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. In the quarter to June 2026, revenue grew 9.51%, EPS grew 18.2%, free cash flow fell 25.7% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Merit Medical Systems, Inc. (MMSI) Altman Z-score
Merit Medical Systems, Inc.'s Altman Z-score for fiscal 2025 is 4.42, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.42 | (0.36) |
| FY2024 | 4.78 | 0.91 |
| FY2023 | 3.87 | (2.26) |
| FY2022 | 6.12 | 1.38 |
| FY2021 | 4.75 | 1.08 |
| FY2020 | 3.67 | 1.32 |
| FY2019 | 2.35 | (1.36) |
| FY2018 | 3.71 | (0.57) |
| FY2017 | 4.28 | 1.29 |
| FY2016 | 2.98 | (0.11) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.30 | — | 0.36 | |
| Retained earnings / total assets | 0.31 | — | 0.43 | |
| EBIT / total assets | 0.07 | — | 0.23 | |
| Market value of equity / total liabilities | 4.73 | — | 2.84 | |
| Sales / total assets | 0.56 | — | 0.56 | |
| Altman Z-score | Safe zone | 4.42 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.93 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PLSE Pulse Biosciences, Inc compare | 31.4× |
| WRBY Warby Parker Inc. compare | 4.7× |
| STVN Stevanato Group S.p.A. compare | 4.5× |
| MMSI Merit Medical Systems, Inc. | 4.4× |
| ATR AptarGroup, Inc. compare | 3.8× |
| ICUI ICU Medical, Inc. compare | 2.1× |
| TFX Teleflex Incorporated compare | 2.0× |
| NVST Envista Holdings Corporation compare | 1.6× |
| BLCO Bausch + Lomb Corporation compare | 0.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets