SNN

MKT CAP:$13B

Smith & Nephew plc

Market Cap

$13B

Healthcare·Medical - Devices·🇬🇧 United Kingdom·NYSE

Healthcare·Medical - Devices·🇬🇧·NYSE

Stock Price

$32.03-$0.85 (-2.59%)

Apr 23, 2026

Company Details

Smith & Nephew plc, together with its subsidiaries, develops, manufactures, markets, and sells medical devices worldwide. The company offers knee implant products for knee replacement procedures; hip implants for the reconstruction of hip j...

CEO

Deepak S. Nath

IPO Date

Nov 16, 1999

Website

www.smith-nephew.com

Key Metrics TTM

Revenue

$11.8B

+11.9% YoY

Net Income

$931M

EPS (Diluted)

$2.15

Free Cash Flow

$1.2B

Revenue / Share

$27.08

Gross Margin

69.1%

Operating Margin

14.7%

Net Margin

7.9%

FCF Margin

9.8%

P/S

1.1x

P/E

14.5x

Earnings Reports

FY 2025

Mar 16, 2026

$6.2B+6.3%EPS $1.44

Q4 2025

Mar 16, 2026

$3.2BEPS $0.76

Q2 2025

Aug 5, 2025

$3.0B+5.7%EPS $0.68

FY 2024

Mar 10, 2025

$5.8BEPS $0.94

Q2 2024

Jun 28, 2024

$2.8B+3.4%EPS $0.50

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 17	$2.4B	$1.8B	$471M
Q2 18	$2.4B	$1.8B	$372M
Q4 18	$2.5B	$1.8B	$604M
Q2 19	$2.5B	$1.8B	$419M
Q4 19	$2.7B	$2.0B	$562M
Q2 20	$2.0B	$1.4B	-$5M
Q4 20	$2.5B	$1.8B	$438M
Q2 21	$2.6B	$1.8B	$239M
Q4 21	$2.6B	$1.9B	$473M
Q2 22	$2.6B	$1.8B	$242M
Q4 22	$2.6B	$1.9B	$423M
Q2 23	$2.7B	$1.9B	$275M
Q4 23	$2.8B	$2.0B	$407M
Q2 24	$2.8B	$2.0B	$328M
Q2 25	$3.0B	$2.1B	$435M
Q4 25	$3.2B	$2.1B	$570M

Valuation

Quarter	P/S	P/E
Q4 17	1.4x	9.4x
Q2 18	1.4x	8.5x
Q4 18	1.4x	9.4x
Q2 19	1.4x	9.5x
Q4 19	1.3x	10.7x
Q2 20	1.4x	12.4x
Q4 20	1.4x	12.8x
Q2 21	1.4x	14.3x
Q4 21	1.4x	13.9x
Q2 22	1.3x	12.8x
Q4 22	1.3x	18.0x
Q2 23	1.3x	18.9x
Q4 23	1.3x	27.7x
Q2 24	1.2x	25.7x
Q2 25	1.2x	17.4x
Q4 25	1.1x	14.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 17	$739M	$609M
Q2 18	$297M	$119M
Q4 18	$634M	$465M
Q2 19	$451M	$298M
Q4 19	$717M	$462M
Q2 20	$73M	-$115M
Q4 20	$862M	$607M
Q2 21	$363M	$188M
Q4 21	$514M	$281M
Q2 22	$207M	$34M
Q4 22	$261M	$76M
Q2 23	$113M	-$54M
Q4 23	$495M	$235M
Q2 24	$238M	$66M
Q2 25	$400M	$259M
Q4 25	$888M	$595M

