NYSE · Healthcare

STERIS plc

STE · Medical Devices

$202.61

▲ 3.21 (1.61%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Gross Profit Margin 44.2%

Operating Margin 18.6%

Net Income Margin 13.2%

Fin. Health

C⤢

Years to Pay Off Debt 2.7 yrs

Working Capital vs Long-Term Debt -$563M

Working Capital $1.2B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 2.75x

Cash Flow

C⤢

Free Cash Flow $972M

CapEx % of Net Income 47.2%

Owner Earnings $1.6B

Profitability

Gross Profit Margin 44.2%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin 18.6%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin 13.2%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt 2.7 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$563M

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $1.2B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $972M

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 47.2%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $1.6B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

About STERIS plc

STERIS plc provides infection prevention products and services in the United States, Ireland, and internationally. It operates through three segments: Healthcare, Applied Sterilization Technologies, and Life Sciences. The company offers cleaning chemistries and sterility assurance products, automated endoscope reprocessing system and tracking products, endoscopy accessories, instruments, washers, and sterilizers and other pieces of capital equipment, as well as equipment used directly in the procedure rooms, including surgical tables, lights, equipment management services, and connectivity solutions; and various preventive maintenance programs, repair services, custom process improvement consulting, and outsourced instrument sterile processing, as well as instrument, devices, and endoscope repair and maintenance services. It also provides process controls and monitoring systems, as well as integrated sterilization equipment, such as accelerators, product handling, and automation; and sterilization modalities, product development, materials testing, and process validation, as well as support services for sterilization equipment and control systems comprising installation, preventive maintenance, updates, repairs, and troubleshooting. In addition, the company offers pharmaceutical detergents, cleanroom disinfectants and sterilants, pharmaceutical grade and research sterilizers and washers, sterility assurance and maintenance products, vaporized hydrogen peroxide room decontamination systems and sterilizers, and high purity water and pure steam generators; and preventive maintenance programs and repair services to support the operation of capital equipment. It serves healthcare providers, medical device and pharmaceutical manufacturers, biopharmaceutical manufacturing facilities, and hospitals. The company was formerly known as New STERIS Limited and changed its name to STERIS plc in November 2015. STERIS plc was founded in 1985 and is headquartered in Mentor, Ohio.

Market Data

Market Cap $19.7B

Enterprise Value $21.8B

P/E (TTM) 25.55

Dividend Yield 1.23%

Exchange NYSE

Key Margins

Gross Profit 44.2%

Operating Margin 18.6%

Net Margin 13.2%

Company Info

Sector Healthcare

Industry Medical Devices

Employees 17937

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering STERIS plc at $202.61.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $202.61, the stock trades at a 77% premium to its Graham Number of $114.68. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

Showing Key Metrics

Income Highlights

Metric	2026	2025	2024	2023	2022
Gross Profit %	44.2%▲	44.0%▲	43.2%▼	43.7%•	N/A
Operating Margin %	18.6%▲	17.6%▲	16.8%▼	17.5%•	N/A
Net Income %	13.2%▲	11.3%▲	7.4%▲	2.4%•	N/A
Diluted EPS	7.93▲	6.20▲	3.81▲	1.07•	N/A

Balance Sheet Highlights

Metric	2026	2025	2024	2023	2022
Total Assets	$10.7B	$10.1B	$11.1B	$10.8B	N/A
Total Debt	$2.1B▼	$2.2B▼	$3.4B▲	$3.2B•	N/A
Working Capital	$1.2B▲	$979M▼	$1.9B▲	$1.1B•	N/A
Years to Pay Debt	2.67	3.58	8.94	30.35	N/A

Cash Flow Highlights

Metric	2026	2025	2024	2023	2022
Free Cash Flow	$972M▲	$778M▲	$613M▲	$395M•	N/A
Owner Earnings	$1.6B	$1.5B	$1.3B	$1.0B	N/A
CapEx % of Net Income	47.2%	60.2%	95.2%	338.2%	N/A

