Sotera Health Co

SHCActive

CIK 1822479 · Environmental Services Adjacency

N/A

Market data as of N/A

Financials: LTM / latest available company filings

Sources: FMP, SHC filings, SEC EDGAR

$4,500

Market cap ($MM)

$6,454

Enterprise value ($MM)

$1,189

Revenue · LTM ($MM)

$459

EBITDA · LTM ($MM)

39%

EBITDA margin

5.4x

EV / revenue

14.1x

EV / EBITDA

4.0x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01SHC is a scaled public consolidator in Adjacency, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is RBA, KEX, DCI, GRC, CHE, AQN.

Balance sheet & capacity

Indicative capacity read: 4.0x net debt / EBITDA with EBITDA of $459MM.

$314

Cash & equiv. ($MM)

$2,138

Total debt ($MM)

$1,824

Net debt ($MM)

4.0x

Net debt / EBITDA

Valuation

Where it trades against its peer set

SHC versus the scaled public Environmental Services Adjacency comparables.

Indexed share-price performance

SHC versus available Environmental Services Adjacency peers and SPY.

-34%

SHC

N/A

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
Sotera Health Co	SHC	$1,189	$459	39%	$4,500	$6,454	5.4x	14.1x	4.0x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

SHC's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

3.4

Acq. cash outflow ($MM)

N/A

Banker read

01SHC reads as a programmatic acquirer: 17 disclosed acquisitions across 5 active years, or 3.4 per active year. The chart shows activity in 4 of the last 4 visible years.
02In the last three years, the file shows 8 acquisitions versus 2 in the prior three; recent activity is running above the prior three-year period.
03Spend is not clean enough for the visual yet, so the banker read should lean on cadence, named deals, and management language.

Annual acquisition count

count named deal

SHC cadence shown by annual acquisition count because verified spend is N/A.

Program diagnostics

Recent / prior

8 / 2

Last three years is up 300% vs prior three.

Peak count year

FY21

4 disclosed acquisitions in the peak visible year.

Spend check

N/A

Disclosed spend is not clean enough for the chart.

Named evidence

10 rows

59% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Jul 31, 2020	Iotron Industries Canada, Inc.	Adjacency and edge-case industrials	$105	On July 31, 2020, we acquired Iotron Industries Canada, Inc. (“Iotron”) for approximately $105.2 million. Iotron is an independent contact sterilizer with two North American loc...	10-K^†
2022	Iotron Industries Canada, Inc.	Adjacency and edge-case industrials	$105	Purchase of Iotron Industries Canada, Inc., net of cash acquired — — (105,187)	10-K^†
2021	Iotron Industries Canada, Inc.	Adjacency and edge-case industrials	$105	Purchase of Iotron Industries Canada, Inc., net of cash acquired — (105,187) —	10-K^†
2020	Iotron Industries Canada, Inc.	Adjacency and edge-case industrials	$105	Purchase of Iotron Industries Canada, Inc., net of cash acquired (105,187) —	10-K^†
2021	Regulatory Compliance Associates Inc.	Adjacency and edge-case industrials	$31	Purchase of Regulatory Compliance Associates Inc., net of cash acquired (31,015) — —	10-K^†
2023	Regulatory Compliance Associates Inc.	Adjacency and edge-case industrials	$31	Purchase of Regulatory Compliance Associates Inc., net of cash acquired — 450 (31,015)	10-K^†
2022	Regulatory Compliance Associates Inc.	Adjacency and edge-case industrials	$31	Purchase of Regulatory Compliance Associates Inc., net of cash acquired 450 (31,015) —	10-K^†
Nov 4, 2021	Regulatory Compliance Associates Inc.	Adjacency and edge-case industrials	$31	On November 4, 2021, we acquired Regulatory Compliance Associates Inc. (“RCA”) for approximately $30.6 million, net of $0.6 million of cash acquired. RCA is an industry leader i...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 4 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.6 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Feb 24, 2026	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2024	Feb 27, 2025	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2023	Feb 27, 2024	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2022	Feb 28, 2023	Annual M&A 10-K	quarantined (1 warn, 1 issue)	0	$0.5MM	$30.6MM	SEC filing
FY2021	Mar 1, 2022	Annual M&A 10-K	quarantined (1 warn, 1 issue)	3	$57B	$57B	SEC filing
FY2020	Mar 9, 2021	Annual M&A 10-K	accepted	1	$105MM	$105MM	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.4 rows+

Filing date	Form	Targets / topics	Support	Source
Feb 27, 2024	10-K	Regulatory Compliance Associates Inc.; BioScience Laboratories, LLC	Annual M&ANamed deals	SEC filing
Feb 28, 2023	10-K	Iotron Industries Canada, Inc.; Regulatory Compliance Associates Inc.	Annual M&ANamed deals	SEC filing
Mar 1, 2022	10-K	Iotron Industries Canada, Inc.; Regulatory Compliance Associates Inc.; BioScience Laboratories, LLC	Annual M&ANamed deals	SEC filing
Mar 9, 2021	10-K	Iotron Industries Canada, Inc.	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+

No filing source clears this category.

Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Acquisition of Iotron Industries Canada, Inc.

10-K - Mar 1, 2022

Medium

On July 31, 2020, we acquired Iotron Industries Canada, Inc. (“Iotron”) for approximately $105.2 million. Iotron is an independent contact sterilizer with two North American locations in Vancouver,...

SEC source

Iotron Industries Canada, Inc.

10-K - Feb 28, 2023

Medium

Purchase of Iotron Industries Canada, Inc., net of cash acquired — — (105,187)

SEC source

Iotron Industries Canada, Inc.

10-K - Mar 1, 2022

Medium

Purchase of Iotron Industries Canada, Inc., net of cash acquired — (105,187) —

SEC source

Iotron Industries Canada, Inc.

10-K - Mar 9, 2021

Medium

Purchase of Iotron Industries Canada, Inc., net of cash acquired (105,187) —

SEC source

Regulatory Compliance Associates Inc.

10-K - Mar 1, 2022

Medium

Purchase of Regulatory Compliance Associates Inc., net of cash acquired (31,015) — —

SEC source

Regulatory Compliance Associates Inc.

10-K - Feb 27, 2024

Medium

Purchase of Regulatory Compliance Associates Inc., net of cash acquired — 450 (31,015)

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive