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 $6.0B against $5.2B — 1.2× the size. Bausch + Lomb Corporation has negative trailing earnings, so its P/E is not meaningful; Merit Medical Systems, Inc. trades at 35.7×. Merit Medical Systems, Inc. grew revenue faster over the last twelve months: 10.2% against 8.85%. Merit Medical Systems, Inc. has the higher net margin (9.22% vs −3.21%) and the higher return on invested capital (6.40% vs 1.81%). 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 35.71 34.17
P/S 1.13 3.31 2.83
P/B 0.94 3.11 2.82
Price to free cash flow 53.95 26.14 25.69
EV/EBITDA 14.39 16.08 16.08
EV/Sales 2.02 3.49 3.06
Earnings yield (2.84%) 2.80% (1.84%)
Free cash flow yield 1.85% 3.83% 0.17%

Profitability

Metric BLCO MMSI Medical Instruments & Supplies median
Gross margin 61.44% 49.51% 54.62%
Operating margin 6.07% 12.75% 1.64%
Net margin (3.21%) 9.22% 0.00%
Free cash flow margin 2.57% 12.65% 1.61%
Return on equity (2.64%) 9.19% 0.00%
Return on assets (1.24%) 5.34% 0.00%
Return on invested capital 1.81% 6.40% 0.00%

Growth

Metric BLCO MMSI Medical Instruments & Supplies median
Revenue growth (TTM) 8.85% 10.19% 9.20%
EPS growth (last fiscal year) (13.33%) 4.93% —
Revenue growth, 5-year CAGR 8.38% 9.48% 9.48%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BLCO MMSI Medical Instruments & Supplies median
Debt to equity 0.79 0.44 0.08
Current ratio 1.55 4.20 2.49
Net debt to EBITDA 8.49 0.89 0.83

Dividend

Metric BLCO MMSI Medical Instruments & Supplies median
Dividend yield — — 0.99%
Payout ratio — 0.00 0.00

Size

Metric BLCO MMSI Medical Instruments & Supplies median
Market cap 6.00b 5.21b 938.39m

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