Smith & Nephew
SNN · NYSEOrthopedic, Prosthetic & Surgical Appliances & Supplies · Fiscal year ends Dec 31
Net income was $625M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cost of revenue | $1.5B | $1.5B | $1.7B | $1.8B | $2B |
| Gross profit | $3.7B | $3.7B | $3.8B | $4B | $4.2B |
| Research & development | $356M | $345M | $339M | $289M | $296M |
| Selling, general & admin | $2.7B | $2.9B | $3.1B | $3.1B | $3.1B |
| Operating income | $593M | $450M | $425M | $657M | $794M |
| Interest expense | $80M | $80M | $132M | $145M | $140M |
| Pre-tax income | $586M | $235M | $290M | $498M | $779M |
| Income tax | $62M | $12M | $27M | $86M | $154M |
| Net income | $524M | $223M | $263M | $412M | $625M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.3B | $350M | $302M | $619M | $557M |
| Receivables | $1.2B | $1.3B | $1.3B | $1.4B | $1.4B |
| Inventory | $1.8B | $2.2B | $2.4B | $2.4B | $2.1B |
| Current assets | $4.4B | $3.9B | $4B | $4.4B | $4.1B |
| Net PP&E | $1.5B | $1.5B | – | – | – |
| Goodwill | $3B | $3B | $3B | $3B | $3.1B |
| Total assets | $10.9B | $10B | $10B | $10.4B | $10.5B |
| Payables | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B |
| Current liabilities | $2.1B | $1.7B | $2.3B | $1.5B | $1.6B |
| Total liabilities | $5.4B | $4.7B | $4.8B | $5.1B | $5.2B |
| Shareholders' equity | $5.6B | $5.3B | $5.2B | $5.3B | $5.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $877M | $468M | $608M | $987M | $1.3B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating income growth (YoY) | – | −24.1% | −5.6% | 54.6% | 20.9% |
| Return on equityBlank when equity is negative | 9.4% | 4.2% | 5.0% | 7.8% | 11.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.7% | 5.5% | 5.5% | 7.4% | 9.0% |
| Cash conversion (CFO ÷ net income) | 1.67x | 2.10x | 2.31x | 2.40x | 2.06x |
| Inventory days | 436 | 523 | 505 | 494 | 392 |
| Payable days | 259 | 260 | 223 | 233 | 218 |
| Interest cover | 7.41x | 5.63x | 3.22x | 4.53x | 5.67x |
| Current ratio | 2.08x | 2.25x | 1.77x | 2.89x | 2.57x |
More in Orthopedic, Prosthetic & Surgical Appliances & Supplies
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.