STERIS plcSTE
NYSE•Healthcare•Medical Devices
STERIS plc provides infection prevention products and services worldwide. It operates in three segments: Healthcare, Applied Sterilization Technologies (AST), and Life Sciences. The Healthcare segment offers cleaning chemistries and sterility assurance products; automated endoscope reprocessing system and tracking products; endoscopy accessories, washers, sterilizers, and other pieces of capital equipment for the operation of a sterile processing department; and equipment used directly in procedure rooms, 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, devices, and endoscope repair and maintenance services; and custom process improvement consulting and outsourced instrument sterile processing services. The AST segment provides contract sterilization and testing services for medical device and pharmaceutical manufacturers through a network of contract sterilization and laboratory facilities, as well as integrated sterilization equipment and control systems to medical device manufacturers and research institutions. The Life Sciences segment designs, manufactures, and sells consumable products, such as pharmaceutical detergents, cleanroom disinfectants and sterilants, pharmaceutical grade and research sterilizers and washers, sterility assurance and maintenance products, vaporized hydrogen peroxide room decontamination systems and sterilizers, and high purity water and pure steam generators. This segment also offers equipment installation, maintenance, upgradation, repair, and troubleshooting services; and preventive maintenance programs and repair services. It serves its products and services to hospitals, other healthcare providers, and pharmaceutical manufacturers. The company was founded in 1985 and is headquartered in Mentor, Ohio.
STERIS plc (Ireland) (STE) reported trailing twelve months revenue of $5.94B as of March 2026, a 8.7% increase year-over-year. Quarterly revenue reached $1.59B, reflecting continued top-line momentum.
STERIS plc (Ireland) generated $782.30M in TTM net income, with quarterly EBITDA of $683.90M. The operating margin expanded from 14.6% to 19.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (19.9%) and net margin (13.9%) indicates moderate non-operating costs. Net margin has improved from 9.8% a year ago, signaling stronger bottom-line efficiency.
STE trades at a P/E of 27.4x (in line with broad market averages) and a P/S of 3.6x. The price-to-book ratio of 3.0x reflects a moderate premium to book value.
The company generated $245.20M in free cash flow over the trailing twelve months, a 29.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $10.74B in total assets with $1.81B in long-term debt against $7.18B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~17.2%, suggesting durable pricing power and cost discipline.
ROE is positive at ~8.7% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~18.5% — no sign of cost or pricing stress.
FCF covers net income by 1.3x on average — earnings are well-supported by cash generation.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation