Merit Medical Systems, Inc. (MMSI) vs Stevanato Group S.p.A. (STVN)

Merit Medical Systems, Inc. and Stevanato Group S.p.A. are both Medical Instruments & Supplies companies. Stevanato Group S.p.A. is the larger, with a market value of $5.8B against $5.2B — 1.1× the size. Merit Medical Systems, Inc. trades at the lower P/E: 35.7× against 37.7×. Stevanato Group S.p.A. grew revenue faster over the last twelve months: 14.3% against 10.2%. Stevanato Group S.p.A. has the higher net margin (11.0% vs 9.22%) and the higher return on invested capital (6.56% vs 6.40%). Across the 21 metrics below, Merit Medical Systems, Inc. leads on 11 and Stevanato Group S.p.A. on 10.

Valuation

Metric MMSI STVN Medical Instruments & Supplies median
P/E 35.71 37.73 34.17
P/S 3.31 4.05 2.83
P/B 3.11 3.20 2.82
Price to free cash flow 26.14 n/m 25.69
EV/EBITDA 16.08 18.11 16.08
EV/Sales 3.49 4.34 3.06
Earnings yield 2.80% 2.65% (1.84%)
Free cash flow yield 3.83% (0.60%) 0.17%

Profitability

Metric MMSI STVN Medical Instruments & Supplies median
Gross margin 49.51% 29.13% 54.62%
Operating margin 12.75% 16.29% 1.64%
Net margin 9.22% 10.95% 0.00%
Free cash flow margin 12.65% (2.43%) 1.61%
Return on equity 9.19% 9.21% 0.00%
Return on assets 5.34% 5.46% 0.00%
Return on invested capital 6.40% 6.56% 0.00%

Growth

Metric MMSI STVN Medical Instruments & Supplies median
Revenue growth (TTM) 10.19% 14.28% 9.20%
EPS growth (last fiscal year) 4.93% 23.40% —
Revenue growth, 5-year CAGR 9.48% 12.16% 9.48%
Net income growth, 5-year CAGR 0.00% 12.02% 0.00%

Health

Metric MMSI STVN Medical Instruments & Supplies median
Debt to equity 0.44 0.29 0.08
Current ratio 4.20 1.61 2.49
Net debt to EBITDA 0.89 1.15 0.83

Dividend

Metric MMSI STVN Medical Instruments & Supplies median
Dividend yield — 0.07% 0.99%
Payout ratio 0.00 0.10 0.00

Size

Metric MMSI STVN Medical Instruments & Supplies median
Market cap 5.21b 5.84b 938.39m

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