Smiths Group PLC

SMIN: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Smiths Group Earnings: Solid Performance; Shares Fairly Valued

Joachim Kotze

Mar 25, 2025

Wide-moat Smiths Group reported a solid set of first-half fiscal 2025 results, underpinned by strong organic growth and improved profitability. Organic revenue rose by 9% while operating margin expanded 50 basis points to 16.7%, driving a 9.5% increase in reported operating profit to GBP 269 million. We maintain our GBX 2,030 fair value estimate, suggesting the stock is trading in fair value territory.

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Smiths Group PLC

Smiths Group Earnings: Solid Performance; Shares Fairly Valued

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