MMSI · Nasdaq · Healthcare
Merit Medical Systems, Inc. (MMSI) — Rank #263 by gross profitability (GP/assets 0.26) · ROE 7.6% · Piotroski F-Score 7 / 9.
As-of 2026-10-30 · CIK 0000856982 · all metrics point-in-time as of the filing date.
About
Merit Medical Systems, Inc. designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States, China, Japan, Germany, France, the United Kingdom, and internationally.
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It operates through two segments, Cardiovascular and Endoscopy. The company offers micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention products comprising angiography, drainage, delivery systems, and embolotherapy products; oncology products, such as soft tissue biopsy products and accessories; cardiac intervention products consisting of cardiac access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention products; and spine products, including vertebral augmentation, radiofrequency ablation, and bone biopsy systems. It also provides custom procedural solutions, including critical care products, syringes, manifold kits, and trays and packs; coating services for medical tubes and wires; and sensor components for microelectromechanical systems. In addition, the company offers gastroenterology products, such as esophageal stents, cryoballoon and inflation devices, gauges, and balloon dilators; pulmonary products consisting of laser-cut tracheobronchial stents, and over-the-wire and direct visualization delivery systems; and kits and accessories for endoscopy and bronchoscopy procedures. It sells its products to hospitals, alternate site-based physicians, technicians, and nurses through direct sales force, independent distributors, original equipment manufacturer partners, and custom procedure tray manufacturers. The company exports its products to Canada, Western Europe, Australia, Brazil, Malaysia, South Korea, the United Arab Emirates, India, New Zealand, and South Africa. Merit Medical Systems, Inc.
was incorporated in 1987 and is headquartered in South Jordan, Utah.
- Industry
- Medical Instruments & Supplies
- Sector
- Healthcare
- State
- UT
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- merit.com
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
—
P/E (annual)
—
P/S (annual)
—
P/B
—
P/OCF (annual)
—
Shareholder Yield
—
Employees
7,500
Industry
Medical Instruments & Supplies
Exchange
Nasdaq
12/12
Flags passed
MMSI passes 12/12 quality flags
- PASSGross margin holding
- PASSDilution within 2%
- PASSFCF not negative from investment
- PASSDisclosure consistent
- PASSRevenue not declining
- PASSOperating margin holding
- PASSFree cash flow intact
- PASSPasses safety gate
- PASSBalance sheet stable
- PASSNo competitive retreat
- PASSSBC not compressing margin
- PASSNo valuation convergence
Strengths Revenue growth accelerating · Operating leverage expanding · Sequential beat (rev + EPS)
A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passOperating margin expansion and free cash flow are the primary reads at this stage.
Profitability
Does it make money well?
No warning flags · GP/assets 5th percentile of 20 SIC 3841 peers
Gross profitability (GP / assets)
0.26
Primary signal (Novy-Marx).
5th pctl of 20 SIC 3841 peers
Return on equity
7.6%
Gross margin
48.7%
11th pctl of 20 SIC 3841 peers
Revenue growth (YoY)
11.8%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
9.6%
Revenue CAGR (5Y)
9.5%
Earnings CAGR (3Y)
19.9%
FCF CAGR (3Y)
46.0%
Cash Flow Health
Is the cash real?
No warning flags · FCF 68% above net income
Free cash flow
$215.66M
Operating cash flow minus capex.
Positive free cash flow
FCF vs net income
67.8%
(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.
FCF not below net income
Fails when free cash flow is below net income (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
2.9%
Stock-based comp intensity.
Balance Sheet Strength
Can it survive a storm?
No warning flags · net debt $287.56M, F-Score 7/9
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.70
11th of 19 SIC 3841 peers (best = lowest)
Current ratio
4.20×
79th pctl of 20 SIC 3841 peers
Quick ratio
2.54×
Net cash
-$287.56M
Cash & equivalents minus total debt.
Piotroski F-Score
7 / 9
Fundamental-strength score (0-9).
Valuation
Is the price reasonable?
No warning flags
Capital allocation quality
Composite score
3.0 / 5
Lifecycle Phase History
Price History
Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports