ICU MEDICAL INC/DE financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ICU MEDICAL INC/DE files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	379	1,293	1,400	1,266	1,271	1,316	2,280	2,259	2,382	2,231
Cost of revenue	178	867	830	794	810	825	1,582	1,519	1,557	1,409
Gross profit	201	426	570	472	461	491	698	740	825	822
Research and development	13	51.3	52.9	48.6	42.9	47.5	93	85.3	88.6	87.5
Selling, general and administrative	89.4	302	320	277	284	303	608	607	639	625
Operating expenses	118	439	540	365	363	368	741	717	782	779
Operating income	82.9	-13.3	29.8	107	98.2	123	-42.9	22.8	43	42.8
Interest expense	0.12	2.05	0.71	0.55	1.75	0.86	70.8	103	107	93.3
Interest income	0.9				3.68	2.84	4.43	7.51	10.8	10.3
Other non-operating income	0.89	-4.27	-6.67	7.9	-2.59	-2.04	-5.14	-5.91	-13.2	-0.23
Pre-tax income	85.2	51.3	22.4	115	97.5	81.5	-136	-78.3	-66	4.36
Income tax	22.1	-17.4	-6.42	13.7	10.6	20.1	-40.1	-48.6	51.7	2.44
Income from continuing operations	85.2
Net income	63.1	68.6	28.8	101	86.9	103	-74.3	-29.7	-118	0.73
EBITDA	102	53.3	104	184	184	213	192	252	262	244
EPS, basic	3.90	3.50	1.41	4.90	4.16	4.86	-3.11	-1.23	-4.83	0.03
EPS, diluted	3.66	3.29	1.33	4.69	4.02	4.74	-3.11	-1.23	-4.83	0.03
Shares, basic (weighted)	16.2	19.6	20.4	20.6	20.9	21.2	23.9	24.1	24.4	24.6
Shares, diluted (weighted)	17.3	20.9	21.6	21.5	21.6	21.8	23.9	24.1	24.4	24.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	445	290	345	269	396	553	209	254	309	308
Short-term investments		10.1	37.3	24	14.7	14.4	4.22	0.5	0
Receivables	56.2	113	176	202	124	106	222	162	183	181
Inventory	49.3	289	311	338	315	290	696	709	585	616
Other current assets	1.74	1.83	1.55	1.99	1.82	2.23	3.53	3.67	22.6	25.5
Total current assets	569	865	927	882	921	1,030	1,235	1,221	1,442	1,191
Property, plant and equipment	85.7	399	433	456	467	468	636	613	443	452
Lease right-of-use assets			0	34.5	46.6	39.8	74.9	69.9	53.3	54.5
Goodwill	5.58	12.4	11.2	31.2	33	43.4	1,449	1,472	1,433	1,500
Intangible assets	22.4	144	133	211	197	188	983	871	741	634
Long-term investments		14.6	2.03		13	4.62	0.52	0
Other non-current assets	0	38.1	40.4	49	55.5	63.7	105	94	65.1	62.9
Total assets	705	1,497	1,585	1,692	1,764	1,881	4,516	4,378	4,204	4,051
Accounts payable	14.6	78.2	120	129	71.9	81.1	216	150	148	154
Accrued liabilities	25.9	132	129	118	97	118	243	268	307	315
Deferred revenue		3.33	3.81	4.76	5.57	12.6	30.8	31.6	30.4	33.8
Short-term debt				0		0	29.7	51	51	18.8
Total current liabilities	40.5	210	249	248	195	201	495	482	556	499
Long-term debt	0					0	1,624	1,578	1,532	1,266
Lease liabilities				28.9	41	34	60.9	53	40.8	44
Other non-current liabilities				32.8	47.8	41.8	114	100	66.7	89.5
Total liabilities	44.5	299	322	315	261	265	2,426	2,255	2,239	1,927
Total debt	0			0		0	1,653	1,629	1,583	1,285
Paid-in capital	163	626	658	669	693	721	1,331	1,366	1,412	1,465
Retained earnings	517	586	621	722	809	912	838	808	690	691
Treasury stock	-0.01	0	-0.1	-0.16	-0.04	-0.03	-0.24	-0.26	-0.09	-0.02
Other comprehensive income	-21.3	-15	-16.9	-15.4	-1.52	-19.3	-81	-53.1	-139	-34.6
Shareholders' equity	660	1,198	1,264	1,377	1,502	1,616	2,090	2,123	1,965	2,124
Total equity	660	1,198	1,264	1,377	1,502	1,616	2,090	2,123	1,965	2,124
Total liabilities and equity	705	1,497	1,585	1,692	1,764	1,881	4,516	4,378	4,204	4,051
Shares outstanding	16.3	20.2	20.5	20.7	21.1	21.3	24	24.1	24.5	24.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	63.1	68.6	28.8	101	86.9	103	-74.3	-29.7	-118	0.73
Depreciation and amortization	19.1	66.6	74.7	76.9	85.6	89.7	235	229	220	201
Stock-based compensation	15.2	19.4	24.2	21.9	24	27.3	36	40.6	46.9	55.8
Deferred income tax	-2.51	-25.6	-17.9	-3.71	-5.12	-11.3	-61	-69.9	5.67	-13.8
Change in receivables	0.74	-54.5	-76.7	-23.7	78	13.8	-19.2	48.6	-46.8	8.88
Change in inventory	-5.5	182	-21.8	-25	19.2	20.8	-201	-6.08	16.8	-26.3
Change in payables	-0.46	46.6	23.3	-2.7	-46.4	2.35	37.5	-68.3	12.5	7
Cash from operations	89.9	154	160	102	223	268	-62.1	166	204	180
Capital expenditures	-23.4	-74.5	-92.7	-97.3	-92	-68.5	-90.3	-83.9	-79.4	-88
Acquisitions	-2.58	-162	-1.3	-76.1	0	-14.5	-1,844	0	0
Purchases of investments	-118	-24.7	-30.5	-26	-32.8	-10	-3.4	0	0
Sales and maturities of investments	159	0	15.4	41.3	28.9	18	36.4	4.22	0.5	0
Cash from investing	16.3	-267	-103	-167	-98.1	-90.7	-1,909	-87.9	-89	122
Debt issued	0	75
Debt repaid	0	-75	0	0	0	0	-22.4	-29.7	-51	-303
Stock issued	17.3	32	14.3	7.73	13.2	9.37	8.79	4.02	10.9	6.11
Share buybacks	-17.2	-4.06	-6.25	-18.6	-12.9	-8.34	-10.9	-9.35	-12	-8.77
Cash from financing	2.47	-44.3	8.02	-10.9	-0.04	-16.9	1,637	-36	-55.8	-312
Exchange rate effect	0.22	1.79	-10.2	-0.23	2.85	-3.25	-9.48	3.16	-4.93	8.85
Net change in cash	109	-155	54.7	-76.1	127	157	-344	45.4	54.3	-0.6
Free cash flow	66.6	79.9	67.5	4.61	131	199	-152	82.3	125	91.8
Interest paid	0.12	2.05	0.71	0.55	1.75	0.86	63.7	95.9	99.7	83.7
Income taxes paid	21.1	5.11	12.6	9.68	31.6	19.6	27.5	35.8	25.3	28.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $164.95 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.1%	Gross profit / revenue.
Operating margin	3.3%	Operating income / revenue.
EBITDA margin	9.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	1.4%	Net income / revenue.
FCF margin	7.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.9%	Cash from operations / revenue.
Return on equity (ROE)	1.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.8%	Net income / average total assets.
Return on invested capital (ROIC)	1.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.0%	Research and development expense / revenue.
SG&A / revenue	28.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.9%	Capital expenditures / revenue.
D&A / revenue	6.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-0.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	-15.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-7.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	-61.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	-62.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-11.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-4.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-26.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-6.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	18.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.43x	Current assets / current liabilities.
Quick ratio	0.97x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.60x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.57x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.0%	Total debt / total assets.
Liabilities / assets	45.8%	Total liabilities / total assets.
Net debt	$932.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.50x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.87x	Operating income / interest expense.
Working capital	$712.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	51.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$99.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	4.83x	Revenue / average property, plant and equipment.
Receivables turnover	11.8x	Revenue / average receivables.
Days sales outstanding	31 days	365 x average receivables / revenue.
FCF conversion	507.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	35.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$86.23	Revenue / diluted weighted shares.
FCF per share	$6.10	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.44	Cash from operations / diluted weighted shares.
Book value per share	$86.05	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.99	Tangible book value / shares outstanding.
Cash per share	$11.93	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.12B	Share price x shares outstanding.
Enterprise value	$5.06B	Market cap + total debt - cash - short-term investments.
P/E	137x	Market cap / net income. Only when net income is positive.
P/S	1.91x	Market cap / revenue.
P/B	1.92x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	41.3x	Market cap / tangible book value, when positive.
P/FCF	27.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.5x	Market cap / cash from operations, when positive.
EV/Sales	2.34x	Enterprise value / revenue.
EV/EBIT	70.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	24.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	33.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.7%	Free cash flow / market cap.
Earnings yield	0.7%	Net income / market cap (the inverse of P/E).

What was ICU MEDICAL INC/DE's revenue in fiscal 2025?

ICU MEDICAL INC/DE reported revenue of $2.23B for fiscal 2025, 6.3% lower than the year before.

Was ICU MEDICAL INC/DE profitable in fiscal 2025?

Yes. Net income was $732.0K, a net margin of 0%.

How much free cash flow did ICU MEDICAL INC/DE generate in fiscal 2025?

Cash from operations of $179.8M minus capital expenditures of $88.0M left free cash flow of $91.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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