WH Smith PLC (SMWH) — Working Capital to Net Assets Ratio
WH Smith PLC (SMWH) has a Working Capital to Net Assets ratio of -361.5% as of February 2026. Working capital of GBX-582.00 Million (current assets of GBX284.00 Million minus current liabilities of GBX866.00 Million) is measured against net assets of GBX161.00 Million. A higher ratio indicates strong short-term liquidity financed by the equity base. See SMWH free cash flow debt coverage to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
WH Smith PLC Working Capital to Net Assets (2005–2025)
This chart shows how WH Smith PLC's Working Capital to Net Assets ratio has evolved across 21 annual periods from 2005 to 2025. As of February 2026, the ratio stands at -361.5%, reflecting working capital of GBX-582.00 Million against net assets of GBX161.00 Million GBX. See WH Smith PLC defensive interval ratio to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for WH Smith PLC (2005–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for WH Smith PLC from 2005 to 2025, covering 21 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see WH Smith PLC market cap and net worth.
| Year | WC/NA Ratio | Working Capital (GBX) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | -280.3% | GBX-527.00 Million | GBX188.00 Million | GBX344.00 Million | GBX871.00 Million | ▼ -260.6 pp |
| 2024 | -19.7% | GBX-88.00 Million | GBX446.00 Million | GBX511.00 Million | GBX599.00 Million | ▲ +29.1 pp |
| 2023 | -48.8% | GBX-166.00 Million | GBX340.00 Million | GBX377.00 Million | GBX543.00 Million | ▼ -12.3 pp |
| 2022 | -36.5% | GBX-99.00 Million | GBX271.00 Million | GBX418.00 Million | GBX517.00 Million | ▲ +9.6 pp |
| 2021 | -46.2% | GBX-66.00 Million | GBX143.00 Million | GBX310.00 Million | GBX376.00 Million | ▼ -18.8 pp |
| 2020 | -27.3% | GBX-62.00 Million | GBX227.00 Million | GBX315.00 Million | GBX377.00 Million | ▼ -35.3 pp |
| 2019 | 8.0% | GBX19.00 Million | GBX237.00 Million | GBX298.00 Million | GBX279.00 Million | ▲ +20.8 pp |
| 2018 | -12.7% | GBX-27.00 Million | GBX212.00 Million | GBX260.00 Million | GBX287.00 Million | ▲ +3.3 pp |
| 2017 | -16.0% | GBX-30.00 Million | GBX187.00 Million | GBX242.00 Million | GBX272.00 Million | ▲ +3.0 pp |
| 2016 | -19.0% | GBX-32.00 Million | GBX168.00 Million | GBX236.00 Million | GBX268.00 Million | ▲ +14.3 pp |
| 2015 | -33.3% | GBX-49.00 Million | GBX147.00 Million | GBX230.00 Million | GBX279.00 Million | ▲ +25.1 pp |
| 2014 | -58.4% | GBX-59.00 Million | GBX101.00 Million | GBX235.00 Million | GBX294.00 Million | ▼ -4.5 pp |
| 2013 | -53.9% | GBX-55.00 Million | GBX102.00 Million | GBX233.00 Million | GBX288.00 Million | ▼ -21.0 pp |
| 2012 | -32.9% | GBX-49.00 Million | GBX149.00 Million | GBX246.00 Million | GBX295.00 Million | ▼ -10.5 pp |
| 2011 | -22.4% | GBX-35.00 Million | GBX156.00 Million | GBX259.00 Million | GBX294.00 Million | ▼ -14.4 pp |
| 2010 | -8.1% | GBX-15.00 Million | GBX186.00 Million | GBX285.00 Million | GBX300.00 Million | ▲ +2.0 pp |
| 2009 | -10.1% | GBX-19.00 Million | GBX188.00 Million | GBX262.00 Million | GBX281.00 Million | ▲ +28.4 pp |
| 2008 | -38.5% | GBX-62.00 Million | GBX161.00 Million | GBX241.00 Million | GBX303.00 Million | ▼ -49.5 pp |
| 2007 | 11.0% | GBX25.00 Million | GBX227.00 Million | GBX286.00 Million | GBX261.00 Million | ▼ -2.7 pp |
| 2006 | 13.7% | GBX23.00 Million | GBX168.00 Million | GBX278.00 Million | GBX255.00 Million | ▲ +46.1 pp |
| 2005 | -32.4% | GBX-34.00 Million | GBX105.00 Million | GBX262.00 Million | GBX296.00 Million | — |