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olivLaw · US equity research

Omnicell, Inc. OMCL

Electronic Computers · SIC 3571 · Vertical: Electronic Computers (SIC 3571)

39.41USD+11.14% · 1 dayClose 04 Nov 2026

Omnicell is a healthcare technology company that provides automated medication management, from central pharmacy to the bedside, together with software and services. It matters now because hospitals face workforce shortages and budget pressure, which could increase demand for automation and for flexible «as-a-service» purchasing. For 2026 management raised its non-GAAP EBITDA and EPS guidance, while total revenues are expected to fall between 1.225 and 1.245 billion USD.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Omnicell, Inc. (OMCL) stock was 39.41 USD (+11.14% on the day), with market capitalisation 1.8 bn USD, P/E 40.8 on diluted EPS of 0.97 USD over the last 12 months, beta 1.02, 52-week range 32.23–51.39 USD. Latest reported quarter (Q3 2026): revenue of 307.9 m USD (−0.9% YoY), net income of 11.0 m USD (+102.2% YoY), diluted EPS 0.24 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.8 bn USD
shares as of 28 Oct 2026
P/E (TTM)
40.8
Diluted EPS TTM 0.97 · TTM to 30 Sept 2026
E/P (TTM)
2.45%
TTM to 30 Sept 2026
Dividend yield
unavailable
Beta (2y)
1.02
Volatility (1y) 50%
52-week range
32.2351.39

Price history

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Technical reading

RSI (14)
65.5
strong (55–70)
Bollinger (20, 2)
34.49 – 38.37
above the upper band · %B 1.27 · band width 10.6%
SMA 50 / 200
34.76 / 38.84
mixed trend
MACD (12, 26, 9)
0.64 / 0.56
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+13.8%−1.1%+14.9 pp—
3 months+6.0%−0.5%+6.5 pp—
6 months−9.9%+4.4%−14.3 pp—
Year to date−13.0%+12.3%−25.3 pp—
1 year+14.2%+13.5%+0.7 pp−18.0%
3 years+29.5%+76.4%−46.9 pp+46.1%
5 years−77.8%+63.7%−141.4 pp—
Max drawdown (1y)
−37.3%
13 Jan 2026 → 18 Sept 2026
Max drawdown (5y)
−86.6%
23 Nov 2021 → 07 May 2025
Compound annual growth (5y)
−26.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
307.9 m USD
−0.9% YoY
Net income
11.0 m USD
+102.2% YoY
Diluted EPS
0.24
+100.0% YoY
net / operating
3.6% / 4.9%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue306.9 m269.7 m290.6 m310.6 m314.0 m309.9 m312.2 m307.9 m
Cost of revenue165.1 m158.7 m162.9 m176.1 m183.7 m169.5 m159.3 m170.0 m
Gross profit141.8 m110.9 m127.7 m134.5 m130.3 m140.4 m152.9 m137.8 m
Research & development26.0 m20.5 m21.6 m24.0 m22.6 m21.5 m20.3 m22.4 m
SG&A103.3 m102.0 m98.0 m102.2 m107.4 m102.0 m100.2 m100.5 m
Operating income12.4 m-11.6 m8.1 m8.2 m415.0 k16.9 m32.4 m14.9 m
Depreciation & amortisation20.0 m20.0 m19.6 m19.4 m19.8 m18.6 m18.8 m18.4 m
Pre-tax income23.6 m-9.5 m10.5 m9.7 m699.0 k16.9 m33.8 m15.8 m
Income tax7.8 m-2.5 m4.8 m4.2 m2.7 m5.5 m9.5 m4.8 m
Net income15.8 m-7.0 m5.6 m5.5 m-2.0 m11.4 m24.3 m11.0 m
Diluted EPS0.34 ≈-0.150.120.12-0.04 ≈0.250.520.24
Operating cash flow56.3 m25.9 m42.8 m ≈28.3 m ≈30.4 m54.5 m68.3 m ≈33.1 m ≈
Capex9.1 m11.2 m11.8 m ≈9.8 m ≈7.7 m12.4 m8.9 m ≈11.4 m ≈
Share repurchases0——61.9 m ≈0——0 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 3 percentile of its own 32-quarter history (min 35.3, median 81.1, max 996.5; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue787.3 m897.0 m892.2 m1.1 bn1.3 bn1.1 bn1.1 bn1.2 bn
Revenue YoY+10.5%+13.9%−0.5%+26.9%+14.5%−11.5%−3.0%+6.5%
Net income37.7 m61.3 m32.2 m77.8 m5.6 m-20.4 m12.5 m2.1 m
Net income YoY+23.6%+62.6%−47.5%+141.8%−92.7%−460.7%unavailable−83.6%
Diluted EPS0.931.430.741.620.12-0.450.270.04
Diluted EPS YoY+17.7%+53.8%−48.3%+118.9%−92.6%−475.0%unavailable−85.2%
net %4.8%6.8%3.6%6.9%0.4%-1.8%1.1%0.2%
Free cash flow80.3 m129.1 m163.0 m202.8 m30.2 m139.6 m151.3 m86.9 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
196.5 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
1.2 bn USD
Total assets
2.0 bn USD
Debt / equity
unavailable
Current ratio
1.43x
ROE
0.2%
ROA
0.1%
FCF margin
7.3%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
1.1 bn
2024
1.1 bn
2025
1.2 bn

SEC (XBRL)· 26 Feb 2026verified

Cost of revenue
2023
650.3 m
2024
641.2 m
2025
681.4 m

SEC (XBRL)· 26 Feb 2026verified

Gross profit
2023
496.8 m
2024
471.0 m
2025
503.4 m

SEC (XBRL)· 26 Feb 2026verified

Research & development
2023
97.1 m
2024
90.4 m
2025
88.7 m

SEC (XBRL)· 26 Feb 2026verified

SG&A
2023
434.6 m
2024
380.3 m
2025
409.6 m

SEC (XBRL)· 26 Feb 2026verified

Operating income
2023
-34.9 m
2024
337.0 k
2025
5.2 m

SEC (XBRL)· 26 Feb 2026verified

Depreciation & amortisation
2023
87.3 m
2024
82.2 m
2025
78.8 m

SEC (XBRL)· 26 Feb 2026verified

EBITDA
2023
52.5 m ≈
2024
82.6 m ≈
2025
84.0 m ≈

SEC (XBRL)· 26 Feb 2026derived

Pre-tax income
2023
-20.1 m
2024
25.6 m
2025
11.3 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
263.0 k
2024
13.1 m
2025
9.3 m

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
-20.4 m
2024
12.5 m
2025
2.1 m

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2023
-0.45
2024
0.27
2025
0.04

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2023
45.2 m
2024
46.3 m
2025
46.4 m

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2023
468.0 m
2024
369.2 m
2025
196.5 m

SEC (XBRL)· 26 Feb 2026verified

Inventories
2023
110.1 m
2024
88.7 m
2025
100.9 m

SEC (XBRL)· 26 Feb 2026verified

Current assets
2023
927.6 m
2024
815.5 m
2025
680.1 m

SEC (XBRL)· 26 Feb 2026verified

Property, plant & equipment, net
2023
108.6 m
2024
112.7 m
2025
120.1 m

SEC (XBRL)· 26 Feb 2026verified

Goodwill
2023
735.8 m
2024
734.7 m
2025
737.9 m

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
211.2 m
2024
188.3 m
2025
170.1 m

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
2.2 bn
2024
2.1 bn
2025
2.0 bn

SEC (XBRL)· 26 Feb 2026verified

Accounts payable
2023
45.0 m
2024
51.8 m
2025
44.0 m

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2023
367.8 m
2024
595.7 m
2025
476.6 m

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
1.0 bn
2024
877.6 m
2025
742.9 m

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
1.2 bn †
2024
1.2 bn †
2025
1.2 bn †

