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ICU Medical Inc (ICUI) stock

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NASDAQ: ICUI Nasdaq Health Care Supplies Next results ~November 5, 2026

C Fundamentals grade

ICU Medical Inc is a US-listed company in the health care supplies industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 93% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 93% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

ICU Medical Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 7 selling0 purchases and 19 sales by directors and officers, last 12 monthsInsider trades
  • Funds161 adding, 113 cuttingOf 40 active managers that changed their stake, 16 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter ICU Medical files

Where ICU Medical stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.16bn, down 9.0% on a year earlier, a smaller fall than the 10.9% decline a quarter earlier. Free-cash-flow margin rose to 6.7% from 2.1% a year earlier. The diluted share count is up 2.5% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 6 financial-health checks.

Our model value for ICU Medical is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

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.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

ICU Medical Inc's trailing-twelve-month revenue fell 9.0% year on year, with a free-cash-flow margin of 6.7%. Where it stands out: days sales outstanding of 31 days ranks 1 of 11 health care supplies companies we cover. Where it lags: change in share count of 2.5% ranks 11 of 12 health care supplies companies we cover.

Our discounted-cash-flow model values the business at ~$55 per share in the base case (~$32–$86 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 24% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 9.0% over the last 12 months.
  • Share dilution. Diluted shares rose 2.5% in a year.
  • High earnings multiple. The shares trade at 136 times the last 12 months' earnings, so expectations are demanding.
  • Below peers: gross margin. Gross margin of 39.1% ranks 10 of 13 health care supplies companies we cover (median 52.9%).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 30.5% ranks 7 of 9 health care supplies companies we cover (median 15.4%).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$2.37 against an average estimate of $1.91: beat by 23.8%
Revenue
$552m, up 0.5% on a year earlier
Share reaction
+10.9% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
GAAP net income $73m to $83m (Fiscal Year 2026); GAAP diluted earnings per share $2.89 to $3.29 (Fiscal Year 2026)
Next report
November 5, 2026; average EPS estimate $2.15

ICU Medical's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.9%
  • 1 week-2.2%
  • 1 month+1.9%
  • This year+13.8%
  • 1 year+35.2%
  • 5 years-32.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.2B
Operating margin
3.3%
Net margin
1.4%
EPS (TTM, diluted)
$1.20

Growth

Revenue growth
−9.0%
Change in growth rate
+1.9 pts
Share count change
+2.5%

Cash

Free cash flow (TTM)
$145M
FCF margin
6.7%
Stock pay % of revenue
2.5%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Insider trade
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

ICU Medical Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 93% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

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.

Valuation models

We value ICU Medical Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.83 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$100 ~$110–$250 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$9.1 ~$3.9–$18 Left out: out of range vs price (0.06x)
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.
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 ICU Medical Inc with Health Care Supplies 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$112.78$147.35$216.00$229.63$187.12$214.49$237.34$157.48$99.74$155.17$142.67$162.38
Market value$1.9bn$2.5bn$4.5bn$5.0bn$4.0bn$4.6bn$5.2bn$3.8bn$2.4bn$3.8bn$3.6bn$4.1bn
+ Net debt (− = net cash)−$336m−$445m−$215m−$345m−$269m−$396m−$553m$1.5bn$1.4bn$1.3bn$987m$942m
Enterprise value$1.5bn$2.1bn$4.3bn$4.6bn$3.8bn$4.2bn$4.6bn$5.2bn$3.8bn$5.1bn$4.5bn$5.0bn
Multiples
Price / sales 5.4x6.7x3.5x3.5x3.2x3.6x3.9x1.6x1.1x1.6x1.6x1.9x
Price / earnings 41.4x40.3x65.6x172.3x39.9x53.3x50.1x———n/m135.7x
Price / free cash flow 36.3x38.2x56.4x73.5xn/m35.4x26.0x—29.2x30.4x38.7x26.7x
EV / EBITDA 17.6x20.6x80.5x44.2x20.4x23.0x21.7x27.2x15.1x19.3x18.6x24.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

35 /100

Weak moat

How hard ICU Medical's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Cash operating profit has been a median 6.5% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 36.4%, moving by 2.3 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 3.1%; its worst year was -2.2%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 7 of 10 years, at a median 4.0% of revenue.

  • Discipline 11 / 20

    The diluted share count rose 16.0% over five years; stock-based pay has been a median 1.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (40 before it).

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

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $554m and EPS of $2.15 (range $2.12 to $2.19) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.75 +13% $2.2bn −1%
Next $9.65 +10% $2.3bn +4%

Next year's EPS estimate has moved +3.7% in 90 days, across 8 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.91 $2.37 +23.8%
Mar 2026 $1.75 $1.97 +12.5%
Dec 2025 $1.69 $1.91 +12.8%
Sept 2025 $1.43 $2.03 +41.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • GAAP diluted earnings per share Fiscal Year 2026 $2.89 to $3.29 GAAP Raised
    “For Fiscal Year 2026 the Company is updating its estimates of GAAP net income from a range of $26 million to $44 million to a range of $73 million to $83 million and GAAP diluted earnings per share from a range of $1.03 to $1.74 to a range of $2.89 to $3.29.” source
  • diluted earnings per share (Adjusted) full year 2026 $8.60 to $9.00 Non-GAAP Raised
    “The Company is updating the estimate of its full year 2026 guidance of Adjusted EBITDA from a range of $400 million to $430 million to a range of $415 million to $435 million and diluted earnings per share from a range of $7.75 to $8.45 to a range of $8.60 to $9.00.” source
  • GAAP net income Fiscal Year 2026 $73m to $83m GAAP Raised
    “For Fiscal Year 2026 the Company is updating its estimates of GAAP net income from a range of $26 million to $44 million to a range of $73 million to $83 million and GAAP diluted earnings per share from a range of $1.03 to $1.74 to a range of $2.89 to $3.29.” source
  • Adjusted EBITDA full year 2026 $415m to $435m Non-GAAP Raised
    “The Company is updating the estimate of its full year 2026 guidance of Adjusted EBITDA from a range of $400 million to $430 million to a range of $415 million to $435 million and diluted earnings per share from a range of $7.75 to $8.45 to a range of $8.60 to $9.00.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

8 analysts, Oct 2026
Buy788%
Hold113%
Sell00%

Monthly trend

  1. Oct 20263418
  2. Sep 20263418
  3. Aug 20263418

Counts of recommendations published by analysts covering ICU Medical Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.3%
of tradable shares
Days to cover
5.8
at average volume
Short interest, 1 month
+6%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
1.8%
of shares
Employees
13,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +35.2%

$120.09 on October 31, 2025 to $162.38

ThenNowEffect
Revenue (last 12 months) $2.4bn $2.2bn −9.0%
P/S multiple 1.2x 1.9x +52.2%
Share count 25m 25m −2.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +58.3%

$102.59 on November 3, 2023 to $162.38

ThenNowEffect
Revenue (last 12 months) $2.3bn $2.2bn −5.9%
P/S multiple 1.1x 1.9x +76.1%
Share count 24m 25m −4.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ICUI+11%−34%−37%+56%−8%+14%
Industry peers (median)+19%−50%+38%−13%−20%−19%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ICUI42%25%33%50%25%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ICUI−16%−45%−61%−17%−37%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 74% from June 14, 2018 to November 9, 2023. Getting back needed a 282% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$115.45 – $187.26
From 52-week high
−13.3%
vs 50-day average
−0.9%
vs 200-day average
+9.3%
Volatility (1 year)
36%
Beta vs S&P 500
1.03

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±8.2%
After a week
6 up, 6 down
typical move ±8.2%
After a month
7 up, 5 down
typical move ±10.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +10.9% +0.5% +10.0% +0.7%
May 7, 2026 +5.7% +0.5% +2.8% +15.0%
February 19, 2026 +3.6% +0.5% −0.5% −17.3%
November 6, 2025 +10.0% −1.0% +8.8% +12.9%
August 7, 2025 −11.1% +0.7% −11.8% +2.9%
May 8, 2025 +2.8% +0.6% +4.5% +1.3%
February 27, 2025 −5.1% −0.1% −7.8% −9.1%
November 12, 2024 −1.9% −0.3% −4.8% −7.1%
August 7, 2024 +22.4% +1.6% +19.7% +31.2%
May 7, 2024 −0.1% +0.1% +4.5% +7.6%
February 27, 2024 +6.5% +0.1% −2.9% −2.6%
November 6, 2023 −17.8% +0.5% −20.0% −15.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

ICU Medical Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) ICU Medical Inc
$2.1B $2.2B $2.3B $2.4B $2.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.2B Revenue (TTM), FY23 Q4: $2.3B Revenue (TTM), FY24 Q1: $2.3B Revenue (TTM), FY24 Q2: $2.3B Revenue (TTM), FY24 Q3: $2.3B Revenue (TTM), FY24 Q4: $2.4B Revenue (TTM), FY25 Q1: $2.4B Revenue (TTM), FY25 Q2: $2.4B Revenue (TTM), FY25 Q3: $2.3B Revenue (TTM), FY25 Q4: $2.2B Revenue (TTM), FY26 Q1: $2.2B Revenue (TTM), FY26 Q2: $2.2B $2.2B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.2B
FY23 Q4 $2.3B
FY24 Q1 $2.3B
FY24 Q2 $2.3B
FY24 Q3 $2.3B
FY24 Q4 $2.4B
FY25 Q1 $2.4B
FY25 Q2 $2.4B
FY25 Q3 $2.3B
FY25 Q4 $2.2B
FY26 Q1 $2.2B
FY26 Q2 $2.2B
Revenue growth, TTM YoY ICU Medical Inc
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 10.1% Revenue growth, TTM YoY, FY23 Q4: -0.9% Revenue growth, TTM YoY, FY24 Q1: -2.1% Revenue growth, TTM YoY, FY24 Q2: 0.5% Revenue growth, TTM YoY, FY24 Q3: 4.0% Revenue growth, TTM YoY, FY24 Q4: 5.4% Revenue growth, TTM YoY, FY25 Q1: 7.2% Revenue growth, TTM YoY, FY25 Q2: 3.0% Revenue growth, TTM YoY, FY25 Q3: -0.8% Revenue growth, TTM YoY, FY25 Q4: -6.3% Revenue growth, TTM YoY, FY26 Q1: -10.9% Revenue growth, TTM YoY, FY26 Q2: -9.0% -9.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 10.1%
FY23 Q4 -0.9%
FY24 Q1 -2.1%
FY24 Q2 0.5%
FY24 Q3 4.0%
FY24 Q4 5.4%
FY25 Q1 7.2%
FY25 Q2 3.0%
FY25 Q3 -0.8%
FY25 Q4 -6.3%
FY26 Q1 -10.9%
FY26 Q2 -9.0%
Operating margin (TTM) ICU Medical Inc
-1% 0% 1% 2% 3% 4% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 1.5% Operating margin (TTM), FY23 Q4: 1.0% Operating margin (TTM), FY24 Q1: 0.1% Operating margin (TTM), FY24 Q2: 0.3% Operating margin (TTM), FY24 Q3: -0.3% Operating margin (TTM), FY24 Q4: 1.8% Operating margin (TTM), FY25 Q1: 2.7% Operating margin (TTM), FY25 Q2: 2.9% Operating margin (TTM), FY25 Q3: 3.2% Operating margin (TTM), FY25 Q4: 1.9% Operating margin (TTM), FY26 Q1: 2.0% Operating margin (TTM), FY26 Q2: 3.3% 3.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 1.5%
FY23 Q4 1.0%
FY24 Q1 0.1%
FY24 Q2 0.3%
FY24 Q3 -0.3%
FY24 Q4 1.8%
FY25 Q1 2.7%
FY25 Q2 2.9%
FY25 Q3 3.2%
FY25 Q4 1.9%
FY26 Q1 2.0%
FY26 Q2 3.3%
FCF margin (TTM) ICU Medical Inc
-2% 0% 2% 4% 6% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -0.6% FCF margin (TTM), FY23 Q4: 3.2% FCF margin (TTM), FY24 Q1: 3.3% FCF margin (TTM), FY24 Q2: 6.8% FCF margin (TTM), FY24 Q3: 6.8% FCF margin (TTM), FY24 Q4: 4.8% FCF margin (TTM), FY25 Q1: 5.0% FCF margin (TTM), FY25 Q2: 2.1% FCF margin (TTM), FY25 Q3: 2.7% FCF margin (TTM), FY25 Q4: 3.7% FCF margin (TTM), FY26 Q1: 3.4% FCF margin (TTM), FY26 Q2: 6.7% 6.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -0.6%
FY23 Q4 3.2%
FY24 Q1 3.3%
FY24 Q2 6.8%
FY24 Q3 6.8%
FY24 Q4 4.8%
FY25 Q1 5.0%
FY25 Q2 2.1%
FY25 Q3 2.7%
FY25 Q4 3.7%
FY26 Q1 3.4%
FY26 Q2 6.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

