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Steris (STE) stock

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NYSE: STE NYSE Health Care Equipment Next results ~November 4, 2026

B Fundamentals grade

Steris is a US-listed company in the health care equipment industry. Its financial year ends in March.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$200

Cash-flow model

Base case. Range ~$150–$270 across our lower- and higher-growth cases (3.7%–13.7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 16% above our base value.

Price used: $233.35, November 2, 2026

Steris valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Steris files

Where Steris stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.04bn, up 8.4% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 15.3%. Operating margin widened to 18.9% from 16.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $188 a share, against a share price of $224. At that price, our model says the market is pricing in about 11.7% a year of cash-flow growth for five years, faster than the 7.4% a year revenue growth it has delivered.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Steris's trailing-twelve-month revenue grew 8.4% year on year, with a free-cash-flow margin of 15.3%. Where it stands out: stock pay as % of revenue of 1.0% ranks 9 of 123 health care equipment companies we cover.

Our discounted-cash-flow model values the business at ~$200 per share in the base case (~$150–$270 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 1.8% while net income grew 24.5%: a 23pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Steris's latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Below peers: gross margin. Gross margin of 44.4% ranks 93 of 123 health care equipment companies we cover (median 61.9%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2027 Q1

Filed August 7, 2026
Earnings per share
$2.59 against an average estimate of $2.49: beat by 3.9%
Revenue
$1.49bn, up 7.3% on a year earlier
Share reaction
-0.5% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
as reported revenue growth growth 7% to 8% (fiscal 2027); constant currency organic revenue growth growth 6% to 7% (fiscal 2027)
Next report
November 4, 2026; average EPS estimate $2.68

Steris' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.7%
  • 1 week+1.4%
  • 1 month+11.9%
  • This year-7.2%
  • 1 year-0.1%
  • 5 years+9.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6B
Operating margin
18.9%
Net margin
13.3%
EPS (TTM, diluted)
$8.18

Growth

Revenue growth
+8.4%
Change in growth rate
−0.4 pts
Share count change
−0.5%

Cash

Free cash flow (TTM)
$926M
FCF margin
15.3%
Stock pay % of revenue
1.0%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Shareholder vote
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Steris valuation models and calculator

What the price is pricing in

The share price implies about 10.6% a year of cash-flow growth for five years.That is close to the 7.4% a year revenue growth Steris has delivered.

  • Priced in10.6%
  • Last 12 months8.4%
  • 3 years a year9.0%
  • 5 years a year7.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($230.65, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$200
Price used
$230.65close November 3, 2026
Implied change
▼ 13%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Steris's free cash flow after stock-based pay with after-tax interest added back ($885M, FY2027 Q1 TTM), growing 7.8% and 8% in the next two years (forecasts, guidance and its record), then back to 8.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$150–~$270 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Steris's free cash flow after stock-based pay ( $885M, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Steris as an operating company, with every model that fits that kind of business. Cost of equity 8.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.77 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$200 ~$150–$270 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$200 ~$180–$330 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$62 ~$43–$91 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$55 ~$47–$68 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$140 ~$55–$200 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Steris with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▼ −6%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $116$163$225$307$414$552
8.5% $86$120$164$223$299$397
10% $67$93$128$173$230$305

Valuation multiples over time Market data may be delayed

At fiscal year end 2017201820192020202120222023202420252026Now
Share price$63.19$86.13$119.50$131.89$181.15$231.72$185.12$219.62$223.61$219.80$233.35
Market value$5.4bn$7.4bn$10.2bn$11.3bn$15.6bn$22.8bn$18.6bn$21.8bn$22.2bn$21.7bn$23.0bn
+ Net debt (− = net cash)−$283m$1.1bn$963m$831m$1.4bn$2.7bn$2.9bn$3.0bn$1.9bn$1.5bn$1.4bn
Enterprise value$5.2bn$8.5bn$11.2bn$12.1bn$17.0bn$25.5bn$21.4bn$24.8bn$24.0bn$23.2bn$24.4bn
Multiples
Price / sales 2.1x2.8x3.7x3.7x5.0x5.4x4.1x4.2x4.1x3.7x3.8x
Price / earnings 49.5x25.4x33.6x27.7x39.2x93.4x173.4x57.7x36.1x27.7x28.5x
Price / free cash flow 21.7x25.3x29.2x30.0x34.5x57.4x47.0x35.6x28.5x22.3x24.8x
EV / EBITDA 12.4x14.7x17.5x16.5x22.1x24.8x15.9x17.7x17.9x14.6x14.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

70 /100

Moderate moat

How hard Steris's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.6% of total assets over 7 years.

  • Pricing power 15 / 20

    Gross margin has been a median 43.5%, moving by 0.8 percentage points (standard deviation) across 9 years.

  • Durability 15 / 20

    Operating margin has been a median 16.2%; its worst year was 13.1%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 8 of 8 years, at a median 12.1% of revenue.

  • Discipline 12 / 20

    The diluted share count rose 12.9% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $1.6bn and EPS of $2.68 (range $2.66 to $2.70) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $11.20 +10% $6.4bn +8%
Next $12.33 +10% $6.8bn +7%

Next year's EPS estimate has moved +1.3% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.4% on 90 days ago. In the last 30 days, 5 analysts raised Steris's forecast and 1 cut it.

Consensus EPS forecast Steris, last 90 days
$11.00 $11.50 $12.00 $12.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.15 Current fiscal year, 60 days ago: $11.17 Current fiscal year, 30 days ago: $11.17 Current fiscal year, 7 days ago: $11.17 Current fiscal year, Now: $11.20 $11.20 Next fiscal year, 90 days ago: $12.17 Next fiscal year, 60 days ago: $12.25 Next fiscal year, 30 days ago: $12.25 Next fiscal year, 7 days ago: $12.28 Next fiscal year, Now: $12.33 $12.33

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.15$12.17
60 days ago $11.17$12.25
30 days ago $11.17$12.25
7 days ago $11.17$12.28
Now $11.20$12.33

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.49 $2.59 +3.9%
Mar 2026 $2.85 $2.83 −0.6%
Dec 2025 $2.53 $2.53 −0.1%
Sept 2025 $2.35 $2.47 +5.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • as reported revenue growth fiscal 2027 7% growth to 8% growth GAAP Maintained
    “This includes as reported revenue growth of 7-8% and constant currency organic revenue growth of 6-7%.” source
  • constant currency organic revenue growth fiscal 2027 6% growth to 7% growth Non-GAAP Maintained
    “This includes as reported revenue growth of 7-8% and constant currency organic revenue growth of 6-7%.” source
  • Adjusted earnings per diluted share fiscal 2027 $11.10 to $11.30 Non-GAAP Maintained
    “Adjusted earnings per diluted share are anticipated to be in the range of $11.10 to $11.30, unchanged from prior expectations.” source
  • Net income from continuing operations per diluted share Twelve Months Ended March 31, 2027 $8.92 to $9.12 GAAP
    “Net income from continuing operations per diluted share $8.92 - $9.12” source
  • Adjusted net income from continuing operations per diluted share Twelve Months Ended March 31, 2027 $11.10 to $11.30 Non-GAAP
    “Adjusted net income from continuing operations per diluted share $11.10 - $11.30” source
  • capital expenditures fiscal 2027 about $450m GAAP
    “Reflecting the recently announced investment to build a formulated chemistries manufacturing Center of Excellence in North Carolina, capital expenditures are now anticipated to be approximately $450 million compared with prior expectations of $375 million.” source
Show 4 more items
  • Free cash flow fiscal 2027 about $800m Non-GAAP
    “Free cash flow is now expected to be approximately $800 million compared with prior expectations of $850 million, as the increase in capital expenditures are anticipated to be somewhat offset by the stronger than expected first quarter cash flow.” source
  • Cash flows from operating activities Twelve Months Ended March 31, 2027 about $1,250m GAAP
    “Cash flows from operating activities $1,250.0” source
  • Purchases of property, plant, equipment, and intangibles, net Twelve Months Ended March 31, 2027 about $-450m GAAP
    “Purchases of property, plant, equipment, and intangibles, net (450.0)” source
  • Free Cash Flow Twelve Months Ended March 31, 2027 about $800m Non-GAAP
    “Free Cash Flow $800.0” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Steris's revenue by +7.8% next year and +8.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.5%, weight 53%) , management guidance (+7.5%, weight 20%) and the company's own record (+8.7%, weight 27%) . How the weights are set.

Analyst recommendations

8 analysts, Oct 2026
Buy563%
Hold338%
Sell00%

Monthly trend

  1. Oct 20261438
  2. Sep 20263429
  3. Aug 20262439
  4. Jul 20263429

Counts of recommendations published by analysts covering Steris, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
3.5
at average volume
Short interest, 1 month
−14%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.3%
of shares
Employees
17,937
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −0.1%

$233.69 on October 31, 2025 to $233.35

ThenNowEffect
Revenue (last 12 months) $5.6bn $6.0bn +8.4%
Net margin 11.6% 13.3% +14.9%
P/E multiple 35.8x 28.5x −20.2%
Share count 99m 98m +0.5%

Biggest factor: p/e multiple.

Last 3 years +10.5%

$211.18 on November 3, 2023 to $233.35

ThenNowEffect
Revenue (last 12 months) $4.7bn $6.0bn +29.3%
Net margin 2.6% 13.3% +421.7%
P/E multiple 176.8x 28.5x −83.9%
Share count 100m 98m +1.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
STE+30%−23%+20%−6%+24%−7%
Industry peers (median)−9%−37%−9%−20%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
STE50%50%58%42%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
STE−15%−36%−20%−17%−12%−25%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 36% from April 20, 2022 to September 27, 2022. Getting back needed a 57% gain, reached on September 10, 2024, 714 days after the low.

Price behaviour

52-week range
$198.79 – $266.36
From 52-week high
−12.4%
vs 50-day average
+6.3%
vs 200-day average
+4.4%
Volatility (1 year)
26%
Beta vs S&P 500
0.40

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±4.4%
After a week
7 up, 5 down
typical move ±5.0%
After a month
8 up, 4 down
typical move ±5.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −0.5% −0.4% +1.6% −2.6%
May 11, 2026 +1.6% +0.1% +2.6% +0.6%
February 4, 2026 −6.8% −1.7% −7.0% −11.7%
November 5, 2025 +7.5% −0.7% +10.8% +8.9%
August 6, 2025 +5.5% +0.7% +10.4% +9.9%
May 14, 2025 +6.8% +0.6% +6.6% +4.7%
February 5, 2025 +2.8% +0.8% −0.1% +6.4%
November 6, 2024 −5.2% +3.3% −2.3% −4.8%
August 6, 2024 −1.8% +0.2% −1.7% +0.7%
May 8, 2024 +6.2% +0.6% +10.6% +6.6%
February 7, 2024 −2.5% +0.9% +0.7% +3.7%
November 7, 2023 −5.1% +0.4% −5.4% −6.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Steris’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

STE Steris Grade B $232.56

Own 100 shares, sell the $240 call expiring December 18, 2026 (46 days) for $6.30 a share — $630 per contract.

Previous session · Bid $6.30, ask $8.40, quoted Mon 2 Nov, 17:36 New York time with STE at $232.56. Option prices move with the shares: check the live chain at your broker before trading.

  • If STE ends below $240: you keep your shares and the $630 — 2.7% extra on the position, 21.5% a year at that pace.
  • If it ends above $240: your shares are sold at $240, a total return of 5.9% including the premium — at or above our value of ~$200.
$1.4k $0 −$4.5k Our value $200 Break-even $226.26 Price $232.56
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$630
Annualised
21.5%
Break-even
$226.26
Max gain
$1,374
Chance of selling
~44%

Results are expected around November 4, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Steris in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Steris
$4.5B $5B $5.5B $6B $6.5B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $4.8B Revenue (TTM), FY24 Q3: $5B Revenue (TTM), FY24 Q4: $5.1B Revenue (TTM), FY25 Q1: $5.2B Revenue (TTM), FY25 Q2: $5.3B Revenue (TTM), FY25 Q3: $5.4B Revenue (TTM), FY25 Q4: $5.5B Revenue (TTM), FY26 Q1: $5.6B Revenue (TTM), FY26 Q2: $5.7B Revenue (TTM), FY26 Q3: $5.8B Revenue (TTM), FY26 Q4: $5.9B Revenue (TTM), FY27 Q1: $6B $6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $4.8B
FY24 Q3 $5B
FY24 Q4 $5.1B
FY25 Q1 $5.2B
FY25 Q2 $5.3B
FY25 Q3 $5.4B
FY25 Q4 $5.5B
FY26 Q1 $5.6B
FY26 Q2 $5.7B
FY26 Q3 $5.8B
FY26 Q4 $5.9B
FY27 Q1 $6B
Revenue growth, TTM YoY Steris
4% 6% 8% 10% 12% 14% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 5.5% Revenue growth, TTM YoY, FY24 Q3: 12.0% Revenue growth, TTM YoY, FY24 Q4: 13.3% Revenue growth, TTM YoY, FY25 Q1: 12.1% Revenue growth, TTM YoY, FY25 Q2: 10.6% Revenue growth, TTM YoY, FY25 Q3: 8.0% Revenue growth, TTM YoY, FY25 Q4: 6.2% Revenue growth, TTM YoY, FY26 Q1: 6.4% Revenue growth, TTM YoY, FY26 Q2: 7.1% Revenue growth, TTM YoY, FY26 Q3: 8.0% Revenue growth, TTM YoY, FY26 Q4: 8.7% Revenue growth, TTM YoY, FY27 Q1: 8.4% 8.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 5.5%
FY24 Q3 12.0%
FY24 Q4 13.3%
FY25 Q1 12.1%
FY25 Q2 10.6%
FY25 Q3 8.0%
FY25 Q4 6.2%
FY26 Q1 6.4%
FY26 Q2 7.1%
FY26 Q3 8.0%
FY26 Q4 8.7%
FY27 Q1 8.4%
Operating margin (TTM) Steris
15% 20% 25% 30% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 27.6% Operating margin (TTM), FY24 Q3: 27.3% Operating margin (TTM), FY24 Q4: 16.3% Operating margin (TTM), FY25 Q1: 15.7% Operating margin (TTM), FY25 Q2: 16.0% Operating margin (TTM), FY25 Q3: 16.1% Operating margin (TTM), FY25 Q4: 15.9% Operating margin (TTM), FY26 Q1: 16.6% Operating margin (TTM), FY26 Q2: 17.1% Operating margin (TTM), FY26 Q3: 17.2% Operating margin (TTM), FY26 Q4: 18.6% Operating margin (TTM), FY27 Q1: 18.9% 18.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 27.6%
FY24 Q3 27.3%
FY24 Q4 16.3%
FY25 Q1 15.7%
FY25 Q2 16.0%
FY25 Q3 16.1%
FY25 Q4 15.9%
FY26 Q1 16.6%
FY26 Q2 17.1%
FY26 Q3 17.2%
FY26 Q4 18.6%
FY27 Q1 18.9%
FCF margin (TTM) Steris
10% 12% 14% 16% 18% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 11.1% FCF margin (TTM), FY24 Q3: 11.9% FCF margin (TTM), FY24 Q4: 11.9% FCF margin (TTM), FY25 Q1: 11.3% FCF margin (TTM), FY25 Q2: 12.8% FCF margin (TTM), FY25 Q3: 13.9% FCF margin (TTM), FY25 Q4: 14.3% FCF margin (TTM), FY26 Q1: 16.3% FCF margin (TTM), FY26 Q2: 16.9% FCF margin (TTM), FY26 Q3: 15.7% FCF margin (TTM), FY26 Q4: 16.4% FCF margin (TTM), FY27 Q1: 15.3% 15.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 11.1%
FY24 Q3 11.9%
FY24 Q4 11.9%
FY25 Q1 11.3%
FY25 Q2 12.8%
FY25 Q3 13.9%
FY25 Q4 14.3%
FY26 Q1 16.3%
FY26 Q2 16.9%
FY26 Q3 15.7%
FY26 Q4 16.4%
FY27 Q1 15.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Steris took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $5.9B
  2. Cost of revenue $3.3B · 55.8%
  3. Gross profit $2.6B · 44.2%
  4. Research and development $113M · 1.9%
  5. Selling, general and admin $1.4B · 23.7%
  6. Operating income $1.1B · 18.6%
  7. Income tax $262M · 4.4%
  8. Interest and other $57.3M · 1.0%
  9. Net income $782M · 13.2%

Shares of revenue. Source: Steris's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Mar 2017 2018 Mar 2018 2019 Mar 2019 2020 Mar 2020 2021 Mar 2021 2022 Mar 2022 2023 Mar 2023 2024 Mar 2024 2025 Mar 2025 2026 Mar 2026 LTM Jun 2026
Income
Revenue 2,613 2,620 2,782 3,031 3,108 4,223 4,536 5,139 5,460 5,936 6,038
Gross profit 1,026 1,093 1,175 1,320 1,343 1,883 1,981 2,218 2,403 2,627 2,683
EBITDA 414 578 637 734 768 1,031 1,344 1,401 1,343 1,588 1,633
Operating income 226 400 411 537 548 478 791 836 867 1,102 1,142
Net income 110 291 304 408 397 244 107 378 615 782 805
Diluted EPS $1.28 $3.39 $3.55 $4.76 $4.63 $2.48 $1.07 $3.81 $6.20 $7.93 $8.18
Growth (year on year)
Revenue — +0.3% +6.2% +8.9% +2.5% +35.9% +7.4% +13.3% +6.2% +8.7% +8.4%
EBITDA — +39.5% +10.2% +15.3% +4.5% +34.3% +30.4% +4.3% −4.2% +18.3% +15.8%
Operating income — +76.8% +2.8% +30.7% +2.1% −12.9% +65.6% +5.7% +3.6% +27.1% +23.1%
Net income — +164.6% +4.4% +34.2% −2.5% −38.6% −56.1% +253.4% +62.5% +27.3% +24.5%
Diluted EPS — +164.8% +4.7% +34.1% −2.7% −46.4% −56.9% +256.1% +62.7% +27.9% +25.1%
Margins
Gross margin 39.3% 41.7% 42.2% 43.6% 43.2% 44.6% 43.7% 43.2% 44.0% 44.2% 44.4%
EBITDA margin 15.9% 22.1% 22.9% 24.2% 24.7% 24.4% 29.6% 27.3% 24.6% 26.8% 27.0%
Operating margin 8.7% 15.3% 14.8% 17.7% 17.6% 11.3% 17.4% 16.3% 15.9% 18.6% 18.9%
Net margin 4.2% 11.1% 10.9% 13.5% 12.8% 5.8% 2.4% 7.4% 11.3% 13.2% 13.3%
Free-cash-flow margin 9.6% 11.2% 12.6% 12.4% 14.5% 9.4% 8.7% 11.9% 14.3% 16.4% 15.3%
Cash flow
Cash from operations 424 458 540 591 690 685 757 973 1,148 1,341 1,289
Capital spending 173 165 190 215 239 288 362 360 370 369 363
Free cash flow 251 292 350 376 450 397 395 613 778 972 926
Stock-based pay 19 22 24 24 26 58 39 57 57 62 63
Free cash flow after stock pay 232 270 326 352 424 340 356 557 721 911 863
Balance sheet
Cash 283 202 221 320 221 348 208 207 172 440 482
Total debt 0 1,316 1,183 1,151 1,651 3,088 3,079 3,206 2,044 1,932 1,894
Net debt (negative = net cash) −283 1,114 963 831 1,430 2,740 2,870 2,999 1,872 1,492 1,411
Diluted shares 86m 86m 85m 86m 86m 98m 100m 99m 99m 99m 98m
Returned to shareholders
Dividends 93 103 113 123 134 163 183 201 220 242 247
Buybacks 98 65 81 51 15 56 309 12 211 236 340
Total returned 191 168 194 174 148 219 492 212 431 477 587

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · June 30, 2026
What it owns · $10.7bn
Short-term assets $2.4bnLonger-term assets $8.3bn
What it owes, and who funded it · $10.7bn
Short-term liabilities $1.3bnLonger-term liabilities $2.2bnShareholders' equity $7.2bn
  • Short-term assets cover short-term liabilities $2.4bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.4bn short-term assets against $2.2bn of longer-dated liabilities.
  • More cash than debt $482m of cash against $1.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 26% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 48% to 26% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.3bn of operating cash flow against $1.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.1bn against $61m of interest.

From Steris's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q1 TTM
Buybacks (TTM)
$340M
Dividends (TTM)
$247M
Returned to shareholders
63%
of free cash flow
Buybacks, last 3 fiscal years
$459M
Diluted share count
−0.5%
year over year
Total shareholder yield
2.6%
dividends 1.1% + buybacks 1.5% of market value
Dividend payout ratio
31%
of net income paid out
R&D spending
1.9%
of revenue
Sales & admin spending
23.6%
of revenue
Days sales outstanding
61 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated STE RMD EW BLCO DXCM IDXX Median
Revenue, last 12 months $6.0bn $5.7bn $6.5bn $5.4bn $5.1bn $4.7bn $99m
Revenue growth, last 12 months 8.4% 9.0% 14.6% 8.9% 13.0% 11.9% 9.2%
Revenue growth, 3-year average 9.0% 9.4% 15.3% 10.9% 14.5% 9.1% 13.5%
Revenue growth, latest quarter 7.3% 5.9% 13.6% 7.3% 11.2% 9.9% 10.2%
Gross margin 44.4% 61.1% 77.8% — 63.4% 62.7% 61.2%
Operating margin 18.9% 33.0% 22.3% 7.1% 24.0% 32.3% −8.5%
Operating margin, 3-year average 17.1% 31.9% 25.2% 3.8% 19.0% 30.9% −17.9%
Net margin 13.3% 27.8% 15.4% −2.0% 19.4% 25.4% −12.0%
Cash from operations / revenue 21.3% 30.9% 26.4% 10.2% 27.7% 30.4% −1.9%
Free-cash-flow margin 15.3% 28.1% 22.0% 4.7% 21.5% 28.0% −3.9%
Free-cash-flow margin, 3-year average 14.3% 29.9% 14.4% −0.2% 19.5% 23.9% −7.0%
Stock pay / revenue 1.0% 2.0% 2.6% 3.2% 3.0% 1.4% 6.1%
Change in share count −0.5% −1.3% −1.6% 1.2% −3.9% −2.2% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 8.4% 9.1% 70 of 129
Change in growth rate Growth -0.4pp -0.6pp 61 of 129
Gross margin Profitability 44.4% 61.9% 93 of 123
Operating margin Profitability 18.9% -8.3% 13 of 132
Net margin Profitability 13.3% -12.0% 20 of 133
Free-cash-flow margin Cash generation 15.3% -3.4% 22 of 128
Stock pay as % of revenue Cash generation 1.0% 6.1% 9 of 123
Long-term debt as % of assets Balance sheet 15.4% 24.2% 33 of 87
Change in share count Balance sheet -0.5% 3.3% 28 of 115
Days sales outstanding Balance sheet 61 days 57 days 73 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to March 31, 2026
Segments
Line of business Revenue Share YoY
Healthcare $4.2B 70.9% ▲ 8.5%
Applied Sterilization Technologies $1.1B 19.2% ▲ 9.6%
Life Science Member $589M 9.9% ▲ 8.6%
Products and services
Line of business Revenue Share YoY
Products $3.1B 51.6% ▲ 6.6%
Services $2.9B 48.4% ▲ 11.1%
Geography
Region Revenue Share YoY
United States $4.3B 73.0% ▲ 8.1%
Otherforeignlocations $1.5B 25.2% ▲ 11.1%
Ireland $109M 1.8% ▲ 1.1%

From Steris's 10-K filed May 29, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$20B
Institutions reporting
823
Shares held vs prior quarter
▲ 1.2%
Positions opened / closed
94 / 100

