Steris (STE)

NYSEHealth CareMedical - SpecialtiesSnapshot 2026-10-15

$222.66-0.74%

Close 2026-10-16 · 1-day change

Read the published Living FV report summary

Investment OutlookAs of Oct 15, 2026

What could strengthen or challenge Steris’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

0.0%

+10% or more+5%0%−5%−10% or less

12.25 → 12.25 EPS · FY ending Mar 31, 2028 · 5 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 15, 2026 to Oct 15, 2026: (new ÷ prior − 1). Contributor count changed from 6 to 5; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Living FV™

Living Fair Value by QuarterlyIQ

A valuation that evolves as the business changes.

A published Living FV snapshot is not available yet. The valuation workflow remains discoverable; a market target cannot supply the missing evidence.

View Living FV report and workflow

What the Thesis Depends On

Three key conditions need to be met for the investment thesis to play out.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
EPS of $11.1 to $11.3 in fiscal 2027	A primary condition in Steris's published investment case. The stated target is EPS between $11.1 and $11.3.	Under Pressure	EPS falls below $10.5 in FY27	Diluted EPS: $2.04 per share FY2027-Q1; GAAP. Published target: EPS between $11.1 and $11.3. Target period is not explicitly aligned with this observation. Source published Aug 7, 20262.04 USD/share · source valueSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2027-Q1 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2027-Q1. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 6 of last 6 quarters. Revenue grew from $1.39B in 2026-Q1 to $1.49B in 2027-Q1 (+7%). Management reiterated fiscal 2027 revenue growth guidance of 7-8% and constant currency organic growth of 6-7%. The trajectory is delivering consistent growth aligned with stated targets. Delivery assessment Oct 15, 2026
Free cash flow of $850 million in fiscal 2027	Free cash flow target is $850 million for 2027.	Intact	Free cash flow falls below $800 million in FY27	Free cash flow: $279.6M FY2027-Q1; GAAP. Published target: >= $850 million FCF. Target period is not explicitly aligned with this observation. Source published Aug 7, 2026279,600,000 USD · calculatedSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2027-Q1 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2027-Q1. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue growth of 7-8% in fiscal 2027	A primary condition in Steris's published investment case. The stated target is 7-8% YoY revenue growth.	Under Pressure	YoY revenue growth falls below 6% in FY27	Revenue growth: 7.3% FY2027-Q1; GAAP. Published target: 7-8% YoY revenue growth. Target period is not explicitly aligned with this observation. Source published Aug 7, 20267.303573 percent · calculatedSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2027-Q1 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 91ca71f3-07a1-4d5c-be71-a2ed8ff903b7. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 6 of last 6 quarters. Revenue grew from $1.39B in 2026-Q1 to $1.49B in 2027-Q1 (+7%). Management reiterated fiscal 2027 revenue growth guidance of 7-8% and constant currency organic growth of 6-7%. The trajectory is delivering consistent growth aligned with stated targets. Delivery assessment Oct 15, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2028 · fiscal year ending 2028-03-31 · fmp

FY2028 EPS$12.25

$12.18 → $12.25 · observed estimates

FY2028 revenue$6.78B

$6.77B → $6.78B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2028 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$12.18	$6,765,143,797	5 / 6
2026-07-25	$12.17	$6,772,575,880	8 / 8
2026-07-26	$12.18	$6,765,143,797	5 / 6
2026-07-27	$12.18	$6,765,143,797	5 / 6
2026-07-28	$12.18	$6,765,143,797	5 / 6
2026-07-29	$12.18	$6,765,143,797	5 / 6
2026-07-30	$12.17	$6,772,575,880	8 / 8
2026-07-31	$12.17	$6,772,575,880	8 / 8
2026-08-01	$12.18	$6,765,143,797	5 / 6
2026-08-02	$12.21	$6,777,354,410	9 / 9
2026-08-03	$12.18	$6,771,448,657	6 / 6
2026-08-04	$12.21	$6,777,354,410	9 / 9
2026-08-05	$12.18	$6,771,448,657	6 / 6
2026-08-06	$12.18	$6,771,448,657	6 / 6
2026-08-08	$12.14	$6,772,712,750	5 / 6
2026-08-09	$12.24	$6,778,759,080	8 / 8
2026-08-10	$12.14	$6,772,712,750	5 / 6
2026-08-12	$12.24	$6,779,582,480	9 / 9
2026-08-13	$12.14	$6,772,712,750	5 / 6
2026-08-14	$12.14	$6,772,712,750	5 / 6
2026-08-15	$12.14	$6,772,712,750	5 / 6
2026-08-16	$12.14	$6,772,712,750	5 / 6
2026-08-17	$12.14	$6,772,712,750	5 / 6
2026-08-18	$12.14	$6,772,712,750	5 / 6
2026-08-19	$12.14	$6,772,712,750	5 / 6
2026-08-20	$12.23	$6,779,781,178	6 / 6
2026-08-21	$12.23	$6,779,781,178	6 / 6
2026-08-22	$12.23	$6,779,781,178	6 / 6
2026-08-23	$12.25	$6,779,781,178	6 / 6
2026-08-24	$12.25	$6,779,781,178	6 / 6
2026-08-25	$12.25	$6,779,781,178	6 / 6
2026-08-26	$12.25	$6,779,781,178	6 / 6
2026-08-27	$12.25	$6,779,781,178	6 / 6
2026-08-28	$12.25	$6,779,781,178	6 / 6
2026-08-29	$12.25	$6,779,781,178	6 / 6
2026-08-30	$12.25	$6,779,781,178	6 / 6
2026-08-31	$12.25	$6,779,781,178	6 / 6
2026-09-01	$12.25	$6,779,781,178	6 / 6
2026-09-02	$12.25	$6,779,781,178	6 / 6
2026-09-03	$12.25	$6,779,781,178	6 / 6
2026-09-04	$12.25	$6,779,781,178	6 / 6
2026-09-05	$12.25	$6,779,781,178	6 / 6
2026-09-06	$12.25	$6,779,781,178	6 / 6
2026-09-07	$12.25	$6,779,781,178	6 / 6
2026-09-08	$12.25	$6,779,781,178	6 / 6
2026-09-09	$12.25	$6,779,781,178	6 / 6
2026-09-10	$12.25	$6,779,781,178	6 / 6
2026-09-11	$12.25	$6,779,781,178	6 / 6
2026-09-12	$12.25	$6,779,781,178	6 / 6
2026-09-13	$12.25	$6,779,781,178	6 / 6
2026-09-14	$12.25	$6,779,781,178	6 / 6
2026-09-15	$12.25	$6,779,781,178	6 / 6
2026-09-16	$12.25	$6,779,781,178	6 / 6
2026-09-17	$12.25	$6,779,781,178	6 / 6
2026-09-18	$12.25	$6,779,781,178	6 / 6
2026-09-19	$12.25	$6,779,781,178	6 / 6
2026-09-20	$12.25	$6,779,781,178	6 / 6
2026-09-21	$12.25	$6,779,781,178	6 / 6
2026-09-22	$12.25	$6,779,781,178	6 / 6
2026-09-23	$12.25	$6,779,781,178	6 / 7
2026-09-24	$12.25	$6,779,781,178	6 / 7
2026-09-25	$12.25	$6,779,781,178	6 / 7
2026-09-26	$12.25	$6,779,781,178	6 / 7
2026-09-27	$12.25	$6,779,781,178	6 / 7
2026-09-28	$12.25	$6,779,781,178	6 / 7
2026-09-29	$12.25	$6,779,781,178	6 / 7
2026-09-30	$12.25	$6,779,781,178	6 / 7
2026-10-01	$12.25	$6,779,781,178	6 / 7
2026-10-02	$12.25	$6,779,781,178	6 / 7
2026-10-03	$12.25	$6,779,781,178	6 / 7
2026-10-04	$12.25	$6,779,781,178	6 / 7
2026-10-05	$12.25	$6,779,781,178	6 / 7
2026-10-06	$12.25	$6,779,781,178	6 / 7
2026-10-07	$12.25	$6,779,781,178	6 / 7
2026-10-08	$12.25	$6,779,781,178	6 / 7
2026-10-09	$12.25	$6,779,781,178	6 / 7
2026-10-10	$12.25	$6,779,781,178	6 / 7
2026-10-11	$12.25	$6,779,781,178	6 / 7
2026-10-12	$12.25	$6,779,781,178	6 / 7
2026-10-13	$12.25	$6,779,288,553	5 / 5
2026-10-14	$12.25	$6,779,288,553	5 / 5
2026-10-15	$12.25	$6,779,288,553	5 / 5

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	6	2	1
2026-06-01	6	2	0
2026-07-01	7	2	0
2026-08-01	7	3	0
2026-09-01	7	3	0
2026-10-01	7	2	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 7 Buy / Strong Buy · 2 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 16–Oct 15 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 16, 2026–Oct 15, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

EPS of $11.1 to $11.3 in fiscal 2027Published status: Under Pressure
Free cash flow of $850 million in fiscal 2027Free cash flow: $279.6M
Revenue growth of 7-8% in fiscal 2027Published status: Under Pressure

Next proof point

Nov 4, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.1%Typical daily move · historical

Downside history

-25.6%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Steris outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 10, 2026

What kind of bet this is

This investment represents a durable compounder with a focus on steady revenue growth and cash flow generation. The current thesis is intact, supported by management's consistent execution of their strategic priorities.

What's priced into Steris

The market appears to have priced in a neutral valuation, with STE being considered cheap compared to its peers. There is a slight expectations gap, indicating that investors are not overly optimistic about future performance.

What the fundamentals likely do

Fundamentals are likely to show continued strong performance, as management has reaffirmed revenue growth targets and is on track with capital expenditures. However, there is a mixed outlook for free cash flow due to increased capital spending.

What Steris hinges on

The thesis hinges on several factors, including the potential for management to maintain guidance and the overall health of the job market. Additionally, performance of sector bellwethers will be critical in determining STE's momentum.