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Stock research / United States / ICUI · Surgical & Medical Instruments & Apparatus · Nasdaq

ICU Medical Inc. (ICUI)

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ICU Medical Inc. (ICUI) reported revenue of $552 million for Q2 FY2026, the quarter ended 30 June 2026, up 0.5% on the same quarter a year earlier. Net income was $19 million, down 46.0% on the year, and diluted earnings per share $0.76. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue$552 millionup 0.5%
Net income$19 milliondown 46.0%
Diluted EPS$0.76
QuarterQ2 FY2026ended 30 June 2026

ICU Medical (ICUI) in brief

ICU Medical (ICUI) reported revenue of $2.2 billion for fiscal 2025, the year ended 31 December 2025, down 6.3% on the year before.
Read moreNet income was $1 million and diluted earnings per share $0.03. Revenue was $2.4 billion in fiscal 2024, $2.3 billion in fiscal 2023, $2.3 billion in fiscal 2022 and $1.3 billion in fiscal 2021. Net income in the same years was a loss of $118 million, a loss of $30 million, a loss of $74 million and $103 million. Over the twelve months to 30 June 2026, ICU Medical reported revenue of $2.2 billion and net income of $30 million. Revenue grew 11.9% a year, compounded, over the five years to fiscal 2025. ICU Medical had 25 million shares outstanding at the latest filed count. At 30 June 2026 it carried $1.2 billion of debt and $298 million of cash. At the close of 9 October 2026 the market cap of ICU Medical was $4.0 billion, 135.9 times its earnings over the last twelve months.

Ratios

From the filings

ROE1.4%
ROCE2.1%
Operating margin3.3%
Net margin1.4%
FCF margin7.1%
Interest cover0.87
Debt to equity0.57
Cash conversion7.86
Share count, 1 year1.3%
Sales CAGR, 3 years-0.7%
Profit CAGR, 3 yearsn/a
EPS, TTM$1.18

At the close of 9 October 2026

Price$160.40
Market cap$4.0 billion
Stock P/E135.93
Price to book1.86
EV / EBITDA18.08
Dividend yieldn/a
Market cap / sales1.86
52-week high$187.26
52-week low$114.13
Price, 1 year37.2%
Price CAGR, 3 years10.4%
Price CAGR, 5 years-6.8%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the total debt ICU Medical Inc. states in its own filing, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
ICUIgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on ICUI

Filings15 in twelve months: 6 current reports (8-K), about 4 results of operations; 1 charter or bylaw amendment, or fiscal year change; 1 shareholder vote; 1 officer or director change
Planned insider sales13 Form 144 notices in twelve months, $8.3 million; latest 3 September 2026
Options tapeput/call 0.03 by open interest at the 9 October 2026 close; the straddle prices a 3.9% move to 16 October 2026
13F holders6 of the followed funds hold it; largest Geode Capital Management; 6 Schedule 13D or 13G filings in twelve months
Insider trading19 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest1.5 million shares short, 5.44 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue553588567596589630605549537541530552
Cost of revenue369416381389384403395341336338324317
Gross profit184172185207205227210208201203206235
Gross margin33%29%33%35%35%36%35%38%37%38%39%43%
R&D20.922.421.823.421.022.423.321.921.321.121.322.7
SG&A149155158160163159157159153156155152
Operating income22.9-12.2-10.77.78.237.712.910.613.75.613.639.1
Operating margin4%-2%-2%1%1%6%2%2%3%1%3%7%
Interest expense24.231.923.823.824.734.222.020.519.830.916.515.7
Pre-tax income-5.4-36.7-36.8-19.5-17.98.2-10.933.7-2.5-15.9-4.023.1
Tax raten/an/an/an/an/a390%n/a3%n/an/an/a31%
Net income7.2-17.1-39.5-21.4-33.0-23.8-15.535.3-3.4-15.730.119.1
Net margin1%-3%-7%-4%-6%-4%-3%6%-1%-3%6%3%
Diluted EPS$0.30-$0.71-$1.63-$0.88-$1.35-$0.97-$0.63$1.43-$0.14-$0.64$1.20$0.76
Operating cash flow35.291.345.882.036.140.251.311.256.760.638.980.2
Capital expenditure21.529.915.919.519.924.114.619.729.124.611.318.5
Free cash flow13.761.329.962.516.216.136.7-8.527.636.027.661.6
Shares outstanding24m24m24m24m24m25m25m25m25m25m25m25m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015 †FY2016FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue3093423791,2931,4001,2661,2711,3162,2802,2592,3822,2312,160
Cost of revenue1581611788678307948108251,5821,5191,5571,4091,314
Gross profit151181201426570472461491698740825822845
Gross margin49.0%52.9%53.1%33.0%40.7%37.3%36.3%37.3%30.6%32.8%34.6%36.8%39.1%
Research and development18.315.713.051.352.948.642.947.593.085.388.687.586.3
Selling, general and administrative88.983.289.4302320277284303608607639625615
Operating income39.068.682.9-13.329.810798.2123-42.922.843.042.872.1
Operating margin12.6%20.1%21.9%-1.0%2.1%8.5%7.7%9.4%-1.9%1.0%1.8%1.9%3.3%
Interest expensen/a0.00.12.00.70.51.80.970.810310793.383.0
Pre-tax income39.869.785.251.322.411597.5n/an/a-78.3-66.04.40.8
Income tax13.524.722.1-17.4-6.413.710.620.1-40.1-48.651.72.4-31.0
Effective tax rate33.8%35.5%25.9%-33.9%-28.7%11.9%10.9%n/an/an/an/a55.9%-4105.4%
Net income26.345.063.168.628.810186.9103-74.3-29.7-1180.730.1
Net margin8.5%13.2%16.6%5.3%2.1%8.0%6.8%7.8%-3.3%-1.3%-4.9%0.0%1.4%
Diluted EPS$1.68$2.73$3.66$3.29$1.33$4.69$4.02$4.74-$3.11-$1.23-$4.83$0.03$1.18
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Infusion Consumables9691,0391,10949.7%
Infusion Systems62965268430.7%
Vital Care66169143819.6%
Infusion ConsumablesInfusion SystemsVital Care
2,259FY20232,382FY20242,231FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region

FY2023FY2024FY2025Share
latest year
United States1,4401,5321,35660.8%
EMEA37439441218.5%
APAC Domain24223323310.4%
Other foreign countries20422423110.3%
United StatesEMEAAPAC DomainOther foreign countries
2,259FY20232,382FY20242,231FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014 †FY2015 †FY2016FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow66.364.289.9154160102223268-62.1166204180236
Capital expenditure16.613.023.474.592.797.392.068.590.383.979.488.083.5
Free cash flow49.751.266.679.967.54.6131199-15282.312591.8153
Free cash flow margin16.1%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 from investing-21.8-11.216.3-267-103-167-98.1-90.7-1,909-87.9-89.0122-79.8
Cash from financing13.615.72.5-44.38.0-10.9-0.0-16.91,637-36.0-55.8-312-155
Depreciation and amortisation19.418.119.166.674.776.985.689.7235229220201201
Share-based compensation9.612.815.219.424.221.924.027.336.040.646.955.855.0
Buybacks5.81.517.24.16.318.612.98.310.99.312.08.8n/a
Diluted shares, weighted16m16m17m21m22m22m22m22m24m24m24m25m25m
Shares outstanding at period end16m16m16m20m20m21m21m21m24m24m25m25m25m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015 †FY2016FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity5085806601,1981,2641,3771,5021,6162,0902,1231,9652,1242,152
Debtn/an/a0.0n/an/an/an/a0.01,6531,6291,5831,2851,231
Operating lease liabilitiesn/an/an/an/an/a28.941.034.060.953.040.844.036.6
Finance lease liabilitiesn/an/an/an/an/a0.02.42.11.92.02.33.73.7
Other liabilities32.947.044.5299322286218229710571613594548
Total liabilities and equity5416277051,4971,5851,6921,7641,8814,5164,3784,2044,0513,971
Owned
Fixed assets86.174.385.7399433456467468636613443452447
Goodwill1.56.55.612.411.231.233.043.41,4491,4721,4331,5001,484
Intangible assets7.123.922.4144133211197188983871741634568
Investments71.041.20.024.639.424.027.719.04.70.50.0n/an/a
Cash and equivalents276336445290345269396553209254309308298
Receivables39.157.856.2113176202124106222162183181184
Inventory36.943.649.3289311338315290696709585616607
Other assets23.743.240.5226137161204213316297512361383
Total assets5416277051,4971,5851,6921,7641,8814,5164,3784,2044,0513,971
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded20.6%11.9%-0.7%-9.0%
Profit growth, compounded-33.8%-61.5%n/an/a
Return on equity, average2.6%-0.9%-2.5%0.0%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was ICU Medical's revenue in fiscal 2025?