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

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 229 283 302 317 314 309 342 379 1,293 1,400 1,266 1,271 1,316 2,280 2,259 2,382 2,231 2,160
Gross profit 106 129 142 157 155 151 181 201 426 570 472 461 491 698 740 825 822 845
EBITDA 51 65 84 80 71 58 87 102 53 104 184 184 213 192 252 262 244 207
Operating income 35 48 65 61 52 39 69 83 −13 30 107 98 123 −43 23 43 43 72
Net income 25 30 45 41 40 26 45 63 69 29 101 87 103 −74 −30 −118 1 30
Diluted EPS $1.67 $2.16 $3.15 $2.80 $2.65 $1.68 $2.73 $3.66 $3.29 $1.33 $4.69 $4.02 $4.74 −$3.11 −$1.23 −$4.83 $0.03 $1.20
Growth (year on year)
Revenue +11.8% +23.6% +6.8% +4.9% −1.0% −1.4% +10.5% +11.0% +240.7% +8.3% −9.6% +0.4% +3.6% +73.2% −0.9% +5.4% −6.3% −9.0%
EBITDA +12.0% +27.2% +28.5% −3.9% −11.0% −18.2% +48.1% +17.7% −47.8% +96.1% +76.4% −0.3% +15.9% −9.7% +30.9% +4.3% −7.2% −1.4%
Operating income +12.9% +34.5% +36.9% −6.0% −15.2% −24.9% +75.6% +21.0% −116.0% — +260.8% −8.6% +25.6% −134.8% — — — +3.8%
Net income +2.8% +19.8% +49.3% −7.6% −2.1% −34.8% +70.8% +40.2% +8.8% −58.1% +250.9% −14.0% +18.7% −172.0% — — — —
Diluted EPS 0.0% +29.3% +45.8% −11.1% −5.4% −36.6% +62.5% +34.1% −10.1% −59.6% +252.6% −14.3% +17.9% −165.6% — — — —
Margins
Gross margin 46.4% 45.6% 47.1% 49.4% 49.3% 49.0% 52.9% 53.1% 33.0% 40.7% 37.3% 36.3% 37.3% 30.6% 32.8% 34.6% 36.8% 39.1%
EBITDA margin 22.3% 23.0% 27.6% 25.3% 22.8% 18.9% 25.4% 26.9% 4.1% 7.5% 14.6% 14.5% 16.2% 8.4% 11.1% 11.0% 10.9% 9.6%
Operating margin 15.5% 16.8% 21.6% 19.3% 16.6% 12.6% 20.1% 21.9% −1.0% 2.1% 8.5% 7.7% 9.4% −1.9% 1.0% 1.8% 1.9% 3.3%
Net margin 10.9% 10.6% 14.8% 13.0% 12.9% 8.5% 13.2% 16.6% 5.3% 2.1% 8.0% 6.8% 7.8% −3.3% −1.3% −4.9% 0.0% 1.4%
Free-cash-flow margin 15.0% 3.5% 16.1% 14.9% 15.1% 16.1% 15.0% 17.6% 6.2% 4.8% 0.4% 10.3% 15.1% −6.7% 3.6% 5.2% 4.1% 7.1%
Cash flow
Cash from operations 51 33 64 66 66 66 64 90 154 160 102 223 268 −62 166 204 180 236
Capital spending 17 23 16 19 18 17 13 23 74 93 97 92 69 90 84 79 88 84
Free cash flow 34 10 49 47 47 50 51 67 80 67 5 131 199 −152 82 125 92 153
Stock-based pay 3 3 4 6 5 10 13 15 19 24 22 24 27 36 41 47 56 55
Free cash flow after stock pay 32 6 45 42 42 40 38 51 61 43 −17 107 172 −188 42 78 36 98
Balance sheet
Cash 51 79 100 147 226 276 336 445 290 345 269 396 553 209 254 309 308 298
Total debt 0 0 0 0 0 0 0 0 75 0 0 0 0 1,678 1,648 1,597 1,295 1,240
Net debt (negative = net cash) −51 −79 −100 −147 −226 −276 −336 −445 −215 −345 −269 −396 −553 1,469 1,394 1,288 987 942
Diluted shares 15m 14m 14m 15m 15m 16m 16m 17m 21m 22m 22m 22m 22m 24m 24m 24m 25m 25m
Returned to shareholders
Buybacks 20 29 12 0 3 6 2 17 4 6 19 13 8 11 9 12 9 —
Total returned 20 29 12 0 3 6 2 17 4 6 19 13 8 11 9 12 9 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · June 30, 2026
What it owns · $4.0bn
Short-term assets $1.2bnLonger-term assets $2.8bn
What it owes, and who funded it · $2.7bn
Short-term liabilities $498mShareholders' equity $2.2bn
  • Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $498m 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 $298m of cash against $1.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 57% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 0% to 57% over five years.
  • A year's operating cash flow covers at least 20% of debt $236m of operating cash flow against $1.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $72m against $83m of interest.

