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Merit Medical Systems Inc (MMSI) stock

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NASDAQ: MMSI Nasdaq Health Care Equipment

B Fundamentals grade

Merit Medical Systems Inc is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$75

Cash-flow model

Base case. Range ~$55–$100 across our lower- and higher-growth cases (4.3%–14.3% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 13% above our base value.

Price used: $84.31, November 2, 2026

Merit Medical Systems Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders5 buying, 3 selling5 purchases and 8 sales by directors and officers, last 12 monthsInsider trades
  • Funds243 adding, 179 cuttingOf 67 active managers that changed their stake, 38 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Merit Medical Systems files

10-Q filed October 29: Merit Medical Systems

Model value −4.4%

Merit Medical Systems grew revenue 9.1% to $1.61bn in the twelve months to September 2026, a pace that eased from 10.2% a quarter earlier. Free-cash-flow margin slipped to 12.4% from 13.8% a year earlier, even as operating margin widened to 13.5% from 11.3%. Its fundamentals grade improves from C to B. Our model value, however, drops from $79.04 to $75.55 a share, well below the current share price of $93.08. The rating stays Hold. At that price, the market appears to be pricing in cash-flow growth of around 12.6% a year over five years, faster than the 8.4% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Merit Medical Systems stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.58bn, up 10.2% on a year earlier, slower than the 11.1% growth a quarter earlier. Free-cash-flow margin held at 12.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $79.04 a share, against a share price of $94.11. At that price, our model says the market is pricing in about 12.9% a year of cash-flow growth for five years, faster than the 8.0% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Merit Medical Systems Inc's trailing-twelve-month revenue grew 9.1% year on year, with a free-cash-flow margin of 12.4%. Where it stands out: operating margin of 13.5% ranks 22 of 132 health care equipment companies we cover.

Our discounted-cash-flow model values the business at ~$75 per share in the base case (~$55–$100 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 1.6% while net income grew 35.2%: a 37pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 5.2% over 90 days.

Things to watch

  • Weakest spot: gross margin. Gross margin of 49.4% ranks 86 of 123 health care equipment companies we cover (median 61.9%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.12 against an average estimate of $1.04: beat by 7.8%
Revenue
$416m, up 8.4% on a year earlier
Share reaction
-6.5% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
total Revenue $1.63bn to $1.64bn (Year Ending December 31, 2026); non-GAAP Earnings Per Share $4.25 to $4.35 (Year Ending December 31, 2026)
Next report
October 29, 2026; average EPS estimate $1.13

Merit Medical Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.2%
  • 1 week-10.5%
  • 1 month-1.2%
  • This year-4.3%
  • 1 year-3.7%
  • 5 years+25.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.6B
Operating margin
13.5%
Net margin
9.9%
EPS (TTM, diluted)
$2.66

Growth

Revenue growth
+9.1%
Change in growth rate
−1.1 pts
Share count change
−0.8%

Cash

Free cash flow (TTM)
$201M
FCF margin
12.4%
Stock pay % of revenue
2.8%

Earnings

Last results
October 29, 2026

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Announcement
  4. Product
  5. Leadership
  6. Insider trade
  7. Results
  8. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Merit Medical Systems Inc valuation models and calculator

What the price is pricing in

The share price implies about 10.7% a year of cash-flow growth for five years.That is close to the 8.4% a year revenue growth Merit Medical Systems has delivered.

  • Priced in10.7%
  • Last 12 months9.1%
  • 3 years a year9.5%
  • 5 years a year8.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($84.32, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$75
Price used
$84.32close November 3, 2026
Implied change
▼ 12%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Merit Medical Systems Inc's free cash flow after stock-based pay with after-tax interest added back ($195M, FY2026 Q3 TTM), growing 7.1% and 8.2% in the next two years (forecasts, guidance and its record), then back to 9.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$55–~$100 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Merit Medical Systems Inc's free cash flow after stock-based pay ( $195M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Merit Medical Systems Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.82 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$75 ~$55–$100 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$76 ~$67–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$28 ~$18–$45 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$28 ~$24–$34 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$56 ~$28–$76 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Merit Medical Systems Inc with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▼ −9%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $43$60$82$111$149$199
8.5% $32$44$60$81$108$143
10% $25$35$47$63$84$110

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$26.50$43.20$55.81$31.22$55.51$62.30$70.62$75.96$96.72$88.14$84.31
Market value$1.2bn$2.2bn$3.0bn$1.8bn$3.1bn$3.6bn$4.1bn$4.4bn$5.7bn$5.3bn$5.1bn
+ Net debt (− = net cash)$305m$253m$335m$396m$295m$175m$140m$260m$371m$301m$244m
Enterprise value$1.5bn$2.4bn$3.3bn$2.2bn$3.4bn$3.7bn$4.2bn$4.7bn$6.1bn$5.6bn$5.3bn
Multiples
Price / sales 2.0x3.0x3.4x1.8x3.2x3.3x3.5x3.5x4.2x3.5x3.1x
Price / earnings 59.1x78.6x71.6xn/m—73.7x54.7x47.0x47.7x41.5x31.7x
Price / free cash flow 57.3x89.8x129.7x—25.8x30.0x58.8x40.0x30.9x24.7x24.9x
EV / EBITDA 19.0x27.9x26.1x20.0x36.4x25.9x24.9x21.9x23.7x18.3x15.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

47 /100

Moderate moat

How hard Merit Medical Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.4% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 45.6%, moving by 2.1 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 8.1%; its worst year was -2.2%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 8 of 10 years, at a median 8.9% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 5.7% over five years; stock-based pay has been a median 1.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.31 +12% $1.6bn +8%
Next $4.63 +8% $1.7bn +6%

Next year's EPS estimate has moved +5.2% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +5.7% on 90 days ago. In the last 30 days, 8 analysts raised Merit Medical Systems Inc's forecast and 0 cut it.

Consensus EPS forecast Merit Medical Systems Inc, last 90 days
$4.00 $4.20 $4.40 $4.60 $4.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.07 Current fiscal year, 60 days ago: $4.30 Current fiscal year, 30 days ago: $4.30 Current fiscal year, 7 days ago: $4.30 Current fiscal year, Now: $4.31 $4.31 Next fiscal year, 90 days ago: $4.40 Next fiscal year, 60 days ago: $4.61 Next fiscal year, 30 days ago: $4.61 Next fiscal year, 7 days ago: $4.61 Next fiscal year, Now: $4.63 $4.63

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.07$4.40
60 days ago $4.30$4.61
30 days ago $4.30$4.61
7 days ago $4.30$4.61
Now $4.31$4.63

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.04 $1.12 +7.8%
Jun 2026 $0.96 $1.19 +24.0%
Mar 2026 $0.83 $0.94 +12.8%
Dec 2025 $0.95 $1.04 +9.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • Total Revenue Year Ending December 31, 2026 $1.631bn to $1.643bn Raised
    “Total Revenue $1.631 - $1.643 billion 8% - 8% $1.612 - $1.634 billion 6% - 8%” source
  • Non-GAAP Earnings Per Share Year Ending December 31, 2026 $4.25 to $4.35 Non-GAAP Raised
    “Non-GAAP Earnings Per Share (1) $4.25 - $4.35 11% - 14% $4.01 - $4.15 5% - 8%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Merit Medical Systems Inc's revenue by +7.1% next year and +8.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.3%, weight 55%) , management guidance (+6.4%, weight 19%) and the company's own record (+9.3%, weight 26%) . How the weights are set.

Analyst recommendations

12 analysts, Oct 2026
Buy975%
Hold325%
Sell00%

Monthly trend

  1. Oct 202654312
  2. Sep 202654211
  3. Aug 202654211
  4. Jul 202654211

Counts of recommendations published by analysts covering Merit Medical Systems Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.6%
of tradable shares
Days to cover
6.23
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.4%
of shares
Employees
7,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −3.7%

$87.54 on October 31, 2025 to $84.31

ThenNowEffect
Revenue (last 12 months) $1.4bn $1.6bn +10.2%
Net margin 8.3% 9.2% +10.9%
P/E multiple 44.5x 34.7x −21.9%
Share count 61m 60m +0.9%

Biggest factor: p/e multiple.

Last 3 years +17.3%

$71.85 on November 3, 2023 to $84.31

ThenNowEffect
Revenue (last 12 months) $1.2bn $1.6bn +31.8%
Net margin 7.5% 9.2% +23.3%
P/E multiple 46.5x 34.7x −25.3%
Share count 58m 60m −3.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MMSI+12%+13%+8%+27%−9%−4%
Industry peers (median)−9%−37%−9%−20%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MMSI58%50%67%50%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MMSI−19%−27%−26%−13%−28%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 69% from October 3, 2018 to October 31, 2019. Getting back needed a 219% gain, reached on July 30, 2021, 638 days after the low.

