InfuSystem Holdings, Inc (INFU) stock analysis
Close on Nov 12, 2026Market cap $294.58MP/E 32.9Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Solid15 of 30 checks passed
InfuSystem passes 15 of the 30 checks behind our score; 7 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 3/6
- Growth
- 2/6
- Past performance
- 4/6
- Financial health
- 6/6
- Dividend
- 0/6
What stands out
Trading below fair value
The share price of $15.08 is below our fair value estimate of $15.43.
Return on capital over 10%
Return on invested capital was 13.4%, above the 10% that usually covers the cost of capital.
Low debt
Debt is 30.7% of shareholders' equity, under the 40% we consider low.
Earnings growth accelerating
Net income grew 70.9% over the last twelve months, against a 5-year average of -17.5% a year.
What to watch
Margin of safety under 20%
The price is 2.3% below fair value, less than the 20% cushion we look for.
Return on equity under 15%
Return on equity was 15.8% over the last twelve months and averaged 4.2% over five years; we look for 15% on both.
Earnings shrank over 5 years
Net income shrank 17.5% a year on average over the last five fiscal years.
Revenue growing under 10% a year
Revenue grew 9.3% a year over the last three fiscal years, short of the 10% we look for.
Valuation3/6
P/E below its 5-year median
InfuSystem's P/E of 33.5 is below its own 5-year median of 44.6.
P/E above the industry
InfuSystem's P/E of 33.5 is above the Surgical, Medical, and Dental Instruments and Supplies median of 27.7.
EV/EBITDA below its 5-year median
InfuSystem's EV/EBITDA of 11.5 is below its 5-year median of 11.8.
P/B above the industry
InfuSystem's price-to-book of 4.68 is above the Surgical, Medical, and Dental Instruments and Supplies median of 3.22.
Trading below fair value
The share price of $15.08 is below our fair value estimate of $15.43.
Margin of safety under 20%
The price is 2.3% below fair value, less than the 20% cushion we look for.
Growth2/6
Revenue growing under 10% a year
Revenue grew 9.3% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings growth accelerating
Net income grew 70.9% over the last twelve months, against a 5-year average of -17.5% a year.
Growing slower than the industry
Revenue grew 2.4% over the last twelve months; the Surgical, Medical, and Dental Instruments and Supplies median is 11.0%.
Guidance unchanged
The latest outlook (2026 pro-forma net revenue growth, Aug 4, 2026) was maintained, so it neither adds nor takes away points.
Gross margin improving
Gross margin was 57.6% over the last twelve months, against 55.4% a year earlier.
Past performance4/6
Return on equity under 15%
Return on equity was 15.8% over the last twelve months and averaged 4.2% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 13.4%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
InfuSystem's return on equity of 15.8% is above the Surgical, Medical, and Dental Instruments and Supplies median of -31.3%.
Earnings shrank over 5 years
Net income shrank 17.5% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 6.5% over the last twelve months, against a 5-year average of 1.7%.
Net margin above the industry
InfuSystem's net margin of 6.5% is above the Surgical, Medical, and Dental Instruments and Supplies median of -14.1%.
Financial health6/6
Low debt
Debt is 30.7% of shareholders' equity, under the 40% we consider low.
Debt falling against equity
Debt to equity fell from 95.2% five years ago to 30.7%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 128% of total debt.
Interest well covered
Operating income covers interest expense 13.8 times.
Short-term assets cover short-term debts
Current assets are 2.68 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 5.86; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
InfuSystem has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$15.43
The share price is 2% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 36.2× | 44.6× | 27.7× | $16.30 | 40% |
| EV/EBITDA | 14.2× | 11.8× | 16.7× | $18.77 | 35% |
| P/B | 3.4× | 3.6× | 3.2× | $11.00 | 10% |
| Earnings power | 10.8% cost of equity | – | – | $8.27 | 15% |
| Fair value | $15.43 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 44.6
- Surgical, Medical, and Dental Instruments and Supplies median 27.7
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
High risk
- Average value traded per day
- $1.91M
- Value traded per 1% price move
- $1.17M
Downside
Medium risk
- Typical loss in a bad month
- 15.7%
- Volatility (annualized)
- 57%
- Sharpe ratio, 1 year
- 0.79
- Beta to the S&P 500 (5Y)
- 1.19
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +6.4% | +9.3% | +8.1% | +7.4% | |
| Gross profit | +14.1% | +9.9% | +6.4% | +4.9% | |
| Operating income | +73.0% | +93.2% | +6.2% | +5.1% | |
| Net income | +182.6% | +616.7% | -17.5% | +9.1% | |
| EPS, diluted | +181.8% | – | -17.3% | +10.0% | |
| Free cash flow | +23.1% | +13.0% | +4.4% | +13.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -0.4% | 54.9% | 11.5% | |
| Return on assets | -0.2% | 19.7% | 6.5% | |
| Current ratio | 1.26 | 1.29 | 1.80 | |
| Debt to equity | 0.63 | 0.95 | 0.34 | |
| Net debt to EBITDA | – | 1.28× | 0.65× | |
| Interest coverage | 0.7× | 7.0× | 9.2× | |
| Inventory turnover | 12.6× | 13.1× | 10.6× | |
| Capex to revenue | 0.2% | 1.1% | 0.4% | |
| Diluted shares | 23M | 22M | 21M |
Where the cash went
Fiscal 2021 to 2025, five years combined
InfuSystem generated $91.92M from operations and spent $21.86M on capital expenditure, dividends and share buybacks. 21% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 4.6% | 1.41× | 1.78× | 11.5% |
| FY2024 | 1.7% | 1.31× | 1.88× | 4.3% |
| FY2023 | 0.7% | 1.24× | 2.02× | 1.7% |
| FY2022 | 0.0% | 1.12× | 2.05× | 0.0% |
| FY2021 | 1.4% | 1.05× | 2.19× | 3.2% |
| FY2020 | 17.8% | 1.11× | 2.79× | 54.9% |
| FY2019 | 1.7% | 1.13× | 3.35× | 6.4% |
| FY2018 | -1.6% | 1.01× | 2.59× | -4.3% |
| FY2017 | -29.1% | 0.86× | 2.02× | -50.7% |
| FY2016 | -0.3% | 0.74× | 1.90× | -0.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$6.63M
- Cash generatingOperating cash flow above zero$24.41M
- Return on assets improvedROA up on the prior year2.3% → 6.4%
- Earnings backed by cashOperating cash flow above net income$24.41M vs $6.63M
- Less leverageLong-term debt to assets fell23.0% → 19.5%
- Better liquidityCurrent ratio rose1.82 → 1.80
- No dilutionShare count did not rise22M → 21M
- Gross margin improvedGross margin up on the prior year52.20% → 55.98%
- More efficientAsset turnover rose1.31 → 1.38
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