Merit Medical Systems, Inc.
Rank #274Op. LeverageMMSI · Nasdaq · Healthcare
Merit Medical Systems, Inc. (MMSI) — Rank #274 by gross profitability (GP/assets 0.26) · ROE 7.6% · Piotroski F-Score 7 / 9.
As-of 2026-09-15 · 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
Price History
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
$5.14B
P/E (annual)
40.4
P/S (annual)
3.4
P/B
3.1
P/OCF (annual)
17.3
Shareholder Yield
-1.8%
Employees
7,500
Industry
Medical Instruments & Supplies
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 1/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
10.3%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 1.8% — per-share value needs a total required return of 12.1% once share-count change is priced in.
vs. own 6-year median revenue growth: 8.6%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
5.8%
r = 10% (base)
10.3%
r = 12%
14.1%
Net debt / market cap: 5.5%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
Operating margin expansion and free cash flow are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.26
Primary signal (Novy-Marx).
16th of 17 SIC 3841 peers
Return on equity
7.6%
Gross margin
48.7%
16th of 17 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%
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.70
9th of 16 SIC 3841 peers (best = lowest)
Current ratio
4.20×
5th of 17 SIC 3841 peers
Quick ratio
2.54×
Net cash
-$287.56M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$215.66M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
0.68
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
2.9%
Stock-based comp intensity.
Piotroski F-Score
F-Score
7 / 9
Fundamental-strength score (0-9).