Steris (STE)
Market Price (6/26/2026): $210.55 | Market Cap: $20.6 BilInvestor Relations Sector: Health Care | Industry: Health Care Equipment
Steris (STE)
Market Price (6/26/2026): $210.55Market Cap: $20.6 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 16% Low stock price volatilityVol 12M is 24% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Infection Prevention & Control, Medical Device Sterilization, and Healthcare Equipment & Services. | Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -66% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 26x 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. |
| 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 16% |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Infection Prevention & Control, Medical Device Sterilization, and Healthcare Equipment & Services. |
| Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -66% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 26x |
| 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. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 6/1/2026
Steris (STE) stock has lost about 15% since 2/28/2026 because of the following key factors:
1. Missed Fiscal Year 2026 Fourth Quarter Earnings and Revenue Estimates. STERIS reported adjusted earnings per share (EPS) of $2.83 for its fiscal fourth quarter of 2026, falling short of analyst estimates of $2.88 by $0.05. Additionally, the company's revenue of $1.5884 billion missed the consensus estimate of $1.610561 billion by over $22 million.
2. Persistent Tariff Headwinds and Increased Tax Rate Impacting Profit Margins. The company faced continued pressure from incremental tariff costs totaling approximately $46 million for fiscal year 2026, which reduced total company EBIT margins by 80 basis points. Furthermore, the adjusted effective tax rate for fiscal 2026 rose by 130 basis points to 24.4% from fiscal 2025, further limiting earnings growth.
Show more
Steris (STE) stock has lost about 15% since 2/28/2026 because of the following key factors:
1. Missed Fiscal Year 2026 Fourth Quarter Earnings and Revenue Estimates. STERIS reported adjusted earnings per share (EPS) of $2.83 for its fiscal fourth quarter of 2026, falling short of analyst estimates of $2.88 by $0.05. Additionally, the company's revenue of $1.5884 billion missed the consensus estimate of $1.610561 billion by over $22 million.
2. Persistent Tariff Headwinds and Increased Tax Rate Impacting Profit Margins. The company faced continued pressure from incremental tariff costs totaling approximately $46 million for fiscal year 2026, which reduced total company EBIT margins by 80 basis points. Furthermore, the adjusted effective tax rate for fiscal 2026 rose by 130 basis points to 24.4% from fiscal 2025, further limiting earnings growth.
Show more
Updated on 6/1/2026
Steris (STE) stock has lost about 15% since 2/28/2026 because of the following key factors:
1. Missed Fiscal Year 2026 Fourth Quarter Earnings and Revenue Estimates. STERIS reported adjusted earnings per share (EPS) of $2.83 for its fiscal fourth quarter of 2026, falling short of analyst estimates of $2.88 by $0.05. Additionally, the company's revenue of $1.5884 billion missed the consensus estimate of $1.610561 billion by over $22 million.
2. Persistent Tariff Headwinds and Increased Tax Rate Impacting Profit Margins. The company faced continued pressure from incremental tariff costs totaling approximately $46 million for fiscal year 2026, which reduced total company EBIT margins by 80 basis points. Furthermore, the adjusted effective tax rate for fiscal 2026 rose by 130 basis points to 24.4% from fiscal 2025, further limiting earnings growth.
3. Significant Institutional Investor Outflows. During the fourth quarter of fiscal 2025, preceding the specified period, a substantial number of institutional investors (436) decreased their positions in STERIS. Notably, UBS AM, a distinct business unit of UBS Asset Management Americas LLC, removed 3,632,991 shares from its portfolio, valued at an estimated $921,035,878. This significant divestment by a major institutional player likely contributed to a bearish sentiment that persisted into the subsequent months.
4. Analyst Downgrades and Reduced Price Targets Post-Earnings. Following the release of the Q4 2026 earnings report on May 11, 2026, several Wall Street analysts adjusted their price targets for STERIS downwards. For example, Jefferies lowered its price target from $253 to $225, while KeyBanc reduced its target from $291 to $269. These revisions reflected updated expectations for the company's future performance and contributed to negative investor sentiment.
Show less
Steris (STE) stock has lost about 15% since 2/28/2026 because of the following key factors:
1. Missed Fiscal Year 2026 Fourth Quarter Earnings and Revenue Estimates. STERIS reported adjusted earnings per share (EPS) of $2.83 for its fiscal fourth quarter of 2026, falling short of analyst estimates of $2.88 by $0.05. Additionally, the company's revenue of $1.5884 billion missed the consensus estimate of $1.610561 billion by over $22 million.
