Sotera Health Shares Rise 18% in a Year. Here's What a $37 Million Stake Trim Signals

<p>On February 17, 2026, MIG Capital disclosed a reduction in its holdings of Sotera Health (NASDAQ:SHC), selling 2,262,292 shares. The estimated transaction value, based on quarterly average pricing, is $37.41 million.</p>
<h2>What happened</h2>
<p>According to an <a href="https://www.sec.gov/Archives/edgar/data/1425649/000110465926016028/0001104659-26-016028-index.html">SEC filing</a> dated February 17, 2026, MIG Capital reduced its stake in Sotera Health by 2,262,292 shares during the fourth quarter of 2025. The estimated value of the sold shares is $37.41 million, based on the average closing price for the quarter. At quarter’s end, the total position value declined by $31.83 million, a figure that includes both trading and share price changes.</p>
<h2>What else to know</h2>
<ul>
<li> <p class="yf-1fy9kyt">This was a sell transaction, leaving Sotera Health at 5.88% of MIG Capital’s 13F assets under management.</p></li>
<li> <p class="yf-1fy9kyt">Top holdings after the filing:</p><ul><li> <p class="yf-1fy9kyt">NASDAQ:META: $52.45 million (8.9% of AUM)</p></li><li> <p class="yf-1fy9kyt">NASDAQ:DXCM: $40.19 million (6.8% of AUM)</p></li><li> <p class="yf-1fy9kyt">NASDAQ:SHC: $34.65 million (5.9% of AUM)</p></li><li> <p class="yf-1fy9kyt">NASDAQ:MSFT: $34.25 million (5.8% of AUM)</p></li><li> <p class="yf-1fy9kyt">NASDAQ:CELH: $33.93 million (5.8% of AUM)</p></li></ul></li>
<li> </li>
<li> <p class="yf-1fy9kyt">As of Friday, Sotera Health shares were priced at $13.41, up 18% over the past year, which was just slightly under the S&amp;P 500’s roughly 20% gain in the same period.</p></li>
</ul>
<h2>Company overview</h2>
<table>
<row span="2">
<cell role="head"> <p>Metric</p></cell>
<cell role="head"> <p>Value</p></cell>
</row>
<row span="2"><cell> <p>Price (as of Friday)</p></cell><cell> <p>$13.41</p></cell> </row>
<row span="2"><cell> <p>Market capitalization</p></cell><cell> <p>$3.8 billion</p></cell> </row>
<row span="2"><cell> <p>Revenue (TTM)</p></cell><cell> <p>$1.16 billion</p></cell> </row>
<row><cell> <p>Net income (TTM)</p></cell><cell> <p>$77.95 million</p></cell> </row>
</table>
<h2>Company snapshot</h2>
<ul>
<li> <p class="yf-1fy9kyt">Sotera Health provides sterilization services (gamma, electron beam, EO processing), lab testing, and advisory solutions for medical device, pharmaceutical, and food industries.</p></li>
<li> <p class="yf-1fy9kyt">The firm operates a service-based business model generating revenue through sterilization, laboratory testing, and consulting for regulated industries.</p></li>
<li> <p class="yf-1fy9kyt">It serves medical device manufacturers, pharmaceutical companies, and food/agricultural producers across North America, Europe, and globally.</p></li>
</ul>
<p>Sotera Health is a leading provider of sterilization and laboratory services, supporting critical supply chains in healthcare, pharmaceuticals, and food safety. The company leverages a diversified portfolio of sterilization technologies and testing capabilities to serve highly regulated industries. Its scale, technical expertise, and global reach provide a competitive advantage in ensuring safety and compliance for its customers.</p>
<h2>What this transaction means for investors</h2>
<p>Sotera continues to scale while maintaining strong profitability, and it just posted its 20th consecutive year of revenue growth. In 2025, sales <a href="https://investors.soterahealth.com/node/10716/pdf">climbed</a> 5.7% to $1.16 billion, while adjusted EBITDA rose 8.2% to about $594 million, reflecting solid operating leverage across its Sterigenics sterilization business and related testing services. Meanwhile, net income nearly doubled from the prior year to $78 million, showing meaningful progress on the bottom line.<br/>Despite trimming its position, the holding still represents nearly 6% of portfolio assets, placing it among the fund’s larger positions alongside companies like Meta, DexCom, and Microsoft. That suggests this move could just be routine portfolio management rather than reflecting a dramatic shift in conviction. It’s also important to note that shares have fallen about 24% this year, and the one-year gain beforehand was significantly larger. With that in mind, MIG may have just been locking in gains.<br/>So what does that mean for investors watching Sotera? Ultimately, the company expects another year of growth, projecting revenues to increase between 5% and 6.5% in 2026, and adjusted EBITDA to grow between 5.5% and 7%. If it delivers, it makes sense why a fund like MIG would continue to hold a meaningful position.</p>