7Baggers

Smith & Nephew plc
(NYSE:SNN) 

SNN stock logo

Smith & Nephew plc, together with its subsidiaries, develops, manufactures, markets, and sells medical devices worldwide. The company offers knee implant products for knee replacement procedures; hip implants for the reconstruction of hip joints; and trauma and extremities products that include inte...

Founded: 1856
Full Time Employees: 17,500
Sector: Healthcare
Industry: Medical Devices
Healthcare
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-08-05 2025-03-10 2025-02-25 2024-08-01 2024-02-27 2023-08-03 2023-02-21 2021-02-18 2018-12-31 2018-07-26 2017-07-27 2017-02-09 2016-07-28 2016-02-04 2015-07-30 2015-02-05 2014-12-31 2014-10-30 2014-08-01 
                       
      revenue
    		2,961  5,810 2,827 5,549 2,734 5,215 4,560  2,440 2,336 4,669 2,328 4,634 2,272     
      yoy
    		-46.64%  11.41% -38.00%  12.05% 123.24% -2.33%  -47.35% 2.82%         
      qoq
    		  105.52% -49.05% 102.96% -47.57% 14.36%   4.45% -49.97% 100.56% -49.76% 103.96%      
      cost of goods sold
    		-870  -1,764 -853 -1,730 -836 -1,540 -1,396  -653 -603 -1,272 -632 -1,143 -566     
      gross profit
    		2,091  4,046 1,974 3,819 1,898 3,675 3,164  1,787 1,733 3,397 1,696 3,491 1,706     
      yoy
    		-45.25%  10.10% -37.61%  6.21% 112.06% -6.86%  -48.81% 1.58%         
      qoq
    		  104.96% -48.31% 101.21% -48.35% 16.15%   3.12% -48.98% 100.29% -51.42% 104.63%      
      gross margin %
    		70.62% NaN% 69.64% 69.83% 68.82% 69.42% 70.47% 69.39% NaN% 73.24% 74.19% 72.76% 72.85% 75.33% 75.09% NaN% NaN% NaN% NaN% 
      selling, general and administrative expenses
    		-1,519  -3,100 -1,509 -3,055 -1,457 -2,880 -2,562  -1,299 -1,212 -2,366 -1,226 -2,641 -1,157     
      research and development expenses
    		-143  -289 -137 -339 -166 -345 -307  -116 -107 -230 -113 -222 -110     
      operating profit
    		429  657 328 425 275 450 295  372 414 801 357 628 439     
      yoy
    		0.94%  46.00% 11.19%  -26.08% 8.70% -63.17%  -40.76% -5.69%         
      qoq
    		  100.30% -22.82% 54.55% -38.89% 52.54%   -10.14% -48.31% 124.37% -43.15% 43.05%      
      operating margin %
    		14.49% NaN% 11.31% 11.60% 7.66% 10.06% 8.63% 6.47% NaN% 15.25% 17.72% 17.16% 15.34% 13.55% 19.32% NaN% NaN% NaN% NaN% 
      interest income
    		15  24 9 34 18 14 6  4 3         
      interest expense
    		-69  -145 -70 -132 -62 -80 -62  -29 -28         
      other finance costs
    		-12  -28 -12       -6 -16 -6 -15 -7     
      share of results of associates
    		  -10  -30 -20 -141 14  2          
      profit before taxation
    		362  498 253 290 211 235 246  341 383 1,062 327 559 411     
      taxation
    		-69  -86 -39 -27 -39 -12 202  -67 -59 -278 -86 -149 -116     
      attributable profit for the perioda
    		293                   
      earnings per ordinary sharea
    		                   
      basic
    		33.5  47.2                 
      diluted
    		33.3  47                 
      attributable profit for the yeara
    		  412                 
      ​
    		                   
      attributable profita
    		   214 263 172 223 448  274 324  241       
      earnings per sharea
    		                   
      basic
    		   24.5 30.2 19.7 25.5 51.3  31.4 37 88.1 27 45.9 33     
      diluted
    		   24.5 30.1 19.7 25.5 51.2  31.2 37 87.8 26.9 45.6 32.8     
      gain on disposal of interest in associate
    		                   
      share of result from associates
    		                   
      interest receivable
    		           6 2 11 7     
      interest payable
    		           -52 -26 -49 -25     
      share of losses from associates
    		           -3  -16 -3     
      profit on disposal of business
    		           326        
      attributable profit a
    		           784  410 295     
      earnings per share a
    		                   
      basic
    		   24.5 30.2 19.7 25.5 51.3  31.4 37 88.1 27 45.9 33     
      diluted
    		   24.5 30.1 19.7 25.5 51.2  31.2 37 87.8 26.9 45.6 32.8     
      m
    		                   
