IceCure Medical Ltd.

ICCM

IceCure Medical Ltd, a commercial-stage medical device company, engages in the research, development, and marketing of cryoablation systems, disposables, and technologies for treating tumors in the United States, Japan, India, China, Israel, and internationally.

About the company

Country: IsraelPrice: $0.73Market Cap: $3.4M

Investment snapshot

12%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

3 / 11

NEUTRAL / FAIL

Median fair value

$1.41

+93.2% vs price

Models with upside

4 / 17

Positive margin of safety

Strongest signal

10 of 12 pass — Buffett and Marks object

Key risk

9 of 10 flag ICCM's cash flow — Buffett, Lynch, Piotroski +6 more

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	Not ranked	PASS	FAIL	NEUTRAL	NEUTRAL	FAIL	FAIL	FAIL	BUY	FAIL	FAIL	FAIL	FAIL	NEUTRAL
Score
Analysis	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…
Intrinsic Value (annual)		N/A		N/A	N/A		N/A	N/A	N/A		N/A		N/A	N/A	N/A	N/A	N/A
Margin of Safety	+11.0%	N/A	-73.8%	N/A	N/A	+83.0%	N/A	N/A	N/A	+84.7%	N/A	+48.2%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-17 Score computed: 2026-11-14

Where It Passes

Debt & Leverage83% pass✓ 13✗ 2▾
10 of 12 pass — Buffett and Marks object
LT Debt vs Net Current AssetsLT Debt $0.0M vs NCA $7.8M
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.00, IC: N/A
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0
✓Lynch< 0.33
Cash - Long-term Debt$8.9M
✓LynchPositive preferred
LT Debt / Total Assets Change1.28% -> 0.09%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities2.61
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDA
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0014; #390/4210 (top 9.3%)
✓AsnessTop 30% of eligible cross-section
Valuation models80% pass✓ 4✗ 1▾
Models split on ICCM at $0.73 — fair values range $0.42–$4.76
Graham fair value$0.82
✓Graham+11.0% margin vs $0.73
Lynch fair value$0.42
✗Lynch-73.8% margin vs $0.73
Dreman fair value$4.30
✓Dreman+83.0% margin vs $0.73
Marks fair value$4.76
✓Marks+84.7% margin vs $0.73
Templeton fair value$1.41
✓Templeton+48.2% margin vs $0.73

