ICU Medical, Inc. (ICUI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-59.7%

$65.45

vs $162.38 price

Levered DCF

$154.08

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.39

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	4,803.7×	-32.13×	-81.09×	-50.64×	48.84×	51.56×	38.19×	172.65×
P/B	1.66×	1.93×	1.13×	1.8×	3.11×	2.99×	2.8×	3.93×
P/S	1.58×	1.59×	1.06×	1.65×	3.82×	3.53×	3.05×	3.54×
EV / EBITDA	14.87×	19.68×	15.22×	27.59×	21.16×	21.33×	18.88×	16.98×
Gross margin	36.8%	34.6%	32.8%	30.6%	37.3%	36.3%	37.3%	40.7%
Operating margin	4.8%	1.8%	1.0%	-1.9%	9.4%	7.7%	8.5%	1.5%
Net margin	0.0%	-4.9%	-1.3%	-3.3%	7.8%	6.8%	8.0%	2.1%
Current ratio	2.36×	2.59×	2.53×	2.5×	5.13×	4.68×	3.55×	3.72×
Debt / equity	0.66×	0.84×	0.8×	0.83×	0.03×	0.04×	0.03×	0×
Interest coverage	1.01×	0.4×	0.22×	-0.61×	143.64×	56×	195.56×	30.48×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.0%	-6.0%	-1.4%	-3.6%	6.4%	5.8%	7.3%	2.3%
Return on invested capital	0.7%	1.2%	0.2%	-0.7%	6.1%	5.5%	6.5%	1.6%
Return on assets	0.0%	-2.8%	-0.7%	-1.6%	5.5%	4.9%	6.0%	1.8%
Free cash flow yield	2.6%	3.3%	3.0%	-4.3%	3.7%	2.7%	-0.1%	1.2%
Earnings yield	0.0%	-3.1%	-1.2%	-2.0%	2.0%	1.9%	2.6%	0.6%
Enterprise value	$4.6B	$5.1B	$3.9B	$5.3B	$4.5B	$4.1B	$3.6B	$4.6B
Net debt / EBITDA	3.51×	5.13×	5.73×	7.96×	-2.37×	-1.77×	-1.21×	-1.27×
Cash conversion cycle (days)	149	133	164	150	127	146	154	135