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ICU Medical

ICUI Nasdaq Health Care Supplies Financials FY2016–FY2025

ICU Medical's revenue fell 6.3% to $2.2 billion in fiscal 2025. Its operating margin was 1.9%, up from 1.8% a year earlier. Free cash flow was $92 million, down 26.4%. It paid out $9 million in dividends and buybacks, 10% of free cash flow. The diluted share count rose 2.1%.

Last close · Oct 23, 2026

$166.62

1.0%
Value it Compare
Revenue Total sales reported in the income statement.
$2.2B
6.3% vs prior year
Operating margin Operating income as a share of revenue.
1.9%
0.1 pts
Net income Profit after all expenses, interest and tax.
$0.7M
Free cash flow Cash from operations minus capital spending.
$91.8M
26.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
0.7%
0.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
140.0x
On $1.19 EPS (TTM)

What ICU Medical does

No business description yet.

Legal name
ICU MEDICAL INC/DE
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000883984-26-000008
0000883984

Revenue and margins

ICU Medical had $2.2B of revenue in fiscal 2025, down 6.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −41.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $91.8M in fiscal 2025, 4.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

ICU Medical returned $8.8M to shareholders in fiscal 2025, 10% of free cash flow. The diluted share count rose 2.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value ICU Medical yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$983M and divides by 24.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 140.0x · peers 40.7x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably ICU Medical can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $567M$213M$255M$309M$308M
Debt incl. finance leases —$1.7B$1.6B$1.6B$1.3B
Net debt / EBITDA —7.5x5.5x4.9x4.0x
Debt / equity —0.8x0.8x0.8x0.6x
Interest coverage 143.6x−0.6x0.2x0.4x0.5x
Current ratio 5.1x2.5x2.5x2.6x2.4x
Quick ratio 3.7x1.1x1.1x1.5x1.2x
Total assets $1.9B$4.5B$4.4B$4.2B$4.1B
Total liabilities $265M$2.4B$2.3B$2.2B$1.9B
Shareholders' equity $1.6B$2.1B$2.1B$2.0B$2.1B
Net debt (− = net cash) —$1.4B$1.4B$1.3B$983M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$8.1M

7 insiders

Of sales under plans

44%

$3.5M

DateInsiderTradeSharesPriceValueFiling
Sep 3, 2026 Virginia Ruth SanzoneVP, General Counsel Sold plan 4,856 $168.69 $0.8M Form 4
Sep 1, 2026 Brian Michael BonnellChief Financial Officer Sold plan 6,381 $175.00 $1.1M Form 4
Aug 31, 2026 Brian Michael BonnellChief Financial Officer Sold plan 9,307 $172.79 $1.6M Form 4
Aug 13, 2026 Daniel WoolsonVP, GM-Infusion Capital Sold 5,417 $181.33 $1.0M Form 4
Aug 12, 2026 Ben SousaChief Information Officer Sold 2,250 $178.32 $0.4M Form 4
Aug 11, 2026 Christian B. VoigtlanderChief Operating Officer Sold 8,929 $182.93 $1.6M Form 4
Aug 11, 2026 Elisha W FinneyDirector Sold 378 $182.48 $0.1M Form 4
May 22, 2026 Daniel WoolsonPresident Sold 2,123 $132.21 $0.3M Form 4
May 14, 2026 Virginia Ruth SanzoneVP, General Counsel Sold 2,447 $124.08 $0.3M Form 4
May 12, 2026 David C. GreenbergDirector Sold 2,424 $122.91 $0.3M Form 4
Nov 25, 2025 Daniel WoolsonVP, GM-Infusion Capital Sold 2,897 $152.35 $0.4M Form 4
Nov 11, 2025 Elisha W FinneyDirector Sold 1,285 $140.42 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✕
F-score 6 / 95 / 96 / 9
Accruals ratio −4.4%−7.5%−4.3%
Altman Z'' 2.732.912.90

