“The following tables compare our net non-operating expenses, net for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, (in millions) 2026 2025 Change Non-operating expenses, net: Interest expense $ 15.8 $ 15.9 $ (0.1) Interest and mis…”10-Q · Aug 7, 2026 ↗
STERIS plc
STE
Market read
STERIS plc's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 8 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
- Revenue increased 8.7% versus the comparable filing period.
- Pricing contributed 120 basis points to operating margin in fiscal 2026.
- Tariff costs reduced operating margin by about 80 basis points in fiscal 2026.
Invalidation: The isolated read changes if STE's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 8 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
- Revenue increased 8.7% versus the comparable filing period.
- Operating margin improved 2.7 percentage points.
- Net income increased 27.3% versus the comparable filing period.
No thresholded adverse filing evidence is available yet.
- Pricing contributed 120 basis points to operating margin in fiscal 2026.
- Tariff costs reduced operating margin by about 80 basis points in fiscal 2026.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Latest annual revenue changed +8.7% year over year.
- Operating margin changed +2.7 percentage points in the latest annual period.
- Net margin changed +1.9 percentage points in the latest annual period.
- Macroeconomic conditions has repeated favorable evidence across 6 filings.
- Restructuring and cost reductions has repeated favorable evidence across 5 filings.
- Tariffs and trade policy has repeated favorable evidence across 5 filings.
- Credit and interest rates has repeated adverse evidence across 6 filings.
- Capital investment and capacity has repeated adverse evidence across 4 filings.
- P/E is 19% below the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 11, 2026
210.74Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“The increase in operating income for the three month period ended June 30, 2026 is primarily due to the benefits of higher pricing and favorable foreign currency impacts, which were partially offset by higher depreciation expense, lower productivity and unfav…”10-Q · Aug 7, 2026 ↗
“Other expense, net was $3.5 million during fiscal 2026, primarily reflecting a disposal-related fixed asset impairment, as well as amortization related to a noncontrolling equity investment, which were partially offset by a gain on the sale of a building.”10-K · May 29, 2026 ↗
“The increase in operating income and operating margin for the three month period ended June 30, 2026 is primarily due to the benefits of higher volume, productivity, pricing and mix, which were partially offset by unfavorable labor inflation, tariffs, and add…”10-Q · Aug 7, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.5× · EV/sales 3.8×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for STE. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-K filed 2026-05-29 against the comparable filing from 2025-05-29.
What improved
- Revenue increased 8.7% versus the comparable filing period.
- Operating margin improved 2.7 percentage points.
- Net income increased 27.3% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“The increase in operating income and margin for the year is primarily due to higher pricing and volume, which were partially offset by increased labor inflation costs.”
“The following table compares our net non-operating expenses, net for the year ended March 31, 2026 to the year ended March 31, 2025: Years Ended March 31, (in millions) 2026 2025 Change Non-operating expenses, net: Interest expense $ 60.7 $ 86.3 $ (25.6) Interest and miscellaneous income (9.8) (8.4) (1.4) Other expense (income), net 3.5 (7.4) 10.9 Non-operating expenses, net $ 54.4 $ 70.4 $ (16.0) Interest expense decreased $25.6 million during fiscal 2026 as compared to fiscal 2025, primarily due to the lower principal amount of debt outstanding.”
“The increase in operating income and margin for the year is primarily due to the benefit of higher volume and pricing, which were partially offset by increased inflation and tariff costs.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind STE
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
BSXBoston Scientific CorporationcompetitorMay 29, 2026 ▾
“On a product basis, competitors include 3M, Baxter, Boston Scientific, Belimed, Ecolab, Fortive, Getinge, Karl Storz, Olympus, Ruhof, SteelCo, Stryker, Skytron and Wassenburg.”
ECLEcolab Inc.competitorMay 29, 2026 ▾
“On a product basis, competitors include 3M, Baxter, Boston Scientific, Belimed, Ecolab, Fortive, Getinge, Karl Storz, Olympus, Ruhof, SteelCo, Stryker, Skytron and Wassenburg.”
Depended on by
SHCSotera Health CompanycompetitorFeb 24, 2026 ▾
“Sterigenics Competition We compete globally with Applied Sterilization Technologies, a segment of STERIS plc, as well as other smaller or regional outsourced sterilization companies.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 8 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
STE is currently a Early Follower in the organic co-movement group Enterprise Tech Exposure. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for STE; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.