.00M |
| EPS (Basic) | 0.74 | 0.72 | 0.47 | 0.30 | 0.26 | 0.60 |
| EPS (Diluted) | 0.74 | 0.72 | 0.47 | 0.30 | 0.26 | 0.60 |
| Free Cash Flow | 855.00M | 852.00M | 606.00M | 181.00M | 110.00M | 469.00M |
| Free Cash Flow Per Share | 0.99 | 0.98 | 0.69 | 0.21 | 0.13 | 0.53 |
| Dividend Per Share | 0.40 | 0.39 | 0.38 | 0.38 | 0.38 | 0.38 |
| Gross Margin | 68.44% | 68.25% | 70.21% | 70.19% | 70.95% | 70.95% |
| Operating Margin | 14.22% | 14.23% | 15.25% | 13.35% | 12.62% | 13.66% |
| Profit Margin | 10.08% | 10.14% | 7.09% | 4.74% | 4.28% | 10.05% |
| Free Cash Flow Margin | 13.57% | 13.82% | 10.43% | 3.26% | 2.11% | 9.00% |
| EBITDA | 1.38B | 1.34B | 1.33B | 1.21B | 1.15B | 1.22B |
| EBITDA Margin | 21.94% | 21.67% | 22.98% | 21.88% | 22.05% | 23.39% |
| D&A For EBITDA | 486.00M | 459.00M | 449.00M | 473.00M | 492.00M | 507.00M |
| EBIT | 896.00M | 877.00M | 886.00M | 741.00M | 658.00M | 712.00M |
| EBIT Margin | 14.22% | 14.23% | 15.25% | 13.35% | 12.62% | 13.66% |
| Effective Tax Rate | 20.33% | 19.77% | 17.27% | 9.31% | 5.11% | 10.58% |
| Advertising Expenses | 91.00M | 84.00M | 88.00M | 92.00M | 81.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 754.00M | 557.00M | 619.00M | 302.00M | 350.00M | 1.29B |
| Cash & Short-Term Investments | 754.00M | 557.00M | 619.00M | 302.00M | 350.00M | 1.29B |
| Accounts Receivable | 1.49B | 1.16B | 1.06B | 1.06B | 1.03B | 971.00M |
| Other Receivables | 33.00M | 154.00M | 182.00M | 155.00M | 151.00M | 201.00M |
| Receivables | 1.52B | 1.31B | 1.24B | 1.21B | 1.18B | 1.17B |
| Inventory | 2.11B | 2.12B | 2.39B | 2.40B | 2.21B | 1.84B |
| Prepaid Expenses | 99.00M | 127.00M | 92.00M | 76.00M | 79.00M | |
| Other Current Assets | 20.00M | 47.00M | 27.00M | 47.00M | 39.00M | |
| Total Current Assets | 4.39B | 4.10B | 4.42B | 4.03B | 3.86B | 4.42B |
| Property, Plant & Equipment | 1.61B | 1.64B | 1.42B | 1.47B | 1.46B | 1.51B |
| Long-Term Investments | 151.00M | 151.00M | 16.00M | 24.00M | 58.00M | 198.00M |
| Goodwill | 3.24B | 3.11B | 3.03B | 2.99B | 3.03B | 2.99B |
| Other Intangible Assets | 1.11B | 882.00M | 1.03B | 1.11B | 1.24B | 1.40B |
| Long-Term Deferred Tax Assets | 252.00M | 347.00M | 350.00M | 274.00M | 177.00M | 201.00M |
| Other Long-Term Assets | 263.00M | 228.00M | 87.00M | 87.00M | 153.00M | 197.00M |
| Total Assets | 11.01B | 10.46B | 10.35B | 9.99B | 9.97B | 10.92B |
| Accounts Payable | 1.25B | 1.16B | 1.08B | 1.02B | 1.03B | 1.04B |
| Short-Term Debt | 19.00M | 8.00M | 2.00M | 2.00M | 6.00M | 5.00M |
| Current Portion of Long-Term Debt | 489.00M | 75.00M | 708.00M | 105.00M | 430.00M | |
| Current Portion of Leases | 65.00M | 67.00M | 61.00M | 55.00M | 49.00M | 56.00M |
