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ICU MEDICAL INC (ICUI) Stock Fundamental Analysis

USA - NASDAQ:ICUI - US44930G1076 - Common Stock

118.26 USD
-8.27 (-6.54%)
Last: 9/25/2025, 8:00:02 PM
118.26 USD
0 (0%)
After Hours: 9/25/2025, 8:00:02 PM
Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to ICUI. ICUI was compared to 190 industry peers in the Health Care Equipment & Supplies industry. Both the profitability and the financial health of ICUI get a neutral evaluation. Nothing too spectacular is happening here. ICUI has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

4

1. Profitability

1.1 Basic Checks

In the past year ICUI was profitable.
ICUI had a positive operating cash flow in the past year.
The reported net income has been mixed in the past 5 years: ICUI reported negative net income in multiple years.
ICUI had a positive operating cash flow in 4 of the past 5 years.
ICUI Yearly Net Income VS EBIT VS OCF VS FCFICUI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M 200M

1.2 Ratios

With a decent Return On Assets value of -0.90%, ICUI is doing good in the industry, outperforming 70.00% of the companies in the same industry.
Looking at the Return On Equity, with a value of -1.75%, ICUI is in the better half of the industry, outperforming 70.53% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 2.81%, ICUI is in the better half of the industry, outperforming 71.05% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for ICUI is significantly below the industry average of 8.43%.
The last Return On Invested Capital (2.81%) for ICUI is above the 3 year average (1.36%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA -0.9%
ROE -1.75%
ROIC 2.81%
ROA(3y)-1.71%
ROA(5y)1.06%
ROE(3y)-3.65%
ROE(5y)0.24%
ROIC(3y)1.36%
ROIC(5y)3.41%
ICUI Yearly ROA, ROE, ROICICUI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 -5 10

1.3 Margins

ICUI has a Operating Margin of 5.43%. This is in the better half of the industry: ICUI outperforms 70.53% of its industry peers.
ICUI's Operating Margin has declined in the last couple of years.
ICUI has a Gross Margin of 35.84%. This is in the lower half of the industry: ICUI underperforms 72.11% of its industry peers.
In the last couple of years the Gross Margin of ICUI has remained more or less at the same level.
Industry RankSector Rank
OM 5.43%
PM (TTM) N/A
GM 35.84%
OM growth 3Y-26.21%
OM growth 5Y-22.36%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-2.48%
GM growth 5Y-1.46%
ICUI Yearly Profit, Operating, Gross MarginsICUI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 20 30 40 50

4

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), ICUI is destroying value.
ICUI has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, ICUI has more shares outstanding
Compared to 1 year ago, ICUI has a worse debt to assets ratio.
ICUI Yearly Shares OutstandingICUI Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5M 10M 15M 20M
ICUI Yearly Total Debt VS Total AssetsICUI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B

2.2 Solvency

An Altman-Z score of 2.07 indicates that ICUI is not a great score, but indicates only limited risk for bankruptcy at the moment.
The Altman-Z score of ICUI (2.07) is better than 62.63% of its industry peers.
ICUI has a debt to FCF ratio of 26.58. This is a negative value and a sign of low solvency as ICUI would need 26.58 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 26.58, ICUI is in the better half of the industry, outperforming 70.00% of the companies in the same industry.
A Debt/Equity ratio of 0.63 indicates that ICUI is somewhat dependend on debt financing.
ICUI has a worse Debt to Equity ratio (0.63) than 68.95% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.63
Debt/FCF 26.58
Altman-Z 2.07
ROIC/WACC0.38
WACC7.41%
ICUI Yearly LT Debt VS Equity VS FCFICUI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M 1B 1.5B 2B

2.3 Liquidity

A Current Ratio of 2.44 indicates that ICUI has no problem at all paying its short term obligations.
ICUI has a Current ratio (2.44) which is in line with its industry peers.
ICUI has a Quick Ratio of 1.17. This is a normal value and indicates that ICUI is financially healthy and should not expect problems in meeting its short term obligations.
With a Quick ratio value of 1.17, ICUI is not doing good in the industry: 69.47% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 2.44
Quick Ratio 1.17
ICUI Yearly Current Assets VS Current LiabilitesICUI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B

