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British industrial-technology group; after divesting Detection and Interconnect in 2026, focused on mechanical seals (John Crane) and engineered components (Flex-Tek).
British industrial-technology group; after divesting Detection and Interconnect in 2026, focused on mechanical seals (John Crane) and engineered components (Flex-Tek).
Seals and components are fitted into equipment that runs for years, so a large share of income comes from replacement parts and service on equipment already installed. The group has shrunk to two divisions through successive disposals, including the medical business in 2022.
In one line: A smaller, seals-and-components Roper Technologies.
Moat: narrow (installed base, switching costs, process know-how). Seals and components are engineered into critical equipment; aftermarket/service revenue recurs on the installed base.
Headquarters: London, UK · Founded: 1851 · Employees: 10,435
Size Smiths (SMIN.L) is a United Kingdom Industrials company (Electrical Products) with a market value of $9.45B, the 55th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £2,573 on 6 Nov 2026.
Performance Over six months the shares gained 4.8%, against -24.4% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue fell 33.5% over the last twelve months (peer median +12.6%); the operating margin is 15.6% (peer median 13.4%).
Valuation It trades at 22.6× forward earnings against a peer median of 15.8× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is -4%, so the hurdle is +19 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 14.6 points above its cost of capital (11.6% WACC).
Credit Smiths has 2 bonds outstanding ($1.45B), rated BBB by the agencies and trading like BBB at a weighted spread of 130 bp.
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | £1.94B | £1.94B | £1.90B | £2.78B | £3.04B |
| Revenue growth | — | +2% | -32% | -9% | — |
| Gross profit | £774M | £772M | £767M | £983M | £1.06B |
| EBITDA | £402M | £384M | £437M | £550M | £573M |
| Net income | £280M | £280M | £290M | £250M | £225M |
| Free cash flow | £177M | £177M | £384M | £350M | £240M |
| Capital expenditure | £67.0M | £67.0M | £80.0M | £86.0M | £81.0M |
| Total debt | n/a | £1.20B | £664M | £657M | £651M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Smiths SMIN.L | $9.45B | +5% | -34% | 16% | 22.6× | 15.2% |
| Roper Technologies ROP | $47.2B | +39% | +9% | 28% | 19.7× | 12.7% |
| Flowserve FLS | $10.2B | +13% | 0% | 14% | 17.8× | 15.0% |
| Dover DOV | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SMIN.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.1% | -8.1% | 8th highest of 21 |
| 6-month return | +4.8% | -24.4% | 2nd highest of 20 |
| Distance from 52-week high | -10.8% | -40.8% | highest of 21 |
| Revenue growth (TTM) | -33.5% | +12.6% | lowest of 20 |
| Operating margin | 15.6% | 13.4% | 8th highest of 21 |
| Forward P/E | 22.6× | 15.8× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 15.2% | 6.6% | 4th most demanding of 15 |
| Growth delivered (Del g) | -4.2% | +14.9% | lowest of 14 |
| Hurdle (Req g minus delivered) | +19.4 pp | -11.9 pp | 2nd most demanding of 14 |
| ROIC minus cost of capital | +14.6 pp | +8.4 pp | 9th highest of 21 |
| EV / EBITDA | 13.2× | 14.5× | 4th cheapest of 11 |
| Net debt / EBITDA | -4.4× | 0.2× | least indebted of 12 |
| Bond spread | 130 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Smiths SMIN.L | United Kingdom | $9.45B | +5% | -34% | 16% | 22.6× | 15.2% | -4.2% |
| Acuity AYI | United States | $9.59B | +10% | +7% | 16% | 15.1× | 6.6% | +6.0% |
| Fuji Electric 6504.T | Japan | $9.68B | -18% | +9% | 12% | 13.1× | 11.3% | +7.0% |
| Hd Hyundai Electric 267260.KS | South Korea | $9.71B | -71% | +21% | 25% | 15.0× | 0.7% | +17.6% |
| Anker Innovations Technology 300866.SZ | China | $8.83B | -11% | +22% | 11% | 19.5× | 5.8% | +26.7% |
| Furukawa Electric 5801.T | Japan | $8.75B | -54% | +13% | 6% | 11.9× | n/a | n/a |
| China Shipbuilding Industry Group Power 600482.SS | China | $10.3B | -21% | +13% | 7% | 23.4× | -19.6% | +16.5% |
| Innio INIO | United States | $10.3B | n/a | +22% | 13% | 17.5× | 6.5% | +22.1% |
| Goneo Group Co., Ltd.Class A 603195.SS | China | $10.4B | -15% | -2% | 25% | 17.4× | -2.1% | +9.8% |
| Goldwind Science & Technology 002202.SZ | China | $8.58B | -45% | +11% | 6% | 16.6× | n/a | n/a |
| SUPCON Technology 688777.SS | China | $8.58B | -9% | -6% | -3% | 116.4× | n/a | n/a |
| Generac GNRC | United States | $10.4B | -34% | +6% | 13% | 14.6× | 20.1% | +11.1% |
| China XD Electric 601179.SS | China | $8.51B | -35% | +7% | 8% | 36.0× | n/a | n/a |
| Siemens Energy India ENRIN.NS | India | $10.6B | -11% | n/a | 20% | 60.1× | 27.3% | n/a |
| Sigenergy Technology 6656.HK | Hong Kong | $8.31B | -51% | +577% | 36% | 11.0× | n/a | n/a |
| Hyosung Heavy 298040.KS | South Korea | $10.8B | -60% | +13% | 13% | 18.9× | 13.5% | +14.9% |
| GE Vernova T&D India GVT&D.NS | India | $10.9B | -16% | +41% | 26% | 62.7× | 45.7% | +12.4% |
| Bizlink 3665.TW | Taiwan | $8.00B | -54% | +33% | 17% | 14.2× | 5.3% | +25.9% |
| Zhejiang Chint Electrics 601877.SS | China | $7.97B | -24% | +4% | 14% | 10.1× | -8.3% | +12.1% |
| Zhuzhou CRRC Times Electric 3898.HK | Hong Kong | $7.95B | -24% | +17% | 14% | 7.5× | n/a | n/a |
| Regal Rexnord RRX | United States | $11.3B | -21% | +5% | 12% | 14.0× | 14.0% | +15.3% |
Smiths has 2 bonds outstanding with $1.45B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 4.42%, a spread of 130 bp over government bonds.