ICU Medical, Inc. ICUI

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 162.38 USD on Nov 2, 2026, +13.8% year to date

Quant rating

Quant rating B Rank 104 of 565 in Health Care

Growth C 237 of 565
Valuation B 132 of 565
Quality B 144 of 565
Revisions B 160 of 565
Momentum B 182 of 565

Wall Street consensus Buy (1.57)Average target 195.57 USD +20.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.1B
Enterprise value: 5.0B
52-week range: 113.64 – 191.22
3-year range: 81.08 – 191.22
Dividend yield: –
Beta (5 years): 0.88
Shares outstanding: 25.0M
Next earnings: Nov 5, 2026

About the company

ICU Medical, Inc. develops, manufactures, and sells medical products used in infusion therapy, vascular access, and vital care applications. Its product portfolio includes ambulatory, syringe, and large volume intravenous (IV) pumps and safety software, dedicated and non-dedicated IV sets, needlefree IV connectors, peripheral IV catheters, sharps safety products, and sterile IV solutions. Its product offerings also include Consumables, Infusion Systems and Vital Care. Its consumables business unit includes infusion therapy, oncology, vascular access, and tracheostomy products. Its infusion systems offer a portfolio of infusion pumps, software, and professional services. Its vital care business unit includes hemodynamic monitoring, general anesthesia and respiratory, temperature management solutions and regional anesthesia/pain management products. Its infusion therapy products include infusion sets, extension sets, needle-free connectors, and disinfection caps.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,231	2,382	2,259	2,280	1,316	–
Revenue growth	−6.3%	5.4%	−0.9%	73.2%	3.6%	11.9%
EPS (basic, normalized)	7.76	6.22	6.86	6.54	7.39	–
EPS growth	24.8%	−9.3%	4.8%	−11.5%	–	–
Gross margin	36.8%	34.6%	32.8%	30.6%	37.3%	34.4%
Net margin	0.0%	−4.9%	−1.3%	−3.3%	7.8%	−0.3%
ROE	0.0%	−5.8%	−1.4%	−4.0%	6.6%	−0.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	298
Current ratio	2.43x
Long-term debt (mil)	1,216
Net debt (mil)	939
Total equity (mil)	2,152
Net debt / equity	0.44x
Net debt / EBITDA	2.33x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,231	−6.3%	2.2x	404	+12.0%	12.4x	7.76	+24.8%	20.9x
2026	2,191	−1.8%	2.3x	425	+5.2%	11.8x	8.74	+12.7%	18.6x
2027	2,288	+4.4%	2.2x	461	+8.5%	10.8x	9.65	+10.3%	16.8x
2028	2,397	+4.8%	2.1x	488	+6.0%	10.2x	10.37	+7.5%	15.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,191	0.0%	+0.8%	+0.7%	8.74	−0.1%	+7.1%	+8.0%
2027	2,288	0.0%	+0.9%	+0.7%	9.65	0.0%	+3.3%	+5.0%
2028	2,397	0.0%	+1.0%	−1.0%	10.37	0.0%	+0.9%	+3.3%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	553	581	580	622	599	544	533	536	526	552
Sales mean (mil)	552	554	575	597	570	542	510	531	520	533
Surprise	+0.1%	+4.9%	+0.9%	+4.2%	+5.2%	+0.2%	+4.5%	+1.0%	+1.0%	+3.4%
EPS reported	0.96	1.56	1.59	2.11	1.72	2.10	2.03	1.91	1.97	2.37
EPS mean	0.82	1.00	1.25	1.48	1.28	1.50	1.43	1.69	1.75	1.91
Surprise	+17.1%	+56.3%	+27.2%	+42.4%	+34.4%	+40.0%	+41.6%	+12.9%	+12.5%	+23.9%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ICUI ICU Medical, Inc.	4.1B	2.33x	0.0%	1.89x	18.6x	16.8x	11.8x	10.8x
MDT Medtronic PLC	127.0B	1.99x	13.2%	2.53x	16.6x	15.5x	13.2x	12.6x
SYK Stryker Corporation	116.8B	1.65x	12.9%	4.98x	20.7x	18.8x	16.4x	15.3x
BSX Boston Scientific Corporation	64.2B	2.03x	14.4%	2.57x	14.0x	14.2x	12.1x	12.1x
BDX Becton Dickinson and Co	54.1B	2.03x	7.7%	2.22x	15.7x	14.9x	11.5x	11.5x
EW Edwards Lifesciences Corporation	53.8B	−1.98x	17.5%	5.06x	31.1x	27.6x	23.5x	21.0x
Mean		1.34x	11.0%	3.21x	19.4x	18.0x	14.7x	13.9x
Median		2.01x	13.1%	2.55x	17.6x	16.2x	12.6x	12.4x

