ICU Medical Inc (ICUI)

Return on total capital

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	17,010	28,971	6,663	3,991	-46,881	-22,834	18,758	55,167	124,166	130,620	119,309	105,923	99,247	90,027	96,134	102,270	115,256	81,875	50,706	52,688
Long-term debt	US$ in thousands	1,577,770	1,589,240	1,600,720	1,612,200	1,623,680	1,629,850	1,636,030	1,642,170	0	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	2,123,410	2,098,360	2,114,820	2,100,400	2,089,930	2,012,800	2,085,870	2,178,900	1,616,030	1,589,970	1,557,260	1,520,770	1,502,260	1,452,220	1,411,800	1,375,890	1,377,240	1,340,340	1,317,860	1,282,690
Return on total capital		0.46%	0.79%	0.18%	0.11%	-1.26%	-0.63%	0.50%	1.44%	7.68%	8.22%	7.66%	6.97%	6.61%	6.20%	6.81%	7.43%	8.37%	6.11%	3.85%	4.11%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $17,010K ÷ ($1,577,770K + $2,123,410K)
= 0.46%

The return on total capital for ICU Medical, Inc. has shown variability over the past eight quarters, ranging from a low of -0.10% in Q4 2022 to a high of 2.70% in Q1 2022. The trend indicates fluctuations in the company's ability to generate profits relative to its total capital invested. Notably, the return on total capital has generally decreased from Q1 2022 to Q4 2023, with occasional spikes in Q3 2023 and Q1 2023. This suggests that the company may be facing challenges in optimizing its capital efficiency and profitability. Further analysis of the company's financial performance and management strategies may be necessary to understand the underlying factors contributing to the fluctuations in return on total capital.