Icecure Medical Ltd. key statistics and ratios

In fiscal 2025, Icecure Medical Ltd. had return on equity of -188.8%, an operating margin of -446.7%, debt equal to 0.1% of equity and a current ratio of 2.61. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Icecure Medical Ltd.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	32.2%	63.2%	53.0%	46.8%	40.3%	44.1%	36.3%
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%
Return on equity	−138.3%	−83.5%	−60.7%	−64.8%	−78.0%	−160.7%	−188.8%
Return on assets	—	−36.4%	−46.5%	−54.4%	−62.9%	−105.7%	−113.8%
Asset turnover	—	0.38	0.19	0.10	0.14	0.23	0.26
Current ratio	—	2.58	7.54	6.49	3.66	1.95	2.61
Debt to equity	0.0%	13.4%	2.3%	—	0.0%	2.3%	0.1%
R&D as % of revenue	184.4%	98.5%	142.0%	295.7%	256.2%	215.6%	220.0%
SG&A as % of revenue	—	3.1%	4.3%	23.8%	—	—	—
Capital spending as % of revenue	6.3%	5.8%	12.9%	28.9%	14.9%	2.2%	1.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 5 checks passed · December 31, 2025

What it owns · $14m

Short-term assets $13mLonger-term assets $1m

What it owes, and who funded it · $14m

Short-term liabilities $5mShareholders' equity $9m

Short-term assets cover short-term liabilities $13m of assets due within a year against $5m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $9m of cash against $13,000 of debt.
Debt below 40% of shareholders' equity Debt is 0% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$15m of operating cash flow against $13,000 of debt.
Operating profit covers interest at least five times over No material interest expense reported.

From Icecure Medical Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Icecure Medical Ltd.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Icecure Medical Ltd.