Icecure Medical Ltd. is a US-listed company in the health care equipment industry. Its financial year ends in December.
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Third-party market data · may be delayed
Under review: every model's value for Icecure Medical Ltd. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.
Icecure Medical Ltd. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Icecure Medical has little or no product revenue yet; it used $15m of cash in the twelve months. The diluted share count is up 25.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 4 of our 5 financial-health checks.
Our model value for Icecure Medical is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Icecure Medical Ltd.'s trailing-twelve-month revenue grew 2.7% year on year, with a free-cash-flow margin of -432.4%. Where it stands out: days sales outstanding of 25 days ranks 8 of 118 health care equipment companies we cover. Where it lags: free-cash-flow margin of -432.4% ranks 115 of 128 health care equipment companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 15.6% while net income grew 1.7%: a 17pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for ICCM from the sources we follow. See filings →
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Icecure Medical Ltd. as an operating company, with every model that fits that kind of business. Cost of equity 10%: the 10-year Treasury yield (4.9%) plus a beta of 1.12 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$0.1 ~$0.0–$0.2 | Left out: out of range vs price (0.14x) |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$0.1 ~$0.2–$0.6 | Left out: out of range vs price (0.18x) |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Icecure Medical Ltd. with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Share price | $91.50 | $46.50 | $32.10 | $33.00 | $18.30 |
| Market value | $2.6bn | $1.7bn | $1.5bn | $1.7bn | $1.2bn |
| + Net debt (− = net cash) | −$25m | −$24m | −$11m | −$7m | −$9m |
| Enterprise value | $2.6bn | $1.7bn | $1.5bn | $1.7bn | $1.2bn |
| Multiples | |||||
| Price / sales | n/m | n/m | n/m | n/m | n/m |
| Price / earnings | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: November 18, 2026. Analysts expect revenue of $876500 and EPS of −$0.83 (range −$0.83 to −$0.83) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$4.61 | +36% | $4m | +27% |
| Next | −$3.44 | +38% | $9m | +105% |
The consensus EPS forecast for the current fiscal year is −3.0% on 90 days ago. In the last 30 days, 0 analysts raised Icecure Medical Ltd.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$4.75 | −$3.87 |
| 60 days ago | −$4.75 | −$3.87 |
| 30 days ago | −$4.61 | −$3.44 |
| 7 days ago | −$4.61 | −$3.44 |
| Now | −$4.61 | −$3.44 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$1.38 | −$1.37 | +0.4% |
| Mar 2026 | −$1.20 | −$1.80 | −50.0% |
| Dec 2025 | −$1.20 | −$1.80 | −50.0% |
| Sept 2025 | −$1.65 | −$1.80 | −9.1% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| ICCM | −49% | −31% | +3% | −45% | −95% |
| Industry peers (median) | −37% | −8% | −20% | −16% | −13% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| ICCM | 33% | 50% | 33% | 50% | 9% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| ICCM | −72% | −65% | −64% | −61% | −96% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since August 26, 2021: 100% from September 7, 2021 to November 2, 2026. Getting back needed a 40220% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY19 Q4 | $1.6M |
| FY20 Q4 | $3.9M |
| FY21 Q4 | $4.1M |
| FY22 Q4 | $3.1M |
| FY23 Q4 | $3.2M |
| FY24 Q4 | $3.3M |
| FY25 Q4 | $3.4M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY20 Q4 | 137.7% |
| FY21 Q4 | 7.0% |
| FY22 Q4 | -25.4% |
| FY23 Q4 | 4.7% |
| FY24 Q4 | 1.9% |
| FY25 Q4 | 2.7% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY19 Q4 | -294.0% |
| FY20 Q4 | -107.1% |
| FY21 Q4 | -235.0% |
| FY22 Q4 | -542.6% |
| FY23 Q4 | -482.4% |
| FY24 Q4 | -476.9% |
| FY25 Q4 | -446.7% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY19 Q4 | -128.6% |
| FY20 Q4 | -101.2% |
| FY21 Q4 | -317.5% |
| FY22 Q4 | -492.2% |
| FY23 Q4 | -403.5% |
