Smith & Nephew (SNN) Financials

SNN

FY2025 annual

Revenue $6.2B +6.1% YoY

Net Income $625.0M +51.7% YoY

EPS (Diluted) Not reported for FY2025

Operating Cash Flow $1.3B +30.2% YoY

Market Cap $11.6B as of Sep 10, 2026

Price / Sales 1.9x on $6.2B revenue, FY2025

Price / Earnings 18.6x on $625.0M net income, FY2025

Price / Book 2.2x on $5.3B equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 16, 2026 Currency USD FYE December

Newest figures come from the 10-K for FY2025, filed Mar 16, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SNN SEC filings page.

Smith & Nephew (SNN) reported $6.2B in revenue for fiscal year 2025, up 6.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SNN FY2025 2026-09-05

Cash generation is accelerating faster than reported profit while leverage remains modest.

Operating cash flow more than doubled from $468M in FY2022 to $1.3B in FY2025, while net income increased less dramatically over the same span, strengthening cash conversion. That widening gap coincided with inventory declining from $2.4B to $2.1B, suggesting working-capital release helped produce the cash surplus.

Net margin expanded from 4.3% in FY2022 to 10.1% in FY2025, showing profit recovery outpaced the underlying sales trajectory. Revenue reached $6.2B in FY2025, so the improvement reflects better conversion of sales into earnings rather than volume alone.

Long-term debt was $149M against $5.2B of total liabilities in FY2025, indicating the liability base is not primarily conventional debt. A 2.6x current ratio supports substantial short-term asset coverage, while the $955M financing outflow shows cash was actively allocated beyond operations.

Financial Health Signals

Financial health score not available

Smith & Nephew does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

5/8

Smith & Nephew passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.06x

For every $1 of reported earnings, Smith & Nephew generates $2.06 in operating cash flow ($1.3B OCF vs $625.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$557.0M

YoY-10.0%

QoQ-10.0%

Smith & Nephew held $557.0M in cash against $149.0M in long-term debt as of Q4 2025, with $1.6B of liabilities due within a year.

Shares Outstanding

878M

YoY0.0%

QoQ0.0%

Smith & Nephew had 878M shares outstanding in Q4 2025. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

SNN Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SNN quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Revenue	$6.2B+6.1%	$5.8B+4.7%	$5.5B+6.4%	$5.2B+0.1%	$5.2B+14.3%	$4.6B-11.2%	$5.1B+4.8%	$4.9B+2.9%	$4.8B+2.1%	$4.7B+0.8%	$4.6B
Interest Expense	$140.0M-3.4%	$145.0M+9.8%	$132.0M+65.0%	$80.0M0.0%	$80.0M+29.0%	$62.0M-4.6%	$65.0M+10.2%	$59.0M+3.5%	$57.0M+9.6%	$52.0M+6.1%	$49.0M
Income Tax	$154.0M+79.1%	$86.0M+218.5%	$27.0M+125.0%	$12.0M-80.6%	$62.0M+130.7%	-$202.0M-241.3%	$143.0M+21.2%	$118.0M+5.4%	$112.0M-59.7%	$278.0M+86.6%	$149.0M
Net Income	$625.0M+51.7%	$412.0M+56.7%	$263.0M+17.9%	$223.0M-57.4%	$524.0M+17.0%	$448.0M-25.3%	$600.0M-9.5%	$663.0M-13.6%	$767.0M-2.2%	$784.0M+91.2%	$410.0M
Diluted Shares (Avg)	873M-0.3%	876M+0.3%	873M0.0%	873M-0.6%	878M+0.1%	877M0.0%	877M+0.1%	876M+0.1%	875M-2.0%	893M-0.7%	899M

