Smiths is a focused, premium industrial engineering company
Smiths is a FTSE 100 company with two market-leading industrial engineering businesses whose technology benefits millions of people every day. We design, manufacture and deliver engineering solutions for mission-critical applications in energy, industrials, construction and aerospace, markets supported by structural growth trends. We are a high-quality business with strong financial flexibility and a clear opportunity to deliver sustainable growth and attractive returns for shareholders.
We continue to deliver a resilient financial performance with organic revenue growth, margin expansion and strong cash generation and have a clear strategy for continued growth.
A highly compelling investment case
Strong market positions supported by structural growth trends with clear competitive advantages and growth prospects
Driving innovation to meet evolving customer needs and support growth
A customer-centric operating model with a high proportion of aftermarket and recurring revenue
A disciplined approach to capital allocation and growth investment, targeting attractive organic growth opportunities and value-accretive M&A
A high-performing culture with capabilities that deliver competitive advantage
A premium industrial financial profile – sustainable growth, high returns, strong cash generation and balance sheet strength
Over several years, we have purposefully aligned our business to attractive end-markets and demand trends that offer structural long-term growth. Supported by a strong balance sheet and a high proportion of aftermarket and recurring revenue, our focus is to accelerate organic growth, enhance innovation, execute with pace and discipline, and compound value through disciplined capital allocation.
Medium-term targets reflect potential for growth and higher returns
- Organic revenue growth 5-7% + M&A
- EPS growth >10% + M&A
- Operating profit margin 21-23%
- ROCE >20%
- Operating cash conversion ~100%
Significant year of strategic progress and resilient financial performance in FY2026
Organic revenue growth
Operating profit margin (+10bps)
ROCE
Operating cash conversion
Total shareholder return
Cool thinking solves hot climate challenge
Read our latest #EngineeringExplained exploring the Earth-critical revolution of Heating, Ventilation and Air Conditioning.
Putting the "plus" into performance
Read our latest #Engineering Explained piece on John Crane's Performance Plus: A modular service framework that enables them to partner with customers to improve long term performance across their assets.