| Current Income Taxes Payable | 161.00M | 194.00M | 232.00M | 218.00M | 214.00M | 222.00M |
| Other Current Liabilities | 68.00M | 91.00M | 154.00M | 272.00M | 312.00M | 375.00M |
| Total Current Liabilities | 2.05B | 1.59B | 1.53B | 2.27B | 1.72B | 2.13B |
| Long-Term Debt | 3.08B | 3.03B | 3.12B | 2.17B | 2.56B | 2.71B |
| Long-Term Leases | 132.00M | 149.00M | 135.00M | 144.00M | 147.00M | 141.00M |
| Pension & Post-Retirement Benefits | 88.00M | 84.00M | 79.00M | 88.00M | 70.00M | 127.00M |
| Long-Term Deferred Tax Liabilities | 40.00M | 40.00M | 31.00M | 9.00M | 36.00M | 144.00M |
| Other Long-Term Liabilities | 442.00M | 272.00M | 190.00M | 83.00M | 174.00M | 102.00M |
| Total Liabilities | 5.83B | 5.17B | 5.09B | 4.77B | 4.71B | 5.35B |
| Common Stock | 175.00M | 175.00M | 175.00M | 175.00M | 175.00M | 177.00M |
| Additional Paid-In Capital | 615.00M | 615.00M | 615.00M | 615.00M | 615.00M | 614.00M |
| Retained Earnings | 5.43B | 5.32B | 5.02B | 4.91B | 5.03B | 5.22B |
| Treasury Stock | -733.00M | -515.00M | -66.00M | -94.00M | -118.00M | -120.00M |
| Comprehensive Income & Other | -307.00M | -309.00M | -477.00M | -385.00M | -439.00M | -328.00M |
| Shareholders' Equity | 5.18B | 5.29B | 5.26B | 5.22B | 5.26B | 5.57B |
| Total Liabilities & Equity | 11.01B | 10.46B | 10.35B | 9.99B | 9.97B | 10.92B |
| Total Debt | 3.79B | 3.33B | 3.32B | 3.08B | 2.87B | 3.34B |
| Net Cash (Debt) | -3.03B | -2.77B | -2.70B | -2.78B | -2.52B | -2.05B |
| Net Cash Per Share | -3.51 | -3.17 | -3.08 | -3.19 | -2.89 | -2.33 |
| Filing Date Shares Outstanding | 851.12M | 849.36M | 873.49M | 871.87M | 870.15M | 878.18M |
| Total Common Shares Outstanding | 851.12M | 849.36M | 873.49M | 871.87M | 870.15M | 878.18M |
| Working Capital | 2.34B | 2.51B | 2.89B | 1.76B | 2.14B | 2.29B |
| Book Value Per Share | 6.09 | 6.23 | 6.03 | 5.98 | 6.04 | 6.34 |
| Tangible Book Value | 835.00M | 1.30B | 1.21B | 1.11B | 992.00M | 1.18B |
| Tangible Book Value Per Share | 0.98 | 1.53 | 1.38 | 1.28 | 1.14 | 1.34 |
| Land | 32.00M | 37.00M | 37.00M | 22.00M | 23.00M | |
| Buildings | 746.00M | 752.00M | 758.00M | 704.00M | 665.00M | |
| Machinery | 3.74B | 3.37B | 3.28B | 3.04B | 2.98B | |
| Construction In Progress | 207.00M | 122.00M | 170.00M | 256.00M | 303.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 635.00M | 625.00M | 412.00M | 263.00M | 223.00M | 524.00M |
| Depreciation & Amortization | 535.00M | 508.00M | 503.00M | 527.00M | 548.00M | 563.00M |
| Other Amortization | 65.00M | 65.00M | 52.00M | |||
| Loss (Gain) From Sale of Assets | 24.00M | 23.00M | 22.00M | 18.00M | 11.00M | 14.00M |
