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STERIS

STE
67
Medical - Specialties · Healthcare
Price
$222.66
-1.67 (-0.74%)
Market Cap
$21.71B
Winston Score
67
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
19/30
Growth
Exceptional
17/20
Cash Flow
Exceptional
9/10
Stability
Exceptional
10/10
Valuation
Strong
7/10
Ownership
Weak
2/15
Dividends
Good
3/5

67 of 100 counted points = Winston Score 67.

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§Winston Score History

The full picture

STERIS plc makes products and services that keep medical equipment clean and safe to use. Its core business is sterilization — killing germs on surgical tools, medical devices, and hospital supplies so patients don't get infections. The company sells sterilization equipment, cleaning chemicals, and outsourced sterilization services mainly to hospitals, surgery centers, and medical device manufacturers.

STERIS makes money through a mix of equipment sales, consumable supplies that customers reorder regularly, and long-term service contracts. It operates globally but generates most of its revenue in the United States, and it reported roughly $5 billion in annual revenue in recent years. Its competitive moat comes from sticky customer relationships, regulatory complexity that makes switching difficult, and a large installed base of equipment that drives recurring consumable and service revenue. The key growth driver is the steady rise in surgical procedure volumes worldwide, while the main risk is potential pricing pressure from large hospital systems and group purchasing organizations.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+13.9% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$113M/ year

→ Flat (+5% vs prior year)

1.9% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$482M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

STERIS is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 98.3M (2022) → 98.7M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
45.8%
Healthy — 45.8% gross margin
Profit after running costs
Operating Margin
19.1%
Healthy — 19.1% operating margin
Return on the money invested
ROCE
15.1%
Strong — 15.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+8.4%
Steady sales growth (+8.4% YoY)
Profit growth
EPS YoY
+25.0%
Earnings growing fast (+25.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
160%
Turns 160% of profit into real cash
Spare cash per sale
FCF Margin
15.3%
Converts sales into free cash efficiently (15.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.05
Conservative — low debt load (0.05)
Covers its interest
Interest Cover
18.84x
Comfortably covers interest (18.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
27.2x
Growth-priced — P/E 27.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+8.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (27.2 → 18.8)

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Dividends

Dividend
Dividend Yield
1.32%
Small dividend — 1.32% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+10.3%
Dividend growing fast (10.3% YoY)
Payout Ratio
31%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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