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

SNN Balance Sheet

SNN quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Total Assets	$10.5B+1.0%	$10.4B+3.7%	$10.0B+0.2%	$10.0B-8.7%	$10.9B-0.8%	$11.0B+18.4%	$9.3B+15.4%	$8.1B+2.5%	$7.9B+7.1%	$7.3B+2.5%	$7.2B
Current Assets	$4.1B-7.2%	$4.4B+9.7%	$4.0B+4.5%	$3.9B-12.8%	$4.4B-5.1%	$4.7B+44.9%	$3.2B+4.6%	$3.1B+12.7%	$2.7B+8.0%	$2.5B	N/A
Cash & Equivalents	$557.0M-10.0%	$619.0M+105.0%	$302.0M-13.7%	$350.0M-72.8%	$1.3B-26.6%	$1.8B+581.3%	$257.0M-22.8%	$333.0M+114.8%	$155.0M+307.9%	$38.0M-62.7%	$102.0M
Inventory	$2.1B-11.3%	$2.4B-0.3%	$2.4B+8.6%	$2.2B+19.6%	$1.8B+9.0%	$1.7B+4.8%	$1.6B+15.7%	$1.4B+7.0%	$1.3B+4.8%	$1.2B+2.2%	$1.2B
Accounts Receivable	$1.4B+2.3%	$1.4B+6.2%	$1.3B+2.8%	$1.3B+6.8%	$1.2B+6.1%	$1.1B-16.0%	$1.3B+0.8%	$1.3B+4.7%	$1.3B+6.2%	$1.2B+4.1%	$1.1B
Goodwill	$3.1B+2.7%	$3.0B+1.1%	$3.0B-1.3%	$3.0B+1.4%	$3.0B+2.1%	$2.9B+5.0%	$2.8B+19.3%	$2.3B-1.4%	$2.4B+8.4%	$2.2B	N/A
Total Liabilities	$5.2B+1.6%	$5.1B+6.7%	$4.8B+1.3%	$4.7B-12.1%	$5.4B-6.6%	$5.7B+37.9%	$4.2B+30.5%	$3.2B-1.1%	$3.2B-4.8%	$3.4B+5.8%	$3.2B
Current Liabilities	$1.6B+4.2%	$1.5B-32.6%	$2.3B+32.4%	$1.7B-19.5%	$2.1B+26.2%	$1.7B+7.9%	$1.6B+6.8%	$1.5B+8.8%	$1.3B-0.1%	$1.3B	N/A
Non-Current Liabilities	$3.6B+0.4%	$3.6B+42.4%	$2.5B-16.5%	$3.0B-7.1%	$3.2B-20.4%	$4.0B+55.9%	$2.6B+50.8%	$1.7B-8.3%	$1.9B-7.9%	$2.0B	N/A
Long-Term Debt	$149.0M+10.4%	$135.0M-6.3%	$144.0M-2.0%	$147.0M+4.3%	$141.0M-3.4%	$146.0M+17.7%	$124.0M-91.5%	$1.5B+1.0%	$1.4B-12.1%	$1.6B	N/A
Total Equity	$5.3B+0.5%	$5.3B+0.9%	$5.2B-0.8%	$5.3B-5.5%	$5.6B+5.5%	$5.3B+2.7%	$5.1B+5.5%	$4.9B+5.0%	$4.6B+17.3%	$4.0B-0.2%	$4.0B
Retained Earnings	$5.3B+6.1%	$5.0B+2.3%	$4.9B-2.4%	$5.0B-3.8%	$5.2B+5.4%	$5.0B+2.2%	$4.8B+4.8%	$4.6B+6.8%	$4.3B+9.0%	$4.0B	N/A

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K
Total Assets	$10.5B+1.0%	$10.4B+3.7%	$10.0B+0.2%	$10.0B-8.7%	$10.9B-0.8%	$11.0B+18.4%	$9.3B+15.4%	$8.1B+2.5%
Current Assets	$4.1B-7.2%	$4.4B+9.7%	$4.0B+4.5%	$3.9B-12.8%	$4.4B-5.1%	$4.7B+44.9%	$3.2B+4.6%	$3.1B+12.7%
Cash & Equivalents	$557.0M-10.0%	$619.0M+105.0%	$302.0M-13.7%	$350.0M-72.8%	$1.3B-26.6%	$1.8B+581.3%	$257.0M-22.8%	$333.0M+114.8%
Inventory	$2.1B-11.3%	$2.4B-0.3%	$2.4B+8.6%	$2.2B+19.6%	$1.8B+9.0%	$1.7B+4.8%	$1.6B+15.7%	$1.4B+7.0%
Accounts Receivable	$1.4B+2.3%	$1.4B+6.2%	$1.3B+2.8%	$1.3B+6.8%	$1.2B+6.1%	$1.1B-16.0%	$1.3B+0.8%	$1.3B+4.7%
Goodwill	$3.1B+2.7%	$3.0B+1.1%	$3.0B-1.3%	$3.0B+1.4%	$3.0B+2.1%	$2.9B+5.0%	$2.8B+19.3%	$2.3B-1.4%
Total Liabilities	$5.2B+1.6%	$5.1B+6.7%	$4.8B+1.3%	$4.7B-12.1%	$5.4B-6.6%	$5.7B+37.9%	$4.2B+30.5%	$3.2B-1.1%
Current Liabilities	$1.6B+4.2%	$1.5B-32.6%	$2.3B+32.4%	$1.7B-19.5%	$2.1B+26.2%	$1.7B+7.9%	$1.6B+6.8%	$1.5B+8.8%
Non-Current Liabilities	$3.6B+0.4%	$3.6B+42.4%	$2.5B-16.5%	$3.0B-7.1%	$3.2B-20.4%	$4.0B+55.9%	$2.6B+50.8%	$1.7B-8.3%
Long-Term Debt	$149.0M+10.4%	$135.0M-6.3%	$144.0M-2.0%	$147.0M+4.3%	$141.0M-3.4%	$146.0M+17.7%	$124.0M-91.5%	$1.5B+1.0%
Total Equity	$5.3B+0.5%	$5.3B+0.9%	$5.2B-0.8%	$5.3B-5.5%	$5.6B+5.5%	$5.3B+2.7%	$5.1B+5.5%	$4.9B+5.0%
Retained Earnings	$5.3B+6.1%	$5.0B+2.3%	$4.9B-2.4%	$5.0B-3.8%	$5.2B+5.4%	$5.0B+2.2%	$4.8B+4.8%	$4.6B+6.8%

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.

SNN Cash Flow Statement

SNN quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Operating Cash Flow	$1.3B+30.2%	$987.0M+62.3%	$608.0M+29.9%	$468.0M-46.6%	$877.0M-6.2%	$935.0M-19.9%	$1.2B+25.5%	$931.0M-14.6%	$1.1B+28.4%	$849.0M-17.6%	$1.0B
Depreciation & Amortization	$573.0M-11.2%	$645.0M+211.6%	$207.0M+1.0%	$205.0M+19.2%	$172.0M+0.6%	$171.0M+19.6%	$143.0M+26.5%	$113.0M-19.3%	$140.0M-21.3%	$178.0M-63.9%	$493.0M
Investing Cash Flow	-$406.0M+28.6%	-$569.0M-27.0%	-$448.0M+5.1%	-$472.0M+31.7%	-$691.0M-14.0%	-$606.0M+51.6%	-$1.3B-231.0%	-$378.0M+30.4%	-$543.0M-41.8%	-$383.0M+10.7%	-$429.0M
Financing Cash Flow	-$955.0M-1010.5%	-$86.0M+57.0%	-$200.0M+78.4%	-$926.0M-43.6%	-$645.0M-155.4%	$1.2B+16528.6%	$7.0M+101.9%	-$371.0M+14.5%	-$434.0M+18.0%	-$529.0M+5.2%	-$558.0M
Dividends Paid	$330.0M+0.9%	$327.0M0.0%	$327.0M0.0%	$327.0M-0.6%	$329.0M+0.3%	$328.0M+3.1%	$318.0M-0.9%	$321.0M+19.3%	$269.0M-3.6%	$279.0M+2.6%	$272.0M
Share Buybacks	$502.0M	N/A	N/A	$158.0M	N/A	$16.0M-74.6%	$63.0M+31.3%	$48.0M-7.7%	$52.0M-85.9%	$368.0M+377.9%	$77.0M

