ICU Medical Inc key statistics and ratios
In fiscal 2025, ICU Medical Inc had return on equity of 0.0% and a net margin of 0.0%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Return on equity | 9.5% | 11.2% | 15.1% | 11.6% | 9.4% | 5.4% | 8.3% | 10.2% | 7.4% | 2.3% | 7.7% | 6.0% | 6.6% | −4.0% | −1.4% | −5.8% | 0.0% | 1.4% |
| Return on assets | 8.1% | 9.7% | 13.3% | 10.5% | 8.7% | 5.1% | 7.7% | 9.5% | 6.2% | 1.9% | 6.2% | 5.0% | 5.7% | −2.3% | −0.7% | −2.7% | 0.0% | 0.8% |
| Effective tax rate | 31.8% | 37.4% | 32.7% | 33.2% | 23.3% | 33.8% | 35.5% | 25.9% | −33.9% | −28.7% | 11.9% | 10.9% | — | — | — | — | 55.9% | — |
| R&D as % of revenue | 1.2% | 1.7% | 2.8% | 3.4% | 4.0% | 5.9% | 4.6% | 3.4% | 4.0% | 3.8% | 3.8% | 3.4% | 3.6% | 4.1% | 3.8% | 3.7% | 3.9% | 4.0% |
| SG&A as % of revenue | 29.8% | 27.1% | 28.2% | 26.7% | 28.4% | 28.8% | 24.4% | 23.6% | 23.4% | 22.9% | 21.9% | 22.3% | 23.0% | 26.7% | 26.9% | 26.8% | 28.0% | 28.5% |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Net margin | −5.6% | −3.8% | −2.6% | 6.4% | −0.6% | −2.9% | 5.7% | 3.5% |
| R&D as % of revenue | 3.6% | 3.5% | 3.9% | 4.0% | 4.0% | 3.9% | 4.0% | 4.1% |
| SG&A as % of revenue | 27.6% | 25.2% | 26.0% | 29.0% | 28.4% | 28.8% | 29.2% | 27.5% |
Financial health
- 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.
Moat
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).
Compare with peers
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