Capital Expenditures

Quarter	CapEx
Q4 17	$130M
Q2 18	$178M
Q4 18	$169M
Q2 19	$153M
Q4 19	$255M
Q2 20	$188M
Q4 20	$255M
Q2 21	$175M
Q4 21	$233M
Q2 22	$173M
Q4 22	$185M
Q2 23	$167M
Q4 23	$260M
Q2 24	$172M
Q2 25	$140M
Q4 25	$294M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 17	+6.9%	+8.7%
Q2 18	+3.3%	+9.0%
Q4 18	+5.3%	+1.8%
Q2 19	+6.4%	+7.5%
Q4 19	+9.2%	+6.8%
Q2 20	-16.6%	-1.4%
Q4 20	+2.5%	+12.2%
Q2 21	+4.6%	+14.2%
Q4 21	-1.5%	+2.3%
Q2 22	+27.8%	+15.6%
Q4 22	+3.6%	+5.0%
Q2 23	+5.2%	+4.2%
Q4 23	+7.7%	+12.5%
Q2 24	+8.7%	+6.0%
Q2 25	+14.3%	+16.5%
Q4 25	+16.7%	+6.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 17	$16M	0.7%
Q2 18	$18M	0.7%
Q4 18	$17M	0.7%
Q2 19	$17M	0.7%
Q4 19	$15M	0.6%
Q2 20	$15M	0.7%
Q4 20	$11M	0.4%
Q2 21	$23M	0.9%
Q4 21	$18M	0.7%
Q2 22	$23M	0.9%
Q4 22	$17M	0.7%
Q2 23	$19M	0.7%
Q4 23	$20M	0.7%
Q2 24	$20M	0.7%
Q2 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 17	$122M	$1.2B
Q2 18	$116M	$1.3B
Q4 18	$154M	$1.1B
Q2 19	$139M	$1.3B
Q4 19	$181M	$1.3B
Q2 20	$148M	$1.2B
Q4 20	$195M	$1.2B
Q2 21	$171M	$1.4B
Q4 21	$226M	$1.3B
Q2 22	$174M	$1.4B
Q4 22	$222M	$1.3B
Q2 23	$166M	$1.5B
Q4 23	$219M	$1.4B
Q2 24	$137M	$1.5B
Q2 25	$144M	$1.5B
Q4 25	$152M	$1.4B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 18	$99M	$0	$99M
Q4 18	$365M	$0	$365M
Q2 19	$137M	$0	$137M
Q4 19	$277M	$0	$277M
Q2 20	$347M	$0	$347M
Q4 20	$1.8B	$0	$1.8B
Q2 21	$1.4B	$0	$1.4B
Q4 21	$1.3B	$0	$1.3B
Q2 22	$516M	$0	$516M
Q4 22	$350M	$0	$350M
Q2 23	$190M	$0	$190M
Q4 23	$302M	$0	$302M
Q2 24	$568M	$0	$568M
Q4 24	$619M	$0	$619M
Q2 25	$675M	$0	$675M
Q4 25	$557M	$0	$557M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 17	874M	-0.2%	-2.8%
Q2 18	878M	+0.4%	-2.3%
Q4 18	874M	-0.5%	-1.8%
Q2 19	878M	+0.5%	+0.2%
Q4 19	876M	-0.2%	+0.2%
Q2 20	877M	+0.1%	-0.1%
Q4 20	880M	+0.4%	+0.8%
Q2 21	880M	-0.1%	+0.2%
Q4 21	878M	-0.2%	+0.2%
Q2 22	876M	-0.2%	-0.1%
Q4 22	870M	-0.7%	-1.2%
Q2 23	873M	+0.4%	-0.8%
Q4 23	873M	-0.0%	-0.6%
Q2 24	437M	-50.0%	-50.2%
Q2 25	440M	+0.7%	-49.4%
Q4 25	436M	-0.8%	-50.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 17	$148.7K	16K
Q2 18	$149.4K	16K
Q4 18	$147.7K	17K
Q2 19	$149.0K	17K
Q4 19	$147.1K	18K
Q2 20	$112.9K	18K
Q4 20	$135.9K	19K
Q2 21	$139.9K	19K
Q4 21	$137.7K	19K
Q2 22	$137.0K	19K
Q4 22	$137.0K	19K
Q2 23	$143.2K	19K
Q4 23	$147.5K	19K
Q2 24	$148.2K	19K
Q2 25	$165.4K	18K
Q4 25	$182.0K	18K

Revenue / Employee