ICU Medical (ICUI) Financials

$118.72 -4.27 (-3.47%)

Closing price 05/15/2026 04:00 PM Eastern

Extended Trading

$118.72 0.00 (0.00%)

As of 05/15/2026 04:10 PM Eastern

Annual Income Statements for ICU Medical

This table shows ICU Medical's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	45	63	69	29	101	87	103	-74	-30	-118	0.73
Consolidated Net Income / (Loss)	45	63	69	29	101	87	103	-74	-30	-118	0.73
Net Income / (Loss) Continuing Operations	45	63	69	29	101	87	103	-74	-30	-118	0.73
Total Pre-Tax Income	70	85	51	22	115	97	123	-114	-78	-66	4.36
Total Operating Income	69	83	-13	30	107	98	123	-43	23	43	43
Total Gross Profit	181	201	426	570	472	461	491	698	740	825	822
Total Revenue	342	379	1,293	1,400	1,266	1,271	1,316	2,280	2,259	2,382	2,231
Operating Revenue	341	379	1,293	1,400	1,266	1,271	1,316	2,280	2,259	2,382	2,231
Total Cost of Revenue	161	178	867	830	794	810	825	1,582	1,519	1,557	1,409
Operating Cost of Revenue	161	178	867	830	794	810	825	1,582	1,519	1,557	1,409
Total Operating Expenses	112	118	439	540	365	363	368	741	717	782	779
Selling, General & Admin Expense	83	89	302	320	277	284	303	608	607	639	625
Research & Development Expense	16	13	51	53	49	43	47	93	85	89	87
Restructuring Charge	8.45	15	78	105	81	28	18	71	41	60	67
Other Special Charges / (Income)	-1.09	0.00	8.00	20	-47	9.00	0.00	-32	-16	-5.40	0.00
Total Other Income / (Expense), net	1.13	2.22	65	-7.38	7.35	-0.67	-0.06	-72	-101	-109	-38
Interest Expense	0.04	0.12	2.05	0.71	0.55	-1.92	-1.98	66	95	96	83
Other Income / (Expense), net	1.17	2.34	67	-6.67	7.90	-2.59	-2.04	-5.14	-5.91	-13	45
Income Tax Expense	25	22	-17	-6.42	14	11	20	-40	-49	52	2.44
Other Gains / (Losses), net	-	-	-	-	-	-	-	-	0.00	0.00	-1.19
Basic Earnings per Share	$2.84	$3.90	$3.50	$1.41	$4.90	$4.16	$4.86	($3.11)	($1.23)	($4.83)	$0.03
Weighted Average Basic Shares Outstanding	15.85M	16.17M	19.61M	20.39M	20.63M	20.91M	21.21M	23.87M	24.09M	24.39M	24.64M
Diluted Earnings per Share	$2.73	$3.66	$3.29	$1.33	$4.69	$4.02	$4.74	($3.11)	($1.23)	($4.83)	$0.03
Weighted Average Diluted Shares Outstanding	16.50M	17.25M	20.86M	21.60M	21.55M	21.59M	21.78M	23.87M	24.09M	24.39M	24.90M
Weighted Average Basic & Diluted Shares Outstanding	15.80M	16.20M	19.60M	20.40M	20.77M	21.14M	23.79M	24.00M	24.14M	24.52M	24.69M

This table shows ICU Medical's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	7.24	-17	-39	-21	-33	-24	-15	35	-3.40	-16	30
Consolidated Net Income / (Loss)	7.24	-17	-39	-21	-33	-24	-15	35	-3.40	-16	30
Net Income / (Loss) Continuing Operations	7.24	-17	-39	-21	-33	-24	-15	35	-3.40	-16	30
Total Pre-Tax Income	-5.37	-37	-37	-20	-18	8.22	-11	34	-2.51	-16	-3.98
Total Operating Income	23	-12	-11	7.69	8.24	38	13	11	14	5.64	14
Total Gross Profit	184	172	185	207	205	227	210	208	201	203	206
Total Revenue	553	588	567	596	589	630	605	549	537	541	530
Operating Revenue	553	588	567	596	589	630	605	549	537	541	530
Total Cost of Revenue	369	416	381	389	384	403	395	341	336	338	324
Operating Cost of Revenue	369	416	381	389	384	403	395	341	336	338	324
Total Operating Expenses	161	184	196	200	197	190	197	197	187	197	193
Selling, General & Admin Expense	149	155	158	160	163	159	157	159	153	156	155
Research & Development Expense	21	22	22	23	21	22	23	22	21	21	21
Restructuring Charge	7.16	11	16	17	17	9.77	17	16	13	20	17
Total Other Income / (Expense), net	-28	-24	-26	-27	-26	-29	-24	23	-16	-22	-18
Interest Expense	24	24	24	24	25	23	22	21	20	21	16
Other Income / (Expense), net	-4.04	-0.09	-2.34	-3.38	-1.48	-6.02	-1.76	44	3.58	-0.89	-1.06
Income Tax Expense	-13	-20	2.70	1.87	15	32	4.57	1.18	-0.66	-2.65	-35
Other Gains / (Losses), net	-	-	-	0.00	0.00	-	0.00	2.84	-1.54	-	-0.61
Basic Earnings per Share	$0.30	($0.71)	($1.63)	($0.88)	($1.35)	($0.97)	($0.63)	$1.43	($0.14)	($0.63)	$1.22
Weighted Average Basic Shares Outstanding	24.13M	24.09M	24.22M	24.39M	24.44M	24.39M	24.54M	24.65M	24.69M	24.64M	24.76M
Diluted Earnings per Share	$0.30	($0.71)	($1.63)	($0.88)	($1.35)	($0.97)	($0.63)	$1.43	($0.14)	($0.63)	$1.20
Weighted Average Diluted Shares Outstanding	24.37M	24.09M	24.22M	24.39M	24.44M	24.39M	24.54M	24.71M	24.69M	24.90M	25.18M
Weighted Average Basic & Diluted Shares Outstanding	24.14M	24.14M	24.37M	24.43M	24.48M	24.52M	24.61M	24.69M	24.69M	24.69M	24.99M

This table details how cash moves in and out of ICU Medical's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	60	109	-155	55	-76	127	157	-344	45	54	-0.60
Net Cash From Operating Activities	64	90	154	160	102	223	268	-62	166	204	180
Net Cash From Continuing Operating Activities	64	90	154	160	102	223	268	-62	166	204	180
Net Income / (Loss) Continuing Operations	45	63	69	29	101	87	103	-74	-30	-118	0.73
Consolidated Net Income / (Loss)	45	63	69	29	101	87	103	-74	-30	-118	0.73
Depreciation Expense	18	19	67	75	77	86	90	235	229	220	201
Amortization Expense	1.67	1.36	0.15	0.63	0.42	9.74	10	57	29	28	23
Non-Cash Adjustments To Reconcile Net Income	16	15	-40	65	82	42	47	56	43	49	21
Changes in Operating Assets and Liabilities, net	-16	-8.68	59	-8.46	-159	-1.03	18	-336	-104	25	-66
Net Cash From Investing Activities	-11	16	-267	-103	-167	-98	-91	-1,909	-88	-89	122
Net Cash From Continuing Investing Activities	-11	16	-267	-103	-167	-98	-91	-1,909	-88	-89	122
Purchase of Property, Plant & Equipment	-13	-23	-74	-93	-97	-92	-69	-90	-84	-79	-88
Acquisitions	-58	-3.78	-168	-9.36	-85	-8.39	-30	-1,853	-9.78	-11	-8.97
Sale of Property, Plant & Equipment	3.59	3.27	0.00	14	0.03	6.18	0.22	0.99	1.50	0.75	8.06
Divestitures	29	-	-	-	-	-	-	-	0.00	0.00	211
Sale and/or Maturity of Investments	83	159	0.00	15	41	29	18	36	4.22	0.50	0.00
Net Cash From Financing Activities	16	2.47	-44	8.02	-11	-0.04	-17	1,637	-36	-56	-312
Net Cash From Continuing Financing Activities	16	2.47	106	8.02	-11	-0.04	-17	1,637	-36	-56	-310
Repayment of Debt	0.00	0.00	-75	0.00	0.00	-150	0.00	-25	-30	-51	-306
Repurchase of Common Equity	-1.52	-17	-4.06	-6.25	-19	-13	-8.34	-11	-9.35	-12	-8.77
Issuance of Debt	-	-	-	0.00	0.00	150	0.00	1,664	0.00	0.00	0.31
Other Financing Activities, net	15	17	32	14	7.73	13	-8.54	8.11	3.06	7.19	4.06
Effect of Exchange Rate Changes	-8.28	0.22	1.79	-10	-0.23	2.85	-3.25	-9.48	3.16	-4.93	8.85
Cash Interest Paid	0.04	0.12	2.05	0.71	0.55	1.75	0.86	64	96	100	84

This table details how cash moves in and out of ICU Medical's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	1.31	57	-2.80	51	9.86	-3.95	-19	10	-0.29	8.23	-20
Net Cash From Operating Activities	35	91	46	82	36	40	51	11	57	61	39
Net Cash From Continuing Operating Activities	35	91	46	82	36	40	51	11	57	61	39
Net Income / (Loss) Continuing Operations	7.24	-17	-39	-21	-33	-24	-15	35	-3.40	-16	30
Consolidated Net Income / (Loss)	7.24	-17	-39	-21	-33	-24	-15	35	-3.40	-16	30
Depreciation Expense	58	57	56	55	56	53	49	50	51	51	50
Amortization Expense	7.14	7.07	7.05	6.89	7.18	7.03	6.18	6.62	6.06	4.58	4.95
Non-Cash Adjustments To Reconcile Net Income	16	26	18	17	24	16	23	-31	25	3.30	18
Changes in Operating Assets and Liabilities, net	-53	18	4.40	24	-17	-12	-12	-49	-22	18	-64
Net Cash From Investing Activities	-25	-31	-18	-22	-23	-27	-17	187	-30	-18	-11
Net Cash From Continuing Investing Activities	-25	-31	-18	-22	-23	-27	-17	187	-30	-18	-11
Purchase of Property, Plant & Equipment	-21	-30	-16	-19	-20	-24	-15	-20	-29	-25	-11
Acquisitions	-3.09	-2.04	-2.95	-2.41	-2.95	-2.52	-2.23	-2.31	-2.67	-1.76	-1.91
Sale of Property, Plant & Equipment	0.05	0.02	0.51	0.19	0.00	0.05	0.04	-	-	8.02	0.00
Divestitures	-	-	-	-	-	-	0.00	-	1.72	-	2.00
Net Cash From Financing Activities	-6.40	-7.85	-27	-10	-10	-8.19	-56	-195	-26	-34	-44
Net Cash From Continuing Financing Activities	-6.40	-7.85	-27	-10	-10	-8.19	-56	-195	-26	-33	-44
Repayment of Debt	-7.44	-7.44	-13	-13	-13	-13	-48	-200	-25	-33	-4.69
Other Financing Activities, net	1.04	8.94	-14	2.37	2.37	17	-8.59	4.99	-0.69	8.35	-39
Effect of Exchange Rate Changes	-2.95	4.26	-3.88	1.35	7.01	-9.40	2.96	6.67	-1.29	0.51	-3.21

This table presents ICU Medical's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	627	705	1,497	1,585	1,692	1,764	1,881	4,516	4,378	4,204	4,051
Total Current Assets	505	569	865	927	882	921	1,030	1,235	1,221	1,442	1,191
Cash & Equivalents	336	445	290	345	269	396	553	-	-	-	308
Accounts Receivable	57	55	208	176	202	124	106	222	162	183	181
Inventories, net	44	49	289	311	338	315	290	696	709	585	616
Prepaid Expenses	7.63	7.36	41	46	34	41	47	89	74	82	86
Plant, Property, & Equipment, net	74	86	399	433	456	467	468	636	613	443	452
Total Noncurrent Assets	47	50	234	226	354	376	383	2,644	2,544	2,319	2,408
Long-Term Investments	-	0.00	15	2.03	0.00	13	4.62	0.52	-	3.04	132
Goodwill	6.46	5.58	12	11	31	33	43	1,449	1,472	1,433	1,500
Intangible Assets	24	22	144	133	211	197	188	983	871	741	634
Noncurrent Deferred & Refundable Income Taxes	17	22	25	39	28	31	43	31	37	24	26
Other Noncurrent Operating Assets	-	0.00	38	40	83	102	104	180	164	118	117
Total Liabilities & Shareholders' Equity	627	705	1,497	1,585	1,692	1,764	1,881	4,516	4,378	4,204	4,051
Total Liabilities	47	45	299	322	315	261	265	2,426	2,255	2,239	1,927
Total Current Liabilities	43	41	210	249	248	195	201	495	482	556	499
Short-Term Debt	-	-	-	-	0.00	26	0.00	30	56	51	19
Accounts Payable	14	15	78	120	129	72	81	216	150	148	154
Accrued Expenses	29	26	132	129	118	97	118	243	268	307	315
Current Deferred & Payable Income Tax Liabilities	-	-	-	0.00	2.06	0.30	1.45	6.20	7.71	17	10
Total Noncurrent Liabilities	4.34	4.00	88	72	67	66	64	1,931	1,773	1,683	1,428
Long-Term Debt	1.48	1.11	55	21	-	-	-	1,624	1,578	1,532	1,266
Noncurrent Deferred Revenue	-	-	-	-	14	16	18	42	35	35	35
Noncurrent Deferred & Payable Income Tax Liabilities	2.86	2.89	6.08	4.46	2.09	1.66	1.49	126	56	49	38
Other Noncurrent Operating Liabilities	-	0.00	27	47	50	48	44	140	104	67	90
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	580	660	1,198	1,264	1,377	1,502	1,616	2,090	2,123	1,965	2,124
Total Preferred & Common Equity	580	660	1,198	1,264	1,377	1,502	1,616	2,090	2,123	1,965	2,124
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	580	660	1,198	1,264	1,377	1,502	1,616	2,090	2,123	1,965	2,124
Common Stock	147	164	628	660	671	695	724	1,334	1,369	1,415	1,468
Retained Earnings	454	517	586	621	722	809	912	838	808	690	691
Treasury Stock	0.00	-0.01	0.00	-0.10	-0.16	-0.04	-0.03	-0.24	-0.26	-0.09	-0.02
Accumulated Other Comprehensive Income / (Loss)	-21	-21	-15	-17	-15	-1.52	-19	-81	-53	-139	-35

