ICU Medical, Inc. — Earnings Quality Grade F
ICUI · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 30 days, change +2 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -6.3%, CFFO -11.9%. Cash follows revenue
Expense Quality
Inventory 5.3% vs COGS -9.5%. Normal
CapEx growth 7.5% vs revenue -6.3%. Normal
SG&A/Gross Profit = 76.1%, exceeds 70%
Gross margin 36.8%, change +2.2pp. Stable
Cash Flow Quality
CFFO far exceeds NI (ratio 245.7x). Non-cash charges depressing profits
FCF $0.1B, FCF/NI = 113.16
Accruals ratio = -4.4%. Low accruals
Cash $0.3B covers only 23% of debt $1.3B
Balance Sheet Health
Goodwill+Intangibles $2.1B = 100% of equity. Over 50%
Debt/EBITDA = 4.5x (>4x). Interest coverage = 1.2x (<2x). Financial stress
Other assets 5.2% vs revenue -6.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.65 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25