3 models fit ICU Medical Inc. Common Stock and they disagree: 0 of 3 land within 15% of the average.
Two or more of our models back this value.
Large premium(i)Silver68
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
ACCE opinionICU Medical Inc. Common Stock (ICUI)
Fair value (3 models)
$111
ACCE price target
$171
Rating
Overvalued
Horizon
12 months
Fair value published on 10 Oct 2026, 00:00 CEST; previously $113 since 29 Sept 2026, 00:00 CEST.
ACCE price target published on 11 Oct 2026, 00:00 CEST.
Rating published on 18 Oct 2026, 17:04 CEST.
Price used: $167 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, EV/EBITDA comparison, Graham number, and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
50.6% above
-33.6% to fair value
ACCE score
50
out of 100
Analysts
88% buy
8 covering
P/E
134.7x
forward 16.9x
1-year return
+36.9%
Dividend yield
0.00%
ICU Medical Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
ICU Medical makes IV infusion pumps, disposable IV sets and needleless connectors, sold mainly into US hospitals and ambulatory care, and it has a large installed base of pumps that pull through recurring disposable consumables. Its moat rests on that razor-and-blade structure and on hospital switching costs, since a pump fleet and its drug-library software are costly to replace. Revenue growth has stalled at 0.5%, with a 7.5% operating margin and 1.4% ROE, so the case depends on margin recovery and a steadier top line rather than on growth. The stock trades at 140.5 times trailing earnings but 16.9 times forward, which means the market is looking through a depressed base year. Whether that gap closes is the question worth a deeper look: a 38.3% gross margin is serviceable for a consumables business, and the score of 52/100 reflects a company that is cheap on forward earnings but has not yet shown it can grow.
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
high
Earnings collapsing despite flat revenue
Revenue grew only 0.5% year over year while earnings fell 46.9%. Net margin is just 1.4%, so the business is squeezing very little profit from its sales.
moderate
Insider selling with no buying
Insiders sold $7.21M across the last 10 disclosed transactions and bought nothing. Insider ownership is only 1.8%, so this is a small but one-directional signal.
moderate
Elevated short interest
Short interest stands at 7.3% of the float, meaning a meaningful group of investors is betting on the shares falling.
moderate
Price well above model fair value
The stock trades 50.6% above the model fair value of $110.63. Only the ACCE price target of $171.00 sits above the current price of $166.62, so the upside case depends on earnings recovering.
AI research notes
AI-assisted·How I use AIWritten Oct 21, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Analysts are overwhelmingly positive, with 7 of 8 rating the stock Buy or Strong Buy.
The company beat earnings expectations last quarter, reporting $2.01 per share against $1.49 expected.
Free cash flow over the last twelve months reached $92M, showing the business still generates real cash.
Why it could disappoint
Revenue barely grew year over year at +0.5%, far below its +11.9% five-year average pace.
The stock trades 50.6% above the model fair value of $110.63, leaving little margin of safety.
A 1.4% net margin and 0.0% return on invested capital show the business barely earns anything on its capital.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 5, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where ICUI's valuation models land
Price
$166.62
Model fair value
$111
Model range
$44.97 to $212
Fair value $111
Price $167
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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+Conviction breakdown and growth / value / quality / momentum scores