Smith & Nephew Financials

SNN

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

This page shows Smith & Nephew (SNN) 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 SNN FY2025 2026-04-22

A profit-and-cash-flow recovery is doing the heavy lifting, while minimal debt keeps the balance sheet flexible.

Across FY2023-FY2025, sales growth was not the whole story: revenue moved up gradually, but net income rose from $263M to $625M, indicating the recovery came from better profit capture per sale as much as from added volume. In FY2025, operating cash flow reached $1.29B versus $625M of earnings, with lower inventory helping turn that rebound into real cash release rather than profit that stayed tied up inside the business.

The balance sheet is lightly levered: long-term debt was only $149M against $5.29B of equity, and cash still remained above debt. That suggests liabilities are mostly operational rather than lender-funded, so financing strain is not what determines day-to-day flexibility.

Inventory fell by about $270M while revenue reached $6.16B, which points to tighter working-capital use and less cash trapped in stock on hand. But with about $832M spent on buybacks and dividends, cash generation was being redirected to shareholders more than to building the cash balance.

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

Capital Expenditures

N/A

SNN 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

SNN 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

SNN 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

SNN 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

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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 Piotroski F-Score?

Smith & Nephew (SNN) 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'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.

How financially healthy is Smith & Nephew?

Smith & Nephew (SNN) 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.