ICU Medical (ICUI) AI Stock Analysis

• Market Cap: $3.76B
• Dividend Yield: N/A
• Average Volume (3M): 270.30K
• Price to Earnings (P/E): 6305.7
• Beta (1Y): 0.73
• Revenue Growth: -0.81%
• EPS Growth: 93.27%
• Country: US
• Employees: 15,000
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 1.91
• Shares Outstanding: 24,690,275
• 10 Day Avg. Volume: 234,095
• 30 Day Avg. Volume: 270,295
• PEG Ratio: -47.73
• Price to Book (P/B): 1.66
• Price to Sales (P/S): 1.58
• P/FCF Ratio: 38.29
• Enterprise Value/Market Cap: 1.31
• Enterprise Value/Revenue: 2.20
• Enterprise Value/Gross Profit: 5.98
• Enterprise Value/Ebitda: 16.51
• 1Y Price Target: $179.00
• Price Target Upside: 18.03% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 7.97
• Revenue Forecast (FY): $2.15B

• Rating: 57 Neutral
• Price Target: $163.00 ▲(7.48% Upside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

ICUI scores in the mid-range primarily due to mixed financial performance (thin profitability and elevated leverage, partially offset by improving recent cash generation). The technical picture is moderately supportive with a clear uptrend, while valuation is pressured by a negative P/E. The earnings call adds a positive tilt through improving margin/FCF guidance and a clear debt-reduction focus, but tariffs, deconsolidation effects, and integration costs remain meaningful near-term headwinds.

Positive Factors

Improving free cash flow and deleveraging

ICU Medical has re-established positive free cash flow across 2023–2025 with strong FCF growth in 2025 and a $303M principal paydown. Consistent free cash conversion improves financial flexibility, supports targeted debt reduction, and funds reinvestment and integration costs over the medium term.

Regulatory risk reduction and product roadmap progress

Closure of a major FDA warning letter and active 510(k) progress materially lower regulatory overhang and enable commercialization of modern pump platforms. That reduces compliance tail-risk and supports a longer-term upgrade to a connected pump portfolio that can drive durable system sales and higher ASPs.

Consumables strength and recurring revenue mix

Consumables delivered record quarters and mid-single-digit organic growth, reflecting sticky, recurring demand. A larger consumables base smooths revenue cyclicality, enhances gross margin stability over time, and underpins predictable consumable replacement economics central to ICU Medical’s business model.

Negative Factors

Elevated leverage after acquisitions

Leverage increased materially post-acquisition to near 2.5x net debt, constraining strategic optionality. Sustained margin pressure or slower FCF generation would delay deleveraging, increase interest exposure (net interest ~ $70M guidance) and limit ability to fund growth or return capital without further accretive cash generation.

Structural tariff and deconsolidation headwinds

Sustained tariff costs and the mid-2025 IV Solutions deconsolidation create an ongoing multi-tens-of-millions drag on margins and EBITDA. These external and structural hits reduce earnings power versus pre-acquisition targets and add uncertainty to margin sustainability until mitigations or pricing actions fully offset them.

Underperforming Vital Care segment

The Vital Care business is a persistent drag with low or negative-margin SKUs and shrinking organic sales. Management is evaluating strategic options, but divestiture, turnaround or repositioning could take time, incur costs, and temper near-term margin improvement and integration synergy realization.

ICU Medical Business Overview & Revenue Model

Company Description

ICU Medical, Inc., together with its subsidiaries, develops, manufactures, and sells medical devices used in infusion therapy and critical care applications worldwide. The company's infusion therapy products include needlefree products under the MicroClave, MicroClave Clear, and NanoClave brands; Neutron catheter patency devices; SwabCap and SwabTip disinfecting caps; Tego hemodialysis connectors; ClearGuard HD, an antimicrobial barrier cap for hemodialysis catheters; and ChemoClave and ChemoLock closed system transfer devices, as well as Diana hazardous drug compounding system for the preparation of hazardous drugs. It also provides IV therapy and diluents, such as sodium chloride, dextrose, balanced electrolyte solutions, lactated ringer's, ringer's, mannitol, sodium chloride/dextrose, and sterile water; and irrigation comprising sodium chloride and sterile water irrigation, physiologic solutions, ringer's irrigation, acetic acid irrigation, glycine irrigation, sorbitol-mannitol irrigation, flexible containers, and pour bottle options. The company offers infusion pumps under the Plum 360 and LifeCare PCA brands; IV mediation safety software, including ICU Medical MedNet, an enterprise-class medication management platform that connects smart pumps to hospital's electronic health records, asset tracking systems, and alarm notification platforms; and related professional services. It also provides critical care products, such as Cogent 2-in-1 and CardioFlo hemodynamic monitoring systems; TDQ and OptiQ cardiac output monitoring catheters; TriOx venous oximetry catheters; Transpac blood pressure transducers; and SafeSet closed blood sampling and conservation systems. The company sells its products to acute care hospitals, wholesalers, ambulatory clinics, and alternate site facilities, including outpatient clinics, home health care providers, and long-term care facilities. ICU Medical, Inc. was founded in 1984 and is headquartered in San Clemente, California.

How the Company Makes Money

ICU Medical generates revenue primarily through the sale of its medical devices and products, specifically in the infusion therapy market. Key revenue streams include the direct sales of infusion pumps, IV sets, and related accessories to hospitals and healthcare institutions globally. The company also earns income through recurring sales of consumables associated with its devices. Significant partnerships with healthcare providers and distributors enhance its market reach and sales potential. Additionally, ICU Medical has benefited from strategic acquisitions that bolster its product portfolio and expand its market presence, contributing to overall revenue growth.

ICU Medical Financial Statement Overview

Summary

Financials are mixed: profitability deteriorated into losses in 2022–2024 with only a near-breakeven return to profit in 2025, and leverage remains a constraint after materially higher debt since 2022. Offsetting this, operating cash flow and free cash flow were positive in 2023–2025 with improved FCF in 2025, indicating recent stabilization despite still-thin earnings power.

Income Statement

Profitability has deteriorated meaningfully versus 2020–2021 (healthy net margins then), with losses in 2022–2024 before returning to a small profit in 2025. Gross margin has improved from 2022 into 2025, but the company is still generating very thin bottom-line results in 2025 (near-breakeven net margin). Revenue growth has been uneven, including a decline in 2025 after growth in 2024, suggesting a choppy post-step-change revenue base.

Balance Sheet

Leverage is a key constraint: debt moved from very low levels in 2020–2021 to materially higher levels from 2022 onward, with debt-to-equity remaining elevated despite some improvement in 2025. Shareholders’ equity is sizable, but returns on equity were negative in 2022–2024 and only slightly positive in 2025, indicating limited earnings power relative to the capital base. Overall, the balance sheet is not distressed, but higher debt reduces flexibility until profitability normalizes.

Cash Flow

Cash generation is a relative bright spot. Operating cash flow is positive in 2023–2025 and free cash flow is positive across 2023–2025, with strong free cash flow growth in 2025 versus 2024. However, cash flow quality has been inconsistent over the cycle (notably negative operating and free cash flow in 2022), and cash flow coverage remains moderate rather than robust. Still, the recent trend is constructive versus the loss-making period.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.23B	2.38B	2.26B	2.28B	1.32B
Gross Profit	819.65M	824.78M	739.87M	697.76M	491.49M
EBITDA	326.54M	42.96M	253.20M	191.55M	223.46M
Net Income	732.00K	-117.69M	-29.66M	-74.29M	103.14M
Balance Sheet
Total Assets	4.05B	4.20B	4.38B	4.52B	1.88B
Cash, Cash Equivalents and Short-Term Investments	307.96M	308.57M	254.72M	213.01M	567.25M
Total Debt	1.39B	1.64B	1.70B	1.73B	45.05M
Total Liabilities	1.93B	2.24B	2.26B	2.43B	264.71M
Stockholders Equity	2.12B	1.97B	2.12B	2.09B	1.62B
Cash Flow
Free Cash Flow	91.80M	124.66M	72.53M	-161.46M	186.37M
Operating Cash Flow	179.85M	204.03M	166.20M	-62.13M	267.54M
Investing Cash Flow	122.23M	-88.96M	-87.95M	-1.91B	-90.69M
Financing Cash Flow	-311.52M	-55.80M	-35.98M	1.64B	-16.87M

ICU Medical Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 151.65
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICUI, the sentiment is Positive. The current price of 151.65 is above the 20-day moving average (MA) of 150.24, above the 50-day MA of 149.57, and above the 200-day MA of 134.61, indicating a bullish trend. The MACD of 0.59 indicates Negative momentum. The RSI at 52.86 is Neutral, neither overbought nor oversold. The STOCH value of 67.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ICUI.

ICU Medical Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ATR	74 Outperform	$9.28B	24.50	15.28%	1.50%	2.50%	25.05%
COO	68 Neutral	$16.38B	44.54	4.59%	―	5.06%	-4.47%
BDX	66 Neutral	$51.96B	29.81	6.96%	2.13%	8.23%	-2.04%
HOLX	66 Neutral	$16.82B	31.26	10.86%	―	1.74%	-25.29%
ICUI	57 Neutral	$3.76B	6,305.69	-0.35%	―	-0.81%	93.27%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BAX	47 Neutral	$10.61B	-12.35	-13.75%	2.75%	-21.20%	-325.40%

ICU Medical Corporate Events

ICU Medical Extends Executive Severance Plan for Leadership Stability

On February 20, 2026, ICU Medical, Inc. announced that its Board Compensation Committee approved an amendment to the company’s Executive Severance Plan, which had previously been amended on December 31, 2019. The amendment, effective December 31, 2025, extends the plan’s expiration date by three years to December 31, 2028, signaling a continued commitment to executive retention and compensation stability that could support management continuity and long-term strategic planning.

By prolonging the duration of the Executive Severance Plan, ICU Medical reinforces protections for its senior leadership team during potential organizational changes. This move may enhance leadership confidence, help the company compete for and retain top executive talent, and provide greater predictability for stakeholders regarding the company’s governance and succession framework.

The most recent analyst rating on (ICUI) stock is a Buy with a $178.00 price target. To see the full list of analyst forecasts on ICU Medical stock, see the ICUI Stock Forecast page.