I’d say yes and no on the privates.
There’s endowment but also by student so $1 billion with 20k students is different than $1 billion with 2k students.
Some schools, like Tufts and Wake are very generous, but are need aware - so they’re only generous to who they want to be - and others they’ll reject for needing too much whereas a need blind school (Harvard, Vanderbilt) does not take finances into account. (Edited by moderator to comply with forum rules)
Some give merit because they need to in order to secure students - Miami and Case Western come to mind. It’s not for being nice - it’s to ensure they have revenue flowing in.
A few publics have large endowments but they are funded by both tuition and the government. Some like OOS kids because they pay full while others are desperate to buy in out of state students so they offer crazy merit for top students, perhaps In hopes of boosting standing, but top students flood to these schools as they save their parents $$$.
Others who do this get in trouble - see U of Arizona as an example, and then cut back.
I believe Smith is need aware but they are he midst of raising funds so they can become need blind. Perhaps that’s happened already but I don’t see that yet.
Smith has some merit. Need wise, it’s hard to see current stats as the CDS is a few years old but 57% received an average of $58,200.
Looks like 8% or so without need were given merit at just over $19k. So a list 1/3 is full pay I’m assuming.
As for financial health, you might use a school’s S&P or Moody’s bond rating to determine its health. That may or may not translate to a student experience but you’ll know who is on solid financial footing.
Hope that helps.