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. Merit Medical Systems, Inc. is the larger, with a market value of $5.4B against $3.6B — 1.5× the size. Stevanato Group S.p.A. trades at the lower P/E: 22.4× against 33.2×. Stevanato Group S.p.A. grew revenue faster over the last twelve months: 11.6% against 9.06%. Stevanato Group S.p.A. has the higher net margin (11.2% vs 9.94%) and the lower return on invested capital (6.71% vs 6.87%). Across the 21 metrics below, Stevanato Group S.p.A. leads on 13 and Merit Medical Systems, Inc. on 8.

Valuation

Metric MMSI STVN Medical Instruments & Supplies median
P/E 33.20 22.38 30.28
P/S 3.31 2.48 2.49
P/B 3.06 1.95 2.34
Price to free cash flow 23.64 n/m 23.49
EV/EBITDA 15.50 11.34 14.87
EV/Sales 3.46 2.75 2.75
Earnings yield 3.01% 4.47% 0.00%
Free cash flow yield 4.23% (0.25%) 0.59%

Profitability

Metric MMSI STVN Medical Instruments & Supplies median
Gross margin 49.41% 29.11% 53.60%
Operating margin 13.50% 16.60% 1.97%
Net margin 9.94% 11.21% 0.00%
Free cash flow margin 14.01% (0.61%) 2.36%
Return on equity 9.78% 9.22% 0.00%
Return on assets 5.76% 5.50% 0.00%
Return on invested capital 6.87% 6.71% 0.13%

Growth

Metric MMSI STVN Medical Instruments & Supplies median
Revenue growth (TTM) 9.06% 11.59% 8.97%
EPS growth (last fiscal year) 4.93% 23.40% 6.51%
Revenue growth, 5-year CAGR 9.48% 12.16% 8.85%
Net income growth, 5-year CAGR 0.00% 12.02% 0.00%

Health

Metric MMSI STVN Medical Instruments & Supplies median
Debt to equity 0.42 0.30 0.10
Current ratio 4.52 1.73 2.47
Net debt to EBITDA 0.89 1.15 0.97

Dividend

Metric MMSI STVN Medical Instruments & Supplies median
Dividend yield — 0.48% 1.02%
Payout ratio — 0.11 0.27

Size

Metric MMSI STVN Medical Instruments & Supplies median
Market cap 5.37b 3.61b 1.71b

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