2. Persistent Tariff Headwinds and Increased Tax Rate Impacting Profit Margins. The company faced continued pressure from incremental tariff costs totaling approximately $46 million for fiscal year 2026, which reduced total company EBIT margins by 80 basis points. Furthermore, the adjusted effective tax rate for fiscal 2026 rose by 130 basis points to 24.4% from fiscal 2025, further limiting earnings growth.
3. Significant Institutional Investor Outflows. During the fourth quarter of fiscal 2025, preceding the specified period, a substantial number of institutional investors (436) decreased their positions in STERIS. Notably, UBS AM, a distinct business unit of UBS Asset Management Americas LLC, removed 3,632,991 shares from its portfolio, valued at an estimated $921,035,878. This significant divestment by a major institutional player likely contributed to a bearish sentiment that persisted into the subsequent months.
4. Analyst Downgrades and Reduced Price Targets Post-Earnings. Following the release of the Q4 2026 earnings report on May 11, 2026, several Wall Street analysts adjusted their price targets for STERIS downwards. For example, Jefferies lowered its price target from $253 to $225, while KeyBanc reduced its target from $291 to $269. These revisions reflected updated expectations for the company's future performance and contributed to negative investor sentiment.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -16.3% change in STE stock from 2/28/2026 to 6/25/2026 was primarily driven by a -24.5% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 251.60 | 210.60 | -16.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,828 | 5,936 | 1.8% |
| Net Income Margin (%) | 12.1% | 13.2% | 8.5% |
| P/E Multiple | 34.9 | 26.4 | -24.5% |
| Shares Outstanding (Mil) | 98 | 98 | 0.3% |
| Cumulative Contribution | -16.3% |
Market Drivers
2/28/2026 to 6/25/2026| Return | Correlation | |
|---|---|---|
| STE | -16.3% | |
| Market (SPY) | 7.3% | 37.0% |
| Sector (XLV) | -2.5% | 65.4% |
Fundamental Drivers
The -20.5% change in STE stock from 11/30/2025 to 6/25/2026 was primarily driven by a -30.4% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 264.82 | 210.60 | -20.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,702 | 5,936 | 4.1% |
| Net Income Margin (%) | 12.1% | 13.2% | 9.2% |
| P/E Multiple | 37.8 | 26.4 | -30.4% |
| Shares Outstanding (Mil) | 98 | 98 | 0.5% |
| Cumulative Contribution | -20.5% |
Market Drivers
11/30/2025 to 6/25/2026| Return | Correlation | |
|---|---|---|
| STE | -20.5% | |
| Market (SPY) | 8.1% | 40.6% |
| Sector (XLV) | -0.5% | 52.9% |
Fundamental Drivers
The -13.0% change in STE stock from 5/31/2025 to 6/25/2026 was primarily driven by a -31.9% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 242.06 | 210.60 | -13.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,460 | 5,936 | 8.7% |
| Net Income Margin (%) | 11.3% | 13.2% | 17.0% |
| P/E Multiple | 38.7 | 26.4 | -31.9% |
| Shares Outstanding (Mil) | 98 | 98 | 0.4% |
| Cumulative Contribution | -13.0% |
Market Drivers
5/31/2025 to 6/25/2026| Return | Correlation | |
|---|---|---|
| STE | -13.0% | |
| Market (SPY) | 26.0% | 30.1% |
| Sector (XLV) | 19.4% | 44.6% |
Fundamental Drivers
The 8.8% change in STE stock from 5/31/2023 to 6/25/2026 was primarily driven by a 458.6% change in the company's Net Income Margin (%).| (LTM values as of) | 5312023 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 193.64 | 210.60 | 8.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,536 | 5,936 | 30.9% |
| Net Income Margin (%) | 2.4% | 13.2% | 458.6% |
| P/E Multiple | 179.2 | 26.4 | -85.3% |
| Shares Outstanding (Mil) | 99 | 98 | 1.2% |
| Cumulative Contribution | 8.8% |
Market Drivers
5/31/2023 to 6/25/2026| Return | Correlation | |
|---|---|---|
| STE | 8.8% | |
| Market (SPY) | 82.6% | 39.1% |
| Sector (XLV) | 28.0% | 50.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| STE Return | 29% | -23% | 20% | -6% | 25% | -18% | 15% |
| Peers Return | 1% | -28% | 38% | -1% | 9% | 1% | 9% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| STE Win Rate | 50% | 50% | 58% | 42% | 50% | 17% | |
| Peers Win Rate | 54% | 38% | 58% | 49% | 53% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| STE Max Drawdown | -15% | -36% | -20% | -17% | -12% | -25% | |
| Peers Max Drawdown | -15% | -42% | -22% | -20% | -26% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SHC, SOLV, FTV, ECL, BDX. 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] 2026 data is for the year up to 6/25/2026 (YTD)
How Low Can It Go
| Event | STE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.9% | -9.5% |
| % Gain to Breakeven | 17.4% | 10.5% |
| Time to Breakeven | 78 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.3% | -24.5% |
| % Gain to Breakeven | 50.0% | 32.4% |
| Time to Breakeven | 672 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.8% | -33.7% |
| % Gain to Breakeven | 55.8% | 50.9% |
| Time to Breakeven | 175 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -10.2% | -19.2% |
| % Gain to Breakeven | 11.4% | 23.8% |
| Time to Breakeven | 23 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -12.0% | -3.7% |
| % Gain to Breakeven | 13.6% | 3.9% |
| Time to Breakeven | 174 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.4% | -12.2% |
| % Gain to Breakeven | 11.6% | 13.9% |
| Time to Breakeven | 65 days | 62 days |
In The Past
Steris's stock fell -5.6% during the 2025 US Tariff Shock. Such a loss loss requires a 5.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | STE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.3% | -24.5% |
| % Gain to Breakeven | 50.0% | 32.4% |
| Time to Breakeven | 672 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.8% | -33.7% |
| % Gain to Breakeven | 55.8% | 50.9% |
| Time to Breakeven | 175 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -23.9% | -17.9% |
| % Gain to Breakeven | 31.4% | 21.8% |
| Time to Breakeven | 354 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -34.9% | -53.4% |
| % Gain to Breakeven | 53.5% | 114.4% |
| Time to Breakeven | 141 days | 1085 days |
In The Past
Steris's stock fell -5.6% during the 2025 US Tariff Shock. Such a loss loss requires a 5.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Steris (STE)
STERIS plc is a global provider of infection prevention and other procedural products and services. The company's mission revolves around helping its customers create safer environments and deliver better patient outcomes through a diverse portfolio. STERIS operates across three primary segments: Healthcare, Applied Sterilization Technologies, and Life Sciences, each targeting specific needs within critical industries.
The Healthcare segment is a comprehensive partner for acute care hospitals and other clinical settings. It supplies essential cleaning chemistries, sterility assurance products, and capital equipment such as washers, sterilizers, surgical tables, and operating room lights. Beyond equipment, this segment also provides extensive services including installation, maintenance, repair, and even outsourced sterile processing, ensuring healthcare facilities can operate efficiently and safely.
STERIS's Applied Sterilization Technologies (AST) segment offers contract sterilization and testing services, primarily catering to medical device and pharmaceutical manufacturers through a vast network of facilities. The Life Sciences segment further supports critical research and manufacturing environments by designing and selling consumable products like specialized cleaning chemistries and sterilizers, along with providing equipment services, crucial for maintaining controlled and sterile conditions in these sensitive industries.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Steris (STE):
- Like an Ecolab, but hyper-focused on sterilizing hospitals, medical devices, and pharmaceutical products.
- The "Stryker of sterile processing" for hospitals, providing specialized equipment, operating room infrastructure, and maintenance services.
AI Analysis | Feedback
Major Products and Services of Steris (STE)
- Infection Prevention Consumables: Provides cleaning chemistries, sterility assurance products, and barrier products for healthcare and life sciences applications.
- Surgical and Sterile Processing Equipment: Offers capital equipment such as washers, sterilizers, surgical tables, lights, and connectivity solutions for operating rooms and sterile processing departments.
- GI Procedure Accessories: Supplies specialized accessories used during gastrointestinal medical procedures.
- Contract Sterilization and Testing Services: Delivers outsourced sterilization and laboratory testing services for medical device and pharmaceutical manufacturers.
- Equipment Management and Maintenance Services: Provides comprehensive services including installation, maintenance, repair, and upgrades for various medical and life science equipment.
- Instrument and Endoscope Repair Services: Offers specialized repair and maintenance for surgical instruments and endoscopes.
- Process Improvement Consulting: Provides advisory services focused on optimizing sterile processing and related healthcare workflows.
- Outsourced Sterile Processing Services: Offers instrument sterile processing as an outsourced solution for healthcare facilities.
AI Analysis | Feedback
Major Customers of Steris (STE)
Steris (STE) primarily sells its products and services to other companies, operating in a business-to-business (B2B) model. Its major customer categories include:
- Healthcare Providers: This segment includes acute care hospitals, surgical centers, clinics, and other healthcare settings worldwide. Steris provides these customers with infection prevention products, capital equipment (such as washers, sterilizers, and surgical tables), and related installation, maintenance, and consulting services.
- Medical Device Manufacturers: Steris offers contract sterilization and testing services through its Applied Sterilization Technologies segment to companies that manufacture medical devices.
- Pharmaceutical and Biotechnology Manufacturers: This category encompasses pharmaceutical and biotechnology companies that utilize Steris's contract sterilization and testing services, as well as its life sciences products, including formulated cleaning chemistries, sterilizers, and washer disinfectors for their manufacturing and research processes.
AI Analysis | Feedback
null
AI Analysis | Feedback
```html
Daniel A. Carestio, President and Chief Executive Officer
Daniel A. Carestio was appointed President and Chief Executive Officer of STERIS in July 2021. He joined STERIS in 1997, beginning his career as an Associate Product Manager for Life Sciences Sterility Assurance Products. Prior to becoming CEO, he served as Senior Vice President and Chief Operating Officer from August 2018 to July 2021. His other leadership roles at the company include Senior Vice President, Sterilization and Disinfection (February 2018 to July 2018), and Senior Vice President, STERIS Applied Sterilization Technologies and Life Sciences (August 2015 to February 2018). From 2011 to August 2015, he was Vice President, Sales and Marketing for STERIS Isomedix Services, Inc. and General Manager of Life Sciences.
Karen L. Burton, Senior Vice President and Chief Financial Officer
Karen L. Burton assumed the role of Senior Vice President and Chief Financial Officer in August 2025. She joined STERIS in 2004 and served as the company's Vice President and Chief Accounting Officer starting in 2017. In her capacity as CFO, she is responsible for all global finance functions and IT.
John Adam Zangerle, Senior Vice President, General Counsel, and Secretary
John Adam Zangerle holds the position of Senior Vice President, General Counsel, and Secretary at STERIS. He is responsible for managing the company's legal and compliance affairs.
Cary L. Majors, Senior Vice President and President, Healthcare
Cary L. Majors serves as the Senior Vice President and President of the Healthcare segment at STERIS.
Mary Clare Fraser, Senior Vice President and Chief Human Resources Officer
Mary Clare Fraser is the Senior Vice President and Chief Human Resources Officer for STERIS.
```AI Analysis | Feedback
The key risks to Steris (symbol: STE) include:
- Regulatory and Legal Challenges: Steris operates within highly regulated industries, meaning changes in regulations, enforcement actions, or non-compliance can lead to significant threats such as costly compliance measures, fines, disruptions to business activities, and reputational damage. The company has faced warning letters and civil penalties in the past, underscoring the ongoing risks associated with regulatory scrutiny.
- Competitive Pressures: The company faces intense competition from both large multinational corporations and smaller specialized players. This competitive landscape necessitates continuous investment in research and development to innovate and expand its product portfolios, which is crucial for maintaining market share and long-term success against rivals.
- Macroeconomic Uncertainties and Cost Pressures: Steris is susceptible to broader economic conditions, including economic downturns, recessions, and inflationary pressures that can reduce customer spending and lead to margin compression. Additionally, tariffs have had a notable negative impact on profitability, with management actively working to mitigate these increased costs, while foreign currency fluctuations can also significantly affect financial results due to international operations.
AI Analysis | Feedback
null
AI Analysis | Feedback
```html
```
STERIS plc operates in several key addressable markets across its Healthcare, Applied Sterilization Technologies (AST), and Life Sciences segments. The market sizes for their main products and services are identified as follows:
Healthcare Segment
- Surgical Equipment: The global surgical equipment market was estimated at between USD 18.37 billion and USD 20.75 billion in 2024, with projections to reach between USD 31.58 billion and USD 48.14 billion by 2033, depending on the source. North America held the largest share of this market in 2024.
- Sterile Processing Instruments: The global sterile processing instrument market size was estimated at USD 7.51 billion in 2025 and is expected to grow to USD 12.17 billion by 2032.
- Sterilization Services (including outsourced sterile processing): The global sterilization services market was valued at USD 5.74 billion in 2026 and is forecast to reach USD 7.42 billion by 2031. North America was the largest market in 2025.
- Healthcare Cleaning Chemicals: The global industrial cleaning chemicals market, which includes healthcare applications, was valued at USD 60.9 billion in 2024 and is expected to reach USD 98.6 billion by 2033. The healthcare sector dominated this market in 2023 with a 30.8% share. The broader global industrial and institutional cleaning chemicals market is projected to reach USD 92.63 billion in 2025.
Applied Sterilization Technologies (AST) Segment
- Contract Sterilization Services: The global contract sterilization services market was valued at USD 1.6 billion in 2025 and is projected to grow to USD 2.22 billion by 2034. North America held the largest market share in 2025.
- Medical Device Sterilization (equipment, services, and consumables): The global medical device sterilization market was valued at approximately USD 11.9 billion in 2024 and is expected to reach USD 28.8 billion by 2035. North America is the leading region in this market, accounting for roughly 45-50% of total market revenue in 2025. The global sterilization equipment market, a component of this, was valued at an estimated USD 16.8 billion in 2024 and is projected to reach USD 24.7 billion by 2029.
Life Sciences Segment
- Pharmaceutical Cleaning Validation: The global pharmaceutical cleaning validation market is estimated to be valued at USD 20.3 billion in 2025 and is projected to reach USD 39.3 billion by 2035. Key growth regions include North America, Asia-Pacific, and Europe. The U.S. market alone is projected to reach USD 10.9 billion.
- Clean-In-Place (CIP) Chemicals: The global clean-in-place chemicals market size was valued at USD 17.22 billion in 2025 and is projected to grow to USD 37.75 billion by 2034. The USA is a leading region for CIP chemicals adoption.
- Sterilization Equipment: As mentioned under AST, the global sterilization equipment market, which includes sterilizers and washer disinfectors relevant to the Life Sciences segment, was valued at an estimated USD 16.8 billion in 2024.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Steris (STE) over the next 2-3 years:
- Growth in Global Healthcare Procedure Volumes and Recurring Revenue: Steris is anticipated to benefit from increasing global healthcare procedure volumes, which drive demand for its core cleaning chemistries, sterility assurance products, and surgical equipment. This is further supported by consistent growth in recurring revenue streams from consumables and services across its Healthcare and Life Sciences segments.
- Expansion of the Applied Sterilization Technologies (AST) Division: The AST segment is a significant driver of future revenue growth, fueled by strong demand for sterilization services and capital equipment. This growth is bolstered by increasing demand in the bioprocessing sector and stricter ethylene oxide (EtO) regulations, which encourage more outsourcing to established sterilization networks.
- Strategic Acquisitions and Portfolio Enhancement: Steris's growth strategy includes strategic acquisitions aimed at expanding its market presence and diversifying its revenue streams. These acquisitions enhance its healthcare product offerings and solidify its position in key medical sectors.
- Innovation and Introduction of New Products and Services: Ongoing investment in research and development, coupled with a strategic focus on innovation, is expected to drive future revenue growth through the launch of new products and services. The market anticipates success for its newer offerings, which helps maintain a competitive edge and addresses evolving healthcare needs.
- Price Increases: Management commentary from recent earnings calls indicates that positive price adjustments are contributing to the company's revenue growth. This demonstrates Steris's ability to pass on some cost inflation and improve its top line.
AI Analysis | Feedback
Share Repurchases
- STERIS's Board of Directors authorized a new share buyback program for the purchase of up to $500 million of the Company's ordinary shares on May 3, 2023.
- As of February 6, 2026, STERIS had repurchased 1,507,158 shares for $350.6 million under the buyback program announced in May 2023.
- From October 1, 2025, to December 31, 2025, the company repurchased 200,000 shares for $51.96 million.
Share Issuance
- STERIS satisfies share award incentives for officers, directors, and key employees through the issuance of new ordinary shares under its long-term incentive plan.
Outbound Investments
- In January 2021, STERIS acquired Cantel Medical for $4.6 billion, expanding its capabilities in infection prevention and control.
- STERIS acquired surgical instrumentation, laparoscopic instrumentation, and sterilization container assets from Becton, Dickinson and Company for $540 million, completed by September 30, 2023.
- In April 2024, STERIS divested its Dental Business to Peak Rock Capital for $787.5 million, with proceeds aimed at debt repayment and investment in healthcare, life science, and Applied Sterilization Technologies (AST) businesses.
Capital Expenditures
- Capital expenditures for fiscal year 2026 are anticipated to be approximately $375 million.
- Expected capital expenditures for fiscal year 2025 were approximately $360 million.
