S 
Smith & Nephew SN.L · GBp
Health Care · Health Care Equipment & Supplies · LSE · 🇬🇧 United Kingdom
FTSE 100
1,140.50p
-1.77%
Close of 9 Nov 2026, in pence
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At a glance
Figures in USD, from our data supplier.
Revenue
$6.29bn
FY2016FY2025
Net income
$638.1m
FY2016FY2025
Free cash flow
$869.9m
FY2016FY2025
Shareholders' equity
$5.29bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.29bn | $5.81bn | $5.55bn | $5.21bn | $5.21bn | $4.56bn | $5.14bn | $4.90bn | $4.76bn | $4.67bn |
| Gross profit | $4.28bn | $4.05bn | $3.82bn | $3.67bn | $3.67bn | $3.16bn | $3.80bn | $3.61bn | $3.52bn | $3.40bn |
| Research and development | $302.2m | $289.0m | $299.0m | $345.0m | $356.0m | $307.0m | $292.0m | $246.0m | $223.0m | $230.0m |
| Operating income | $1.02bn | $657.0m | $425.0m | $315.0m | $593.0m | $295.0m | $815.0m | $863.0m | $934.0m | $801.0m |
| Net income | $638.1m | $412.0m | $263.0m | $223.0m | $524.0m | $448.0m | $600.0m | $663.0m | $767.0m | $784.0m |
| Diluted earnings per share | 0.73 | 0.47 | 0.30 | 0.26 | 0.60 | 0.51 | 0.68 | 0.76 | 0.88 | 0.88 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $10.46bn | $10.35bn | $9.99bn | $9.97bn | $10.92bn | $11.01bn | $9.30bn | $8.06bn | $7.87bn | $7.34bn |
| Cash and short-term investments | $557.2m | $619.0m | $302.0m | $350.0m | $1.29bn | $1.76bn | $277.0m | $365.0m | $169.0m | $100.0m |
| Total liabilities | $5.17bn | $5.09bn | $4.77bn | $4.71bn | $5.35bn | $5.73bn | $4.16bn | $3.19bn | $3.22bn | $3.39bn |
| Debt | $3.33bn | $3.32bn | $3.08bn | $2.87bn | $3.34bn | $3.69bn | $2.05bn | $1.47bn | $1.45bn | $1.65bn |
| Shareholders' equity | $5.29bn | $5.26bn | $5.22bn | $5.26bn | $5.57bn | $5.28bn | $5.14bn | $4.87bn | $4.64bn | $3.96bn |
| Shares outstanding | 873m | 880m | 878m | 870m | 878m | 877m | 876m | 874m | 874m | 892m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $1.31bn | $987.0m | $608.0m | $468.0m | $877.0m | $935.0m | $1.17bn | $931.0m | $1.09bn | $849.0m |
| Capital spending | −$442.1m | −$381.0m | −$427.0m | −$358.0m | −$408.0m | −$443.0m | −$408.0m | −$347.0m | −$376.0m | −$392.0m |
| Free cash flow | $869.9m | $606.0m | $181.0m | $110.0m | $469.0m | $492.0m | $760.0m | $584.0m | $714.0m | $457.0m |
| Dividends paid | −$336.9m | −$327.0m | −$327.0m | −$327.0m | −$329.0m | −$328.0m | −$318.0m | −$321.0m | −$269.0m | −$279.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.07bn | $3.31bn | $2.96bn | $2.98bn | $2.83bn | $1.41bn | $2.81bn | $1.41bn |
| Gross profit | $2.18bn | $2.17bn | $2.09bn | $2.07bn | $1.97bn | $987.0m | $1.99bn | $997.0m |
| Operating income | $475.1m | $589.2m | $440.0m | $329.0m | $328.0m | $164.0m | $407.0m | $203.5m |
| Net income | $300.5m | $342.5m | $293.0m | $198.0m | $214.0m | $107.0m | $91.0m | $45.5m |
