Steris (STE)
Market Price (12/29/2025): $256.0 | Market Cap: $25.2 BilSector: Health Care | Industry: Health Care Equipment
Steris (STE)
Market Price (12/29/2025): $256.0Market Cap: $25.2 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% | Trading close to highsDist 52W High is -4.7%, Dist 3Y High is -4.7% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 26x, P/EPrice/Earnings or Price/(Net Income) is 37x |
| Low stock price volatilityVol 12M is 23% | Weak multi-year price returns2Y Excs Rtn is -27%, 3Y Excs Rtn is -35% | Key risksSTE key risks include [1] regulatory actions that could curtail its critical Ethylene Oxide sterilization methods and [2] challenges executing its acquisition strategy and successfully integrating acquired businesses. |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Infection Prevention & Control, Medical Device Sterilization, and Healthcare Equipment & Services. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Low stock price volatilityVol 12M is 23% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Infection Prevention & Control, Medical Device Sterilization, and Healthcare Equipment & Services. |
| Trading close to highsDist 52W High is -4.7%, Dist 3Y High is -4.7% |
| Weak multi-year price returns2Y Excs Rtn is -27%, 3Y Excs Rtn is -35% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 26x, P/EPrice/Earnings or Price/(Net Income) is 37x |
| Key risksSTE key risks include [1] regulatory actions that could curtail its critical Ethylene Oxide sterilization methods and [2] challenges executing its acquisition strategy and successfully integrating acquired businesses. |
Why The Stock Moved
Qualitative Assessment
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The requested time period for Steris (STE) stock movement, from August 31, 2025, to December 29, 2025, is in the future. Therefore, I cannot provide an analysis of actual stock movements and their specific causal factors for this future period.
However, based on available information leading up to and within this future-dated period, several forward-looking events and analyst expectations were noted that could influence investor sentiment and potential stock performance if they were to materialize as reported or forecasted:
1. 1. Steris (STE) reported better-than-expected revenue and non-GAAP profit for Q2 CY2025, with sales up 8.7% year-on-year to $1.39 billion, exceeding analysts' consensus estimates for both revenue and profit. This performance was attributed to robust revenue growth and expanding operating margins, driven partly by foreign exchange rates and successful newer products and services.
2. 2. The company's Q1 Fiscal 2026 results were released after the market closed on August 6, 2025, with a conference call held on August 7, 2025. Reports indicated that Steris beat Q1 earnings and revenue estimates and raised its fiscal 2026 sales outlook, which positively impacted the stock.
3. Show more
However, based on available information leading up to and within this future-dated period, several forward-looking events and analyst expectations were noted that could influence investor sentiment and potential stock performance if they were to materialize as reported or forecasted:
1. 1. Steris (STE) reported better-than-expected revenue and non-GAAP profit for Q2 CY2025, with sales up 8.7% year-on-year to $1.39 billion, exceeding analysts' consensus estimates for both revenue and profit. This performance was attributed to robust revenue growth and expanding operating margins, driven partly by foreign exchange rates and successful newer products and services.
2. 2. The company's Q1 Fiscal 2026 results were released after the market closed on August 6, 2025, with a conference call held on August 7, 2025. Reports indicated that Steris beat Q1 earnings and revenue estimates and raised its fiscal 2026 sales outlook, which positively impacted the stock.
3. Show more
Stock Movement Drivers
Fundamental Drivers
The 2.8% change in STE stock from 9/28/2025 to 12/28/2025 was primarily driven by a 4.0% change in the company's Net Income Margin (%).| 9282025 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 248.47 | 255.42 | 2.80% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 5571.10 | 5702.50 | 2.36% |
| Net Income Margin (%) | 11.61% | 12.07% | 4.01% |
| P/E Multiple | 37.81 | 36.50 | -3.44% |
| Shares Outstanding (Mil) | 98.40 | 98.40 | 0.00% |
| Cumulative Contribution | 2.80% |
Market Drivers
9/28/2025 to 12/28/2025| Return | Correlation | |
|---|---|---|
| STE | 2.8% | |
| Market (SPY) | 4.3% | 4.9% |
| Sector (XLV) | 15.2% | 26.4% |
Fundamental Drivers
The 7.5% change in STE stock from 6/29/2025 to 12/28/2025 was primarily driven by a 7.2% change in the company's Net Income Margin (%).| 6292025 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 237.59 | 255.42 | 7.51% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 5459.50 | 5702.50 | 4.45% |
| Net Income Margin (%) | 11.26% | 12.07% | 7.23% |
| P/E Multiple | 37.98 | 36.50 | -3.89% |
| Shares Outstanding (Mil) | 98.27 | 98.40 | -0.13% |
| Cumulative Contribution | 7.51% |
Market Drivers
6/29/2025 to 12/28/2025| Return | Correlation | |
|---|---|---|
| STE | 7.5% | |
| Market (SPY) | 12.6% | 11.9% |
| Sector (XLV) | 17.0% | 31.4% |
Fundamental Drivers
The 24.0% change in STE stock from 12/28/2024 to 12/28/2025 was primarily driven by a 47.9% change in the company's Net Income Margin (%).| 12282024 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 205.91 | 255.42 | 24.04% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 5325.51 | 5702.50 | 7.08% |
| Net Income Margin (%) | 8.17% | 12.07% | 47.86% |
| P/E Multiple | 46.74 | 36.50 | -21.89% |
| Shares Outstanding (Mil) | 98.70 | 98.40 | 0.30% |
| Cumulative Contribution | 24.04% |
Market Drivers
12/28/2024 to 12/28/2025| Return | Correlation | |
|---|---|---|
| STE | 24.0% | |
| Market (SPY) | 17.0% | 42.6% |
| Sector (XLV) | 13.8% | 51.9% |
Fundamental Drivers
The 41.2% change in STE stock from 12/29/2022 to 12/28/2025 was primarily driven by a 29.2% change in the company's Total Revenues ($ Mil).| 12292022 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 180.84 | 255.42 | 41.24% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 4415.00 | 5702.50 | 29.16% |
| P/S Multiple | 4.09 | 4.41 | 7.63% |
| Shares Outstanding (Mil) | 99.97 | 98.40 | 1.57% |
| Cumulative Contribution | 41.20% |
Market Drivers
12/29/2023 to 12/28/2025| Return | Correlation | |
|---|---|---|
| STE | 18.5% | |
| Market (SPY) | 48.4% | 38.2% |
| Sector (XLV) | 17.8% | 49.1% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| STE Return | 25% | 29% | -23% | 20% | -6% | 26% | 77% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| STE Win Rate | 67% | 50% | 50% | 58% | 42% | 50% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| STE Max Drawdown | -29% | -9% | -34% | -4% | -9% | -2% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See STE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | STE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -36.5% | -25.4% |
| % Gain to Breakeven | 57.4% | 34.1% |
| Time to Breakeven | 1,136 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -36.1% | -33.9% |
| % Gain to Breakeven | 56.4% | 51.3% |
| Time to Breakeven | 176 days | 148 days |
| 2018 Correction | ||
| % Loss | -17.5% | -19.8% |
| % Gain to Breakeven | 21.2% | 24.7% |
| Time to Breakeven | 50 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -49.8% | -56.8% |
| % Gain to Breakeven | 99.4% | 131.3% |
| Time to Breakeven | 1,430 days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
Steris's stock fell -36.5% during the 2022 Inflation Shock from a high on 4/20/2022. A -36.5% loss requires a 57.4% gain to breakeven.
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STERIS plc provides infection prevention and other procedural products and services worldwide. It operates in three segments: Healthcare, Applied Sterilization Technologies, and Life Sciences. The Healthcare segment offers cleaning chemistries and sterility assurance products; accessories for gastrointestinal (GI) procedures, washers, sterilizers, and other pieces of capital equipment for the operation of a sterile processing department; and equipment used directly in the operating room, including surgical tables, lights, and connectivity solutions, as well as equipment management services. It also provides capital equipment installation, maintenance, upgradation, repair, and troubleshooting services; preventive maintenance programs and repair services; instrument and endoscope repair and maintenance services; and custom process improvement consulting and outsourced instrument sterile processing services. This segment offers its products and services to acute care hospitals and other healthcare settings. The Applied Sterilization Technologies segment provides contract sterilization and testing services for medical device and pharmaceutical manufacturers through a network of approximately 50 contract sterilization and laboratory facilities. The Life Sciences segment designs, manufactures and sells consumable products, such as formulated cleaning chemistries, barrier and sterility assurance products, steam and vaporized hydrogen peroxide sterilizers, and washer disinfectors. This segment also offers equipment installation, maintenance, upgradation, repair, and troubleshooting services; and preventive maintenance programs and repair services. The company was founded in 1985 and is based in Dublin, Ireland.
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```htmlHere are 1-2 brief analogies to describe Steris:
- Ecolab for hospitals: Steris provides essential infection prevention, hygiene, and sterilization solutions and services, much like Ecolab does for a broader range of industries, but with a dedicated focus on healthcare and medical device manufacturing.
- Medtronic for sterilization equipment and services: Similar to how Medtronic provides a wide array of medical devices, Steris specializes in providing the critical equipment and services necessary for sterilizing medical tools, devices, and healthcare environments.
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Major Products and Services of Steris (STE)
- Surgical Technologies: Provides integrated operating room solutions including surgical tables, lights, and room integration systems.
- Instrument Processing: Offers equipment and consumables for the cleaning, disinfection, and sterilization of medical instruments.
- Infection Prevention Products: Supplies a range of disinfectants, sterilants, and cleaning chemistries for healthcare and life sciences environments.
- Sterilization and Decontamination Equipment: Manufactures large-scale sterilizers and washers used in hospitals, pharmaceutical manufacturing, and research.
- Applied Sterilization Technologies (AST) Services: Provides contract sterilization and testing services for medical devices, pharmaceuticals, and other products.
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```htmlSteris (symbol: STE) primarily sells its products and services to other companies and organizations, not directly to individuals.
Due to the diversified nature of its global customer base, Steris does not have individual major customers that account for a significant portion of its consolidated net sales (typically, no single customer accounts for more than 10% of its total revenue, as disclosed in its annual reports).
Therefore, instead of naming specific customer companies, the following are the major categories of companies and organizations that Steris serves:
- Hospitals and Healthcare Systems: This includes acute care hospitals, ambulatory surgery centers, clinics, and other healthcare providers globally. Steris provides them with sterile processing equipment, surgical tables, lights, infection prevention solutions, and related services.
- Pharmaceutical and Biotechnology Companies: Steris offers contamination control products and services, including sterile processing and cleanroom solutions, to companies involved in the research, development, and manufacturing of drugs and biologics.
- Medical Device Manufacturers: These companies rely on Steris for sterilization services (contract sterilization through its Applied Sterile Technologies segment) and contamination control solutions for their medical devices.
- Research Institutions: Academic, government, and commercial research laboratories utilize Steris's products and services for maintaining sterile environments and processing equipment for scientific research.
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Daniel A. Carestio, President and Chief Executive Officer Mr. Carestio became President and CEO of STERIS in July 2021, having been with the company since 1997. He has held various leadership positions within STERIS, including Senior Vice President and Chief Operating Officer, and Senior Vice President of Sterilization and Disinfection, where he led the Life Sciences, Applied Sterilization Technologies, and Infection Prevention Technologies business units. Karen L. Burton, Senior Vice President and Chief Financial Officer Ms. Burton was appointed Senior Vice President and Chief Financial Officer of STERIS in August 2025. Prior to this role, she served as the company's Vice President and Chief Accounting Officer. She also held the position of Vice President and Corporate Controller for STERIS from May 2008 to January 2017. Michael J. Tokich, Senior Financial Advisor (Former Senior Vice President and Chief Financial Officer) Mr. Tokich served as Senior Vice President and Chief Financial Officer of STERIS from March 2008 until August 2025. He joined STERIS in 2000 as Assistant Corporate Controller and progressed through roles including Corporate Controller and Vice President. His responsibilities included financial reporting, planning, investor relations, tax, treasury, and oversight of regulatory, compliance, IT, government affairs, and global facilities. Before joining STERIS, he was a Divisional Vice President and Assistant Controller at OfficeMax Inc. from 1994 to 2000. J. Adam Zangerle, Senior Vice President, General Counsel and Company Secretary Mr. Zangerle holds the position of Senior Vice President, General Counsel, and Company Secretary at STERIS. Mary Clare Fraser, Senior Vice President and Chief Human Resources Officer Ms. Fraser was appointed Senior Vice President and Chief Human Resources Officer of STERIS in 2022. Previously, she served as Vice President of Human Resources at Aerospace Group and as Corporate Director of Human Resources and Vice President Human Resources of Fluid Connectors Group.AI Analysis | Feedback
The key risks to Steris's business include stringent regulatory compliance and product regulation, potential supply chain disruptions and increased costs, and challenges related to its acquisition strategy and integration of acquired businesses.
- Regulatory Compliance and Product Regulation: Steris operates in highly regulated industries, necessitating continuous adherence to complex international laws, including anti-corruption and trade regulations, as well as maintaining regulatory approvals for its products and services. The company has a history of warning letters, civil penalties, and product recalls, underscoring the ongoing risks associated with regulatory scrutiny. A significant concern is the potential for regulatory or legal actions that could curtail or eliminate the use of Ethylene Oxide (EO) sterilization, a method critical for many medical devices, which could lead to medical device shortages and a decline in surgical procedures. Steris has proactively addressed some of these concerns, such as settling Illinois EO litigation.
- Supply Chain Disruptions and Increased Costs: Steris faces significant challenges from geopolitical instability, which can disrupt global supply chains, lead to inflation, and create economic slowdowns, thereby impacting its operations and financial results. The company's reliance on a limited number of suppliers for certain key materials further exacerbates the risk of supply chain interruptions and unexpected increases in material costs, which could negatively affect its ability to produce products, fulfill orders, and maintain profitability.
- Acquisition Strategy and Integration Risks: A notable company-specific risk for Steris is the execution of its acquisition strategy and the successful integration of acquired businesses. The company has been active in acquisitions, including a significant purchase of Cantel Medical, and past execution has been mixed. The integration of new businesses carries various operational, strategic, financial, accounting, legal, and tax risks, as well as potential liabilities and uncertainties in designing, operating, and integrating internal controls. Failure to successfully integrate acquired businesses could impact the expected accretion to earnings per share and cash flow, potentially affecting Steris's market price.
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Steris (STE) operates in several key markets, with significant addressable market sizes in sterilization and surgical products and services.
Sterilization Market
- The global sterilization equipment market was valued at approximately USD 16.8 billion in 2024 and is projected to reach USD 24.7 billion by 2029.
- The global sterilization services market was estimated at USD 5.60 billion in 2024 and is anticipated to reach around USD 10.64 billion by 2034.
- North America is a significant region within the sterilization market, with the U.S. sterilization equipment market projected to reach USD 6.2 billion by 2034. Additionally, North America held a 39.5% revenue share of the sterilization services market in 2024.
Surgical Market
- The global surgical equipment market was valued at USD 18.51 billion in 2024 and is anticipated to reach USD 45.61 billion by 2034.
- North America is a dominant region in the surgical equipment market, holding the largest share at 41% in 2023.
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Steris plc (STE) is expected to drive future revenue growth over the next two to three years through a combination of strategic factors across its key segments:
- Volume and Pricing Improvements: Steris has consistently demonstrated its ability to increase revenue through improvements in both volume and pricing across its business segments. This trend is expected to continue, contributing to overall revenue expansion. For example, recent earnings reports highlight that strong revenue growth has been "primarily driven by improvements in volume and pricing". The company's gross margin improvements have also been attributed to "positive pricing strategies".
- Sustained Growth in Healthcare Segment Services and Consumables: The Healthcare segment continues to be a robust driver, with consistent growth in service and consumable revenues. The company has reported strong performance in this segment, with growth driven by service and consumable sales. Furthermore, a significant healthcare capital equipment backlog exceeding $400 million indicates strong future demand and anticipated shipments contributing to revenue once fulfilled.
- Expansion of Applied Sterilization Technologies (AST) Services: The AST segment is a key growth area, particularly in its services, driven by stable medical device volumes and increasing demand in bioprocessing. Recent performance shows AST services growing, with expectations for continued high single-digit revenue growth for the segment. The recovery and increased demand in bioprocessing are noted as significant contributors to this segment's resilience and growth potential.
- Recovery and Growth in the Life Sciences Segment: After some fluctuations, the Life Sciences segment is anticipated to contribute to revenue growth, particularly with a return of capital equipment shipments and continued strength in consumables and services. The company has observed a return of capital equipment shipments, with significant growth in some recent quarters, and expects bioprocessing demand to stabilize and contribute to meaningful growth in the second half of fiscal 2025.
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Share Repurchases
- STERIS completed a share repurchase of 907,158 shares for $200 million under a buyback plan announced on May 3, 2023.
- A $10.6 million share repurchase occurred in Q1 FY2026, following higher repurchases in the previous year.
Share Issuance
- No explicit dollar amount of shares issued by the company through offerings or similar mechanisms was found within the last 3-5 years. The number of outstanding shares is primarily impacted by stock splits and share buybacks.
Inbound Investments
- No information regarding large, strategic investments made in STERIS by third-parties (e.g., a strategic partner or a private equity firm) was explicitly found.
Outbound Investments
- STERIS acquired Cantel Medical in 2021 for a total equity value of $3.6 billion, though a goodwill impairment charge of $490 million related to this acquisition was recognized in FY23.
- The company divested its Dental segment, which had been acquired through the Cantel Dental acquisition, with the sale closing in the first quarter of fiscal 2025.
- STERIS also announced the divestiture of the CECS business on April 1, which impacted reported revenue in Q1 FY2025.
Capital Expenditures
- Capital expenditures for the first half of fiscal 2025 totaled $210 million.
- Expected capital expenditures for fiscal year 2025 are approximately $360 million, and for fiscal year 2026, they are anticipated to be approximately $375 million.
- The capital expenditures reflect ongoing investment in growth, and in Q1 fiscal 2026, capital equipment order growth accelerated to 14%.
Latest Trefis Analyses
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| ARTICLES |
Trade Ideas
Select ideas related to STE. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
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| 11142025 | CRL | Charles River Laboratories International | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 21.4% | 21.4% | -3.7% |
| 11142025 | GDRX | GoodRx | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -7.4% | -7.4% | -11.8% |
| 11142025 | ASTH | Astrana Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 18.0% | 18.0% | -5.5% |
| 11142025 | SGRY | Surgery Partners | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 3.9% | 3.9% | -1.4% |
| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.2% | 12.2% | -5.1% |
| 12312018 | STE | Steris | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 41.0% | 44.1% | -5.0% |
Research & Analysis
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Peer Comparisons for Steris
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 166.79 |
| Mkt Cap | 158.8 |
| Rev LTM | 56,496 |
| Op Inc LTM | 7,584 |
| FCF LTM | 7,327 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.5% |
| Rev Chg 3Y Avg | 3.2% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 18.0% |
| Op Mgn 3Y Avg | 17.1% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 21.7% |
| CFO/Rev 3Y Avg | 21.0% |
| FCF/Rev LTM | 17.5% |
| FCF/Rev 3Y Avg | 16.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Healthcare | 3,613 | 3,085 | 2,845 | 1,987 | |
| Applied Sterilization Technologies (AST) | 954 | 914 | 853 | 627 | |
| Life Sciences | 572 | 537 | 525 | 417 | |
| Corporate | 0 | ||||
| Dental | 362 | ||||
| Total | 5,139 | 4,536 | 4,585 | 3,031 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Healthcare | 871 | 706 | 650 | 421 | |
| Applied Sterilization Technologies (AST) | 440 | 429 | 410 | 271 | |
| Life Sciences | 221 | 210 | 216 | 144 | |
| Tax restructuring costs | -1 | -1 | -0 | -4 | |
| Net loss (gain) on divestiture of businesses | -1 | 0 | 1 | -2 | |
| Amortization of inventory and property step up to fair value | -10 | -11 | -82 | ||
| Acquisition and integration related charges | -26 | -23 | -206 | -8 | |
| Restructuring charges | -44 | -0 | -0 | -3 | |
| Amortization of acquired intangible assets | -266 | -256 | -366 | -72 | |
| Corporate | -348 | -265 | -284 | -207 | |
| Gain on fair value adjustment of acquisition related contingent consideration | 3 | 2 | |||
| COVID-19 incremental costs | 0 | -1 | |||
| Dental | 84 | ||||
| Goodwill impairment loss | 0 | ||||
| Amortization of property step up to fair value | -2 | ||||