From ICU Medical Inc'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.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$30.1M
Diluted share count
+2.5%
year over year
R&D spending
4.0%
of revenue
Sales & admin spending
28.5%
of revenue
Days sales outstanding
31 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care supplies
Last 12 months unless stated ICUI NVST WST XRAY ALGN COO Median
Revenue, last 12 months $2.2bn $2.9bn $3.4bn $3.6bn $4.1bn $4.2bn $1.0bn
Revenue growth, last 12 months −9.0% 11.9% 12.6% −0.8% 4.4% 4.7% 3.4%
Revenue growth, 3-year average −2.0% 3.4% 5.1% −2.5% 3.5% 6.4% 0.0%
Revenue growth, latest quarter 0.5% 7.1% 8.7% −4.1% 4.3% 0.6% 0.6%
Gross margin 39.1% 55.2% 37.6% 49.5% 68.0% 65.9% 52.9%
Operating margin 3.3% 9.6% 23.0% −8.5% 13.2% 12.8% 3.3%
Operating margin, 3-year average 2.2% −10.9% 20.8% −12.9% 14.9% 16.0% 2.2%
Net margin 1.4% 3.3% 18.8% −15.0% 10.0% 13.5% 1.4%
Cash from operations / revenue 10.9% 10.6% 19.3% 8.8% 18.3% 24.4% 10.6%
Free-cash-flow margin 6.7% 8.7% 13.3% 3.9% 15.3% 16.0% 6.7%
Free-cash-flow margin, 3-year average 5.2% 10.0% 12.4% 5.7% 13.8% 10.4% 9.8%
Stock pay / revenue 2.5% 1.4% 0.8% 0.9% 4.3% 1.6% 2.5%
Change in share count 2.5% −3.3% −1.5% 0.1% −2.8% −2.4% −0.4%

Median of all 13 companies we cover in health care supplies. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

13 health care supplies companies
Measure Company Peer median Rank
Revenue growth Growth -9.0% 3.4% 10 of 13
Change in growth rate Growth +1.9pp -0.3pp 3 of 13
Gross margin Profitability 39.1% 52.9% 10 of 13
Operating margin Profitability 3.3% 3.3% 7 of 13
Net margin Profitability 1.4% 1.4% 7 of 13
Free-cash-flow margin Cash generation 6.7% 6.7% 7 of 13
Stock pay as % of revenue Cash generation 2.5% 2.5% 8 of 13
Long-term debt as % of assets Balance sheet 30.5% 15.4% 7 of 9
Change in share count Balance sheet 2.5% 0.1% 11 of 12
Days sales outstanding Balance sheet 31 days 65 days 1 of 11

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Infusion Consumables $1.1B 49.7% ▲ 6.8%
Infusion Systems $684M 30.7% ▲ 4.9%
Vital Care $438M 19.6% ▼ 36.6%
Geography
Region Revenue Share YoY
United States $1.4B 60.8% ▼ 11.5%
EMEA $412M 18.5% ▲ 4.6%
APAC Domain $233M 10.4% 0.0%
Otherforeigncountries $231M 10.3% ▲ 3.1%

From ICU Medical Inc's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.8B
Institutions reporting
286
Shares held vs prior quarter
▲ 4.2%
Positions opened / closed
41 / 30

