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 $5.4B — 1.1× the size. Bausch + Lomb Corporation has negative trailing earnings, so its P/E is not meaningful; Merit Medical Systems, Inc. trades at 36.4×. 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 36.41 33.75
P/S 1.10 3.37 2.52
P/B 0.91 3.17 2.48
Price to free cash flow 52.29 26.65 25.19
EV/EBITDA 14.14 16.38 14.62
EV/Sales 1.99 3.56 2.88
Earnings yield (2.93%) 2.75% (2.67%)
Free cash flow yield 1.91% 3.75% 0.09%

Profitability

Metric BLCO MMSI Medical Instruments & Supplies median
Gross margin 61.44% 49.51% 54.29%
Operating margin 6.07% 12.75% 1.07%
Net margin (3.21%) 9.22% (1.61%)
Free cash flow margin 2.57% 12.65% 1.08%
Return on equity (2.64%) 9.19% (1.32%)
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% 8.85%
EPS growth (last fiscal year) (13.33%) 4.93% 8.65%
Revenue growth, 5-year CAGR 8.38% 9.48% 9.17%
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 0.10
Current ratio 1.55 4.20 2.48
Net debt to EBITDA 8.49 0.89 0.89

Dividend

Metric BLCO MMSI Medical Instruments & Supplies median
Dividend yield — — 1.11%
Payout ratio — — 0.27

Size

Metric BLCO MMSI Medical Instruments & Supplies median
Market cap 5.95b 5.35b 619.84m

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