| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 44 | 131.5x | 17.8x | Around median | |
Growth | 36 | -9.0% | 7.1% | Bottom tier | |
Quality | 60 | 3.0% | 4.5% | Around median | |
Safety | 53 | 3.0x | 2.6x | Around median | |
Capital Return | 84 | — | 2.12% | Top tier | |
Momentum | 69 | 31.4% | 2.9% | Top tier | |
Sentiment | 35 | 6 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
ICU Medical develops and manufactures infusion therapy solutions, and its portfolio combines consumables, infusion systems, and Vital Care products. The infusion systems platform includes LifeShield, Plum Duo, Solo, Medfusion 5000, and CADD pumps, and the company seeks to connect hospital pumps, syringe pumps, and ambulatory pumps through a common interface and software; therefore, its revenue model comes from sales of devices and pumps, dedicated sets and related consumables, as well as vital care products.
In fiscal Q2 2026, revenue reached $548 million, with organic growth of 6% and reported growth of 1%; the difference was affected by the deconsolidation of the IV Solutions business following the formation of the joint venture with Otsuka in mid-2025. Adjusted gross margin was 41%, and adjusted earnings before interest, taxes, depreciation, and amortization were $110 million, with a 20% margin and 10% year-over-year growth, while adjusted earnings per share were $2.37, up 13%. Free cash flow also reached $62 million, including a $20 million tariff refund that was excluded from the adjusted income statement.
The business mix drove growth in fiscal Q2 2026, with infusion systems increasing 13% on a reported basis and 12% organically, including a record quarter for pumps, while consumables delivered 5% organic growth and reached a record level of absolute sales, with all four families improving year over year. In contrast, Vital Care declined 4% organically and 32% on a reported basis because of the deconsolidation of IV Solutions, although it improved sequentially. The latest available EDGAR data show that fiscal Q1 2026 recorded revenue of $530.2 million, gross profit of $206.2 million, net income of $30.1 million, and earnings per share of $1.20.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $186.40, within a wide range of $163 to $200, compared with a 52-week range of $112.50 to $192.85; accordingly, the average target is below the top of the 52-week range, while the highest target exceeds that peak. The consensus is “Buy,” but the absence of a displayed earnings multiple and the wide range of targets require balancing the fiscal 2026 guidance increase and improved cash flow against risks related to Vital Care, currencies, tariffs, and regulatory execution.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
ICU Medical's revenue reached approximately $548 million, with organic growth of 6% and reported growth of 1% in fiscal Q2 2026. Infusion systems led performance with 12% organic growth, while consumables grew 5% organically, and both businesses reached record levels. Adjusted gross margin was 41%, and adjusted earnings before interest, taxes, depreciation, and amortization rose 10% to $110 million. Adjusted earnings per share also increased 13% to $2.37.
Plum Duo, Solo, and Medfusion 5000 are part of ICU Medical's plan to offer hospital pumps, syringe pumps, and ambulatory pumps through a common interface and software. The pump business achieved a record quarter in fiscal Q2 2026, with infusion systems growing 12% organically, and most of the strength came from competitive wins, along with some upgrades by existing customers. The company made progress on the additional validation testing for the Medfusion 5000 pump and believes a revised package will be returned to the FDA during 2026. Management did not specify an approval date and also said the CADD program would follow Medfusion without a specified timeline.
The company raised its adjusted earnings before interest, taxes, depreciation, and amortization range to $415–435 million, compared with the previous range of $400–430 million. It also raised expected adjusted earnings per share to $8.60–9.00 from $7.75–8.45. Management expects an adjusted gross margin of approximately 41.5% and adjusted operating expenses equal to approximately 25% of revenue. This guidance assumes a stable economic environment, currency and interest rates, and no change in the current tariff policy.
ICU Medical generated free cash flow of $62 million in fiscal Q2 2026, including a $20 million tariff refund. Free cash flow from the beginning of the fiscal year through the end of Q2 reached approximately $89 million, and the company targets $150 million for the full fiscal 2026 year. The company repaid $50 million of debt during the quarter, ending it with debt of $1.24 billion and cash of $298 million. Net leverage declined to 2.3 times, and management targets approaching 2 times by the end of fiscal 2026.
Vital Care declined 4% organically and 32% on a reported basis in fiscal Q2 2026, and management expects the business to decline slightly for the full year. The company also faces an additional annual tariff burden of between $30 and $40 million, along with higher oil and diesel costs. Movements in the Costa Rican colón, Mexican peso, and Japanese yen had a negative impact of approximately $60 million during the four years preceding the August 6, 2026 call. In addition, the targeted margin expansion requires completing factory and logistics savings and improving pricing and product mix.
The analyst consensus is “Buy,” and the average price target is $186.40. The target range extends from $163 to $200, while the stock's 52-week range is between $112.50 and $192.85. The average target is below the top of the 52-week range, while the highest target exceeds that peak, reflecting meaningful variation in analyst estimates. The increase in fiscal 2026 guidance supports the positive outlook, but currency and tariff risks, Vital Care weakness, and regulatory uncertainty surrounding Medfusion 5000 remain countervailing factors.