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K

Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

SNN Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SNN quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Net Margin	10.1%+3.0pp	7.1%+2.4pp	4.7%+0.5pp	4.3%-5.8pp	10.1%+0.2pp	9.8%-1.9pp	11.7%-1.8pp	13.5%-2.6pp	16.1%-0.7pp	16.8%+7.9pp	8.8%
Return on Equity	11.8%+4.0pp	7.8%+2.8pp	5.0%+0.8pp	4.2%-5.2pp	9.4%+0.9pp	8.5%-3.2pp	11.7%-1.9pp	13.6%-2.9pp	16.5%-3.3pp	19.8%+9.5pp	10.3%
Return on Assets	6.0%+2.0pp	4.0%+1.4pp	2.6%+0.4pp	2.2%-2.6pp	4.8%+0.7pp	4.1%-2.4pp	6.5%-1.8pp	8.2%-1.5pp	9.8%-0.9pp	10.7%+5.0pp	5.7%
Current Ratio	2.57-0.3x	2.89+1.1x	1.77-0.5x	2.25+0.2x	2.08-0.7x	2.76+0.7x	2.060.0x	2.10+0.1x	2.03+0.2x	1.88	N/A
Debt-to-Equity	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.02-0.3x	0.300.0x	0.31-0.1x	0.42-0.4x	0.81
Asset Turnover	0.590.0x	0.560.0x	0.560.0x	0.520.0x	0.48+0.1x	0.41-0.1x	0.55-0.1x	0.610.0x	0.610.0x	0.640.0x	0.65

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K
Current Ratio	2.57-0.3x	2.89+1.1x	1.77-0.5x	2.25+0.2x	2.08-0.7x	2.76+0.7x	2.060.0x	2.10+0.1x
Debt-to-Equity	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.02-0.3x	0.300.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Smith & Nephew SNN	FY2025	$6.2B	$625.0M	10.1%	$11.6B	—
Zimmer Biomet ZBH	FY2025	$8.2B	$705.1M	8.6%	$18.0B	59/100
Steris Plc STE	FY2026	$5.9B	$782.3M	13.2%	$21.0B	67/100
Insulet Corp PODD	FY2025	$2.7B	$247.1M	9.1%	$9.6B	75/100
Penumbra Inc PEN	FY2025	$1.4B	$177.7M	12.7%	$12.6B	69/100

Where Smith & Nephew Ranks

Frequently Asked Questions

What is Smith & Nephew's annual revenue?

Smith & Nephew (SNN) reported $6.2B in total revenue for fiscal year 2025. This represents a 6.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Smith & Nephew's revenue growing?

Smith & Nephew (SNN) revenue grew by 6.1% year-over-year, from $5.8B to $6.2B in fiscal year 2025.

Is Smith & Nephew profitable?

Yes, Smith & Nephew (SNN) reported a net income of $625.0M in fiscal year 2025, with a net profit margin of 10.1%.

How much debt does Smith & Nephew have?

As of fiscal year 2025, Smith & Nephew (SNN) had $557.0M in cash and equivalents against $149.0M in long-term debt.

What is Smith & Nephew's net profit margin?

Smith & Nephew (SNN) had a net profit margin of 10.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Smith & Nephew's return on equity (ROE)?

Smith & Nephew (SNN) has a return on equity of 11.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Smith & Nephew's operating cash flow?

Smith & Nephew (SNN) generated $1.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Smith & Nephew's total assets?

Smith & Nephew (SNN) had $10.5B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Smith & Nephew buy back shares?

Yes, Smith & Nephew (SNN) spent $502.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Smith & Nephew have outstanding?

Smith & Nephew (SNN) had 878M shares outstanding as of fiscal year 2025.

What is Smith & Nephew's current ratio?

Smith & Nephew (SNN) had a current ratio of 2.57 as of fiscal year 2025, which is generally considered healthy.

What is Smith & Nephew's debt-to-equity ratio?

Smith & Nephew (SNN) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Smith & Nephew's return on assets (ROA)?

Smith & Nephew (SNN) had a return on assets of 6.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Smith & Nephew's P/E ratio?

Smith & Nephew (SNN) trades at 18.6x earnings, its market capitalization divided by net income of $625.0M net income, FY2025. The market capitalization is $11.6B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Smith & Nephew's price-to-sales ratio?

Smith & Nephew (SNN) trades at 1.9x sales, its market capitalization divided by revenue of $6.2B revenue, FY2025. The market capitalization is $11.6B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Smith & Nephew's Piotroski F-Score?

Smith & Nephew (SNN) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Smith & Nephew's earnings high quality?

Smith & Nephew (SNN) has an earnings quality ratio of 2.06x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.