Steris key statistics and ratios

In fiscal 2026, Steris had return on equity of 11.3%, an operating margin of 18.6%, debt equal to 26.9% of equity and a current ratio of 2.09. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Steris: financial ratios, annual
Fiscal year	2017Mar 2017	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026	LTMJun 2026
Gross margin	39.3%	41.7%	42.2%	43.6%	43.2%	44.6%	43.7%	43.2%	44.0%	44.2%	44.4%
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%
Return on equity	3.9%	9.7%	9.5%	12.4%	10.9%	4.7%	1.7%	6.1%	9.5%	11.3%	11.2%
Return on assets	—	5.6%	5.9%	7.8%	6.6%	2.7%	1.0%	3.5%	5.8%	7.5%	7.5%
Asset turnover	—	0.50	0.54	0.58	0.52	0.47	0.41	0.47	0.51	0.57	0.56
Current ratio	—	2.48	2.27	2.43	2.10	2.04	2.33	3.08	1.96	2.09	1.91
Debt to equity	0.0%	41.0%	37.2%	33.8%	42.5%	47.3%	50.7%	50.9%	30.9%	26.9%	26.3%
Interest cover (operating income ÷ interest)	5.1x	7.9x	9.1x	13.3x	14.7x	5.3x	7.3x	5.8x	10.0x	18.2x	18.8x
Effective tax rate	40.1%	17.8%	17.4%	18.2%	23.3%	22.4%	18.2%	21.3%	23.2%	25.0%	25.8%
R&D as % of revenue	2.3%	2.3%	2.3%	2.2%	2.1%	2.1%	2.2%	2.0%	2.0%	1.9%	1.9%
SG&A as % of revenue	26.1%	24.1%	24.1%	23.6%	23.5%	31.2%	24.0%	24.4%	24.4%	23.7%	23.6%
Capital spending as % of revenue	6.6%	6.3%	6.8%	7.1%	7.7%	6.8%	8.0%	7.0%	6.8%	6.2%	6.0%
Free cash flow ÷ net income	228.4%	100.4%	115.2%	92.2%	113.3%	162.9%	369.0%	162.1%	126.6%	124.3%	115.0%
Dividends ÷ net income	84.7%	35.4%	37.0%	30.2%	33.7%	66.9%	171.4%	53.0%	35.8%	30.9%	30.7%
Dividends and buybacks ÷ free cash flow	75.9%	57.6%	55.5%	46.3%	33.0%	55.1%	124.6%	34.6%	55.4%	49.1%	63.5%

US$ thousands unless shown otherwise. Fiscal quarters.

Steris: financial ratios, quarterly
Quarter	2025 Q2Sept 2024	2025 Q3Dec 2024	2025 Q4Mar 2025	2026 Q1Jun 2025	2026 Q2Sept 2025	2026 Q3Dec 2025	2026 Q4Mar 2026	2027 Q1Jun 2026
Gross margin	43.6%	44.5%	43.3%	45.1%	44.2%	43.8%	43.9%	45.8%
Operating margin	16.5%	17.9%	14.6%	17.7%	18.2%	18.3%	19.9%	19.1%
Net margin	11.3%	12.7%	9.8%	12.8%	13.1%	12.9%	13.9%	13.4%
Free-cash-flow margin	11.2%	17.8%	12.8%	23.5%	13.8%	13.3%	15.4%	18.7%
Current ratio	2.41	2.13	1.96	2.22	2.37	2.48	2.09	1.91
Debt to equity	33.9%	33.7%	30.9%	27.4%	27.1%	26.5%	26.9%	26.3%
R&D as % of revenue	2.0%	2.0%	1.9%	1.9%	1.9%	2.0%	1.8%	1.9%
SG&A as % of revenue	24.8%	24.5%	22.6%	25.4%	23.9%	23.5%	22.1%	24.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Steris's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Steris.