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ICU Medical, Inc.

ICUI Healthcare Medical Instruments & Supplies

ICU Medical, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, down 6.33% from fiscal 2024.

Revenue
+4.37%
EPS
+864.3%
Free cash flow
+292.2%
Total debt
−12.3%

Quarter to September 2026, against a year earlier

166.97 5.65 −3.27%
Market cap
$4.2B
P/E
69.3×
Fwd P/E
48.8×
Dividend yield
—
F-score
6/9
Altman Z
2.12
Beneish M
−2.65
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 7.51
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 3 — — 5 2 — —
Insider Ownership 1.79%

Capital & Financial Ratios $m

Size
Market Cap 4,190.00
Revenue ttm 2,183.05
Net income ttm 60.33
Free cash flow ttm 272.24
Net debt Q 850.07
Valuation
P/E 69.28 (above 35: high)
Forward P/E 48.80 (above 35: high)
Price / sales 1.91
Forward P/S Powerpack
Price / FCF 21.22
Price / book 1.91
Financial health
Current ratio Q 2.37 (at or above 1.5: strong)
Debt / equity Q 0.53
Interest coverage Q 2.48
Growth
Revenue growth Q +4.37% (above 0%: growing)
Operating income growth Q +281.38% (above 0%: growing)
EPS, this year +13.12%
EPS, next year A +10.12%
Revenue, next year A −1.80% (below 0%: weak)
EPS, past 5 yrs −62.45% (below 0%: weak)
EPS, next 5 yrs A +10.24%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.3×, against a ten-year median of 3.0×; over the ten years it ranged from 1.6× in 2023 to 5.5× in 2016.
P/E against its own 10 years 66.58%
10-year low 10-year high
P/S against its own 10 years 34.73%
10-year low 10-year high
P/B against its own 10 years 29.48%
10-year low 10-year high
EV/Sales against its own 10 years 27.91%
10-year low 10-year high
EV/FCF against its own 10 years 16.99%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 255 309 308 302
Receivables 162 183 181 206
Inventory 709 585 616 607
Other — 284 — —
1,221 1,442 1,191 1,220
2023 2024 2025 Q'26
Payables 150 148 154 143
ST’ Debt 51 51 19 19
Other 5 33 — —
482 556 499 515

Compound Annual Growth %

10y 5y 3y
Sales 20.64% 11.91% (0.72%)
Cash Flow 10.85% (4.19%) 0.00%
Earnings (33.76%) (61.53%) 0.00%
Book Value 13.86% 7.17% 0.54%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.91 Actual 2.37

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.54 2.03 Beat by 0.49
Q4 FY25 1.68 1.91 Beat by 0.23
Q1 FY26 1.78 1.97 Beat by 0.19
Q2 FY26 1.91 2.37 Beat by 0.46
Q3 FY26 2.14 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.20 0.76 1.07 — —
’25 (0.63) 1.43 (0.14) (0.64) 0.03
’24 (1.63) (0.88) (1.35) (0.97) (4.83)
’23 (0.41) (0.41) 0.30 (0.71) (1.23)
’22 (1.61) (0.31) (0.55) (0.65) (3.11)
’21 1.09 1.31 1.43 0.91 4.74
’20 0.78 0.88 1.16 1.21 4.02
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 530 552 560 — —
’25 605 549 537 541 2,231
’24 567 596 589 630 2,382
’23 569 549 553 588 2,259
’22 543 561 598 578 2,280
’21 318 322 336 341 1,316
’20 329 303 319 320 1,271
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 39 80 100 — —
’25 51 11 57 61 180
’24 46 82 36 40 204
’23 41 (1) 35 91 166
’22 (1) (61) 2 (2) (62)
’21 51 55 79 83 268
’20 40 29 75 79 223
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 26 60 98 — —
’25 35 (11) 25 42 91
’24 27 60 13 14 115
’23 25 (20) 11 59 74
’22 (26) (88) (20) (26) (160)
’21 35 37 56 58 187
’20 12 14 49 53 129
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 379 1,293 1,400 1,266 1,271 1,316 2,280 2,259 2,382 2,231 2,183 +21.8% 2,191 2,288 2,397 +2.4%
Gross margin, % 53.09 32.96 40.72 37.27 36.31 37.34 30.60 32.75 34.62 36.84 40.27 (16.3) pt
EBT 85 51 22 115 97 123 (114) (78) (66) 4 1 (28.1%)
EBT margin, % 22.45 3.97 1.60 9.06 7.67 9.36 (5.02) (3.47) (2.77) 0.20 0.00 (22.2) pt
Net income 63 69 29 101 87 103 (74) (30) (118) 1 60 (39.1%)
Per share, $
Per share, $ Revenue 23.46 65.90 68.65 61.38 60.79 62.07 95.53 93.77 97.67 90.55 87.30 +16.2%
Earnings 3.90 3.50 1.41 4.90 4.16 4.86 (3.11) (1.23) (4.83) 0.03 2.41 (41.8%)
Cash flow 5.56 7.87 7.86 4.94 10.65 12.62 (2.60) 6.90 8.37 7.30 11.17 +3.1%
Capex (1.32) (4.06) (4.27) (5.14) (4.51) (3.82) (4.12) (3.83) (3.67) (3.61) (0.28) +11.9%
Free cash flow 4.25 3.81 3.59 (0.20) 6.15 8.80 (6.72) 3.07 4.70 3.69 10.89 (1.6%)
Book value 40.83 61.09 61.96 66.76 71.85 76.21 87.56 88.14 80.58 86.19 87.63 +8.7%
Shares, m 16 20 20 21 21 21 24 24 24 25 25 +4.8%
Valuation, ×
Valuation, × P/E 39.15 59.42 161.71 38.11 51.68 48.74 0.00 0.00 0.00 7,133.50 69.28 753.2
P/S 6.27 3.28 3.35 3.05 3.53 3.82 1.67 1.08 1.59 1.58 1.91 2.9
P/B 3.61 3.54 3.71 2.80 2.99 3.11 1.83 1.15 1.93 1.66 1.91 2.6
EV/Sales 5.10 3.10 3.13 2.85 3.25 3.43 2.30 1.69 2.12 2.01 2.30 2.9
EV/FCF 28.18 53.70 59.78 (881.26) 32.10 24.18 (32.75) 51.62 44.15 49.42 25.54 (57.1)
Cash, $m
Cash, $m Operating cash flow 90 154 160 102 223 268 (62) 166 204 180 279 +8.0%
Capex (21) (80) (87) (106) (94) (81) (98) (92) (89) (89) (7) +17.2%
Free cash flow 69 75 73 (4) 129 187 (160) 74 115 91 272 +3.2%
Balance, $m
Balance, $m Working capital 529 654 678 634 725 829 741 739 886 692 705 +3.0%
Net debt (445) (300) (382) (257) (359) (521) 1,440 1,374 1,274 977 850 n/m
Shareholders’ equity 660 1,198 1,264 1,377 1,502 1,616 2,090 2,123 1,965 2,124 2,191 +13.9%
Returns, %
Returns, % ROA 9.48 6.24 1.87 6.16 5.03 5.66 (2.32) (0.67) (2.74) 0.02 1.50 (9.5) pt
ROIC 24.10 (0.93) 2.11 5.99 5.37 7.04 (0.76) 0.41 0.83 0.86 2.27 (23.2) pt
ROE 10.17 7.39 2.34 7.65 6.03 6.61 (4.01) (1.41) (5.76) 0.04 2.79 (10.1) pt
People
People Employees 2,803 6,802 8,100 8,000 7,900 8,500 14,500 14,000 15,000 13,000 — +18.6%
Revenue/emp, $m 0.14 0.19 0.17 0.16 0.16 0.15 0.16 0.16 0.16 0.17 — +2.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

