SNN vs STE: Smith & Nephew SNATS and STERIS compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- STERIS is the larger company, worth $21.4B, about 1.8 times Smith & Nephew SNATS.
- STERIS grew revenue faster over the last year (+7.3% vs +6.1%).
- STERIS keeps more of each dollar of revenue as operating profit (18.9% vs 12.9%).
- On earnings, STERIS is the cheaper stock (27.5x vs 37.8x).
- STERIS's price assumes faster free cash flow growth: about 6% a year, against 0% for Smith & Nephew SNATS (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | SNN | STE |
|---|---|---|
| Market cap | $12.0B | $21.4B |
| Share price | $27.24 | $214.40 |
| Revenue (last fiscal year) | $6.2B | $5.9B |
| Free cash flow (last fiscal year) | $852M | $972M |
| Revenue growth, last year | +6.1% | +7.3% |
| Revenue growth per year, last 5 fiscal years | +4.3% | +8.9% |
| Operating margin | 12.9% | 18.9% |
| Net margin | 10.1% | 13.3% |
| Return on equity | 11.8% | 11.2% |
| P/E (trailing) | 37.8x | 27.5x |
| Price / free cash flow | 14.0x | 22.0x |
| EV / EBITDA | 10.3x | 13.8x |
| FCF growth the price implies | 0.37% | 6.2% |
| Dividend yield | 2.8% | 1.1% |
| Debt / equity | 0.98x | 0.49x |
| Fundamental grade | B | B |
| Superinvestors holding it | 2 | 5 |
| Insider purchases, last 12 months | 0 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Smith & Nephew SNATS
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.2B | $469M | 11.4% |
| 2022 | $5.2B | $110M | 8.6% |
| 2023 | $5.5B | $181M | 7.7% |
| 2024 | $5.8B | $606M | 11.3% |
| 2025 | $6.2B | $852M | 12.9% |
STERIS
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $4.2B | $397M | 11.3% |
| 2023 | $4.5B | $395M | 17.4% |
| 2024 | $5.1B | $613M | 16.3% |
| 2025 | $5.5B | $778M | 15.9% |
| 2026 | $5.9B | $972M | 18.6% |
Where the revenue comes from
Smith & Nephew SNATS · by segments, 2025
Orthopaedics$2.4B40%
Sports Medicine & ENT$1.9B31%
Advanced Wound Management$1.8B29%
STERIS · by segments, 2026
Healthcare Segment$4.2B71%
AST$1.1B19%
Life Sciences$589M10%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open SNN in InvestinglyQuestions
Which is bigger, Smith & Nephew SNATS or STERIS?
STERIS (STE), at $21.4B against $12.0B.
Is SNN or STE cheaper?
By trailing P/E, STERIS (27.5x) is cheaper than Smith & Nephew SNATS (37.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, SNN or STE?
STERIS: revenue grew +7.3% over the last year, against +6.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.