Balance Sheet Smiths Group plc

Equities

SMIN

GB00B1WY2338

Consumer Goods Conglomerates

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12-14	Moody's Keeps Smiths Group Ratings With Revised Outlook	MT
12-12	Smiths Detection?s SDX 100100 DV HC Added to TSA Air Cargo Screening Technology List	CI

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Published financial data: SMITHS GROUP PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: July	2021	2022	2023	2024	2025
Revenues	2.41B	2.57B	3.04B	3.13B	2.92B
Total Revenues	2.41B	2.57B	3.04B	3.13B	2.92B
Cost of Goods Sold, Total	1.49B	1.6B	1.92B	1.96B	1.84B
Gross Profit	915M	961M	1.12B	1.17B	1.08B
Selling General & Admin Expenses, Total	574M	623M	678M	715M	588M
R&D Expenses	-	-	-	-2M	-2M
Amortization of Goodwill and Intangible Assets - (IS)	-	-	-	-	50M
Other Operating Expenses, Total	574M	623M	678M	713M	636M
Operating Income	341M	338M	440M	455M	440M
Interest Expense, Total	-49M	-55M	-85M	-64M	-67M
Interest And Investment Income	9M	14M	36M	26M	40M
Net Interest Expenses	-40M	-41M	-49M	-38M	-27M
Currency Exchange Gains (Loss)	-50M	19M	-1M	-2M	-3M
Other Non Operating Income (Expenses)	-	3M	7M	-	1M
EBT, Excl. Unusual Items	251M	319M	397M	415M	411M
Restructuring Charges	-	-	-36M	-	-22M
Merger & Related Restructuring Charges	-2M	-5M	-1M	-8M	-6M
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	1M	-	-9M	-3M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-	-	-	-	-
Legal Settlements	-2M	-3M	-7M	-9M	9M
Other Unusual Items	-7M	-209M	7M	-17M	-14M
EBT, Incl. Unusual Items	240M	103M	360M	372M	375M
Income Tax Expense	83M	90M	134M	121M	99M
Earnings From Continuing Operations	157M	13M	226M	251M	276M
Earnings Of Discontinued Operations	128M	1.02B	6M	-	16M
Net Income to Company	285M	1.04B	232M	251M	292M
Minority Interest	-1M	-2M	-1M	-1M	-2M
Net Income - (IS)	284M	1.03B	231M	250M	290M
Net Income to Common Incl Extra Items	284M	1.03B	231M	250M	290M
Net Income to Common Excl. Extra Items	156M	11M	225M	250M	274M
Per Share Items
Net EPS - Basic	0.72	2.67	0.65	0.72	0.86
Basic EPS - Continuing Operations	0.39	0.03	0.64	0.72	0.81
Basic Weighted Average Shares Outstanding	396M	387M	353M	346M	338M
Net EPS - Diluted	0.71	2.66	0.65	0.72	0.85
Diluted EPS - Continuing Operations	0.39	0.03	0.63	0.72	0.81
Diluted Weighted Average Shares Outstanding	399M	388M	355M	347M	340M
Normalized Basic EPS	0.39	0.51	0.7	0.75	0.75
Normalized Diluted EPS	0.39	0.51	0.7	0.74	0.75
Dividend Per Share	0.38	0.4	0.42	0.44	0.46
Payout Ratio	65.14	14.52	61.9	58.8	52.41
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	434M	427M	534M	549M	537M
EBITA	394M	389M	492M	504M	492M
EBIT	341M	338M	440M	455M	440M
EBITDAR	435M	430M	536M	550M	538M
Effective Tax Rate - (Ratio)	34.58	87.38	37.22	32.53	26.4
Total Current Taxes	78M	73M	105M	115M	98M
Total Deferred Taxes	5M	17M	29M	6M	1M
Normalized Net Income	156M	197M	247M	258M	255M
Interest Capitalized	-	-	-	-	-
Interest on Long-Term Debt	36M	34M	21M	17M	73M
Non-Cash Pension Expense	5M	211M	-5M	7M	3M
Supplemental Operating Expense Items
Selling and Marketing Expenses	188M	200M	221M	219M	194M
General and Administrative Expenses	392M	430M	464M	502M	397M
Research And Development Expense From Footnotes	103M	108M	105M	107M	134M
Net Rental Expense, Total	1M	3M	2M	1M	1M
Imputed Operating Lease Interest Expense	256K	989K	1.45M	762K	801K
Imputed Operating Lease Depreciation	744K	2.01M	552K	238K	199K
Stock-Based Comp., Other (Total)	13M	13M	13M	13M	21M
Total Stock-Based Compensation	13M	13M	13M	13M	21M

Fiscal Period: July	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	405M	1.06B	285M	459M	195M
Total Cash And Short Term Investments	405M	1.06B	285M	459M	195M
Accounts Receivable, Total	562M	633M	614M	667M	618M
Other Receivables	117M	122M	165M	125M	103M
Total Receivables	679M	755M	779M	792M	721M
Inventory	381M	570M	637M	643M	586M
Prepaid Expenses	26M	33M	40M	58M	36M
Other Current Assets, Total	1.24B	4M	5M	4M	514M
Total Current Assets	2.74B	2.42B	1.75B	1.96B	2.05B
Gross Property Plant And Equipment	846M	958M	980M	1.04B	883M
Accumulated Depreciation	-526M	-609M	-628M	-661M	-540M
Net Property Plant And Equipment	320M	349M	352M	380M	343M
Long-term Investments	7M	391M	354M	52M	5M
Goodwill	1.15B	1.24B	1.21B	1.21B	1.02B
Other Intangibles, Total	308M	293M	243M	228M	192M
Accounts Receivable Long-Term	49M	59M	67M	86M	85M
Deferred Tax Assets Long-Term	92M	95M	95M	94M	98M
Deferred Charges Long-Term	42M	51M	69M	80M	76M
Other Long-Term Assets, Total	635M	323M	220M	143M	144M
Total Assets	5.34B	5.22B	4.36B	4.23B	4.01B
Liabilities
Accounts Payable, Total	188M	282M	247M	274M	229M
Accrued Expenses, Total	216M	213M	266M	264M	249M
Short-term Borrowings	-	1M	-	2M	3M
Current Portion of Long-Term Debt	9M	508M	3M	-	-
Current Portion of Leases	27M	29M	26M	32M	29M
Current Income Taxes Payable	89M	64M	74M	70M	66M
Unearned Revenue Current, Total	87M	130M	159M	191M	155M
Other Current Liabilities	371M	172M	123M	114M	210M
Total Current Liabilities	987M	1.4B	898M	947M	941M
Long-Term Debt	1.37B	538M	552M	547M	556M
Long-Term Leases	94M	90M	91M	91M	79M
Unearned Revenue Non Current	46M	33M	27M	26M	26M
Pension & Other Post Retirement Benefits	128M	115M	106M	103M	96M
Deferred Tax Liability Non Current	28M	44M	43M	32M	43M
Other Non Current Liabilities	259M	283M	232M	234M	210M
Total Liabilities	2.91B	2.5B	1.95B	1.98B	1.95B
