Smiths FY26 profit margin widens to 20.6%, revenue up 1.2%

Smiths Group reported FY2026 organic revenue growth of 1.2%, with headline operating profit margin widening to 20.6% and ROCE at 23.5%. Net cash was £1.75 billion. The company completed a £1.5 billion share buyback and plans another. It acquired DRC Heat Transfer for £165 million and divested Smiths Interconnect and Smiths Detection for a £3.3 billion EV. FY2027 guidance forecasts about 4% organic revenue growth and a headline operating profit margin of approximately 21%.