| Diluted earnings per share | 0.35 | 0.39 | 0.33 | 0.23 | 0.24 | 0.12 | 0.10 | 0.05 |
| Cash from operations | $446.0m | $880.0m | $399.0m | $749.0m | $238.0m | $119.0m | $495.0m | — |
| Capital spending | −$188.0m | −$290.0m | −$140.0m | −$209.0m | −$172.0m | −$86.0m | −$260.0m | — |
| Free cash flow | $258.0m | $590.0m | $259.0m | $540.0m | $66.0m | $33.0m | $235.0m | — |
| Total assets | $11.07bn | $10.46bn | $10.69bn | $10.35bn | $10.54bn | $10.54bn | $9.99bn | $9.99bn |
| Cash and short-term investments | $757.9m | $557.2m | $676.0m | $619.0m | $568.0m | $568.0m | $302.0m | $302.0m |
| Debt | $576.0m | $3.18bn | $3.31bn | $3.19bn | $380.0m | $380.0m | $2.94bn | $765.0m |
| Shareholders' equity | $5.21bn | $5.29bn | $5.54bn | $5.26bn | $5.21bn | $5.21bn | $5.22bn | $5.22bn |
Financial ratios
Data as of 1 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 68.0% | 69.6% | 68.8% | 70.5% | 70.4% | 69.4% |
| Operating margin | 16.3% | 11.3% | 7.7% | 6.0% | 11.4% | 6.5% |
| Net margin | 10.1% | 7.1% | 4.7% | 4.3% | 10.1% | 9.8% |
| Return on equity | 12.1% | 7.8% | 5.0% | 4.2% | 9.4% | 8.5% |
| Return on assets | 6.1% | 4.0% | 2.6% | 2.2% | 4.8% | 4.1% |
| Free cash flow yield | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% | 0.2% |
| Revenue growth | 8.3% | 4.7% | 6.4% | 0.1% | 14.3% | -11.2% |
| Earnings growth | 54.9% | 56.7% | 17.9% | -57.4% | 17.0% | -25.3% |
| Current ratio | 2.57x | 2.89x | 1.77x | 2.25x | 2.08x | 2.76x |
| Debt to equity | 0.60x | 0.61x | 0.56x | 0.52x | 0.57x | 0.67x |
| Equity ratio | 50.6% | 50.8% | 52.2% | 52.8% | 51.0% | 47.9% |
| Interest coverage | 6.43x | 3.91x | 3.06x | 3.94x | 7.41x | 4.76x |
| R&D as a share of sales | 4.8% | 5.0% | 5.4% | 6.6% | 6.8% | 6.7% |
| Buybacks as a share of market value | 0.8% | -0.1% | -1.0% | 0.9% | -0.1% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.5% | 6.7% | 3.1% |
| Operating income | 48.1% | 28.3% | 5.0% |
| Net income | 42.0% | 7.3% | 4.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 68.8% | 69.2% | 69.4% | 71.3% |
| Operating margin | 13.9% | 10.6% | 10.1% | 13.0% |
| Net margin | 8.7% | 6.7% | 7.7% | 10.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 22.7 | 28.3 | 48.3 | 57.9 | 29.0 | 39.8 | 35.9 | 25.9 | 19.7 | 18.6 |
| Price to sales | 2.3 | 2.0 | 2.3 | 2.5 | 2.9 | 3.9 | 4.2 | 3.5 | 3.2 | 3.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 1 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.397 | 0.287 | 0.526 | 0.303 | 0.313 | 0.271 | 0.297 | 0.282 |
- 1-to-1 reverse split · 23 Jan 2006
- 1-to-1 reverse split · 12 Mar 2004
- 1-to-1 reverse split · 25 Jun 2003
- 1-to-1 reverse split · 21 Mar 2002
- 1.039-to-1 reverse split · 7 Aug 2000
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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