Quality Investor

InfuSystem Holdings, Inc.

Rank #16Capital Return

INFU · NYSE · Healthcare

InfuSystem Holdings, Inc. (INFU) — Rank #16 by gross profitability (GP/assets 0.82) · ROE 11.2% · Piotroski F-Score 8 / 9.

As-of 2026-09-15 · CIK 0001337013 · all metrics point-in-time as of the filing date.

About

InfuSystem Holdings, Inc., through its subsidiaries, provides infusion pumps and related products and services in the United States and Canada.

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It operates through two segments: Patient Services and Device Solutions. The company supplies electronic ambulatory infusion pumps and associated disposable supply kits to oncology, infusion, and hospital outpatient chemotherapy clinics for the treatment of various cancers, including colorectal cancer, pain management, and other disease states. It also sells and rents new and pre-owned pole-mounted and ambulatory infusion pumps, and other durable medical equipment; sells treatment-related consumables; and provides biomedical recertification, maintenance, and repair services for oncology practices, as well as other healthcare site settings comprising hospitals, home care and home infusion providers, skilled nursing and acute care facilities, pain centers, and others. In addition, the company offers local and field-based customer support, as well as operates pump service and repair centers.

The company was incorporated in 2005 and is headquartered in Rochester Hills, Michigan.

Industry
Medical Devices
Sector
Healthcare
State
DE
Filer Category
Accelerated filerSmaller reporting company
Fiscal Year End
December 31

Price History

INFU-13.9% · -2.9% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$245.11M

P/E (annual)

39.2

P/S (annual)

1.7

P/B

4.1

P/OCF (annual)

10.0

Shareholder Yield

2.8%

Employees

461

Industry

Medical Devices

Exchange

NYSE

Signal Flags

2 green
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak

Quality Profile

Profitability

1/1 pass
GP / assets
0.82
Return on equity
11.2%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.65
Current ratio
2.50×
Net cash
-$19.46M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
3.0%

Growth

2/2 pass
Revenue growth
6.4%
Piotroski F-Score
8 / 9
Share dilution
-2.8%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

-0.8%

incredible deal

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

Buyback tailwind: -2.8% — per-share value needs a total required return of -3.7% once share-count change is priced in.

vs. own 6-year median revenue growth: 7.3%

within its own history

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

r = 8%

-4.6%

r = 10% (base)

-0.8%

r = 12%

2.4%

Net debt / market cap: 7.6%

Base FCF: $23.8M3Y mean FCF: $17.8M

Valuation History

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

P / E

Price / diluted EPS

28.3xCheap
27.6xmed 85.9x201.7x

P / S

Price / revenue per share

1.3xCheap
0.9xmed 1.5x4.9x

P / B

Price / book value per share

3.2xCheap
2.1xmed 3.4x11.8x

P / GP

Price / gross profit per share

2.3xCheap
1.7xmed 2.6x8.2x

P / FCF

Price / free cash flow per share

7.8xCheap
6.2xmed 16.1x29.8x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.82

Primary signal (Novy-Marx).

2nd of 17 SIC 3841 peers

Return on equity

11.2%

Gross margin

56.0%

15th of 17 SIC 3841 peers

Revenue growth (YoY)

6.4%

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)

9.3%

Revenue CAGR (5Y)

8.1%

Earnings CAGR (3Y)

616.7%

FCF CAGR (3Y)

13.0%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.65

8th of 16 SIC 3841 peers (best = lowest)

Current ratio

2.50×

10th of 17 SIC 3841 peers

Quick ratio

1.84×

Net cash

-$19.46M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$23.85M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

2.60

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

3.0%

Stock-based comp intensity.

Piotroski F-Score

F-Score

8 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Hypergrowth
Value
Capital Return
Op. Leverage