ICU Medical, Inc. vs peers in Medical Instruments & Supplies (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TFX Teleflex Incorporated $6.5B — (loss-making) 37.4× +28.88% (above 0%: growing) −17.33% (below 0%: shrinking) +220.14% (above 0%: growing) 58.16% 12.77% Compare
MMSI Merit Medical Systems, Inc. $5.4B 33.2× 30.7× +8.35% (above 0%: growing) +50.53% (above 0%: growing) +50.18% (above 0%: growing) 48.20% 14.12% Compare
MMED MiniMed Group, Inc. $5.1B — (loss-making) 27.8× — n/m −13.92% (below 0%: shrinking) 55.16% 0.47% Compare
ICUI ICU Medical, Inc. $4.2B 69.3× 48.8× +4.37% (above 0%: growing) n/m +292.20% (above 0%: growing) 41.89% 9.34%
NVST Envista Holdings Corporation $4.0B 6.4× 21.5× +3.22% (above 0%: growing) n/m −6.48% (below 0%: shrinking) 57.93% 74.50% Compare
PLSE Pulse Biosciences, Inc $3.9B — (loss-making) — (loss-making) +359.30% (above 0%: growing) n/m −1,180.54% (below 0%: shrinking) 51.65% (6,149.87%) Compare
STVN Stevanato Group S.p.A. $3.6B 22.4× 30.2× +5.91% (above 0%: growing) +17.53% (above 0%: growing) +4,089.92% (above 0%: growing) 29.12% 18.51% Compare
WRBY Warby Parker Inc. $3.2B 434× 208× +10.40% (above 0%: growing) −20.00% (below 0%: shrinking) −30.28% (below 0%: shrinking) 54.41% 1.45% Compare
ATRC AtriCure, Inc. $3.1B 199× 573× +15.03% (above 0%: growing) n/m −0.73% (below 0%: shrinking) 77.27% 2.82% Compare
Median of peers $3.9B 33.2× 30.7× +10.40% +0.10% −3.60% 54.79% 7.80%

All 53 Medical Instruments & Supplies stocks →

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.45m 9.20m 66.52
2024 6.45m 23.09m 82.93
2023 6.81m (8.07m) 53.30
2022 5.66m (11.28m) 84.16
2021 5.07m 13.34m 126.84

Ownership

Directors and executive officers, together 2.10%
BlackRock Inc. 14.60%
Janus Henderson Group 9.90%
The Vanguard Group, Inc. 9.80%
Fuller & Thaler Asset Management, Inc. 5.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

ICU Medical, Inc. (ICUI) Latest News

6 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · GuruFocus.com

5 Nov

Impact 3 · · MarketBeat transcript
Impact 3 · · Associated Press
Impact 3 · · GlobeNewswire

9 Oct

Impact 4 · · Zacks

7 Oct

Impact 4 · · Simply Wall St.

24 Aug

Impact 3 ·

17 Aug

Impact 3 ·

14 Aug

Impact 3 ·

13 Aug

Impact 3 · · The Motley Fool transcript

11 Aug

Impact 4 ·

10 Aug

Impact 3 ·

9 Aug

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7 Aug

Impact 4 ·
Impact 3 · · Moby transcript

6 Aug

Impact 4 ·
Impact 3 · · MarketBeat
Impact 3 ·
Impact 3 ·

10 Jul

Impact 4 · · medicaldevice-network.com

9 Jul

Impact 4 ·

25 Jun

Impact 3 · · StockStory

16 Jun

Impact 3 ·

12 Jun

Impact 3 ·

19 May

Impact 3 · · Simply Wall St.

12 May

Impact 3 · · StockStory

11 May

Impact 3 ·

9 May

Impact 3 · · Simply Wall St.

8 May

Impact 4 · · The Motley Fool transcript

ICUI metrics, ten years each

stockrow.com/ICUI · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com