Income Statement

	2026	2025	2024	2023	2022
Tax Effect Of Unusual Items	-1,026	-21,852	-5,538	-88
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	1,598,600	1,452,900	1,438,400	1,344,483
Total Unusual Items	-4,100	-94,200	-26,000	-485
Total Unusual Items Excluding Goodwill	-4,100	-94,200	-26,000	-485
Net Income From Continuing Operation Net Minority Interest	782,300	610,200	551,500	557,414
Reconciled Depreciation	486,500	476,200	565,200	552,897
Reconciled Cost Of Revenue	3,309,400	3,056,800	2,920,500	2,555,540
EBITDA	1,594,500	1,358,700	1,412,400	1,343,998
EBIT	1,108,000	882,500	847,200	791,101
Net Interest Income	-50,900	-77,900	-133,400	-110,835
Interest Expense	60,700	86,300	144,400	110,835
Interest Income	9,800	8,400	11,000		6,284
Normalized Income	785,374	682,548	571,962	557,811
Net Income From Continuing And Discontinued Operation	782,300	614,700	378,300	107,030
Total Expenses	4,830,000	4,498,700	4,276,500	3,744,680
Total Operating Income As Reported	1,101,800	866,600	836,100	791,101
Diluted Average Shares	98,700	99,069	99,359	100,246
Basic Average Shares	98,200	98,575	98,787	99,706
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	782,300	614,600	378,200	107,030
Net Income Common Stockholders	782,300	614,600	378,200	107,030
Net Income	782,300	614,700	378,300	107,030
Minority Interests	-2,800	-1,400	-1,800	1,217
Net Income Including Noncontrolling Interests	785,100	616,100	380,100	105,813
Net Income Discontinuous Operations	0	4,500	-173,200	-450,384
Net Income Continuous Operations	785,100	611,600	553,300	556,197
Tax Provision	262,200	184,700	149,500	124,069
Pretax Income	1,047,300	796,200	702,800	680,266
Other Income Expense	-7,600	-86,800	-26,000	-485
Other Non Operating Income Expenses	-3,500	7,400			-27,806
Special Income Charges	-4,100	-94,200	-26,000	-485
Gain On Sale Of Business		7,425	0	0
Other Special Charges		48,200
Impairment Of Capital Assets				490,565	0
Restructuring And Mergern Acquisition	4,100	46,000	26,000	485
Net Non Operating Interest Income Expense	-50,900	-77,900	-133,400	-110,835
Interest Expense Non Operating	60,700	86,300	144,400	110,835
Interest Income Non Operating	9,800	8,400	11,000		6,284
Operating Income	1,105,900	960,900	862,200	791,586
Operating Expense	1,520,600	1,441,900	1,356,000	1,189,140
Research And Development	112,900	107,600	103,700	98,477
Selling General And Administration	1,407,700	1,334,300	1,252,300	1,090,663
Gross Profit	2,626,500	2,402,800	2,218,200	1,980,726
Cost Of Revenue	3,309,400	3,056,800	2,920,500	2,555,540
Total Revenue	5,935,900	5,459,500	5,138,700	4,536,266
Operating Revenue	5,935,900	5,459,500	5,138,700	4,536,266

