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Smith & Nephew plc

SNN

Smith & Nephew plc • NYSE
$33.28 ▼ -0.39% (-0.13)
Market Cap $14.55 B
52w High $38.79
52w Low $23.69
Dividend Yield 0.75%
P/E 29.98
Volume 167.22K
Outstanding Shares 437.26M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $2.988B ▲ $1.675B ▼ $295.645M ▲ 9.895% ▲ $0.68 ▲ $723.472M ▲
Q4-2024 $2.983B ▲ $1.743B ▲ $198M ▼ 6.638% ▼ $0.46 ▼ $717M ▲
Q2-2024 $2.827B ▲ $1.646B ▼ $214M ▲ 7.57% ▲ $0.5 ▲ $520M ▼
Q4-2023 $2.815B ▲ $1.861B ▲ $91M ▼ 3.233% ▼ $0.21 ▼ $545M ▼
Q2-2023 $2.734B $1.643B $172M 6.291% $0.39 $561M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $675.409M ▲ $10.683B ▲ $5.151B ▲ $5.531B ▲
Q4-2024 $619M ▲ $10.354B ▼ $5.089B ▼ $5.265B ▲
Q2-2024 $568M ▲ $10.542B ▲ $5.337B ▲ $5.205B ▼
Q4-2023 $302M ▲ $9.987B ▲ $4.77B ▲ $5.217B ▼
Q2-2023 $190M $9.844B $4.611B $5.233B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $295.645M ▲ $399.574M ▼ $-136.218M ▲ $-218.959M ▲ $56.409M ▲ $259.32M ▼
Q4-2024 $196.007M ▼ $749M ▲ $-209M ▲ $-458M ▼ $-545M ▼ $540M ▲
Q2-2024 $214M ▲ $238M ▼ $-360M ▼ $372M ▲ $245M ▲ $66M ▼
Q4-2023 $91M ▼ $495M ▲ $-266M ▼ $-114M ▼ $-249M ▼ $235M ▲
Q2-2023 $172M $113M $-182M $-86M $-161M $-54M

Five-Year Company Overview

Income Statement

Income Statement Smith & Nephew’s sales have grown steadily over the past several years, showing a business that is expanding at a measured pace. Gross profitability has held up reasonably well, but operating and net profits have been more up‑and‑down, reflecting cost pressures, mix changes, and ongoing investment. The most recent year shows a clear step up in operating profit compared with the prior couple of years, suggesting its efficiency and margin-improvement initiatives are starting to gain traction, though profit levels are not yet consistently at their earlier peaks. Overall, it looks like a solid recovery story in progress rather than a fully-completed turnaround.

Balance Sheet

Balance Sheet The balance sheet looks generally sound and relatively stable over time. Total assets have been broadly flat, indicating a mature business with incremental rather than radical balance-sheet expansion. Debt has been trimmed from earlier highs and now sits at a level that looks manageable for a company of this size, although leverage is still an important factor to monitor. Cash balances dipped significantly from earlier years but have begun to rebuild more recently, while shareholder equity has stayed fairly steady, pointing to a capital structure that has not swung wildly. In short, the company appears financially stable but not over-capitalized with excess cash.

Cash Flow

Cash Flow Cash generation from the underlying business has been consistently positive and has strengthened in the last couple of years, which is a key support for the overall investment case. Free cash flow went through a weak patch in the middle of the period but has improved markedly more recently, helped by better operating performance rather than cuts to investment. Capital spending has been relatively steady, suggesting the company is continuing to fund product development, manufacturing, and technology needs without large spikes. The recent uptick in free cash flow gives management more flexibility for debt service, dividends, and buybacks, as well as continued investment.

Competitive Edge

Competitive Edge Smith & Nephew holds a solid position in global medical devices, particularly in orthopaedics, sports medicine, and advanced wound care. Its strengths include a long-standing brand, deep relationships with surgeons and hospitals, and a broad product portfolio that spans implants, wound therapies, and sports medicine solutions. Its robotics and digital surgery tools provide a differentiated angle versus traditional implant-only competitors. That said, it operates in a very competitive arena dominated by several large medtech players, which can pressure pricing and require ongoing investment just to stand still. Market access, surgeon training, and reimbursement dynamics will remain key competitive battlegrounds.

Innovation and R&D

Innovation and R&D Innovation is clearly a strategic centerpiece. The company is leaning heavily into robotic-assisted surgery, biologics, and digital solutions, with platforms like the CORI handheld robotic system, cartilage and tendon-healing implants, and a growing digital ecosystem around pre- and post-operative care. Its move into “spatial surgery” and tracking-enabled systems aims to make procedures more precise and data-rich, potentially improving outcomes and deepening surgeon loyalty. This innovation focus supports its competitive moat but brings execution risks: regulatory approvals, surgeon adoption, integration into hospital workflows, and proving clear clinical and economic benefits will all determine how much financial upside these technologies ultimately deliver.

Summary

Overall, Smith & Nephew looks like a mature medtech company working through a multi-year improvement phase. Revenues are growing steadily in attractive end-markets driven by aging populations and chronic conditions, while profitability and free cash flow have begun to recover after a period of margin pressure. The balance sheet appears stable, with manageable leverage and rebuilding cash, and the company is clearly betting on robotics, biologics, and digital tools to differentiate itself from larger peers. The main opportunities lie in scaling these innovations and converting them into sustainably higher margins and cash generation. The main risks center on intense competition, pricing and reimbursement pressure, and the challenge of executing complex technology and efficiency programs at global scale.

NEWS

October 27, 2025 · 11:30 AM UTC

Smith+Nephew comparative study1 shows  PICO◊ sNPWT (-80 mmHg) delivers superior performance in relation to wound dehiscence and reduces healthcare costs across cardiovascular and orthopedic surgery versus PrevenaTM -125 mmHg sNPWT

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October 22, 2025 · 11:30 AM UTC

UFC® and Smith+Nephew announce multi-year extension of partnership

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October 9, 2025 · 4:30 PM UTC

Smith+Nephew announces new category I CPT® code for its CARTIHEAL™ AGILI-C™ Cartilage Repair Implant

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October 3, 2025 · 11:53 AM UTC

Smith+Nephew announce latest scientific data supporting new ALLEVYN™ COMPLETE CARE 5-Layer Foam Dressing for pressure injury prevention

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October 1, 2025 · 1:00 PM UTC

Smith+Nephew launches CORIOGRAPH™ Pre-Op Planning and Modeling Services for total shoulder arthroplasty

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