Steris PLC (STE) intrinsic value & 10-year financials
Steris PLC (STE) has a Graham intrinsic value of $263.40 per share. At $222.66 on Oct 17, 2026, the stock trades 15% below that value. Over the last 10 fiscal years revenue grew 9.6% a year to $5.9B, with an average return on invested capital of 6.9%.
- Graham intrinsic value
- $263.40
- Share price (Oct 17, 2026)
- $222.66
- Price vs Graham value
- 15% below
- Market cap
- $22.0B
- Revenue (FY2026)
- $5.9B
- Revenue growth (10-yr CAGR)
- 9.6%
- ROIC (10-yr avg)
- 6.9%
- Free cash flow (FY2026)
- $972.4M
STE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $5.9B | $782.3M | $7.93 | $972.4M | 18.6% | 9.5% |
| FY2025 | $5.5B | $614.6M | $6.20 | $778.0M | 15.9% | 7.4% |
| FY2024 | $5.1B | $378.2M | $3.81 | $612.9M | 16.3% | 6.5% |
| FY2023 | $5.0B | $107.0M | $1.07 | $395.0M | 5.4% | 2.0% |
| FY2022 | $4.6B | $243.9M | $2.48 | $397.2M | 9.3% | 4.4% |
| FY2021 | $3.1B | $397.4M | $4.63 | $450.4M | 17.6% | 8.7% |
| FY2020 | $3.0B | $407.6M | $4.76 | $376.0M | 17.7% | 10.5% |
| FY2019 | $2.8B | $304.1M | $3.56 | $349.8M | 14.8% | 8.0% |
| FY2018 | $2.6B | $290.9M | $3.39 | $292.2M | 15.3% | 7.6% |
| FY2017 | $2.6B | $110.0M | $1.28 | $251.2M | 8.7% | 4.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Steris is a consistent compounder, expanding top-line revenue at 9.5% annually over the past decade.
Steris has historically struggled to out-earn its cost of capital, averaging just 6.9% ROIC.
Steris has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Steris is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $263.40 per share.