Merit Medical Systems Inc (MMSI)
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. 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.
- Symbol
- MMSI
- Exchange
- Nasdaq
- Sector
- Healthcare
- Industry
- Medical Instruments & Supplies
- Market cap
- $5.21B
- 52 week range
- 59.74 - 94.75
Valuation
- Share price
- $87.07 (close of 2026-09-23)
- P/E (TTM)
- 35.62x
- Price to book
- 3.10x
- Price to free cash flow
- 25.64x
- Enterprise value
- $5.58B
- Book value per share
- $28.13
Price performance
| Period | Change |
|---|
| 1 day | +1.85% |
| 5 days | +1.03% |
| 1 month | -4.09% |
| 3 months | +29.43% |
| 6 months | +27.80% |
| Year to date | -1.21% |
| 1 year | +4.00% |
| 3 years | +27.82% |
| 5 years | +19.06% |
| 10 years | +263.40% |
| All time | +10265.48% |
Profitability and growth
- Return on equity
- 8.11%
- Return on invested capital
- 7.26%
- Return on assets
- 4.78%
- Return on capital employed
- 7.55%
- Gross margin
- 48.70%
- Net margin
- 8.48%
- EBITDA margin
- 20.31%
- Revenue growth
- 11.75%
- Net income growth
- 6.76%
- Free cash flow growth
- 16.16%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 3.90%
- Current ratio
- 4.20x
- Net debt to EBITDA
- 1.03x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $1.52B
- Cost of revenue
- $777.64M
- Gross profit
- $738.27M
- EBITDA
- $307.89M
- Net income
- $128.49M
- Earnings per share
- $2.17
- Shares outstanding
- 59.16M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $1.52B | $738.27M | $128.49M | $2.17 |
| 2024-12-31 | $1.36B | $643.33M | $120.36M | $2.07 |
| 2023-12-31 | $1.26B | $583.87M | $94.41M | $1.64 |
| 2022-12-31 | $1.15B | $519.10M | $74.52M | $1.31 |
| 2021-12-31 | $1.07B | $485.33M | $48.45M | $0.86 |
| 2020-12-31 | $963.88M | $401.18M | $-9.84M | $-0.18 |
| 2019-12-31 | $994.85M | $432.37M | $5.45M | $0.10 |
| 2018-12-31 | $882.75M | $394.77M | $42.02M | $0.80 |
| 2017-12-31 | $727.85M | $326.25M | $27.52M | $0.56 |
| 2016-12-31 | $603.84M | $265.02M | $20.12M | $0.45 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 48.70% | 8.48% | 8.11% | 7.26% |
| 2024-12-31 | 47.43% | 8.87% | 8.73% | 7.01% |
| 2023-12-31 | 46.44% | 7.51% | 7.85% | 7.05% |
| 2022-12-31 | 45.10% | 6.47% | 6.51% | 5.86% |
| 2021-12-31 | 45.16% | 4.51% | 4.66% | 4.31% |
| 2020-12-31 | 41.62% | -1.02% | -1.03% | -0.06% |
| 2019-12-31 | 43.46% | 0.55% | 0.57% | 1.08% |
| 2018-12-31 | 44.72% | 4.76% | 4.50% | 4.05% |
| 2017-12-31 | 44.82% | 3.78% | 4.07% | 2.68% |
| 2016-12-31 | 43.89% | 3.33% | 4.04% | 3.69% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $446.40M | $734.04M |
| 2024-12-31 | $376.71M | $729.55M |
| 2023-12-31 | $587.04M | $823.01M |
| 2022-12-31 | $58.41M | $186.76M |
| 2021-12-31 | $67.75M | $234.40M |
| 2020-12-31 | $56.92M | $343.72M |
| 2019-12-31 | $44.32M | $431.98M |
| 2018-12-31 | $67.36M | $373.15M |
| 2017-12-31 | $32.34M | $259.01M |
| 2016-12-31 | $19.17M | $314.37M |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $215.66M | $43.46M |
| 2024-12-31 | $185.66M | $28.47M |
| 2023-12-31 | $110.86M | $21.33M |
| 2022-12-31 | $69.26M | $18.04M |
| 2021-12-31 | $119.29M | $16.09M |
| 2020-12-31 | $119.28M | $14.34M |
| 2019-12-31 | $-360.00K | $9.38M |
| 2018-12-31 | $23.21M | $6.12M |
| 2017-12-31 | $24.10M | $4.08M |
| 2016-12-31 | $20.76M | $2.51M |
Investor relations
Next earnings report
- Next confirmed report
- 2026-10-29
- Consensus EPS estimate
- $0.93
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-30 | Jun/2026 | $0.85 |
| 2026-04-30 | - | - |
| 2026-02-24 | - | - |
| 2025-10-30 | - | - |
| 2025-07-30 | - | - |
| 2025-04-24 | - | - |
| 2025-02-25 | - | - |
| 2024-10-30 | - | - |
Filings and sources
- Company website
- merit.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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