Balance Sheet

	2026	2025	2024	2023	2022
Ordinary Shares Number	97,800	98,301	98,883	98,629
Share Issued	97,800	98,301	98,883	98,629
Net Debt	1,492,200	1,872,000	2,999,080	2,870,298
Total Debt	2,087,200	2,202,500	3,383,167	3,248,277
Tangible Book Value	1,368,800	653,400	112,170	121,280
Invested Capital	9,115,400	8,647,100	9,508,264	9,155,853
Working Capital	1,249,600	978,600	1,937,996	1,149,598
Net Tangible Assets	1,368,800	653,400	112,170	121,280
Capital Lease Obligations	155,400	158,800	177,067	169,622
Common Stock Equity	7,183,600	6,603,400	6,302,164	6,077,198
Total Capitalization	8,996,500	8,522,100	9,422,326	9,095,853
Total Equity Gross Minority Interest	7,197,200	6,615,800	6,315,346	6,087,172
Minority Interest	13,600	12,400	13,182	9,974
Stockholders Equity	7,183,600	6,603,400	6,302,164	6,077,198
Other Equity Interest	-100
Gains Losses Not Affecting Retained Earnings	-113,100	-292,300	-328,657	-320,710
Other Equity Adjustments	-113,100	-292,300	-328,657	-320,710
Retained Earnings	3,015,900	2,475,300	2,087,645	1,911,533
Capital Stock	4,280,900	4,420,400	4,543,176	4,486,375
Common Stock	4,280,900	4,420,400	4,543,176	4,486,375
Total Liabilities Net Minority Interest	3,540,000	3,531,000	4,748,351	4,734,667
Total Non Current Liabilities Net Minority Interest	2,395,000	2,508,800	3,817,224	3,872,823
Other Non Current Liabilities	22,000	12,700	21,037	21,197
Liabilities Heldfor Sale Non Current			0	20,936
Employee Benefits	10,000	9,400	9,207	10,099
Non Current Pension And Other Postretirement Benefit Plans	8,400	8,100	7,886	8,946
Tradeand Other Payables Non Current	300	1,900	6,508	10,082
Non Current Deferred Liabilities	390,700	403,700	479,688	617,538
Non Current Deferred Taxes Liabilities	390,700	403,700	479,688	617,538
Long Term Debt And Capital Lease Obligation	1,932,500	2,043,300	3,265,990	3,158,212
Long Term Capital Lease Obligation	119,600	124,600	145,828	139,557
Long Term Debt	1,812,900	1,918,700	3,120,162	3,018,655
Long Term Provisions	39,500	37,800	34,794	34,759
Current Liabilities	1,145,000	1,022,200	931,127	861,844
Other Current Liabilities	271,500	238,600	239,709	201,364
Current Deferred Liabilities	59,100	57,500	70,460	85,727
Current Deferred Revenue	59,100	57,500	70,460	85,727
Current Debt And Capital Lease Obligation	154,700	159,200	117,177	90,065
Current Capital Lease Obligation	35,800	34,200	31,239	30,065
Current Debt	118,900	125,000	85,938	60,000
Other Current Borrowings	118,900	125,000	85,938	60,000
Pensionand Other Post Retirement Benefit Plans Current	221,100	192,700	164,831	118,463
Current Provisions	15,000	15,700	13,813	11,868
Payables And Accrued Expenses	423,600	358,500	325,137	354,357
Current Accrued Expenses	56,200	56,200	59,774	49,715
Interest Payable	6,200	7,800	11,109	9,243
Payables	367,400	302,300	265,363	304,642
Total Tax Payable	28,600	21,500	13,640	40,477
Income Tax Payable	28,600	21,500	13,640	40,477
Accounts Payable	338,800	280,800	251,723	264,165
Total Assets	10,737,200	10,146,800	11,063,697	10,821,839
Total Non Current Assets	8,342,700	8,145,900	8,194,574	8,810,397
Other Non Current Assets	211,400	83,000	66,199	1,055,151
Goodwill And Other Intangible Assets	5,814,800	5,950,000	6,189,994	5,955,918
Other Intangible Assets	1,620,000	1,854,300	2,119,282	2,076,699
Goodwill	4,194,800	4,095,700	4,070,712	3,879,219
Net PPE	2,316,500	2,112,900	1,938,381	1,799,328
Accumulated Depreciation	-1,944,600	-1,731,100	-1,573,947	-1,414,101
Gross PPE	4,261,100	3,844,000	3,512,328	3,213,429
Construction In Progress	509,500	512,100	500,106	472,206
Other Properties	985,100	906,200	865,843	804,473
Machinery Furniture Equipment	1,750,600	1,487,500	1,331,753	1,200,885
Buildings And Improvements	903,600	832,100	724,492	658,108
Land And Improvements	112,300	106,100	90,134	77,757
Current Assets	2,394,600	2,000,800	2,869,123	2,011,442
Other Current Assets	230,400	203,800	174,349	176,107
Assets Held For Sale Current		0	804,904	157,580
Prepaid Assets				179,277	156,637
Inventory	631,800	581,300	674,535	604,410
Inventories Adjustments Allowances	-39,400	-49,800	-43,893	-35,601
Other Inventories	-100
Finished Goods	355,200	334,900	374,182	325,609
Work In Process	90,700	83,100	98,304	93,971
Raw Materials	225,400	213,100	245,942	220,431
Receivables	1,092,800	1,044,000	1,008,315	864,988
Accounts Receivable	1,092,800	1,044,000	1,008,315	864,988
Allowance For Doubtful Accounts Receivable	-27,300	-24,400	-22,984	-19,284
Gross Accounts Receivable	1,120,100	1,068,400	1,031,299	884,272
Cash Cash Equivalents And Short Term Investments	439,600	171,700	207,020	208,357
Cash And Cash Equivalents	439,600	171,700	207,020	208,357

