ICU Medical vs Lantheus
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The short version
- ICU Medical is the larger business, with $2.2B of revenue in fiscal 2025 against $1.5B for Lantheus.
- Lantheus grew revenue faster (0.5%, against −6.3%).
- Lantheus kept more of each dollar of sales as operating profit (20.2% operating margin, against 1.9%).
- Lantheus turned more of its sales into free cash flow (23.0% FCF margin, against 4.1%).
- Lantheus earned a higher return on the capital invested in it (22.7%, against 0.7%).
- Investors pay more for each dollar of ICU Medical’s earnings: a P/E of 140.0x against 24.2x for Lantheus.
| Latest fiscal year | ICUI · FY25 | LNTH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.2B | $6.7B |
| Revenue | $2.2B | $1.5B |
| Free cash flow | $91.8M | $354M |
| Net income | $0.7M | $234M |
| Growth | ||
| Revenue growth | −6.3% | 0.5% |
| 5-year growth | 11.9% | 35.4% |
| Share count change | 2.1% | −4.5% |
| Profitability | ||
| Gross margin | 36.8% | 61.1% |
| Operating margin | 1.9% | 20.2% |
| Net margin | 0.0% | 15.2% |
| FCF margin | 4.1% | 23.0% |
| Return on capital | 0.7% | 22.7% |
| Return on equity | 0.0% | 21.5% |
| Balance sheet | ||
| Net debt | $983M | $210M |
| Net debt / EBITDA | 4.0x | 0.6x |
| Dividends and buybacks | $8.8M | $300M |
| Valuation & quality | ||
| P/E | 140.0x | 24.2x |
| Piotroski F-score | 6 | 5 |
Revenue
FY16
ICUI $379M
LNTH $302M
FY17
ICUI $1.3B
LNTH $331M
FY18
ICUI $1.4B
LNTH $343M
FY19
ICUI $1.3B
LNTH $347M
FY20
ICUI $1.3B
LNTH $339M
FY21
ICUI $1.3B
LNTH $425M
FY22
ICUI $2.3B
LNTH $935M
FY23
ICUI $2.3B
LNTH $1.3B
FY24
ICUI $2.4B
LNTH $1.5B
FY25
ICUI $2.2B
LNTH $1.5B
ICUI
LNTH
Operating margin
FY16
ICUI 21.9%
LNTH 18.8%
FY17
ICUI −1.0%
LNTH 15.7%
FY18
ICUI 2.1%
LNTH 18.8%
FY19
ICUI 8.5%
LNTH 14.9%
FY20
ICUI 7.7%
LNTH −1.2%
FY21
ICUI 9.4%
LNTH −14.3%
FY22
ICUI −1.9%
LNTH 3.9%
FY23
ICUI 1.0%
LNTH 28.1%
FY24
ICUI 1.8%
LNTH 29.8%
FY25
ICUI 1.9%
LNTH 20.2%
ICUI
LNTH
Free cash flow
FY16
ICUI $66.6M
LNTH $42.2M
FY17
ICUI $79.9M
LNTH $37.2M
FY18
ICUI $67.5M
LNTH $41.1M
FY19
ICUI $4.6M
LNTH $58.3M
FY20
ICUI $131M
LNTH $16.4M
FY21
ICUI $199M
LNTH $53.9M
FY22
ICUI −$152M
LNTH $21.8M
FY23
ICUI $82.3M
LNTH $260M
FY24
ICUI $125M
LNTH $493M
FY25
ICUI $91.8M
LNTH $354M
ICUI
LNTH
Return on capital
FY16
ICUI —
LNTH 41.2%
FY17
ICUI —
LNTH 30.9%
FY18
ICUI —
LNTH 24.0%
FY19
ICUI —
LNTH 23.5%
FY20
ICUI —
LNTH −0.8%
FY21
ICUI —
LNTH −8.0%
FY22
ICUI —
LNTH 6.4%
FY23
ICUI 0.5%
LNTH 46.2%
FY24
ICUI 1.0%
LNTH 47.1%
FY25
ICUI 0.7%
LNTH 22.7%
ICUI
LNTH
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.