ICU Medical vs Dentsply Sirona
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The short version
- Dentsply Sirona is the larger business, with $3.7B of revenue in fiscal 2025 against $2.2B for ICU Medical, about 1.6 times as much.
- Dentsply Sirona grew revenue faster (−3.0%, against −6.3%).
- ICU Medical kept more of each dollar of sales as operating profit (1.9% operating margin, against −11.5%).
- ICU Medical turned more of its sales into free cash flow (4.1% FCF margin, against 2.8%).
- ICU Medical earned a higher return on the capital invested in it (0.7%, against −9.9%).
| Latest fiscal year | ICUI · FY25 | XRAY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.2B | $1.9B |
| Revenue | $2.2B | $3.7B |
| Free cash flow | $91.8M | $104M |
| Net income | $0.7M | −$598M |
| Growth | ||
| Revenue growth | −6.3% | −3.0% |
| 5-year growth | 11.9% | 2.0% |
| Share count change | 2.1% | −1.9% |
| Profitability | ||
| Gross margin | 36.8% | 50.0% |
| Operating margin | 1.9% | −11.5% |
| Net margin | 0.0% | −16.3% |
| FCF margin | 4.1% | 2.8% |
| Return on capital | 0.7% | −9.9% |
| Return on equity | 0.0% | −36.5% |
| Balance sheet | ||
| Net debt | $983M | $2.0B |
| Net debt / EBITDA | 4.0x | — |
| Dividends and buybacks | $8.8M | $128M |
| Valuation & quality | ||
| P/E | 140.0x | — |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
ICUI $379M
XRAY $0.0M
FY17
ICUI $1.3B
XRAY $4.0B
FY18
ICUI $1.4B
XRAY $4.0B
FY19
ICUI $1.3B
XRAY $4.0B
FY20
ICUI $1.3B
XRAY $3.3B
FY21
ICUI $1.3B
XRAY $4.2B
FY22
ICUI $2.3B
XRAY $3.9B
FY23
ICUI $2.3B
XRAY $4.0B
FY24
ICUI $2.4B
XRAY $3.8B
FY25
ICUI $2.2B
XRAY $3.7B
ICUI
XRAY
Operating margin
FY16
ICUI 21.9%
XRAY —
FY17
ICUI −1.0%
XRAY −39.1%
FY18
ICUI 2.1%
XRAY −24.0%
FY19
ICUI 8.5%
XRAY 8.8%
FY20
ICUI 7.7%
XRAY −0.1%
FY21
ICUI 9.4%
XRAY 14.4%
FY22
ICUI −1.9%
XRAY −23.9%
FY23
ICUI 1.0%
XRAY −2.1%
FY24
ICUI 1.8%
XRAY −23.2%
FY25
ICUI 1.9%
XRAY −11.5%
ICUI
XRAY
Free cash flow
FY16
ICUI $66.6M
XRAY $438M
FY17
ICUI $79.9M
XRAY $458M
FY18
ICUI $67.5M
XRAY $317M
FY19
ICUI $4.6M
XRAY $516M
FY20
ICUI $131M
XRAY $562M
FY21
ICUI $199M
XRAY $515M
FY22
ICUI −$152M
XRAY $368M
FY23
ICUI $82.3M
XRAY $228M
FY24
ICUI $125M
XRAY $281M
FY25
ICUI $91.8M
XRAY $104M
ICUI
XRAY
Return on capital
FY16
ICUI —
XRAY 7.1%
FY17
ICUI —
XRAY −14.4%
FY18
ICUI —
XRAY −10.6%
FY19
ICUI —
XRAY 4.3%
FY20
ICUI —
XRAY −0.0%
FY21
ICUI —
XRAY 6.9%
FY22
ICUI —
XRAY −12.4%
FY23
ICUI 0.5%
XRAY −1.3%
FY24
ICUI 1.0%
XRAY −16.8%
FY25
ICUI 0.7%
XRAY −9.9%
ICUI
XRAY
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.