Latest Ratios: P/E Ratio 5271.1x · EV/EBITDA 15.3x · ROE 0.0%. (1996–2025 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 | $3.9B | $3.6B | $3.8B | $2.4B | $3.8B | $5.2B | $4.6B | $4.0B | $5.0B | $4.5B | $2.5B |
| Enterprise Value | $5.0B | $4.6B | $5.1B | $3.9B | $5.3B | $4.7B | $4.3B | $3.8B | $4.6B | $4.2B | $2.1B |
| P/E Ratio → | 5271.09 | 4852.72 | — | — | — | 50.07 | 53.36 | 39.90 | 172.65 | 65.65 | 40.26 |
| P/S Ratio | 1.74 | 1.59 | 1.59 | 1.06 | 1.65 | 3.93 | 3.64 | 3.18 | 3.54 | 3.49 | 6.70 |
| P/B Ratio | 1.82 | 1.67 | 1.93 | 1.13 | 1.80 | 3.20 | 3.08 | 2.93 | 3.93 | 3.76 | 3.85 |
| P/FCF | 42.19 | 38.70 | 30.36 | 33.13 | — | 27.74 | 37.85 | — | 83.46 | 60.28 | 38.88 |
| P/OCF | 21.54 | 19.76 | 18.55 | 14.46 | — | 19.32 | 20.79 | 39.56 | 30.96 | 29.18 | 28.27 |
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 | — | 2.08 | 2.15 | 1.71 | 2.32 | 3.54 | 3.37 | 3.00 | 3.30 | 3.26 | 5.53 |
| EV / EBITDA | 15.26 | 14.27 | 112.72 | 15.31 | 27.49 | 20.95 | 22.21 | 20.62 | 47.90 | 81.86 | 20.56 |
| EV / EBIT | 46.35 | 42.72 | 126.26 | 157.71 | — | 37.54 | 43.20 | 32.96 | 23.41 | 79.04 | 24.59 |
| EV / FCF | — | 50.51 | 41.05 | 53.11 | — | 25.01 | 35.04 | — | 77.65 | 56.40 | 32.07 |
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 | 36.8% | 36.8% | 34.6% | 32.8% | 30.6% | 37.3% | 36.3% | 37.3% | 40.7% | 33.0% | 53.1% |
| Operating Margin | 4.8% | 4.8% | 1.8% | 1.0% | -1.9% | 9.4% | 7.7% | 8.5% | 1.5% | -1.2% | 21.9% |
| Net Profit Margin | 0.0% | 0.0% | -4.9% | -1.3% | -3.3% | 7.8% | 6.8% | 8.0% | 2.1% | 5.3% | 16.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.0% | 0.0% | -5.8% | -1.4% | -4.0% | 6.6% | 6.0% | 7.7% | 2.3% | 7.4% | 10.2% |
| ROA | 0.0% | 0.0% | -2.7% | -0.7% | -2.3% | 5.7% | 5.0% | 6.2% | 1.9% | 6.2% | 9.5% |
| ROIC | 2.5% | 2.5% | 0.9% | 0.5% | -1.4% | 8.2% | 6.4% | 7.8% | 1.8% | -2.0% | 27.1% |
| ROCE | 3.0% | 3.0% | 1.1% | 0.6% | -1.5% | 7.6% | 6.5% | 7.7% | 1.6% | -1.5% | 13.3% |
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 | 0.66 | 0.66 | 0.84 | 0.80 | 0.83 | 0.03 | 0.04 | 0.03 | — | — | — |
| Debt / EBITDA | 4.28 | 4.28 | 36.16 | 6.77 | 9.02 | 0.20 | 0.27 | 0.20 | — | — | — |
| Net Debt / Equity | — | 0.51 | 0.68 | 0.68 | 0.73 | -0.31 | -0.23 | -0.17 | -0.27 | -0.24 | -0.67 |
| Net Debt / EBITDA | 3.34 | 3.34 | 29.36 | 5.76 | 7.93 | -2.28 | -1.78 | -1.26 | -3.58 | -5.63 | -4.36 |
| Debt / FCF | — | 11.81 | 10.69 | 19.99 | — | -2.72 | -2.81 | — | -5.80 | -3.88 | -6.81 |
| Interest Coverage | 1.03 | 1.03 | 0.38 | 0.24 | -0.62 | 144.72 | 56.62 | 209.94 | 278.08 | 26.05 | 722.73 |
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 | 2.36 | 2.36 | 2.59 | 2.53 | 2.50 | 5.13 | 4.68 | 3.55 | 3.72 | 4.11 | 14.04 |
| Quick Ratio | 1.13 | 1.13 | 1.54 | 1.06 | 1.09 | 3.68 | 3.07 | 2.19 | 2.47 | 2.74 | 12.82 |
| Cash Ratio | 0.62 | 0.62 | 0.55 | 0.53 | 0.43 | 2.83 | 2.10 | 1.18 | 1.53 | 1.43 | 10.98 |
| Asset Turnover | — | 0.55 | 0.57 | 0.52 | 0.50 | 0.70 | 0.72 | 0.75 | 0.88 | 0.86 | 0.54 |
| Inventory Turnover | 2.29 | 2.29 | 2.66 | 2.14 | 2.27 | 2.84 | 2.57 | 2.35 | 2.67 | 3.00 | 3.61 |
| Days Sales Outstanding | — | 29.55 | 31.06 | 29.43 | 39.53 | 34.61 | 36.69 | 58.29 | 51.21 | 42.11 | 56.87 |
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 | 0.0% | 0.0% | — | — | — | 2.0% | 1.9% | 2.5% | 0.6% | 1.5% | 2.5% |
| FCF Yield | 2.4% | 2.6% | 3.3% | 3.0% | — | 3.6% | 2.6% | — | 1.2% | 1.7% | 2.6% |
| Buyback Yield | 0.2% | 0.2% | 0.3% | 0.4% | 0.0% | 0.0% | 0.3% | 0.5% | 0.1% | 0.1% | 0.7% |
| Total Shareholder Yield | 0.2% | 0.2% | 0.3% | 0.4% | 0.0% | 0.0% | 0.3% | 0.5% | 0.1% | 0.1% | 0.7% |
| Shares Outstanding | — | $25M | $24M | $24M | $24M | $22M | $22M | $22M | $22M | $21M | $17M |
Integration-driven margin volatility
