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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. 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%
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 (at or above 1.5: strong)
Debt/Equity 0.44 (at or below 0.5: strong)
P/E ratio 36.41 (above 35: high)
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
EV/Sales is 3.6×, 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

Source: company filings (standardised) and stockrow calculations.

Merit Medical Systems, Inc. (MMSI) Latest News

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stockrow.com/MMSI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com