- A primary focus of capital expenditures includes continued investments in AST expansions globally to meet increasing demand.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 114.65 |
| Mkt Cap | 19.9 |
| Rev LTM | 7,098 |
| Op Inc LTM | 952 |
| FCF LTM | 1,000 |
| FCF 3Y Avg | 1,022 |
| CFO LTM | 1,209 |
| CFO 3Y Avg | 1,248 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.7% |
| Rev Chg 3Y Avg | 4.4% |
| Rev Chg Q | 7.5% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | 13.7% |
| Op Inc Chg 3Y Avg | 11.8% |
| Op Mgn LTM | 17.5% |
| Op Mgn 3Y Avg | 16.6% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 20.2% |
| CFO/Rev 3Y Avg | 17.7% |
| FCF/Rev LTM | 12.8% |
| FCF/Rev 3Y Avg | 12.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Healthcare | 3,879 | 3,613 | 3,085 | 2,845 | 1,954 |
| Applied Sterilization Technologies (AST) | 1,039 | 954 | 914 | 853 | 686 |
| Life Sciences | 542 | 572 | 537 | 525 | 468 |
| Corporate | 0 | 0 | |||
| Dental | 362 | ||||
| Total | 5,460 | 5,139 | 4,536 | 4,585 | 3,108 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Healthcare | 972 | 871 | 706 | 650 | 427 |
| Applied Sterilization Technologies (AST) | 466 | 440 | 429 | 410 | 311 |
| Life Sciences | 229 | 221 | 210 | 216 | 181 |
| Tax restructuring costs | -0 | -1 | -1 | -0 | -2 |
| Amortization of property step up to fair value | -5 | -6 | |||
| Acquisition and integration related charges | -11 | -26 | -23 | -206 | -36 |
| Illinois ethylene oxide (EO) litigation settlement | -48 | ||||
| Restructuring charges | -62 | -44 | -0 | -0 | 3 |
| Amortization of acquired intangible assets | -274 | -266 | -256 | -366 | -84 |
| Corporate | -399 | -348 | -265 | -284 | -219 |
| Amortization of inventory and property step up to fair value | -10 | -11 | -82 | ||
| Net loss (gain) on divestiture of businesses | -1 | 0 | 1 | -2 | |
| Gain on fair value adjustment of acquisition related contingent consideration | 3 | 2 | 0 | ||
| COVID-19 incremental costs | 0 | -26 | |||
| Dental | 84 | ||||
| Goodwill impairment loss | 0 | ||||
| Total | 867 | 836 | 791 | 426 | 548 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Healthcare and Life Sciences | 6,806 | 7,056 | 6,558 | 6,605 | |
| Applied Sterilization Technologies (AST) | 3,340 | 3,203 | 3,129 | 3,053 | 2,974 |
| Current assets held for sale | 805 | 158 | |||
| Non-current assets held for sale | 977 | ||||
| Dental | 1,766 | ||||
| Healthcare | 3,600 | ||||
| Total | 10,147 | 11,064 | 10,822 | 11,424 | 6,574 |
Price Behavior
Price Behavior
| Market Price | $210.60 | |
| Market Cap ($ Bil) | 20.6 | |
| First Trading Date | 06/01/1992 | |
| Distance from 52W High | -21.2% | |
| 50 Days | 200 Days | |
| DMA Price | $212.62 | $236.92 |
| DMA Trend | down | down |
| Distance from DMA | -0.9% | -11.1% |
| 3M | 1YR | |
| Volatility | 24.5% | 24.3% |
| Downside Capture | 68.12 | 56.14 |
| Upside Capture | 17.35 | 28.30 |
| Correlation (SPY) | 30.1% | 29.4% |
STE Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.34 | 0.98 | 0.81 | 0.93 | 0.63 | 0.59 |
| Up Beta | 1.38 | 1.46 | 1.05 | 1.08 | 0.94 | 0.73 |
| Down Beta | 1.73 | 1.18 | 0.94 | 1.31 | 0.81 | 0.44 |
| Up Capture | -31% | 15% | 15% | 32% | 21% | 22% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 18 | 28 | 58 | 123 | 385 |
| Down Capture | -25% | 152% | 124% | 115% | 71% | 84% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 23 | 35 | 66 | 127 | 364 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STE | |
|---|---|---|---|---|
| STE | -11.2% | 24.2% | -0.54 | - |
| Sector ETF (XLV) | 17.9% | 15.1% | 0.88 | 44.1% |
| Equity (SPY) | 22.1% | 12.4% | 1.33 | 29.5% |
| Gold (GLD) | 20.8% | 27.7% | 0.67 | 8.9% |
| Commodities (DBC) | 23.3% | 18.5% | 0.99 | -16.6% |
| Real Estate (VNQ) | 11.6% | 13.8% | 0.55 | 36.0% |
| Bitcoin (BTCUSD) | -42.9% | 42.5% | -1.20 | 21.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STE | |
|---|---|---|---|---|
| STE | 2.0% | 25.8% | 0.07 | - |
| Sector ETF (XLV) | 6.2% | 14.8% | 0.23 | 55.2% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 49.2% |
| Gold (GLD) | 17.4% | 18.3% | 0.77 | 11.5% |
| Commodities (DBC) | 7.9% | 19.5% | 0.30 | 4.3% |
| Real Estate (VNQ) | 2.8% | 18.9% | 0.05 | 51.1% |
| Bitcoin (BTCUSD) | 9.8% | 54.1% | 0.38 | 19.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STE | |
|---|---|---|---|---|
| STE | 13.3% | 25.1% | 0.51 | - |
| Sector ETF (XLV) | 10.1% | 16.6% | 0.49 | 62.5% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 59.3% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 7.7% |
| Commodities (DBC) | 5.9% | 18.0% | 0.25 | 14.5% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 54.0% |
| Bitcoin (BTCUSD) | 56.4% | 66.5% | 0.97 | 13.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/12/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/11/2026 | 4.5% | 5.5% | 3.4% |
| 2/4/2026 | -7.7% | -7.9% | -12.6% |
| 11/5/2025 | 6.9% | 10.2% | 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 14 |
| # Negative | 13 | 11 | 10 |
| Median Positive | 5.1% | 4.7% | 6.0% |
| Median Negative | -4.3% | -3.3% | -6.9% |
| Max Positive | 9.8% | 12.1% | 19.6% |
| Max Negative | -10.9% | -8.2% | -17.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/11/2026 | 4.5% | 5.5% | 3.4% |
| 2/4/2026 | -7.7% | -7.9% | -12.6% |
| 11/5/2025 | 6.9% | 10.2% | 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% |
| 11/7/2023 | -5.5% | -5.8% | -7.2% |
| 8/1/2023 | 1.7% | 0.5% | 3.6% |
| 5/10/2023 | 9.8% | 8.7% | 9.3% |
| 2/8/2023 | -10.9% | -8.2% | -17.6% |
| 11/9/2022 | 5.1% | 3.3% | 19.6% |
| 8/2/2022 | -9.6% | -6.9% | -10.3% |
| 5/12/2022 | -1.0% | 2.3% | -3.1% |
| 2/8/2022 | 2.9% | 0.7% | -3.6% |
| 11/2/2021 | -5.9% | -3.3% | -6.6% |
| 8/9/2021 | 1.2% | 3.2% | 1.0% |
| 5/18/2021 | -3.3% | -2.3% | 2.4% |
| 2/2/2021 | -4.3% | -4.3% | -10.2% |
| 11/2/2020 | -2.9% | 4.7% | 6.4% |
| 8/3/2020 | -1.9% | -3.2% | -1.2% |
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 14 |
| # Negative | 13 | 11 | 10 |
| Median Positive | 5.1% | 4.7% | 6.0% |
| Median Negative | -4.3% | -3.3% | -6.9% |
| 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 |
|---|---|---|
| 03/31/2026 | 05/29/2026 | 10-K |
| 12/31/2025 | 02/06/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/29/2025 | 10-K |
| 12/31/2024 | 02/07/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/29/2024 | 10-K |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/26/2023 | 10-K |
| 12/31/2022 | 02/08/2023 | 10-Q |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/29/2026 | 10-K |
| 12/31/2025 | 02/06/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/29/2025 | 10-K |
| 12/31/2024 | 02/07/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/29/2024 | 10-K |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/26/2023 | 10-K |
| 12/31/2022 | 02/08/2023 | 10-Q |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/31/2022 | 10-K |
| 12/31/2021 | 02/09/2022 | 10-Q |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/28/2021 | 10-K |
| 12/31/2020 | 02/09/2021 | 10-Q |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/29/2020 | 10-K |