ICU Medical (ICUI) reported revenue of $2.2 billion for fiscal 2025, the year ended 31 December 2025, down 6.3% on the year before.

How much did ICU Medical earn in fiscal 2025?

Net income was $1 million for fiscal 2025, and diluted earnings per share $0.03.

What is ICU Medical's P/E ratio?

At the close of 9 October 2026, ICU Medical traded at 135.9 times its earnings over the twelve months to 30 June 2026.

What is ICU Medical's market cap?

The market cap of ICU Medical was $4.0 billion at the close of 9 October 2026.

How much debt does ICU Medical have?

At 30 June 2026 ICU Medical carried $1.2 billion of debt and $298 million of cash.

Peers: Medical Equipment

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Stryker Corp. SYK$106.4 billion28.7315.5%21.4%8.5%0.621.3%
3M Co. MMM$82.5 billion28.41101.5%18.4%2.3%3.691.8%
Boston Scientific Corp. BSX$61.9 billion17.3114.7%19.8%13.5%0.44n/a
Becton Dickinson & Co. BDX$50.0 billion55.343.9%9.6%-2.6%0.552.3%
Resmed Inc. RMD$33.2 billion22.0523.1%33.4%9.9%0.101.0%
Dexcom Inc. DXCM$31.7 billion33.2438.1%22.9%15.5%0.47n/a
West Pharmaceutical Services Inc. WST$25.8 billion46.8818.9%20.5%12.4%0.070.2%
Solventum Corp. SOLV$14.9 billion10.6829.9%25.0%-0.9%1.06n/a
Baxter International Inc. BAX$12.6 billionn/a-17.1%-2.4%5.4%1.522.1%
Penumbra Inc. PEN$12.6 billion78.4810.5%12.4%17.6%0.00n/a
Globus Medical Inc. GMED$10.0 billion19.0911.2%20.3%19.7%0.00n/a
Glaukos Corp. GKOS$9.7 billionn/a-27.6%-31.6%41.5%0.00n/a
All 44 in Medical Equipment
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Intuitive Surgical Inc. ISRG$150.0 billion48.5617.3%31.3%20.7%0.00n/a
Medtronic plc MDT$113.3 billion21.7910.4%18.1%9.8%0.513.2%
Stryker Corp. SYK$106.4 billion28.7315.5%21.4%8.5%0.621.3%
3M Co. MMM$82.5 billion28.41101.5%18.4%2.3%3.691.8%
Boston Scientific Corp. BSX$61.9 billion17.3114.7%19.8%13.5%0.44n/a
Becton Dickinson & Co. BDX$50.0 billion55.343.9%9.6%-2.6%0.552.3%
Edwards Lifesciences Corp. EW$49.1 billion48.979.5%22.3%14.6%0.06n/a
Resmed Inc. RMD$33.2 billion22.0523.1%33.4%9.9%0.101.0%
Dexcom Inc. DXCM$31.7 billion33.2438.1%22.9%15.5%0.47n/a
GE HealthCare Technologies Inc. GEHC$29.9 billion15.0818.1%12.9%6.5%0.920.2%
West Pharmaceutical Services Inc. WST$25.8 billion46.8818.9%20.5%12.4%0.070.2%
Koninklijke Philips N.V. PHG *$23.3 billion23.158.2%8.0%-1.0%0.741.6%
Steris plc STE$20.9 billion26.2111.2%18.9%8.4%0.261.1%
Zimmer Biomet Holdings, Inc. ZBH$17.0 billion21.636.4%14.2%8.6%0.501.1%
Solventum Corp. SOLV$14.9 billion10.6829.9%25.0%-0.9%1.06n/a
