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; kits and accessories for endoscopy and bronchoscopy procedures; and temporary pacing technology. 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. The company was incorporated in 1987 and is headquartered in South Jordan, Utah.

Ticker
MMSI
Exchange
Nasdaq
Sector
Healthcare
Industry
Medical Instruments & Supplies
Market cap
$5.22B
52-week range
$59.74 - $94.85

Valuation

Share price
$87.23 (close of Nov 6, 2026)
P/E (TTM)
32.43x
Price to book
2.99x
Price to free cash flow
25.66x
Enterprise value
$5.54B
Book value per share
$29.13

Price performance

PeriodChange
1 day-2.67%
5 days+1.15%
1 month+2.67%
3 months-0.52%
6 months+41.54%
Year to date-1.03%
1 year+0.83%
3 years+22.62%
5 years+25.58%
10 years+320.39%
All time+10,284.52%

Short interest

As of
Oct 15, 2026
Short % of float
8.55%
Shares short
3.79M
Days to cover
6.02
Change since prior report
+4.51%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
8.11%
Return on invested capital
5.91%
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
4.52x
Net debt to EBITDA
0.84x

Latest reported year

Period end
Dec 31, 2025
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
Research and development
$97.35M
Interest expense
$26.46M
Shares outstanding
59.16M

Income statement by year

Period endRevenueGross profitNet incomeEPS
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 endGross marginNet marginReturn on equityReturn on capital
2025-12-3148.70%8.48%8.11%5.91%
2024-12-3147.43%8.87%8.73%5.80%
2023-12-3146.44%7.51%7.85%5.08%
2022-12-3145.10%6.47%6.51%5.62%
2021-12-3145.16%4.51%4.66%4.09%
2020-12-3141.62%-1.02%-1.03%-0.06%
2019-12-3143.46%0.55%0.57%1.05%
2018-12-3144.72%4.76%4.50%3.83%
2017-12-3144.82%3.78%4.07%2.57%
2016-12-3143.89%3.33%4.04%3.60%

Cash and debt by year

Period endCashDebt
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 endFree cash flowStock-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

Past earnings dates

ReportedFiscal periodEPS estimate
2026-10-29Sep 2026$0.93
2026-07-30Jun 2026$0.85
2026-04-30Mar 2026$0.73
2026-02-24Dec 2025$0.85
2025-10-30Sep 2025$0.73
2025-07-30Jun 2025$0.77
2025-04-24Mar 2025$0.75
2025-02-25Dec 2024$0.83

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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Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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