      1,175
    		               4,617    
      (293
    		               -1,162    
      882
    		               3,455    
      (585
    		               -2,471    
      (62
    		               -235    
      235
    		               749    
      4
    		               13   4 
      (3
    		               -35 -0.5 -2 -8 
      (4
    		               -11    
      —
    		               -2    
      232
    		               714    
      (70
    		               -213    
      162
    		               501    
      18.1
    		               56.1    
      18.0
    		               55.7    
      1,027
    		                287 1,148  
      (260
    		                -74.25 -297  
      767
    		                212.75 851  
      (528
    		                -158.5 -634  
      (59
    		                -14.25 -57 -39 
      180
    		                40 160  
      3
    		                1 4  
      (2
    		                -2.25 -9 -2 
      178
    		                38.25 153  
      (56
    		                -12.75 -51  
      122
    		                25.5 102  
      13.6
    		                2.85 11.4  
      13.5
    		                2.825 11.3  
      3 months
    		                 3  
      2013
    		                 2,014  
      (26
    		                -6.5 -19  
      5
    		                1.25 -1  
      (21
    		                -5.25 -20  
      71
    		                17.75 -127  
      68
    		                17 -114  
      47
    		                11.75 -134  
      169
    		                42.25 -32  
      1,074
    		                  1,147 
      (278
    		                  -288 
      796
    		                  859 
      (550
    		                  -661 
      (58
    		                  -64 
      188
    		                  134 
      1
    		                   
      129
    		                  89 
      14.3
    		                  10 
      14.2
    		                  9.9 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-08-05 2024-03-10 2024-02-25 2022-12-31 2021-12-31 2019-12-31 2018-12-31 2018-02-08 2016-12-31 2016-07-28 2014-12-31 2014-10-30 2014-08-01 
                   
        assets
      		             
        non-current assets
      		             
        property, plant and equipment
      		1,436  1,422 1,455    1,049 982 946 891 894 893 
        goodwill
      		3,111  3,026 3,031    2,371 2,188 2,227 2,027 2,024 2,070 
        intangible assets
      		962  1,032 1,236    1,371 1,411 1,535 1,747 1,812 1,868 
        investments
      		29  9 12 7,092 7,092  21 25 13 5 2 2 
        investments in associates
      		7  7 46     112  112   
        other non-current assets
      		49  24 12   1,435 16      
        retirement benefit assets
      		70  63 141    62  5    
        deferred tax assets
      		401  350 177    127 97 110 77 90 84 
        current assets
      		      3,077       
        inventories
      		2,467  2,387 2,205    1,304 1,244 1,291 1,181 1,209 1,185 
        trade and other receivables
      		1,435  1,381 1,264    1,258 1,185 1,166 1,166 1,173 1,207 
        current tax receivable
      		49  34 37          
        cash and cash equivalents
      		676  619           
        total assets
      		10,692  10,354 9,966   8,059 7,866 7,344 7,502 7,306 7,650 7,742 
        equity and liabilities
      		             
        equity attributable to owners of the company
      		             
        share capital
      		175  175 175 177 177  178 180 182 184 184 184 
        share premium
      		615  615 615 614 610  605 600 595 574 566 559 
        capital redemption reserve
      		20  20 20 18 18  17 15 13 11 11 10 
        treasury shares
      		-48  -66 -118 -120 -189  -257 -432 -283  -321 -320 
        other reserves
      		-347  -497 -459    -228 -375 -280  18 132 
        retained earnings
      		5,121  5,018 5,026    4,329 3,970 3,717 3,650 3,559 3,590 
        total equity
      		5,536  5,265 5,259   4,874 4,644 3,958 3,944 4,040 4,017 4,155 
        non-current liabilities
      		      1,720       
        long-term borrowings and lease liabilities
      		3,297  3,258 2,712          
        retirement benefit obligations
      		86  79 70    131 164 230 233 181 190 
        other payables
      		96  95 90    128 82  44   
        provisions
      		94  95 84    97 134 143 63 64 71 
        deferred tax liabilities
      		42  31 36    97 94 38 98 170 169 
        current liabilities
      		      1,465       
        bank overdrafts, borrowings, loans and lease liabilities
      		157  63 160          
        trade and other payables
      		1,097  1,128 1,098    957 884 94 838 54 23 
        current tax payable
      		229  232 214    233 231 277 218 176 165 
        total liabilities
      		5,156  5,089 4,707   3,185 3,222 3,386 3,558 3,266 3,633 3,587 
        total equity and liabilities
      		10,692  10,354 9,966    7,866 7,344 7,502 7,306 7,650 7,742 
        non-current assets - sum
      		   6,110      4,950  5,121 5,210 
        cash at bank
      		   350 1,142 163  169 100 85 93 147 140 
        current assets - sum
      		   3,856      2,542  2,529 2,532 
        non-current liabilities - sum
      		   2,992      2,213  2,405 2,439 
        current liabilities - sum
      		   1,715      1,345  1,228 1,148 
        ​
      		    3,994         
        fixed assets
      		             
        debtors
      		    2,852 2,265        
        creditors: amounts falling due within one year
      		             
        borrowings
      		    -432 -1,851        
        other creditors
      		    -949 -2,543        
        net current assets
      		    2,613         
        total assets less current liabilities
      		    9,705 6,972        
        creditors: amounts falling due after one year
      		             
        total assets less total liabilities
      		    6,998 5,121        
        equity shareholders’ funds
      		             
        capital reserve
      		    2,266 2,266        
        exchange reserve
      		    -52 -52        
        profit and loss account
      		    4,095 2,291        
        shareholders’ funds
      		    6,998 5,121        
        net current liabilities
      		     -120        
        consolidated balance sheet
      		             
        goodwill and intangible assets
      		      3,547       
        total liabilities and equity
      		      8,059       
        net debt3
      		      1,104       
        investment in associates
      		       118  114  112 109 
        equity attributable to equity holders of the parent
      		             
        long-term borrowings
      		       1,423 1,564 1,708 1,666 1,936 1,986 
        bank overdrafts and loans
      		       27 86 71 39 91 65 
        revenue
      		        4,669     
        cost of goods sold
      		        -1,272     
        gross profit
      		        3,397     
        selling, general and administrative expenses
      		        -2,366     
        research and development expenses
      		        -230     
        operating profit
      		        801     
        interest income
      		        6     
        interest expense
      		        -52     
        other finance costs
      		        -16     
        share of results of associates
      		        -3     
        profit on disposal of business
      		        326     
        profit before taxation
      		        1,062     
        taxation
      		        -278     
        attributable profit for the year1
      		        784     
        earnings per ordinary share1
      		             
        basic
      		        88.1     
        diluted
      		        87.8     
        group statement of comprehensive income
      		             
        other comprehensive income:
      		             
        items that will not be reclassified to income statement
      		             
        re-measurement of net retirement benefit obligations
      		        -81     
        taxation on other comprehensive income
      		        10     
        total items that will not be reclassified to income statement
      		        -71     
        items that may be reclassified subsequently to income statement
      		             
        cash flow hedges – interest rate derivatives
      		             
        – losses arising in the year
      		             
        cash flow hedges – forward foreign exchange contracts
      		             
        – gains/losses) arising in the year
      		        -15     
        – losses transferred to inventories for the year
      		        20     
        fair value remeasurement of available for sale asset
      		        10     
        exchange differences on translation of foreign operations
      		        -134     
        total items that may be reclassified subsequently to income statement
      		        -119     
        other comprehensive expense for the year, net of taxation
      		        -190     
        total comprehensive income for the year1
      		        594     
        retirement benefit asset
      		          7   
        assets held for sale
      		         10    
        non-current assets:
      		             
        loans to associates
      		           187 184 
        non-current assets: - sum
      		          4,866   
        current assets:
      		             
        current assets: - sum
      		          2,440   
        equity attributable to owners of the company:
      		             
        non-current liabilities:
      		             
        non-current liabilities: - sum
      		          2,104   
        current liabilities:
      		             
        current liabilities: - sum
      		          1,162   
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD 
         
          cash flows from operating activities
        		 
          profit before taxation
        		 
          net interest payable/
        		 
          depreciation, amortisation and impairment
        		 
          loss on disposal of property, plant and equipment and software
        		 
          distribution from investment
        		 
          share-based payments expense
        		 
          share of results of associates
        		 
          dividends received from associates
        		 
          profit on disposal of manufacturing facility
        		 
          profit on disposal of net assets held for sale
        		 
          net movement in post retirement benefit obligations
        		 
          (increase)/decrease in inventories
        		 
          increase in trade and other receivables
        		 
          increase in trade and other payables and provisions
        		 
          cash generated from operations
        		 
          interest received
        		 
          interest paid
        		 
          income taxes paid
        		 
          net cash inflow from operating activities
        		 
          cash flows from investing activities
        		 
          acquisitions, net of cash acquired
        		 
          proceeds on disposal of net assets held for sale
        		 
          capital expenditure
        		 
          investment in associate
        		 
          purchase of investments
        		 
          proceeds from associate loan redemption
        		 
          proceeds on disposal of manufacturing facility
        		 
          cash received on disposal of associate
        		 
          net cash from investing activities
        		 
          cash flows from financing activities
        		 
          proceeds from issue of ordinary share capital
        		 
          purchase of own shares
        		 
          proceeds of borrowings due within one year
        		 
          settlement of borrowings due within one year
        		 
          proceeds on borrowings due after one year
        		 
          settlement of borrowings due after one year
        		 
          proceeds from own shares
        		 
          settlement of currency swaps
        		 
          equity dividends paid
        		 
          net cash from/(used in) financing activities
        		 
          net (decrease)/increase in cash and cash equivalents
        		 
          cash and cash equivalents at beginning of year
        		 
          exchange adjustments
        		 
          cash and cash equivalents at end of year