Top buyers and sellers, Q2 2026: 161 institutions bought and 113 sold ; the biggest buyer was Reinhart Partners, Llc (+315K shares) and the biggest seller Morgan Stanley (−154K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $550M 3.8M 14.4% ▲ 4.0%
Jupiter Topco LLC $408M 2.8M 10.7% —
Vanguard Portfolio Management LLC $216M 1.5M 5.6% ▲ 2.3%
Fuller & Thaler Asset Management, Inc. $190M 1.3M 5.0% ▲ 6.4%
Vanguard Capital Management LLC $165M 1.1M 4.3% ▲ 1.0%
Dimensional Fund Advisors LP $154M 1.1M 4.0% ▲ 7.1%
State Street Corp $150M 1.0M 3.9% ▲ 5.8%
Schroder Investment Management Group $109M 739K 2.9% ▲ 5.4%
Ameriprise Financial Inc $101M 690K 2.6% ▲ 13.8%
Geode Capital Management, LLC $96.8M 660K 2.5% ▲ 8.1%
River Road Asset Management, LLC $91.8M 626K 2.4% ▼ 3.1%
Citadel Advisors LLC $78.6M 536K 2.1% ▲ 60.9%

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 ICU Medical Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $8.3M 19 trades by 7 insiders · 43% under pre-set plans
Net ▼ $8.3M net selling
Insider Date Trade Shares Price Value
Sanzone Virginia Ruth VP, General Counsel September 3, 2026 Sell pre-set plan 1,238 $168.44 $208,529
Sanzone Virginia Ruth VP, General Counsel September 3, 2026 Sell pre-set plan 724 $169.53 $122,740
Sanzone Virginia Ruth VP, General Counsel September 3, 2026 Sell pre-set plan 692 $171.52 $118,692
Sanzone Virginia Ruth VP, General Counsel September 3, 2026 Sell pre-set plan 2,202 $167.67 $369,209
Bonnell Brian Michael Chief Financial Officer September 1, 2026 Sell pre-set plan 6,381 $175.00 $1.1M
Bonnell Brian Michael Chief Financial Officer August 31, 2026 Sell pre-set plan 4,568 $173.44 $792,274
Bonnell Brian Michael Chief Financial Officer August 31, 2026 Sell pre-set plan 1,712 $171.05 $292,838
Bonnell Brian Michael Chief Financial Officer August 31, 2026 Sell pre-set plan 1,914 $172.12 $329,438
Bonnell Brian Michael Chief Financial Officer August 31, 2026 Sell pre-set plan 1,113 $173.91 $193,562
Woolson Daniel VP, GM-Infusion Capital August 13, 2026 Sell 5,417 $181.33 $982,265
Sousa Ben Chief Information Officer August 12, 2026 Sell 2,250 $178.32 $401,220
Finney Elisha W Director August 11, 2026 Sell 378 $182.48 $68,977

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.

Trades by members of Congress

All 12 trades and filings

No trades in ICU Medical Inc disclosed in the last 12 months; 12 earlier trades on record.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded May 6, 2025, filed June 6, 2025
  • Josh Gottheimer(D-NJ 5):Sale (partial), $1,001 - $15,000, traded October 31, 2024, filed November 6, 2024
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded February 14, 2022, filed March 18, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 19, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on ICU Medical Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

ICU Medical Inc in brief

What does ICU Medical Inc do?
ICU Medical Inc is a US-listed company in the health care supplies industry. Its financial year ends in December.
What is ICU Medical Inc's stock ticker?
ICU Medical Inc trades under the ticker ICUI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is ICU Medical Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, ICU Medical Inc reported revenue of $2.2B, 9.0% lower than a year earlier, according to its SEC filings.
What is ICU Medical Inc's free cash flow?
ICU Medical Inc's free-cash-flow margin is 6.7% of revenue over the trailing twelve months, ranking 7 of the 13 health care supplies companies we cover.
Who are ICU Medical Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Jupiter Topco LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is ICU Medical Inc's market cap?
On November 2, 2026, ICU Medical Inc's market capitalisation was about $4.1B, with a price-to-earnings ratio of 135.7 and net debt of $942M. Market figures come from third-party market data and may be delayed.
How much debt does ICU Medical Inc have?
ICU Medical Inc's debt-to-equity ratio is 57.2%, from its latest balance sheet (0.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are ICU Medical Inc's competitors?
In our Health Care Supplies peer group, the companies closest to ICU Medical Inc are Envista Holdings Corp, West Pharmaceutical Services, Dentsply Sirona Inc., Align Technology and The Cooper Companies. The side-by-side comparison below sets their revenue, margins and growth against ICU Medical Inc's.
Are insiders buying or selling ICU Medical Inc stock?
Over the last 12 months, ICU Medical Inc's directors and officers reported 0 open-market purchases and 19 sales on Form 4. The insider trading page charts every trade.
When is ICU Medical Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — ICU Medical Inc announces its own schedule.