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Medical care facilities · Healthcare · Fiscal year ends Dec 31
Sotera Health reported revenue of $1.2B in the fiscal year ended Dec 2025, up 5.7% from the year before. Operating income was $148M, an operating margin of 12.7%, and net income was $78M. Operating cash flow of $287M less capital expenditure of $138M left free cash flow of $149M. Net debt was $1.8B.
Ranks among the 24 medical care facilities companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 931 | 1,004 | 1,049 | 1,100 | 1,164 |
| Cost of revenue | 413 | 447 | 472 | 498 | 518 |
| Gross profit | 519 | 557 | 577 | 602 | 646 |
| Selling, general & admin | 198 | 246 | 237 | 243 | 253 |
| Operating incomederived: pre-tax income + interest | 257 | 248 | 277 | 298 | 148 |
| Pre-tax income | 176 | −243 | 106 | 114 | 148 |
| Income tax | 58.6 | −9.5 | 54.7 | 69.5 | 69.6 |
| Net income | 117 | −234 | 51.4 | 44.4 | 77.9 |
| Diluted EPS | 0.41 | −0.83 | 0.18 | 0.16 | 0.27 |
| Diluted shares | 279 | 280 | 283 | 285 | 286 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 107 | 395 | 296 | 277 | 345 |
| Receivables | 108 | 118 | 148 | 140 | 139 |
| Inventory | 54.3 | 37.1 | 48.3 | 49.2 | 54.4 |
| Current assets | 346 | 645 | 557 | 526 | 613 |
| Net PP&E | 651 | 775 | 947 | 1,037 | 1,131 |
| Goodwill | 1,120 | 1,102 | 1,111 | 1,081 | 1,103 |
| Total assets | 2,790 | 3,118 | 3,130 | 3,072 | 3,263 |
| Payables | 72.9 | 74.1 | 71.0 | 55.1 | 78.0 |
| Deferred revenue | 8.7 | 12.1 | 13.5 | 15.1 | 18.0 |
| Current liabilities | 161 | 792 | 231 | 191 | 250 |
| Short-term debt | 0.0 | 197 | 4.8 | 14.8 | 14.0 |
| Long-term debt | 1,744 | 1,747 | 2,224 | 2,208 | 2,127 |
| Total liabilities | 2,203 | 2,767 | 2,687 | 2,667 | 2,657 |
| Shareholders' equity | 586 | 350 | 444 | 405 | 606 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 282 | 278 | −148 | 224 | 287 |
| Capital expenditure | 102 | 182 | 215 | 179 | 138 |
| Free cash flow | 179 | 95.6 | −363 | 45.1 | 149 |
| Depreciation & amortisation | 64.2 | 64.3 | 76.6 | 84.3 | 94.9 |
| Stock-based compensation | 13.9 | 21.2 | 32.2 | 36.8 | 30.9 |
| Acquisitions | 13.5 | 0.0 | 0.0 | – | – |
| Share buybacks | 0.0 | 0.0 | – | – | – |
| Dividends paid | 0.0 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.8% | 4.5% | 4.9% | 5.7% |
| Operating income growth (YoY) | – | −3.3% | 11.4% | 7.6% | −50.4% |
| EPS growth (YoY) | – | −302.4% | – | −11.1% | 68.8% |
| Gross margin | 55.7% | 55.5% | 55.0% | 54.7% | 55.5% |
| Operating margin | 27.6% | 24.7% | 26.4% | 27.0% | 12.7% |
| Net margin | 12.5% | −23.3% | 4.9% | 4.0% | 6.7% |
| Return on equityBlank when equity is negative | 19.9% | −66.7% | 11.6% | 11.0% | 12.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.8% | 10.7% | 9.5% | 10.3% | 4.9% |
| Free cash flow margin | 19.3% | 9.5% | −34.6% | 4.1% | 12.8% |
| Cash conversion (CFO ÷ net income) | 2.41x | −1.19x | −2.88x | 5.05x | 3.68x |
| Receivable days | 42 | 43 | 51 | 47 | 44 |
| Inventory days | 48 | 30 | 37 | 36 | 38 |
| Payable days | 64 | 61 | 55 | 40 | 55 |
| Debt ÷ equity | 2.97x | 5.55x | 5.02x | 5.49x | 3.53x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,637 | 1,549 | 1,932 | 1,946 | 1,796 |
| Current ratio | 2.15x | 0.81x | 2.42x | 2.75x | 2.46x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.