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STERIS plc

STE

Healthcare · 210.74 -0.7% today

Isolated · not yet confirmedMarket checked 11 Sept, 15:55 GMT-4

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.

What changed
  • Revenue increased 8.7% versus the comparable filing period.
Company-0.7% todayVolume comparison unavailable
Market group0 of 8 activeEnterprise Tech Exposure · unavailable
Disclosed network0 of 6 confirmingNo filing-linked name is confirming now
What would change this read
  • 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.

Watch this read

Research brief

The story so far

Healthcare · Medical Devices

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.

Evidence that supports
  • 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.
Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • 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

As of Sep 12, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements177
Verified relationships7
Evidence supporting the case
  • 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.
Evidence challenging the case
  • Credit and interest rates has repeated adverse evidence across 6 filings.
  • Capital investment and capacity has repeated adverse evidence across 4 filings.
Questions before a position
  • P/E is 19% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 11, 2026

210.74
6m-0.8%12m-13.6%24m-12.2%
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2022-03-31$4.2B+35.9%$2.48+14.5%
2023-03-31$4.5B+7.4%$1.07+2.0%
2024-03-31$5.1B+13.3%$3.81-0.8%
2025-03-31$5.5B+6.2%$6.20-0.3%
2026-03-31$5.9B+8.7%$7.93-0.4%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesnegative · 6 filings
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
Macroeconomic conditionsmixed · 6 filings
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
Restructuring and cost reductionsmixed · 5 filings
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
Tariffs and trade policymixed · 5 filings
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.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

210.74-0.7% today

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.

constructive
OperationsconstructiveEvidence score +3
liquidityneutralEvidence score 0
valuationmixed

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.