Just caught the latest results from Smith & Nephew and there's quite a bit to unpack here. The British med-tech company just posted some seriously solid numbers for FY25 - profit before tax jumped to $779 million from $498 million the year before. That's the kind of growth that gets people's attention.

What really stands out is the margin expansion. Trading profit climbed 15.5 percent to $1.21 billion, and they managed to push their trading profit margin up 160 basis points to 19.7 percent. Revenue growth came in at 6.1 percent to hit $6.16 billion, with organic growth at 5.3 percent. Not explosive, but consistent and solid.

The earnings per share numbers tell the story too - up to 71.6 cents from 47.0 cents a year ago. Adjusted EPS grew to 102.0 cents. And here's what caught my eye: Smith & Nephew is raising the dividend. The board is recommending a final dividend of 24.1 cents per share, up from 23.1 cents last year. Total distribution for the year comes to 39.1 cents per share, a 4.3 percent increase.

Q4 was particularly strong, with revenue hitting $1.70 billion, up 8.3 percent year-over-year. Underlying revenue growth in that quarter was 6.2 percent.

Looking forward, Smith & Nephew is guiding for around 7.8 percent revenue growth in fiscal 2026, with organic revenue growth expected to accelerate to around 6 percent. Trading profit growth on an organic basis is projected at around 8 percent despite some headwinds. They've also laid out targets for fiscal 2028 that suggest significant acceleration ahead.

The combination of solid execution, margin improvement, and a higher dividend makes this one worth keeping on the radar. Management seems confident enough to guide higher, which usually means they see the runway extending pretty far out.