| 12/31/2019 | 02/10/2020 | 10-Q |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 08/07/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q4 2026 Earnings Reported 5/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Revenue Growth | 7.0% | 7.5% | 8.0% | -11.8% | -1.0% | Lowered | Guidance: 8.5% for 2026 |
| 2027 Constant Currency Organic Revenue Growth | 6.0% | 6.5% | 7.0% | -13.3% | -1.0% | Lowered | Guidance: 7.5% for 2026 |
| 2027 Adjusted EPS | 11.1 | 11.2 | 11.3 | 9.5% | Raised | Guidance: 10.2 for 2026 | |
| 2027 Capital Expenditures | 375.00 Mil | 0 | Affirmed | Guidance: 375.00 Mil for 2026 | |||
| 2027 Free Cash Flow | 850.00 Mil | 0 | Affirmed | Guidance: 850.00 Mil for 2026 | |||
Prior: Q3 2026 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 8.0% | 8.5% | 9.0% | 0 | 0 | Affirmed | Guidance: 8.5% for 2026 |
| 2026 Constant Currency Organic Revenue Growth | 7.0% | 7.5% | 8.0% | 0 | 0 | Affirmed | Guidance: 7.5% for 2026 |
| 2026 Adjusted EPS | 10.2 | 10.2 | 10.3 | 0 | Affirmed | Guidance: 10.2 for 2026 | |
| 2026 Capital Expenditures | 375.00 Mil | 0 | Affirmed | Guidance: 375.00 Mil for 2026 | |||
| 2026 Free Cash Flow | 850.00 Mil | 0 | Affirmed | Guidance: 850.00 Mil for 2026 | |||
Insider Activity
Updated 6/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zangerle, John Adam | Sr. VP, Gen Counsel, and Sec. | Direct | Sell | 6162026 | 209.28 | 1,419 | 296,968 | 7,379,004 | Form |
| 2 | Carestio, Daniel A | President and CEO | Direct | Sell | 6082026 | 212.00 | 1,374 | 291,288 | 13,493,164 | Form |
| 3 | Carestio, Daniel A | President and CEO | Direct | Sell | 6082026 | 214.64 | 3,054 | 655,511 | 13,956,107 | Form |
| 4 | Breeden, Richard C | Direct | Sell | 6042026 | 209.51 | 1,481 | 310,284 | 8,163,348 | Form | |
| 5 | Feldmann, Cynthia L | Direct | Sell | 3062026 | 237.21 | 3,098 | 734,877 | 167,233 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zangerle, John Adam | Sr. VP, Gen Counsel, and Sec. | Direct | Sell | 6162026 | 209.28 | 1,419 | 296,968 | 7,379,004 | Form |
| 2 | Carestio, Daniel A | President and CEO | Direct | Sell | 6082026 | 212.00 | 1,374 | 291,288 | 13,493,164 | Form |
| 3 | Carestio, Daniel A | President and CEO | Direct | Sell | 6082026 | 214.64 | 3,054 | 655,511 | 13,956,107 | Form |
| 4 | Breeden, Richard C | Direct | Sell | 6042026 | 209.51 | 1,481 | 310,284 | 8,163,348 | Form | |
| 5 | Feldmann, Cynthia L | Direct | Sell | 3062026 | 237.21 | 3,098 | 734,877 | 167,233 | Form | |
| 6 | Madsen, Julia | Sr. VP and GM, Life Sciences | Direct | Sell | 11252025 | 262.00 | 5,008 | 1,312,096 | 2,806,020 | Form |
| 7 | Tamaro, Renato | V.P. & Corporate Treasurer | Direct | Sell | 11202025 | 257.55 | 5,036 | 1,297,040 | 1,466,767 | Form |
| 8 | Zangerle, John Adam | Sr. VP, Gen Counsel, and Sec. | Direct | Sell | 11132025 | 265.14 | 15,000 | 3,977,100 | 8,926,999 | Form |
| 9 | Carestio, Daniel A | President and CEO | Direct | Sell | 10082025 | 241.82 | 159 | 38,449 | 12,356,035 | Form |
| 10 | Tamaro, Renato | V.P. & Corporate Treasurer | Direct | Sell | 8222025 | 249.24 | 3,204 | 798,565 | 1,799,762 | Form |
| 11 | Sohi, Mohsen | Direct | Sell | 8122025 | 241.96 | 4,110 | 994,456 | 5,410,468 | Form | |
| 12 | Feldmann, Cynthia L | Direct | Sell | 8122025 | 241.56 | 3,495 | 844,252 | 170,300 | Form | |
| 13 | Burton, Karen L | VP & CAO | Direct | Sell | 8122025 | 241.73 | 7,900 | 1,909,667 | 1,448,930 | Form |
| 14 | Zangerle, John Adam | Sr. VP, Gen Counsel, and Sec. | Direct | Sell | 6172025 | 241.45 | 1,978 | 477,581 | 8,151,234 | Form |
| 15 | Carestio, Daniel A | President and CEO | Direct | Sell | 6062025 | 242.56 | 17,626 | 4,275,338 | 12,463,875 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 6/25/2026