| Asset Writedown & Restructuring Costs | -1.00M | -1.00M | 90.00M | 152.00M | 69.00M | 3.00M |
| Loss (Gain) From Sale of Investments | 1.00M | 1.00M | 4.00M | -74.00M | ||
| Loss (Gain) on Equity Investments | -119.00M | -113.00M | 10.00M | 30.00M | 141.00M | -9.00M |
| Stock-Based Compensation | 56.00M | 43.00M | 40.00M | 39.00M | 40.00M | 41.00M |
| Other Operating Activities | 33.00M | 7.00M | -35.00M | -93.00M | -29.00M | -35.00M |
| Change in Accounts Receivable | -224.00M | -175.00M | -81.00M | -49.00M | -103.00M | -81.00M |
| Change in Inventory | 202.00M | 208.00M | -42.00M | -178.00M | -407.00M | -151.00M |
| Change in Accounts Payable | 132.00M | 94.00M | 16.00M | -105.00M | -25.00M | 82.00M |
| Operating Cash Flow | 1.34B | 1.28B | 987.00M | 608.00M | 468.00M | 877.00M |
| Capital Expenditures | -484.00M | -433.00M | -381.00M | -427.00M | -358.00M | -408.00M |
| Sale of Property, Plant & Equipment | 26.00M | 38.00M | ||||
| Cash Acquisitions | -222.00M | -9.00M | -186.00M | -21.00M | -113.00M | -285.00M |
| Investment in Securities | -2.00M | -2.00M | -2.00M | -1.00M | 2.00M | |
| Investing Cash Flow | -682.00M | -406.00M | -569.00M | -448.00M | -472.00M | -691.00M |
| Short-Term Debt Issued | 43.00M | 326.00M | ||||
| Long-Term Debt Issued | 1.00B | 485.00M | ||||
| Total Debt Issued | 617.00M | 43.00M | 1.00B | 326.00M | 485.00M | |
| Short-Term Debt Repaid | -39.00M | -705.00M | -151.00M | -407.00M | -267.00M | |
| Long-Term Debt Repaid | -140.00M | -55.00M | -52.00M | -528.00M | -59.00M | |
| Lease Payments | -54.00M | -50.00M | -55.00M | -52.00M | -54.00M | -59.00M |
| Total Debt Repaid | -257.00M | -179.00M | -760.00M | -203.00M | -935.00M | -326.00M |
| Net Debt Issued (Repaid) | 360.00M | -136.00M | 240.00M | 123.00M | -450.00M | -326.00M |
| Issuance of Common Stock | 14.00M | 12.00M | 1.00M | 6.00M | 14.00M | |
| Repurchase of Common Stock | -618.00M | -502.00M | -158.00M | |||
| Common Dividends Paid | -333.00M | -330.00M | -327.00M | -327.00M | -327.00M | -329.00M |
| Other Financing Activities | -4.00M | 1.00M | 4.00M | 3.00M | -4.00M | |
| Financing Cash Flow | -581.00M | -955.00M | -86.00M | -200.00M | -926.00M | -645.00M |
| Foreign Exchange Rate Adjustments | 1.00M | 12.00M | -15.00M | -4.00M | -11.00M | -7.00M |
| Net Cash Flow | 77.00M | -64.00M | 317.00M | -44.00M | -941.00M | -466.00M |
| Free Cash Flow | 855.00M | 852.00M | 606.00M | 181.00M | 110.00M | 469.00M |
| Free Cash Flow Margin | 13.57% | 13.82% | 10.43% | 3.26% | 2.11% | 9.00% |
| Free Cash Flow Per Share | 0.99 | 0.98 | 0.69 | 0.21 | 0.13 | 0.53 |
| Levered Free Cash Flow | 1.06B | 876.62M | 565.12M | 248.62M | 134.25M | 648.00M |
