MMSI

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Merit Medical Systems, Inc.

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Key Metrics

Previous Close: $91.98
52-Week Range: $59.74 – $94.75
Market Cap: $5.39B
P/E (TTM): 37.93
EPS (TTM): 2.38
Dividend Yield: —

Advanced Metrics

Price/Book: 3.21
PEG Ratio: 1.85
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: $5.76B

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
Revenue	$355.35M	$382.46M	$384.16M	$393.94M	$381.88M
Cost of Revenue	$183.33M	$197.97M	$197.75M	$198.58M	$197.08M
Gross Profit	$172.02M	$184.49M	$186.41M	$195.35M	$184.80M
Research & Development	$22.48M	$24.37M	$23.97M	$26.54M	$22.61M
Selling, General & Admin	$107.49M	$113.10M	$119.80M	$114.83M	$118.21M
Operating Expenses	$129.96M	$137.46M	$143.77M	$141.37M	$140.82M
Operating Income	$42.06M	$47.02M	$42.64M	$53.98M	$43.98M
EBITDA	$76.80M	$83.96M	$79.54M	$91.75M	$93.42M
Pretax Income	$37.96M	$43.38M	$38.54M	$51.06M	$53.55M
Income Tax	$7.81M	$10.80M	$10.79M	$13.05M	$12.55M
Net Income	$30.15M	$32.58M	$27.75M	$38.01M	$40.99M
Diluted EPS	0.49	0.54	0.46	0.63	0.68
Diluted Shares	61.28M	60.61M	59.92M	60.03M	60.01M

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

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

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.