Based on reported figures, the TTM P/E ratio of 5043.20 appears disconnected from fundamental reality, while the forward P/E of 18.18 suggests that investors are pricing in a significant recovery in earnings power that has yet to materialize in the company's recent quarterly financial statements.
The extreme disparity between trailing and forward multiples indicates that the market is heavily discounting current non-recurring integration costs. Investors should monitor whether the forward P/E accurately reflects normalized earnings or if it relies on overly optimistic synergy assumptions that may not manifest given the current revenue contraction.
According to recent quarterly data, ROIC has remained depressed, hovering near 0.7% as of 2026Q1, which suggests that the company is currently failing to generate returns on invested capital that exceed its cost of capital following the Smiths Medical acquisition and subsequent operational restructuring efforts.
The persistent weakness in ROIC reflects the heavy burden of goodwill and intangible assets on the balance sheet relative to the thin operating margins. This trend warrants further investigation into whether the company's capital allocation strategy is creating long-term value or merely expanding the asset base without improving efficiency.
As reported in financial statements, the cash conversion cycle has remained elevated at 145 days in 2026Q1, driven primarily by high inventory days of 154, which indicates significant friction in the company's ability to convert its manufacturing output into liquid cash flow efficiently.
The high inventory levels suggest potential overproduction or difficulties in aligning supply with demand during the integration of acquired product lines. This inefficiency ties up critical liquidity and increases the risk of obsolescence for medical-grade plastic components, which should be a primary concern for fundamental analysts.
Based on the provided financial data, the interest coverage ratio of 1.86 in 2026Q1 highlights a precarious debt service position, as the company's ability to cover interest expenses remains highly sensitive to even minor fluctuations in operating income during this period of intense corporate integration.
The reliance on external financing to support the current capital structure leaves little room for operational error. Investors should monitor the debt-to-EBITDA ratio, which has remained elevated, as it suggests that the company's leverage profile is currently constraining its strategic flexibility and ability to invest in R&D.
The P/E ratio is frequently misapplied to this business model because it fails to account for the massive non-cash amortization charges and integration-related restructuring costs that currently distort the company's reported net income, rendering the metric largely meaningless for assessing true underlying earning power.
Analysts should instead focus on EV/EBITDA or normalized free cash flow to better understand the company's operational performance. Relying on P/E in this context obscures the actual cash-generating capability of the infusion ecosystem and may lead to incorrect conclusions regarding the company's valuation relative to its peers.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ICUI stock.
ICU Medical, Inc.'s current P/E ratio is 5271.1x. The historical average is 37.1x. This places it at the 100th percentile of its historical range.
ICU Medical, Inc.'s current EV/EBITDA is 15.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.2x.
ICU Medical, Inc.'s return on equity (ROE) is 0.0%. The historical average is 8.7%.
Based on historical data, ICU Medical, Inc. is trading at a P/E of 5271.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ICU Medical, Inc. has 36.8% gross margin and 4.8% operating margin.
ICU Medical, Inc.'s Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.