ICU Medical Inc (ICUI)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	1,577,770	1,623,680	0	—	—
Total stockholders’ equity	US$ in thousands	2,123,410	2,089,930	1,616,030	1,502,260	1,377,240
Debt-to-capital ratio		0.43	0.44	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,577,770K ÷ ($1,577,770K + $2,123,410K)
= 0.43

The debt-to-capital ratio of ICU Medical, Inc. has shown fluctuations over the past five years. In 2019, 2020, and 2021, the company appeared to have no debt as the ratio was 0.00, suggesting that the capital structure was predominantly equity-financed during those years. However, in 2022 and 2023, the debt-to-capital ratio increased to 0.44 and 0.43, respectively.

The uptick in the ratio in 2022 and 2023 indicates that ICU Medical, Inc. began utilizing debt financing to a certain extent in its capital structure during these years. While the absolute values of the ratios are relatively low, they signify a shift towards a more leveraged position compared to the previous years.

Further analysis would be needed to understand the reasons behind this shift and evaluate the implications of the increased debt on the company's overall financial health and risk profile.