STE: FY4Q26 First Look - Clean Enough? Rev a Smidge Lite but Initial FY27 Guide Comforts

研报英文原文证据摘录

STE: FY4Q26 First Look - Clean Enough? Rev a Smidge Lite but Initial FY27 Guide Comforts

Medical Supplies & Devices

FLASH

FLASH: STERIS PLC (STE) May 11, 2026

STE: FY4Q26 First Look - Clean Enough? Rev a Smidge Lite Rating:

but Initial FY27 Guide Comforts Outperform

Price:

Technically, FY4Q26 a small miss versus what we see for FactSet consensus. When $201.85

we say small miss we mean 0.4% on revenue and 0.7% on EPS. On organic growth Price Target:

$300the result was 5.0% we were +5.7%. Street may have been higher we don’t have that % Upside:

consensus visibility. 48.6%

Are we worked up about this? No. Original FY26 organic guide was 6%-7% STE did Source: FactSet, Wolfe Research

7.3%. Original FY26 EPS guide was $9.90-$10.15 STE did $10.17. Priced as of 05/11/26

This ‘small variance’ caveat aside, all the segments seem to be in general gear. For

the quarter in constant-dollar organic terms Healthcare grew 6%, Life Sciences grew

6%, AST-Services grew 6%. Versus recent performance Healthcare a little slower on

long-expected Services slowdown. Life Sciences a little faster on still-easy comps.

AST-Services similar sequentially. Margin glide paths seem intact for each segment. Mike Polark, CFA

mpolark@wolferesearch.com

Bookings? We calc Healthcare bookings up 19% year/year in the quarter and up 6% (617) 313-7810

View Mike’s Researchfor the full FY26 good for a book/bill in the quarter/year of 0.89x/1.02x. We calc Life View STE Model

Science bookings down 18% year/year in the quarter and up 16% for the full FY26 View Comp Table

good for a book/bill in the quarter/year of 0.67x/1.11x.

Paige Chamberlain

FY27 headline revenue and EPS guide slightly above Street. Reported revenue pchamberlain@wolferesearch.com (617) 313-7804

expected to grow 7%-8% vs Street +6%.