Top buyers and sellers, Q2 2026: 391 institutions bought and 400 sold ; the biggest buyer was Goldman Sachs Group Inc (+982K shares) and the biggest seller UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.9B 8.8M 9.3% ▼ 2.3%
Vanguard Capital Management LLC $1.3B 6.4M 6.7% ▲ 0.6%
State Street Corp $1.1B 5.1M 5.3% ▲ 1.6%
Vanguard Portfolio Management LLC $1.1B 5.0M 5.3% ▲ 1.0%
Massachusetts Financial Services Co $850M 3.8M 4.2% ▼ 5.2%
Morgan Stanley $832M 4.0M 4.2% ▼ 10.1%
Wellington Management Group LLP $738M 3.5M 3.7% ▲ 21.9%
Orbis Allan Gray Ltd $564M 2.7M 2.8% ▲ 3.3%
Geode Capital Management, LLC $549M 2.6M 2.7% ▲ 1.3%
Generation Investment Management LLP $480M 2.3M 2.4% ▼ 1.2%
Mitsubishi Ufj Asset Management Co., Ltd. $463M 2.2M 2.3% ▲ 0.2%
Select Equity Group, L.P. $399M 1.9M 2.0% ▼ 11.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Steris's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $9.8M 12 trades by 7 insiders · 13% under pre-set plans
Net ▼ $9.8M net selling
Insider Date Trade Shares Price Value
Sohi Mohsen Director August 12, 2026 Sell 4,058 $235.78 $956,795
Zangerle John Adam Sr. VP, Gen Counsel, and Sec. June 15, 2026 Sell pre-set plan 1,419 $209.28 $296,968
Carestio Daniel A President and CEO June 5, 2026 Sell pre-set plan 1,374 $212.00 $291,288
Carestio Daniel A President and CEO June 4, 2026 Sell pre-set plan 3,054 $214.64 $655,511
Breeden Richard C Director June 2, 2026 Sell 1,481 $209.51 $310,284
Feldmann Cynthia L Director March 5, 2026 Sell 3,098 $237.21 $734,877
Madsen Julia Sr. VP and GM, Life Sciences November 21, 2025 Sell 2,136 $262.00 $559,632
Madsen Julia Sr. VP and GM, Life Sciences November 21, 2025 Sell 2,872 $262.00 $752,464
Tamaro Renato V.P. & Corporate Treasurer November 18, 2025 Sell 1,500 $257.76 $386,640
Tamaro Renato V.P. & Corporate Treasurer November 18, 2025 Sell 212 $258.03 $54,702
Tamaro Renato V.P. & Corporate Treasurer November 18, 2025 Sell 3,324 $257.43 $855,697
Zangerle John Adam Sr. VP, Gen Counsel, and Sec. November 11, 2025 Sell 15,000 $265.14 $4M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 26 trades and filings

In the last 12 months, 4 members of Congress disclosed 8 purchases and 7 sales of Steris shares.

  • Kevin Hern(R-OK 1):Sale (full), $15,001 - $50,000, traded September 15, 2026, filed September 25, 2026
  • April McClain Delaney(D-MD 6):Sale (full), $100,001 - $250,000, traded August 25, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded July 31, 2026, filed August 3, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 11, 2026
  • February 4, 2026
  • November 5, 2025
  • August 6, 2025
  • May 14, 2025

Recent SEC filings

Data status

When each part of this page on Steris was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Steris in brief

What does Steris do?
Steris is a US-listed company in the health care equipment industry. Its financial year ends in March.
What is Steris's stock ticker?
Steris trades under the ticker STE on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Steris's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Steris reported revenue of $6B, 8.4% higher than a year earlier, according to its SEC filings.
What is Steris's free cash flow?
Steris's free-cash-flow margin is 15.3% of revenue over the trailing twelve months, ranking 22 of the 128 health care equipment companies we cover.
What is Steris's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Steris's free cash flow after stock-based pay gives ~$200 per share in the base case, and ~$150–$270 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Steris's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Steris buying back stock, and does it pay a dividend?
Steris spent $340M on share repurchases over the trailing twelve months, and its diluted share count fell 0.5% over the year.
What is Steris's market cap?
On November 2, 2026, Steris's market capitalisation was about $23B, with a price-to-earnings ratio of 28.5 and net debt of $1.4B. Market figures come from third-party market data and may be delayed.
Does Steris pay a dividend?
Yes: Steris paid $247M in dividends over the trailing twelve months, a dividend yield of 1.09% and a payout ratio of 30.7%.
How much debt does Steris have?
Steris's debt-to-equity ratio is 26.3%, from its latest balance sheet (48.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Steris's competitors?
In our Health Care Equipment peer group, the companies closest to Steris are ResMed|, Edwards Lifesciences, Bausch & Lomb Corp, Dexcom and Idexx Laboratories. The side-by-side comparison below sets their revenue, margins and growth against Steris's.
Are insiders buying or selling Steris stock?
Over the last 12 months, Steris's directors and officers reported 0 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.
When is Steris's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Steris announces its own schedule.