ICU Medical, Inc. (ICUI) Stock

ICU Medical, Inc. (ICUI) is a Healthcare stock trading at $182.36 (as of 2026-08-20), with a market capitalization of $4.56B and a trailing P/E of 97.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

ICU Medical, Inc. develops, manufactures, and sells medical devices and related products for infusion therapy and critical care, including needlefree components, catheter patency and disinfecting caps, hemodialysis connectors and antimicrobial barrier caps, and closed-system hazardous drug transfer products, along with infusion pumps and IV therapy safety software. It also provides IV diluents and irrigation solutions.

Understand ICU Medical, Inc.: how it makes money

ICU Medical develops, manufactures, and sells medical devices for infusion therapy and critical care, including needlefree products, hemodialysis connectors and antimicrobial caps, and closed system transfer devices, and it makes money by selling these products to healthcare providers worldwide with meaningful revenue from consumables and infusion systems.

Because the business sells both infusion systems and consumables (replacement and ongoing use products), the companys profit engine is the mix and durability of repeat consumables demand alongside one-time or less frequent system sales.

Revenue by segment (latest quarter)
Consumables	$0.3B
Infusion Systems	$0.2B

Business quality (Weak): Clear product focus on infusion therapy and critical care devices, with the provided operating KPIs pointing to consumables and infusion systems as key drivers, but limited segment clarity beyond these revenue line items.

Valuation: At 75× earnings, ICUI trades 133% above the Medical Equipment average (32×). Note: one-time items can distort reported P/E.

Bull case

Consumables are a large revenue contributor (Revenue from Consumables is provided as 0.28B out of about 0.5B total revenue): A consumables mix can support steadier demand patterns because they are tied to ongoing infusion therapy and critical care use.
Product breadth within infusion therapy and critical care (needlefree products, hemodialysis connectors and caps, and closed system transfer devices): Multiple device categories can reduce reliance on a single SKU within infusion and critical care workflows.

Bear case

Operating margin is relatively low (operating margin 2.6%): Small changes in costs or pricing could have an outsized impact on profitability.
Revenue is meaningfully split across consumables and infusion systems (0.28B and 0.18B are provided): If either consumables or systems demand weakens, total revenue and margins could be pressured due to the need to replace recurring usage and support ongoing clinical use.

Valuation — source: SEC EDGAR (first-party)
Price	$182.36
Market Cap	$4.56B
P/E Ratio	97.8
EV / EBITDA	30.0
Price / Book	2.16
Price / Sales	2.05
FCF Yield	3.3%
DCF Value (model)	$83.68
DCF Upside vs Price	-54.1%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$2.23B
Net Margin	0.0%
Revenue Growth (YoY)	-6.3%
EPS Growth (YoY)	-100.6%
FCF Growth (YoY)	-26.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.43 (grey)
Piotroski F-Score	6/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	97.8
Sector P/E (Healthcare)	21.6
Industry P/E (Medical Equipment)	32.9
vs Sector	352.9%
vs Industry	197.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($466.01M)
Institutional Holders Tracked	10
Congressional Trades (recent)	5

Company
Sector	Healthcare
Industry	Medical Equipment
CEO	Vivek Jain
Employees	15,000
Country	US
IPO Date	1992-03-31

Related Companies (Business model: Medical Devices / Life Science Tools; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.