5

3. Growth

3.1 Past

ICUI shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 32.86%, which is quite impressive.
Measured over the past years, ICUI shows a decrease in Earnings Per Share. The EPS has been decreasing by -5.28% on average per year.
Looking at the last year, ICUI shows a small growth in Revenue. The Revenue has grown by 2.96% in the last year.
ICUI shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 13.47% yearly.
EPS 1Y (TTM)32.86%
EPS 3Y-5.58%
EPS 5Y-5.28%
EPS Q2Q%34.62%
Revenue 1Y (TTM)2.96%
Revenue growth 3Y21.86%
Revenue growth 5Y13.47%
Sales Q2Q%-6.44%

3.2 Future

The Earnings Per Share is expected to grow by 17.18% on average over the next years. This is quite good.
Based on estimates for the next years, ICUI will show a small growth in Revenue. The Revenue will grow by 1.95% on average per year.
EPS Next Y14.6%
EPS Next 2Y15.15%
EPS Next 3Y15.92%
EPS Next 5Y17.18%
Revenue Next Year-5.53%
Revenue Next 2Y-3.44%
Revenue Next 3Y-0.82%
Revenue Next 5Y1.95%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
ICUI Yearly Revenue VS EstimatesICUI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 500M 1B 1.5B 2B 2.5B
ICUI Yearly EPS VS EstimatesICUI Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2 4 6 8 10

6

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 15.73, the valuation of ICUI can be described as correct.
Based on the Price/Earnings ratio, ICUI is valued cheaply inside the industry as 82.63% of the companies are valued more expensively.
Compared to an average S&P500 Price/Earnings ratio of 27.06, ICUI is valued a bit cheaper.
With a Price/Forward Earnings ratio of 14.34, ICUI is valued correctly.
Based on the Price/Forward Earnings ratio, ICUI is valued cheaper than 83.16% of the companies in the same industry.
ICUI's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 22.64.
Industry RankSector Rank
PE 15.73
Fwd PE 14.34
ICUI Price Earnings VS Forward Price EarningsICUI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of ICUI indicates a rather cheap valuation: ICUI is cheaper than 83.68% of the companies listed in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of ICUI indicates a somewhat cheap valuation: ICUI is cheaper than 73.68% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 57.81
EV/EBITDA 12.37
ICUI Per share dataICUI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60 80

4.3 Compensation for Growth

The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
A more expensive valuation may be justified as ICUI's earnings are expected to grow with 15.91% in the coming years.
PEG (NY)1.08
PEG (5Y)N/A
EPS Next 2Y15.15%
EPS Next 3Y15.92%

0

5. Dividend

5.1 Amount

ICUI does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

ICU MEDICAL INC

NASDAQ:ICUI (9/25/2025, 8:00:02 PM)

After market: 118.26 0 (0%)

