MMSI

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Merit Medical Systems, Inc.

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Key Metrics

Previous Close: $86.15
52-Week Range: $59.74 – $94.75
Market Cap: $5.10B
P/E (TTM): 35.13
EPS (TTM): 2.43
Dividend Yield: 0.00%

Advanced Metrics

Price/Book: 3.03
PEG Ratio: 1.54
Return on Equity: 9.19%
Return on Assets: 4.92%
Gross Margin: 49.51%
Operating Margin: 14.46%
Profit Margin: 9.22%
Current Ratio: 4.20
Debt/Equity: 0.49
Total Debt: $820.12M
Free Cash Flow: $173.90M
Revenue Growth: 9.50%
Earnings Growth: 20.40%
Enterprise Value: $5.47B

MMSI Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$1.15B	$1.26B	$1.36B	$1.52B
Cost of Revenue	$631.88M	$673.49M	$713.18M	$777.64M
Gross Profit	$519.10M	$583.87M	$643.33M	$738.27M
Research & Development	$75.51M	$82.73M	$87.47M	$97.35M
Selling, General & Admin	$342.52M	$373.68M	$399.73M	$455.21M
Operating Expenses	$418.04M	$456.40M	$487.20M	$552.57M
Operating Income	$101.06M	$127.47M	$156.14M	$185.70M
EBITDA	$181.17M	$228.89M	$295.94M	$332.05M
Pretax Income	$82.63M	$112.09M	$149.99M	$170.94M
Income Tax	$8.11M	$17.68M	$29.64M	$42.45M
Net Income	$74.52M	$94.41M	$120.36M	$128.49M
Diluted EPS	1.29	1.62	2.03	2.13
Diluted Shares	57.67M	58.36M	59.37M	60.46M

MMSI Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$58.41M	$587.04M	$376.71M	$446.40M
Receivables	$178.45M	$189.26M	$209.17M	$223.61M
Inventory	$265.99M	$303.87M	$306.06M	$333.70M
Current Assets	$529.08M	$1.11B	$923.77M	$1.04B
Total Assets	$1.66B	$2.33B	$2.42B	$2.69B
Current Liabilities	$220.65M	$203.56M	$216.40M	$239.76M
Long-Term Debt	$186.76M	$823.01M	$729.55M	$734.04M
Total Debt	$268.75M	$891.36M	$794.66M	$821.57M
Total Liabilities	$519.57M	$1.12B	$1.04B	$1.10B
Retained Earnings	$480.77M	$575.18M	$695.54M	$824.03M
Shareholders' Equity	$1.14B	$1.20B	$1.38B	$1.58B
Working Capital	$308.44M	$904.91M	$707.37M	$800.39M
Net Debt	$139.60M	$235.98M	$352.84M	$287.63M

MMSI Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$114.29M	$145.15M	$220.80M	$297.37M
Capital Expenditure	-$48.20M	-$36.70M	-$38.04M	-$84.84M
Free Cash Flow	$66.09M	$108.45M	$182.76M	$212.53M
Depreciation & Amortisation	$92.20M	$101.29M	$114.73M	$134.65M
Stock-Based Compensation	$18.04M	$21.33M	$28.47M	$43.46M
Investing Cash Flow	-$57.40M	-$175.35M	-$368.65M	-$247.39M
Financing Cash Flow	-$60.26M	$559.27M	-$60.01M	$16.00M
Net Change in Cash	-$3.37M	$529.07M	-$207.86M	$65.98M

MMSI Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$355.35M	$382.46M	$384.16M	$393.94M	$381.88M	$418.84M
Cost of Revenue	$183.33M	$197.97M	$197.75M	$198.58M	$197.08M	$203.68M
Gross Profit	$172.02M	$184.49M	$186.41M	$195.35M	$184.80M	$215.17M
Research & Development	$22.48M	$24.37M	$23.97M	$26.54M	$22.61M	$25.39M
Selling, General & Admin	$107.49M	$113.10M	$119.80M	$114.83M	$118.21M	$129.23M
Operating Expenses	$129.96M	$137.46M	$143.77M	$141.37M	$140.82M	$154.62M
Operating Income	$42.06M	$47.02M	$42.64M	$53.98M	$43.98M	$60.55M
EBITDA	$76.80M	$83.96M	$79.54M	$91.75M	$93.42M	$97.40M
Pretax Income	$37.96M	$43.38M	$38.54M	$51.06M	$53.55M	$51.31M
Income Tax	$7.81M	$10.80M	$10.79M	$13.05M	$12.55M	$12.51M
Net Income	$30.15M	$32.58M	$27.75M	$38.01M	$40.99M	$38.80M
Diluted EPS	0.49	0.54	0.46	0.63	0.68	0.65
Diluted Shares	61.28M	60.61M	59.92M	60.03M	60.01M	60.01M

MMSI Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$395.53M	$341.82M	$392.46M	$446.40M	$488.08M	$448.70M
Receivables	$216.75M	$224.24M	$231.51M	$223.61M	$227.00M	$250.90M
Inventory	$317.94M	$323.31M	$326.55M	$333.70M	$352.39M	$374.11M
Current Assets	$958.63M	$923.07M	$985.53M	$1.04B	$1.10B	$1.11B
Total Assets	$2.47B	$2.59B	$2.63B	$2.69B	$2.72B	$2.86B
Current Liabilities	$196.82M	$225.57M	$230.47M	$239.76M	$216.87M	$264.93M
Long-Term Debt	$730.67M	$731.79M	$732.92M	$734.04M	$735.16M	$736.26M
Total Debt	$817.66M	$820.55M	$821.15M	$821.57M	$821.56M	$820.12M
Total Liabilities	$1.04B	$1.10B	$1.10B	$1.10B	$1.09B	$1.18B
Retained Earnings	$725.69M	$758.27M	$786.02M	$824.03M	$865.02M	$903.83M
Shareholders' Equity	$1.43B	$1.49B	$1.53B	$1.58B	$1.63B	$1.68B
Working Capital	$761.81M	$697.50M	$755.06M	$800.39M	$884.90M	$847.30M
Net Debt	$335.14M	$389.98M	$340.46M	$287.63M	$247.08M	$287.56M

MMSI Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$40.57M	$83.31M	$74.98M	$98.51M	$40.68M	$69.28M
Capital Expenditure	-$21.52M	-$14.59M	-$23.47M	-$25.26M	-$16.77M	-$18.19M
Free Cash Flow	$19.05M	$68.72M	$51.51M	$73.25M	$23.91M	$51.09M
Depreciation & Amortisation	$32.28M	$33.80M	$34.24M	$34.33M	$33.35M	$33.97M
Stock-Based Compensation	$9.08M	$10.87M	$13.61M	$9.90M	$8.96M	$12.91M
Investing Cash Flow	-$29.64M	-$143.35M	-$24.07M	-$50.34M	$7.73M	-$110.13M
Financing Cash Flow	$6.96M	$4.35M	-$365.00K	$5.06M	-$6.29M	$948.00K
Net Change in Cash	$17.89M	-$55.70M	$50.55M	$53.24M	$42.13M	-$39.91M

Market Snapshot

About

Merit Medical Systems, Inc. develops, manufactures, and markets single-use medical devices for interventional and diagnostic procedures. The company's products are used in cardiology, radiology, oncology, vascular surgery, and other medical specialties. Merit offers a broad portfolio including catheters, stents, drainage systems, and inflation devices sold worldwide.