This table presents ICU Medical's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	4,450	4,471	4,463	4,377	4,288	4,287	4,305	4,185	4,107	4,103	4,014
Total Current Assets	1,199	1,213	1,245	1,219	1,188	1,236	1,258	1,424	1,180	1,207	1,213
Cash & Equivalents	-	-	196	197	251	303	313	290	300	300	288
Accounts Receivable	213	139	162	162	145	152	174	171	179	192	201
Inventories, net	625	748	775	760	693	683	692	590	616	622	606
Prepaid Expenses	94	87	96	84	83	81	74	75	84	94	118
Plant, Property, & Equipment, net	656	624	617	609	603	594	596	442	452	456	445
Total Noncurrent Assets	2,595	2,633	2,602	2,549	2,498	2,457	2,451	2,319	2,475	2,440	2,355
Long-Term Investments	1.83	0.00	0.00	0.00	-	-	-	-	132	134	131
Goodwill	1,370	1,463	1,464	1,444	1,459	1,451	1,478	1,455	1,502	1,499	1,486
Intangible Assets	1,021	958	930	891	837	806	786	717	698	665	599
Noncurrent Deferred & Refundable Income Taxes	15	31	31	31	40	39	41	24	23	24	26
Other Noncurrent Operating Assets	187	182	176	181	162	161	147	123	120	118	114
Total Liabilities & Shareholders' Equity	4,450	4,471	4,463	4,377	4,288	4,287	4,305	4,185	4,107	4,103	4,014
Total Liabilities	2,438	2,370	2,348	2,279	2,221	2,249	2,256	2,197	1,992	1,976	1,902
Total Current Liabilities	489	462	484	464	455	512	550	549	483	493	518
Short-Term Debt	25	35	42	52	53	53	53	48	0.00	0.00	19
Accounts Payable	205	186	167	149	152	156	169	180	169	172	174
Accrued Expenses	244	235	255	251	248	300	326	279	314	316	315
Current Deferred & Payable Income Tax Liabilities	15	5.53	20	11	2.48	4.14	2.77	12	0.16	5.05	11
Total Noncurrent Liabilities	1,949	1,908	1,864	1,814	1,765	1,737	1,707	1,648	1,509	1,483	1,384
Long-Term Debt	1,630	1,612	1,601	1,589	1,566	1,555	1,543	1,489	1,338	1,314	1,262
Noncurrent Deferred Revenue	20	42	37	40	36	33	35	36	32	34	25
Noncurrent Deferred & Payable Income Tax Liabilities	154	115	90	78	56	54	49	45	43	41	15
Other Noncurrent Operating Liabilities	145	139	137	107	107	95	80	78	96	94	82
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,013	2,100	2,115	2,098	2,068	2,038	2,049	1,988	2,116	2,127	2,112
Total Preferred & Common Equity	2,013	2,100	2,115	2,098	2,068	2,038	2,049	1,988	2,116	2,127	2,112
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,013	2,100	2,115	2,098	2,068	2,038	2,049	1,988	2,116	2,127	2,112
Common Stock	1,326	1,342	1,347	1,359	1,374	1,383	1,397	1,418	1,438	1,454	1,468
Retained Earnings	853	828	818	825	768	747	714	675	710	707	721
Treasury Stock	-0.13	-8.01	-1.61	-0.67	-4.69	-0.52	-0.21	-0.06	-0.01	-0.01	-25
Accumulated Other Comprehensive Income / (Loss)	-166	-62	-49	-85	-70	-92	-62	-105	-33	-33	-52

