At a glance
ICU Medical Inc is worth $4.16B, about 5546 times its fiscal 2025 earnings. Revenue fell 6.3% to $2.23B in fiscal 2025, at a loss; over 5 years it has grown 11.9% a year. It pays no dividend; it spent $49.3M buying back its shares over FY2021–FY2025. The stock returned +38.5% over the past year with dividends reinvested and −6.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 26.0% in the 2020 crash (S&P 500: 33.7%) and 43.4% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
ICU Medical makes the pumps and disposable supplies hospitals use for infusion therapy, which means delivering fluids and drugs into a patient's veins. The company was founded in 1984 and is based in San Clemente, California. It sells intravenous (IV) pumps and safety software, IV tubing sets, needle-free connectors, catheters and disinfection caps. It also sells devices that keep chemotherapy drugs from leaking while staff handle them. Its main customers are acute care hospitals, wholesalers, outpatient clinics, home health providers and long-term care facilities.
Revenue was about $2.23 billion in fiscal 2025, which ended December 31, 2025. Infusion Consumables, the disposable products, brought in 49.7%. Infusion Systems made up 30.7%. It covers Plum, CADD and Medfusion pumps plus the dedicated IV sets and software that go with them. Vital Care made up 19.6%. It covers anesthesia, respiratory, patient monitoring, temperature management and IV solutions products. The United States supplied 60.8% of sales. Europe, the Middle East and Africa supplied 18.5%, Asia-Pacific 10.4% and other countries 10.3%.
ICU grew through acquisitions, including Pfizer's Hospira Infusion Systems in 2017 and Smiths Medical in January 2022. In May 2025 it sold a 60% stake in its IV solutions business to Otsuka Pharmaceutical Factory America. It kept 40% and sells those products on the joint venture's behalf.
Price history
The interactive chart needs JavaScript.
ICUI +38.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Infusion Consumables | $1.11B | 49.7% |
| Infusion Systems | $684.2M | 30.7% |
| Vital Care | $437.9M | 19.6% |
By geography
| UNITED STATES | $1.36B | 60.8% |
| EMEA | $411.7M | 18.5% |
| APAC | $232.9M | 10.4% |
| Other foreign countries | $230.6M | 10.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $551.7M, up 0.5% from a year earlier, and net income was $19.1M (-46.0%).
- For fiscal 2025, revenue was $2.23B (-6.3% year over year; +11.9% a year from FY2020 to FY2025) with a 0% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.9% good |
|---|---|
| Operating margin | 1.9% weak |
| Free cash flow margin | 4.1% watch |
| Return on equity (FY2025) | 0% weak |
| Return on assets (FY2025) | 0% weak |
| Net cash (cash minus debt) | $-932.9M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.27B | $86.9M | $130.7M |
| FY2021 | $1.32B | $103.1M | $199.0M |
| FY2022 | $2.28B | $-74.3M | $-152.4M |
| FY2023 | $2.26B | $-29.7M | $82.3M |
| FY2024 | $2.38B | $-117.7M | $124.7M |
| FY2025 | $2.23B | $732K | $91.8M |
Valuation snapshot
| Market value | $4.16B |
|---|---|
| P/E ratio | 5546.3 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
ICU Medical’s market value went from $2.41B at the end of 2016 to $4.16B on Oct 28, 2026, up 73%; since the end of 2025 it is up 18%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.16B | +18.1% |
| 2025 | $3.52B | -7.3% |
| 2024 | $3.80B | +57.8% |
| 2023 | $2.41B | -36.2% |
| 2022 | $3.78B | -25.1% |
| 2021 | $5.04B | +12.0% |
| 2020 | $4.50B | +16.3% |
| 2019 | $3.87B | -17.8% |
| 2018 | $4.70B | +8.2% |
| 2017 | $4.35B | +80.7% |
| 2016 | $2.41B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ICUI price data to Oct 28, 2026 | +16.6% | +38.5% | +18.7% | -6.3% | +1.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +16.6% |
| 2025 | -8.1% |
| 2024 | +55.6% |
| 2023 | -36.7% |
| 2022 | -33.6% |
| 2021 | +10.7% |
| 2020 | +14.6% |
| 2019 | -18.5% |
| 2018 | +6.3% |
| 2017 | +46.6% |
| 2016 | +30.6% |
| 2015 | +37.7% |
| 2014 | +28.6% |
| 2013 | +4.6% |
| 2012 | +35.4% |
| 2011 | +23.3% |
| 2010 | +0.2% |
| 2009 | +10.0% |
| 2008 | -8.0% |
| 2007 | -11.5% |
| 2006 | +3.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 30.3% over that stretch · deepest drop along the way 43.9%, back to its old high 11.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24.8% over that stretch · deepest drop along the way 26%, back to its old high 1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 40.8% over that stretch · deepest drop along the way 43.4%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 16 sales ($7.5M), 9 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 11, 2026 | Christian B. Voigtlander Chief Operating Officer | sell | $1.6M |
| Sep 1, 2026 | Brian Michael Bonnell Chief Financial Officer | sell (plan) | $1.1M |
| Aug 13, 2026 | Daniel Woolson VP, GM-Infusion Capital | sell | $982K |
| Aug 31, 2026 | Brian Michael Bonnell Chief Financial Officer | sell (plan) | $792K |
| Aug 12, 2026 | Ben Sousa Chief Information Officer | sell | $401K |
Who owns it
Large shareholders (13G filings)
| JANUS HENDERSON GROUP Ltd. | 11.1% | Jun 30, 2026 |
| JANUS HENDERSON GROUP PLC | 10% | Jun 30, 2025 |
| Vanguard Portfolio Management | 5.82% | Mar 31, 2026 |
| Fuller & Thaler Asset Management, Inc. | 5.19% | Jun 30, 2026 |
| Vanguard Capital Management | 5.19% | Mar 31, 2026 |
ETFs with the most weight in ICUI
| PSCH Invesco S&P SmallCap Health Care ETF | 2.6% |
| XHE SPDR S&P Health Care Equipment ETF | 1.96% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.63% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.53% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.44% |
| BUYO KraneShares Man Buyout Beta Index ETF | 0.41% |
| OASC OneAscent Small Cap Core ETF | 0.36% |
| SEIS SEI Select Small Cap ETF | 0.35% |
What could go wrong
- Heavy debt from the Smiths Medical deal. ICU borrowed heavily to buy Smiths Medical in 2022. As of June 30, 2026, it had about $1.23 billion of debt and $298 million of cash and investments. Loan covenants limit its flexibility.
- Mexico factories and US import tariffs. Many products are made outside the US, especially in Mexico, and then imported. New US tariffs on Mexico or Costa Rica, trade disputes, rising Mexican labor costs or local unrest could raise costs.
- Integration and cost-cutting may fall short. The Smiths Medical purchase made ICU much bigger and changed how it is organized. If integration, cost cuts or restructuring fall short, profits could suffer. Net income was just $732,000 in fiscal 2025.
- Pump approvals, recalls and strict regulation. Pumps and IV devices face strict FDA and foreign rules, and failures can bring recalls or lawsuits. ICU filed for FDA clearance of updated CADD and Medfusion pumps in July 2025. Delays could slow growth.
- Larger rivals and powerful hospital buying groups. Most competitors have more resources, and some sell full product lines to hospitals. Group purchasing organizations, which negotiate for many hospitals at once, push prices down. Losing a contract can cut sales.
- Reliance on single-source suppliers. For some parts and materials, ICU has only one supplier or a few. A supplier failure, or a jump in raw material costs, could halt production or squeeze margins.
Recent events
- Quarterly results released
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Quarterly results released
For income and retirement investors
ICU Medical pays no dividend, and its dividend yield was 0% as of October 28, 2026. For an income investor, that means returns come only from price changes, and getting cash means selling shares. Buybacks have been modest, about $49 million across fiscal 2021 to 2025. Even so, the share count grew 17.7% between October 2021 and July 2026. Profits were thin: net income was $732,000 in fiscal 2025 after three straight years of losses.
The shares have fallen hard in past downturns. They dropped 43.9% from peak to low during the 2008 financial crisis and took about 12 months to recover. In the 2020 COVID crash they fell 26% and bounced back within about a month. In the 2022 bear market they lost 43.4% and had not regained their March 2022 high as of October 28, 2026. A single stock carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does ICU Medical make money?
By selling infusion products to hospitals, wholesalers, clinics and home health providers. About half of its $2.23 billion in fiscal 2025 revenue, 49.7%, came from Infusion Consumables such as needle-free connectors, catheters and devices for handling chemotherapy drugs. Infusion Systems made up 30.7%: mainly IV pumps, plus the dedicated IV sets and safety software that go with them. Vital Care products for anesthesia, breathing support, patient monitoring and IV solutions made up 19.6%. About 60.8% of sales came from the United States.
Does ICU Medical pay a dividend?
No. ICU Medical paid no dividends from fiscal 2021 through fiscal 2025, and its dividend yield was 0% as of October 28, 2026. It spent about $49 million buying back its own shares over those five years. That is a small sum next to its market value of about $4.16 billion, and the share count still rose 17.7% between October 2021 and July 2026. Investors who want regular income from this stock would have to sell shares to get it.
Is ICU Medical profitable?
Barely. ICU Medical earned $732,000 on about $2.23 billion of revenue in fiscal 2025, or 3 cents per diluted share. It had losses in fiscal 2022, 2023 and 2024. Operating margin was 1.9%. Because earnings were so small, the price-to-earnings ratio (share price divided by earnings per share) was about 5,546 as of October 28, 2026. That figure reflects very low profits rather than a useful valuation. Net income for the quarter ended June 30, 2026, was $19.1 million, down 46% from a year earlier.
How much debt does ICU Medical have?
About $1.23 billion as of June 30, 2026. It also held about $298 million in cash and investments, leaving net debt (debt minus cash) of about $933 million. The company took on substantial debt to pay for its January 2022 purchase of Smiths Medical. ICU's loan agreements contain restrictive covenants, or conditions, that limit its ability to borrow more, make deals or change strategy. Because profits were so thin in fiscal 2025, this debt is a bigger burden than it would be for a more profitable company.
How has ICU Medical stock performed?
Unevenly. As of October 28, 2026, the shares had gained 38.5% over one year and 16.6% year to date, but were down 28% in total over five years. Calendar-year results swung widely: losses of about 34% in 2022 and 37% in 2023, a gain of about 56% in 2024 and a loss of about 8% in 2025. The largest drop from a peak to a low in about 21 years of price history was 73.8%, a sign of how sharply this stock can swing.