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
181.1 m
2024
187.7 m
2025
127.3 m

SEC (XBRL)· 26 Feb 2026verified

Capex
2023
41.5 m
2024
36.5 m
2025
40.4 m

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2023
139.6 m ≈
2024
151.3 m ≈
2025
86.9 m ≈

SEC (XBRL)· 26 Feb 2026derived

Investing cash flow
2023
-55.0 m
2024
-52.8 m
2025
-60.4 m

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
23.4 m
2024
-235.6 m
2025
-218.3 m

SEC (XBRL)· 26 Feb 2026verified

Share repurchases
2023
0
2024
0
2025
77.6 m

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
6.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
-2.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
5.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
1,431.2%
computed by olivLawFY 2025
Net income growth (YoY)
-83.6%
computed by olivLawFY 2025
Net income CAGR 3Y
-28.6%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-42.3%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-85.2%
computed by olivLawFY 2025
EPS CAGR 3Y
-30.7%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
-44.2%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
-42.6%
computed by olivLawFY 2025

Profitability

Gross margin
45.1%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
11.3%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
5.2%
computed by olivLawTTM to 30 Sept 2026
Net margin
3.6%
computed by olivLawTTM to 30 Sept 2026
FCF margin
11.7%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
3.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
2.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
4.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
1.7x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.7x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
186.2 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
40.4 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
145.8 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
326.4%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
132.8%
computed by olivLawTTM to 30 Sept 2026

Efficiency

Days sales outstanding
unavailable
input data missing
Days payables outstanding
33 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Market and valuation

Market capitalisation
1.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
40.6x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
40.8x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
2.4%
computed by olivLawTTM to 30 Sept 2026
P/B
1.4x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
1.5x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
12.4x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
FCF yield
8.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

39.41 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.8 bn USD

Key indicators

Market capitalisation
1.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
40.8x
computed by olivLawTTM to 30 Sept 2026
P/B
1.4x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
3.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
3.6%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
6.5%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 28 Oct 2026
Source: SEC (XBRL)published 04 Nov 2026
verified 2527derived 223

Score by group

77% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Electronic Computers (SIC 3571)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality45.1%13 (on a fixed band)14%
EBIT margin · Quality5.2%50 (vs peers)11%
FCF margin · Quality11.7%47 (on a fixed band)11%
Revenue CAGR 3Y · Growth-2.9%0 (on a fixed band)22%
Revenue growth (YoY) · Growth6.5%17 (vs peers)11%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.7x50 (on a fixed band)8%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation8.0%100 (on a fixed band)17%
Shareholder yield (distributions) · Returns0.0%33 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial50/100 · 1/2 factors with a value
  • Growth6/100 · 2/2 factors with a value
  • Quality35/100 · 3/3 factors with a value
  • Returns33/100 · 1/1 factors with a value
  • Valuation· partial100/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

OMNICELL, INC (OMCL). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 1.2 bn USD in 2025; YoY growth 6.5%; net margin 3.6%; ROE 3.5%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF yield: 8.0%

What contradicts it

  • Gross margin: 45.1%
  • Revenue CAGR 3Y: -2.9%
  • Revenue growth (YoY): 6.5%

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.

Versus the vertical median

Electronic Computers (SIC 3571) · same industry (4-digit SIC) · compared with 6 companies

Multiples and returns vs the median

P/E
40.8x
vertical median 30.3x
above median (+34.9%)
EV/EBITDA
—
vertical median —
P/S
1.5x
vertical median 1.0x
above median (+40.5%)
P/B
1.4x
vertical median 1.3x
at median
ROE
3.5%
vertical median 1.3%
above median (+165.0%)
Net margin
3.6%
vertical median 3.4%
above median (+6.7%)
EBIT margin
5.2%
vertical median -2.1%
above median
Revenue YoY
6.5%
vertical median 25.0%
below median (−73.9%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AAPLApple Inc.5,079.1 bn38.9142.3%27.6%+15.1%+25% / +84%
DELLDell Technologies Inc.238.3 bn21.6—7.5%+18.8%+179% / +391%
SMCISuper Micro Computer, Inc.19.4 bn9.121.5%5.7%+77.8%−13% / +8%
OMCLOmnicell, Inc1.8 bn40.83.5%3.6%+6.5%+14% / +29%
OSSOne Stop Systems, Inc.116.7 m369.11.3%1.0%+31.2%−23% / +126%
SCKTSocket Mobile, Inc.2.5 m—-155.7%-107.5%−19.6%−77% / −79%
ZEPPZepp Health Corp0—-17.2%-15.5%+41.8%−92% / −59%

1- and 3-year price returns: for OMCL from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
21.68
Total return -45% · Per year -45%
38.47
Total return -2% · Per year -2%
58.15
Total return 48% · Per year 48%
3 years
18.01
Total return -54% · Per year -23%
36.24
Total return -8% · Per year -3%
60.57
Total return 54% · Per year 15%
5 years
14.96
Total return -62% · Per year -18%
34.14
Total return -13% · Per year -3%
63.09
Total return 60% · Per year 10%
What moves the 3-year price the most
  • Exit P/E± 9.06
  • Net margin± 6.34
  • Annual revenue growth± 5.61
  • Annual dilution± 0.53

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (29 Oct 2026 · results).

In brief

Omnicell is a healthcare technology company that provides automated medication management, from central pharmacy to the bedside, together with software and services. It matters now because hospitals face workforce shortages and budget pressure, which could increase demand for automation and for flexible «as-a-service» purchasing. For 2026 management raised its non-GAAP EBITDA and EPS guidance, while total revenues are expected to fall between 1.225 and 1.245 billion USD 3.

SWOT

Strengths

  • The company offers an integrated platform combining hardware, software, consumables and services, which creates long-term customer relationships.
  • Recurring revenues from consumables, technical services and SaaS support a significant part of the business.
  • Management raised 2026 profitability guidance, indicating operational discipline in the second half of the year.

Weaknesses

  • Reliance on hospital capital spending makes revenues sensitive to delays in customer budgets.
  • Substantial debt could limit financial flexibility and access to capital.
  • Complex systems require lengthy implementations, which could extend the sales cycle.

Opportunities

  • Pharmacy workforce shortages could accelerate automation adoption in hospitals and outpatient pharmacies.
  • A shift to flexible payment models could open new recurring revenue through subscriptions and services.
  • Growth in specialty pharmacy and 340B services could support expansion of outpatient offerings.

Threats

  • Public funding cuts and reimbursement pressure could delay customer investments.
  • Rivals with greater resources or AI-based products could erode market share.
  • Tariffs and trade policy changes could raise component and equipment costs.

Risks

  • Delays in customer capital spendinghigh

    If hospital budgets tighten, equipment purchases could be postponed, which could affect revenue and growth pace.

  • Significant indebtednessmedium

    Existing debt could limit financial flexibility and impose restrictions under the credit agreement.

  • Product development and market adoptionmedium

    If new solutions fail to reach technical or economic feasibility, investments could fail to deliver the expected return.

  • Data security and cyber attacksmedium

    A disruption of information systems or a data breach could affect operations and the company's reputation.

  • Regulation and compliancelow

    Legislative changes, 340B rules and product liability could create additional costs.

Investment thesis

What would need to be true (bull case)

  • If pharmacy workforce shortages persist, demand for automation could grow over time in favour of the company's solutions.
  • Recurring revenue from ARR and SaaS services could provide a steadier base than one-off equipment sales.
  • If quarterly results keep improving, margins could benefit from the cost discipline shown by management.

What would break the thesis

  • If hospital budgets remain under pressure, purchases could be postponed and revenue growth could slow.
  • Debt could limit the company's ability to invest in research and acquisitions during weaker periods.
  • Competition from larger or more innovative rivals could reduce market share and compress prices.

What to watch

  • Q3 2026 results against guidance for revenue and non-GAAP EBITDAQ3 2026
  • Development of ARR and product bookings against annual guidance2026
  • Effects of Medicaid reductions and tariffs on customer spendingnext 10-K
  • Debt and liquidity trend following tariff refundsQ4 2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (29 Oct 2026 · results).

The business

Omnicell describes its business as focused on «autonomous medication management», combining storage and dispensing automation with an intelligence ecosystem called OmniSphere 1. Its products cover point-of-care dispensing systems, central pharmacy automation and robotics, IV compounding, medication adherence and professional services 1. The company reported that the United States represented 90% of total revenues in fiscal 2025 1, and ARR was 636 million USD as of December 31, 2025 1.

Revenue combines the sale of hardware, software and consumables with recurring services: consumables, technical services, SaaS and Expert Services 1. The company runs as one operating segment, so decisions are assessed on a consolidated basis 1. Key metrics are product bookings, which track non-recurring revenue, and ARR, which tracks recurring revenue 1.

In the second quarter of 2026 revenues rose 7% from the prior-year quarter, supported by connected devices, technical services and SaaS 3. Management extended its growth leadership by naming a President and Chief Operating Officer and adding executive roles for clinical pharmacy and specialty pharmacy 3.

Segments

Hospital and health system solutions

This category unifies central pharmacy automation, robotics and IV sterile compounding with point-of-care automated dispensing on nursing units and in operating rooms, including consolidated pharmacy service center operations 1. The company says the segment could benefit from workforce and medication safety pressures in hospitals 1.

Outpatient pharmacy solutions

This category includes specialty pharmacy and 340B services, medication adherence and the EnlivenHealth platform for retail and community pharmacies 1. The company believes integration in this area could support growth in its SaaS and Expert Services 1.

Market context

The market the company describes is US hospital and health system pharmacy, where prescription drug spending reached 806 billion USD in 2024 1. Management argues that the workforce shortage, with 88% of hospitals reporting technician deficits 1, could accelerate adoption of automation. However, health policy budget pressure, including an expected 910 billion USD Medicaid spending reduction 1, could delay capital purchases.

The company observes that hospitals could shift from capital expenditure toward leasing and subscription models 1. The institutional pharmacy market, valued at 24 billion USD, is concentrated among national operators and is in transition under reimbursement and labor pressure 1.

Trends

  • Pharmacy workforce shortagetailwind

    Shortages of technicians and of sterile compounding expertise push hospitals toward automation, which could increase demand for Omnicell solutions 1.

  • As-a-service purchasing modelsmixed

    Hospitals could prefer leasing and subscriptions over large capital outlays, which could support recurring revenue but could also delay revenue recognition 1.

  • Health policy budget pressureheadwind

    Medicaid spending reductions and higher tariff costs could compress customer margins and delay investment projects 1.

  • Drug traceability requirementstailwind

    New DSCSA compliance requirements and measures against drug diversion could lead hospitals to adopt automated control solutions 1.

Competitive position

The company's risk disclosures point to continued and growing competition from current and future rivals in hospital solutions and outpatient pharmacy, including price pressure and industry consolidation 1. Competitors could have greater financial and marketing resources to respond faster to product changes 1.

The company also notes that some competitors are building AI-enabled products that could rival or replace existing solutions 1. The source documents do not name specific competitors, so no market shares can be attributed.

  • Larger industry rivals driving consolidation

    The company refers generically to larger competitors and industry consolidation without naming them, so no reliable ticker can be identified.

  • Pharmacy automation providers with greater resources

    The company says some rivals have greater financial and marketing resources, without identifying them in the supplied sources.

  • AI technology developers for pharmacy

    The risks cited include competing products based on artificial intelligence, with no explicit names in the texts analysed.

  • Specialty pharmacy and 340B service operators

    The company refers to competition in outpatient pharmacy but does not name competitors in the sources analysed.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Omnicell, Inc. · 26 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Omnicell, Inc. · 05 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Omnicell, Inc. · 30 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.