Smith & Nephew Plc Financials

SNNUF

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Smith & Nephew Plc (SNNUF) financial statements, including the 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 SNNUF FY2025 2026-04-22

SNNUF’s profit recovery is being self-funded, with stronger cash generation supporting payouts rather than debt-driven expansion.

From FY2023 to FY2025, revenue rose from $5.5B to $6.2B, but operating cash flow more than doubled, indicating the rebound was not just a top-line story. With inventory lower over the same span and net margin back to 10.1%, cash conversion quality improved alongside profitability, which points to tighter working-capital management rather than merely stronger accounting earnings.

The balance sheet is conservatively financed: long-term debt was just $149M against equity of $5.3B, and interest expense stayed minimal. That matters because FY2025 return on equity of 11.8% appears to come from better operations, not from adding leverage.

Despite generating $1.3B of operating cash flow, year-end cash slipped to $557M because financing outflows were heavy. The main use was shareholder distribution—including $502M of buybacks and $330M of dividends—so the business appears to be returning internally generated cash instead of retaining it for balance-sheet repair.

Financial Health Signals

Financial Profile 37/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Smith & Nephew Plc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Smith & Nephew Plc's revenue grew 6.1% year-over-year to $6.2B, a solid pace of expansion. This earns a growth score of 42/100.

Leverage

100

Smith & Nephew Plc carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Smith & Nephew Plc's current ratio of 2.57 indicates adequate short-term liquidity, earning a score of 48/100. The company can meet its near-term obligations, though with limited headroom.

Returns

Smith & Nephew Plc's ROE of 11.8% shows moderate profitability relative to equity, earning a score of 32/100. This is up from 7.8% the prior year.

Piotroski F-Score Neutral

5/9

Smith & Nephew Plc passes 5 of 9 financial strength tests. 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 Plc 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

Revenue

$6.2B

YoY+6.1%

5Y CAGR+6.2%

10Y CAGR+2.9%

Smith & Nephew Plc generated $6.2B in revenue in fiscal year 2025. This represents an increase of 6.1% from the prior year.

EBITDA

N/A

Net Income

$625.0M

YoY+51.7%

5Y CAGR+6.9%

10Y CAGR+4.3%

Smith & Nephew Plc reported $625.0M in net income in fiscal year 2025. This represents an increase of 51.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$557.0M

YoY-10.0%

5Y CAGR-20.5%

10Y CAGR+18.5%

Smith & Nephew Plc held $557.0M in cash against $149.0M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

878M

YoY+0.0%

5Y CAGR-0.2%

Smith & Nephew Plc had 878M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

10.1%

YoY+3.0pp

5Y CAGR+0.3pp

10Y CAGR+1.3pp

Smith & Nephew Plc's net profit margin was 10.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.0 percentage points from the prior year.

Return on Equity

11.8%

YoY+4.0pp

5Y CAGR+3.3pp

10Y CAGR+1.5pp

Smith & Nephew Plc's ROE was 11.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$502.0M

5Y CAGR+99.2%

10Y CAGR+20.6%

Smith & Nephew Plc spent $502.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

SNNUF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$6.2B+6.1%	$5.8B+4.7%	$5.5B+6.4%	$5.2B+0.1%	$5.2B+14.3%	$4.6B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$8.0M0.0%	$8.0M0.0%	$8.0M+33.3%	$6.0M-14.3%	$7.0M+16.7%	$6.0M
Income Tax	$154.0M+79.1%	$86.0M+218.5%	$27.0M+125.0%	$12.0M-80.6%	$62.0M+130.7%	-$202.0M
Net Income	$625.0M+51.7%	$412.0M+56.7%	$263.0M+17.9%	$223.0M-57.4%	$524.0M+17.0%	$448.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SNNUF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$10.5B+1.0%	$10.4B+3.7%	$10.0B+0.2%	$10.0B-8.7%	$10.9B-0.8%	$11.0B
Current Assets	$4.1B-7.2%	$4.4B+9.7%	$4.0B+4.5%	$3.9B-12.8%	$4.4B-5.1%	$4.7B
Cash & Equivalents	$557.0M-10.0%	$619.0M+105.0%	$302.0M-13.7%	$350.0M-72.8%	$1.3B-26.6%	$1.8B
Inventory	$2.1B-11.3%	$2.4B-0.3%	$2.4B+8.6%	$2.2B+19.6%	$1.8B+9.0%	$1.7B
Accounts Receivable	$1.4B+2.3%	$1.4B+6.2%	$1.3B+2.8%	$1.3B+6.8%	$1.2B+6.1%	$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
Total Liabilities	$5.2B+1.6%	$5.1B+6.7%	$4.8B+1.3%	$4.7B-12.1%	$5.4B-6.6%	$5.7B
Current Liabilities	$1.6B+4.2%	$1.5B-32.6%	$2.3B+32.4%	$1.7B-19.5%	$2.1B+26.2%	$1.7B
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
Total Equity	$5.3B+0.5%	$5.3B+0.9%	$5.2B-0.8%	$5.3B-5.5%	$5.6B+5.5%	$5.3B
Retained Earnings	$5.3B+6.1%	$5.0B+2.3%	$4.9B-2.4%	$5.0B-3.8%	$5.2B+5.4%	$5.0B

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
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
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
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
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
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
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
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
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
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
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
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

SNNUF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
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
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
Dividends Paid	$330.0M+0.9%	$327.0M0.0%	$327.0M0.0%	$327.0M-0.6%	$329.0M+0.3%	$328.0M
Share Buybacks	$502.0M	N/A	N/A	$158.0M	N/A	$16.0M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SNNUF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	10.1%+3.0pp	7.1%+2.4pp	4.7%+0.5pp	4.3%-5.8pp	10.1%+0.2pp	9.8%
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%
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%
Current Ratio	2.57-0.3	2.89+1.1	1.77-0.5	2.25+0.2	2.08-0.7	2.76
Debt-to-Equity	0.030.0	0.030.0	0.030.0	0.030.0	0.030.0	0.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.57-0.3	2.89+1.1	1.77-0.5	2.25+0.2	2.08-0.7	2.76+0.7	2.06-0.0	2.10
Debt-to-Equity	0.030.0	0.030.0	0.030.0	0.030.0	0.030.0	0.030.0	0.02-0.3	0.30
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Smith & Nephew Plc's annual revenue?

Smith & Nephew Plc (SNNUF) 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 Plc's revenue growing?

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

Is Smith & Nephew Plc profitable?

Yes, Smith & Nephew Plc (SNNUF) 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 Plc have?

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

What is Smith & Nephew Plc's net profit margin?

Smith & Nephew Plc (SNNUF) 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 Plc's return on equity (ROE)?

Smith & Nephew Plc (SNNUF) 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 Plc's operating cash flow?

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

What are Smith & Nephew Plc's total assets?

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

Does Smith & Nephew Plc buy back shares?

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

How many shares does Smith & Nephew Plc have outstanding?

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

What is Smith & Nephew Plc's current ratio?

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

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

Smith & Nephew Plc (SNNUF) 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 Plc's return on assets (ROA)?

Smith & Nephew Plc (SNNUF) 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 Plc's Piotroski F-Score?

Smith & Nephew Plc (SNNUF) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. 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 Plc's earnings high quality?

Smith & Nephew Plc (SNNUF) 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.

How financially healthy is Smith & Nephew Plc?

Smith & Nephew Plc (SNNUF) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.