Smith & Nephew PLC SNN

Health CareHealthcare Equipment & SuppliesUnited Kingdom

Last close 30.17 USD on Nov 3, 2026, −5.5% year to date

Quant rating

Quant rating C Rank 86 of 211 in Health Care

Growth C 110 of 211
Valuation B 46 of 211
Quality C 116 of 211
Revisions B 74 of 211
Momentum C 99 of 211

Wall Street consensus Hold (3.00)Average target 31.36 USD +4.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 12.5B
Enterprise value: 15.6B
52-week range: 26.12 – 37.09
3-year range: 23.77 – 38.70
Dividend yield: 2.63%
Beta (5 years): 0.54
Shares outstanding: 837M
Next earnings: Mar 1, 2027

About the company

Smith & Nephew plc is a portfolio medical technology company. The Company is focused on the repair, regeneration, and replacement of soft and hard tissue. The Company's segments include Orthopaedics, which includes a range of hip, knee and shoulder implants used to replace diseased, damaged or worn joints, robotics-assisted enabling technologies that empower surgeons, and trauma products used to stabilize severe fractures and correct bone deformities; Sports Medicine & ENT businesses offer advanced products and instruments used to repair or remove soft tissue, and Advanced Wound Management provides a comprehensive set of products to meet broad and complex clinical needs, and to help healthcare professionals reduce the human and economic consequences of wounds. The Company also owns Integrity Orthopaedics, which is an early stage commercial developer of Tendon Seam, an innovative and disruptive biomechanical RCR system.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	6,164	5,810	5,549	5,215	5,212	–
Revenue growth	6.1%	4.7%	6.4%	0.1%	14.3%	6.2%
EPS (basic, normalized)	2.04	1.69	1.66	1.64	1.62	–
EPS growth	20.7%	2.1%	1.0%	1.2%	–	–
Gross margin	68.3%	70.2%	70.2%	71.0%	71.1%	70.1%
Net margin	10.1%	7.1%	4.7%	4.3%	10.1%	7.3%
ROE	11.8%	7.9%	5.0%	4.1%	9.7%	7.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	6,164	+6.1%	2.5x	1,607	+20.1%	9.7x	2.04	+20.7%	14.8x
2026	6,458	+4.8%	2.4x	1,653	+2.9%	9.4x	1.66	−18.8%	18.2x
2027	6,803	+5.3%	2.3x	1,748	+5.7%	8.9x	1.80	+8.6%	16.8x
2028	7,210	+6.0%	2.2x	1,899	+8.6%	8.2x	1.90	+5.3%	15.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	6,458	−0.1%	−1.2%	−2.0%	1.66	−0.1%	+5.1%	+16.4%
2027	6,803	−0.1%	−1.5%	−2.4%	1.80	−0.1%	+3.0%	+12.6%
2028	7,210	−0.1%	−1.2%	−2.3%	1.90	−0.1%	+15.8%	+14.6%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Sep 2013	Dec 2013	Mar 2014	Jun 2014	Sep 2014	Dec 2014	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	1,027	1,175	1,073	1,147	1,148	1,249	–	1,168	1,105	1,257
Sales mean (mil)	1,029	1,164	1,098	1,130	1,148	1,288	1,142	1,144	1,130	1,232
Surprise	−0.2%	+1.0%	−2.3%	+1.5%	0.0%	−3.0%	–	+2.1%	−2.3%	+2.0%
EPS reported	0.34	0.46	0.35	0.40	0.39	0.52	–	–	–	–
EPS mean	0.36	0.44	0.37	0.38	0.38	0.53	0.39	0.42	0.44	0.76
Surprise	−5.0%	+4.3%	−5.2%	+5.4%	+2.2%	−1.8%	–	–	–	–

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SNN Smith & Nephew PLC	12.5B	–	10.1%	2.42x	18.2x	16.8x	9.4x	8.9x
ISRG Intuitive Surgical, Inc.	152.8B	−0.91x	28.4%	9.56x	39.2x	35.3x	26.7x	24.5x
SYK Stryker Corporation	118.2B	1.65x	12.9%	5.04x	20.9x	19.0x	16.6x	15.5x
EW Edwards Lifesciences Corporation	54.9B	−1.98x	17.5%	5.17x	31.7x	28.2x	24.0x	21.5x
SHLG Siemens Healthineers AG	54.7B	2.75x	9.2%	2.54x	18.4x	18.4x	13.0x	12.3x
IDXX IDEXX Laboratories, Inc.	52.9B	0.43x	24.6%	28.33x	44.8x	40.0x	31.7x	28.8x
Mean		0.39x	17.1%	8.84x	28.9x	26.3x	20.2x	18.6x
Median		0.43x	15.2%	5.10x	26.3x	23.6x	20.3x	18.5x

