Smith & Nephew Past Earnings Performance
Past criteria checks 4/6
Smith & Nephew's earnings have been declining at an average annual rate of -1.4%, while the Medical Equipment industry saw earnings growing at 15.4% annually. Revenues have been growing at an average rate of 4.6% per year. Smith & Nephew's return on equity is 11.8%, and it has net margins of 10.1%.
Key information
-1.44%
Earnings growth rate
-1.21%
EPS growth rate
| Medical Equipment Industry Growth | -9.45% |
| Revenue growth rate | 4.62% |
| Return on equity | 11.82% |
| Net Margin | 10.14% |
| Next Earnings Update | 04 Aug 2026 |
Recent past performance updates
Recent updates
Analysis Article • May 31
We Ran A Stock Scan For Earnings Growth And Smith & Nephew (LON:SN.) Passed With Ease
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
Narrative Update • May 11
SN.: Buybacks And New Medical Offerings Will Support Future Upside Potential
Analysts have made a small adjustment to the Smith & Nephew price target to reflect slightly different assumptions on fair value, discount rate, revenue growth, profit margin and future P/E, resulting in a marginal change that keeps the stock’s outlook broadly consistent with prior expectations. What's in the News Announced a new share repurchase program of up to US$500m, to be funded from free cash flow and existing cash balances, with a 12 month duration (Buyback Transaction Announcements).Narrative Update • Apr 20
SN.: New Wound And Orthopaedic Products Will Support Future Margin Expansion
Analysts have trimmed their price target for Smith & Nephew by about £0.19, reflecting slightly higher discount rate assumptions, a modest adjustment to revenue growth expectations, and a small uplift in long run profit margin and future P/E inputs. What's in the News The board proposes new Articles of Association, signaling an update to Smith & Nephew plc's corporate bylaws and governance framework (Changes in Company Bylaws/Rules).Narrative Update • Apr 01
SN.: New Product Launches And Capital Returns Will Support Future Margins
Analysts have nudged their price target for Smith & Nephew slightly higher to £14.30 from £14.30, reflecting small adjustments to their fair value estimate, discount rate, revenue growth assumptions, profit margin expectations, and a modestly lower future P/E multiple. What's in the News Launch of ALLEVYN COMPLETE CARE Foam Dressing with a five layer design aimed at both wound management and pressure injury prevention, initially in the US with further international launches planned for 2026 (Product related announcement).Narrative Update • Mar 18
SN.: Product Rollout And Capital Returns Will Support Future Margin Progress
Analysts have trimmed their price target on Smith & Nephew slightly to £14.30 from £14.31, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E that keep the overall valuation broadly unchanged. What's in the News Launch of ALLEVYN COMPLETE CARE Foam Dressing, a five layer wound dressing designed for both wound management and pressure injury prevention, with plans to roll out beyond the US into European and other international markets in 2026 (Product related announcement).Narrative Update • Mar 04
SN.: Product Expansion And Capital Returns Will Support Measured Margin Progress
Analysts have lifted their price target for Smith & Nephew to £14.31 from £14.06, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News Showcasing handheld robotics, digital surgery tools and trauma products for hip, knee, shoulder and extremities at the AAOS Annual Meeting, including the CORI Surgical System and CORIOGRAPH pre operative planning and modeling services, plus expanded trauma offerings such as the EVOS LARGE & PERIPROSTHETIC Plating System, TRIGEN MAX Tibia Nailing System and new distribution deals with SI-BONE and RMR Ortho (Product related announcement) First CORI SHOULDER robotic shoulder arthroplasty procedures completed at Duke Health using the AETOS Shoulder System, with live demonstrations planned at AAOS in Booth #839 (Product related announcement) Board recommending a 2025 final dividend of 24.1 US cents per share, taking the total 2025 distribution to 39.1 US cents per share, described as a 4.3% increase from 2024 and aligned with a stated payout ratio of 35% to 40% (Dividend announcement) Company guidance for 2026 points to targets for further progress in revenue and profit for the full year, with expectations for a stronger second half compared to the first half for both revenue and profit, in line with what management describes as normal phasing (Corporate guidance) Completion of a share buyback tranche, with 28,320,469 shares repurchased for US$500m, stated as 3.24% of the company, under the programme announced on 5 August 2025 (Buyback update) Valuation Changes Fair Value: raised slightly from £14.06 to £14.31 per share.Narrative Update • Feb 18
SN.: Collaboration And M&A Focus Will Shape Margins And Operating Leverage
Analysts have made a small upward adjustment to their Smith & Nephew price target to £14.06, with the change reflecting updated assumptions for revenue growth, profit margins and future P/E expectations. What's in the News KARL STORZ North America and Smith & Nephew are collaborating to offer complementary visualization and sports medicine solutions for hospitals and ambulatory surgery centers, targeting multispecialty surgical environments with joint marketing where appropriate (Key Developments).Analysis Article • Jan 24
Do Smith & Nephew's (LON:SN.) Earnings Warrant Your Attention?
