Merit Medical Systems, Inc. (MMSI) vs Warby Parker Inc. (WRBY)

Merit Medical Systems, Inc. and Warby Parker Inc. are both Medical Instruments & Supplies companies. Merit Medical Systems, Inc. is the larger, with a market value of $5.2B against $3.3B — 1.6× the size. Merit Medical Systems, Inc. trades at the lower P/E: 35.7× against 382×. Warby Parker Inc. grew revenue faster over the last twelve months: 11.0% against 10.2%. Merit Medical Systems, Inc. has the higher net margin (9.22% vs 0.85%) and the higher return on invested capital (6.40% vs 0.98%). Across the 21 metrics below, Merit Medical Systems, Inc. leads on 14 and Warby Parker Inc. on 7.

Valuation

Metric MMSI WRBY Medical Instruments & Supplies median
P/E 35.71 381.57 34.17
P/S 3.31 3.63 2.83
P/B 3.11 8.45 2.82
Price to free cash flow 26.14 152.23 25.69
EV/EBITDA 16.08 51.14 16.08
EV/Sales 3.49 3.31 3.06
Earnings yield 2.80% 0.26% (1.84%)
Free cash flow yield 3.83% 0.66% 0.17%

Profitability

Metric MMSI WRBY Medical Instruments & Supplies median
Gross margin 49.51% 54.68% 54.62%
Operating margin 12.75% 0.17% 1.64%
Net margin 9.22% 0.85% 0.00%
Free cash flow margin 12.65% 2.39% 1.61%
Return on equity 9.19% 2.06% 0.00%
Return on assets 5.34% 1.05% 0.00%
Return on invested capital 6.40% 0.98% 0.00%

Growth

Metric MMSI WRBY Medical Instruments & Supplies median
Revenue growth (TTM) 10.19% 10.99% 9.20%
EPS growth (last fiscal year) 4.93% 105.88% —
Revenue growth, 5-year CAGR 9.48% 17.23% 9.48%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MMSI WRBY Medical Instruments & Supplies median
Debt to equity 0.44 0.00 0.08
Current ratio 4.20 2.27 2.49
Net debt to EBITDA 0.89 (5.92) 0.83

Dividend

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

Size

Metric MMSI WRBY Medical Instruments & Supplies median
Market cap 5.21b 3.28b 938.39m

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