Cash Flow

	2026	2025	2024	2023	2022
Free Cash Flow	972,400	778,000	613,000	394,978
Repurchase Of Capital Stock	-235,500	-211,300	-11,800	-308,565
Repayment Of Debt	-125,000	-1,164,400	-60,000	-247,875
Issuance Of Debt	3,000		181,500	241,657	2,000,000
Capital Expenditure	-369,000	-370,100	-360,300	-361,969
Interest Paid Supplemental Data		89,401	142,167	108,470	84,696
Income Tax Paid Supplemental Data		273,611	271,274	254,661	138,382
End Cash Position	439,600	171,700	207,000	208,357
Beginning Cash Position	171,700	207,000	208,400	348,320
Effect Of Exchange Rate Changes	7,200	200	-2,100	-14,862
Changes In Cash	260,700	-35,500	700	-125,101
Financing Cash Flow	-568,200	-1,572,400	-85,200	-498,718
Cash Flow From Continuing Financing Activities	-568,200	-1,572,400	-85,200	-498,718
Net Other Financing Charges	-1,800	-2,300	-4,800	-2,265
Proceeds From Stock Option Exercised	32,900	25,500	10,500	1,828
Cash Dividends Paid	-241,800	-219,900	-200,600	-183,498
Common Stock Dividend Paid	-241,800	-219,900	-200,600	-183,498
Net Common Stock Issuance	-235,500	-211,300	-11,800	-308,565
Common Stock Payments	-235,500	-211,300	-11,800	-308,565
Net Issuance Payments Of Debt	-122,000	-1,164,400	121,500	-6,218
Net Short Term Debt Issuance			181,486	241,657	-190,174
Short Term Debt Payments					-190,174
Net Long Term Debt Issuance	-122,000	-1,164,400	121,500	-6,218
Long Term Debt Payments	-125,000	-1,164,400	-60,000	-247,875
Long Term Debt Issuance	3,000		181,500	241,657	2,000,000
Investing Cash Flow	-512,500	388,800	-887,400	-383,330
Cash Flow From Continuing Investing Activities	-512,600	388,800	-887,300	-383,330
Net Other Investing Changes	100		-100
Net Investment Purchase And Sale	-134,000	-10,800	2,400	0
Sale Of Investment	0	0	3,900	0
Purchase Of Investment	-134,000	-10,800	-1,500	0
Net Business Purchase And Sale	-20,100	760,500	-536,800	-35,948
Sale Of Business	0	814,600	9,500	6,624
Purchase Of Business	-20,100	-54,100	-546,300	-42,572
Net PPE Purchase And Sale	-358,500	-360,900	-352,900	-347,382
Sale Of PPE	10,500	9,200	7,400	14,587
Purchase Of PPE	-369,000	-370,100	-360,300	-361,969
Operating Cash Flow	1,341,400	1,148,100	973,300	756,947
Cash Flow From Continuing Operating Activities	1,341,200	1,148,100	973,000	756,947
Change In Working Capital	27,100	66,500	-146,200	-250,023
Change In Other Current Assets	-22,700	-50,300	-1,600	-24,086
Change In Payables And Accrued Expense	98,900	72,500	21,000	31,288
Change In Accrued Expense	47,800	38,900	40,000	-22,054
Change In Payable	51,100	33,600	-19,000	53,342
Change In Account Payable	51,100	33,600	-19,000	53,342
Change In Inventory	-24,000	73,100	-37,500	-123,921
Change In Receivables	-25,100	-28,800	-128,100	-133,304
Changes In Account Receivables	-25,100	-28,800	-128,100	-133,304
Other Non Cash Items	-5,400	-3,700	223,800	-17,469
Stock Based Compensation	61,700	57,400	56,500	38,951
Asset Impairment Charge		0	0	490,565	0
Deferred Tax	-16,900	-76,500	-131,400	-185,913
Deferred Income Tax	-16,900	-76,500	-131,400	-185,913
Depreciation Amortization Depletion	486,500	476,200	565,200	552,897
Operating Gains Losses	3,300	12,100	25,300	22,126
Gain Loss On Investment Securities			-546
Gain Loss On Sale Of PPE	3,600	5,700	25,000	22,193
Gain Loss On Sale Of Business	-300	6,400	300	-67
Net Income From Continuing Operations	785,100	616,100	380,100	105,813

5/7

Graham Score

Enterprising Investor

Requires deeper research. Suited for active investors.

