Haemonetics vs ICU Medical
Add, change or remove companies; up to four.
The short version
- ICU Medical is the larger business, with $2.2B of revenue in fiscal 2025 against $1.3B for Haemonetics, about 1.7 times as much.
- Haemonetics grew revenue faster (−2.0%, against −6.3%).
- Haemonetics kept more of each dollar of sales as operating profit (11.8% operating margin, against 1.9%).
- Haemonetics turned more of its sales into free cash flow (19.5% FCF margin, against 4.1%).
- Haemonetics earned a higher return on the capital invested in it (6.7%, against 0.7%).
- Investors pay more for each dollar of ICU Medical’s earnings: a P/E of 140.0x against 57.3x for Haemonetics.
| Latest fiscal year | HAE · FY26 | ICUI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $4.2B |
| Revenue | $1.3B | $2.2B |
| Free cash flow | $260M | $91.8M |
| Net income | $97.3M | $0.7M |
| Growth | ||
| Revenue growth | −2.0% | −6.3% |
| 5-year growth | 8.9% | 11.9% |
| Share count change | −6.7% | 2.1% |
| Profitability | ||
| Gross margin | 59.0% | 36.8% |
| Operating margin | 11.8% | 1.9% |
| Net margin | 7.3% | 0.0% |
| FCF margin | 19.5% | 4.1% |
| Return on capital | 6.7% | 0.7% |
| Return on equity | 12.0% | 0.0% |
| Balance sheet | ||
| Net debt | $994M | $983M |
| Net debt / EBITDA | 3.7x | 4.0x |
| Dividends and buybacks | $175M | $8.8M |
| Valuation & quality | ||
| P/E | 57.3x | 140.0x |
| Piotroski F-score | 7 | 6 |
Revenue
FY17
HAE $886M
ICUI $1.3B
FY18
HAE $904M
ICUI $1.4B
FY19
HAE $968M
ICUI $1.3B
FY20
HAE $989M
ICUI $1.3B
FY21
HAE $871M
ICUI $1.3B
FY22
HAE $993M
ICUI $2.3B
FY23
HAE $1.2B
ICUI $2.3B
FY24
HAE $1.3B
ICUI $2.4B
FY25
HAE $1.4B
ICUI $2.2B
FY26
HAE $1.3B
ICUI —
HAE
ICUI
Operating margin
FY17
HAE −2.2%
ICUI −1.0%
FY18
HAE 6.2%
ICUI 2.1%
FY19
HAE 8.6%
ICUI 8.5%
FY20
HAE 10.5%
ICUI 7.7%
FY21
HAE 10.3%
ICUI 9.4%
FY22
HAE 8.1%
ICUI −1.9%
FY23
HAE 13.4%
ICUI 1.0%
FY24
HAE 12.6%
ICUI 1.8%
FY25
HAE 16.3%
ICUI 1.9%
FY26
HAE 11.8%
ICUI —
HAE
ICUI
Free cash flow
FY17
HAE $83.6M
ICUI $79.9M
FY18
HAE $146M
ICUI $67.5M
FY19
HAE $40.3M
ICUI $4.6M
FY20
HAE $109M
ICUI $131M
FY21
HAE $71.8M
ICUI $199M
FY22
HAE $75.8M
ICUI −$152M
FY23
HAE $81.7M
ICUI $82.3M
FY24
HAE $144M
ICUI $125M
FY25
HAE $142M
ICUI $91.8M
FY26
HAE $260M
ICUI —
HAE
ICUI
Return on capital
FY17
HAE −1.6%
ICUI —
FY18
HAE 4.9%
ICUI —
FY19
HAE 7.5%
ICUI —
FY20
HAE 10.8%
ICUI —
FY21
HAE 8.6%
ICUI —
FY22
HAE 4.4%
ICUI —
FY23
HAE 9.9%
ICUI 0.5%
FY24
HAE 8.8%
ICUI 1.0%
FY25
HAE 10.5%
ICUI 0.7%
FY26
HAE 6.7%
ICUI —
HAE
ICUI
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.