Baxter International Inc. BAX$12.6 billionn/a-17.1%-2.4%5.4%1.522.1%
Penumbra Inc. PEN$12.6 billion78.4810.5%12.4%17.6%0.00n/a
Smith & Nephew plc SNN *$12.0 billion19.0211.8%12.9%6.1%0.592.8%
Cooper Companies, Inc. COO$10.3 billion18.566.8%12.8%4.7%0.310.0%
Align Technology Inc. ALGN$10.2 billion24.839.8%13.2%4.4%0.00n/a
Globus Medical Inc. GMED$10.0 billion19.0911.2%20.3%19.7%0.00n/a
Glaukos Corp. GKOS$9.7 billionn/a-27.6%-31.6%41.5%0.00n/a
Insulet Corp. PODD$9.4 billion25.2826.4%16.9%29.4%0.65n/a
MSA Safety Inc. MSA$7.0 billion22.4622.4%21.2%6.5%0.431.2%
Haemonetics Corp. HAE$5.4 billion58.2011.5%11.9%0.4%1.42n/a
Teleflex Inc. TFX$5.3 billionn/a-35.5%2.0%30.7%0.971.1%
Merit Medical Systems Inc. MMSI$5.2 billion36.048.7%12.8%10.2%0.44n/a
Integer Holdings Corp. ITGR$4.3 billion34.597.5%9.7%2.7%0.72n/a
LivaNova plc LIVN$4.2 billion22.6014.2%12.7%12.4%0.22n/a
ICU Medical Inc. ICUI$4.0 billion135.931.4%3.3%-9.0%0.57n/a
Envista Holdings Corp. NVST$3.7 billion39.643.1%9.6%11.9%0.47n/a
Warby Parker Inc. WRBY$3.2 billion361.362.0%0.2%11.0%0.00n/a
TransMedics Group, Inc. TMDX$2.7 billion20.1629.3%12.2%25.8%0.880.0%
UFP Technologies Inc. UFPT$2.2 billion31.1215.6%15.3%7.3%0.25n/a
Inspire Medical Systems, Inc. INSP$2.0 billion14.9216.4%6.0%4.3%0.00n/a
Lemaitre Vascular Inc. LMAT$1.8 billion28.3115.6%29.5%11.8%0.401.0%
Dentsply Sirona Inc. XRAY$1.8 billionn/a-40.4%-8.5%-0.8%1.487.2%
Conmed Corp. CNMD$1.3 billion24.015.4%8.0%3.4%0.631.4%
National Vision Holdings, Inc. EYE$1.3 billion27.315.6%4.1%7.8%0.26n/a
Tandem Diabetes Care Inc. TNDM$1.1 billionn/a-48.6%-4.4%4.0%4.62n/a
Staar Surgical Co. STAA$1.1 billion309.711.1%4.0%51.3%0.00n/a
Integra Lifesciences Holdings Corp. IART$1.0 billionn/a-0.7%4.0%1.6%1.79n/a
Artivion, Inc. AORT$1.0 billionn/a-0.7%4.4%16.4%0.820.0%
Enovis Corp. ENOV$1.0 billionn/a-74.6%-45.1%4.9%0.87n/a
22 companies share its SEC industry code (Surgical & Medical Instruments & Apparatus); the rest are the names nearest in size in its wider industry, Medical Equipment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20266 August 2026EDGAR
10-Q31 March 20267 May 2026EDGAR
10-K31 December 202519 February 2026EDGAR
10-Q30 September 20256 November 2025EDGAR
10-Q30 June 20257 August 2025EDGAR
10-Q31 March 20258 May 2025EDGAR
10-K31 December 202427 February 2025EDGAR
10-Q30 September 202412 November 2024EDGAR
10-Q30 June 20247 August 2024EDGAR
10-Q31 March 20247 May 2024EDGAR

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