Integer Holdings vs Merit Medical Systems
Integer Holdings is the larger business, with $1.85bn of revenue in fiscal 2025 against $1.52bn for Merit Medical Systems (1.2 times as much). Merit Medical Systems grew faster (11.8% against 8.0%). Merit Medical Systems kept more of each dollar of sales as profit: a net margin of 8.5% against 5.5%. Merit Medical Systems carries less debt relative to equity (47.2% against 69.1%).
| Latest fiscal year | Integer HoldingsITGR, 2025 | Merit Medical SystemsMMSI, 2025 |
|---|---|---|
| Revenue | $1.85bn | $1.52bn |
| Revenue growth | 8.0% | 11.8% |
| Net income | $103m | $128m |
| Operating margin | 11.9% | 12.2% |
| Net margin | 5.5% | 8.5% |
| Return on equity | 6.1% | 8.7% |
| Free cash flow | $105m | $216m |
| Cash | $17.2m | $446m |
| Total debt | $1.21bn | $748m |
| Debt to equity | 69.1% | 47.2% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $50.0m | — |
| Employees | 11,000 | 7,500 |
| Market value | $4.31bn | $5.05bn |
| Price vs our value range | Above our value range | Within our value range |
| Moat score | 60 (Moderate) | 47 (Moderate) |
| Insider trades, 12 months | 3 buys, 5 sales | 5 buys, 8 sales |