Haemonetics vs ICU Medical
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KIRA’s take AI analyst
I put Haemonetics and ICU Medical side by side, using each one’s latest annual report. Here is what stands out:
- 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 139.5x against 57.3x for Haemonetics.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Haemonetics
HAE
10/11
Revenue growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
ICU Medical
ICUI
1/11
5-year growth
Side by side
Best in the row
| Latest fiscal year | HAE FY26 | ICUI FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $4.1B |
| 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 | 139.5x |
| Piotroski F-score | 7 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.