Smith & Nephew

Website: Smith & Nephew
Index: FTSE 100
EPIC: SN.
Supersector: Health Care
Sector: Health Care Equipment and Services
Subsector: Medical Equipment
Market Cap: £9.71B
Payout Frequency: Semi-Annual

Smith & Nephew Dividend Analysis and Summary

Key Dividend Details
  • Final dividend declared: 24.1¢ per share (48.2¢ per ADS), subject to shareholder approval.
  • Total FY2025 dividend: 39.1¢ per share (78.2¢ per ADS), up +4.3% year-on-year (2024: 37.5¢).
  • Payout ratio: 38% (aligned with the stated 35–40% framework).
  • Ex-dividend date: 26/03/2026.
  • Record date: 27/03/2026; Payment date: 27/05/2026.
  • DRIP/currency election deadline: 05/05/2026.
  • Currency: Dividends declared in US dollars; sterling amount to be set after the record date.
Sustainability and Growth Outlook
  • Coverage: FY2025 DPS (39.1¢) is covered ~2.6x by adjusted EPS (EPSA 102.0¢) and ~1.8x by IFRS EPS (72.1¢) — solid earnings cover.
  • Cash support: Free cash flow of $840m in 2025 versus dividends paid of ~$330m (~2.5x cash cover). 2026 guidance for FCF is ~$800m, still ample for the dividend even with modest growth.
  • Profitability trend: Trading profit rose +15.5% to $1,211m; margin expanded to 19.7% (+160bps). 2026 trading profit expected ~$1.3bn (including small dilution from the Integrity Orthopaedics acquisition) — supportive for ongoing distributions.
  • Balance sheet: Adjusted net debt/EBITDA at 1.7x, with strong liquidity and completed $500m buyback in H2 2025 — indicates capacity to maintain policy-consistent payouts.
  • Dividend trajectory: With a stated payout framework of 35–40% and targets for higher growth, margins, and >$1bn FCF by 2028, the progressive, low-to-mid single digit dividend growth profile looks well supported.
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Smith & Nephew Annual Dividend Yield - 2.45%

Dividends Used in Calculation:

Ex-Dividend Date Payment Date Type Amount Currency
27/03/2025 28/05/2025 Final 23.10¢ USX
02/10/2025 07/11/2025 Interim 15.00¢ USX

Total (Annual Dividends Per Share): 28.05p (Using exchange rate on 30/04/2026 $ = £0.73627)

Dividend Yield = Annual Dividends Per Share (28.05p) ÷ Share Price (1147p) = 2.45%

Smith & Nephew Dividend History

Ex Dividend Date Payment Date Type Amount Currency
26/03/2026 27/05/2026 Final 24.10¢ USX
02/10/2025 07/11/2025 Interim 15.00¢ USX
27/03/2025 28/05/2025 Final 23.10¢ USX
03/10/2024 08/11/2024 Interim 14.40¢ USX
28/03/2024 22/05/2024 Final 23.10¢ USX
05/10/2023 01/11/2023 Interim 14.40¢ USX
30/03/2023 17/05/2023 Final 23.10¢ USX
29/09/2022 26/10/2022 Interim 14.40¢ USX
31/03/2022 11/05/2022 Final 23.10¢ USX
30/09/2021 27/10/2021 Interim 14.40¢ USX
01/04/2021 12/05/2021 Final 23.10¢ USX
01/10/2020 28/10/2020 Interim 14.40¢ USX
02/04/2020 06/05/2020 Final 23.10¢ USX
03/10/2019 30/10/2019 Interim 14.40¢ USX
04/04/2019 08/05/2019 Final 22.00¢ USX
04/10/2018 31/10/2018 Interim 14.00¢ USX
05/04/2018 09/05/2018 Final 22.70¢ USX
05/10/2017 01/11/2017 Interim 12.30¢ USX
30/03/2017 10/05/2017 Final 18.50¢ USX
06/10/2016 25/10/2016 Interim 12.30¢ USX
21/04/2016 11/05/2016 Final 19.00¢ USX
08/10/2015 27/10/2015 Interim 11.80¢ USX
16/04/2015 06/05/2015 Final 18.60¢ USX
23/10/2014 11/11/2014 Interim 11.00¢ USX
16/04/2014 07/05/2014 Final 17.00¢ USX
09/10/2013 29/10/2013 Interim 10.40¢ USX
17/04/2013 08/05/2013 Final 16.20¢ USX
10/10/2012 30/10/2012 Interim 9.90¢ USX
18/04/2012 09/05/2012 Final 10.80¢ USX
12/10/2011 01/11/2011 Interim 6.60¢ USX
29/04/2011 19/05/2011 Final 9.82¢ USX
13/10/2010 02/11/2010 Interim 6.00¢ USX
21/04/2010 12/05/2010 2nd Interim 8.93¢ USX
14/10/2009 03/11/2009 Interim 5.46¢ USX
15/04/2009 08/05/2009 2nd Interim 8.12¢ USX
15/10/2008 07/11/2008 Interim 4.96¢ USX
16/04/2008 09/05/2008 2nd Interim 7.38¢ USX
17/10/2007 09/11/2007 Interim 4.51¢ USX
18/04/2007 11/05/2007 2nd Interim 6.71¢ USX
18/10/2006 10/11/2006 Interim 4.10¢ USX
19/04/2006 12/05/2006 2nd Interim 6.10¢ USX
19/10/2005 11/11/2005 Interim 3.66¢ USX
20/04/2005 13/05/2005 Final 5.879¢ USX
20/10/2004 12/11/2004 Interim 3.524¢ USX
21/04/2004 14/05/2004 Final 5.010¢ USX
13/08/2003 12/09/2003 Interim 2.969¢ USX
20/04/2003 16/05/2003 Final 4.87¢ USX
16/10/2002 15/11/2002 Interim 2.84¢ USX
17/04/2002 17/05/2002 Final 4.150¢ USX
07/11/2001 05/12/2001 Interim 2.478¢ USX
18/04/2001 18/05/2001 Final 4.013¢ USX
08/11/2000 06/12/2000 Interim 2.443¢ USX
Year Interim Final Currency Total Change
2024 14.400 23.100 USX 37.500 0.000
2023 14.400 23.100 USX 37.500 0.000
2022 14.400 23.100 USX 37.500 -38.110
2021 14.400 46.200 USX 60.600 61.600
2020 14.400 23.100 USX 37.500 3.020
2019 14.400 22.000 USX 36.400 -0.810
2018 14.000 22.700 USX 36.700 198.370
2017 12.300 USX 12.300 -75.300
2016 12.300 37.500 USX 49.800 63.810
2015 11.800 18.600 USX 30.400 8.570
2014 11.000 17.000 USX 28.000 5.260
2013 10.400 16.200 USX 26.600 28.500
2012 9.900 10.800 USX 20.700 26.060
2011 6.600 9.820 USX 16.420 9.970
2010 6.000 USX 14.930 9.940
2009 5.460 USX 13.580 10.040
2008 4.960 USX 12.340 9.980
2007 4.510 USX 11.220 10.000
2006 4.100 USX 10.200 6.920
2005 3.660 5.879 USX 9.539 11.770
2004 3.524 5.010 USX 8.534 8.860
2003 2.969 4.870 USX 7.839 12.140
2002 2.840 4.150 USX 6.990 7.680
2001 2.478 4.013 USX 6.491 165.690
2000 2.443 USX 2.443

Smith & Nephew Dividend Calculator

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Smith & Nephew Dividend Growth

Dividend Growth (1Y) -2.87%
Dividend CAGR (5Y) 0.75%
Years of Growth –
Payout Ratio 52.8%
Buyback Yield 0.34%
Shareholder Yield 2.79%
P/E Ratio (TTM)22.57
Forward P/E14.33
P/FCF16.12
Earnings Yield4.55%
FCF Yield6.2%
ROE11.84%
ROCE9.9%
Profit Margin10.14%
Operating Margin14.23%
Gross Margin68.25%