| Unlevered Free Cash Flow | 1.14B | 964.12M | 655.75M | 331.12M | 184.25M | 698.00M |
| Free Cash Flow After Leases | 801.00M | 802.00M | 551.00M | 129.00M | 56.00M | 410.00M |
| Cash Interest Paid | 130.00M | 142.00M | 140.00M | 104.00M | 73.00M | 80.00M |
| Cash Income Tax Paid | 136.00M | 147.00M | 140.00M | 125.00M | 47.00M | 97.00M |
| Change in Working Capital | 110.00M | 127.00M | -107.00M | -332.00M | -535.00M | -150.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 12.41B | 14.15B | 10.82B | 11.95B | 11.62B | 15.39B |
| Enterprise Value | 15.49B | 16.88B | 13.88B | 14.81B | 14.00B | 17.53B |
| Last Close Price | 30.24 | 31.97 | 23.39 | 25.27 | 24.21 | 30.37 |
| PE Ratio | 20.26 | 22.64 | 26.27 | 45.45 | 52.12 | 29.36 |
| PS Ratio | 1.97 | 2.29 | 1.86 | 2.15 | 2.23 | 2.95 |
| PB Ratio | 2.40 | 2.67 | 2.06 | 2.29 | 2.21 | 2.76 |
| P/TBV Ratio | 14.86 | 10.89 | 8.97 | 10.72 | 11.72 | 13.03 |
| P/FCF Ratio | 14.52 | 16.61 | 17.86 | 66.05 | 105.67 | 32.81 |
| P/OCF Ratio | 9.27 | 11.01 | 10.97 | 19.66 | 24.84 | 17.55 |
| EV/Sales Ratio | 2.46 | 2.74 | 2.39 | 2.67 | 2.69 | 3.36 |
| EV/EBITDA Ratio | 11.21 | 12.63 | 10.40 | 12.20 | 12.18 | 14.38 |
| EV/EBIT Ratio | 17.29 | 19.24 | 15.67 | 19.99 | 21.28 | 24.61 |
| EV/FCF Ratio | 18.11 | 19.81 | 22.91 | 81.83 | 127.31 | 37.37 |
| Debt / Equity Ratio | 0.73 | 0.63 | 0.63 | 0.59 | 0.55 | 0.60 |
| Debt / EBITDA Ratio | 2.65 | 2.40 | 2.39 | 2.43 | 2.38 | 2.62 |
| Debt / FCF Ratio | 4.43 | 3.90 | 5.48 | 17.04 | 26.11 | 7.12 |
| Net Debt / Equity Ratio | 0.58 | 0.52 | 0.51 | 0.53 | 0.48 | 0.37 |
| Net Debt / EBITDA Ratio | 2.19 | 2.07 | 2.02 | 2.29 | 2.19 | 1.68 |
| Net Debt / FCF Ratio | 3.54 | 3.25 | 4.46 | 15.37 | 22.93 | 4.37 |
| Asset Turnover | 0.58 | 0.59 | 0.57 | 0.56 | 0.50 | 0.47 |
| Inventory Turnover | 0.87 | 0.87 | 0.72 | 0.72 | 0.75 | 0.86 |
| Quick Ratio | 1.11 | 1.17 | 1.22 | 0.67 | 0.89 | 1.16 |
| Current Ratio | 2.14 | 2.57 | 2.89 | 1.77 | 2.25 | 2.08 |
| Return on Equity (ROE) | 11.85% | 11.84% | 7.86% | 5.02% | 4.12% | 9.66% |
| Return on Assets (ROA) | 5.16% | 5.27% | 5.45% | 4.64% | 3.94% | 4.06% |
| Return on Invested Capital (ROIC) | 8.69% | 8.78% | 9.18% | 8.52% | 8.11% | 8.59% |
| Return on Capital Employed (ROCE) | 10.00% | 9.90% | 10.00% | 9.60% | 8.00% | 8.10% |
| Earnings Yield | 4.93% | 4.42% | 3.81% | 2.20% | 1.92% | 3.40% |
| FCF Yield | 6.89% | 6.02% | 5.60% | 1.51% | 0.95% | 3.05% |
| Dividend Yield | 2.53% | 2.35% | 3.03% | 2.73% | 2.81% | 2.14% |
| Payout Ratio | 51.23% | 52.80% | 79.37% | 124.33% | 146.64% | 62.79% |
| Buyback Yield / Dilution | 1.79% | 0.34% | -0.34% | 0.11% | 0.57% | -0.11% |
| Total Shareholder Return | 4.32% | 2.69% | 2.68% | 2.85% | 3.38% | 2.03% |