Quality Investor

ICU Medical, Inc.

Rank #342Value

ICUI · Nasdaq · Healthcare

ICU Medical, Inc. (ICUI) — Rank #342 by gross profitability (GP/assets 0.21) · ROE 0.0% · Piotroski F-Score 6 / 9.

As-of 2026-09-15 · CIK 0000883984 · all metrics point-in-time as of the filing date.

About

ICU Medical, Inc., together with its subsidiaries, develops, manufactures, and sells medical products used in infusion therapy, vascular access, and vital care applications worldwide.

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It offers Clave needlefree products under the MicroClave, MicroClave Clear, and NanoClave brands; Neutron catheter patency devices; ChemoLock closed system transfer devices and ChemoClaveTM for preparation and administration of hazardous drugs; Tego needle free connectors; Deltec GRIPPER non-coring needles for portal access; ClearGuard, SwabCap, and SwabTip disinfection caps; and vascular access products. The company provides IV therapy and diluents, such as sodium chloride, dextrose, balanced electrolyte solutions, lactated ringer's, ringer's, mannitol, sodium chloride/dextrose, and sterile water; and irrigation solutions comprising sodium chloride, sterile water irrigation, physiologic solutions, ringer's irrigation, acetic acid irrigation, glycine irrigation, sorbitol-mannitol irrigation, flexible containers, and pour bottle options. It offers infusion pumps under the Plum 360 and Plum Duo brands; ambulatory and syringe infusion hardware products; IV mediation safety software, including ICU Medical MedNet, an enterprise-class medication management platform; LifeShield and PharmGuard medication infusion safety software; hemodynamic monitoring products; anesthesia systems and devices, breathing circuits, ventilation, respiratory, and specialty airway products; temperature management solutions; anesthesia/pain management trays and components; and professional services. The company's customers include acute care hospitals, wholesalers, ambulatory clinics, and alternate site facilities, such as outpatient clinics, home health care providers, and long-term care facilities. ICU Medical, Inc.

was founded in 1984 and is based in San Clemente, California.

Industry
Medical Instruments & Supplies
Sector
Healthcare
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31
Website
icumed.com

Price History

ICUI-22.8% · -5.1% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

$3.90B

P/E (annual)

5194.7

P/S (annual)

1.7

P/B

1.8

P/OCF (annual)

21.7

Shareholder Yield

-2.1%

Employees

13,000

Industry

Medical Instruments & Supplies

Exchange

Nasdaq

Signal Flags

2 green2 yellow1 red
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why
Revenue declining YoYRevenue contracted year over year

Quality Profile

Profitability

1/1 pass
GP / assets
0.21
Return on equity
0.0%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.85
Current ratio
2.43×
Net cash
-$932.90M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
2.5%

Growth

0/2 pass
Revenue growth
-6.3%
Piotroski F-Score
6 / 9
Share dilution
2.1%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

What Growth Is Priced In

Implied revenue growth (10Y)

17.9%

fairly valued

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 2.1% — per-share value needs a total required return of 20.0% once share-count change is priced in.

vs. own 6-year median revenue growth: 2.0%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

13.0%

r = 10% (base)

17.9%

r = 12%

22.1%

Net debt / market cap: 24.0%

Base FCF: $91.8M3Y mean FCF: $99.6M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

4991.3xExpensive
41.6xmed 51.6x4991.3x

P / S

Price / revenue per share

1.7xCheap
1.1xmed 3.5x6.9x

P / B

Price / book value per share

1.8xCheap
1.2xmed 3.0x4.4x

P / GP

Price / gross profit per share

4.5xCheap
3.5xmed 9.4x13.0x

P / FCF

Price / free cash flow per share

40.6xFair
25.1xmed 39.5x939.1x

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Gross profitability (GP / assets)

0.21

Primary signal (Novy-Marx).

17th of 17 SIC 3841 peers

Return on equity

0.0%

Gross margin

36.8%

17th of 17 SIC 3841 peers

Revenue growth (YoY)

-6.3%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-0.7%

Revenue CAGR (5Y)

11.9%

Earnings CAGR (3Y)

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.85

11th of 16 SIC 3841 peers (best = lowest)

Current ratio

2.43×

12th of 17 SIC 3841 peers

Quick ratio

0.97×

Net cash

-$932.90M

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 19 years of history

Strong
2008-2009 (GFC)
8.8%Grew through it
2020 (COVID)
0.4%Grew through it
Worst year on record(any fiscal year, not recession-limited)
-9.6%Mild decline

Cash-flow health

Free cash flow

$91.80M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

124.42

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

2.5%

Stock-based comp intensity.

Piotroski F-Score

F-Score

6 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Value
Hypergrowth
Startup