Bausch + Lomb Corporation (BLCO) vs Merit Medical Systems, Inc. (MMSI)

Bausch + Lomb Corporation and Merit Medical Systems, Inc. are both Medical Instruments & Supplies companies. Bausch + Lomb Corporation is the larger, with a market value of $7.1B against $5.4B — 1.3× the size. Bausch + Lomb Corporation has negative trailing earnings, so its P/E is not meaningful; Merit Medical Systems, Inc. trades at 33.2×. Merit Medical Systems, Inc. grew revenue faster over the last twelve months: 9.06% against 8.88%. Merit Medical Systems, Inc. has the higher net margin (9.94% vs −2.05%) and the higher return on invested capital (6.87% vs 2.16%). Across the 20 metrics below, Merit Medical Systems, Inc. leads on 15 and Bausch + Lomb Corporation on 5.

Valuation

Metric BLCO MMSI Medical Instruments & Supplies median
P/E n/m 33.20 30.28
P/S 1.32 3.31 2.49
P/B 1.10 3.06 2.34
Price to free cash flow 31.41 23.64 23.49
EV/EBITDA 14.62 15.50 14.87
EV/Sales 2.16 3.46 2.75
Earnings yield (1.52%) 3.01% 0.00%
Free cash flow yield 3.18% 4.23% 0.59%

Profitability

Metric BLCO MMSI Medical Instruments & Supplies median
Gross margin 62.55% 49.41% 53.60%
Operating margin 7.07% 13.50% 1.97%
Net margin (2.05%) 9.94% 0.00%
Free cash flow margin 4.65% 14.01% 2.36%
Return on equity (1.71%) 9.78% 0.00%
Return on assets (0.80%) 5.76% 0.00%
Return on invested capital 2.16% 6.87% 0.13%

Growth

Metric BLCO MMSI Medical Instruments & Supplies median
Revenue growth (TTM) 8.88% 9.06% 8.97%
EPS growth (last fiscal year) (13.33%) 4.93% 6.51%
Revenue growth, 5-year CAGR 8.38% 9.48% 8.85%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BLCO MMSI Medical Instruments & Supplies median
Debt to equity 0.78 0.42 0.10
Current ratio 1.56 4.52 2.47
Net debt to EBITDA 8.49 0.89 0.97

Dividend

Metric BLCO MMSI Medical Instruments & Supplies median
Dividend yield — — 1.02%
Payout ratio — — 0.27

Size

Metric BLCO MMSI Medical Instruments & Supplies median
Market cap 7.12b 5.37b 1.71b

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