Does ICU MEDICAL INC/DE have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores ICU MEDICAL INC/DE (ICUI) 24.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 48, returns on capital 7, balance-sheet safety 0, capital discipline 41.

Is ICUI stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $51.05 per share versus a recent price of $157.51 — 209% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has ICUI's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 24.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

ICU MEDICAL INC/DE

ICUI · Healthcare · $3.9B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power48

Median gross margin 36.6% over 10y, stable.

Returns on capital7

Median ROIC 2.1%, above the 9% hurdle in 20% of years.

Balance-sheet safety0

Net debt/EBITDA 4.0x, interest coverage 0x.

Capital discipline41

Owner earnings +6.7%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

209% above value

Owner earnings (normalized): $113.4M
Est. intrinsic value / share: $51.05
Recent price: $157.51
Discount to value: 209% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

ICU MEDICAL INC/DE booked $2.2B of revenue in FY2025 in the Healthcare sector and kept 36.8% of it as gross profit — a solid-margin business by that measure. After every other cost, 0.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $188.1M (FY2007) to $2.2B (FY2025) — about 14.7% a year compounded over 18 years.

It earned 0.9% on invested capital in FY2025, with a median of 9.7% across 19 filed years. The Returns on Capital filter above scores it 7/100.

The balance sheet carried $1.3B of total debt in FY2025 against $113.4M of owner earnings — roughly 11.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

The share count rose 67.6% between FY2008 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 41/100.

Put together: Pricing Power is the strongest of the four filters (48/100) and Balance-Sheet Safety the weakest (0/100), which is how ICUI lands at 25/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$2.2B FY2025

Gross marginRevenue kept after cost of goods36.8% FY2025

Return on invested capitalOperating profit on the capital employed0.9% FY2025

Owner earningsCash an owner could take out$113.4M FY2025

Gaps in a line mean that item isn’t in ICUI’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale24.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ICUI has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#376 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#374PRPO PRECIPIO, INC.25.2 out of 100, No moatNo moat
#375VTRS Viatris Inc24.9 out of 100, No moatNo moat
#377IOVA IOVANCE BIOTHERAPEUTICS, INC.24.8 out of 100, No moatNo moat
#378KYMR KYMERA THERAPEUTICS, INC.24.8 out of 100, No moatNo moat

Compare ICUI with its nearest peers →All Healthcare companies on the Index →

Common questions about ICUI

Does ICU MEDICAL INC/DE have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores ICU MEDICAL INC/DE (ICUI) 24.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 48, returns on capital 7, balance-sheet safety 0, capital discipline 41.
Is ICUI stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $51.05 per share versus a recent price of $157.51 — 209% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has ICUI's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 24.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ICUI. See the disclaimer.