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. In the quarter to June 2026, revenue was flat, EPS fell 46.9%, free cash flow grew 656.0% and total debt fell 7.96%, each against the same quarter a year earlier.
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ICU Medical, Inc. (ICUI) Altman Z-score
ICU Medical, Inc.'s Altman Z-score for fiscal 2025 is 2.12, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.12 | 0.03 |
| FY2024 | 2.10 | 0.46 |
| FY2023 | 1.63 | (0.23) |
| FY2022 | 1.86 | (11.67) |
| FY2021 | 13.53 | 1.20 |
| FY2020 | 12.33 | 2.98 |
| FY2019 | 9.35 | (1.39) |
| FY2018 | 10.74 | 0.32 |
| FY2017 | 10.42 | (24.54) |
| FY2016 | 34.95 | 9.31 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.17 | — | 0.20 | |
| Retained earnings / total assets | 0.17 | — | 0.24 | |
| EBIT / total assets | 0.01 | — | 0.03 | |
| Market value of equity / total liabilities | 1.82 | — | 1.09 | |
| Sales / total assets | 0.55 | — | 0.55 | |
| Altman Z-score | Grey zone | 2.12 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.90 | ||
Z and Z″ put ICU Medical, Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PLSE Pulse Biosciences, Inc compare | 31.4× |
| ATRC AtriCure, Inc. compare | 7.3× |
| WRBY Warby Parker Inc. compare | 4.7× |
| STVN Stevanato Group S.p.A. compare | 4.5× |
| MMSI Merit Medical Systems, Inc. compare | 4.4× |
| ICUI ICU Medical, Inc. | 2.1× |
| TFX Teleflex Incorporated compare | 2.0× |
| NVST Envista Holdings Corporation compare | 1.6× |
| BLCO Bausch + Lomb Corporation compare | 0.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets