Smiths Group PLC (SMIN) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Smiths Group PLC stock £24.99, price £26.15, that is 4.4% below the price, quality 73 out of 100. Rating: fairly valued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range £11.89 – £28.12 · fair‑value band £18.73 – £29.65 · the £26.15 price screens above the £24.99 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Smiths Group plc operates as an industrial technology company in Americas, Europe, the Asia Pacific, and internationally. The company operates through four segments: John Crane, Smiths Detection, Flex-Tek, and Smiths Interconnect.
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The John Crane business offers mechanical seals, seal support systems, power transmission couplings, and specialized filtration systems. The Flex-Tek business offers engineered components, flexible hosing, and rigid tubing that heat and move fluids and gases.
The Smiths Detection business provides sensors and systems that detect and identify explosives, narcotics, weapons, chemical agents, biohazards, and contraband.
The Smiths Interconnect business provides specialized electronic and radio frequency board-level and waveguide devices, connectors, cables, test sockets, and sub-systems used in secure connectivity applications. It serves general industrial, safety and security, energy, and aerospace markets.
The company was formerly known as Smiths Industries and changed its name to Smiths Group plc in 2000. Smiths Group plc was founded in 1851 and is headquartered in London, the United Kingdom.
Stock analysis
Smiths Group PLC (SMIN) currently trades at £26.15, while our model-based Fair Value estimate is £24.99, so the stock looks roughly fairly valued today (gap 4.6%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of £119.85 per share, and 8 of the 25 models we run sit above the £26.15 price.
Bear case: the Asset-Based group reads lowest at £5.39, and 17 of the 25 models stay below the price. Data coverage for this calculation is medium.
Scenario range: £18.73 (bear) to £29.65 (bull), the price of £26.15 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 73/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Smiths Group PLC reported revenue of £1.9B in FY2026 versus £2.6B in FY2022, a compound −6.8%/yr. Reported net income was £2.0B in FY2026, compounding +250.9%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap £8.2B Large · P/E ratio 52.3 · P/S ratio 53.2 · EPS (TTM) £0.5000 · Dividend yield 1.9% · Net margin 102% · Return on equity 6.7% · Return on assets (EBIT) 7.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 7% below its 52-week high and 26% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at −4%, SMIN screens cheaper than that median.
Fair Value models
Bear£18.73Fair Value £24.99Bull£29.65
Price £26.15 · Downside -4.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 3 months old). Earnings retained since then (£0.0040 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.53/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.7%
Start year 2020 (pandemic). Over 10 years: +0.1% a year
Revenue growth 39 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.2%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
13.5% (2021) → 15.6% (2026)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+16.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +14.2% a year for the price and +3.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: The business shows positive cash conversion and recurring revenues after portfolio focus on data centres and energy but lacks sufficient signals of a durable competitive moat amid moderate profitability.
Main risk: Ongoing US asbestos claims tied to John Crane legacy products could continue to require cash outflows and create earnings volatility if the planned divestment does not fully remove the liability.
Bull case: Successful divestment of the asbestos liability combined with focus on data-centre and energy-transition demand could free cash for investment and support steadier growth in specialised flow and thermal solutions.
Bear case: If the asbestos divestment stalls or only partially succeeds, persistent legal costs and provisions could constrain cash flow and limit the ability to invest in growth areas such as data-centre thermal management.
Smiths has completed a major portfolio overhaul with large divestments and is now starting a process to shed its US asbestos liability tied to John Crane. That step could boost free cash flow and cut earnings swings in a focused industrial engineering business exposed to data centres and energy markets. With our models seeing it as overvalued, will the cleaner balance sheet and recurring revenues drive faster growth than the remaining execution challenges allow?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Industrial Machinery · 808 stocks
Beats the industry median on 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside−4.4% · Above median
Profitability
Return on equity (12 months)6.7% · Below median
Return on assets40.7% · Top 25%
Net margin (12 months)101.7% · Top 25%
Operating margin (12 months)19.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)4.9% · Below median
Dividend yield (12 months)1.9% · Above median
Balance sheet
Debt / equity0.21× · Above median
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Smiths Group PLC Fair Value". https://www.fairvalue-calculator.com/stock/SMIN
Frequently asked questions
Is Smiths Group PLC (SMIN) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of £24.99 versus a price of £26.15, about 4% lower (fairly valued).
What is the fair value of SMIN?
Our model-based fair value for Smiths Group PLC is £24.99 (as of Nov 4, 2026), built from audited fundamentals. The current price: £26.15.
What is the quality score of SMIN?
Smiths Group PLC has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Smiths Group PLC (SMIN)?
Our model-based price target is the fair value of £24.99 (as of Nov 4, 2026) from 25 valuation models. Cautious scenario £18.73, optimistic scenario £29.65. It is a calculation from audited fundamentals, not an analyst target.
What is the Smiths Group PLC stock forecast for 2026?
Our models put fair value at £24.99, about 4% lower versus a price of £26.15 (fairly valued). Cautious scenario £18.73, optimistic scenario £29.65. The calculation is refreshed regularly with new filings.
