Cash flow Smith & Nephew Plc

Stocks

SN.

GB0009223206

Medical Equipment, Supplies & Distribution

Real-time Estimate Cboe Europe Other stock markets 14:20:22 21/07/2026 BST			5-day change	1st Jan Change
1,123.25 ^GBX	-1.30%		+0.85%	-9.29%

07-16	MedTech facing a three-front squeeze
07-15	Smith+Nephew Launches Lynx Coblation Laryngeal Wand for Ent Surgeons	CI

8f851c48e854e1edf26dae0.FsSIH_LGlZllXMJl0tYhQUtN9lGK7No2NsqsnIDOPmg.L4jdL4e38KA_GZhXpuQTHhgFhxezs7IHXYec9sT8UiEgg8FbtvWj9A0q-g

Published financial data: SMITH & NEPHEW PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	5.21B	5.22B	5.55B	5.81B	6.16B
Total Revenues	5.21B	5.22B	5.55B	5.81B	6.16B
Cost of Goods Sold, Total	1.51B	1.52B	1.66B	1.73B	1.96B
Gross Profit	3.7B	3.7B	3.89B	4.08B	4.21B
Selling General & Admin Expenses, Total	2.64B	2.71B	2.83B	2.9B	3.04B
R&D Expenses	349M	335M	320M	289M	294M
Other Operating Expenses, Total	2.99B	3.04B	3.15B	3.19B	3.33B
Operating Income	712M	653M	738M	886M	877M
Interest Expense, Total	-80M	-80M	-132M	-145M	-140M
Interest And Investment Income	6M	14M	34M	24M	28M
Net Interest Expenses	-74M	-66M	-98M	-121M	-112M
Income (Loss) On Equity Invest.	9M	-141M	-30M	-10M	113M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-6M	1M	-	-24M	-10M
EBT, Excl. Unusual Items	641M	447M	610M	731M	868M
Restructuring Charges	-113M	-167M	-220M	-123M	-47M
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	75M	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-2M	-39M	-37M	-16M	-10M
Insurance Settlements	-	-	-	-	-
Legal Settlements	-8M	-7M	-6M	-	-
Other Unusual Items	-7M	1M	-57M	-94M	-32M
EBT, Incl. Unusual Items	586M	235M	290M	498M	779M
Income Tax Expense	62M	12M	27M	86M	154M
Earnings From Continuing Operations	524M	223M	263M	412M	625M
Net Income to Company	524M	223M	263M	412M	625M
Net Income - (IS)	524M	223M	263M	412M	625M
Net Income to Common Incl Extra Items	524M	223M	263M	412M	625M
Net Income to Common Excl. Extra Items	524M	223M	263M	412M	625M
Per Share Items
Net EPS - Basic	0.6	0.26	0.3	0.47	0.72
Basic EPS - Continuing Operations	0.6	0.26	0.3	0.47	0.72
Basic Weighted Average Shares Outstanding	877M	872M	871M	873M	867M
Net EPS - Diluted	0.6	0.26	0.3	0.47	0.72
Diluted EPS - Continuing Operations	0.6	0.26	0.3	0.47	0.72
Diluted Weighted Average Shares Outstanding	878M	873M	873M	876M	873M
Normalized Basic EPS	0.46	0.32	0.44	0.52	0.63
Normalized Diluted EPS	0.46	0.32	0.44	0.52	0.62
Dividend Per Share	0.38	0.38	0.38	0.38	0.39
Payout Ratio	62.79	146.64	124.33	79.37	52.8
American Depositary Receipts Ratio (ADR)	0.4	0.4	0.4	0.4	0.4
Supplemental Items
EBITDA	1.18B	1.1B	1.17B	1.34B	1.34B
EBITA	907M	839M	921M	1.06B	1.05B
EBIT	712M	653M	738M	886M	877M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	10.58	5.11	9.31	17.27	19.77
Total Current Taxes	107M	111M	135M	158M	129M
Total Deferred Taxes	-45M	-99M	-108M	-72M	25M
Normalized Net Income	401M	279M	381M	457M	542M
Interest on Long-Term Debt	28M	33M	54M	97M	112M
Non-Cash Pension Expense	4M	2M	5M	-1M	6M
Supplemental Operating Expense Items
Advertising Expense	81M	92M	88M	84M	91M
Research And Development Expense From Footnotes	397M	396M	385M	343M	346M
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., Other (Total)	41M	40M	39M	40M	43M
Total Stock-Based Compensation	41M	40M	39M	40M	43M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.29B	350M	302M	619M	557M
Total Cash And Short Term Investments	1.29B	350M	302M	619M	557M
Accounts Receivable, Total	971M	1.03B	1.06B	1.06B	1.16B
Other Receivables	201M	151M	155M	182M	154M
Total Receivables	1.17B	1.18B	1.21B	1.24B	1.31B
Inventory	1.84B	2.2B	2.4B	2.39B	2.12B
Prepaid Expenses	79M	76M	92M	127M	99M
Other Current Assets, Total	39M	47M	27M	47M	20M
Total Current Assets	4.42B	3.86B	4.03B	4.42B	4.1B
Gross Property Plant And Equipment	3.97B	4.02B	4.24B	4.28B	4.73B
Accumulated Depreciation	-2.45B	-2.57B	-2.77B	-2.86B	-3.09B
Net Property Plant And Equipment	1.51B	1.46B	1.47B	1.42B	1.64B
Long-term Investments	198M	58M	24M	16M	151M
Goodwill	2.99B	3.03B	2.99B	3.03B	3.11B
Other Intangibles, Total	1.4B	1.24B	1.11B	1.03B	882M
Deferred Tax Assets Long-Term	201M	177M	274M	350M	347M
Other Long-Term Assets, Total	197M	153M	87M	87M	228M
Total Assets	10.92B	9.97B	9.99B	10.35B	10.46B
Liabilities
Accounts Payable, Total	1.04B	1.03B	1.02B	1.08B	1.16B
Short-term Borrowings	5M	6M	2M	2M	8M
Current Portion of Long-Term Debt	430M	105M	708M	-	75M
Current Portion of Leases	56M	49M	55M	61M	67M
Current Income Taxes Payable	222M	214M	218M	232M	194M
Other Current Liabilities	375M	312M	272M	154M	91M
Total Current Liabilities	2.13B	1.72B	2.27B	1.53B	1.6B
Long-Term Debt	2.71B	2.56B	2.18B	3.12B	3.03B
Long-Term Leases	141M	147M	144M	135M	149M
Pension & Other Post Retirement Benefits	127M	70M	88M	79M	84M
Deferred Tax Liability Non Current	144M	36M	9M	31M	40M
Other Non Current Liabilities	102M	174M	83M	190M	272M
Total Liabilities	5.35B	4.71B	4.77B	5.09B	5.17B
Common Stock, Total	177M	175M	175M	175M	175M
Additional Paid In Capital	614M	615M	615M	615M	615M
Retained Earnings	5.22B	5.03B	4.91B	5.02B	5.32B
Treasury Stock	-120M	-118M	-94M	-66M	-515M
Comprehensive Income and Other	-328M	-439M	-385M	-477M	-309M
Total Common Equity	5.57B	5.26B	5.22B	5.26B	5.29B
Total Equity	5.57B	5.26B	5.22B	5.26B	5.29B
Total Liabilities And Equity	10.92B	9.97B	9.99B	10.35B	10.46B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	878M	870M	872M	873M	849M
ECS Total Common Shares Outstanding	878M	870M	872M	873M	849M
Book Value / Share	6.34	6.04	5.98	6.03	6.23
Tangible Book Value	1.18B	992M	1.12B	1.21B	1.3B
Tangible Book Value Per Share	1.34	1.14	1.28	1.38	1.53
Total Debt	3.34B	2.87B	3.08B	3.32B	3.33B
Net Debt	2.05B	2.52B	2.78B	2.7B	2.77B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-68M	-81M	9M	7M	20M
Debt Equivalent Oper. Leases	-	-	-	-	-
Equity Method Investments, Total	188M	46M	16M	7M	121M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	424M	474M	503M	469M	412M
Inventories - Work In Process, Total	79M	78M	60M	45M	54M
Inventories - Finished Goods, Total	1.34B	1.65B	1.83B	1.87B	1.65B
Land - (BS)	23M	22M	37M	37M	32M
Buildings, Total	665M	704M	758M	752M	746M
Machinery, Total	2.98B	3.04B	3.28B	3.37B	3.74B
Full Time Employees	18.37K	19.01K	18.45K	17.35K	16.99K
Accumulated Allowance for Doubtful Accounts (Supple)	57M	49M	45M	41M	44M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	524M	223M	263M	412M	625M
Depreciation & Amortization - CF	327M	319M	306M	325M	334M
Amortization of Goodwill and Intangible Assets - (CF)	195M	186M	183M	178M	174M
Depreciation & Amortization, Total	522M	505M	489M	503M	508M
Amortization of Deferred Charges, Total - (CF)	42M	43M	38M	52M	65M
(Gain) Loss From Sale Of Asset	14M	11M	18M	22M	23M
(Gain) Loss on Sale of Investments - (CF)	-75M	-	4M	-	1M
Asset Writedown & Restructuring Costs	3M	69M	152M	90M	-1M
(Income) Loss On Equity Investments - (CF)	-9M	141M	30M	10M	-113M
Stock-Based Compensation (CF)	41M	40M	39M	40M	43M
Other Operating Activities, Total	-35M	-29M	-93M	-35M	7M
Change In Accounts Receivable	-81M	-103M	-49M	-81M	-175M
Change In Inventories	-151M	-407M	-178M	-42M	208M
Change In Accounts Payable	82M	-25M	-105M	16M	94M
Change in Other Net Operating Assets	-	-	-	-	-
Cash from Operations	877M	468M	608M	987M	1.28B
Capital Expenditure	-408M	-358M	-427M	-381M	-433M
Sale of Property, Plant, and Equipment	-	-	-	-	38M
Cash Acquisitions	-285M	-113M	-21M	-186M	-9M
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	2M	-1M	-	-2M	-2M
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-691M	-472M	-448M	-569M	-406M
Short Term Debt Issued, Total	-	-	326M	-	43M
Long-Term Debt Issued, Total	-	485M	-	1B	-
Total Debt Issued	-	485M	326M	1B	43M
Short Term Debt Repaid, Total	-267M	-407M	-151M	-705M	-39M
Long-Term Debt Repaid, Total	-59M	-528M	-52M	-55M	-140M
Total Debt Repaid	-326M	-935M	-203M	-760M	-179M
Issuance of Common Stock	14M	6M	-	1M	12M
Repurchase of Common Stock	-	-158M	-	-	-502M
Common Dividends Paid	-329M	-327M	-327M	-327M	-330M
Common & Preferred Stock Dividends Paid	-329M	-327M	-327M	-327M	-330M
Other Financing Activities, Total	-4M	3M	4M	-	1M
Cash from Financing	-645M	-926M	-200M	-86M	-955M
Foreign Exchange Rate Adjustments	-7M	-11M	-4M	-15M	12M
Net Change in Cash	-466M	-941M	-44M	317M	-64M
Supplemental Items
Cash Interest Paid	80M	73M	104M	140M	142M
Cash Income Tax Paid (Refund)	97M	47M	125M	140M	147M
Levered Free Cash Flow	649M	131M	247M	565M	877M
Unlevered Free Cash Flow	699M	181M	329M	656M	964M
Change In Net Working Capital	-57M	457M	271M	112M	-233M
Net Debt Issued / Repaid	-326M	-450M	123M	240M	-136M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	4.06	3.91	4.62	5.44	5.27
Return on Total Capital	4.98	4.79	5.61	6.56	6.37
Return On Equity %	9.66	4.12	5.02	7.86	11.84
Return on Common Equity	9.66	4.12	5.02	7.86	11.84
Margin Analysis
Gross Profit Margin %	70.95	70.85	70.14	70.21	68.25
SG&A Margin	50.59	51.91	51.07	49.98	49.25
EBITDA Margin %	22.6	21.13	21.14	22.98	21.67
EBITA Margin %	17.4	16.09	16.6	18.31	17.05
EBIT Margin %	13.66	12.52	13.3	15.25	14.23
Income From Continuing Operations Margin %	10.05	4.28	4.74	7.09	10.14
Net Income Margin %	10.05	4.28	4.74	7.09	10.14
Net Avail. For Common Margin %	10.05	4.28	4.74	7.09	10.14
Normalized Net Income Margin	7.69	5.36	6.87	7.86	8.8
Levered Free Cash Flow Margin	12.45	2.51	4.45	9.73	14.22
Unlevered Free Cash Flow Margin	13.41	3.47	5.93	11.29	15.64
Asset Turnover
Asset Turnover	0.48	0.5	0.56	0.57	0.59
Fixed Assets Turnover	3.52	3.51	3.79	4.02	4.03
Receivables Turnover (Average Receivables)	5.54	5.22	5.32	5.49	5.57
Inventory Turnover (Average Inventory)	0.86	0.75	0.72	0.72	0.87
Short Term Liquidity
Current Ratio	2.08	2.25	1.77	2.89	2.57
Quick Ratio	1.16	0.89	0.67	1.21	1.17
Operating Cash Flow to Current Liabilities	0.41	0.27	0.27	0.64	0.81
Days Sales Outstanding (Average Receivables)	65.9	69.92	68.61	66.71	65.58
Days Outstanding Inventory (Average Inventory)	426.11	486.15	506.64	505.55	420.02
Average Days Payable Outstanding	211.73	201.03	202.06	222.83	242.54
Cash Conversion Cycle (Average Days)	280.28	355.04	373.18	349.43	243.06
Long Term Solvency
Total Debt/Equity	59.97	54.61	59.11	63.08	62.9
Total Debt / Total Capital	37.49	35.32	37.15	38.68	38.61
LT Debt/Equity	51.15	51.57	44.45	61.88	60.07
Long-Term Debt / Total Capital	31.97	33.35	27.94	37.95	36.87
Total Liabilities / Total Assets	49.01	47.23	47.76	49.15	49.42
EBIT / Interest Expense	8.9	8.16	5.59	6.11	6.26
EBITDA / Interest Expense	15.42	14.48	9.3	9.58	9.89
(EBITDA - Capex) / Interest Expense	10.32	10	6.06	6.95	6.8
Total Debt / EBITDA	2.71	2.48	2.51	2.39	2.4
Net Debt / EBITDA	1.66	2.18	2.27	1.95	2
Total Debt / (EBITDA - Capex)	4.04	3.59	3.86	3.29	3.49
Net Debt / (EBITDA - Capex)	2.48	3.15	3.48	2.68	2.91
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	14.3	0.06	6.4	4.7	6.09
Gross Profit, 1 Yr. Growth %	16.33	-0.08	5.33	4.72	3.14
EBITDA, 1 Yr. Growth %	33.41	-6.45	6.44	13.52	0.07
EBITA, 1 Yr. Growth %	45.59	-7.5	9.77	15.15	-1.22
EBIT, 1 Yr. Growth %	64.43	-8.29	13.02	19.57	-1.02
Earnings From Cont. Operations, 1 Yr. Growth %	16.96	-57.44	17.94	56.65	51.7
Net Income, 1 Yr. Growth %	16.96	-57.44	17.94	56.65	51.7
Normalized Net Income, 1 Yr. Growth %	65.21	-30.27	36.47	20.43	18.74
Diluted EPS Before Extra, 1 Yr. Growth %	16.6	-57.29	18.04	56.15	52.34
Accounts Receivable, 1 Yr. Growth %	6.59	5.77	3.12	0	9.16
Inventory, 1 Yr. Growth %	9.05	19.58	8.62	-0.33	-11.31
Net Property, Plant and Equip., 1 Yr. Growth %	4.42	-3.83	1.03	-3.27	15.19
Total Assets, 1 Yr. Growth %	-0.84	-8.74	0.21	3.67	0.99
Tangible Book Value, 1 Yr. Growth %	36.53	-16	12.4	8.25	7.62
Common Equity, 1 Yr. Growth %	5.47	-5.55	-0.8	0.92	0.46
Cash From Operations, 1 Yr. Growth %	-6.2	-46.64	29.91	62.34	30.19
Capital Expenditures, 1 Yr. Growth %	-7.9	-12.26	19.27	-10.77	13.65
Levered Free Cash Flow, 1 Yr. Growth %	150.7	-79.8	88.18	127.3	55.12
Unlevered Free Cash Flow, 1 Yr. Growth %	134.86	-74.09	81.78	98.04	47.03
Dividend Per Share, 1 Yr. Growth %	0	0	0	0	4.27
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	0.72	6.94	3.18	5.55	5.4
Gross Profit, 2 Yr. CAGR %	-1.44	7.81	2.59	5	3.93
EBITDA, 2 Yr. CAGR %	-9.14	9.03	-1.9	7.74	4.9
EBITA, 2 Yr. CAGR %	-12.51	12.15	-1.49	9.52	4.52
EBIT, 2 Yr. CAGR %	-14.81	22.8	1.81	16.04	8.79
Earnings From Cont. Operations, 2 Yr. CAGR %	-6.55	-29.45	-29.15	35.92	54.16
Net Income, 2 Yr. CAGR %	-6.55	-29.45	-29.15	35.92	54.16
Normalized Net Income, 2 Yr. CAGR %	-16.35	7.33	-2.45	28.17	19.58
Diluted EPS Before Extra, 2 Yr. CAGR %	-6.58	-29.43	-28.99	35.76	54.23
Accounts Receivable, 2 Yr. CAGR %	-5.27	6.18	4.43	1.55	4.48
Inventory, 2 Yr. CAGR %	6.89	14.19	13.97	4.05	-5.98
Net Property, Plant and Equip., 2 Yr. CAGR %	6.94	0.21	-1.43	-1.14	5.56
Total Assets, 2 Yr. CAGR %	8.37	-4.87	-4.37	1.93	2.33
Tangible Book Value, 2 Yr. CAGR %	22.66	7.09	-2.83	10.31	7.94
Common Equity, 2 Yr. CAGR %	4.07	-0.19	-3.2	0.06	0.69
Cash From Operations, 2 Yr. CAGR %	-13.35	-29.25	-16.74	45.22	45.38
Capital Expenditures, 2 Yr. CAGR %	0	-10.1	2.3	3.16	0.7
