Steris
STE · NYSEOrthopedic, Prosthetic & Surgical Appliances & Supplies · Fiscal year ends Mar 31
Steris reported revenue of $5.9B in the fiscal year ended Mar 2026, up 8.7% from the year before. Operating income was $1.1B, an operating margin of 18.6%, and net income was $782M. Operating cash flow of $1.3B less capital expenditure of $369M left free cash flow of $972M. Net debt was $1.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | $4.2B | $4.5B | $5.1B | $5.5B | $5.9B |
| Cost of revenue | $2.3B | $2.6B | $2.9B | $3.1B | $3.3B |
| Gross profit | $1.9B | $2B | $2.2B | $2.4B | $2.6B |
| Research & development | $87M | $98M | $104M | $108M | $113M |
| Selling, general & admin | $1.3B | $1.1B | $1.3B | $1.3B | $1.4B |
| Operating income | $478M | $791M | $836M | $867M | $1.1B |
| Interest expense | $89M | $108M | $144M | $86M | $61M |
| Pre-tax income | $367M | $680M | $703M | $796M | $1B |
| Income tax | $82M | $124M | $150M | $185M | $262M |
| Net income | $244M | $107M | $378M | $615M | $782M |
| Diluted EPS | 2.48 | 1.07 | 3.81 | 6.20 | 7.93 |
| Diluted shares | 98M | 100M | 99M | 99M | 99M |
Balance sheet
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $348M | $208M | $207M | $172M | $440M |
| Receivables | $799M | $865M | $1B | $1B | $1.1B |
| Inventory | $575M | $604M | $675M | $581M | $632M |
| Current assets | $1.9B | $2B | $2.9B | $2B | $2.4B |
| Net PP&E | $1.6B | $1.6B | $1.8B | $2B | $2.2B |
| Goodwill | $3.9B | $3.9B | $4.1B | $4.1B | $4.2B |
| Total assets | $11.4B | $10.8B | $11.1B | $10.1B | $10.7B |
| Payables | $226M | $264M | $252M | $281M | $339M |
| Current liabilities | $922M | $862M | $931M | $1B | $1.1B |
| Short-term debt | $143M | $60M | $86M | $125M | $119M |
| Long-term debt | $2.9B | $3B | $3.1B | $1.9B | $1.8B |
| Total liabilities | $4.9B | $4.7B | $4.7B | $3.5B | $3.5B |
| Shareholders' equity | $6.5B | $6.1B | $6.3B | $6.6B | $7.2B |
| Backlog (remaining obligations) | $1.5B | $1.6B | $1.4B | $1.7B | $1.4B |
Cash flow
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $685M | $757M | $973M | $1.1B | $1.3B |
| Capital expenditure | $288M | $362M | $360M | $370M | $369M |
| Free cash flow | $397M | $395M | $613M | $778M | $972M |
| Depreciation & amortisation | $553M | $553M | $565M | $476M | $487M |
| Stock-based compensation | $58M | $39M | $57M | $57M | $62M |
| Acquisitions | $550M | $43M | $546M | $54M | $20M |
| Share buybacks | $56M | $309M | $12M | $211M | $236M |
| Dividends paid | $163M | $183M | $201M | $220M | $242M |
| Dividend per share | 1.69 | 1.84 | 2.03 | 2.23 | 2.46 |
Key ratios
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.4% | 13.3% | 6.2% | 8.7% |
| Operating income growth (YoY) | – | 65.6% | 5.7% | 3.6% | 27.1% |
| EPS growth (YoY) | – | −56.9% | 256.1% | 62.7% | 27.9% |
| Gross margin | 44.6% | 43.7% | 43.2% | 44.0% | 44.2% |
| Operating margin | 11.3% | 17.4% | 16.3% | 15.9% | 18.6% |
| Net margin | 5.8% | 2.4% | 7.4% | 11.3% | 13.2% |
| Return on equityBlank when equity is negative | 3.7% | 1.8% | 6.0% | 9.3% | 10.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.6% | 7.9% | 8.3% | 9.5% | 11.5% |
| Free cash flow margin | 9.4% | 8.7% | 11.9% | 14.3% | 16.4% |
| Cash conversion (CFO ÷ net income) | 2.81x | 7.07x | 2.57x | 1.87x | 1.71x |
| Receivable days | 69 | 70 | 72 | 70 | 67 |
| Inventory days | 90 | 86 | 84 | 69 | 70 |
| Payable days | 35 | 38 | 31 | 34 | 37 |
| Interest cover | 5.34x | 7.33x | 5.79x | 10.0x | 18.2x |
| Debt ÷ equity | 0.47x | 0.51x | 0.51x | 0.31x | 0.27x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.7B | $2.9B | $3B | $1.9B | $1.5B |
| Current ratio | 2.04x | 2.33x | 3.08x | 1.96x | 2.09x |
Recent filings
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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.