Where It Falls Short

Cash Flow10% pass✓ 2✗ 10▾
9 of 10 flag ICCM's cash flow — Buffett, Lynch, Piotroski +6 more
Free Cash Flow Proxy
✗BuffettPositive and growing
FCF Positive and Growing$-14.6M
✗LynchPositive and growing
Operating Cash Flow$-14.6M
✗PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=-104.94%, ROA=-108.42%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)
✗Dreman< 8x
P/E or FCF YieldP/E=3.0x, FCF Yield=-431.5%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive0/7 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Positive Operating Cash Flow frequency0/7 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$-14.6M
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization-431.48%; #4327/4519 (top 95.8%)
✗OshaughnessyTop 10% of eligible cross-section
Growth13% pass✓ 3✗ 10▾
7 of 8 flag ICCM's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)4.2%
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)1.73
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR1.8%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 32.0% vs Rev: 2.7%
✗LynchInventory growth < Revenue growth
EPS Growth Direction$0.33 (2019) -> $0.24 (2025)
✗DremanPositive over recent years
EPS CAGR-5.2% CAGR over 6 years
✗Dreman> 5% annualized
Positive Net Income Frequency0/7 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth2.7%
✗Ackman>= 5%
Positive EPS Growth Frequency2/5 years with positive EPS growth
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR1.8% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 40.3% -> 36.3%, operating margin -482.4% -> -446.7%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR-2.7%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR1.8% over 5 years
✗Neff7%-20% annualized
Verdicts15% pass✓ 2✗ 11▾
Split decision: 11 FAIL · 3 NEUTRAL · 1 PASS · 1 BUY
Overall verdict
✗GrahamFAIL (3/9)✗BuffettFAIL (1/9)✗LynchFAIL (3/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/11)•MungerNEUTRAL (3/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (2/6)✗MarksFAIL (2/5)✗AckmanFAIL (2/9)✓TempletonBUY (6/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #2178/2370 (Top 91.9%))✗NeffFAIL (1/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
Valuation23% pass✓ 10✗ 18▾
10 of 13 flag ICCM's valuation — Graham, Lynch, Greenblatt +7 more
Price / 3-yr avg EPS2.5x
✓Graham<= 15x
Price-to-Book Ratio
✗Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)1.73
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise ValueN/A (EV <= 0)
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=N/A (EV <= 0), ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS3.0x
✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)
✗Dreman< 8x
Price / Book Value per Share
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=3.0x
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=3.0x, FCF Yield=-431.5%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=3.0x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value83.0% (IV=$4.30 vs Price=$0.73)
✓Marks>= 20% below intrinsic value
Price / FCF per Share
✗Ackman<= 25
Price vs. Trailing Low100% of trailing low ($0.73)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-444.68%; #5897/6340 (top 93.0%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+2.6731; #513/6449 (top 8.0%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS3.0x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.9979; #1778/5247 (top 33.9%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization-431.48%; #4327/4519 (top 95.8%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-91.49%; #6013/6202 (top 97.0%)
✗OshaughnessyTop 10% of eligible cross-section
Profitability25% pass✓ 10✗ 25▾
12 of 16 flag ICCM's profitability — Graham, Buffett, Lynch +9 more
Positive EPS (10 years)7/8 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)4.2%
✗Graham>= 33% growth
Net Income Positive (10+ years)0/8 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-122.5%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)-446.7% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)0.23
✓BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)1.73
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR1.8%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE-166.4%
✗Lynch> 15%
EBIT / Enterprise ValueN/A (EV <= 0)
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=N/A (EV <= 0), ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-108.42%
✗PiotroskiROA > 0
ROA Change YoY-121.80% -> -108.42% (delta: +13.39%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=-104.94%, ROA=-108.42%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY44.1% -> 36.3%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue
✗Dreman>= 8%
Net Income / Shareholders' Equity-166.4%
✗Dreman> 12%
Margin of SafetyP/E=3.0x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity-169.6% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value83.0% (IV=$4.30 vs Price=$0.73)
✓Marks>= 20% below intrinsic value
Positive Net Income Frequency0/7 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue-446.7%
✗Ackman>= 15%
Net Income / Shareholders Equity-166.4%
✗Ackman>= 15%
5-Year EPS CAGR1.8% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend-482.4% (2023) -> -446.7% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 40.3% -> 36.3%, operating margin -482.4% -> -446.7%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-444.68%; #5897/6340 (top 93.0%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+8.83%; #2883/3702 (top 77.9%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-166.36%; #4810/5226 (top 92.0%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.3356; #4671/5884 (top 79.4%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR1.8% over 5 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years7/7 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag ICCM's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio2.61
✓Graham>= 2.0
ROIC (3-5 yr avg)-7140.3%
✗Buffett> 10%
ROIC - WACC-7150.3%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
✗Greenblatt> 25%
Current Ratio Change YoY1.95 -> 2.61
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.26x -> 0.24x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities2.61
✓Dreman> 1.5
Return on Invested Capital-131.6%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=-175.6%; FY2025: ROIC=-131.6%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/2 years above 12% (latest -131.6%)
✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Medical Equipment

SIC Sector: Measuring & Medical Instruments

Size: Micro Cap($3.4M)