| FY24 Q4 | -383.9% |
| FY25 Q4 | -432.4% |
| Fiscal year | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 2 | 4 | 4 | 3 | 3 | 3 | 3 |
| Gross profit | 1 | 2 | 2 | 1 | 1 | 1 | 1 |
| EBITDA | −5 | −4 | −10 | −16 | −15 | −15 | −15 |
| Operating income | −5 | −4 | −10 | −17 | −16 | −16 | −15 |
| Net income | −5 | −4 | −10 | −17 | −15 | −15 | −15 |
| Diluted EPS | $0.33 | $0.22 | $0.35 | $0.46 | $0.32 | $0.30 | $0.24 |
| Growth (year on year) | |||||||
| Revenue | — | +137.7% | +7.0% | −25.4% | +4.7% | +1.9% | +2.7% |
| Margins | |||||||
| Gross margin | 32.2% | 63.2% | 53.0% | 46.8% | 40.3% | 44.1% | 36.3% |
| EBITDA margin | −292.1% | −105.5% | −231.9% | −534.6% | −472.4% | −466.8% | −438.0% |
| Operating margin | −294.0% | −107.1% | −235.0% | −542.6% | −482.4% | −476.9% | −446.7% |
| Net margin | −279.7% | −96.4% | −239.1% | −550.3% | −453.8% | −465.5% | −445.6% |
| Free-cash-flow margin | −128.6% | −101.2% | −317.5% | −492.2% | −403.5% | −383.9% | −432.4% |
| Cash flow | |||||||
| Cash from operations | −2 | −4 | −13 | −14 | −13 | −13 | −15 |
| Capital spending | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
| Free cash flow | −2 | −4 | −13 | −15 | −13 | −13 | −15 |
| Stock-based pay | 0 | 0 | 0 | 2 | 1 | 1 | 1 |
| Free cash flow after stock pay | −2 | −4 | −13 | −17 | −14 | −14 | −16 |
| Balance sheet | |||||||
| Cash | 6 | 4 | 26 | 24 | 11 | 8 | 9 |
| Total debt | 0 | 1 | 1 | — | 0 | 0 | 0 |
| Net debt (negative = net cash) | −6 | −3 | −25 | −24 | −11 | −7 | −9 |
| Diluted shares | 14m | 17m | 29m | 37m | 46m | 51m | 64m |
| Last 12 months unless stated | ICCM | CNSY | INBS | BMRA | VNRX | MCTA | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $3m | $4m | $4m | $4m | $2m | $5m | $99m |
| Revenue growth, last 12 months | 2.7% | −21.0% | 38.1% | −11.2% | 86.3% | −22.7% | 9.2% |
| Revenue growth, 3-year average | — | 16.1% | 39.0% | −7.1% | 68.0% | — | 13.5% |
| Revenue growth, latest quarter | — | −70.4% | 178.9% | −8.3% | −2.0% | — | 10.2% |
| Gross margin | 36.3% | 15.1% | 48.6% | 0.9% | — | 99.3% | 61.2% |
| Operating margin | −446.7% | −628.1% | −297.8% | −125.2% | −790.2% | −0.6% | −8.5% |
| Operating margin, 3-year average | — | −383.3% | −325.8% | −114.4% | <−999% | — | −17.9% |
| Net margin | −445.6% | −620.7% | −294.9% | −115.5% | <−999% | −0.5% | −12.0% |
| Cash from operations / revenue | −431.3% | −527.6% | −283.0% | −91.2% | −795.9% | −25.3% | −1.9% |
| Free-cash-flow margin | −432.4% | −560.3% | −285.9% | −91.2% | −796.7% | −32.4% | −3.9% |
| Free-cash-flow margin, 3-year average | — | −402.6% | — | −79.7% | <−999% | — | −7.0% |
| Stock pay / revenue | 40.6% | 73.6% | 4.3% | 8.2% | 38.2% | — | 6.1% |
| Change in share count | 25.0% | −99.4% | 50.1% | 26.7% | 16.3% | 5.3% | 4.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 2.7% | 9.1% | 96 of 129 |
| Change in growth rate Growth | +0.8pp | -0.6pp | 46 of 129 |
| Gross margin Profitability | 36.3% | 61.9% | 102 of 123 |
| Operating margin Profitability | -446.7% | -8.3% | 114 of 132 |
| Net margin Profitability | -445.6% | -12.0% | 115 of 133 |
| Free-cash-flow margin Cash generation | -432.4% | -3.4% | 115 of 128 |
| Stock pay as % of revenue Cash generation | 40.6% | 6.1% | 109 of 123 |
| Long-term debt as % of assets Balance sheet | 0.1% | 24.2% | 7 of 87 |
| Change in share count Balance sheet | 25.0% | 3.3% | 94 of 115 |
| Days sales outstanding Balance sheet | 25 days | 57 days | 8 of 118 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Jane Street Group, LLC | $169,541 | 35K | 31.3% | — |
| Scientech Research LLC | $158,903 | 33K | 29.3% | — |
| UBS Group AG | $83,072 | 17K | 15.3% | — |
| HRT Financial LP | $73,000 | 15K | 13.5% | — |
| Jpmorgan Chase & Co | $31,297 | 6K | 5.8% | — |
| Morgan Stanley | $21,063 | 4K | 3.9% | — |
| Kingdom Financial Group Llc. | $2,590 | 1K | 0.5% | — |
| Sbi Securities Co., Ltd. | $2,192 | 0K | 0.4% | — |
| Bartlett & Co. Wealth Management LLC | $39 | 0K | 0.0% | — |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Icecure Medical Ltd.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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