118.26

-8.27 (-6.54%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupHealth Care Equipment & Services
GICS IndustryHealth Care Equipment & Supplies
Earnings (Last)08-07 2025-08-07/amc
Earnings (Next)11-10 2025-11-10/amc
Inst Owners102.26%
Inst Owner Change0.43%
Ins Owners1.14%
Ins Owner Change-1.3%
Market Cap2.92B
Analysts83.33
Price Target181.36 (53.36%)
Short Float %5.65%
Short Ratio4.64
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)34.5%
Min EPS beat(2)31.74%
Max EPS beat(2)37.25%
EPS beat(4)4
Avg EPS beat(4)33.31%
Min EPS beat(4)24.67%
Max EPS beat(4)39.58%
EPS beat(8)8
Avg EPS beat(8)30.18%
EPS beat(12)12
Avg EPS beat(12)24.5%
EPS beat(16)15
Avg EPS beat(16)18.53%
Revenue beat(2)1
Avg Revenue beat(2)0.66%
Min Revenue beat(2)-1.77%
Max Revenue beat(2)3.09%
Revenue beat(4)3
Avg Revenue beat(4)0.99%
Min Revenue beat(4)-1.77%
Max Revenue beat(4)3.09%
Revenue beat(8)5
Avg Revenue beat(8)-0.01%
Revenue beat(12)6
Avg Revenue beat(12)-0.81%
Revenue beat(16)8
Avg Revenue beat(16)-0.38%
PT rev (1m)-5.55%
PT rev (3m)-5.55%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-4.57%
EPS NY rev (1m)0%
EPS NY rev (3m)5.3%
Revenue NQ rev (1m)-0.02%
Revenue NQ rev (3m)-0.19%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.58%
Valuation
Industry RankSector Rank
PE 15.73
Fwd PE 14.34
P/S 1.23
P/FCF 57.81
P/OCF 21.03
P/B 1.38
P/tB N/A
EV/EBITDA 12.37
EPS(TTM)7.52
EY6.36%
EPS(NY)8.25
Fwd EY6.97%
FCF(TTM)2.05
FCFY1.73%
OCF(TTM)5.62
OCFY4.75%
SpS96.09
BVpS85.69
TBVpS-3.41
PEG (NY)1.08
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -0.9%
ROE -1.75%
ROCE 3.56%
ROIC 2.81%
ROICexc 3.06%
ROICexgc 9.06%
OM 5.43%
PM (TTM) N/A
GM 35.84%
FCFM 2.13%
ROA(3y)-1.71%
ROA(5y)1.06%
ROE(3y)-3.65%
ROE(5y)0.24%
ROIC(3y)1.36%
ROIC(5y)3.41%
ROICexc(3y)1.47%
ROICexc(5y)4.61%
ROICexgc(3y)4.17%
ROICexgc(5y)7.18%
ROCE(3y)1.72%
ROCE(5y)4.32%
ROICexcg growth 3Y-18.09%
ROICexcg growth 5Y-16.18%
ROICexc growth 3Y-37.66%
ROICexc growth 5Y-28.8%
OM growth 3Y-26.21%
OM growth 5Y-22.36%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-2.48%
GM growth 5Y-1.46%
F-Score7
Asset Turnover0.58
Health
Industry RankSector Rank
Debt/Equity 0.63
Debt/FCF 26.58
Debt/EBITDA 3.98
Cap/Depr 42.51%
Cap/Sales 3.72%
Interest Coverage 250
Cash Conversion 41.23%
Profit Quality N/A
Current Ratio 2.44
Quick Ratio 1.17
Altman-Z 2.07
F-Score7
WACC7.41%
ROIC/WACC0.38
Cap/Depr(3y)41.42%
Cap/Depr(5y)66.41%
Cap/Sales(3y)4.1%
Cap/Sales(5y)5.27%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)32.86%
EPS 3Y-5.58%
EPS 5Y-5.28%
EPS Q2Q%34.62%
EPS Next Y14.6%
EPS Next 2Y15.15%
EPS Next 3Y15.92%
EPS Next 5Y17.18%
Revenue 1Y (TTM)2.96%
Revenue growth 3Y21.86%
Revenue growth 5Y13.47%
Sales Q2Q%-6.44%
Revenue Next Year-5.53%
Revenue Next 2Y-3.44%
Revenue Next 3Y-0.82%
Revenue Next 5Y1.95%
EBIT growth 1Y118.78%
EBIT growth 3Y-10.08%
EBIT growth 5Y-11.9%
EBIT Next Year38.33%
EBIT Next 3Y19.87%
EBIT Next 5Y10.07%
FCF growth 1Y216.11%
FCF growth 3Y-15.14%
FCF growth 5YN/A
OCF growth 1Y243.63%
OCF growth 3Y-8.63%
OCF growth 5Y14.9%