This table displays calculated financial ratios and metrics derived from ICU Medical's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.48%	11.04%	240.72%	8.31%	-9.56%	0.38%	3.56%	73.21%	-0.92%	5.44%	-6.33%
EBITDA Growth	45.67%	18.11%	13.59%	-17.99%	95.63%	-0.86%	15.95%	10.33%	12.35%	1.09%	12.31%
EBIT Growth	75.26%	22.29%	-37.47%	-56.72%	399.31%	-17.08%	26.82%	-139.63%	135.23%	75.77%	193.83%
NOPAT Growth	71.29%	38.83%	-128.96%	315.20%	146.95%	-7.51%	17.97%	-129.10%	153.21%	88.23%	-37.23%
Net Income Growth	70.82%	40.23%	8.81%	-58.05%	250.90%	-14.02%	18.72%	-172.03%	60.08%	-296.86%	100.62%
EPS Growth	62.50%	34.07%	-10.11%	-59.57%	252.63%	-14.29%	17.91%	-165.61%	60.45%	-292.68%	100.62%
Operating Cash Flow Growth	-3.23%	40.11%	71.69%	3.75%	-36.39%	118.56%	20.11%	-123.22%	367.51%	22.76%	-11.85%
Free Cash Flow Firm Growth	-94.50%	2,686.21%	-1,601.13%	109.99%	-221.96%	174.80%	143.55%	-1,635.54%	101.73%	1,154.03%	-93.61%
Invested Capital Growth	26.50%	6.04%	334.93%	-3.79%	20.50%	1.86%	-5.49%	238.05%	-0.78%	-14.68%	-0.54%
Revenue Q/Q Growth	3.17%	1.42%	26.95%	-2.08%	-1.93%	0.39%	1.55%	11.63%	0.44%	1.79%	-3.84%
EBITDA Q/Q Growth	0.09%	1.36%	50.48%	-34.54%	21.14%	9.48%	-4.73%	9.12%	-5.29%	16.71%	-9.20%
EBIT Q/Q Growth	0.64%	1.69%	95.89%	-69.47%	40.77%	6.16%	-4.52%	-86.21%	-39.18%	309.36%	-23.56%
NOPAT Q/Q Growth	-4.00%	6.67%	62.82%	-59.44%	30.91%	6.69%	-3.01%	-127.56%	-34.38%	721.77%	182.92%
Net Income Q/Q Growth	-4.07%	6.86%	141.27%	-66.46%	38.33%	6.76%	-5.69%	-91.34%	-5.74%	-6.02%	109.94%
EPS Q/Q Growth	-4.55%	5.48%	117.88%	-66.50%	38.35%	6.63%	-5.77%	-99.36%	-6.03%	-5.69%	109.68%
Operating Cash Flow Q/Q Growth	-3.64%	6.73%	69.49%	-17.77%	-1.04%	15.36%	1.55%	-379.82%	126.99%	-20.02%	12.80%
Free Cash Flow Firm Q/Q Growth	-94.67%	303.43%	5.98%	-38.56%	-135.12%	95.26%	32.69%	-6.58%	144.50%	167.06%	-88.42%
Invested Capital Q/Q Growth	16.88%	-1.76%	-2.17%	-3.28%	4.17%	1.48%	-2.56%	3.25%	-1.08%	-10.32%	-1.28%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.92%	53.09%	32.96%	40.72%	37.27%	36.31%	37.34%	30.60%	32.75%	34.62%	36.84%
EBITDA Margin	26.19%	27.86%	9.29%	7.03%	15.21%	15.02%	16.82%	10.71%	12.15%	11.65%	13.96%
Operating Margin	20.07%	21.86%	-1.03%	2.13%	8.48%	7.72%	9.36%	-1.88%	1.01%	1.80%	1.92%
EBIT Margin	20.41%	22.48%	4.13%	1.65%	9.10%	7.52%	9.21%	-2.11%	0.75%	1.25%	3.92%
Profit (Net Income) Margin	13.17%	16.63%	5.31%	2.06%	7.98%	6.83%	7.84%	-3.26%	-1.31%	-4.94%	0.03%
Tax Burden Percent	64.54%	74.07%	133.85%	128.69%	88.08%	89.10%	83.72%	64.93%	37.87%	178.28%	16.80%
Interest Burden Percent	99.94%	99.86%	96.16%	96.93%	99.52%	102.01%	101.64%	238.18%	-462.76%	-221.96%	4.99%
Effective Tax Rate	35.46%	25.93%	-33.85%	-28.69%	11.92%	10.90%	16.28%	0.00%	0.00%	0.00%	55.92%
Return on Invested Capital (ROIC)	24.37%	29.40%	-3.09%	4.17%	9.53%	7.99%	9.60%	-1.31%	0.45%	0.93%	0.63%
ROIC Less NNEP Spread (ROIC-NNEP)	24.17%	29.00%	-27.52%	7.21%	7.56%	8.16%	9.61%	-11.51%	-2.78%	-11.38%	-1.31%
Return on Net Nonoperating Assets (RNNOA)	-16.10%	-19.22%	10.48%	-1.83%	-1.88%	-1.96%	-2.99%	-2.70%	-1.86%	-6.68%	-0.60%
Return on Equity (ROE)	8.27%	10.17%	7.39%	2.34%	7.65%	6.03%	6.61%	-4.01%	-1.41%	-5.76%	0.04%
Cash Return on Invested Capital (CROIC)	0.97%	23.53%	-128.32%	8.03%	-9.06%	6.14%	15.25%	-110.00%	1.23%	16.77%	1.17%
Operating Return on Assets (OROA)	11.94%	12.81%	4.84%	1.50%	7.03%	5.53%	6.65%	-1.50%	0.38%	0.69%	2.12%
Return on Assets (ROA)	7.70%	9.48%	6.24%	1.87%	6.16%	5.03%	5.66%	-2.32%	-0.67%	-2.74%	0.02%
Return on Common Equity (ROCE)	8.27%	10.17%	7.39%	2.34%	7.65%	6.03%	6.61%	-4.01%	-1.41%	-5.76%	0.04%
Return on Equity Simple (ROE_SIMPLE)	7.76%	9.56%	5.73%	2.28%	7.34%	5.78%	6.38%	-3.55%	-1.40%	-5.99%	0.00%
Net Operating Profit after Tax (NOPAT)	44	61	-18	38	95	87	103	-30	16	30	19
NOPAT Margin	12.95%	16.19%	-1.38%	2.74%	7.47%	6.88%	7.84%	-1.32%	0.71%	1.26%	0.85%
Net Nonoperating Expense Percent (NNEP)	0.20%	0.40%	24.43%	-3.03%	1.97%	-0.17%	-0.01%	10.20%	3.24%	12.30%	1.95%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-0.80%	0.43%	0.85%	0.55%
Cost of Revenue to Revenue	47.08%	46.91%	67.04%	59.28%	62.73%	63.69%	62.66%	69.40%	67.25%	65.38%	63.16%
SG&A Expenses to Revenue	24.36%	23.57%	23.38%	22.86%	21.87%	22.34%	22.99%	26.68%	26.86%	26.82%	28.02%
R&D to Revenue	4.60%	3.41%	3.97%	3.78%	3.84%	3.38%	3.61%	4.08%	3.78%	3.72%	3.92%
Operating Expenses to Revenue	32.85%	31.22%	33.99%	38.59%	28.79%	28.59%	27.98%	32.49%	31.74%	32.82%	34.92%
Earnings before Interest and Taxes (EBIT)	70	85	53	23	115	96	121	-48	17	30	87
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	89	106	120	98	193	191	221	244	274	277	312
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.11	3.65	3.63	3.72	2.81	3.00	3.12	1.81	1.13	1.93	1.66
Price to Tangible Book Value (P/TBV)	3.28	3.81	4.17	4.20	3.41	3.54	3.64	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	5.27	6.34	3.36	3.36	3.06	3.54	3.83	1.66	1.07	1.59	1.58
Price to Earnings (P/E)	40.05	38.14	63.34	163.41	38.29	51.80	48.88	0.00	0.00	0.00	4,811.54
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.50%	2.62%	1.58%	0.61%	2.61%	1.93%	2.05%	0.00%	0.00%	0.00%	0.02%
Enterprise Value to Invested Capital (EV/IC)	7.03	9.12	4.37	4.82	3.30	3.71	4.28	1.48	1.08	1.70	1.47
Enterprise Value to Revenue (EV/Rev)	4.17	5.17	3.16	3.10	2.82	3.23	3.40	2.29	1.68	2.13	1.96
Enterprise Value to EBITDA (EV/EBITDA)	15.94	18.57	34.06	44.10	18.57	21.49	20.19	21.36	13.80	18.29	14.02
Enterprise Value to EBIT (EV/EBIT)	20.45	23.01	76.67	188.08	31.02	42.93	36.87	0.00	223.80	170.59	49.97
Enterprise Value to NOPAT (EV/NOPAT)	32.22	31.94	0.00	113.37	37.81	46.91	43.31	0.00	237.00	168.70	231.32
Enterprise Value to Operating Cash Flow (EV/OCF)	22.21	21.82	26.48	27.10	35.08	18.42	16.70	0.00	22.78	24.87	24.28
Enterprise Value to Free Cash Flow (EV/FCFF)	807.83	39.90	0.00	58.88	0.00	60.99	27.28	0.00	87.23	9.32	124.94
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.05	0.02	0.00	0.02	0.00	0.79	0.77	0.81	0.60
Long-Term Debt to Equity	0.00	0.00	0.05	0.02	0.00	0.00	0.00	0.78	0.74	0.78	0.60
Financial Leverage	-0.67	-0.66	-0.38	-0.25	-0.25	-0.24	-0.31	0.23	0.67	0.59	0.46
Leverage Ratio	1.07	1.07	1.18	1.25	1.24	1.20	1.17	1.73	2.11	2.10	2.02
Compound Leverage Factor	1.07	1.07	1.14	1.21	1.24	1.22	1.19	4.11	-9.77	-4.66	0.10
Debt to Total Capital	0.25%	0.17%	4.41%	1.60%	0.00%	1.72%	0.00%	44.17%	43.48%	44.61%	37.69%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	1.72%	0.00%	0.79%	1.49%	1.44%	0.55%
Long-Term Debt to Total Capital	0.25%	0.17%	4.41%	1.60%	0.00%	0.00%	0.00%	43.38%	41.99%	43.17%	37.14%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.75%	99.83%	95.59%	98.40%	100.00%	98.28%	100.00%	55.83%	56.52%	55.39%	62.31%
Debt to EBITDA	0.02	0.01	0.46	0.21	0.00	0.14	0.00	6.77	5.95	5.71	4.12
Net Debt to EBITDA	-4.20	-4.20	-2.16	-3.69	0.00	-2.08	0.00	5.89	5.02	4.59	2.71
Long-Term Debt to EBITDA	0.02	0.01	0.46	0.21	0.00	0.00	0.00	6.65	5.75	5.52	4.06
Debt to NOPAT	0.03	0.02	-3.11	0.54	0.00	0.30	0.00	-55.06	102.25	52.63	68.05
Net Debt to NOPAT	-8.49	-7.23	14.58	-9.49	0.00	-4.54	0.00	-47.95	86.30	42.37	44.77
Long-Term Debt to NOPAT	0.03	0.02	-3.11	0.54	0.00	0.00	0.00	-54.07	98.75	50.93	67.05
Altman Z-Score	25.84	35.28	10.79	10.77	9.38	12.36	13.55	1.86	1.63	2.09	2.16
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	11.85	14.04	4.11	3.72	3.55	4.71	5.13	2.50	2.53	2.59	2.39
Quick Ratio	10.19	12.34	2.42	2.24	1.99	2.74	3.35	0.46	0.34	0.33	0.98
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1.77	49	-738	74	-90	67	164	-2,516	43	544	35
Operating Cash Flow to CapEx	683.51%	447.62%	207.34%	202.92%	104.77%	259.53%	391.57%	-69.56%	201.72%	259.49%	224.85%
Free Cash Flow to Firm to Interest Expense	45.26	416.77	-360.65	104.00	-163.81	0.00	0.00	-37.90	0.46	5.69	0.42
Operating Cash Flow to Interest Expense	1,646.03	762.21	75.44	225.97	185.64	0.00	0.00	-0.94	1.75	2.13	2.17
Operating Cash Flow Less CapEx to Interest Expense	1,405.21	591.93	39.06	114.61	8.45	0.00	0.00	-2.28	0.88	1.31	1.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.57	1.17	0.91	0.77	0.74	0.72	0.71	0.51	0.56	0.54
Accounts Receivable Turnover	7.22	6.78	9.82	7.28	6.69	7.79	11.45	13.92	11.79	13.83	12.28
Inventory Turnover	3.99	3.83	5.13	2.77	2.45	2.48	2.73	3.21	2.16	2.41	2.35
Fixed Asset Turnover	4.26	4.74	5.34	3.37	2.85	2.75	2.82	4.13	3.62	4.51	4.99
Accounts Payable Turnover	12.85	12.57	18.66	8.35	6.38	8.08	10.78	10.65	8.30	10.45	9.32
Days Sales Outstanding (DSO)	50.57	53.80	37.17	50.12	54.56	46.85	31.89	26.22	30.96	26.39	29.72
Days Inventory Outstanding (DIO)	91.40	95.26	71.17	131.89	149.06	147.12	133.90	113.76	168.82	151.65	155.47
Days Payable Outstanding (DPO)	28.42	29.03	19.56	43.69	57.23	45.20	33.85	34.26	43.96	34.93	39.16
Cash Conversion Cycle (CCC)	113.55	120.03	88.78	138.32	146.39	148.77	131.93	105.72	155.83	143.11	146.03
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	203	215	936	900	1,085	1,105	1,044	3,530	3,502	2,988	2,969
Invested Capital Turnover	1.88	1.82	2.25	1.53	1.28	1.16	1.23	1.00	0.64	0.73	0.75
Increase / (Decrease) in Invested Capital	42	12	720	-35	184	20	-61	2,486	-27	-514	-16
Enterprise Value (EV)	1,426	1,962	4,089	4,341	3,576	4,103	4,469	5,216	3,787	5,074	4,367
Market Capitalization	1,802	2,406	4,348	4,705	3,868	4,500	5,041	3,777	2,408	3,799	3,522
Book Value per Share	$36.30	$40.43	$59.52	$61.67	$66.62	$71.60	$76.09	$87.15	$87.96	$80.27	$86.03
Tangible Book Value per Share	$34.39	$38.71	$51.77	$54.62	$54.88	$60.63	$65.18	($14.26)	($9.10)	($8.51)	($0.38)
Total Capital	581	661	1,254	1,284	1,377	1,529	1,616	3,743	3,757	3,548	3,408
Total Debt	1.48	1.11	55	21	0.00	26	0.00	1,653	1,634	1,583	1,285
Total Long-Term Debt	1.48	1.11	55	21	0.00	0.00	0.00	1,624	1,578	1,532	1,266
Net Debt	-376	-444	-259	-364	-293	-397	-572	1,440	1,379	1,274	845
Capital Expenditures (CapEx)	9.39	20	74	79	97	86	68	89	82	79	80
Debt-free, Cash-free Net Working Capital (DFCFNWC)	85	83	354	296	341	341	262	557	541	628	402
Debt-free Net Working Capital (DFNWC)	462	529	654	678	634	752	829	770	795	937	710
Net Working Capital (NWC)	462	529	654	678	634	725	829	741	739	886	692
Net Nonoperating Expense (NNE)	-0.73	-1.65	-86	9.50	-6.47	0.60	0.05	44	46	148	18
Net Nonoperating Obligations (NNO)	-377	-445	-263	-364	-293	-397	-572	1,440	1,379	1,023	845
Total Depreciation and Amortization (D&A)	20	20	67	75	77	95	100	292	257	248	224
Debt-free, Cash-free Net Working Capital to Revenue	24.88%	22.00%	27.40%	21.12%	26.94%	26.81%	19.89%	24.44%	23.93%	26.37%	18.04%
Debt-free Net Working Capital to Revenue	135.33%	139.33%	50.62%	48.41%	50.05%	59.13%	62.98%	33.79%	35.20%	39.33%	31.84%
Net Working Capital to Revenue	135.33%	139.33%	50.62%	48.41%	50.05%	57.06%	62.98%	32.48%	32.73%	37.19%	31.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.84	$3.90	$3.50	$1.41	$4.90	$4.16	$4.86	($3.11)	($1.23)	($4.83)	$0.03
Adjusted Weighted Average Basic Shares Outstanding	15.85M	16.17M	19.61M	20.39M	20.63M	20.91M	21.21M	23.87M	24.09M	24.39M	24.64M
Adjusted Diluted Earnings per Share	$2.73	$3.66	$3.29	$1.33	$4.69	$4.02	$4.74	($3.11)	($1.23)	($4.83)	$0.03
Adjusted Weighted Average Diluted Shares Outstanding	16.50M	17.25M	20.86M	21.60M	21.55M	21.59M	21.78M	23.87M	24.09M	24.39M	24.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	16.12M	16.34M	20.24M	20.50M	20.77M	21.14M	23.79M	24.00M	24.14M	24.52M	24.69M
Normalized Net Operating Profit after Tax (NOPAT)	52	73	51	109	124	121	118	-2.50	33	68	77
Normalized NOPAT Margin	15.13%	19.33%	3.94%	7.78%	9.78%	9.50%	8.99%	-0.11%	1.48%	2.86%	3.43%
Pre Tax Income Margin	20.40%	22.45%	3.97%	1.60%	9.06%	7.67%	9.36%	-5.02%	-3.47%	-2.77%	0.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1,788.15	722.73	26.05	32.56	209.94	0.00	0.00	-0.72	0.18	0.31	1.05
NOPAT to Interest Expense	1,134.69	520.66	-8.69	54.01	172.25	0.00	0.00	-0.45	0.17	0.31	0.23
EBIT Less CapEx to Interest Expense	1,547.33	552.45	-10.33	-78.80	32.75	0.00	0.00	-2.07	-0.69	-0.51	0.09
NOPAT Less CapEx to Interest Expense	893.87	350.38	-45.08	-57.35	-4.95	0.00	0.00	-1.80	-0.70	-0.51	-0.74
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	3.39%	27.32%	5.91%	21.71%	18.45%	14.82%	8.08%	-14.65%	-31.53%	-10.19%	1,197.54%

