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Merit Medical Systems, Inc. MMSI R2K

Healthcare · Medical Instruments & Supplies · United States
https://www.merit.com

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.

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$63.06
-33.64% 1Y

Market & Price

Market Cap
$3.76B
Current Price
$63.06
High / Low (52W)
$96.01 / $60.31
Beta
0.57

Valuation

Stock P/E
27.18
Industry PE
23.65
Forward P/E
14.34
PEG Ratio
1.33
Book Value
$27.27
Price to Book
2.31
P/S
2.44
EV/EBITDA
12.79
Dividend Yield
-

Profitability & Returns

ROCE
8.07%
ROE
9.12%
ROA
4.72%
Profit Margin
9.03%
Op Margin
11.52%
EPS (Latest Qtr)
$0.68
EPS (TTM)
$2.32

Balance Sheet & Liquidity

Debt/Equity
0.51
Quick Ratio
3.30
Current Ratio
5.08
Debt
$821.56M
Total Assets
$2.69B
Current Assets
$1.04B
Working Capital
$800.39M

Ownership

Promoter Holding
2.48%
Chg in Prom Hold
-
FII / Inst Holding
104.48%
Chg in FII Hold
-

Financial Snapshot

Enterprise Value
$4.10B
Total Revenue (TTM)
$1.54B
EBITDA
$320.20M
Free Cash Flow
$178.19M
Operating Cash Flow
$297.48M
Shares Outstanding
59.65M
Gross Margin
48.69%
Payout Ratio
0.00%

Growth (CAGR)

Revenue 5Y
9.61%
Profit 5Y
19.91%
Revenue (YoY)
7.50%
Earnings (YoY)
38.80%

PROS

  • Profit CAGR of 19.9% over 5 years.
  • Generates positive free cash flow.

CONS

  • Trading 34.3% below its 52-week high.
  • In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Healthcare).

#NameCMP $P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 MMSI Merit Medical Systems, Inc. R2K 63.06 27.18 $3.76B - 8.07% 9.12% 9.61% 19.91%
2 LLY Eli Lilly and Company SPX 1,105.00 39.21 $985.37B 0.63% 38.44% 107.46% 31.69% 48.96%
3 JNJ Johnson & Johnson SPX 225.33 26.11 $542.42B 2.38% 23.13% 26.42% 5.60% 14.32%
4 UNH UnitedHealth Group Incorporated SPX 380.31 28.66 $345.38B 2.32% 9.60% 12.18% 11.35% -15.69%
5 MRK Merck & Co., Inc. SPX 118.72 33.44 $293.22B 2.86% 20.66% 18.94% 3.12% 7.93%
6 TMO Thermo Fisher Scientific Inc. SPX 492.51 27.11 $183.03B 0.38% 9.17% 13.52% -0.27% -1.19%
7 AMGN Amgen Inc. NDXSPX 336.79 23.42 $181.77B 2.99% 18.02% 101.32% 11.77% 5.58%
8 GILD Gilead Sciences, Inc. NDXSPX 134.43 18.29 $166.90B 2.44% 22.92% 43.36% 2.57% 22.83%
9 ISRG Intuitive Surgical, Inc. NDXSPXAI 424.64 51.53 $150.39B - 15.96% 17.23% 17.39% 29.26%
Ad space

Quarterly Results

Figures in USD.

