Start here if you're new
what it is
ICU Medical sells the pumps, IV tubing, catheters, and pharmacy tools hospitals use to move drugs and fluids into patients.
how it gets paid
Last year Icu Medical made $2.2B in revenue. iv sets and connectors was the main engine at n/a, or 30% of sales.
what just happened
Last quarter, ICU Medical posted $1.91 in EPS versus a $1.70 estimate, a 12.35% beat.
At a glance
B+ balance sheet — decent shape, but not bulletproof
85/100 earnings predictability — you can trust these numbers
20.2x trailing p/e — priced about right
6.5% return on capital — nothing to write home about
xvary composite: 57/100 — below average
What they do
ICU Medical sells the pumps, IV tubing, catheters, and pharmacy tools hospitals use to move drugs and fluids into patients.
Hospitals do not rip out infusion pumps, IV sets, and safety software because a rival offered a slightly cheaper quote. ICU Medical ties together pumps, consumables, and pharmacy workflow across a 15,000-employee operating base. That creates switching costs (switching costs → changing vendors is painful and risky → your customer tends to stay put) even though return on capital is only 6.5%.
How they make money
$2.2B
annual revenue
infusion pumps
n/a
iv sets and connectors
n/a
vascular access products
n/a
iv solutions and sharps safety
n/a
pharmacy compounding and transfer systems
n/a
The products that matter
infusion therapy devices
Infusion Therapy
part of a $2.2B revenue base
this sits at the center of the $2.2B business, but the page does not show segment sales. You know the category matters. You do not know how much of the 8.6% net margin it is carrying.
core category
vascular access products
Vascular Access
sold across the same $2.2B platform
repeat clinical use helps demand stay steady, but there is no segment growth or margin split here. With return on capital at 6.5%, product detail matters more than usual because mix is what lifts a business from stable to special.
repeat-use demand
critical care hardware
Vital Care
supports a 36.6% gross margin profile
vital-care products round out the acute-care offering, but separate sales are missing here too. When gross margin is 36.6% and net margin is 8.6%, product mix is not trivia — it is the route to better earnings quality.
mix matters
Key numbers
$136
18-month target
The stock trades at $152.86, so the near-term published target sits below the current price. You are paying up now.
23.0%
operating margin
Operating margin → money left after running the business → a 23.0% level says the products are still profitable even with slow growth.
$1.3B
long-term debt
Debt equals 26% of capital. That is not a crisis, but it matters when growth slows from 8.5% to 1.5%.
6.5%
return on capital
Return on capital → profit earned on money invested → 6.5% is okay, not elite, and it limits how much valuation premium you should pay.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
- long-term debt $1.3B (26% of capital)
- net profit margin 8.6% — keeps 9 cents of every dollar in revenue
- return on equity 8% — $0.08 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in ICUI 3 years ago → it's now worth $8,170.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Last quarter, ICU Medical posted $1.91 in EPS versus a $1.70 estimate, a 12.35% beat.
The latest reported quarter showed revenue of $1.7B and EPS of $0.66 in the SEC data, while consensus flags a $1.91 versus $1.70 earnings beat. The clean takeaway is that reported earnings came in ahead of expectations, even if source figures are messy.
$1.7B
revenue
$1.91
eps
36.6%
gross margin
the number that mattered
The 12.35% EPS beat matters most because this stock needs execution, not stories, when the current price already sits above the $136 near-term target.
-
icu medical was carrying momentum heading into the final stanza of 2025.
-
the company’s third-quarter results soared past consensus expectations on the back of stronger-than-anticipated growth in its consumables (revenues +20% vs. prior year) and infusion systems (+14%) business segments.recently implemented initiatives aimed at improving efficiency and cost management provided additional support to bottom-line expansion, which also factored in to leadership raising its forecasts.
-
the company is currently targeting adjusted earnings in the range of $7.35-$7.65 a share for 2025, implying annual growth of 21% at the midpoint.
-
fourth-quarter and full-year results are scheduled to be released later this month.
-
our presentation calls for earnings to reach $8.00 a share this year.favorable trends in consumables and infusion systems product demand is likely to be a pillar in icu’s near-term growth story. entering 2026, there is also growing optimism tied to the company’s innovation strategy, specifically its shift toward higher-margin, connected, cloud-based infusion pumps (plum solo and plum duo). however, persistent competitive headwinds and tariff pressures are significant risks that investors should be monitoring.
source: company earnings report, 2026
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What could go wrong
The #1 risk is legal and compliance overhang on a business earning just 8.6% net margin. When you only keep about nine cents of each sales dollar, you do not have much room for distractions that raise costs, drag on sentiment, or weaken customer trust.
med
securities fraud investigation
A public-source item dated Apr 23, 2025 flagged a securities fraud investigation tied to the company.
Even if operations hold up, legal overhang raises the market's required return. That means a stock at 20.2x earnings does not get much benefit of the doubt.
med
cybersecurity failure in critical systems
The Feb 19, 2026 filing explicitly referenced risk assessments for cybersecurity threats to critical systems and information.
For a supplier to hospitals, cyber trouble is not an IT line item. It can hit operations, compliance, and customer confidence at the same time.
med
more sales without better returns
ICU Medical earns 6.5% on capital, 8% on equity, and 8.6% net margin on $2.2B of revenue.
If revenue reaches the $3B fy2029 estimate while return on capital stays stuck near 6.5%, you get a bigger company without a better one. That is how a stock stays average for a long time.
med
debt limits how forgiving mistakes can be
Long-term debt sits at $1.3B, equal to 26% of capital, alongside a B+ balance sheet grade.
That is manageable. It also means the company does not have endless room to absorb legal, operational, or integration surprises while investors wait for better economics.
At $2.2B in revenue, the margin cushion is thin enough that execution matters: 36.6% gross margin ends as 8.6% net margin, while $1.3B of debt equals 26% of capital.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
the next report needs to defend the $8.40 fy2027 eps path
The stock is easier to justify if earnings estimates hold. If they slip, the fair-multiple case gets thinner fast.
metric
return on capital
6.5% is the number separating a necessary-products supplier from a premium medtech compounder. You want that moving up, not just revenue.
trend
whether the path to $3B revenue brings better margins
The estimate says scale is coming. The real tell is whether 36.6% gross margin and 8.6% net margin improve with it.
risk
legal and cyber overhang
The Apr 2025 investigation flag and the Feb 2026 cybersecurity disclosure are the two non-operating issues most likely to keep the stock boxed in.
Analyst rankings
earnings predictability
85 / 100
ICU Medical usually prints numbers close to what the street expects. In human-speak, analysts trust the operating cadence more than they trust the stock's upside.
risk rank
3
A 3 rank means middle-of-the-pack risk. Not a bunker stock, not a blowup story.
price stability
40 / 100
The business looks steadier than the tape. That tension is why this name feels more frustrating than broken.
source: institutional data
Institutional activity
institutions have been net selling for 2 consecutive quarters — 136 buyers vs. 143 sellers in 3q2025. total institutional holdings: 26.0M shares. net selling for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$71
$201
$153
current price
$136
target midpoint · 11% from current · 3-5yr high: $235 (+55% · 11% ann'l return)
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