ICUI
ICU Medical, Inc.
ICUI has the edge over NVO overall, supported by stronger modeled upside and lower modeled downside.
NVO
Novo Nordisk A/S
NVO offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
ICUI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Stable |
ICUI's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ICUI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 19x | $177 | — |
| Cheap | 46x | $110 | -38% |
| Fair | 52x | $124 | -30% |
| Current | 74x | $177 | — |
| Expensive | 136x | $325 | +83% |
Historical ranges are pointers, not guarantees.
ICUI's PE is in its expensive range at 74x. If earnings grow as analysts expect, today's price would be 19x next year's earnings, in its cheap range.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over ICUI in the historical PE scenario, which offers more potential upside but is not a forecast.
ICUI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
ICUI has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
ICUI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.19 | +283% |
| Q3 2026 | $2.40 | +$2.71 |
| Q2 2026 | $1.19 | +$2.71 |
| Q1 2026 | $1.86 | +$5.69 |
| Q4 2025 | $0.03 | +$4.86 |
| Q3 2025 | -$0.31 | +$4.26 |
| Q2 2025 | -$1.52 | +$1.40 |
| Q1 2025 | -$3.83 | -$1.38 |
| Q4 2024 | -$4.83 | -$3.60 |
ICUI has returned to profit: it earned $2.40 per share over the past year, after losing money the year before.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over ICUI on earnings, with more consistent year-over-year improvement.
ICUI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $560.4M | +4.4% |
| Q2 2026 | $551.7M | +0.5% |
| Q1 2026 | $530.2M | -12% |
| Q4 2025 | $540.7M | -14% |
| Q3 2025 | $537M | -8.9% |
| Q2 2025 | $548.9M | -8% |
| Q1 2025 | $604.7M | +6.7% |
| Q4 2024 | $629.8M | +7.1% |
ICUI's revenue is down over the past year, though its latest quarter was up: $560M last quarter, up 4.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 9.3% | +6.8 points |
| Q2 2026 | 7.1% | +5.2 points |
| Q1 2026 | 2.6% | +0.4 points |
| Q4 2025 | 1% | -4.9 points |
| Q3 2025 | 2.5% | +1.1 points |
| Q2 2025 | 1.9% | +0.6 points |
| Q1 2025 | 2.1% | +4 points |
| Q4 2024 | 6% | +8.1 points |
ICUI's operating margin was 9.3% last quarter, up 6.8 points from the same quarter a year ago.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO has the edge over ICUI on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over ICUI on profitability, with a higher operating margin.
ICUI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $83.4M | +202% |
| Q2 2026 | $61.6M | +$70.1M |
| Q1 2026 | $27.6M | -25% |
| Q4 2025 | $36M | +123% |
| Q3 2025 | $27.6M | +71% |
| Q2 2025 | -$8.5M | -114% |
| Q1 2025 | $36.7M | +23% |
| Q4 2024 | $16.1M | -74% |
ICUI generated $209M in free cash flow over the past year, up 190% from the year before.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
ICUI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +101K shares |
| 1 year | +1.9% | +459K shares |
| 3 years | +3.2% | +777K shares |
| 5 years | +16% | +3.4M shares |
| Available history | +17% | +3.6M shares |
ICUI has 25M diluted shares, up 1.9% from a year ago.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over ICUI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
ICUI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.7x | Moderate |
| Q2 2026 | 3.4x | Elevated |
| Q1 2026 | 4.1x | High |
| Q4 2025 | 4.0x | High |
| Q3 2025 | 3.7x | Elevated |
| Q2 2025 | 3.7x | Elevated |
| Q1 2025 | 4.5x | High |
| Q4 2024 | 4.9x | High |
ICUI's net debt is about 2.7 years of its operating earnings (EBITDA), down from 3.6 years a year ago.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO has the edge over ICUI on leverage, with a lower net debt burden relative to earnings.
ICUI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.4 | Neutral |
| Stochastic | 49.5 | Neutral |
ICUI's weekly RSI is 62 (neutral) and its Stochastic is 49 (neutral).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
ICUI PE vs Healthcare Sector
| Metric | ICUI | Sector median | Relative |
|---|---|---|---|
| PE | 74x | 26x | 186% above |
| PE % | 70 | 29 | 41 pts above |
ICUI is trading at 74x earnings, a 186% premium to the Healthcare sector's median of 26x.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over ICUI on valuation relative to its sector.
ICUI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $165.9 | 6.9% above |
| 20 week MA | $166.1 | 6.7% above |
| 50 week MA | $149.5 | 19% above |
| 100 week MA | $143.8 | 23% above |
| 200 week MA | $141.8 | 25% above |
ICUI has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
ICUI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $186.2 | $211.7 | +14% |
| 2021 | $211.7 | $235.7 | +11% |
| 2022 | $235.7 | $156.0 | -34% |
| 2023 | $156.0 | $99.7 | -36% |
| 2024 | $99.7 | $154.5 | +55% |
| 2025 | $154.5 | $147.9 | -4.3% |
| 2026 YTD | $147.9 | $177.3 | +20% |
ICUI has the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.