Levered Free Cash Flow, 2 Yr. CAGR %	-0.57	-28.83	-38.29	105.17	87.77
Unlevered Free Cash Flow, 2 Yr. CAGR %	0.13	-21.99	-31.32	88.65	70.64
Dividend Per Share, 2 Yr. CAGR %	0	0	0	0	2.11
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	2.05	0.5	6.76	3.69	5.73
Gross Profit, 3 Yr. CAGR %	0.84	-0.99	6.98	3.32	4.37
EBITDA, 3 Yr. CAGR %	-5.66	-8.25	8.16	3.08	5.12
EBITA, 3 Yr. CAGR %	-7.66	-10.87	11.36	3.89	5.82
EBIT, 3 Yr. CAGR %	-9.98	-12.69	19.45	7.56	10.05
Earnings From Cont. Operations, 3 Yr. CAGR %	-7.54	-28.1	-16.27	-7.7	40.99
Net Income, 3 Yr. CAGR %	-7.54	-28.1	-16.27	-7.7	40.99
Normalized Net Income, 3 Yr. CAGR %	-10.6	-21.27	16.28	4.48	24.95
Diluted EPS Before Extra, 3 Yr. CAGR %	-7.61	-28.03	-16.23	-7.66	41.08
Accounts Receivable, 3 Yr. CAGR %	-4.19	-1.72	5.15	2.93	4.02
Inventory, 3 Yr. CAGR %	9.75	10.96	12.3	8.98	-1.35
Net Property, Plant and Equip., 3 Yr. CAGR %	12.52	3.22	0.48	-2.05	4.03
Total Assets, 3 Yr. CAGR %	10.66	2.34	-3.2	-1.76	1.62
Tangible Book Value, 3 Yr. CAGR %	-3.81	8.11	8.83	0.73	9.4
Common Equity, 3 Yr. CAGR %	4.54	0.76	-0.39	-1.85	0.19
Cash From Operations, 3 Yr. CAGR %	-1.97	-26.28	-13.36	4.02	40.03
Capital Expenditures, 3 Yr. CAGR %	5.55	-4.26	-1.22	-2.26	6.55
Levered Free Cash Flow, 3 Yr. CAGR %	7.73	-41.55	-1.59	-4.46	86.91
Unlevered Free Cash Flow, 3 Yr. CAGR %	7.93	-36.19	3.42	-2.06	73.61
Dividend Per Share, 3 Yr. CAGR %	1.37	0	0	0	1.4
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	2.22	1.82	2.5	2.49	6.21
Gross Profit, 5 Yr. CAGR %	1.71	0.99	1.54	1.39	5.76
EBITDA, 5 Yr. CAGR %	-2.35	-3.4	-3.52	-1.32	7.58
EBITA, 5 Yr. CAGR %	-3.84	-4.69	-4.38	-2.13	9.52
EBIT, 5 Yr. CAGR %	-4.83	-5.68	-5.44	-2.02	15.16
Earnings From Cont. Operations, 5 Yr. CAGR %	-7.74	-21.89	-16.88	-7.24	6.89
Net Income, 5 Yr. CAGR %	-7.74	-21.89	-16.88	-7.24	6.89
Normalized Net Income, 5 Yr. CAGR %	-5.58	-11.54	-7.42	-4.41	17.47
Diluted EPS Before Extra, 5 Yr. CAGR %	-7.42	-21.89	-16.84	-7.23	6.94
Accounts Receivable, 5 Yr. CAGR %	-0.35	-0.56	-0.83	-0.43	4.88
Inventory, 5 Yr. CAGR %	8.19	11.08	11.42	8.14	4.6
Net Property, Plant and Equip., 5 Yr. CAGR %	9.03	6.76	6.72	1.45	2.48
Total Assets, 5 Yr. CAGR %	8.26	4.85	4.38	2.17	-1.03
Tangible Book Value, 5 Yr. CAGR %	26.89	1.92	-3.42	8.99	8.47
Common Equity, 5 Yr. CAGR %	7.06	2.52	1.37	0.48	0.04
Cash From Operations, 5 Yr. CAGR %	0.65	-15.56	-8.17	-3.31	6.57
Capital Expenditures, 5 Yr. CAGR %	4.98	-0.98	4.24	-1.36	-0.46
Levered Free Cash Flow, 5 Yr. CAGR %	6.42	-24.21	-13.82	-2.95	27.63
Unlevered Free Cash Flow, 5 Yr. CAGR %	6.59	-20.2	-9.95	-1.22	26.5
Dividend Per Share, 5 Yr. CAGR %	4.02	1.39	0.82	0	0.84