Merit Medical Systems vs Penumbra
Merit Medical Systems and Penumbra are similar in size: $1.52bn and $1.40bn of revenue in their latest fiscal years. Penumbra grew faster (17.5% against 11.8%). Penumbra kept more of each dollar of sales as profit: a net margin of 12.7% against 8.5%. Penumbra carries less debt relative to equity (0.0% against 47.2%).
| Latest fiscal year | Merit Medical SystemsMMSI, 2025 | PenumbraPEN, 2025 |
|---|---|---|
| Revenue | $1.52bn | $1.40bn |
| Revenue growth | 11.8% | 17.5% |
| Net income | $128m | $178m |
| Operating margin | 12.2% | 13.5% |
| Net margin | 8.5% | 12.7% |
| Return on equity | 8.7% | 13.8% |
| Free cash flow | $216m | $175m |
| Cash | $446m | $187m |
| Total debt | $748m | $0 |
| Debt to equity | 47.2% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $0 |
| Employees | 7,500 | 4,700 |
| Market value | $5.05bn | $12.73bn |
| Price vs our value range | Within our value range | Above our value range |
| Moat score | 47 (Moderate) | 44 (Weak) |
| Insider trades, 12 months | 5 buys, 8 sales | 0 buys, 32 sales |