Common Stock, Total	149M	136M	131M	130M	124M
Additional Paid In Capital	363M	365M	365M	365M	365M
Retained Earnings	1.37B	1.66B	1.43B	1.31B	1.15B
Comprehensive Income and Other	523M	539M	457M	429M	400M
Total Common Equity	2.4B	2.7B	2.38B	2.23B	2.04B
Minority Interest	21M	22M	22M	22M	24M
Total Equity	2.42B	2.72B	2.41B	2.25B	2.06B
Total Liabilities And Equity	5.34B	5.22B	4.36B	4.23B	4.01B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	396M	362M	348M	344M	328M
ECS Total Common Shares Outstanding	396M	362M	348M	344M	328M
Book Value / Share	6.06	7.46	6.86	6.49	6.21
Tangible Book Value	946M	1.16B	932M	789M	828M
Tangible Book Value Per Share	2.39	3.21	2.68	2.3	2.52
Total Debt	1.5B	1.17B	672M	672M	667M
Net Debt	1.1B	110M	387M	213M	472M
Debt Equivalent of Unfunded Proj. Benefit Obligation	-413M	-214M	-105M	-40M	-43M
Debt Equivalent Oper. Leases	8M	24M	16M	8M	8M
Minority Interest, Total (Incl. Fin. Div)	21M	22M	22M	22M	24M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	117M	187M	201M	192M	133M
Inventories - Work In Process, Total	81M	106M	130M	148M	140M
Inventories - Finished Goods, Total	183M	277M	306M	303M	313M
Land - (BS)	172M	176M	178M	181M	171M
Machinery, Total	510M	586M	583M	610M	517M
Full Time Employees	14.5K	14.76K	15.16K	15.75K	16.1K
Accumulated Allowance for Doubtful Accounts (Supple)	32M	36M	30M	29M	15M

Fiscal Period: July	2021	2022	2023	2024	2025
Net Income	326M	117M	403M	250M	410M
Depreciation & Amortization - CF	72M	68M	74M	79M	79M
Amortization of Goodwill and Intangible Assets - (CF)	53M	51M	52M	49M	52M
Depreciation & Amortization, Total	125M	119M	126M	128M	131M
Amortization of Deferred Charges, Total - (CF)	14M	10M	9M	7M	25M
(Gain) Loss From Sale Of Asset	1M	-2M	-	1M	32M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	9M	3M
Asset Writedown & Restructuring Costs	59M	4M	-	-	-
Stock-Based Compensation (CF)	13M	13M	13M	13M	21M
Net Cash From Discontinued Operations	98M	33M	6M	-	35M
Other Operating Activities, Total	-163M	87M	-127M	47M	-141M
Change In Accounts Receivable	-10M	-83M	-63M	-81M	-
Change In Inventories	66M	-169M	-89M	-4M	-16M
Change In Accounts Payable	36M	129M	49M	50M	2M
Change in Other Net Operating Assets	-30M	21M	-34M	-2M	-46M
Cash from Operations	535M	279M	293M	418M	456M
Capital Expenditure	-78M	-58M	-53M	-68M	-72M
Sale of Property, Plant, and Equipment	2M	3M	2M	-	-
Cash Acquisitions	-83M	-	-22M	-65M	-121M
Divestitures	-	1.33B	-7M	-	-12M
Sale (Purchase) of Intangible assets	-39M	-30M	-28M	-18M	-8M
Investment in Marketable and Equity Securities, Total	7M	-	-	190M	53M
Other Investing Activities, Total	-14M	-	-	-	-
Cash from Investing	-205M	1.25B	-108M	39M	-160M
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-44M	-333M	-563M	-39M	-41M
Total Debt Repaid	-44M	-333M	-563M	-39M	-41M
Issuance of Common Stock	2M	3M	-	4M	1M
Repurchase of Common Stock	-16M	-527M	-231M	-90M	-326M
Common Dividends Paid	-185M	-150M	-143M	-147M	-152M
Common & Preferred Stock Dividends Paid	-185M	-150M	-143M	-147M	-152M
Other Financing Activities, Total	4M	22M	-8M	3M	1M
Cash from Financing	-239M	-985M	-945M	-269M	-517M
Foreign Exchange Rate Adjustments	-24M	62M	-10M	-14M	-12M
Miscellaneous Cash Flow Adjustments	-28M	48M	-	-	-31M
Net Change in Cash	39M	650M	-770M	174M	-264M
Supplemental Items
Cash Interest Paid	40M	51M	75M	57M	63M
Cash Income Tax Paid (Refund)	109M	88M	92M	99M	113M
Levered Free Cash Flow	278M	1.11B	218M	314M	-33.88M
Unlevered Free Cash Flow	308M	1.14B	271M	354M	8M
Change In Net Working Capital	-60M	-879M	71M	-8M	364M
Net Debt Issued / Repaid	-44M	-333M	-563M	-39M	-41M

Fiscal Period: July	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.97	4	5.74	6.6	6.67
Return on Total Capital	5.41	5.41	7.85	9.48	9.73
Return On Equity %	6.52	0.51	8.82	10.78	12.8
Return on Common Equity	6.53	0.43	8.85	10.84	12.85
Margin Analysis
Gross Profit Margin %	38.03	37.45	36.81	37.29	36.91
SG&A Margin	23.86	24.28	22.32	22.83	20.17
EBITDA Margin %	18.04	16.64	17.58	17.53	18.42
EBITA Margin %	16.38	15.16	16.2	16.09	16.88
EBIT Margin %	14.17	13.17	14.49	14.53	15.09
Income From Continuing Operations Margin %	6.53	0.51	7.44	8.01	9.47
Net Income Margin %	11.8	40.26	7.61	7.98	9.95
Net Avail. For Common Margin %	6.48	0.43	7.41	7.98	9.4
Normalized Net Income Margin	6.48	7.69	8.14	8.25	8.74
Levered Free Cash Flow Margin	11.53	43.25	7.17	10.04	-1.16
Unlevered Free Cash Flow Margin	12.81	44.59	8.92	11.31	0.27
Asset Turnover
Asset Turnover	0.45	0.49	0.63	0.73	0.71
Fixed Assets Turnover	7.61	7.67	8.66	8.56	8.06
Receivables Turnover (Average Receivables)	4.25	4.29	4.87	4.89	4.54
Inventory Turnover (Average Inventory)	3.61	3.38	3.18	3.07	2.99
Short Term Liquidity
Current Ratio	2.77	1.73	1.94	2.07	2.18
Quick Ratio	1.1	1.29	1.18	1.32	0.97
Operating Cash Flow to Current Liabilities	0.54	0.2	0.33	0.44	0.48
Days Sales Outstanding (Average Receivables)	85.94	84.99	74.93	74.85	80.45
Days Outstanding Inventory (Average Inventory)	101.23	108.14	114.79	119.27	121.96
Average Days Payable Outstanding	46.84	47.81	48.61	48.4	51.51
Cash Conversion Cycle (Average Days)	140.33	145.31	141.11	145.72	150.9
Long Term Solvency
Total Debt/Equity	61.99	42.85	27.93	29.84	32.38
Total Debt / Total Capital	38.27	30	21.83	22.98	24.46
LT Debt/Equity	60.5	23.08	26.72	28.33	30.83
Long-Term Debt / Total Capital	37.35	16.16	20.89	21.82	23.29
Total Liabilities / Total Assets	54.6	47.9	44.75	46.79	48.64
EBIT / Interest Expense	6.96	6.15	5.18	7.11	6.57
EBITDA / Interest Expense	9.51	8.31	6.66	9.11	8.52
(EBITDA - Capex) / Interest Expense	7.92	7.25	6.04	8.05	7.45
Total Debt / EBITDA	3.22	2.55	1.19	1.15	1.17
Net Debt / EBITDA	2.35	0.24	0.68	0.37	0.83
Total Debt / (EBITDA - Capex)	3.87	2.92	1.31	1.3	1.34
Net Debt / (EBITDA - Capex)	2.83	0.28	0.75	0.41	0.95
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-5.57	6.65	18.36	3.13	4.93
Gross Profit, 1 Yr. Growth %	-3.68	5.03	16.34	4.47	3.86
EBITDA, 1 Yr. Growth %	25.43	-1.61	19.73	2.81	1.51
EBITA, 1 Yr. Growth %	29.18	-1.27	20.59	2.44	1.65
EBIT, 1 Yr. Growth %	37.5	-0.88	23.25	3.41	1.15
Earnings From Cont. Operations, 1 Yr. Growth %	134.33	-91.72	1.64K	11.06	24.32
Net Income, 1 Yr. Growth %	7.17	263.73	-77.64	8.23	16
Normalized Net Income, 1 Yr. Growth %	85.01	26.62	18.1	4.55	3.4
Diluted EPS Before Extra, 1 Yr. Growth %	139.88	-92.84	2.16K	13.56	26.53
Accounts Receivable, 1 Yr. Growth %	-1.58	12.63	-3	8.63	-7.35
Inventory, 1 Yr. Growth %	-14.57	49.61	11.75	0.94	-8.86
Net Property, Plant and Equip., 1 Yr. Growth %	2.56	9.06	0.86	7.95	-9.74
Total Assets, 1 Yr. Growth %	-1.4	-2.14	-16.62	-3.4	-5.22
Tangible Book Value, 1 Yr. Growth %	11.03	22.83	-19.79	-15.34	4.81
Common Equity, 1 Yr. Growth %	1.22	12.36	-11.67	-6.46	-8.7
Cash From Operations, 1 Yr. Growth %	24.71	-47.85	5.02	42.66	9.09
Capital Expenditures, 1 Yr. Growth %	27.87	-25.64	-8.62	28.3	5.88
Levered Free Cash Flow, 1 Yr. Growth %	22.45	299.95	-80.22	44.29	-111.2
Unlevered Free Cash Flow, 1 Yr. Growth %	18.06	271.36	-76.15	30.77	-97.66
Dividend Per Share, 1 Yr. Growth %	7.71	5.04	5.05	5.17	5.14
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-1.86	0.35	12.35	10.48	-2.03
Gross Profit, 2 Yr. CAGR %	-7.48	0.58	10.54	10.25	-1.9
EBITDA, 2 Yr. CAGR %	-4.41	11.09	10.92	10.95	0.28
EBITA, 2 Yr. CAGR %	-5.16	12.93	11.75	11.14	0
EBIT, 2 Yr. CAGR %	-7.2	16.74	13.59	12.89	0
Earnings From Cont. Operations, 2 Yr. CAGR %	5.15	-55.95	19.98	339.41	10.51
Net Income, 2 Yr. CAGR %	12.35	97.44	-9.81	-50.81	12.05
Normalized Net Income, 2 Yr. CAGR %	-17.65	53.06	25.91	11.12	1.56
Diluted EPS Before Extra, 2 Yr. CAGR %	5.54	-58.55	27.34	407.1	12.75
Accounts Receivable, 2 Yr. CAGR %	-10.33	5.29	4.52	2.65	0.33
Inventory, 2 Yr. CAGR %	-4.41	13.05	29.3	6.21	-4.09
Net Property, Plant and Equip., 2 Yr. CAGR %	17.44	5.76	4.88	4.35	-1.29
Total Assets, 2 Yr. CAGR %	0.18	-1.77	-9.67	-9.99	-4.32
Tangible Book Value, 2 Yr. CAGR %	14.55	16.78	-0.74	-17.6	-5.74
Common Equity, 2 Yr. CAGR %	0.89	6.65	-0.38	-9.1	-7.59
Cash From Operations, 2 Yr. CAGR %	24.35	-19.36	-26	22.4	24.75
Capital Expenditures, 2 Yr. CAGR %	-0.64	-2.49	-17.57	8.28	16.55
