NASDAQ : ICUI
ICU Medical, Inc. — Financial statements
Healthcare · Medical Instruments & Supplies · United States
Last price 164.62 USD (Nov 2, 2026, 10:21 AM EST) · Market cap 4.12B
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Financial statements
ICU Medical, Inc. (ICUI) reported revenue of 2.16B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 2.16B | 2.23B | 2.38B | 2.26B | 2.28B | 1.32B |
| Revenue | 2.16B | 2.23B | 2.38B | 2.26B | 2.28B | 1.32B |
| Cost of Revenue | 1.33B | 1.41B | 1.56B | 1.52B | 1.58B | 824.82M |
| Gross Profit | 826.25M | 822.04M | 824.78M | 739.87M | 697.76M | 491.49M |
| Selling, General & Admin | 615.07M | 625.21M | 638.76M | 606.69M | 608.35M | 302.58M |
| Research & Development | 86.32M | 87.50M | 88.61M | 85.34M | 92.98M | 47.50M |
| Operating Expenses | 701.39M | 712.71M | 727.38M | 692.04M | 701.33M | 350.08M |
| Operating Income | 124.85M | 109.33M | 97.41M | 47.84M | -3.57M | 141.41M |
| Interest Expense | -82.10M | -93.34M | -106.54M | -102.73M | -70.81M | -858.00K |
| Interest & Investment Income | 9.41M | 10.31M | 10.79M | 7.51M | 4.43M | 2.84M |
| Earnings From Equity Investments | -1.62M | -1.19M | ||||
| Currency Exchange Gain (Loss) | 1.88M | 3.79M | -9.79M | -5.92M | -5.78M | -1.02M |
| Other Non Operating Income (Expenses) | 1.37M | 348.00K | -1.82M | -2.43M | 3.20M | 627.00K |
| EBT Excluding Unusual Items | 53.80M | 29.25M | -9.96M | -55.73M | -72.53M | 143.00M |
| Merger & Restructuring Charges | -71.69M | -66.50M | -59.84M | -41.26M | -71.42M | -18.04M |
| Gain (Loss) on Sale of Assets | -1.87M | 40.43M | -1.61M | -153.00K | -2.55M | -1.65M |
| Other Unusual Items | 18.90M | 5.40M | 16.25M | 32.09M | -127.00K | |
| Pretax Income | -866.00K | 3.17M | -66.01M | -78.30M | -114.41M | 123.19M |
| Income Tax Expense | -30.95M | 2.44M | 51.68M | -48.64M | -40.12M | 20.05M |
| Net Income | 30.09M | 732.00K | -117.69M | -29.66M | -74.29M | 103.14M |
| Net Income to Common | 30.09M | 732.00K | -117.69M | -29.66M | -74.29M | 103.14M |
| Shares Outstanding (Basic) | 24.79M | 24.64M | 24.39M | 24.09M | 23.87M | 21.21M |
| Shares Outstanding (Diluted) | 25.10M | 24.90M | 24.39M | 24.09M | 23.87M | 21.78M |
| EPS (Basic) | 1.21 | 0.03 | -4.83 | -1.23 | -3.11 | 4.86 |
| EPS (Diluted) | 1.20 | 0.03 | -4.83 | -1.23 | -3.11 | 4.74 |
| Free Cash Flow | 152.83M | 91.80M | 124.66M | 82.31M | -152.44M | 199.00M |
| Free Cash Flow Per Share | 6.09 | 3.69 | 5.11 | 3.42 | -6.39 | 9.14 |
| Gross Margin | 38.26% | 36.84% | 34.62% | 32.75% | 30.60% | 37.34% |
| Operating Margin | 5.78% | 4.90% | 4.09% | 2.12% | -0.16% | 10.74% |
| Profit Margin | 1.39% | 0.03% | -4.94% | -1.31% | -3.26% | 7.83% |
| Free Cash Flow Margin | 7.08% | 4.11% | 5.23% | 3.64% | -6.69% | 15.12% |
| EBITDA | 326.12M | 310.07M | 316.92M | 276.61M | 231.58M | 231.11M |
| EBITDA Margin | 15.10% | 13.90% | 13.30% | 12.24% | 10.16% | 17.56% |
| D&A For EBITDA | 201.27M | 200.74M | 219.51M | 228.77M | 235.15M | 89.70M |
| EBIT | 124.85M | 109.33M | 97.41M | 47.84M | -3.57M | 141.41M |
| EBIT Margin | 5.78% | 4.90% | 4.09% | 2.12% | -0.16% | 10.74% |
| Effective Tax Rate | 76.90% | 16.28% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 298.30M | 307.96M | 308.57M | 254.22M | 208.78M | 552.83M |
| Short-Term Investments | 1.70M | 5.55M | 15.76M | |||
| Trading Asset Securities | 4.34M | 3.75M | 11.04M | 23.07M | 28.43M | |
| Cash & Short-Term Investments | 302.64M | 311.71M | 319.60M | 278.98M | 242.77M | 568.59M |
| Accounts Receivable | 183.53M | 180.51M | 182.83M | 161.57M | 221.72M | 105.89M |
| Other Receivables | 10.36M | 2.75M | 3.55M | 4.16M | ||
| Receivables | 193.89M | 180.51M | 182.83M | 164.31M | 225.26M | 110.05M |
| Inventory | 607.42M | 615.86M | 584.68M | 709.36M | 696.01M | 290.24M |
| Prepaid Expenses | 24.75M | 32.31M | 27.60M | 27.38M | 37.96M | 21.07M |
| Other Current Assets | 82.21M | 50.16M | 327.28M | 35.41M | 29.37M | 35.62M |
| Total Current Assets | 1.21B | 1.19B | 1.44B | 1.22B | 1.24B | 1.03B |
| Property, Plant & Equipment | 491.26M | 511.89M | 499.30M | 685.52M | 713.58M | 510.88M |
| Long-Term Investments | 136.42M | 132.25M | 8.76M | 8.00M | 57.20M | 7.86M |
| Goodwill | 1.48B | 1.50B | 1.43B | 1.47B | 1.45B | 43.44M |
| Other Intangible Assets | 567.66M | 633.56M | 740.79M | 870.59M | 982.77M | 188.31M |
| Long-Term Deferred Tax Assets | 25.57M | 25.89M | 24.21M | 37.30M | 31.47M | 42.60M |
| Long-Term Deferred Charges | 3.44M | 5.16M | 2.83M | |||
| Other Long-Term Assets | 55.08M | 56.61M | 56.11M | 79.88M | 41.02M | 55.01M |
| Total Assets | 3.97B | 4.05B | 4.20B | 4.38B | 4.52B | 1.88B |
| Accounts Payable | 149.16M | 154.37M | 148.02M | 150.03M | 215.90M | 81.13M |
| Accrued Expenses | 200.18M | 211.21M | 195.63M | 152.26M | 149.66M | 94.70M |
| Current Portion of Long-Term Debt | 18.75M | 20.26M | 51.00M | 51.00M | 29.69M | |
| Current Portion of Leases | 15.58M | 15.92M | 16.76M | 21.02M | 18.98M | 9.65M |
| Current Income Taxes Payable | 7.96M | 10.40M | 17.33M | 7.71M | 6.20M | 1.45M |
| Current Unearned Revenue | 54.37M | 33.84M | 30.36M | 31.64M | 30.84M | 12.65M |
| Other Current Liabilities | 52.36M | 52.85M | 97.08M | 68.18M | 43.28M | 1.20M |
| Total Current Liabilities | 498.36M | 498.86M | 556.18M | 481.84M | 494.56M | 200.78M |
| Long-Term Debt | 1.21B | 1.27B | 1.53B | 1.58B | 1.62B | 1.48M |
| Long-Term Leases | 40.37M | 47.68M | 43.11M | 54.93M | 62.77M | 36.04M |
| Long-Term Unearned Revenue | 10.59M | 16.24M | ||||
| Long-Term Deferred Tax Liabilities | 12.23M | 37.76M | 48.81M | 55.87M | 126.01M | 1.49M |
| Other Long-Term Liabilities | 56.00M | 73.27M | 58.73M | 74.04M | 102.46M | 24.92M |
| Total Liabilities | 1.82B | 1.93B | 2.24B | 2.26B | 2.43B | 264.71M |
| Common Stock | 2.52M | 2.47M | 2.45M | 2.41M | 2.40M | 2.13M |
| Additional Paid-In Capital | 1.48B | 1.47B | 1.41B | 1.37B | 1.33B | 721.41M |
| Retained Earnings | 740.11M | 690.89M | 690.16M | 807.85M | 837.50M | 911.79M |
| Treasury Stock | -23.41M | -22.00K | -92.00K | -262.00K | -243.00K | -27.00K |
| Comprehensive Income & Other | -43.34M | -34.63M | -139.40M | -53.08M | -80.98M | -19.27M |
| Shareholders' Equity | 2.15B | 2.12B | 1.97B | 2.12B | 2.09B | 1.62B |
| Total Liabilities & Equity | 3.97B | 4.05B | 4.20B | 4.38B | 4.52B | 1.88B |
| Total Debt | 1.29B | 1.35B | 1.64B | 1.70B | 1.74B | 47.17M |
| Net Cash (Debt) | -984.52M | -1.04B | -1.32B | -1.43B | -1.49B | 521.42M |
| Net Cash Per Share | -39.23 | -41.81 | -54.25 | -59.18 | -62.53 | 23.94 |
| Filing Date Shares Outstanding | 25.01M | 24.69M | 24.52M | 24.14M | 24.00M | 23.79M |
| Total Common Shares Outstanding | 25.01M | 24.69M | 24.52M | 24.14M | 23.99M | 21.28M |
| Working Capital | 712.54M | 691.69M | 885.80M | 739.43M | 740.64M | 829.03M |
| Book Value Per Share | 86.05 | 86.03 | 80.16 | 87.96 | 87.11 | 75.94 |
| Tangible Book Value | 99.80M | -9.49M | -208.33M | -219.62M | -342.10M | 1.38B |
| Tangible Book Value Per Share | 3.99 | -0.38 | -8.50 | -9.10 | -14.26 | 65.05 |
| Land | 179.58M | 176.97M | 177.09M | 278.25M | 274.06M | 243.38M |
| Machinery | 696.34M | 681.57M | 647.26M | 725.65M | 637.10M | 492.19M |
| Construction In Progress | 91.90M | 90.75M | 87.01M | 117.22M | 152.91M | 72.15M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 30.09M | 732.00K | -117.69M | -29.66M | -74.29M | 103.14M |
| Depreciation & Amortization | 201.27M | 200.74M | 219.51M | 228.77M | 235.15M | 89.70M |
| Other Amortization | 4.27M | 6.18M | 6.81M | 6.81M | 6.97M | 240.00K |
| Loss (Gain) From Sale of Assets | 3.16M | -38.89M | 2.52M | 2.11M | 2.01M | 1.65M |
| Loss (Gain) From Sale of Investments | 655.00K | |||||
| Loss (Gain) on Equity Investments | 1.62M | 1.19M | ||||
| Stock-Based Compensation | 55.00M | 55.76M | 46.88M | 40.56M | 36.02M | 27.34M |
| Provision & Write-off of Bad Debts | 1.04M | 345.00K | ||||
| Other Operating Activities | 48.45M | 44.19M | 48.57M | 53.20M | 34.69M | 29.43M |
| Change in Accounts Receivable | -15.38M | 8.88M | -46.84M | 48.63M | -19.15M | 13.76M |
| Change in Inventory | 7.59M | -26.25M | 16.83M | -6.08M | -201.09M | 20.82M |
| Change in Accounts Payable | -12.29M | 7.00M | 12.53M | -68.30M | 37.47M | 2.35M |
| Change in Income Taxes | -41.94M | -24.76M | 26.23M | -82.36M | -66.73M | 874.00K |
| Change in Other Net Operating Assets | -45.47M | -54.91M | -11.31M | -27.50M | -54.22M | -22.75M |
| Operating Cash Flow | 236.37M | 179.85M | 204.03M | 166.20M | -62.13M | 267.54M |
| Capital Expenditures | -83.54M | -88.04M | -79.37M | -83.89M | -90.31M | -68.54M |
| Sale of Property, Plant & Equipment | 8.04M | 8.06M | 746.00K | 1.50M | 989.00K | 218.00K |
| Cash Acquisitions | -1.84B | -14.45M | ||||
| Divestitures | 3.72M | 211.19M | ||||
| Sale (Purchase) of Intangibles | -7.99M | -8.97M | -10.83M | -9.78M | -9.02M | -12.63M |
| Investment in Securities | 500.00K | 4.22M | 33.04M | 4.72M | ||
| Investing Cash Flow | -79.77M | 122.23M | -88.96M | -87.95M | -1.91B | -90.69M |
| Long-Term Debt Issued | 313.00K | 1.66B | ||||
| Total Debt Issued | 313.00K | 313.00K | 1.66B | |||
| Long-Term Debt Repaid | -304.80M | -52.15M | -30.65M | -23.05M | -607.00K | |
| Total Debt Repaid | -112.15M | -304.80M | -52.15M | -30.65M | -23.05M | -607.00K |
| Net Debt Issued (Repaid) | -111.83M | -304.49M | -52.15M | -30.65M | 1.64B | -607.00K |
| Issuance of Common Stock | 624.00K | 6.11M | 10.94M | 4.02M | 8.79M | 9.37M |