This table displays calculated financial ratios and metrics derived from ICU Medical's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	24,690,275.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	24,690,275.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.22
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.45%	1.70%	-0.35%	8.58%	6.47%	7.14%	6.71%	-7.98%	-8.85%	-14.15%	-12.32%
EBITDA Growth	32.91%	-22.47%	-31.36%	0.91%	-17.44%	76.48%	34.62%	66.15%	6.53%	-34.41%	1.12%
EBIT Growth	637.55%	-792.58%	-242.41%	242.45%	-64.09%	358.08%	185.60%	1,158.77%	156.03%	-85.03%	12.53%
NOPAT Growth	4,993.58%	-5,387.84%	-213.41%	178.70%	-63.96%	-1,181.62%	220.96%	89.75%	66.57%	103.61%	5.36%
Net Income Growth	154.80%	-10.37%	-302.27%	-115.48%	-555.69%	-38.96%	60.79%	265.08%	89.70%	33.97%	294.70%
EPS Growth	154.55%	-10.94%	-297.56%	-114.63%	-550.00%	-36.62%	61.35%	262.50%	89.63%	35.05%	290.48%
Operating Cash Flow Growth	1,422.78%	5,434.25%	11.02%	5,659.91%	2.66%	-55.96%	12.09%	-86.32%	57.10%	50.77%	-24.19%
Free Cash Flow Firm Growth	95.49%	100.76%	380.17%	354.25%	302.50%	2,042.43%	477.04%	48.29%	55.83%	-95.09%	-96.96%
Invested Capital Growth	3.57%	-0.78%	-2.51%	-6.12%	-5.89%	-14.68%	-13.31%	-9.59%	-9.74%	-0.54%	-0.16%
Revenue Q/Q Growth	0.73%	6.24%	-3.61%	5.26%	-1.23%	6.90%	-3.99%	-9.23%	-2.16%	0.69%	-1.94%
EBITDA Q/Q Growth	27.92%	-38.38%	-4.59%	34.15%	4.66%	31.72%	-27.21%	65.57%	-32.89%	-18.89%	12.21%
EBIT Q/Q Growth	1,395.15%	-165.25%	-5.89%	133.15%	56.80%	368.90%	-64.88%	387.44%	-68.11%	-72.59%	164.06%
NOPAT Q/Q Growth	728.01%	-153.31%	12.54%	172.19%	7.07%	-1,995.82%	108.25%	13.25%	-6.00%	-58.93%	140.98%
Net Income Q/Q Growth	172.86%	-336.90%	-130.19%	45.77%	-54.08%	27.76%	35.05%	328.34%	-109.61%	-363.31%	291.51%
EPS Q/Q Growth	173.17%	-336.67%	-129.58%	46.01%	-53.41%	28.15%	35.05%	326.98%	-109.79%	-350.00%	290.48%
Operating Cash Flow Q/Q Growth	2,485.41%	159.57%	-49.83%	78.97%	-55.95%	11.34%	27.70%	-78.16%	405.84%	6.86%	-35.79%
Free Cash Flow Firm Q/Q Growth	-20.68%	117.85%	327.51%	176.07%	-3.88%	88.86%	15.15%	-29.05%	1.00%	-94.01%	-29.30%
Invested Capital Q/Q Growth	-0.55%	-1.08%	-1.92%	-2.70%	-0.32%	-10.32%	-0.34%	1.48%	-0.48%	-1.28%	0.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.24%	29.19%	32.69%	34.78%	34.77%	36.08%	34.75%	37.91%	37.41%	37.54%	38.89%
EBITDA Margin	15.24%	8.84%	8.75%	11.15%	11.82%	14.56%	11.04%	20.13%	13.81%	11.12%	12.73%
Operating Margin	4.13%	-2.07%	-1.88%	1.29%	1.40%	5.98%	2.13%	1.93%	2.55%	1.04%	2.56%
EBIT Margin	3.40%	-2.09%	-2.29%	0.72%	1.15%	5.03%	1.84%	9.88%	3.22%	0.88%	2.36%
Profit (Net Income) Margin	1.31%	-2.92%	-6.97%	-3.59%	-5.60%	-3.78%	-2.56%	6.44%	-0.63%	-2.91%	5.68%
Tax Burden Percent	-134.89%	46.75%	107.35%	109.59%	183.97%	-289.98%	141.90%	104.93%	135.14%	98.94%	-758.04%
Interest Burden Percent	-28.53%	298.88%	282.92%	-453.41%	-265.40%	25.94%	-98.03%	62.11%	-14.53%	-335.41%	-31.75%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	389.98%	0.00%	3.50%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	1.87%	-0.93%	-0.85%	0.60%	0.67%	-12.74%	1.13%	1.39%	1.31%	0.55%	1.30%
ROIC Less NNEP Spread (ROIC-NNEP)	1.25%	-1.54%	-3.15%	-1.35%	-2.18%	-5.62%	-0.95%	3.66%	0.11%	-1.56%	3.53%
Return on Net Nonoperating Assets (RNNOA)	0.87%	-1.03%	-2.11%	-0.89%	-1.43%	-3.30%	-0.55%	1.95%	0.06%	-0.71%	1.59%
Return on Equity (ROE)	2.74%	-1.96%	-2.96%	-0.29%	-0.76%	-16.04%	0.57%	3.34%	1.36%	-0.17%	2.89%
Cash Return on Invested Capital (CROIC)	-2.80%	1.23%	2.59%	6.46%	5.93%	16.77%	15.71%	3.43%	9.52%	1.17%	6.39%
Operating Return on Assets (OROA)	1.73%	-1.06%	-1.18%	0.38%	0.62%	2.79%	1.05%	5.59%	1.78%	0.47%	1.24%
Return on Assets (ROA)	0.67%	-1.48%	-3.59%	-1.89%	-3.02%	-2.10%	-1.46%	3.64%	-0.35%	-1.57%	2.99%
Return on Common Equity (ROCE)	2.74%	-1.96%	-2.96%	-0.29%	-0.76%	-16.04%	0.57%	3.34%	1.36%	-0.17%	2.89%
Return on Equity Simple (ROE_SIMPLE)	-1.34%	0.00%	-2.87%	-3.47%	-5.42%	0.00%	-4.71%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	16	-8.53	-7.46	5.38	5.77	-109	9.02	10	9.60	3.94	9.51
NOPAT Margin	2.89%	-1.45%	-1.32%	0.90%	0.98%	-17.35%	1.49%	1.86%	1.79%	0.73%	1.79%
Net Nonoperating Expense Percent (NNEP)	0.62%	0.61%	2.29%	1.95%	2.84%	-7.12%	2.08%	-2.27%	1.20%	2.11%	-2.23%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.23%	-	-	-	-3.08%	0.26%	0.30%	0.28%	0.12%	0.28%
Cost of Revenue to Revenue	66.76%	70.81%	67.31%	65.22%	65.23%	63.92%	65.25%	62.09%	62.59%	62.46%	61.11%
SG&A Expenses to Revenue	26.86%	26.30%	27.82%	26.75%	27.62%	25.22%	26.00%	29.04%	28.45%	28.82%	29.15%
R&D to Revenue	3.77%	3.81%	3.85%	3.92%	3.57%	3.55%	3.85%	3.98%	3.96%	3.90%	4.01%
Operating Expenses to Revenue	29.11%	31.26%	34.57%	33.49%	33.37%	30.10%	32.61%	35.98%	34.85%	36.50%	36.33%
Earnings before Interest and Taxes (EBIT)	19	-12	-13	4.31	6.76	32	11	54	17	4.74	13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	84	52	50	67	70	92	67	111	74	60	67
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.37	1.13	1.25	1.42	2.17	1.93	1.71	1.54	1.39	1.66	1.51
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	116.38
Price to Revenue (P/Rev)	1.28	1.07	1.15	1.26	1.90	1.59	1.41	1.37	1.28	1.58	1.48
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4,811.54	68.81
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	1.45%
Enterprise Value to Invested Capital (EV/IC)	1.22	1.08	1.15	1.26	1.72	1.70	1.56	1.38	1.28	1.47	1.36
Enterprise Value to Revenue (EV/Rev)	1.92	1.68	1.75	1.82	2.45	2.13	1.92	1.75	1.66	1.96	1.88
Enterprise Value to EBITDA (EV/EBITDA)	14.89	13.80	15.72	16.63	24.13	18.29	15.79	12.28	11.20	14.02	12.97
Enterprise Value to EBIT (EV/EBIT)	155.10	223.80	0.00	0.00	0.00	170.59	86.36	40.07	33.60	49.97	45.62
Enterprise Value to NOPAT (EV/NOPAT)	177.19	237.00	2,037.63	778.17	0.00	168.70	99.91	0.00	0.00	231.32	21.83
Enterprise Value to Operating Cash Flow (EV/OCF)	58.93	22.78	23.18	16.52	22.48	24.87	22.20	29.95	24.09	24.28	24.19
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	87.23	43.87	18.82	28.13	9.32	9.23	38.07	12.73	124.94	21.29
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.78	0.77	0.78	0.79	0.78	0.81	0.77	0.63	0.62	0.60	0.61
Long-Term Debt to Equity	0.76	0.74	0.76	0.76	0.75	0.78	0.75	0.63	0.62	0.60	0.60
Financial Leverage	0.69	0.67	0.67	0.66	0.66	0.59	0.58	0.53	0.52	0.46	0.45
Leverage Ratio	2.15	2.11	2.10	2.11	2.09	2.10	2.09	2.02	2.01	2.02	2.00
Compound Leverage Factor	-0.61	6.31	5.95	-9.55	-5.56	0.54	-2.05	1.26	-0.29	-6.77	-0.64
Debt to Total Capital	43.89%	43.48%	43.91%	44.10%	43.79%	44.61%	43.60%	38.74%	38.18%	37.69%	37.75%
Short-Term Debt to Total Capital	1.39%	1.49%	1.42%	1.44%	1.44%	1.44%	1.36%	0.00%	0.00%	0.55%	0.55%
Long-Term Debt to Total Capital	42.50%	41.99%	42.49%	42.65%	42.35%	43.17%	42.24%	38.74%	38.18%	37.14%	37.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	56.11%	56.52%	56.09%	55.91%	56.21%	55.39%	56.40%	61.26%	61.82%	62.31%	62.25%
Debt to EBITDA	5.66	5.95	6.43	6.37	6.71	5.71	5.22	3.95	3.83	4.12	4.10
Net Debt to EBITDA	4.98	5.02	5.43	5.17	5.40	4.59	4.23	2.68	2.57	2.71	2.76
Long-Term Debt to EBITDA	5.49	5.75	6.22	6.16	6.49	5.52	5.05	3.95	3.83	4.06	4.04
Debt to NOPAT	67.40	102.25	833.36	297.93	-329.92	52.63	33.00	-6.33	-57.71	68.05	6.90
Net Debt to NOPAT	59.23	86.30	703.93	241.83	-265.32	42.37	26.78	-4.29	-38.66	44.77	4.64
Long-Term Debt to NOPAT	65.27	98.75	806.33	288.20	-319.07	50.93	31.97	-6.33	-57.71	67.05	6.80
Altman Z-Score	1.76	1.61	1.67	1.76	2.16	2.09	1.99	2.05	1.93	2.10	2.01
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.63	2.53	2.61	2.41	2.29	2.59	2.59	2.44	2.45	2.39	2.34
Quick Ratio	0.78	0.34	0.87	0.89	0.89	0.33	0.84	0.99	1.00	0.98	0.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-106	19	81	223	214	405	466	331	334	20	14
Operating Cash Flow to CapEx	164.17%	305.07%	297.19%	425.02%	181.33%	167.26%	352.06%	56.92%	195.01%	364.42%	344.30%
Free Cash Flow to Firm to Interest Expense	-4.38	0.77	3.40	9.36	8.69	17.26	21.17	16.10	16.87	0.97	0.86
Operating Cash Flow to Interest Expense	1.45	3.74	1.93	3.44	1.46	1.71	2.33	0.55	2.86	2.94	2.36
Operating Cash Flow Less CapEx to Interest Expense	0.57	2.51	1.28	2.63	0.66	0.69	1.67	-0.41	1.39	2.13	1.67
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.51	0.51	0.52	0.53	0.54	0.56	0.57	0.57	0.55	0.54	0.53
Accounts Receivable Turnover	12.01	11.79	15.86	14.68	13.94	13.83	15.31	14.32	12.70	12.28	11.60
Inventory Turnover	2.18	2.16	2.12	2.13	2.16	2.41	2.45	2.34	2.24	2.35	2.24
Fixed Asset Turnover	3.56	3.62	3.68	3.81	3.89	4.51	4.63	4.53	4.41	4.99	4.86
Accounts Payable Turnover	8.50	8.30	8.99	9.65	9.89	10.45	9.44	9.39	8.66	9.32	7.55
Days Sales Outstanding (DSO)	30.40	30.96	23.01	24.87	26.19	26.39	23.84	25.48	28.75	29.72	31.48
Days Inventory Outstanding (DIO)	167.82	168.82	172.55	171.01	168.64	151.65	149.13	155.78	162.74	155.47	163.04
Days Payable Outstanding (DPO)	42.94	43.96	40.58	37.83	36.92	34.93	38.68	38.88	42.13	39.16	48.32
Cash Conversion Cycle (CCC)	155.28	155.83	154.98	158.05	157.90	143.11	134.29	142.38	149.36	146.03	146.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,541	3,502	3,435	3,342	3,332	2,988	2,978	3,022	3,007	2,969	2,973
Invested Capital Turnover	0.65	0.64	0.65	0.67	0.68	0.73	0.75	0.75	0.73	0.75	0.72
Increase / (Decrease) in Invested Capital	122	-27	-88	-218	-209	-514	-457	-321	-325	-16	-4.65
Enterprise Value (EV)	4,315	3,787	3,958	4,198	5,734	5,074	4,651	4,159	3,841	4,367	4,050
Market Capitalization	2,872	2,408	2,591	2,893	4,451	3,799	3,405	3,252	2,961	3,522	3,189
Book Value per Share	$86.94	$87.96	$85.37	$83.63	$83.87	$80.27	$81.07	$85.97	$86.17	$86.03	$85.54
Tangible Book Value per Share	($9.84)	($9.10)	($9.43)	($8.98)	($8.82)	($8.51)	($7.51)	($3.42)	($1.47)	($0.38)	$1.11
Total Capital	3,740	3,757	3,687	3,645	3,644	3,548	3,524	3,454	3,441	3,408	3,393
Total Debt	1,641	1,634	1,619	1,607	1,596	1,583	1,536	1,338	1,314	1,285	1,281
Total Long-Term Debt	1,589	1,578	1,566	1,555	1,543	1,532	1,489	1,338	1,314	1,266	1,262
Net Debt	1,442	1,379	1,367	1,305	1,283	1,274	1,247	906	880	845	861
Capital Expenditures (CapEx)	21	30	15	19	20	24	15	20	29	17	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	608	541	533	474	448	628	633	397	415	402	426
Debt-free Net Working Capital (DFNWC)	807	795	785	777	761	937	923	697	714	710	714
Net Working Capital (NWC)	755	739	732	724	708	886	875	697	714	692	695
Net Nonoperating Expense (NNE)	8.76	8.62	32	27	39	-85	24	-25	13	20	-21
Net Nonoperating Obligations (NNO)	1,442	1,379	1,367	1,305	1,283	1,023	990	906	880	845	861
Total Depreciation and Amortization (D&A)	66	64	63	62	63	60	56	56	57	55	55
Debt-free, Cash-free Net Working Capital to Revenue	27.05%	23.93%	23.63%	20.57%	19.17%	26.37%	26.16%	16.75%	17.87%	18.04%	19.74%
Debt-free Net Working Capital to Revenue	35.89%	35.20%	34.77%	33.70%	32.52%	39.33%	38.13%	29.39%	30.79%	31.84%	33.11%
Net Working Capital to Revenue	33.58%	32.73%	32.45%	31.42%	30.28%	37.19%	36.15%	29.39%	30.79%	31.00%	32.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.30	($0.71)	($1.63)	($0.88)	($1.35)	($0.97)	($0.63)	$1.43	($0.14)	($0.63)	$1.22
Adjusted Weighted Average Basic Shares Outstanding	24.13M	24.09M	24.22M	24.39M	24.44M	24.39M	24.54M	24.65M	24.69M	24.64M	24.76M
Adjusted Diluted Earnings per Share	$0.30	($0.71)	($1.63)	($0.88)	($1.35)	($0.97)	($0.63)	$1.43	($0.14)	($0.63)	$1.20
Adjusted Weighted Average Diluted Shares Outstanding	24.37M	24.09M	24.22M	24.39M	24.44M	24.39M	24.54M	24.71M	24.69M	24.90M	25.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	24.14M	24.14M	24.37M	24.43M	24.48M	24.52M	24.61M	24.69M	24.69M	24.69M	24.99M
Normalized Net Operating Profit after Tax (NOPAT)	10	-3.81	4.02	17	15	32	21	26	19	18	21
Normalized NOPAT Margin	1.83%	-0.65%	0.71%	2.87%	2.51%	5.12%	3.42%	4.71%	3.50%	3.38%	4.01%
Pre Tax Income Margin	-0.97%	-6.24%	-6.49%	-3.27%	-3.04%	1.30%	-1.80%	6.14%	-0.47%	-2.94%	-0.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.78	-0.50	-0.55	0.18	0.27	1.35	0.51	2.64	0.87	0.23	0.76
NOPAT to Interest Expense	0.66	-0.35	-0.31	0.23	0.23	-4.66	0.41	0.50	0.48	0.19	0.58
EBIT Less CapEx to Interest Expense	-0.11	-1.73	-1.19	-0.63	-0.53	0.33	-0.16	1.68	-0.60	-0.58	0.07
NOPAT Less CapEx to Interest Expense	-0.22	-1.58	-0.96	-0.58	-0.57	-5.68	-0.25	-0.46	-0.98	-0.61	-0.11
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-31.53%	0.00%	0.00%	0.00%	-10.19%	0.00%	0.00%	0.00%	1,197.54%	0.00%

Financials Breakdown Chart

Key Financial Trends

ICU Medical (NASDAQ: ICUI) has shown a mix of steady revenue and fluctuating profitability over the last four years. Key takeaways from the quarterly data across 2022–2025 include a combination of improving cash flow in 2025, ongoing debt and asset intensity, and persistent near-term profitability pressure from financing costs and taxes.

Net income attributable to common shareholders in Q2 2025 was $35.34 million, or $1.43 per share, marking a quarterly profit after a string of losses.
Operating cash flow turned positive in Q3 2025 (Net cash from continuing operating activities: $56.71 million) and remained solid in Q4 2025 ($60.60 million), suggesting durable cash generation from core operations.
Revenue remained relatively stable in 2025, hovering around the mid-$500 millions (Q4 2025 Operating Revenue: $540.70M; Q2 2025: $548.87M).
Gross margin stayed in the mid-30s to high-30s across 2025 quarters (roughly 34.7% in Q1 2025 to about 37.9% in Q2 2025), indicating a stable level of product profitability.
Weighted average shares outstanding remained in a narrow range (roughly 24.3–24.7 million for basic and about 24.6–24.9 million for diluted), implying limited dilution impact across the period.
Goodwill has been substantial (around $1.4–$1.5 billion) and intangible assets are sizable (roughly $0.7–$0.9 billion), highlighting a large non-operating asset base and potential impairment risk if market conditions deteriorate.
There was modest divestiture activity in 2025 (e.g., a small cash inflow of about $1.7 million in Q3 2025), alongside ongoing acquisitions—cash flow impact from these moves is present but not dominant.
Net income has remained negative in several 2025 quarters, for example Q4 2025 net income of -$15.73 million and Q3 2025 -$3.40 million, underscoring ongoing profitability pressure despite some quarterly improvements.
Interest expense has been elevated (approximately $19–$24 million per quarter), weighing on pretax income across periods.
Financing activities have frequently produced cash outflows, including a large net cash outflow of about $195.0 million in Q2 2025, contributing to cash burn in several quarters.

05/17/26 06:21 PM ETAI Generated. May Contain Errors.

ICU Medical Financials - Frequently Asked Questions

According to the most recent income statement we have on file, ICU Medical's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

ICU Medical's net income appears to be on a downward trend, with a most recent value of $732 thousand in 2025, falling from $44.99 million in 2015. The previous period was -$117.69 million in 2024. View ICU Medical's forecast to see where analysts expect ICU Medical to go next.

ICU Medical's total operating income in 2025 was $42.83 million, based on the following breakdown:

Total Gross Profit: $822.04 million
Total Operating Expenses: $779.21 million

Over the last 10 years, ICU Medical's total revenue changed from $341.67 million in 2015 to $2.23 billion in 2025, a change of 553.0%.

ICU Medical's total liabilities were at $1.93 billion at the end of 2025, a 13.9% decrease from 2024, and a 4,003.3% increase since 2015.

In the past 10 years, ICU Medical's cash and equivalents has ranged from $0.00 in 2022 to $552.83 million in 2021, and is currently $307.96 million as of their latest financial filing in 2025.

Over the last 10 years, ICU Medical's book value per share changed from 36.30 in 2015 to 86.03 in 2025, a change of 137.0%.

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Financial statements for NASDAQ:ICUI last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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ICU Medical (ICUI) Financials

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ICU Medical (ICUI) Financials

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