Saturday 17 October 2026 Export MMSI’s income statement to Excel — free account

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.

89.20 0.37 −0.41%

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Market cap: $5.4B
P/E: 36.4×
Fwd P/E: 23.4×
Dividend yield: —
F-score: 7/9
Altman Z: 4.42
Beneish M: −2.70
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.57

Total sells 8.45

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	5	—	—	—	—	—
Sell	4	—	1	—	—	—	1	—	—	2	—	—

Insider Ownership 2.55%

Capital & Financial Ratios $m

Market Cap 5,350.00

Revenue 1,578.81

Net Income 145.56

Free Cash Flow 199.76

Net Debt 287.56

Current Ratio 4.20

Debt/Equity 0.44

P/E ratio 36.41

Fwd P/E 23.40

P/S ratio 3.37

P/B ratio 3.17

Past 5Y EPS Growth —

This Y EPS Growth 12.33%

Next Y EPS Growth 7.20%

Next Y revenue growth 7.92%

Next 5Y EPS Growth 9.02%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 9.14%

10-year low 10-year high

P/S against its own 10 years 59.57%

10-year low 10-year high

P/B against its own 10 years 43.60%

10-year low 10-year high

EV/Sales against its own 10 years 55.66%

10-year low 10-year high

EV/FCF against its own 10 years 11.83%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	587	377	446	449
Receivables	193	212	229	256
Inventory	304	306	334	374
Other	—	—	—	—
	1,108	924	1,040	1,112

	2023	2024	2025	Q'26
Payables	66	69	61	71
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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	382	419	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.68	0.65	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	15.47	24.23	41.55	19.50	25.18	52.43	50.46	62.58	70.70	78.12	Analyst estimates 2026–2028 Powerpack
	High	26.85	45.90	66.34	63.64	58.70	73.85	76.14	85.62	108.08	111.45
People
People	Employees	4,150	4,876	5,783	6,355	5,989	6,446	6,846	6,950	7,400	7,500
	Revenue/emp, $m	0.15	0.15	0.15	0.16	0.16	0.17	0.17	0.18	0.18	0.20
Income, $m
Income, $m	Revenue	604	728	883	995	964	1,075	1,151	1,257	1,357	1,516
	Gross margin, %	43.89	44.82	44.72	43.46	41.62	45.16	45.10	46.44	47.43	48.70
	EBT	25	36	50	2	(13)	54	83	112	150	171
	EBT margin, %	4.20	4.93	5.61	0.22	(1.37)	5.02	7.18	8.91	11.06	11.28
	Net income	20	28	42	5	(10)	48	75	94	120	128
	Depreciation	45	54	70	105	107	96	93	103	121	140
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
	Earnings	0.45	0.56	0.80	0.10	(0.18)	0.86	1.31	1.64	2.07	2.17
	Cash flow	1.21	1.29	1.66	1.41	2.98	2.62	2.01	2.52	3.79	5.03
	Capex	(0.79)	(0.84)	(1.27)	(1.46)	(0.89)	(0.53)	(0.85)	(0.64)	(0.65)	(1.43)
	Free cash flow	0.42	0.44	0.39	(0.05)	2.09	2.09	1.16	1.88	3.14	3.59
	Book value	11.22	13.86	17.85	17.25	17.29	18.52	20.15	20.87	23.69	26.78
	Shares, m	44	49	52	55	55	56	57	58	58	59
Valuation, ×
Valuation, ×	P/E	58.22	73.81	69.76	346.89	0.00	72.44	53.13	46.57	46.72	40.62
	P/S	1.93	2.92	3.30	1.73	3.19	3.25	3.44	3.50	4.15	3.44
	P/B	2.34	3.14	3.13	1.81	3.21	3.36	3.45	3.66	4.08	3.29
	EV/Sales	2.43	3.26	3.68	2.13	3.50	3.42	3.56	3.69	4.41	3.63
	EV/FCF	79.12	110.06	160.22	(765.05)	29.06	31.26	61.88	42.77	32.76	25.90
Cash, $m
Cash, $m	Operating cash flow	54	63	87	78	165	147	114	145	221	297
	Capex	(35)	(41)	(66)	(81)	(49)	(30)	(48)	(37)	(38)	(85)
	Free cash flow	19	22	20	(3)	116	117	66	108	183	213
Balance, $m
Balance, $m	Working capital	155	201	254	273	245	246	308	905	707	800
	Total debt	324	278	395	439	351	243	198	823	730	734
	Net debt	305	246	328	395	294	175	140	236	353	288
	Shareholders’ equity	498	676	933	950	959	1,040	1,144	1,202	1,379	1,584
Returns, %
Returns, %	ROA	2.34	2.68	3.08	0.32	(0.58)	2.93	4.50	4.73	5.07	5.03
	ROIC	2.71	2.24	2.91	0.72	(0.08)	3.13	4.26	5.39	5.62	6.17
	ROE	4.17	4.69	5.22	0.58	(1.03)	4.85	6.82	8.05	9.33	8.67

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ATR AptarGroup, Inc.	$7.9B	22.2×	21.0×	+6.26% (above 0%: growing)	−18.34% (below 0%: shrinking)	−23.07% (below 0%: shrinking)	35.61%	12.34%	Compare
BLCO Bausch + Lomb Corporation	$6.0B	— (loss-making)	— (loss-making)	+9.08% (above 0%: growing)	n/m	+251.85% (above 0%: growing)	62.20%	5.95%	Compare
TFX Teleflex Incorporated	$5.4B	— (loss-making)	45.3×	+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	36.4×	23.4×	+9.51% (above 0%: growing)	+18.18% (above 0%: growing)	−25.66% (below 0%: shrinking)	51.37%	14.42%
STVN Stevanato Group S.p.A.	$5.3B	33.8×	27.5×	+10.46% (above 0%: growing)	−25.00% (below 0%: shrinking)	−167.02% (below 0%: shrinking)	28.75%	12.93%	Compare
ICUI ICU Medical, Inc.	$4.2B	136×	49.5×	+0.51% (above 0%: growing)	−46.85% (below 0%: shrinking)	+655.98% (above 0%: growing)	42.61%	7.09%	Compare
NVST Envista Holdings Corporation	$3.8B	38.8×	24.4×	+7.10% (above 0%: growing)	+106.25% (above 0%: growing)	+37.57% (above 0%: growing)	55.72%	10.99%	Compare
PLSE Pulse Biosciences, Inc	$3.3B	— (loss-making)	— (loss-making)	+4,922.22% (above 0%: growing)	n/m	−45.39% (below 0%: shrinking)	37.10%	(5,823.04%)	Compare
WRBY Warby Parker Inc.	$3.0B	334×	122×	+9.81% (above 0%: growing)	n/m	−71.75% (below 0%: shrinking)	57.94%	1.34%	Compare
Median of peers	$4.7B	38.8×	36.4×	+9.45%	−18.34%	+7.25%	49.17%	9.04%

All 55 Medical Instruments & Supplies stocks →

Merit Medical Systems, Inc. (MMSI) key facts

Strength: Merit Medical Systems, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, up 11.8% from fiscal 2024.
Strength: Net income was $128.5 million, or $2.17 per share (basic), a net margin of 8.48%.
Merit Medical Systems, Inc. (MMSI) is a Medical Instruments & Supplies company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, MMSI traded at $89.20, a market capitalization of $5.4 billion.
At that price the stock trades at 36.4× trailing-twelve-month earnings and 3.4× sales; its P/E is higher than 9% of its own readings over the past ten years.
Return on equity was 8.67% and debt-to-equity 0.44.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 4.42 (safe zone) for fiscal 2025.