# STERIS plc (STE) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/STE/thesis · /stocks/STE/memo

## Financial Snapshot

---
ticker: STE
step: 04
generated: 2026-05-13
source: quick-research
---

### STERIS plc (STE) — Financial Snapshot

#### Income Statement Summary (Fiscal Year ends March 31)

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$4.23B | $4.54B | $5.14B | +13.3% |
| Gross Margin | ~45% | ~44% | ~44% | |
| Operating Margin | ~17% | ~16% | ~17% | |
| Net Income | ~$480M | ~$490M | ~$550M | +12% |
| EPS (adjusted) | ~$7.50 | ~$7.90 | ~$9.20 | +16% |

*FY2024 revenue jump (+13.3%) reflects bolt-on acquisitions and organic growth. FY2025 (ending March 2025) revenue: $5.5B (+6% organic); dental divestiture ($787.5M proceeds) removed lower-margin segment. FY2025 adjusted EPS estimated ~$9.25+. Note: services revenue +13% in FY2025; consumables +6%; capital equipment -4%.*

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow (FY2025) | $1.15B |
| Free Cash Flow (FY2025) | $787M (+27% YoY) |
| Free Cash Flow (FY2024) | $620M |
| Dental Segment Divestiture | $787.5M (completed early FY2025) |
| Share Buybacks (FY2025) | $350.6M completed |
| Tariff Headwind (FY2026 est.) | ~$45M pre-tax impact |

#### Key Ratios (approximate)
- P/E: ~28x (adjusted) | EV/EBITDA: ~18–20x | FCF Yield: ~3–4%
- Revenue Growth (FY2025): +6% organic | FCF Growth: +27% YoY
- Services as % of Revenue: ~55% (highest-quality, most recurring)
- Consumables Growth (FY2025): +6-7%

#### Growth Profile
STERIS is a compounding medical device/services platform with predictable mid-to-high single digit organic revenue growth. The business is recession-resistant — hospital sterilization is non-elective and procedure volumes grow with aging demographics. Revenue mix has shifted toward services (sticky, recurring) and away from lumpy capital equipment, improving revenue quality. The Dental divestiture in FY2025 improves EBITDA margin by removing a lower-margin segment. AST (contract sterilization for medical devices) benefits from outsourcing trends as medical device OEMs prefer to use specialized third-party facilities rather than build/maintain their own sterilization infrastructure.

#### Forward Estimates
- FY2026 guidance (ending March 2026): Revenue +6-7% (raised to +8-9% including FX benefits); adjusted EPS $9.90-10.15
- Analyst consensus FY2026 adj. EPS: ~$10.21 (+10.7% YoY)
- Analyst mean price target: $288.43 (~15% upside from ~$251)
- Consensus: 6 Strong Buy, 3 Hold (9 analysts covering)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/STE/fundamental

## Navigation

- Overview: /stocks/STE
- Financials (this page): /stocks/STE/financials
- Thesis: /stocks/STE/thesis
- Investment Memo: /stocks/STE/memo
- Coverage universe: /stocks