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Maker of IV therapy systems, infusion pumps and consumables used in hospitals to safely deliver medications.
Maker of IV therapy systems, infusion pumps and consumables used in hospitals to safely deliver medications.
Places infusion pumps in hospitals and then earns repeatedly from the disposable IV sets and connectors that must be used with them. Buying Pfizer's Hospira infusion business in 2017 made it much larger and added IV solutions, bags of saline and other fluids, a bulky, low-priced line.
Moat: narrow (switching costs, installed base, regulatory licence). Installed infusion-pump base and hospital contracts create high switching costs for a low-margin consumables business.
Headquarters: San Clemente, California · Founded: 1984 · Employees: 13,000
Size ICU Medical (ICUI) is a United States Health Care company (Medical Specialties) with a market value of $4.30B, the 1299th largest of 3,117 United States companies the cockpit tracks. Shares closed at $172.11 on 6 Nov 2026.
Performance Over six months the shares gained 36.1%, against +22.1% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 8.8% over the last twelve months (peer median +4.7%); the operating margin is 6.7% (peer median 13.1%).
Valuation It trades at 19.5× forward earnings against a peer median of 20.4× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.8 points below its cost of capital (8.4% WACC).
Short interest Short interest is 6.8% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.16B | $2.23B | $2.38B | $2.26B | $2.28B |
| Revenue growth | — | -6% | +5% | -1% | — |
| Gross profit | $745M | $686M | $822M | $732M | $663M |
| EBITDA | $349M | $325M | $335M | $290M | $244M |
| Net income | $30.1M | $732,000 | -$118M | -$29.7M | -$74.3M |
| Free cash flow | $153M | $91.8M | $125M | $82.3M | -$152M |
| Capital expenditure | $91.5M | $97.0M | $90.2M | $93.7M | $99.3M |
| Total debt | $1.29B | $1.35B | $1.64B | $1.70B | $1.74B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ICU Medical ICUI | $4.30B | +36% | -9% | 7% | 19.5× | 22.1% |
| Becton Dickinson BDX | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% |
| Baxter International BAX | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% |
| Fresenius SE & Co. KGaA FRE.DE | $32.8B | +34% | +6% | 10% | 14.5× | 8.0% |
| Terumo 4543.T | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% |
| Teleflex TFX | $6.39B | +13% | -14% | 11% | 16.8× | 17.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ICUI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.5% | +8.1% | 11th highest of 21 |
| 6-month return | +36.1% | +22.1% | 9th highest of 21 |
| Distance from 52-week high | -10.8% | -17.1% | 8th highest of 21 |
| Revenue growth (TTM) | -8.8% | +4.7% | 2nd lowest of 20 |
| Operating margin | 6.7% | 13.1% | 5th lowest of 20 |
| Forward P/E | 19.5× | 20.4× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 22.1% | 11.0% | 2nd most demanding of 17 |
| Growth delivered (Del g) | +11.9% | +8.2% | 2nd highest of 17 |
| Hurdle (Req g minus delivered) | +10.2 pp | +1.6 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | -4.8 pp | +1.6 pp | 3rd lowest of 19 |
| EV / EBITDA | 15.2× | 13.1× | 6th most expensive of 14 |
| Net debt / EBITDA | 2.8× | 1.0× | 3rd most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ICU Medical ICUI | United States | $4.30B | +36% | -9% | 7% | 19.5× | 22.1% | +11.9% |
| Integer ITGR | United States | $4.30B | +44% | 0% | 9% | 18.8× | 19.6% | +11.5% |
| Jiangsu Yuyue Medical Equipment & Supply 002223.SZ | China | $4.26B | -1% | -1% | 13% | 20.4× | 5.1% | +3.4% |
| Intco Medical Technology 300677.SZ | China | $4.40B | -20% | +33% | 20% | 14.7× | -4.7% | -6.4% |
| CareDx CDNA | United States | $4.13B | +260% | +39% | 1% | 53.2× | n/a | n/a |
| Fielmann FIE.DE | Germany | $4.12B | +3% | +3% | 14% | 17.8× | -5.3% | +11.3% |
| Sotera Health SHC | United States | $4.57B | +1% | +7% | 37% | 15.4× | 13.7% | +7.3% |
| Tecan TECN.SW | Switzerland | $4.05B | +91% | -4% | 1% | 40.1× | 46.9% | +3.8% |
| Envista NVST | United States | $4.04B | +4% | +12% | 11% | 15.6× | 6.8% | +7.1% |
| MiniMed MMED | United States | $4.70B | +44% | +14% | 14% | 25.5× | n/a | n/a |
| Pulse Biosciences PLSE | United States | $3.87B | +179% | n/a | -7,008% | n/a | n/a | n/a |
| LivaNova LIVN | United States | $4.96B | +25% | +12% | 13% | 19.9× | 11.5% | +8.2% |
| DiaSorin DIA.MI | Italy | $5.00B | +19% | -3% | 24% | 20.6× | 4.1% | +6.3% |
| Stevanato STVN | United States | $3.70B | -26% | +12% | 18% | 19.3× | 10.6% | +12.1% |
| SCHOTT Pharma AG & Co. KGaA 1SXP.DE | Germany | $3.67B | +31% | +4% | 15% | 22.1× | 11.7% | +11.0% |
| Shandong Weigao Blood Purification Products 603014.SS | China | $3.63B | -3% | +4% | n/a | 20.4× | -1.2% | +8.1% |
| Andon Health 002432.SZ | China | $3.60B | -29% | -30% | -26% | 15.0× | -7.7% | -7.4% |
| Merit Medical Systems MMSI | United States | $5.23B | +42% | +9% | 14% | 19.4× | 12.2% | +9.5% |
| iRay Technology 688301.SS | China | $3.54B | -8% | +58% | 24% | 27.5× | n/a | n/a |
| Carl Zeiss Meditec AFX.DE | Germany | $3.51B | +40% | 0% | 8% | 26.8× | 13.7% | +10.8% |
| Ambu A/S AMBU-B.CO | Denmark | $3.42B | +40% | +5% | 11% | 28.1× | 12.6% | +11.1% |