Levered Free Cash Flow, 2 Yr. CAGR %	-41.62	121.3	-11.39	-46.58	-60.57
Unlevered Free Cash Flow, 2 Yr. CAGR %	-36.97	109.38	-6.22	-44.15	-82.82
Dividend Per Share, 2 Yr. CAGR %	-9.37	6.37	5.05	5.11	5.16
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.1	0.9	6.03	9.19	4.34
Gross Profit, 3 Yr. CAGR %	-2.95	-3.49	5.58	8.48	3.84
EBITDA, 3 Yr. CAGR %	0.08	-3.49	15.56	8.15	6.38
EBITA, 3 Yr. CAGR %	-0.34	-3.88	17.28	8.55	6.44
EBIT, 3 Yr. CAGR %	-2.6	-5.14	21.06	10.09	7.22
Earnings From Cont. Operations, 3 Yr. CAGR %	9.68	-54.93	49.97	16.93	176.9
Net Income, 3 Yr. CAGR %	0.84	66.2	-4.47	-4.16	-34.52
Normalized Net Income, 3 Yr. CAGR %	-6.37	-4.95	43.15	18.35	6.8
Diluted EPS Before Extra, 3 Yr. CAGR %	10.22	-56.95	57.27	22.57	206.48
Accounts Receivable, 3 Yr. CAGR %	-5.55	-3.25	2.45	5.88	-0.8
Inventory, 3 Yr. CAGR %	-6.49	10.98	12.62	19.06	0.93
Net Property, Plant and Equip., 3 Yr. CAGR %	0	14.58	4.1	5.9	-0.58
Total Assets, 3 Yr. CAGR %	1.05	-0.6	-6.99	-7.44	-8.42
Tangible Book Value, 3 Yr. CAGR %	37.24	17.24	3.04	-5.87	-10.68
Common Equity, 3 Yr. CAGR %	1.87	4.58	0.15	-2.45	-8.97
Cash From Operations, 3 Yr. CAGR %	9.72	-6.92	-11.94	-7.9	17.79
Capital Expenditures, 3 Yr. CAGR %	4.68	-9.79	-4.58	-4.47	7.47
Levered Free Cash Flow, 3 Yr. CAGR %	6	10.88	-1.3	4.25	-68.67
Unlevered Free Cash Flow, 3 Yr. CAGR %	4.04	13.84	1.26	4.77	-80.83
Dividend Per Share, 3 Yr. CAGR %	-5.41	-4.8	5.93	5.09	5.12
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-3.99	-4.79	5.46	4.63	2.73
Gross Profit, 5 Yr. CAGR %	-7.47	-8.82	2.24	1.79	2.52
EBITDA, 5 Yr. CAGR %	-3.92	-7.86	4.28	2.94	9.19
EBITA, 5 Yr. CAGR %	-3.75	-7.87	4.33	2.85	10.04
EBIT, 5 Yr. CAGR %	-5.89	-9.89	3.58	2.82	12.15
Earnings From Cont. Operations, 5 Yr. CAGR %	-9.67	-53.09	13.69	12.07	32.73
Net Income, 5 Yr. CAGR %	1.86	12.95	-3.57	2.13	1.82
Normalized Net Income, 5 Yr. CAGR %	-9.89	-8.44	5.41	2.37	24.78
Diluted EPS Before Extra, 5 Yr. CAGR %	-9.64	-54.42	16.77	15.45	37.67
Accounts Receivable, 5 Yr. CAGR %	-3.31	-0.28	-1.64	-0.93	1.59
Inventory, 5 Yr. CAGR %	-4.43	4.75	6.45	9.05	5.61
Net Property, Plant and Equip., 5 Yr. CAGR %	0.32	2.07	1.92	10.37	1.91
Total Assets, 5 Yr. CAGR %	3.6	0.25	-3.38	-4.47	-5.82
Tangible Book Value, 5 Yr. CAGR %	88.26	38.99	20.56	1.82	-0.57
Common Equity, 5 Yr. CAGR %	7.85	5.26	0.97	-1.13	-3.02
Cash From Operations, 5 Yr. CAGR %	8.37	-10.25	-6.27	3.85	1.23
Capital Expenditures, 5 Yr. CAGR %	1.06	-1.32	-4.86	-2.95	3.37
Levered Free Cash Flow, 5 Yr. CAGR %	9.04	22.44	-1.33	-17.33	-31.62
Unlevered Free Cash Flow, 5 Yr. CAGR %	7.09	20.81	-0.19	-14.5	-50.19
Dividend Per Share, 5 Yr. CAGR %	-2.14	-1.75	-1.36	-0.95	5.62