Latest Ratios: P/E Ratio -0.6x · EV/EBITDA N/A · ROE -188.8%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10M | $39M | $56M | $49M | $57M | $87M | — | — | — | — | — |
| Enterprise Value | $2M | $30M | $49M | $39M | $34M | $62M | — | — | — | — | — |
| P/E Ratio → | -0.65 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.07 | 11.48 | 17.01 | 15.12 | 18.60 | 21.04 | — | — | — | — | — |
| P/B Ratio | 1.08 | 4.28 | 8.11 | 4.01 | 2.26 | 3.23 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.91 | 14.85 | 12.05 | 11.12 | 15.07 | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.3% | 36.3% | 44.1% | 40.3% | 46.8% | 53.0% | 65.1% | 34.8% | 41.9% | 25.4% | 35.4% |
| Operating Margin | -446.7% | -446.7% | -476.9% | -482.4% | -542.6% | -235.0% | -106.8% | -278.0% | -295.8% | -386.6% | -496.2% |
| Net Profit Margin | -445.6% | -445.6% | -465.5% | -453.8% | -558.1% | -243.3% | -117.0% | -287.2% | -329.7% | -417.2% | -522.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -188.8% | -188.8% | -160.7% | -78.0% | -65.7% | -63.8% | -132.5% | -158.9% | -227.3% | -311.6% | -109.9% |
| ROA | -113.8% | -113.8% | -105.7% | -62.9% | -55.1% | -47.2% | -54.1% | -75.7% | -98.4% | -109.7% | -78.2% |
| ROIC | -13557.5% | -13557.5% | -1162.7% | -509.1% | -545.1% | -402.0% | -236.6% | — | — | — | — |
| ROCE | -187.2% | -187.2% | -160.2% | -81.1% | -61.9% | -56.1% | -86.2% | -118.5% | -142.4% | -170.8% | -86.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.07 | 0.05 | 0.02 | 0.03 | 0.07 | 0.09 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.96 | -1.03 | -0.82 | -0.91 | -0.92 | -0.70 | -2.11 | -1.25 | — | -1.34 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -70.04 | -56.87 | -107.10 | -208.26 | -47.44 | -46.07 | -21.11 |
Net cash position: cash ($9M) exceeds total debt ($217000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.61 | 2.61 | 1.95 | 3.66 | 6.49 | 7.54 | 2.48 | 1.90 | 4.42 | 1.18 | 5.79 |
| Quick Ratio | 2.07 | 2.07 | 1.59 | 3.08 | 5.83 | 7.06 | 2.18 | 1.70 | 3.86 | 0.99 | 5.22 |
| Cash Ratio | 1.84 | 1.84 | 1.37 | 2.86 | 5.46 | 6.37 | 0.90 | 1.59 | 3.59 | 0.93 | 5.06 |
| Asset Turnover | — | 0.24 | 0.26 | 0.20 | 0.10 | 0.13 | 0.40 | 0.23 | 0.20 | 0.36 | 0.19 |
| Inventory Turnover | 0.82 | 0.82 | 0.93 | 0.85 | 0.57 | 0.99 | 1.25 | 1.51 | 0.95 | 1.71 | 1.26 |
| Days Sales Outstanding | — | 35.75 | 24.51 | 11.64 | 43.30 | 68.01 | 14.74 | 0.00 | 85.26 | 0.00 | 38.38 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $2M | $2M | $2M | $1M | $951623 | $570963 | $454043 | $388931 | $208685 | $176705 |
Imminent liquidity and dilution
Based on reported figures, ICCM trades at a P/S multiple of 3.97, which appears to reflect a significant discount compared to established medical device peers, suggesting that the market is pricing in substantial regulatory uncertainty and a high cost of capital for the company's nascent U.S. expansion.
The current valuation appears to be driven by binary expectations surrounding FDA regulatory milestones rather than fundamental earnings power. Investors should monitor whether this discount persists as the company approaches potential commercialization, as the current multiple may not fully account for the long-term potential of the proprietary LN2 platform.
According to recent financial statements, ICCM's ROIC has remained consistently negative, with a 2026Q1 figure of -7.2%, highlighting the company's struggle to generate efficient returns on invested capital while it continues to prioritize heavy R&D spending over achieving a self-sustaining, profitable operating model.
The persistent negative ROIC suggests that the company is currently in a value-destroying phase of its lifecycle, where capital is being consumed to fund clinical trials rather than generating incremental growth. This trend warrants further investigation into whether the company can achieve a positive return profile once the U.S. market is unlocked.
As reported in quarterly filings, ICCM's cash conversion cycle has fluctuated wildly, reaching 290 days in 2026Q1, which indicates significant inefficiencies in managing inventory and supplier relationships compared to more mature medical device manufacturers that typically maintain much tighter control over their working capital cycles.
The high DIO and volatile DSO suggest that the company's operational efficiency is hampered by its reliance on international distributors and the logistical complexities of its specialized cryoablation probes. Investors should monitor whether these metrics stabilize as the company shifts its focus toward more predictable U.S. commercial channels.
Based on the provided balance sheet data, ICCM's current ratio has compressed from 3.66 in 2023Q4 to 2.52 in 2026Q1, indicating a narrowing liquidity buffer that may leave the company vulnerable to operational shocks or delays in its critical regulatory and commercialization timelines.
While the current ratio remains above 2.0, the rapid erosion of the cash base relative to persistent operating losses suggests that the company's liquidity position is becoming increasingly strained. This trend warrants close monitoring, as the company may soon face the necessity of raising additional capital to sustain its operations.
The market's reliance on P/S multiples to value ICCM may be fundamentally flawed, as it obscures the company's high fixed-cost structure and the lumpy nature of its international distributor-led revenue, which does not accurately reflect the underlying clinical adoption or the potential for recurring probe-based revenue growth.
Investors should instead focus on the probe-to-console ratio and the progression of clinical trial data, as these metrics provide a more accurate assessment of the company's long-term commercial viability. Relying solely on revenue multiples risks misinterpreting the company's current stage of development and its potential for future margin expansion.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying ICCM stock.
IceCure Medical Ltd's current P/E ratio is -0.6x. This places it at the 50th percentile of its historical range.
IceCure Medical Ltd's return on equity (ROE) is -188.8%. The historical average is -157.1%.
Based on historical data, IceCure Medical Ltd is trading at a P/E of -0.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
IceCure Medical Ltd has 36.3% gross margin and -446.7% operating margin.