Revenue: $3.4M+2.7% YoY

Net Income: $15.1M+1.7% YoY

Financial Snapshot

Operating Margin-446.7%

Return on Equity-166.4%

Debt / Equity0.00

Current Ratio2.61

EPS (Diluted)$0.24

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Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 20-F · 2026-03-17	FY 2024 Sources 20-F · 2025-03-27	FY 2023 Sources 20-F · 2024-04-03	FY 2022 Sources 20-F · 2023-03-29	FY 2021 Sources 20-F · 2022-04-01
Market Cap	$3.4Mcurrent	--	--	--	--
Revenue	$3.4M↑3%	$3.3M↑2%	$3.2M↑5%	$3.1M↓25%	$4.1M
Operating Income	-$15.1M↑4%	-$15.7M↓1%	-$15.6M↑7%	-$16.7M↓72%	-$9.7M
Net Income	-$15.1M↑2%	-$15.3M↓5%	-$14.7M↑14%	-$17.0M↓72%	-$9.9M
EPS (Diluted)	$0.24↓20%	$0.30↓6%	$0.32↓30%	$0.46↑31%	$0.35
Gross Margin	36.3%↓18%	44.1%↑10%	40.3%↓14%	46.8%↓12%	53.0%
Operating Margin	-446.7%↑6%	-476.9%↑1%	-482.4%↑11%	-542.6%↓131%	-235.0%
ROE	-166.4%↑25%	-222.0%↓84%	-120.5%↓80%	-66.8%↓82%	-36.7%
Total Debt	$13.0K↓92%	$161.0K	--	--	--
Shareholders' Equity	$9.1M↑31%	$6.9M↓43%	$12.2M↓52%	$25.4M↓6%	$27.0M
Current Ratio	2.61↑34%	1.95↓47%	3.66↓44%	6.49↓14%	7.54
Debt / Equity	0.00↓94%	0.02	—	—	—
Operating Cash Flow	-$14.6M↓16%	-$12.6M	-$12.6M↑12%	-$14.3M↓13%	-$12.6M
Free Cash Flow	-$14.6M↓16%	-$12.6M↑3%	-$13.0M↑14%	-$15.2M↓16%	-$13.1M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Medical Equipment

ICCM vs Peers — Financial Grading

Revenue$3.4MBottom 25%

Net Income$15.1MBottom 25%

ROE-166.4%Bottom 25%

D/E0.00Top 25%

Op. Margin-446.7%Bottom 25%

Curr. Ratio2.61Median

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
ALCON INCALC	$35.6B	$74.12	$10.4B	$980.0M	4.4%	0.21	13.1%	2.12	2/9	1/9	3/7	0/3	F-Score 6	4/11
KONINKLIJKE PHILIPS NVPHG	$29.7B	$30.34	$21.0B	$1.1B	8.2%	0.64	8.0%	1.32	1/9	1/9	1/7	0/3	F-Score 5	3/11
WEST PHARMACEUTICAL SERVICES INCWST	$29.0B	$416.42	$3.1B	$493.7M	15.5%	0.06	19.0%	3.02	4/9	6/9	6/7	1/3	F-Score 7	5/11
SMITH & NEPHEW PLCSNN	$13.1B	$31.28	$6.2B	$625.0M	11.8%	0.59	12.9%	2.57	2/9	0/9	1/7	0/3	F-Score 6	4/11
MSA Safety IncMSA	$6.7B	$174.17	$1.9B	$278.9M	20.4%	0.42	19.8%	3.01	5/9	5/9	4/7	1/3	F-Score 5	7/11
STAAR SURGICAL COSTAA	$1.3B	$26.39	$239.4M	$80.4M	-23.4%	—	-38.3%	4.55	2/9	2/9	2/7	0/3	F-Score 3	3/11
ARTIVION, INC.AORT	$931.9M	$19.10	$441.3M	$9.8M	2.2%	0.48	7.6%	3.53	2/9	0/9	0/7	0/3	F-Score 7	1/11
InMode Ltd.INMD	$763.6M	$13.27	$370.5M	$93.8M	13.7%	—	23.0%	9.88	5/9	3/9	0/7	3/3	F-Score 4	4/11