What is the revenue of Smiths Group PLC (SMIN)?
Smiths Group PLC reported trailing-twelve-month revenue of about £1.9B (latest available figure, as of Nov 4, 2026).
Does Smiths Group PLC pay a dividend?
Smiths Group PLC currently shows a dividend yield of 1.85% relative to its recent price (as of Nov 4, 2026).
What growth is priced into Smiths Group PLC (SMIN)?
For today's price to be fair in a discounted-cash-flow model, Smiths Group PLC would have to grow free cash flow by +16.9 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -4.2 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of SMIN use?
Our models discount Smiths Group PLC at 9.1 %: a base by market capitalisation (large), damped by beta 0.71, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Smiths Group PLC that is +16.9 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Smiths Group PLC (SMIN) delivered so far?
Over the past 5 years revenue at Smiths Group PLC grew -4.2 % a year. The price currently implies +16.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Smiths Group PLC (SMIN) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Smiths Group PLC (+16.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Smiths Group PLC (SMIN)?
The free-cash-flow yield on the price is 2.16 %: that much free cash flow Smiths Group PLC produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Smiths Group PLC (SMIN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Smiths Group PLC it is £24.99 per share (as of Nov 4, 2026), against a price of £26.15. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Smiths Group PLC stock overvalued or undervalued in 2026?
As of Nov 4, 2026, SMIN trades above its calculated fair value: price £26.15, fair value £24.99, a gap of about −4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SMIN?
No. The price is what the market pays today (£26.15); the fair value is what the company's own numbers justify (£24.99). For Smiths Group PLC the two are £1.16 per share apart. That gap is exactly why we show both numbers side by side.
How much is Smiths Group PLC worth?
The market values Smiths Group PLC at about £8.2B (market capitalisation, as of Nov 4, 2026). Per share that is £26.15; our models calculate a fair value of £24.99 per share.
What do the bullish and bearish scenarios say about SMIN?
Our models span a range for Smiths Group PLC: cautious scenario £18.73, base £24.99, optimistic £29.65 per share (as of Nov 4, 2026, price £26.15). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SMIN?
Smiths Group PLC trades at a price-to-earnings ratio of 52.3 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £24.99 is built from several models across several years. Other multiples: PEG 1.4.
What is the PEG ratio of SMIN?
The PEG ratio of Smiths Group PLC is 1.43 (P/E divided by earnings growth, as of Nov 4, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Smiths Group PLC (SMIN)?
Balance-sheet figures for Smiths Group PLC (as of Nov 4, 2026): return on equity 6.7%, debt of 0.21 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is SMIN from its 52-week high?
Smiths Group PLC trades at £26.15, about 7% below its 52-week high of £28.12 and 26% above the low of £20.79 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of £24.99 is for.
Which stocks are comparable to Smiths Group PLC?
From the same area (Industrials) we also value SIE, GE Vernova Inc, Eaton Corporation, Parker-Hannifin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Smiths Group PLC stock attractive at the current price?
The data as of Nov 4, 2026: price £26.15, calculated fair value £24.99 (−4%), Quality Score 73/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SMIN calculated?
We run Smiths Group PLC through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £24.99, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Smiths Group PLC itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Smiths Group PLC (SMIN)?
The closing price on Nov 5, 2026 was £26.15. Our model-based fair value is £24.99, about 4% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Smiths Group PLC right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Smiths Group PLC (SMIN) come from?
Earnings per share at Smiths Group PLC grew +11.4 % a year from 2015 to 2026. Broken into its drivers: revenue per share −0.2 %, EBIT margin −1.3 %, tax rate +0.5 %, residual (interest, one-offs) +12.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Smiths Group PLC
How large is the market capitalisation of Smiths Group PLC (SMIN)?
The market capitalisation of Smiths Group PLC is £8.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Smiths Group PLC (SMIN)?
The price-to-sales ratio of Smiths Group PLC is 53.2 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Smiths Group PLC (SMIN)?
Earnings per share at Smiths Group PLC are £0.5000 (price ÷ EPS = P/E 52.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Smiths Group PLC (SMIN)?
The dividend yield of Smiths Group PLC is 1.9% (payout 97.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Smiths Group PLC (SMIN)?
The net margin of Smiths Group PLC is 102% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Smiths Group PLC (SMIN)?
The return on equity (ROE) of Smiths Group PLC is 6.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Smiths Group PLC (SMIN)?
On an EBIT basis the return on assets of Smiths Group PLC is 7.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Smiths Group PLC (SMIN)?
The operating margin of Smiths Group PLC is 19.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Smiths Group PLC (SMIN)?
Revenue at Smiths Group PLC is growing +4.9% versus a year earlier (3y avg +4.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Smiths Group PLC (SMIN)?
Earnings per share at Smiths Group PLC are growing +15.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Smiths Group PLC (SMIN) hold?
Smiths Group PLC holds more cash than debt, £1.8B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Nov 4, 2026