InfuSystem Holdings (INFU) AI Stock Analysis

• Market Cap: $178.35M
• Dividend Yield: N/A
• Average Volume (3M): 131.76K
• Price to Earnings (P/E): 27.8
• Beta (1Y): 1.81
• Revenue Growth: 6.23%
• EPS Growth: 283.88%
• Country: US
• Employees: 502
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 0.10
• Shares Outstanding: 20,336,184
• 10 Day Avg. Volume: 108,460
• 30 Day Avg. Volume: 131,761
• PEG Ratio: 0.07
• Price to Book (P/B): 3.23
• Price to Sales (P/S): 1.29
• P/FCF Ratio: 7.77
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: 1.25
• Enterprise Value/Gross Profit: 2.22
• Enterprise Value/Ebitda: 7.05
• 1Y Price Target: $15.83
• Price Target Upside: 64.90% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.41
• Revenue Forecast (FY): $148.06M

• Rating: 74 Outperform
• Price Target: $10.50 ▲(9.38% Upside)
• Action: Upgraded Date: 02/28/26
• Date: Action: Upgraded 02/28/26

The score is driven primarily by improving financial performance—strong recent revenue/profitability momentum, robust free cash flow, and sharply reduced leverage. Technicals support the uptrend but show stretched momentum. Valuation is a moderate headwind due to a higher P/E and no dividend yield data. Earnings call commentary is constructive on growth, margins, and cost savings, with near-term execution and reimbursement uncertainties as key risks.

Positive Factors

Cash generation

Sustained, sizable operating and free cash flow provides durable internal funding for capex, ERP rollout, share repurchases and deleveraging. Strong cash conversion supports strategic flexibility, reduces financing risk, and underpins the company's ability to invest in product launches and workflows over the next several quarters.

Balance-sheet strength & liquidity

Marked deleveraging and ample liquidity materially improve financial flexibility. Low net leverage and cash available reduce refinancing risk, enable opportunistic M&A or buybacks, and provide a buffer against reimbursement shocks or contract transitions, supporting stable operations for months to years ahead.

Product expansion & competitive moat

Rapid wound-care/PCD traction plus new accreditations diversify revenue beyond oncology and strengthen clinical credibility. Combined with ISO-certified biomedical services and scalable revenue-cycle systems, these moves deepen payer coverage and create higher entry barriers, supporting durable revenue and margin expansion.

Negative Factors

Contract restructuring risk

A permanent reduction in a material contract lowers the revenue base and highlights client concentration risk. Even if management expects cost offsets, execution risk remains: if savings or new wins lag, margins and top-line growth could be pressured as the company absorbs a smaller revenue foundation.

Regulatory / reimbursement uncertainty

Uncertainty over billing/code approvals can delay or limit commercialization of new therapies and devices. Pending regulatory clarity creates a persistent timing and adoption risk that can mute near- to medium-term revenue upside from product launches and complicate multi-quarter planning for growth initiatives.

Historic earnings & cash-flow volatility

Past swings in profitability and cash conversion—driven by working-capital swings, capex timing and contract mix—reduce predictability of margins and returns. Even with recent improvements, this legacy variability raises execution risk for sustaining expanded margins and consistent free-cash-flow performance.

InfuSystem Holdings Business Overview & Revenue Model

Company Description

InfuSystem Holdings, Inc., through its subsidiaries, provides infusion pumps, and related products and services in the United States and Canada. The company operates in two segments, Integrated Therapy Services (ITS) and Durable Medical Equipment Services (DME Services). It supplies electronic ambulatory infusion pumps and associated disposable supply kits to oncology, infusion, and hospital outpatient chemotherapy clinics for the treatment of various cancers, including colorectal cancer, pain management, and other disease states. The company also sells, rents, and leases new and pre-owned pole-mounted and ambulatory infusion pumps, and other durable medical equipment; sells treatment-related consumables; and provides biomedical recertification, maintenance, and repair services for oncology practices, as well as other alternate site settings comprising home care and home infusion providers, skilled nursing facilities, pain centers, hospital market, and others. In addition, it offers local and field-based customer support, as well as operates pump service and repair centers. The company was incorporated in 2005 and is headquartered in Rochester Hills, Michigan.

How the Company Makes Money

InfuSystem generates revenue through several key streams: primarily by providing outpatient infusion therapy services, which includes the rental and management of infusion pumps and the associated supplies necessary for treatment. The company also earns revenue from the sale of infusion devices and supplies directly to healthcare providers and patients. Additionally, InfuSystem's revenue model benefits from long-term contracts with hospitals and healthcare facilities, creating stable income sources. Strategic partnerships with pharmaceutical companies and healthcare organizations further enhance its market reach and service offerings, contributing to the overall earnings of the company.

InfuSystem Holdings Financial Statement Overview

Summary

Strong overall fundamentals driven by accelerating TTM revenue, improved profitability (expanded gross and EBITDA margins), and very strong TTM free cash flow. Balance-sheet risk is low after substantial deleveraging. Main constraint is historical volatility in net income and free cash flow, which reduces consistency.

Income Statement

INFU shows a solid top-line trajectory, with revenue up from $97.4M (2020) to $134.9M (2024) and reaching $143.4M in TTM (Trailing-Twelve-Months), including very strong TTM revenue growth. Profitability has improved meaningfully versus 2022–2023, with TTM net income at $9.5M and margins expanding (TTM gross margin ~55% and EBITDA margin ~17%). The main weakness is earnings volatility: net margin was exceptionally high in 2020, then compressed sharply in 2021–2023 before re-accelerating in 2024 and TTM, indicating less consistent bottom-line performance over the cycle.

Balance Sheet

The balance sheet has de-risked materially over time, with total debt falling from ~$42.7M (2020) to ~$28.4M (2024) and just ~$3.4M in TTM (Trailing-Twelve-Months). Leverage has improved accordingly (debt relative to equity declined from >1.0x in 2020 to ~0.45x in TTM), supporting stronger financial flexibility. Equity has also grown versus 2020. A remaining watch item is that returns on equity are moderate in most years outside of the 2020 outlier, though TTM returns are healthier (~10%).

Cash Flow

Cash generation is a clear strength: operating cash flow is robust and improving (TTM ~$24.4M vs. ~$20.5M in 2024), and TTM free cash flow is very strong at ~$22.8M with high growth. Cash flow also compares favorably to earnings in TTM, supporting earnings quality. The key weakness is historical variability—free cash flow was minimal in 2023 and modest in several earlier years—suggesting working-capital or investment swings can materially impact year-to-year cash conversion.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	143.44M	134.86M	125.78M	109.91M	102.38M
Gross Profit	80.30M	70.40M	63.11M	60.56M	58.54M
EBITDA	25.22M	20.03M	16.53M	14.89M	17.26M
Net Income	14.62M	2.35M	872.00K	18.00K	1.42M
Balance Sheet
Total Assets	100.56M	103.61M	102.92M	99.39M	97.59M
Cash, Cash Equivalents and Short-Term Investments	3.19M	527.00K	231.00K	165.00K	186.00K
Total Debt	3.43M	28.42M	34.90M	36.92M	36.77M
Total Liabilities	43.23M	46.09M	50.61M	51.38M	49.31M
Stockholders Equity	57.33M	57.53M	52.30M	48.00M	48.27M
Cash Flow
Free Cash Flow	23.85M	2.63M	106.00K	2.44M	1.66M
Operating Cash Flow	24.41M	20.46M	11.22M	17.52M	18.32M
Investing Cash Flow	-6.79M	-13.24M	-6.73M	-11.48M	-21.32M
Financing Cash Flow	-14.96M	-6.92M	-4.42M	-6.06M	-6.46M

InfuSystem Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9.60
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INFU, the sentiment is Positive. The current price of 9.6 is above the 20-day moving average (MA) of 7.98, above the 50-day MA of 8.47, and above the 200-day MA of 8.32, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 58.34 is Neutral, neither overbought nor oversold. The STOCH value of 87.30 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for INFU.

InfuSystem Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INFU	74 Outperform	$178.35M	27.81	11.54%	―	6.23%	283.88%
UTMD	71 Outperform	$213.40M	19.12	9.59%	2.15%	-12.35%	-17.20%
KRMD	59 Neutral	$220.96M	-59.11	-21.71%	―	22.12%	69.19%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
OSUR	51 Neutral	$225.96M	-3.37	-15.30%	―	-43.95%	-620.21%
SMTI	42 Neutral	$182.64M	-4.71	-27.19%	―	30.55%	-340.19%

InfuSystem Holdings Corporate Events

InfuSystem Reports Record 2025 Revenue and Earnings Growth

As of the year ended December 31, 2025, InfuSystem reported its seventh consecutive year of record revenue, with net revenues rising to $143.4 million and 2025 adjusted EBITDA reaching $31.5 million, reflecting an 8% compound annual growth rate for both metrics. The business generated $24.4 million in cash flow from operations and maintained a conservative capital structure, with a net leverage ratio of 0.52x, a debt-to-equity ratio of 0.75x, and approximately $109 million in medical equipment assets.

The company highlighted its competitive advantages, including extensive payer coverage, a scalable revenue cycle management model in Patient Services, and a high-touch, ISO-certified biomedical services network in Device Solutions that creates barriers to entry. InfuSystem also underscored strategic growth from a series of partnerships and acquisitions between 2020 and 2024 in wound care, negative pressure wound therapy and biomedical services, which are intended to extend its oncology-based service capabilities into new therapies and reinforce its position as a high-value healthcare services platform.

The most recent analyst rating on (INFU) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on InfuSystem Holdings stock, see the INFU Stock Forecast page.

InfuSystem Sets Date to Report 2025 Financial Results

InfuSystem Holdings, Inc., a national healthcare service provider focused on outpatient care for complex durable medical equipment, operates through Patient Services in oncology, pain management and wound therapy, and a Device Solutions segment providing rentals, equipment sales and biomedical services. The company is headquartered in Rochester Hills, Michigan, with Centers of Excellence across several U.S. states and in Ontario, Canada.

On February 17, 2026, InfuSystem announced it would release its preliminary fourth-quarter and full-year 2025 financial results before the market opens on February 24, 2026. The company also scheduled an investor conference call for the same day at 9:00 a.m. Eastern Time to discuss the results, signaling upcoming disclosure that may shape investor expectations around its recent operating and financial performance.

The most recent analyst rating on (INFU) stock is a Buy with a $9.00 price target. To see the full list of analyst forecasts on InfuSystem Holdings stock, see the INFU Stock Forecast page.

InfuSystem Holdings Gains CMS Approval for Infusion Pumps

On December 10, 2025, InfuSystem Holdings announced that the Centers for Medicare and Medicaid Services (CMS) has included two of its electronic infusion pumps in the list of qualifying products for separate payment under the NOPAIN Act, effective January 1, 2026. This decision is part of CMS’s broader strategy to combat the opioid crisis by promoting non-opioid pain management alternatives, potentially boosting InfuSystem’s Pain Management business by encouraging healthcare providers to adopt these non-opioid treatments.

The most recent analyst rating on (INFU) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on InfuSystem Holdings stock, see the INFU Stock Forecast page.