| Total | 836 | 791 | 426 | 537 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Healthcare and Life Sciences | 7,056 | 6,558 | 6,605 | 2,721 | |
| Applied Sterilization Technologies (AST) | 3,203 | 3,129 | 3,053 | 2,974 | 2,720 |
| Current assets held for sale | 805 | 158 | |||
| Non-current assets held for sale | 977 | ||||
| Dental | 1,766 | ||||
| Healthcare | 3,600 | ||||
| Total | 11,064 | 10,822 | 11,424 | 6,574 | 5,441 |
Price Behavior
Price Behavior
| Market Price | $255.42 | |
| Market Cap ($ Bil) | 25.1 | |
| First Trading Date | 06/01/1992 | |
| Distance from 52W High | -4.7% | |
| 50 Days | 200 Days | |
| DMA Price | $253.21 | $238.88 |
| DMA Trend | up | up |
| Distance from DMA | 0.9% | 6.9% |
| 3M | 1YR | |
| Volatility | 21.5% | 23.2% |
| Downside Capture | -7.66 | 28.30 |
| Upside Capture | 7.17 | 45.05 |
| Correlation (SPY) | 5.8% | 42.9% |
STE Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.10 | 0.01 | 0.16 | 0.24 | 0.50 | 0.64 |
| Up Beta | -0.04 | 0.33 | 0.60 | 0.70 | 0.69 | 0.73 |
| Down Beta | -0.05 | 0.25 | 0.05 | 0.20 | 0.47 | 0.53 |
| Up Capture | 98% | 16% | 31% | 19% | 31% | 33% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 11 | 21 | 33 | 64 | 126 | 391 |
| Down Capture | -78% | -44% | -14% | 0% | 34% | 85% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 8 | 20 | 29 | 61 | 121 | 357 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of STE With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| STE | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 24.3% | 15.1% | 17.8% | 72.1% | 8.6% | 4.4% | -8.2% |
| Annualized Volatility | 23.0% | 17.2% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | 0.87 | 0.65 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 52.1% | 42.8% | 6.1% | 6.3% | 53.5% | 3.0% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of STE With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| STE | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 7.9% | 8.4% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 25.5% | 14.5% | 17.1% | 15.5% | 18.7% | 18.9% | 48.6% |
| Sharpe Ratio | 0.30 | 0.40 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 55.0% | 50.3% | 11.8% | 8.5% | 50.6% | 19.3% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of STE With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| STE | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 14.5% | 9.9% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 24.9% | 16.6% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.56 | 0.49 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 63.1% | 60.4% | 5.3% | 17.6% | 54.5% | 13.8% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2025 | 6.9% | 10.5% | 7.8% |
| 8/6/2025 | 6.8% | 11.7% | 11.2% |
| 5/14/2025 | 8.5% | 8.3% | 6.3% |
| 2/5/2025 | 2.1% | -0.8% | 5.7% |
| 11/6/2024 | -5.3% | -2.3% | -4.9% |
| 8/6/2024 | -2.4% | -2.3% | 0.2% |
| 5/8/2024 | 7.6% | 12.1% | 8.0% |
| 2/7/2024 | -2.5% | 0.8% | 3.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 14 | 13 |
| # Negative | 12 | 10 | 11 |
| Median Positive | 5.3% | 6.1% | 6.3% |
| Median Negative | -3.6% | -3.2% | -6.6% |
| Max Positive | 9.8% | 12.1% | 19.6% |
| Max Negative | -10.9% | -8.2% | -17.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/06/2025 | 10-Q (09/30/2025) |
| 06/30/2025 | 08/07/2025 | 10-Q (06/30/2025) |
| 03/31/2025 | 05/29/2025 | 10-K (03/31/2025) |
| 12/31/2024 | 02/07/2025 | 10-Q (12/31/2024) |
| 09/30/2024 | 11/07/2024 | 10-Q (09/30/2024) |
| 06/30/2024 | 08/08/2024 | 10-Q (06/30/2024) |
| 03/31/2024 | 05/29/2024 | 10-K (03/31/2024) |
| 12/31/2023 | 02/08/2024 | 10-Q (12/31/2023) |
| 09/30/2023 | 11/07/2023 | 10-Q (09/30/2023) |
| 06/30/2023 | 08/08/2023 | 10-Q (06/30/2023) |
| 03/31/2023 | 05/26/2023 | 10-K (03/31/2023) |
| 12/31/2022 | 02/08/2023 | 10-Q (12/31/2022) |
| 09/30/2022 | 11/09/2022 | 10-Q (09/30/2022) |
| 06/30/2022 | 08/08/2022 | 10-Q (06/30/2022) |
| 03/31/2022 | 05/31/2022 | 10-K (03/31/2022) |
| 12/31/2021 | 02/09/2022 | 10-Q (12/31/2021) |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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