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Merit Medical Systems, Inc.

MMSI Healthcare Medical Instruments & Supplies

Merit Medical Systems, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, up 11.8% from fiscal 2024.

Revenue
+8.35%
EPS
+50.5%
Free cash flow
+50.2%
Total debt
+0.61%

Quarter to September 2026, against a year earlier

89.23 1.40 −1.54%
Market cap
$5.4B
P/E
33.2×
Fwd P/E
30.7×
Dividend yield
—
F-score
7/9
Altman Z
4.42
Beneish M
−2.70
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.57
Sold, $m 3.26
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 5 — — — — — —
Sell — 1 — — — 1 — — 2 — — —
Insider Ownership 2.42%

Capital & Financial Ratios $m

Size
Market Cap 5,370.00
Revenue ttm 1,610.90
Net income ttm 160.12
Free cash flow ttm 225.76
Net debt Q 233.85
Valuation
P/E 33.20
Forward P/E 30.70
Price / sales 3.31
Forward P/S Powerpack
Price / FCF 23.64
Price / book 3.06
Financial health
Current ratio Q 4.52 (at or above 1.5: strong)
Debt / equity Q 0.42 (at or below 0.5: strong)
Interest coverage Q 8.01
Growth
Revenue growth Q +8.35% (above 0%: growing)
Operating income growth Q +37.90% (above 0%: growing)
EPS, this year +13.60%
EPS, next year A +7.29%
Revenue, next year A +8.12%
EPS, past 5 yrs —
EPS, next 5 yrs A +9.53%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.5×, against a ten-year median of 3.5×; over the ten years it ranged from 1.6× in 2019 to 4.9× in 2025.
P/E against its own 10 years 6.26%
10-year low 10-year high
P/S against its own 10 years 55.01%
10-year low 10-year high
P/B against its own 10 years 37.26%
10-year low 10-year high
EV/Sales against its own 10 years 46.90%
10-year low 10-year high
EV/FCF against its own 10 years 5.81%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 587 377 446 504
Receivables 193 212 229 269
Inventory 304 306 334 391
Other — — — —
1,108 924 1,040 1,199
2023 2024 2025 Q'26
Payables 66 69 61 66
ST’ Debt — — — —
Other — — — —
204 216 240 265

Compound Annual Growth %

10y 5y 3y
Sales 10.83% 9.48% 9.61%
Cash Flow 15.65% 12.47% 37.54%
Earnings 18.37% 0.00% 19.91%
Book Value 13.01% 10.57% 11.45%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.04 Actual 1.12

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.96 1.04 Beat by 0.08
Q1 FY26 0.84 0.94 Beat by 0.10
Q2 FY26 0.96 1.19 Beat by 0.23
Q3 FY26 1.04 1.12 Beat by 0.08
Q4 FY26 1.12 — Reports 23 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.68 0.65 0.70 — —
’25 0.49 0.54 0.46 0.63 2.13
’24 0.48 0.61 0.48 0.46 2.03
’23 0.36 0.35 0.44 0.47 1.62
’22 0.18 0.27 0.27 0.58 1.29
’21 0.19 0.09 0.21 0.36 0.84
’20 (0.06) (0.34) (0.05) 0.27 (0.18)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 382 419 416 — —
’25 355 382 384 394 1,516
’24 324 338 340 355 1,357
’23 298 320 315 325 1,257
’22 275 295 287 293 1,151
’21 249 280 267 278 1,075
’20 244 218 244 258 964
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 41 69 65 — —
’25 41 83 75 99 297
’24 36 69 47 69 221
’23 15 17 51 62 145
’22 12 39 35 28 114
’21 35 41 25 46 147
’20 29 44 55 37 165
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 24 51 78 — —
’25 19 69 52 73 213
’24 24 57 37 65 183
’23 2 11 42 54 108
’22 2 31 19 14 66
’21 29 34 18 37 117
’20 14 32 45 26 116
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 604 728 883 995 964 1,075 1,151 1,257 1,357 1,516 1,611 +10.8% 1,639 1,741 1,841 +6.7%
Gross margin, % 43.89 44.82 44.72 43.46 41.62 45.16 45.10 46.44 47.43 48.70 49.41 +4.8 pt
EBT 25 36 50 2 (13) 54 83 112 150 171 212 +23.6%
EBT margin, % 4.20 4.93 5.61 0.22 (1.37) 5.02 7.18 8.91 11.06 11.28 13.14 +7.1 pt
Net income 20 28 42 5 (10) 48 75 94 120 128 160 +22.9%
Per share, $
Per share, $ Revenue 13.60 14.91 16.89 18.06 17.39 19.14 20.26 21.83 23.30 25.62 26.94 +7.3%
Earnings 0.45 0.56 0.80 0.10 (0.18) 0.86 1.31 1.64 2.07 2.17 2.69 +19.1%
Cash flow 1.21 1.29 1.66 1.41 2.98 2.62 2.01 2.52 3.79 5.03 4.58 +17.2%
Capex (0.79) (0.84) (1.27) (1.46) (0.89) (0.53) (0.85) (0.64) (0.65) (1.43) (0.80) +6.9%
Free cash flow 0.42 0.44 0.39 (0.05) 2.09 2.09 1.16 1.88 3.14 3.59 3.77 +27.0%
Book value 11.22 13.86 17.85 17.25 17.29 18.52 20.15 20.87 23.69 26.78 29.17 +10.2%
Shares, m 44 49 52 55 55 56 57 58 58 59 60 +3.2%
Valuation, ×
Valuation, × P/E 58.22 73.81 69.76 346.89 0.00 72.44 53.13 46.57 46.72 40.62 33.20 80.8
P/S 1.93 2.92 3.30 1.73 3.19 3.25 3.44 3.50 4.15 3.44 3.31 3.1
P/B 2.34 3.14 3.13 1.81 3.21 3.36 3.45 3.66 4.08 3.29 3.06 3.1
EV/Sales 2.43 3.26 3.68 2.13 3.50 3.42 3.56 3.69 4.41 3.63 3.46 3.4
EV/FCF 79.12 110.06 160.22 (765.05) 29.06 31.26 61.88 42.77 32.76 25.90 24.69 (19.2)
Cash, $m
Cash, $m Operating cash flow 54 63 87 78 165 147 114 145 221 297 274 +21.0%
Capex (35) (41) (66) (81) (49) (30) (48) (37) (38) (85) (48) +10.3%
Free cash flow 19 22 20 (3) 116 117 66 108 183 213 226 +31.1%
Balance, $m
Balance, $m Working capital 155 201 254 273 245 246 308 905 707 800 934 +20.0%
Net debt 305 246 328 395 294 175 140 236 353 288 234 (0.7%)
Shareholders’ equity 498 676 933 950 959 1,040 1,144 1,202 1,379 1,584 1,745 +13.7%
Returns, %
Returns, % ROA 2.34 2.68 3.08 0.32 (0.58) 2.93 4.50 4.73 5.07 5.03 5.76 +2.7 pt
ROIC 2.71 2.24 2.91 0.72 (0.08) 3.13 4.26 5.39 5.62 6.17 6.87 +3.5 pt
ROE 4.17 4.69 5.22 0.58 (1.03) 4.85 6.82 8.05 9.33 8.67 9.78 +4.5 pt
People
People Employees 4,150 4,876 5,783 6,355 5,989 6,446 6,846 6,950 7,400 7,500 — +6.8%
Revenue/emp, $m 0.15 0.15 0.15 0.16 0.16 0.17 0.17 0.18 0.18 0.20 — +3.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Merit Medical Systems, Inc. vs peers in Medical Instruments & Supplies (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BLCO Bausch + Lomb Corporation $7.1B — (loss-making) 749× +7.34% (above 0%: growing) n/m +182.54% (above 0%: growing) 64.65% 11.27% Compare
TFX Teleflex Incorporated $6.5B — (loss-making) 37.4× +28.88% (above 0%: growing) −17.33% (below 0%: shrinking) +220.14% (above 0%: growing) 58.16% 12.77% Compare
MMSI Merit Medical Systems, Inc. $5.4B 33.2× 30.7× +8.35% (above 0%: growing) +50.53% (above 0%: growing) +50.18% (above 0%: growing) 48.20% 14.12%
MMED MiniMed Group, Inc. $5.1B — (loss-making) 27.8× — n/m −13.92% (below 0%: shrinking) 55.16% 0.47% Compare
ICUI ICU Medical, Inc. $4.2B 69.3× 48.8× +4.37% (above 0%: growing) n/m +292.20% (above 0%: growing) 41.89% 9.34% Compare
NVST Envista Holdings Corporation $4.0B 6.4× 21.5× +3.22% (above 0%: growing) n/m −6.48% (below 0%: shrinking) 57.93% 74.50% Compare
PLSE Pulse Biosciences, Inc $3.9B — (loss-making) — (loss-making) +359.30% (above 0%: growing) n/m −1,180.54% (below 0%: shrinking) 51.65% (6,149.87%) Compare
STVN Stevanato Group S.p.A. $3.6B 22.4× 30.2× +5.91% (above 0%: growing) +17.53% (above 0%: growing) +4,089.92% (above 0%: growing) 29.12% 18.51% Compare
ATRC AtriCure, Inc. $3.1B 199× 573× +15.03% (above 0%: growing) n/m −0.73% (below 0%: shrinking) 77.27% 2.82% Compare
Median of peers $4.1B 45.8× 37.4× +7.34% — +90.90% 56.55% 10.31%

All 53 Medical Instruments & Supplies stocks →

Merit Medical Systems, Inc. (MMSI) Latest News

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MMSI metrics, ten years each

stockrow.com/MMSI · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com