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...Narrative Update • Jan 10
SN.: Rising Margins And Operating Leverage Will Support Future Upside Potential
Analysts have nudged their price target for Smith & Nephew slightly lower to £14.05 from £14.09, citing updated assumptions around discount rates, revenue growth, margin outlook and future P/E multiples. What's in the News Smith & Nephew issued updated earnings guidance for 2025, indicating underlying revenue growth around 5% and a trading profit margin expected to be at least 19.5% within a 19.0% to 20.0% range, compared with a 2024 trading margin of 18.1% (Company guidance).Narrative Update • Dec 26
SN.: Expanding Trading Margins Will Drive Future Upside From Improved Operating Leverage
Analysts have trimmed their price target on Smith & Nephew slightly, to approximately $14.09 from about $14.43, citing a modestly higher discount rate and slightly lower long term profit margin expectations. These factors more than offset an improved revenue growth outlook and a marginally lower future P/E multiple.Analysis Article • Dec 23
Earnings Tell The Story For Smith & Nephew plc (LON:SN.)
With a price-to-earnings (or "P/E") ratio of 28.6x Smith & Nephew plc ( LON:SN. ) may be sending very bearish signals...Narrative Update • Dec 11
SN.: Expanding Trading Margins Will Drive Future Upside From New Devices
Analysts have trimmed their price target on Smith & Nephew slightly to reflect a modest recalibration of fair value, revenue growth and margin assumptions, while also factoring in a marginally higher future price to earnings multiple. This results in a small decrease in estimated equity value from approximately $14.50 to $14.43 per share.Analysis Article • Dec 10
Investors Will Want Smith & Nephew's (LON:SN.) Growth In ROCE To Persist
There are a few key trends to look for if we want to identify the next multi-bagger. Amongst other things, we'll want...Narrative Update • Nov 27
SN.: Trading Margins Will Expand As New Devices Boost Profitability
Analysts have modestly raised their price target for Smith & Nephew from $14.37 to $14.50. This reflects incremental adjustments to fair value and slightly revised underlying financial assumptions.Analysis Article • Nov 13
Is Smith & Nephew plc (LON:SN.) Trading At A 21% Discount?
Key Insights The projected fair value for Smith & Nephew is UK£16.26 based on 2 Stage Free Cash Flow to Equity Current...Narrative Update • Nov 11
SN.: Trading Margins Will Improve After Recent Medical Device Launches
Analysts have raised their price target for Smith & Nephew slightly. The target has increased from $14.23 to $14.37, citing updated financial assumptions including modest improvements in profit margin and a slight increase in the projected discount rate.Narrative Update • Oct 28
Orthopaedic And Wound Care Advances Will Drive Global Reach And Clinical Outcomes
Analysts have slightly raised their price target for Smith & Nephew, increasing it from $14.21 to $14.23 due to minor adjustments to key valuation metrics and a modest uptick in forecasted discount rates. What's in the News New study shows Smith & Nephew's PICO sNPWT device significantly outperforms competitors in reducing wound complications, hospital stays, and healthcare costs in orthopedic and cardiovascular surgeries (Key Developments).Narrative Update • Oct 14
Orthopaedic Solutions And Wound Management Will Expand Global Reach
Analysts have raised their price target for Smith & Nephew from $13.85 to $14.21. This change reflects revised expectations around moderate revenue growth and profit margins, as well as a slightly higher discount rate.Analysis Article • Oct 14
Do Smith & Nephew's (LON:SN.) Earnings Warrant Your Attention?
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...Analysis Article • Sep 30
Is Smith & Nephew (LON:SN.) A Risky Investment?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Narrative Update • Sep 19
Orthopaedic Solutions And Wound Management Will Expand Global Reach
The significant drop in Smith & Nephew’s future P/E ratio suggests improving earnings expectations or a lower valuation premium, which supports the slight increase in the consensus analyst price target from £13.61 to £13.85. What's in the News AAOS guidelines now strongly recommend Smith & Nephew's REGENETEN Bioinductive Implant for rotator cuff repair, citing significantly lower re-tear rates and improved patient outcomes; new US indication covers extra-articular ligament injuries, expanding the addressable market.Analysis Article • Aug 28
We Like These Underlying Return On Capital Trends At Smith & Nephew (LON:SN.)
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Amongst other things...Analysis Article • Aug 12
We Think Smith & Nephew's (LON:SN.) Robust Earnings Are Conservative
Smith & Nephew plc ( LON:SN. ) recently posted some strong earnings, and the market responded positively. We did some...Analysis Article • Aug 08
Smith & Nephew plc Just Beat EPS By 26%: Here's What Analysts Think Will Happen Next
Shareholders of Smith & Nephew plc ( LON:SN. ) will be pleased this week, given that the stock price is up 16% to...Narrative Update • Aug 07
Orthopaedic Solutions And Wound Management Will Expand Global Reach
Smith & Nephew's consensus analyst price target has risen to £13.30, reflecting a lower expected future P/E and slightly stronger revenue growth forecasts. What's in the News Smith+Nephew launched the Q-FIX KNOTLESS All-Suture Anchor, featuring market-leading fixation strength, proprietary suture lock mechanism, and streamlined suture shuttling for various joint repairs.Analysis Article • Aug 04
Estimating The Fair Value Of Smith & Nephew plc (LON:SN.)
Key Insights Using the 2 Stage Free Cash Flow to Equity, Smith & Nephew fair value estimate is UK£13.43 Smith...Analysis Article • Jun 27
Smith & Nephew plc's (LON:SN.) Popularity With Investors Is Clear
Smith & Nephew plc's ( LON:SN. ) price-to-earnings (or "P/E") ratio of 32.1x might make it look like a strong sell...
New Narrative • Mar 15
Restructuring Will Improve Operating Efficiency By 2025
Strategic restructuring and innovative platforms like CORI and REGENETEN are enhancing revenue growth and operational efficiency, impacting margins positively as macroeconomic conditions stabilize.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Smith & Nephew makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 6,164 | 625 | 3,036 | 294 |
| 30 Sep 25 | 6,054 | 558 | 2,975 | 295 |
| 28 Jun 25 | 5,944 | 491 | 2,914 | 295 |
| 28 Mar 25 | 5,877 | 452 | 2,909 | 292 |
| 31 Dec 24 | 5,810 | 412 | 2,904 | 289 |
| 30 Sep 24 | 5,726 | 359 | 2,895 | 290 |
| 29 Jun 24 | 5,642 | 305 | 2,886 | 291 |
| 29 Mar 24 | 5,596 | 284 | 2,860 | 306 |
| 31 Dec 23 | 5,549 | 263 | 2,834 | 320 |
| 30 Sep 23 | 5,449 | 241 | 2,794 | 324 |
| 01 Jul 23 | 5,349 | 218 | 2,753 | 327 |
| 01 Apr 23 | 5,282 | 221 | 2,730 | 331 |
| 31 Dec 22 | 5,215 | 223 | 2,707 | 335 |
| 30 Sep 22 | 5,214 | 360 | 2,686 | 344 |
| 02 Jul 22 | 5,213 | 496 | 2,665 | 352 |
| 02 Apr 22 | 5,213 | 510 | 2,651 | 351 |
| 31 Dec 21 | 5,212 | 524 | 2,637 | 349 |
| 30 Sep 21 | 5,168 | 539 | 2,607 | 340 |
| 03 Jul 21 | 5,124 | 553 | 2,576 | 330 |
| 03 Apr 21 | 4,842 | 501 | 2,508 | 319 |
| 31 Dec 20 | 4,560 | 448 | 2,439 | 307 |
| 30 Sep 20 | 4,624 | 420 | 2,470 | 304 |
| 27 Jun 20 | 4,688 | 391 | 2,501 | 301 |
| 27 Mar 20 | 4,913 | 496 | 2,518 | 297 |
| 31 Dec 19 | 5,138 | 600 | 2,534 | 292 |
| 30 Sep 19 | 5,044 | 649 | 2,449 | 281 |
| 29 Jun 19 | 4,949 | 698 | 2,364 | 269 |
| 29 Mar 19 | 4,927 | 681 | 2,374 | 258 |
| 31 Dec 18 | 4,904 | 663 | 2,384 | 246 |
| 30 Sep 18 | 4,887 | 690 | 2,450 | 239 |
| 30 Jun 18 | 4,869 | 717 | 2,496 | 232 |
| 31 Mar 18 | 4,817 | 742 | 2,453 | 228 |
| 31 Dec 17 | 4,765 | 767 | 2,419 | 223 |
| 30 Sep 17 | 4,721 | 817 | 2,346 | 224 |
| 01 Jul 17 | 4,677 | 867 | 2,282 | 224 |
| 01 Apr 17 | 4,673 | 826 | 2,269 | 227 |
| 31 Dec 16 | 4,669 | 784 | 2,255 | 230 |
| 30 Sep 16 | 4,680 | 570 | 2,515 | 228 |
| 02 Jul 16 | 4,690 | 356 | 2,393 | 225 |
| 02 Apr 16 | 4,662 | 383 | 2,363 | 224 |
| 31 Dec 15 | 4,634 | 410 | 2,524 | 222 |
| 30 Sep 15 | 4,702 | 513 | 2,333 | 224 |
| 27 Jun 15 | 4,669 | 557 | 2,326 | 225 |
Quality Earnings: SN. has high quality earnings.
Growing Profit Margin: SN.'s current net profit margins (10.1%) are higher than last year (7.1%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: SN.'s earnings have declined by 1.4% per year over the past 5 years.
Accelerating Growth: SN.'s earnings growth over the past year (51.7%) exceeds its 5-year average (-1.4% per year).
Earnings vs Industry: SN. earnings growth over the past year (51.7%) exceeded the Medical Equipment industry 40.3%.
Return on Equity
High ROE: SN.'s Return on Equity (11.8%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/08 04:11 |
| End of Day Share Price | 2026/06/05 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Smith & Nephew plc is covered by 34 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Sally Taylor | Barclays |
| Hassan Al-Wakeel | Barclays |
| Samuel England | Berenberg |