Technical analysis

1M+14.2%
3M−5.1%
1Y−15.7%
3Y+35.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Smith & Nephew PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	6,164	5,810	5,549	5,215	5,212	4,560
Cost of revenue	1,957	1,731	1,654	1,514	1,507	1,375
Gross profit	4,207	4,079	3,895	3,701	3,705	3,185
Selling, general & administrative expenses	2,614	2,671	2,646	2,555	2,438	2,243
Research & development	288	288	299	300	310	279
Depreciation/amortization	239	230	245	212	237	234
Interest expense (income), operating	1.0	–	–	–	–	–
Unusual expense (income)	271	233	286	192	60.0	134
Other operating expenses	0	0	0	0	0	0
Operating income	794	657	419	442	660	295
Net interest income (expense)	1.0	−131	−128	−207	−65.0	−42.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−16.0	−28.0	−1.0	0	−9.0	−7.0
Net income before taxes	779	498	290	235	586	246
Provision for taxes	154	86.0	27.0	12.0	62.0	−202
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	625	412	263	223	524	448
Extraordinary items	–	–	–	–	–	–
Net income	625	412	263	223	524	448
EBIT, normalized	1,078	986	875	714	737	480
EBITDA, normalized	1,652	1,541	1,402	1,245	1,300	1,025
Basic EPS, normalized	2.04	1.69	1.66	1.64	1.62	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Smith & Nephew PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	557	619	302	350	1,290	1,762
Receivables	1,310	1,241	1,214	1,178	1,172	1,106
Total inventory	2,117	2,387	2,395	2,205	1,844	1,691
Prepaid expenses	99.0	127	92.0	76.0	79.0	81.0
Other current assets	20.0	47.0	27.0	47.0	39.0	24.0
Total current assets	4,103	4,421	4,030	3,856	4,424	4,664
Property, plant & equipment	1,638	1,422	1,470	1,455	1,513	1,449
Goodwill	3,108	3,026	2,992	3,031	2,989	2,928
Intangibles	882	1,032	1,110	1,236	1,398	1,486
Long-term investments	151	16.0	24.0	58.0	198	117
Note receivable	–	–	–	–	–	–
Other long-term assets	575	437	361	330	398	368
Total assets	10,457	10,354	9,987	9,966	10,920	11,012
Liabilities
Accounts payable	1,160	1,082	1,016	1,029	1,043	891
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	83.0	2.0	305	6.0	5.0	11.0
Current portion of long-term debt	67.0	61.0	460	154	486	326
Other current liabilities	285	386	490	526	597	460
Total current liabilities	1,595	1,531	2,271	1,715	2,131	1,688
Long-term debt	3,177	3,258	2,319	2,712	2,848	3,353
Minority interest	–	–	–	–	–	–
Other liabilities	396	300	180	280	373	692
Total liabilities	5,168	5,089	4,770	4,707	5,352	5,733
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	175	175	175	175	177	177
Additional paid-in capital	615	615	615	615	614	612
Retained earnings (accumulated deficit)	5,014	4,541	4,521	4,587	4,897	4,647
Treasury stock	−515	−66.0	−94.0	−118	−120	−157
Other equity	0	0	0	0	0	0
Total equity	5,289	5,265	5,217	5,259	5,568	5,279
Total liabilities & shareholders' equity	10,457	10,354	9,987	9,966	10,920	11,012

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Smith & Nephew PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	779	498	290	235	586	246
Depreciation, depletion & amortization	573	645	683	617	567	562
Deferred taxes	–	–	–	–	–	–
Non-cash items	70.0	209	188	264	45.0	103
Changes in working capital	−137	−365	−553	−648	−321	24.0
Cash from operations	1,285	987	608	468	877	935
Investing activities
Capital expenditures	−433	−381	−427	−358	−408	−443
Other investing cash flows	27.0	−188	−21.0	−114	−283	−163
Cash from investing	−406	−569	−448	−472	−691	−606
Financing activities
Financing cash flow items	1.0	0	4.0	3.0	−4.0	7.0
Cash dividends paid	−330	−327	−327	−327	−329	−328
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−626	241	123	−602	−312	1,485
Cash from financing	−955	−86.0	−200	−926	−645	1,164
Foreign exchange effects	12.0	−15.0	−4.0	−11.0	−7.0	1.0
Net change in cash	−64.0	317	−44.0	−941	−466	1,494
Free cash flow	852	606	181	110	469	492

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.