ICCMNasdaqSurgical & Medical Instruments & ApparatusFiscal year ends December 31
IceCure Medical Ltd.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 17, 2026
$1.08+0.02 (+1.89%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 4.5
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
36.3%−26.9 pts over 5 years
Operating margin
-446.7%−339.6 pts over 5 years
Net margin
-445.6%−349.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.7% | +3.1% | -2.7% | – | |
| Gross profit | -15.5% | -5.3% | -12.9% | – | |
| EPS, diluted | -20.0% | -19.5% | +1.8% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -83.5% | -188.8% | |
| Return on assets | – | – | -113.8% | |
| Current ratio | – | 2.58 | 2.61 | |
| Debt to equity | – | – | 0.00 | |
| Inventory turnover | – | – | 0.9× | |
| Capex to revenue | – | 5.8% | 1.1% | |
| Diluted shares | – | 17M | 64M |
Where the cash went
Fiscal 2021 to 2025, five years combined
IceCure Medical generated $66.58M from operations and spent $2.01M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$66.58M
Used
$2.01M
Capital expenditure$2.01M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-445.6%
×Asset turnover0.26×
×Equity multiplier1.66×
=Return on equity, FY2025-188.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -445.6% | 0.26× | 1.66× | -188.8% |
| FY2024 | -465.5% | 0.23× | 1.52× | -160.7% |
| FY2023 | -453.8% | 0.14× | 1.24× | -78.0% |
| FY2022 | -550.3% | 0.10× | 1.19× | -64.8% |
| FY2021 | -239.1% | 0.19× | 1.30× | -60.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$15.06M
- Cash generatingOperating cash flow above zero-$14.57M
- Return on assets improvedROA up on the prior year-93.3% → -119.7%
- Earnings backed by cashOperating cash flow above net income-$14.57M vs -$15.06M
- Less leverageLong-term debt to assets fell1.3% → 0.1%
- Better liquidityCurrent ratio rose1.95 → 2.61
- No dilutionShare count did not rise51M → 64M
- Gross margin improvedGross margin up on the prior year44.09% → 36.28%
- More efficientAsset turnover rose0.20 → 0.27