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Forensic Analysis · Medical Devices · as of Nov 9, 2026

Icu Medical Inc (ICUI)

A forensic read on Icu Medical Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective
Forensic grade
Safe
Financial health
2.9
Distress distance
Clean
Earnings quality
1
Forensic signals
0.0%
ROE
-6.3%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Icu Medical Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.9, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

0.8%
FY2025
Return on invested capital. Return on invested capital is 0.8% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.5-point range. After-tax operating profit was $18M in FY2023 and $28M in FY2025, with operating income at 1.0% of revenue in FY2023, 1.8% in FY2024 and 1.9% in FY2025. The capital base behind it went from $3.7B in FY2023 to $3.3B in FY2025 (-10%), while the revenue it carried went from $2.3B to $2.2B. FY2025's operating profit carried a $30M restructuring charge that alone took about 0.6 points off that year's return, so the latest return is depressed by that charge. FY2024's operating profit carried a $20M restructuring charge that alone took about 0.4 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.

Key fundamentals

Latest Revenue$2.23B
Revenue Growth YoY-6.3%
Revenue CAGR (2yr)-0.6%
Net Margin0.0%
Free Cash Flow$91.8M
Return on Equity0.0%
Debt / Equity0.60x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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