ICU Medical Inc. Common Stock (ICUI)

FairStock Score: 40/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach ICU Medical as a Graham-style bargain hunter, and the numbers give me pause. The company makes infusion-therapy and vascular-access products, including needle-free connectors and catheters—necessary hospital consumables, but not a business that has generated consistent owner earnings. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $551.7 million and net income $19.1 million; that followed fiscal Q1 2026 revenue of $530.2 million and net income of $30.1 million. For FY2025, revenue was $2.2 billion and net income just $732,000, after FY2024 revenue of $2.4 billion and a net loss of $117.7 million. So the FairStock Lynch category is right: this is a TURNAROUND, and it has returned to profit, but the profit is tiny relative to revenue. Financial returns are weak. FairStock's calculations show ROE of 1.41%, ROCE of 1.93%, and a debt-to-equity ratio of 0.60. Free cash flow over the trailing twelve months was $144.8 million, a 3.5% FCF yield; that is real cash, but not enough to make the stock obviously cheap at a $4.1 billion market cap. At the 2026-10-13 close of $163.23, FairStock calculates a P/E of 137.17 and P/B of 1.90. The Graham Number is $48.00, implying the price is far above a conservative asset-and-earnings-based value. The Piotroski F-Score is 7/9, a modest positive, but Altman Z-Score 2.01, PEG 4.04, and EV/EBITDA 17.79 do not scream safety or growth at a reasonable price. I see a narrow moat at best: medical consumables can have switching costs, but ICU Medical's low ROE and ROCE suggest limited pricing power. Until margins and revenue growth improve, the shares look speculative rather than a margin-of-safety bargain.

In plain English: ICU Medical makes medical devices used for IV therapy, needle-free connectors, and vascular access. The business has swung back to a small profit after losses, but sales have slipped and profits are very thin. At the recent price, the stock looks expensive compared with the company's current earnings and assets.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer