STERIS plc

STERIS supplies products and services that help hospitals and manufacturers prevent infections and keep medical equipment sterile. It earns money in three ways. The first is consumables that customers reorder regularly, such as cleaning chemicals, endoscopy accessories and instruments. The second is capital equipment, such as sterilizers, surgical tables and machines that clean endoscopes. The third is services, including equipment maintenance, instrument and scope repair, and contract sterilization. In the fiscal year ended March 31, 2026, revenue was $5.94 billion: 51.6% from products and 48.4% from services.

Healthcare is by far the largest segment, at 70.9% of revenue. It equips and services hospital sterile processing departments (where reusable instruments are cleaned and sterilized), operating rooms and endoscopy suites. Applied Sterilization Technologies (AST), at 19.2%, runs a global network of contract sterilization and lab testing sites for medical device and drug makers. Life Sciences, at 9.9%, supplies cleaning chemicals, sterilizers, pure water and steam generators, and equipment service to drug and device factories. Many of these factories make products under sterile, or aseptic, conditions.

The United States accounted for 73% of revenue, Ireland 1.8% and other countries 25.2%. No single customer made up more than 10% of any segment's revenue. STERIS exited its Dental business in fiscal 2025, leaving three segments. The company links long-term demand to an aging population and more procedures such as colonoscopies.

• In Q1 FY2027 (ended Jun 30, 2026), revenue was $1.49B, up 7.3% from a year earlier, and net income was $200.1M (+12.8%).
• For fiscal 2026, revenue was $5.94B (+8.7% year over year; +8.9% a year from FY2022 to FY2026) with a 13.2% net margin.

• Over FY2022–FY2026: $822.9M in buybacks and $1.01B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2017–FY2026) shows an increase; the true streak may be longer.
• Regular dividends per share grew +9.4% a year over 5 years (FY2021–FY2026).
• Dividends took 30.9% of earnings and 24.9% of free cash flow in the latest fiscal year.
• Shares outstanding changed -2.3% from Aug 6, 2021 to Aug 4, 2026.

Rank among 1514 US companies

Market value at each year end

STERIS’s market value went from $12.92B at the end of 2019 to $22.75B on Nov 2, 2026, up 76%; since the end of 2025 it is down 9%.

Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 4 sales ($2.2M), 3 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in STE

1. Ethylene oxide lawsuits and permit rules. AST uses ethylene oxide (EO), a regulated gas, to sterilize products. STERIS warns that its EO operations expose it to liability claims. Changes to permits or rules could also restrict or end some operations.
2. Few suppliers for key sterilization materials. AST depends on ethylene oxide and cobalt-60, a radioactive material. Both have few suppliers, or a single source in some regions. STERIS uses long-term contracts and is adding accelerator-based capacity to reduce the cobalt-60 risk.
3. Approvals, recalls and product liability. Many products need FDA or foreign clearance. Delays, lost approvals, recalls or liability claims could cut revenue. STERIS had no enforcement actions in fiscal 2026 and no Class I (most serious) recalls in fiscal 2024–2026.
4. Hospital budgets and customer mergers. Some customers rely on government healthcare funding. Cuts to reimbursement, tight credit, or mergers among hospitals and drug makers could squeeze prices and weaken demand, especially for big-ticket capital equipment.
5. Debt, acquisitions and goodwill write-downs. As of June 30, 2026, STERIS had about $1.89 billion of debt and $482 million of cash. Acquisitions may disappoint. Goodwill, the premium paid in past deals, could be written down.
6. Tax and trade rule changes. STERIS's tax rate depends on laws and treaties in many countries. Tax law changes, challenges to its tax positions, or new tariffs could raise costs and lower earnings per share.

• Oct 13, 2026 Major agreement signed
• Aug 6, 2026 Shareholder vote results
• Aug 5, 2026 Quarterly results released; Restructuring or exit costs
• May 11, 2026 Quarterly results released
• May 7, 2026 Executive or board change; Investor presentation or announcement
• Apr 6, 2026 Executive or board change
• Feb 4, 2026 Quarterly results released
• Nov 5, 2025 Quarterly results released

STERIS has raised its dividend for at least 9 fiscal years in a row through FY2026, and the true streak may be longer. Dividends per share grew from $1.57 in FY2021 to $2.46 in FY2026, about 9.4% a year. In FY2026, dividends used 30.9% of earnings and 24.9% of free cash flow (cash left after running and investing in the business). The yield was a modest 1.13% as of October 28, 2026. From FY2022 to FY2026 it paid about $1.01 billion in dividends and spent $823 million on buybacks. Shares outstanding fell 2.3% from August 2021 to August 2026.

The stock has fallen sharply in past downturns. It dropped 49.6% in the 2008 financial crisis and recovered by April 2010. It fell 35.8% in the 2020 COVID crash and recovered in about six months. In the 2022 bear market it lost 36.2% and took until September 2024 to recover. Single stocks carry more risk than diversified funds.