Loading…
Provider of infection-prevention/sterilization products and services for hospitals and medtech manufacturers.
Provider of infection-prevention/sterilization products and services for hospitals and medtech manufacturers.
Earns a mix of one-off equipment sales to hospitals, recurring consumables and service contracts on installed equipment, and per-load fees where device makers pay to have products sterilised in its plants. The contract-sterilisation arm came with the 2015 purchase of Synergy Health. It is incorporated in Ireland but run from Ohio.
Moat: narrow (regulatory licence, switching costs, installed base). Outsourced sterilization requires regulatory-validated facilities that are costly and slow to replicate.
Headquarters: Dublin, Ireland (US operations Mentor, Ohio) · Founded: 1985 · Employees: 17,937
Size Steris (STE) is a United States Health Care company (Medical Specialties) with a market value of $24.6B, the 431st largest of 3,117 United States companies the cockpit tracks. Shares closed at $252.30 on 6 Nov 2026.
Performance Over six months the shares gained 22.0%, against +29.3% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 8.4% over the last twelve months (peer median +6.9%); the operating margin is 19.6% (peer median 18.2%).
Valuation It trades at 21.4× forward earnings against a peer median of 27.1× (6th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.0 points above its cost of capital (8.9% WACC).
Backlog Backlog (remaining performance obligations) was $1.53B at 30 Sep 2026, down 20% on a year earlier — 0.2 years of trailing revenue. Backlog detail →
Credit Steris has 2 bonds outstanding ($1.35B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 95 bp.
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.04B | $5.94B | $5.46B | $5.14B | $4.54B |
| Revenue growth | — | +9% | +6% | +13% | — |
| Gross profit | $2.72B | $2.66B | $2.42B | $2.24B | $1.98B |
| EBITDA | $1.67B | $1.63B | $1.46B | $1.47B | $1.36B |
| Net income | $805M | $782M | $629M | $378M | $107M |
| Free cash flow | $926M | $972M | $776M | $613M | $395M |
| Capital expenditure | $363M | $369M | $370M | $360M | $362M |
| Total debt | $2.04B | $2.09B | $2.20B | $3.38B | $3.25B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Steris STE | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% |
| Sotera Health SHC | $4.57B | +1% | +7% | 37% | 15.4× | 13.7% |
| Getinge GETI-B.ST | $7.73B | +45% | -4% | 14% | 21.0× | 4.7% |
| Ecolab ECL | $84.3B | +19% | +9% | 18% | 33.6× | 19.7% |
| Stryker SYK | $124B | +14% | +8% | 25% | 20.4× | 10.6% |
| Fortive FTV | $19.5B | +8% | -22% | 20% | 20.0× | 17.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | STE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.7% | +11.3% | 3rd highest of 21 |
| 6-month return | +22.0% | +29.3% | 4th lowest of 21 |
| Distance from 52-week high | -5.8% | -8.5% | 8th highest of 21 |
| Revenue growth (TTM) | +8.4% | +6.9% | 9th highest of 21 |
| Operating margin | 19.6% | 18.2% | 10th highest of 21 |
| Forward P/E | 21.4× | 27.1× | 6th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 13.7% | 16.9% | 9th least demanding of 19 |
| Growth delivered (Del g) | +13.8% | +7.9% | 3rd highest of 19 |
| Hurdle (Req g minus delivered) | -0.1 pp | +4.6 pp | 7th least demanding of 19 |
| ROIC minus cost of capital | +2.0 pp | +3.3 pp | 9th lowest of 21 |
| EV / EBITDA | 15.5× | 21.0× | 6th cheapest of 18 |
| Net debt / EBITDA | 0.9× | 1.6× | 8th least indebted of 18 |
| Bond spread | 95 bp | 81 bp | 3rd widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Steris STE | United States | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% | +13.8% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
| Terumo 4543.T | Japan | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% | +13.0% |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| Straumann STMN.SW | Switzerland | $20.4B | +25% | +2% | 21% | 31.9× | 15.2% | +12.8% |
| Sonova SOON.SW | Switzerland | $20.3B | +62% | -7% | 21% | 25.6× | 7.1% | +6.7% |
| Guardant Health GH | United States | $20.2B | +58% | +43% | -40% | n/a | n/a | n/a |
| Zimmer Biomet ZBH | United States | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% | +3.2% |
| Sartorius SRT.DE | Germany | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% | +8.7% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| Coloplast A/S COLO-B.CO | Denmark | $17.7B | +26% | +4% | 25% | 19.9× | -1.8% | +8.3% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Revvity RVTY | United States | $17.3B | +54% | +5% | 15% | 26.7× | 27.3% | -5.5% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| Shanghai United Imaging Healthcare 688271.SS | China | $14.8B | +9% | +27% | 9% | 46.9× | n/a | n/a |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Lenskart Solutions LENSKART.NS | India | $13.4B | +49% | +35% | 10% | 137.4× | 52.8% | +33.5% |
Steris has 2 bonds outstanding with $1.35B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.90%, a spread of 95 bp over government bonds.
Steris reported $1.53B of remaining performance obligations at 30 Sep 2026, down 20% from a year earlier and down 0% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.