| Repurchase of Common Stock | -38.94M | -8.77M | -11.99M | -9.35M | -10.88M | -8.34M |
| Other Financing Activities | -4.38M | -4.38M | -2.60M | -2.18M | -17.30M | |
| Financing Cash Flow | -154.53M | -311.52M | -55.80M | -35.98M | 1.64B | -16.87M |
| Foreign Exchange Rate Adjustments | -3.80M | 8.85M | -4.93M | 3.16M | -9.48M | -3.25M |
| Net Cash Flow | -1.73M | -603.00K | 54.34M | 45.44M | -344.04M | 156.73M |
| Free Cash Flow | 152.83M | 91.80M | 124.66M | 82.31M | -152.44M | 199.00M |
| Free Cash Flow Margin | 7.08% | 4.11% | 5.23% | 3.64% | -6.69% | 15.12% |
| Free Cash Flow Per Share | 6.09 | 3.69 | 5.11 | 3.42 | -6.39 | 9.14 |
| Levered Free Cash Flow | 163.56M | 393.45M | 75.80M | 162.25M | -144.11M | 176.31M |
| Unlevered Free Cash Flow | 210.60M | 445.61M | 135.58M | 219.64M | -106.83M | 176.60M |
| Cash Interest Paid | 73.93M | 83.74M | 99.72M | 95.91M | 63.71M | 858.00K |
| Cash Income Tax Paid | 25.25M | 35.81M | 27.50M | 19.56M | ||
| Change in Working Capital | -107.49M | -90.04M | -2.57M | -135.60M | -303.73M | 15.04M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.06B | 3.52B | 3.80B | 2.41B | 3.78B | 5.04B |
| Enterprise Value | 5.05B | 4.60B | 5.13B | 3.89B | 5.24B | 4.55B |
| Last Close Price | 162.38 | 142.67 | 155.17 | 99.74 | 157.48 | 237.34 |
| PE Ratio | 134.90 | 4,811.54 | 48.88 | |||
| Forward PE | 52.72 | 178.72 | 33.92 | 33.92 | 33.92 | 47.09 |
| PS Ratio | 1.88 | 1.58 | 1.59 | 1.07 | 1.66 | 3.83 |
| PB Ratio | 1.89 | 1.66 | 1.93 | 1.13 | 1.81 | 3.12 |
| P/TBV Ratio | 40.69 | 3.64 | ||||
| P/FCF Ratio | 26.57 | 38.37 | 30.48 | 29.25 | 25.33 | |
| P/OCF Ratio | 17.18 | 19.58 | 18.62 | 14.49 | 18.84 | |
| PEG Ratio | 4.79 | 16.25 | 31.81 | 31.81 | 3.08 | 4.28 |
| EV/Sales Ratio | 2.34 | 2.06 | 2.15 | 1.72 | 2.30 | 3.46 |
| EV/EBITDA Ratio | 15.47 | 14.84 | 16.20 | 14.07 | 22.63 | 19.68 |
| EV/EBIT Ratio | 40.41 | 42.08 | 52.71 | 81.36 | 32.17 | |
| EV/FCF Ratio | 33.01 | 50.12 | 41.19 | 47.29 | 22.86 | |
| Debt / Equity Ratio | 0.60 | 0.64 | 0.84 | 0.80 | 0.83 | 0.03 |
| Debt / EBITDA Ratio | 3.76 | 4.12 | 4.85 | 5.67 | 6.84 | 0.19 |
| Debt / FCF Ratio | 8.42 | 14.74 | 13.18 | 20.71 | 0.24 | |
| Net Debt / Equity Ratio | 0.46 | 0.49 | 0.67 | 0.67 | 0.71 | -0.32 |
| Net Debt / EBITDA Ratio | 3.02 | 3.36 | 4.17 | 5.15 | 6.44 | -2.26 |
| Net Debt / FCF Ratio | 6.44 | 11.34 | 10.61 | 17.32 | -9.79 | -2.62 |
| Asset Turnover | 0.54 | 0.54 | 0.56 | 0.51 | 0.71 | 0.72 |
| Inventory Turnover | 2.18 | 2.35 | 2.41 | 2.16 | 3.21 | 2.73 |
| Quick Ratio | 1.00 | 0.99 | 0.90 | 0.92 | 0.95 | 3.38 |
| Current Ratio | 2.43 | 2.39 | 2.59 | 2.54 | 2.50 | 5.13 |
| Return on Equity (ROE) | 1.41% | 0.04% | -5.76% | -1.41% | -4.01% | 6.62% |
| Return on Assets (ROA) | 1.93% | 1.66% | 1.42% | 0.67% | -0.07% | 4.85% |
| Return on Invested Capital (ROIC) | 3.96% | 0.78% | 2.85% | 1.34% | -0.15% | 10.58% |
| Return on Capital Employed (ROCE) | 3.60% | 3.10% | 2.70% | 1.20% | -0.10% | 8.40% |
| Earnings Yield | 0.74% | 0.02% | -3.10% | -1.23% | -1.97% | 2.05% |
| FCF Yield | 3.76% | 2.61% | 3.28% | 3.42% | -4.04% | 3.95% |
| Buyback Yield / Dilution | -2.28% | -2.12% | -1.23% | -0.93% | -9.58% | -0.88% |