ICUIICU Medical, Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (4.2×) and margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
A balanced mix of margins, efficiency, and leverage. ROE 1% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is ICUI?
ICU Medical, Inc. earns 1.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 7.1 points below what the capital costs: growth destroys value
- Operating margin
- 3.3%
Operating margin · Medical Instruments & Supplies median 6.9% · 12 months to Q2 2026
- Cash conversion
- 4.15×
Cash conversion · 2.53× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +1.4%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 7.7% |
| FY2021 | 9.4% |
| FY2022 | −1.9% |
| FY2023 | 1.0% |
| FY2024 | 1.8% |
| FY2025 | 1.9% |
Details›
- Gross margin12 months to Q2 2026
- 39%
- Operating margin12 months to Q2 2026
- 3.3%
- Net margin12 months to Q2 2026
- 1.4%
- Free cash flow margin
- 7.1%
- R&D as % of revenue
- 4.0%
- Revenue, trailing twelve months
- $2.16B
- Free cash flow, trailing twelve months
- $153M
- Net income, trailing twelve months
- $30M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 1.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from ICUI and who it buys from, as the companies report it.
- Single distributor18%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; ICUI’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Medical Instruments & Supplies
Ranks #17 of 20 by RyuScore