Smith & Nephew plc (SNN) Balance Sheet

NYSE: SNNAssets, liabilities, debt and equity over 10 years.

SNN balance sheet, 2025

December 31, 2025 · U.S. dollars

$10.46B assets = $5.17B liabilities + $5.29B equity

Both columns are drawn to the same scale: what SNN owns equals what it owes plus shareholders’ equity. Hover a block for its value.

SNN financial health

Current ratio2.57

Comfortable · current assets cover current liabilities 2.57×

Debt / equity0.63

Moderate leverage · $0.63 of debt for each $1 of equity

Equity / assets50.6%

Equity-funded · of assets funded by shareholders

Cash / debt16.7%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles38.2%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

SNN balance sheet trends, 2016–2025

Smith & Nephew plc balance sheet trends
Metric	Then	Latest	Change
Total assets	$7.34B2016	$10.46B2025	+4.0%/yr
Total liabilities	$3.39B2016	$5.17B2025	+4.8%/yr
Shareholders’ equity	$3.96B2016	$5.29B2025	+3.3%/yr
Cash & short-term investments	$100.0M2016	$557.0M2025	+21.0%/yr
Total debt	$1.65B2016	$3.33B2025	+8.1%/yr
Net cash (debt)	−$1.55B2016	−$2.77B2025	−$1.2B
Working capital	$1.18B2016	$2.51B2025	+$1.3B
Book value per share	$8.872016	$12.122025	+3.5%/yr
Current ratio	1.882016	2.572025	+0.70
Debt / equity	0.422016	0.632025	+0.21
Shares outstanding	446.5M2016	436.5M2025	−0.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

SNN assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

SNN liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

SNN debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

SNN balance sheet

Smith & Nephew plc annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$557.0M	$619.0M	$302.0M	$350.0M	$1.29B	$1.76B	$277.0M	$365.0M	$169.0M	$100.0M
Cash & equivalents	$557.0M	$619.0M	$302.0M	$350.0M	$1.29B	$1.76B	$277.0M	$365.0M	$169.0M	$100.0M
Short-term investments	—	—	—	—	−$182.0M	−$133.0M	−$106.0M	−$92.0M	−$62.0M	—
Receivables	$1.43B	$1.21B	$1.06B	$1.03B	$971.0M	$911.0M	$1.08B	$1.10B	$1.06B	$988.0M
Inventory	$2.12B	$2.39B	$2.40B	$2.21B	$1.84B	$1.69B	$1.61B	$1.40B	$1.30B	$1.24B
Other current assets	$0	$208.0M	$274.0M	$274.0M	$319.0M	$300.0M	$246.0M	$213.0M	$202.0M	$197.0M
Total current assets	$4.10B	$4.42B	$4.03B	$3.86B	$4.42B	$4.66B	$3.22B	$3.08B	$2.73B	$2.53B
Property, plant & equipment (net)	$1.64B	$1.42B	$1.47B	$1.46B	$1.51B	$1.45B	$1.32B	$1.06B	$1.05B	$982.0M
Goodwill & intangible assets	$3.99B	$4.06B	$4.10B	$4.27B	$4.39B	$4.41B	$4.36B	$3.55B	$3.74B	$3.60B
Long-term investments	$0	$0	$0	$0	$0	$0	$110.0M	$139.0M	$139.0M	$137.0M
Other non-current assets	$726.0M	$453.0M	$385.0M	$388.0M	$596.0M	$485.0M	$291.0M	$234.0M	$205.0M	$97.0M
Total assets	$10.46B	$10.35B	$9.99B	$9.97B	$10.92B	$11.01B	$9.30B	$8.06B	$7.87B	$7.34B
Liabilities
Accounts payable	$1.16B	$1.08B	$1.02B	$1.03B	$1.04B	$891.0M	$941.0M	$854.0M	$873.0M	$807.0M
Short-term debt	$150.0M	$63.0M	$765.0M	$160.0M	$491.0M	$337.0M	$72.0M	$167.0M	$29.0M	$86.0M
Deferred revenue	—	—	$218.0M	−$160.0M	−$491.0M	−$337.0M	−$72.0M	$223.0M	$149.0M	$231.0M
Total current liabilities	$1.59B	$1.53B	$2.27B	$1.72B	$2.13B	$1.69B	$1.56B	$1.47B	$1.35B	$1.35B
Long-term debt	$3.18B	$3.26B	$2.32B	$2.71B	$2.85B	$3.35B	$1.98B	$1.30B	$1.42B	$1.56B
Lease obligations	$216.0M	$196.0M	$199.0M	$196.0M	$197.0M	$204.0M	$170.0M	—	$0	$7.0M
Other long-term liabilities	$396.0M	$300.0M	$180.0M	$280.0M	$373.0M	$692.0M	$619.0M	$419.0M	$453.0M	$474.0M
Total liabilities	$5.17B	$5.09B	$4.77B	$4.71B	$5.35B	$5.73B	$4.16B	$3.19B	$3.22B	$3.39B
Shareholders' equity
Common stock & paid-in capital	$175.0M	$175.0M	$175.0M	$175.0M	$177.0M	$177.0M	$177.0M	$177.0M	$178.0M	$180.0M
Retained earnings (deficit)	$5.32B	$5.02B	$4.91B	$5.03B	$5.22B	$4.96B	$4.85B	$4.62B	$4.33B	$3.97B
Treasury stock	—	—	—	—	−$120.0M	−$157.0M	−$189.0M	−$214.0M	−$257.0M	−$432.0M
Accumulated other comprehensive income	$20.0M	−$477.0M	−$385.0M	−$439.0M	−$328.0M	−$311.0M	−$306.0M	−$322.0M	−$211.0M	−$360.0M
Total shareholders' equity	$5.29B	$5.26B	$5.22B	$5.26B	$5.57B	$5.28B	$5.14B	$4.87B	$4.64B	$3.96B
Key figures
Total debt	$3.33B	$3.32B	$3.08B	$2.87B	$3.34B	$3.69B	$2.05B	$1.47B	$1.45B	$1.65B
Net cash (debt)	−$2.77B	−$2.70B	−$2.78B	−$2.52B	−$2.05B	−$1.93B	−$1.77B	−$1.10B	−$1.28B	−$1.55B
Working capital	$2.51B	$2.89B	$1.76B	$2.14B	$2.29B	$2.98B	$1.66B	$1.61B	$1.39B	$1.18B
Tangible book value	$1.30B	$1.21B	$1.11B	$992.0M	$1.18B	$865.0M	$785.0M	$1.33B	$902.0M	$359.0M
Book value per share	$12.12	$12.01	$23.88	$12.02	$12.69	$12.06	$11.75	$11.14	$10.61	$8.87
Shares outstanding	436.5M	438.3M	218.4M	437.6M	438.9M	437.6M	437.6M	437.6M	437.6M	446.5M
Current ratio	2.57	2.89	1.77	2.25	2.08	2.76	2.06	2.10	2.03	1.88
Quick ratio	1.25	1.19	0.60	0.80	1.06	1.58	0.87	1.00	0.91	0.81
Debt / equity	0.63	0.63	0.59	0.55	0.60	0.70	0.40	0.30	0.31	0.42
Equity / assets	50.6%	50.8%	52.2%	52.8%	51.0%	47.9%	55.3%	60.5%	59.0%	53.9%

Smith & Nephew plc quarterly balance sheet
	Jun '26	Dec '25	Jun '25	Dec '24	Jun '24	Mar '24	Dec '23	Sep '23	Jun '23	Mar '23	Dec '22	Sep '22
Assets
Cash & short-term investments	$754.0M	$557.0M	$675.4M	$619.0M	$568.0M	$568.0M	$302.0M	$302.0M	$190.0M	$190.0M	$350.0M	$350.0M
Cash & equivalents	$754.0M	$557.0M	$675.4M	$619.0M	$568.0M	$568.0M	$302.0M	$302.0M	$190.0M	$190.0M	$350.0M	$350.0M
Short-term investments	—	—	—	—	—	—	−$69.0M	—	−$84.0M	—	—	—
Receivables	$1.49B	$1.43B	$1.44B	$1.21B	$1.35B	$1.35B	$1.06B	$1.06B	$1.28B	$1.28B	$1.03B	$1.18B
Inventory	$2.11B	$2.12B	$2.46B	$2.39B	$2.49B	$2.49B	$2.40B	$2.40B	$2.41B	$2.41B	$2.21B	$2.21B
Other current assets	$33.0M	$0	$47.7M	$208.0M	$44.0M	$44.0M	$274.0M	$274.0M	$0	$0	$274.0M	$123.0M
Total current assets	$4.39B	$4.10B	$4.62B	$4.42B	$4.46B	$4.46B	$4.03B	$4.03B	$3.88B	$3.88B	$3.86B	$3.86B
Property, plant & equipment (net)	$1.61B	$1.64B	$1.43B	$1.42B	$1.44B	$1.44B	$1.47B	$1.47B	$1.42B	$1.42B	$1.46B	$1.46B
Goodwill & intangible assets	$4.34B	$3.99B	$4.07B	$4.06B	$4.22B	$4.22B	$4.10B	$4.10B	$4.23B	$4.23B	$4.27B	$4.27B
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$666.0M	$726.0M	$555.5M	$453.0M	$427.0M	$427.0M	$385.0M	$385.0M	$316.0M	$438.0M	$388.0M	$527.0M
Total assets	$11.01B	$10.46B	$10.68B	$10.35B	$10.54B	$10.54B	$9.99B	$9.99B	$9.84B	$9.97B	$9.97B	$10.11B
Liabilities
Accounts payable	$1.25B	$1.18B	$1.10B	$1.08B	$1.02B	$1.02B	$1.02B	$1.02B	$955.0M	$955.0M	$1.03B	$1.03B
Short-term debt	$573.0M	$150.0M	$157.0M	$63.0M	$380.0M	$380.0M	$765.0M	$765.0M	$407.0M	—	$160.0M	—
Deferred revenue	—	—	—	—	$221.0M	—	$218.0M	—	−$407.0M	—	−$229.0M	—
Total current liabilities	$2.05B	$1.59B	$1.54B	$1.53B	$1.78B	$1.78B	$2.27B	$2.27B	$1.77B	$1.77B	$1.72B	$1.72B
Long-term debt	$0	$3.18B	$3.30B	$3.26B	$3.27B	$0	$2.32B	$0	$2.63B	$0	$2.71B	$0
Lease obligations	—	$216.0M	$208.0M	$196.0M	$184.0M	—	$199.0M	—	$193.0M	—	$196.0M	—
Other long-term liabilities	$3.78B	$396.0M	$314.8M	$300.0M	$285.0M	$3.56B	$180.0M	$2.50B	$211.0M	$2.49B	$280.0M	$2.56B
Total liabilities	$5.83B	$5.17B	$5.15B	$5.09B	$5.34B	$5.34B	$4.77B	$4.77B	$4.61B	$4.61B	$4.71B	$4.71B
Shareholders' equity
Common stock & paid-in capital	$175.0M	$175.0M	$174.8M	$175.0M	$175.0M	$175.0M	$175.0M	$175.0M	$175.0M	$175.0M	$175.0M	$175.0M
Retained earnings (deficit)	$5.43B	$5.32B	$5.12B	$5.02B	$4.93B	$4.93B	$4.91B	$4.91B	$4.96B	$4.96B	$5.03B	$5.03B
Accumulated other comprehensive income	−$307.0M	$20.0M	−$326.7M	−$477.0M	−$437.0M	−$437.0M	−$385.0M	−$385.0M	−$413.0M	—	−$439.0M	—
Total shareholders' equity	$5.18B	$5.29B	$5.53B	$5.26B	$5.21B	$5.21B	$5.22B	$5.22B	$5.23B	$5.14B	$5.26B	$5.20B
Key figures
Total debt	$3.79B	$3.33B	$3.45B	$3.32B	$3.65B	$3.60B	$3.08B	$3.03B	$3.04B	—	$2.87B	—
Net cash (debt)	−$3.03B	−$2.77B	−$2.78B	−$2.70B	−$3.09B	−$3.04B	−$2.78B	−$2.73B	−$2.85B	—	−$2.52B	—
Working capital	$2.34B	$2.51B	$3.08B	$2.89B	$2.68B	$2.68B	$1.76B	$1.76B	$2.11B	$2.11B	$2.14B	$2.14B
Tangible book value	$835.0M	$1.30B	$1.46B	$1.21B	$989.0M	$989.0M	$1.11B	$1.11B	$1.00B	$909.0M	$992.0M	$934.0M
Book value per share	$12.04	$12.12	$12.57	$11.97	$11.92	$5.96	$5.98	$5.98	$12.03	$5.88	$6.05	$5.98
Shares outstanding	430.4M	436.5M	439.9M	439.9M	436.7M	873.5M	872.9M	872.9M	435.1M	873.1M	869.8M	869.8M
Current ratio	2.14	2.57	3.00	2.89	2.51	2.51	1.77	1.77	2.19	2.19	2.25	2.25
Quick ratio	1.09	1.25	1.37	1.19	1.08	1.08	0.60	0.60	0.83	0.83	0.80	0.89
Debt / equity	0.73	0.63	0.62	0.63	0.70	0.69	0.59	0.58	0.58	—	0.55	—
Equity / assets	47.0%	50.6%	51.8%	50.8%	49.4%	49.4%	52.2%	52.2%	53.2%	51.6%	52.8%	51.5%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 16, 2026); data from EODHD.

SNN financial position

At the end of fiscal 2025 (December 31, 2025), Smith & Nephew had total assets of $10.5 billion (up 1.0% from a year earlier), total liabilities of $5.2 billion and shareholders' equity of $5.3 billion. It held $557.0 million in cash and short-term investments against $3.3 billion of debt, net debt of $2.8 billion. Its current ratio was 2.57. In the latest quarter (ended June 30, 2026) total assets were $11.0 billion and equity $5.2 billion.

Related: SNN income statement, SNN cash flow statement, SNN key metrics. See the SNN stock overview for the latest quote and news.

SNN balance sheet FAQ

What are Smith & Nephew's total assets?

Smith & Nephew reported total assets of $10.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $10.4 billion a year earlier.

How much debt does Smith & Nephew have?

Smith & Nephew had $3.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.63.

How much cash does Smith & Nephew have?

Smith & Nephew held $557.0 million in cash and short-term investments at the end of fiscal 2025; with $3.3 billion of debt that is net debt of $2.8 billion.

What is Smith & Nephew's book value?

Smith & Nephew's shareholders' equity (book value) was $5.3 billion at the end of fiscal 2025, or $12.12 per share.

What is Smith & Nephew's current ratio?

Smith & Nephew had current assets of $4.1 billion and current liabilities of $1.6 billion, a current ratio of 2.57 (it can cover its short-term obligations).

How much goodwill does Smith & Nephew have?

Smith & Nephew carried $4.0 billion of goodwill and intangible assets, 38.2% of total assets, at the end of fiscal 2025.