Graham's Fair Value

$114.68

Margin of Safety

Market Cap / Net Assets

2.7x

Net Assets: $7.2B

Warren's Owner Earnings

$1.6B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/7 — Enterprising Investor

✅

Adequate Size

Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.

$5.9B

vs > $1.5B revenue

✅

Strong Financial Condition

Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.

2.09x

vs Current Ratio > 2.0x

✅

Earnings Stability

Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.

No loss years (4 yrs data)

vs No negative EPS years

✅

Dividend Record

Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.

1.23%

vs Uninterrupted dividends

✅

Earnings Growth

EPS grew from $1.07 to $7.93 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.

+641.1% EPS growth

vs > 33% EPS growth

❌

Moderate P/E Ratio

Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.

25.5x

vs P/E ≤ 15.0x

❌

Moderate Price-to-Book

Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.

2.75x P/B (P/E×P/B: 70.2)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

These metrics estimate what STERIS plc is worth based on fundamentals — independent of what the market prices it at. Graham's Fair Value and NCAV are conservative floors. EPV assumes zero growth. These are reference points, not price targets.

Net Current Asset Value

$-11.75

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$126.08

Per share, no-growth floor. Compare to current price.

ROIC — Return on Invested Capital

9.1%

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Cash Flow Analysis

Metric	2026	2025	2024	2023	2022
Capital Expenditure % of Net Income	47.2%	60.2%	95.2%	338.2%	N/A
Repurchase of Capital Stock	-$236M	-$211M	-$12M	-$309M	N/A
Free Cash Flow	$972M ▲	$778M ▲	$613M ▲	$395M •	N/A •
Warren's Owner Earnings	$1.6B	$1.5B	$1.3B	$1.0B	N/A

Peers & Industry Comparison

Medical Devices — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
STE	$202.61	$19.7B	25.55	44.2%	13.2%	$5.9B
MDT Medtronic plc.	$79.34	$101.9B	21.0	65.4%	13.2%	$36.4B
ABT Abbott Laboratories	$88.41	$154.0B	24.8	56.5%	13.9%	$45.1B
SYK Stryker Corporation	$307.80	$118.0B	35.7	64.7%	13.2%	$25.3B
BSX Boston Scientific Corporation	$45.29	$67.3B	18.9	68.9%	17.3%	$20.6B
EW Edwards Lifesciences Corporatio	$87.36	$50.3B	47.2	77.9%	17.4%	$6.3B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.30%

Low — management has little skin in the game

Return on Equity (ROE)

10.9%

Adequate — returns are moderate

Return on Assets (ROA)

7.3%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$236M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-5.2% YoY

Debt is declining — management is deleveraging

Leadership Team

Daniel Carestio

President, CEO & Director

Age 52

Pay: $2,840,320

0.363% of net income

Julie Winter

Vice President of Investor Relations & Corporate Communications

Walter Rosebrough Jr.

CEO Emeritus & Senior Advisor

Age 71

Pay: $1,156,398

0.148% of net income

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	9.26%	9,026,621
Vanguard Capital Management LLC	6.53%	6,366,378
State Street Corporation	5.12%	4,991,868
Vanguard Portfolio Management LLC	5.08%	4,950,040
Morgan Stanley	4.51%	4,394,263
Massachusetts Financial Services Co.	4.11%	4,010,349
Wellington Management Group, LLP	2.95%	2,873,365
Orbis Allan Gray Ltd	2.66%	2,592,912

Risk Analysis

Beta (Market Risk)

0.92

Low volatility — more stable than the market

Short Interest

2.1% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.29x

Conservative balance sheet — low financial risk

Current Ratio

2.09x

Strong liquidity — Graham approved

52-Week Price Range

Low: $195.14 Current: $202.61 High: $269.44

Currently at 10% of 52-week range

STERIS plc

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Graham's Fair Value

Market Cap / Net Assets

Warren's Owner Earnings

Graham's 7 Criteria

Graham's 7 Criteria — Explained

Net Current Asset Value

Earnings Power Value

ROIC — Return on Invested Capital

Cash Flow Analysis

Peers & Industry Comparison

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis