STERIS PLC

Red flags

• Total debt was $1.932 billion at March 31, 2026, including $1.350 billion of senior public notes and $37.8 million drawn on the revolving facility; interest rates and refinancing needs could constrain flexibility.
• The company identifies potential reductions in Medicaid funding and reimbursement under the 2025 One Big Beautiful Bill Act as a risk to customers and demand.
• Tariffs, trade restrictions, or changes to the USMCA could increase production costs, disrupt sourcing, reduce end-market access, and require material footprint changes; the filing provides no quantified exposure.
• Management and the auditor excluded fiscal 2026 acquisitions from internal-control testing, though they represented approximately 0.4% of total assets and 0.1% of revenue.