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The Screen · Healthcare · Medical Devices
Smith & Nephew plc ADR
SNN · the NYSE · USD · Market cap $12.8B · 16,988 employees
Smith & Nephew plc, together with its subsidiaries, develops, manufactures, markets, and sells medical devices and services in the United Kingdom, the United States, and internationally.
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.01, read 2026-11-05
Ethical passes the values gate
Price32.46 USD
Fair value38.00
Ethical score70.0/100
Value readUndervaluedas of 4 Nov 2026
Our investment reviews on this name
2026-10-28Read Markup30.47+6.5% to today ✓Accumulation gives way to Markup first Markup read since August
2026-10-21Read Accumulation29.09+11.6% to today ✓Markdown gives way to Accumulation with volume flow in agreement
2026-09-13Read Markdown28.66+13.3% to today Markup gives way to Markdown after a 12% slide in 4 weeks
2026-08-13Read Markup32.56-0.3% to today Distribution gives way to Markup after a 7% rise in 6 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Smith & Nephew plc ADR holds its Markup at $32.46. Consolidating, no directional conviction, held for 6 days.
As held on the ledger · 2026-11-04
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 6 days
Price at the screen
$32.46
Valuation
20.73 trailing · 12.65 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.67
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
31.82%
Below 33%
Interest-bearing debt is just 31.8% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
16.38%
Below 49%
Money owed to the company is 16.4% of assets, under the 49% limit.
Pass
Revenue purity
0.45%
Below 5%
Only 0.5% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Smith & Nephew clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 32%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when SNN's ethical verdict changes
Today SNN passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 4 Nov 2026: it trades at roughly a 15% discount to our $38.00 fair value, narrow competitive moat, 4.60% revenue growth.
Fair value range in USD, drawn from the 2026-11-04 screen. The gold marker is the market price at the same screen. A 14.6% discount to the base estimate.
Where our models see it going: fair-value estimate $38.00, with a range of $38.00 to $64.92, dated to the 2026-11-04 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Hip implants and wound dressings rarely excite
A patient getting back on their feet after knee surgery does not stop to check the maker of the hardware. Smith & Nephew supplies those implants plus sports medicine tools and advanced dressings across three steady segments. Revenue is growing 7 percent, the forward multiple sits at 13.4 times and the ethical screen is clear, yet none of that moves the dial for us.
The narrow moat, 10 percent profit margin and 12 percent return on equity point to a solid but unremarkable medical device business. Our fair value sits 26 percent above the current price, yet the opportunity rating remains none because the returns and competitive position do not clear the bar for meaningful upside.
Currency moves, hospital budget squeezes and larger rivals eating share remain real threats in a market where modest growth rarely compounds into outsized gains. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to United Kingdom and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
SNN trades on the NYSE (the company is based in United Kingdom). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Markup$30.17-1.0%Entry 10
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 1.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (5 analysts) rates it buy, with a mean price target of $35.
2026-10-28Markup · changed$30.47+4.7%Entry 9
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 4.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (5 analysts) rates it buy, with a mean price target of $35.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 6.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (5 analysts) rates it buy, with a mean price target of $35.
2026-10-14Markdown$27.24-1.6%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 1.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (5 analysts) rates it buy, with a mean price target of $35.
2026-10-02Markdown$27.69-3.4%Entry 6
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 3.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (5 analysts) rates it buy, with a mean price target of $35.
2026-09-13Markdown · changed$28.66-12.0%Entry 5
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 12.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (5 analysts) rates it buy, with a mean price target of $35.
2026-08-13Markup · changed$32.56+6.5%Entry 4
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 6.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (5 analysts) rates it buy, with a mean price target of $35.
2026-07-18Distribution$30.57+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (5 analysts) rates it buy, with a mean price target of $35.
2026-07-03Distribution$30.57+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Distribution$30.57Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