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
ICU Medical ICUI $4.2B −6.3% 1.9% 4.1% 0.7% 140.0x 6
Envista NVST $3.9B 8.3% 8.0% 8.5% 3.2% 40.7x 7 Compare →
West Pharmaceutical Services WST $28.0B 6.3% 19.0% 15.3% 18.7% 50.2x 9 Compare →
Lantheus LNTH $6.7B 0.5% 20.2% 23.0% 22.7% 24.2x 5 Compare →
Dentsply Sirona XRAY $1.9B −3.0% −11.5% 2.8% −9.9% — 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $379M $1.3B $1.4B $1.3B $1.3B $1.3B $2.3B $2.3B $2.4B $2.2B
Gross profit $201M $426M $570M $472M $462M $492M $698M $740M $825M $822M
Research and development $13.0M $51.3M $52.9M $48.6M $42.9M $47.5M $93.0M $85.3M $88.6M $87.5M
Operating income $82.9M −$13.3M $29.8M $107M $98.2M $123M −$42.9M $22.8M $43.0M $42.8M
Interest expense $0.1M $2.0M $0.7M $0.5M $1.8M $0.9M $70.8M $103M $107M $93.3M
Pretax income $85.2M $51.3M $22.4M $115M $97.5M $123M −$114M −$78.3M −$66.0M $4.4M
Income tax $22.1M −$17.4M −$6.4M $13.7M $10.6M $20.1M −$40.1M −$48.6M $51.7M $2.4M
Net income $63.1M $68.6M $28.8M $101M $86.9M $103M −$74.3M −$29.7M −$118M $0.7M
Diluted EPS $3.66 $3.29 $1.33 $4.69 $4.02 $4.74 −$3.11 −$1.23 −$4.83 $0.03
Diluted shares 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B
Cash flow
Cash from operations $89.9M $154M $160M $102M $223M $268M −$62.1M $166M $204M $180M
Capital expenditure $23.4M $74.5M $92.7M $97.3M $92.0M $68.5M $90.3M $83.9M $79.4M $88.0M
Free cash flow $66.6M $79.9M $67.5M $4.6M $131M $199M −$152M $82.3M $125M $91.8M
Depreciation and amortization $19.1M $66.6M $74.7M $76.9M $85.6M $89.7M $235M $229M $220M $201M
Stock-based compensation $15.2M $19.4M $24.2M $21.9M $24.0M $27.3M $36.0M $40.6M $46.9M $55.8M
Acquisitions $2.6M $162M $1.3M $76.1M $0.0M $14.5M $1.8B $0.0M $0.0M $0.0M
Share buybacks $17.2M $4.1M $6.3M $18.6M $12.9M $8.3M $10.9M $9.3M $12.0M $8.8M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $17.2M $4.1M $6.3M $18.6M $12.9M $8.3M $10.9M $9.4M $12.0M $8.8M
Balance sheet
Cash and short-term investments $445M $300M $382M $293M $411M $567M $213M $255M $309M $308M
Total debt — — — — — — $1.7B $1.6B $1.6B $1.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $2.9M $2.7M $2.7M $2.8M $3.4M $5.8M
Current assets $569M $865M $927M $882M $921M $1.0B $1.2B $1.2B $1.4B $1.2B
Current liabilities $40.5M $210M $249M $249M $196M $201M $495M $482M $556M $499M
Inventory $49.3M $289M $311M $338M $315M $290M $696M $709M $585M $616M
Property and equipment, net $85.7M $399M $433M $456M $467M $468M $636M $613M $443M $452M
Total assets $705M $1.5B $1.6B $1.7B $1.8B $1.9B $4.5B $4.4B $4.2B $4.1B
Total liabilities $44.5M $299M $322M $315M $261M $265M $2.4B $2.3B $2.2B $1.9B
Shareholders' equity $660M $1.2B $1.3B $1.4B $1.5B $1.6B $2.1B $2.1B $2.0B $2.1B
Margins
Gross margin 53.1% 33.0% 40.7% 37.3% 36.3% 37.3% 30.6% 32.8% 34.6% 36.8%
Operating margin 21.9% −1.0% 2.1% 8.5% 7.7% 9.4% −1.9% 1.0% 1.8% 1.9%
EBITDA margin 26.9% 4.1% 7.5% 14.6% 14.5% 16.2% 8.4% 11.1% 11.0% 10.9%
Net margin 16.6% 5.3% 2.1% 8.0% 6.8% 7.8% −3.3% −1.3% −4.9% 0.0%
FCF margin 17.6% 6.2% 4.8% 0.4% 10.3% 15.1% −6.7% 3.6% 5.2% 4.1%
Returns
Return on capital — — — — — — — 0.5% 1.0% 0.7%
Return on capital employed 13.3% −1.4% 2.3% 7.7% 6.5% 7.6% −1.5% 0.6% 1.1% 1.2%
Return on equity 10.2% 7.4% 2.3% 7.7% 6.0% 6.6% −4.0% −1.4% −5.8% 0.0%
Return on assets 9.5% 6.2% 1.9% 6.2% 5.0% 5.7% −2.3% −0.7% −2.7% 0.0%
Growth
Revenue growth 11.0% 240.7% 8.3% −9.6% 0.4% 3.6% 73.2% −0.9% 5.4% −6.3%
Net income growth 40.2% 8.8% −58.1% 250.9% −14.0% 18.7% −172.0% — — —
EPS growth 34.1% −10.1% −59.6% 252.6% −14.3% 17.9% −165.6% — — —
FCF growth 30.0% 20.1% −15.6% −93.2% 2,738.6% 52.2% −176.6% — 51.5% −26.4%
Share count change 4.6% 20.9% 3.6% −0.3% 0.2% 0.9% 9.6% 0.9% 1.2% 2.1%
Financial health
Net debt / EBITDA — — — — — — 7.5x 5.5x 4.9x 4.0x
Debt / equity — — — — — — 0.8x 0.8x 0.8x 0.6x
Interest coverage 702.9x −6.5x 42.0x 195.6x 56.0x 143.6x −0.6x 0.2x 0.4x 0.5x
Current ratio 14.0x 4.1x 3.7x 3.6x 4.7x 5.1x 2.5x 2.5x 2.6x 2.4x
Quick ratio 12.8x 2.7x 2.5x 2.2x 3.1x 3.7x 1.1x 1.1x 1.5x 1.2x
Capital allocation
Capex / revenue 6.2% 5.8% 6.6% 7.7% 7.2% 5.2% 4.0% 3.7% 3.3% 4.0%
Stock comp / revenue 4.0% 1.5% 1.7% 1.7% 1.9% 2.1% 1.6% 1.8% 2.0% 2.5%
Payouts / FCF 25.9% 5.1% 9.3% 404.7% 9.9% 4.2% — 11.4% 9.6% 9.6%
Quality scores
Piotroski F-score — — — — — — — 6.0 5.0 6.0
Altman Z'' 23.7 8.3 8.3 8.9 10.6 11.3 2.5 2.7 2.9 2.9
Accruals ratio −4.0% −7.8% −8.5% −0.1% −7.9% −9.0% −0.4% −4.4% −7.5% −4.3%

Source: SEC EDGAR XBRL filings (CIK 0000883984). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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