ICU Medical, Inc., together with its subsidiaries, develops, manufactures, and sells medical products used in infusion therapy, vascular access, and vital care applications worldwide.
Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price159.38 USD
Fair value202.36
Ethical score70.0/100
Our investment reviews on this name
2026-10-02Read Markdown155.22+2.7% to today
2026-07-02Read Markup142.20+12.1% to today ✓
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
ICU Medical, Inc. holds its Markdown at $159.38. Elevated stress, defensive posture warranted, held for 181 days.
As held on the ledger · 2026-10-02
Phase
Markdown · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 181 days
Price at the screen
$159.38
Valuation
133.93 trailing · 16.52 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.76
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
32.89%
Below 33%
Interest-bearing debt is just 32.9% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
12.06%
Below 49%
Money owed to the company is 12.1% of assets, under the 49% limit.
Pass
Revenue purity
0.46%
Below 5%
Only 0.5% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
ICU Medical, clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 33%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-10-02 screen. The gold marker is the market price at the same screen. A 27.0% margin of safety to the base estimate.
Third-party analyst targets: 8 covering, consensus Buy. The average target sits +21% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-02 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Infusion Products Maker Struggles With Shrinking Demand
Picture a hospital ward where every drip line and connector once drove steady orders. ICU Medical now faces the opposite, with revenue down 12 percent and both profit margin and return on equity stuck at just 2 percent. The shares sit below our fair value estimate, yet the opportunity rating stays at none because the underlying numbers show no durable improvement.
The business makes essential needlefree connectors and infusion sets that hospitals rely on every day. A forward multiple of 16.9 times earnings looks reasonable on the surface and the ethical screen clears without issue. Eight analysts still lean buy with a median target of 172 dollars, but those forecasts sit against a backdrop of flat or falling volumes rather than renewed growth.
Risk centres on whether the recent revenue drop proves temporary or signals lasting pressure on hospital spending and product pricing. Low returns on equity already flag limited ability to compound capital, and an unknown competitive position leaves little margin for error if larger rivals push harder. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
ICUI trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markdown · changed$155.22-13.6%Entry 6
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 13.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 3%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (7 analysts) rates it buy, with a mean price target of $173.
2026-09-01Markup$179.59+14.0%Entry 5
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 14.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 3%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (7 analysts) rates it buy, with a mean price target of $173.
2026-08-02Markup$157.51+10.8%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 10.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 3%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (7 analysts) rates it buy, with a mean price target of $173.
2026-07-18Markup$142.20+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 3%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (7 analysts) rates it buy, with a mean price target of $173.
2026-07-03Markup$142.20+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markup$142.20Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