Technical analysis

1M+1.9%
3M−3.6%
1Y+35.2%
3Y+62.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, ICU Medical, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,231	2,382	2,259	2,280	1,316	1,271
Cost of revenue	1,409	1,557	1,519	1,582	825	810
Gross profit	822	825	740	698	491	461
Selling, general & administrative expenses	623	638	606	608	302	284
Research & development	87.5	88.6	85.3	93.0	47.5	42.9
Depreciation/amortization	1.9	1.2	1.0	0.7	0.6	0.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	21.7	59.8	41.3	71.4	18.2	27.4
Other operating expenses	0	−5.4	−16.2	−32.1	0	9.0
Operating income	87.6	43.0	22.8	−42.9	123	98.2
Net interest income (expense)	−79.2	−106	−101	−72.2	0.9	−5.3
Gain (loss) on sale of assets	−4.4	−1.6	−0.2	−2.6	−1.7	1.8
Other non-operating income (expense)	0.3	−1.8	0.2	3.2	0.7	2.8
Net income before taxes	4.4	−66.0	−78.3	−114	123	97.5
Provision for taxes	2.4	51.7	−48.6	−40.1	20.1	10.6
Minority interest	–	–	–	–	–	–
Equity in affiliates	−1.2	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	0.7	−118	−29.7	−74.3	103	86.9
Extraordinary items	–	–	–	–	–	–
Net income	0.7	−118	−29.7	−74.3	103	86.9
EBIT, normalized	135	103	64.1	28.5	141	126
EBITDA, normalized	338	323	294	264	232	211
Basic EPS, normalized	7.76	6.22	6.86	6.54	7.39	–

Balance sheet in millions of USD, fiscal years

Balance sheet, ICU Medical, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	308	309	255	213	567	411
Receivables	181	187	164	225	110	128
Total inventory	616	585	709	696	290	315
Prepaid expenses	48.9	38.8	50.7	56.5	40.7	50.6
Other current assets	37.4	323	42.2	44.4	21.6	16.7
Total current assets	1,191	1,442	1,221	1,235	1,030	921
Property, plant & equipment	512	499	686	714	508	513
Goodwill	1,500	1,433	1,472	1,449	43.4	33.0
Intangibles	634	741	871	983	188	197
Long-term investments	132	3.0	3.1	3.7	4.6	13.0
Note receivable	–	–	–	–	–	–
Other long-term assets	83.2	86.0	125	131	106	86.5
Total assets	4,051	4,204	4,378	4,516	1,881	1,764
Liabilities
Accounts payable	154	148	150	216	81.1	71.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	227	275	236	211	105	90.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	20.8	52.1	51.9	30.5	0.6	0.6
Other current liabilities	96.6	80.6	44.2	37.0	14.1	32.2
Total current liabilities	499	556	482	495	201	195
Long-term debt	1,270	1,534	1,580	1,626	2.1	2.4
Minority interest	–	–	–	–	–	–
Other liabilities	158	148	193	306	61.9	63.5
Total liabilities	1,927	2,239	2,255	2,426	265	261
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	2.5	2.5	2.4	2.4	2.1	2.1
Additional paid-in capital	1,465	1,412	1,366	1,331	721	693
Retained earnings (accumulated deficit)	691	690	808	838	912	809
Treasury stock	0	−0.1	−0.3	−0.2	0	0
Other equity	−34.6	−139	−53.1	−81.0	−19.3	−1.5
Total equity	2,124	1,965	2,123	2,090	1,616	1,502
Total liabilities & shareholders' equity	4,051	4,204	4,378	4,516	1,881	1,764

Cash flow statement in millions of USD, fiscal years

Cash flow statement, ICU Medical, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	0.7	−118	−29.7	−74.3	103	86.9
Depreciation, depletion & amortization	201	220	229	235	89.7	85.6
Deferred taxes	−24.8	26.2	−82.4	−66.7	0.9	−18.0
Non-cash items	68.4	105	103	80.7	59.7	67.2
Changes in working capital	−65.3	−28.8	−53.2	−237	14.2	1.1
Cash from operations	180	204	166	−62.1	268	223
Investing activities
Capital expenditures	−97.0	−90.2	−93.7	−99.3	−81.2	−100
Other investing cash flows	219	1.2	5.7	−1,810	−9.5	2.3
Cash from investing	122	−89.0	−87.9	−1,909	−90.7	−98.1
Financing activities
Financing cash flow items	−13.1	−14.6	−9.3	−13.1	−25.6	−12.9
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−298	−41.2	−26.6	1,650	8.8	12.8
Cash from financing	−312	−55.8	−36.0	1,637	−16.9	0
Foreign exchange effects	8.8	−4.9	3.2	−9.5	−3.3	2.9
Net change in cash	−0.6	54.3	45.4	−344	157	127
Free cash flow	82.8	114	72.5	−161	186	122

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.