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InfuSystem Holdings

INFU on NYSEAmerican. InfuSystem provides medical equipment and services to hospitals, clinics, and surgery centers. Market value $269m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Capital spending looks too small to be complete, so we leave free cash flow out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
21.4×full

You pay 21.4 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 64 of 100. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.

$13.27 a share, 82% above its 1-year low

Over the past year the price has ranged from $7.29 to $13.85.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$102m$110m$126m$135m$143m
Operating margin
2.8%1.5%3.2%5.1%8.3%
Debt to equity
0.690.690.560.410.34
Shares outstanding
0.02bn0.02bn0.02bn0.02bn0.02bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)8 of 9
  • Profit backed by cash (accruals)No
  • Debt0.34× equity
  • Revenue growth, five yearsSlow, 8.1% a year
  • Buying back its own sharesYes, 4% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $37 million last quarter, up 3% on a year ago.
  • Profit: $3 million, about the same as a year ago.
  • It keeps 9 cents of each $1 of sales as operating profit, up from 7 cents a year earlier.
  • 1% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $19 million more than cash, down from $26 million a year ago.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$35m
December 2024$34m
March 2025$35m
June 2025$36m
September 2025$36m
December 2025$36m
March 2026$34m
June 2026$37m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$2m
December 2024$933,000
March 2025-$267,000
June 2025$3m
September 2025$2m
December 2025$2m
March 2026$1m
June 2026$3m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 February 2026
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

3 long-term investors we follow own it, up from 2 last quarter. 100 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • BlackRock, Inc.
    Passive investor
    6.4%+4.5 pts
    Since 30 June 2026
  • Minerva Advisors LLC
    Passive investor
    at least 5.3%+0.3 pts
    (filed with 3 related holders)
    Since 31 December 2025
  • Christopher Sansone
    Passive investor
    at least 4.7%
    (filed with 2 related holders)
    Since 21 January 2025
    What they said

    The Shares beneficially owned by the Reporting Persons were acquired for investment in the ordinary course of the Reporting Persons' investment activities. This Schedule 13D/A is being filed to report a change in the Reporting Persons' respective beneficial ownership…

    Read the filing
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 30 June 2025
  • Sold down below 5%
    Since 30 September 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $150,396 of shares on the open market.

  • Lachance Carrie
    President and CEO, Director
    Bought
    Date
    11 May 2026
    Shares
    1,000
    Price
    $8.46
    Value
    $8,460
  • GENDRON PAUL ANDREW
    Director
    Bought
    Date
    8 May 2026
    Shares
    5,000
    Price
    $8.88
    Value
    $44,400
  • Lachance Carrie
    President and CEO, Director
    Bought
    Date
    8 May 2026
    Shares
    2,000
    Price
    $8.83
    Value
    $17,660
  • Steele Barry G
    Executive VP and CFO
    Bought
    Date
    8 May 2026
    Shares
    7,000
    Price
    $8.71
    Value
    $60,970
  • Steele Barry G
    Executive VP and CFO
    Bought
    Date
    2 March 2026
    Shares
    2,064
    Price
    $9.16
    Value
    $18,906

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 11 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “As a result of this process, following the review and evaluation of proposals from participating firms, on March 13, 2026 , the Committee approved the dismissal of Deloitte as the Company's independent registered public accounting firm and the appointment of Grant Thornton LLP ("Grant Thornton") as the Company's independent registered public accounting firm to audit the Company's consolidated financial statements as of and for the fiscal year ending December 31, 2026”

    From an 8-K filed 19 March 2026: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.