SMITH & NEPHEW PLC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SMITH & NEPHEW PLC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,669	4,765	4,904	5,138	4,560	5,212	5,215	5,549	5,810	6,164
Cost of revenue	1,272	1,248	1,298	1,338	1,396	1,543	1,540	1,730	1,764	1,972
Gross profit	3,397	3,517	3,606	3,800	3,164	3,669	3,675	3,819	4,046	4,192
Research and development	230	223	246	292	307	356	345	339	289	296
Selling, general and administrative	2,366	2,360	2,497	2,693	2,562	2,720	2,880	3,055	3,100	3,102
General and administrative	654	579	677	782	789	707	814	837	824	740
Operating income	801	934	863	815	295	593	450	425	657	794
Interest income	6	6	8	10	6	6	14	34	24	28
Pre-tax income	1,062	879	781	743	246	586	235	290	498	779
Income tax	278	112	118	143	-202	62	12	27	86	154
Net income	784	767	663	600	448	524	223	263	412	625
EBITDA	1,216	1,369	1,290
EPS, basic	0.77	0.77	0.66	0.69	0.51	0.60	0.26	0.30	0.47	0.72
EPS, diluted	0.77	0.77	0.66	0.60	0.51	0.60	0.26	0.30	0.47	0.72

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	38	155	333	257	1,751	1,285	350	302	619	557
Receivables	1,185	1,258	1,317	1,328	1,116	1,184	1,264	1,300	1,381	1,413
Inventory	1,244	1,304	1,395	1,614	1,691	1,844	2,205	2,395	2,387	2,117
Total current assets	2,529	2,731	3,077	3,219	4,664	4,424	3,856	4,030	4,421	4,103
Property, plant and equipment	982	1,049	1,062	1,323	1,449	1,513	1,455
Goodwill	2,188	2,371	2,337	2,789	2,928	2,989	3,031	2,992	3,026	3,108
Intangible assets	1,411	1,371	1,210	1,567	1,486	1,398	1,236	1,110	1,032	882
Total assets	7,344	7,866	8,059	9,299	11,012	10,920	9,966	9,987	10,354	10,457
Accounts payable	884	957	957	1,046	1,022	1,096	1,098	1,055	1,128	1,177
Short-term debt	86	27	164	26	279	435	111	710	2	83
Total current liabilities	1,348	1,346	1,465	1,564	1,688	2,131	1,715	2,271	1,531	1,595
Lease liabilities				124	146	141	147	144	135	149
Total liabilities	3,386	3,222	3,185	4,158	5,733	5,352	4,707	4,770	5,089	5,168
Total debt	1,650	1,450	1,465	1,877	3,486	3,142	2,676	2,885	3,125	3,111
Paid-in capital	600	605	608	610	612	614	615	615	615	615
Retained earnings	3,970	4,329	4,625	4,849	4,958	5,225	5,026	4,906	5,018	5,323
Shareholders' equity	3,958	4,644	4,874	5,141	5,279	5,568	5,259	5,217	5,265	5,289
Total equity	3,958	4,644	4,874	5,141	5,279	5,568	5,259	5,217	5,265	5,289
Total liabilities and equity	7,344	7,866	8,059	9,299	11,012	10,920	9,966	9,987	10,354	10,457

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	784	767	663	600	448	524	223	263	412	625
Depreciation and amortization	415	435	427
Cash from operations	849	1,090	931	1,168	935	877	468	608	987	1,285
Cash from investing	-383	-543	-378	-1,251	-606	-691	-472	-448	-569	-406
Debt issued	924	623	394	1,290	950			326		43
Share buybacks	-368	-52	-48	-63	-16		-158			-502
Dividends paid	-279	-269	-321	-318	-328	-329	-327	-327	-327	-330
Cash from financing	-529	-434	-371	7	1,164	-645	-926	-200	-86	-955
Exchange rate effect	-1	4	-4		1	-7	-11	-4	-15	12
Interest paid	48	50	54	56	61	80	73	104	140	142

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $27.08 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	68.0%	Gross profit / revenue.
Operating margin	12.9%	Operating income / revenue.
Pre-tax margin	12.6%	Pre-tax income / revenue.
Net margin	10.1%	Net income / revenue.
Operating cash flow margin	20.8%	Cash from operations / revenue.
Effective tax rate	19.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.0%	Net income / average total assets.
Return on invested capital (ROIC)	8.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.8%	Research and development expense / revenue.
SG&A / revenue	50.3%	Selling, general and administrative expense / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	20.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	20.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	21.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	51.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	41.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	52.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	41.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	30.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	40.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.57x	Current assets / current liabilities.
Quick ratio	1.24x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.35x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.59x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	29.8%	Total debt / total assets.
Liabilities / assets	49.4%	Total liabilities / total assets.
Net debt	$2.55B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$2.51B	Current assets - current liabilities.
Goodwill and intangibles / assets	38.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.30B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Inventory turnover	0.88x	Cost of revenue / average inventory.
Days inventory	417 days	365 x average inventory / cost of revenue.
Receivables turnover	4.41x	Revenue / average receivables.
Days sales outstanding	83 days	365 x average receivables / revenue.
Days payables	213 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	286 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.72	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.72	Net income per basic share, as reported (split-adjusted).
Payout ratio	52.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.51B	Share price x shares outstanding.
Enterprise value	$14.06B	Market cap + total debt - cash - short-term investments.
P/E	18.4x	Market cap / net income. Only when net income is positive.
P/S	1.87x	Market cap / revenue.
P/B	2.18x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.86x	Market cap / tangible book value, when positive.
P/OCF	8.95x	Market cap / cash from operations, when positive.
EV/Sales	2.28x	Enterprise value / revenue.
EV/EBIT	17.7x	Enterprise value / operating income, when both are positive.
Earnings yield	5.4%	Net income / market cap (the inverse of P/E).
Dividend yield	2.9%	Dividends paid over the period / market cap.
Shareholder yield	7.2%	(Dividends paid + share buybacks) / market cap.
PEG	0.45x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was SMITH & NEPHEW PLC's revenue in fiscal 2025?

SMITH & NEPHEW PLC reported revenue of $6.16B for fiscal 2025, 6.1% higher than the year before.

Was SMITH & NEPHEW PLC profitable in fiscal 2025?

Yes. Net income was $625.0M, a net margin of 10.1%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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