Metric Jun 2015Sep 2015Dec 2015Mar 2016Jun 2016Sep 2016Dec 2016Mar 2017Jun 2017Sep 2017Dec 2017Mar 2018Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019Dec 2019Mar 2020Jun 2020Sep 2020Dec 2020Mar 2021Jun 2021Sep 2021Mar 2022Jun 2022Sep 2022Mar 2023Jun 2023Sep 2023Mar 2024Jun 2024Sep 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue -------171.07M186.55M179.34M190.90M203.03M224.81M221.66M233.25M238.35M255.53M243.05M257.92M243.53M218.37M243.97M258.00M248.91M280.32M267.02M275.42M294.98M287.18M297.56M320.06M315.23M323.51M338.00M-355.35M382.46M384.16M393.94M381.88M
Cost of Revenue -----------------------------------183.33M197.97M197.75M198.58M197.08M
Gross Profit 60.89M59.20M60.31M60.10M66.85M67.81M70.26M75.94M84.14M80.51M85.66M88.06M100.01M102.04M104.67M104.64M111.96M104.14M111.63M103.78M84.22M102.01M111.16M111.89M124.14M120.49M120.91M135.07M128.57M138.36M152.78M142.20M151.72M161.10M-172.02M184.49M186.41M195.35M184.80M
Operating Expenses -----------------------------------129.96M137.46M143.77M141.37M140.82M
Operating Income 12.24M8.55M-7.71M11.58M2.99M12.60M5.61M13.36M879.00K13.22M8.78M15.11M21.06M13.66M9.52M12.20M-2.88M-3.41M1.36M-19.00M64.00K16.01M14.19M8.89M15.93M15.23M23.26M18.66M26.38M28.81M35.14M35.92M45.95M-42.06M47.02M42.64M53.98M43.98M
EBITDA -----------------------------------76.80M83.96M79.54M91.75M93.42M
Interest Expense -----------------------------------6.57M6.78M6.75M6.36M6.53M
Pretax Income -----------------------------------37.96M43.38M38.54M51.06M53.55M
Tax Provision -----------------------------------7.81M10.80M10.79M13.05M12.55M
Net Income 7.40M4.82M6.41M4.35M7.29M973.00K7.51M14.80M9.48M-3.57M6.81M5.27M10.94M16.62M9.19M6.20M6.86M-3.40M-4.21M-3.15M-19.06M-3.01M15.38M10.96M4.92M11.97M10.54M15.30M15.27M20.70M20.25M25.83M28.24M35.73M-30.15M32.58M27.75M38.01M40.99M
Diluted EPS 0.170.110.140.100.160.020.170.320.19-0.070.130.100.210.300.160.110.12-0.06-0.08-0.06-0.34-0.050.270.190.090.210.180.270.270.360.350.440.480.61-0.490.540.460.630.68
R&D Expense 9.20M10.52M-10.59M11.43M11.42M-12.53M13.31M12.84M-14.32M15.32M14.53M-16.04M16.33M-----------------------

Profit & Loss (Annual)

Figures in USD.

Metric Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Revenue -------603.84M727.85M882.75M994.85M963.88M-1.15B1.26B1.36B1.52B
Cost of Revenue -------------631.88M673.49M713.18M777.64M
Gross Profit 108.80M128.50M165.47M181.99M194.37M225.22M235.78M265.02M326.25M394.77M432.37M401.18M-519.10M583.87M643.33M738.27M
Operating Expenses -------------418.04M456.40M487.20M552.57M
Operating Income 32.85M17.20M33.19M29.64M27.84M40.17M37.54M34.88M33.07M58.62M15.43M-1.56M-101.06M127.47M156.14M185.70M
EBITDA -------------181.17M228.89M295.94M332.05M
Interest Expense -------------6.34M15.51M31.22M26.46M
Pretax Income -------------82.63M112.09M149.99M170.94M
Tax Provision -------------8.11M17.68M29.64M42.45M
Net Income 22.53M12.46M23.04M-16.57M22.97M23.80M20.12M27.52M42.02M5.45M-9.84M-74.52M94.41M120.36M128.49M
Diluted EPS 0.630.350.580.460.390.530.530.450.550.780.10-0.18-1.291.622.032.13
R&D Expense 11.17M15.34M21.94M27.80M33.89M36.63M40.81M45.23M51.40M59.53M-------

Compounded Sales Growth

5 Years:9.61%
1 Year:7.50%

Compounded Profit Growth

5 Years:19.91%
1 Year:38.80%

Stock Price Performance

1 Year:-33.64%
6 Months:-28.01%
3 Months:-18.29%
1 Month:-2.75%

Balance Sheet (Annual)

Figures in USD.

Metric Dec 2008Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Total Assets -271.51M369.48M447.02M705.31M728.28M747.16M778.73M942.80M1.11B1.62B1.76B1.66B-1.66B2.33B2.42B2.69B
Current Assets --------------529.08M1.11B923.77M1.04B
Cash & Equivalents 34.03M6.13M3.73M10.13M9.72M7.46M7.36M4.18M19.17M32.34M67.36M44.32M56.92M-58.41M587.04M376.71M446.40M
Inventory --------------265.99M303.87M306.06M333.70M
Receivables --------------164.68M177.88M190.24M203.71M
Total Liabilities --133.87M89.93M323.73M322.58M311.91M312.62M444.61M435.48M687.24M807.38M705.82M-519.57M1.12B1.04B1.10B
Current Liabilities --40.18M43.80M73.00M65.59M75.43M87.91M88.33M115.62M175.34M181.66M185.00M-220.65M203.56M216.40M239.76M
Long Term Debt --81.54M30.74M227.57M238.85M214.49M197.59M314.37M259.01M373.15M431.98M343.72M-186.76M823.01M729.55M734.04M
Total Debt --------------268.75M891.36M794.66M821.57M
Total Equity ----381.58M405.71M435.26M466.10M498.19M676.33M932.77M949.94M958.58M-1.14B1.20B1.38B1.58B
Shares Outstanding --------------57.31M57.86M58.74M59.42M

Cash Flows (Annual)

Figures in USD.

Metric Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Operating Cash Flow 30.07M34.76M34.02M46.94M51.37M53.33M69.46M53.60M62.73M86.53M77.81M165.27M-114.29M145.15M220.80M297.37M
Investing Cash Flow -65.79M-112.83M-74.02M-255.57M-68.61M-36.20M-62.02M-159.11M-146.76M-378.82M-134.48M-58.65M--57.40M-175.35M-368.65M-247.39M
Financing Cash Flow 7.82M76.12M46.70M208.29M14.77M-16.97M-10.23M121.09M96.52M328.28M33.53M-95.71M--60.26M559.27M-60.01M16.00M
Capital Expenditure -18.48M-23.65M-59.20M-64.64M-59.51M-34.18M-50.96M-32.84M-38.62M-63.32M-78.17M-45.99M--48.20M-36.70M-38.04M-84.84M
Free Cash Flow 11.59M11.11M-25.18M-17.70M-8.13M19.14M18.50M20.76M24.10M23.21M-360.00K119.28M-66.09M108.45M182.76M212.53M
Net Change in Cash --------------3.37M529.07M-207.86M65.98M
Share Buybacks 2.47M00--------------

Ratios (Annual)

Figures in %.

Metric Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Gross Margin % -------43.9%44.8%44.7%43.5%41.6%-45.1%46.4%47.4%48.7%
Operating Margin % -------5.8%4.5%6.6%1.6%-0.2%-8.8%10.1%11.5%12.3%
Net Margin % -------3.3%3.8%4.8%0.5%-1.0%-6.5%7.5%8.9%8.5%
ROE % ----4.1%5.3%5.1%4.0%4.1%4.5%0.6%-1.0%-6.5%7.9%8.7%8.1%
ROCE % -5.2%8.2%4.7%4.2%6.0%5.4%4.1%3.3%4.1%1.0%-0.1%-7.0%6.0%7.1%7.6%

Shareholding Pattern

Insiders
2.48%
Institutions
104.48%
Public Float
107.13%

Top Institutional Holders

#Holder% HeldSharesValue
1 Blackrock Inc. 14.81% 8.83M $557.09M
2 Vanguard Portfolio Management LLC 5.91% 3.52M $222.17M
3 Vanguard Capital Management LLC 4.45% 2.66M $167.50M
4 State Street Corporation 3.96% 2.36M $148.88M
5 Conestoga Capital Advisors, LLC 3.63% 2.17M $136.68M
6 Fuller & Thaler Asset Management Inc. 3.55% 2.12M $133.41M
7 Geode Capital Management, LLC 2.53% 1.51M $95.12M
8 Morgan Stanley 2.11% 1.26M $79.52M
9 Dimensional Fund Advisors LP 2.07% 1.24M $78.02M
10 Nomura Asset Management International Inc 2.01% 1.20M $75.56M

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