Price behaviour

52-week range
$60.31 – $94.20
From 52-week high
−10.5%
vs 50-day average
−4.7%
vs 200-day average
+9.5%
Volatility (1 year)
30%
Beta vs S&P 500
0.46

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±4.0%
After a week
4 up, 7 down
typical move ±6.2%
After a month
6 up, 5 down
typical move ±8.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −6.5% −2.1% — —
July 30, 2026 +5.2% +2.4% +8.5% +11.9%
April 30, 2026 −4.4% +1.3% −3.9% −4.3%
February 24, 2026 −2.9% +1.6% −8.3% −16.5%
January 8, 2026 −5.8% +0.7% −12.3% −11.8%
October 30, 2025 +7.6% −0.8% +6.3% +6.1%
July 30, 2025 +2.4% −0.5% +0.8% +8.7%
July 11, 2025 −1.8% −0.2% −12.8% −11.7%
May 20, 2025 −1.6% −2.0% −3.7% −6.2%
April 24, 2025 +0.9% +2.8% −0.6% +1.7%
February 25, 2025 −3.0% −0.4% −1.6% +0.2%
January 14, 2025 +6.2% +2.0% +9.5% +13.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Merit Medical Systems Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Merit Medical Systems Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Merit Medical Systems Inc
$1.2B $1.3B $1.4B $1.5B $1.6B $1.7B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.3B Revenue (TTM), FY24 Q1: $1.3B Revenue (TTM), FY24 Q2: $1.3B Revenue (TTM), FY24 Q3: $1.3B Revenue (TTM), FY24 Q4: $1.4B Revenue (TTM), FY25 Q1: $1.4B Revenue (TTM), FY25 Q2: $1.4B Revenue (TTM), FY25 Q3: $1.5B Revenue (TTM), FY25 Q4: $1.5B Revenue (TTM), FY26 Q1: $1.5B Revenue (TTM), FY26 Q2: $1.6B Revenue (TTM), FY26 Q3: $1.6B $1.6B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.3B
FY24 Q1 $1.3B
FY24 Q2 $1.3B
FY24 Q3 $1.3B
FY24 Q4 $1.4B
FY25 Q1 $1.4B
FY25 Q2 $1.4B
FY25 Q3 $1.5B
FY25 Q4 $1.5B
FY26 Q1 $1.5B
FY26 Q2 $1.6B
FY26 Q3 $1.6B
Revenue growth, TTM YoY Merit Medical Systems Inc
7% 8% 9% 10% 11% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 9.2% Revenue growth, TTM YoY, FY24 Q1: 9.4% Revenue growth, TTM YoY, FY24 Q2: 8.6% Revenue growth, TTM YoY, FY24 Q3: 8.1% Revenue growth, TTM YoY, FY24 Q4: 7.9% Revenue growth, TTM YoY, FY25 Q1: 8.2% Revenue growth, TTM YoY, FY25 Q2: 10.1% Revenue growth, TTM YoY, FY25 Q3: 11.4% Revenue growth, TTM YoY, FY25 Q4: 11.8% Revenue growth, TTM YoY, FY26 Q1: 11.1% Revenue growth, TTM YoY, FY26 Q2: 10.2% Revenue growth, TTM YoY, FY26 Q3: 9.1% 9.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 9.2%
FY24 Q1 9.4%
FY24 Q2 8.6%
FY24 Q3 8.1%
FY24 Q4 7.9%
FY25 Q1 8.2%
FY25 Q2 10.1%
FY25 Q3 11.4%
FY25 Q4 11.8%
FY26 Q1 11.1%
FY26 Q2 10.2%
FY26 Q3 9.1%
Operating margin (TTM) Merit Medical Systems Inc
9% 10% 11% 12% 13% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 9.9% Operating margin (TTM), FY24 Q1: 10.4% Operating margin (TTM), FY24 Q2: 11.6% Operating margin (TTM), FY24 Q3: 11.5% Operating margin (TTM), FY24 Q4: 11.5% Operating margin (TTM), FY25 Q1: 11.6% Operating margin (TTM), FY25 Q2: 11.3% Operating margin (TTM), FY25 Q3: 11.3% Operating margin (TTM), FY25 Q4: 12.2% Operating margin (TTM), FY26 Q1: 12.2% Operating margin (TTM), FY26 Q2: 12.8% Operating margin (TTM), FY26 Q3: 13.5% 13.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 9.9%
FY24 Q1 10.4%
FY24 Q2 11.6%
FY24 Q3 11.5%
FY24 Q4 11.5%
FY25 Q1 11.6%
FY25 Q2 11.3%
FY25 Q3 11.3%
FY25 Q4 12.2%
FY26 Q1 12.2%
FY26 Q2 12.8%
FY26 Q3 13.5%
FCF margin (TTM) Merit Medical Systems Inc
8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 8.6% FCF margin (TTM), FY24 Q1: 10.2% FCF margin (TTM), FY24 Q2: 13.6% FCF margin (TTM), FY24 Q3: 13.0% FCF margin (TTM), FY24 Q4: 13.5% FCF margin (TTM), FY25 Q1: 12.8% FCF margin (TTM), FY25 Q2: 13.2% FCF margin (TTM), FY25 Q3: 13.8% FCF margin (TTM), FY25 Q4: 14.0% FCF margin (TTM), FY26 Q1: 14.1% FCF margin (TTM), FY26 Q2: 12.7% FCF margin (TTM), FY26 Q3: 12.4% 12.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 8.6%
FY24 Q1 10.2%
FY24 Q2 13.6%
FY24 Q3 13.0%
FY24 Q4 13.5%
FY25 Q1 12.8%
FY25 Q2 13.2%
FY25 Q3 13.8%
FY25 Q4 14.0%
FY26 Q1 14.1%
FY26 Q2 12.7%
FY26 Q3 12.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Merit Medical Systems took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.5B
  2. Cost of revenue $778M · 51.3%
  3. Gross profit $738M · 48.7%
  4. Research and development $97.4M · 6.4%
  5. Selling, general and admin $455M · 30.0%
  6. Operating income $185M · 12.2%
  7. Income tax $42.4M · 2.8%
  8. Interest and other $13.8M · 0.9%
  9. Net income $128M · 8.5%

Shares of revenue. Source: Merit Medical Systems's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 257 297 359 604 728 883 995 964 1,075 1,151 1,257 1,357 1,516 1,611
Gross profit 109 128 165 265 326 395 432 401 485 519 584 643 738 796
EBITDA 45 32 52 79 87 128 108 93 145 169 214 258 308 342
Operating income 33 17 33 35 33 59 15 −2 61 88 124 156 185 218
Net income 23 12 23 20 28 42 5 −10 48 75 94 120 128 160
Diluted EPS $0.63 $0.35 $0.58 $0.45 $0.55 $0.78 $0.10 −$0.18 $0.84 $1.29 $1.62 $2.03 $2.13 $2.66
Growth (year on year)
Revenue — +15.3% +21.1% +68.0% +20.5% +21.3% +12.7% −3.1% +11.5% +7.1% +9.2% +7.9% +11.8% +9.1%
EBITDA — −28.9% +63.4% +50.1% +10.2% +47.9% −16.1% −14.0% +56.7% +16.8% +26.3% +20.8% +19.2% +19.2%
Operating income — −47.6% +92.9% +5.1% −5.2% +77.3% −73.7% — — +43.7% +41.5% +25.6% +18.6% +30.2%
Net income — −44.7% +84.9% −12.7% +36.8% +52.7% −87.0% — — +53.8% +26.7% +27.5% +6.8% +35.2%
Diluted EPS — −44.4% +65.7% −22.4% +22.2% +41.8% −87.2% — — +53.6% +25.6% +25.3% +4.9% +36.3%
Margins
Gross margin 42.3% 43.3% 46.0% 43.9% 44.8% 44.7% 43.5% 41.6% 45.2% 45.1% 46.4% 47.4% 48.7% 49.4%
EBITDA margin 17.5% 10.8% 14.6% 13.0% 11.9% 14.5% 10.8% 9.6% 13.5% 14.7% 17.0% 19.0% 20.3% 21.3%
Operating margin 12.8% 5.8% 9.2% 5.8% 4.5% 6.6% 1.6% −0.2% 5.7% 7.6% 9.9% 11.5% 12.2% 13.5%
Net margin 8.8% 4.2% 6.4% 3.3% 3.8% 4.8% 0.5% −1.0% 4.5% 6.5% 7.5% 8.9% 8.5% 9.9%
Free-cash-flow margin 4.5% 3.7% −7.0% 3.4% 3.3% 2.6% −0.0% 12.4% 11.1% 6.0% 8.8% 13.7% 14.2% 12.6%
Cash flow
Cash from operations 30 35 34 54 63 87 78 165 147 114 145 221 297 274
Capital spending 18 24 59 33 39 63 78 46 28 45 34 35 82 70
Free cash flow 12 11 −25 21 24 23 −0 119 119 69 111 186 216 204
Stock-based pay 1 1 2 3 4 6 9 14 16 18 21 28 43 45
Free cash flow after stock pay 10 10 −27 18 20 17 −10 105 103 51 90 157 172 158
Balance sheet
Cash 6 4 10 19 32 67 44 57 68 58 587 377 446 504
Total debt 0 82 31 324 285 402 440 352 243 198 847 748 748 748
Net debt (negative = net cash) −6 78 21 305 253 335 396 295 175 140 260 371 301 244
Diluted shares 36m 36m 40m 45m 50m 54m 56m 55m 57m 58m 58m 59m 60m 60m
Returned to shareholders
Buybacks 2 0 0 — — — — — — — — — — —
Total returned 2 0 0 — — — — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $2.9bn
Short-term assets $1.2bnLonger-term assets $1.7bn
What it owes, and who funded it · $2.9bn
Short-term liabilities $265mLonger-term liabilities $915mShareholders' equity $1.7bn
  • Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $265m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.2bn short-term assets against $915m of longer-dated liabilities.
  • More cash than debt $504m of cash against $737m of debt.
  • Debt below 40% of shareholders' equity Debt is 42% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 23% to 42% over five years.
  • A year's operating cash flow covers at least 20% of debt $274m of operating cash flow against $737m of debt.
  • Operating profit covers interest at least five times over Operating income of $218m against $32m of interest.

From Merit Medical Systems Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−0.8%
year over year
R&D spending
6.0%
of revenue
Sales & admin spending
29.9%
of revenue
Days sales outstanding
50 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated MMSI IART PEN ITGR HAE STVN Median
Revenue, last 12 months $1.6bn $1.7bn $1.6bn $1.8bn $1.4bn $1.3bn $99m
Revenue growth, last 12 months 9.1% 0.8% 17.0% −0.3% 0.4% 12.3% 9.2%
Revenue growth, 3-year average 9.5% 2.4% 16.2% 6.7% 3.5% — 13.5%
Revenue growth, latest quarter 8.4% 2.3% 15.6% −3.9% 5.6% — 10.2%
Gross margin 49.4% 52.4% 68.0% 24.6% 59.0% 29.0% 61.2%
Operating margin 13.5% 4.4% 12.1% 8.2% 11.9% 16.8% −8.5%
Operating margin, 3-year average 12.1% −7.7% 8.4% 10.7% 13.6% — −17.9%
Net margin 9.9% 0.8% 10.1% 5.7% 7.1% 11.8% −12.0%
Cash from operations / revenue 17.0% 8.5% 16.7% 9.7% 24.3% 24.1% −1.9%
Free-cash-flow margin 12.4% 5.2% 12.8% 4.5% 21.5% 1.9% −3.9%
Free-cash-flow margin, 3-year average 13.1% 2.4% 11.9% 5.2% 14.3% — −7.0%
Stock pay / revenue 2.8% 1.2% 3.7% 1.3% 2.5% — 6.1%
Change in share count −0.8% 1.3% 0.5% −0.8% −6.5% 0.7% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 9.1% 9.1% 65 of 129
Change in growth rate Growth -1.1pp -0.6pp 77 of 129
Gross margin Profitability 49.4% 61.9% 86 of 123
Operating margin Profitability 13.5% -8.3% 22 of 132
Net margin Profitability 9.9% -12.0% 27 of 133
Free-cash-flow margin Cash generation 12.4% -3.4% 26 of 128
Stock pay as % of revenue Cash generation 2.8% 6.1% 38 of 123
Long-term debt as % of assets Balance sheet 25.2% 24.2% 45 of 87
Change in share count Balance sheet -0.8% 3.3% 26 of 115
Days sales outstanding Balance sheet 50 days 57 days 42 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Cardiovascular $1.4B 95.2% ▲ 10.9%
Endoscopy $72.9M 4.8% ▲ 33.0%
Geography
Region Revenue Share YoY
United States $909M 60.0% ▲ 13.6%
Outside the US $606M 40.0% ▲ 9.1%

From Merit Medical Systems Inc's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.3B
Institutions reporting
402
Shares held vs prior quarter
▲ 5.4%
Positions opened / closed
59 / 56

Top buyers and sellers, Q2 2026: 243 institutions bought and 179 sold ; the biggest buyer was Neuberger Berman Group LLC (+997K shares) and the biggest seller Point72 Asset Management, L.P (−538K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $656M 9.5M 15.1% ▲ 7.1%
Vanguard Portfolio Management LLC $241M 3.5M 5.5% ▼ 1.4%
Vanguard Capital Management LLC $180M 2.6M 4.1% ▼ 2.5%
State Street Corp $172M 2.5M 3.9% ▲ 4.8%
Conestoga Capital Advisors, LLC $137M 2.0M 3.2% ▼ 8.7%
Geode Capital Management, LLC $113M 1.6M 2.6% ▲ 7.8%
Fuller & Thaler Asset Management, Inc. $112M 1.6M 2.6% ▼ 23.8%
Dimensional Fund Advisors LP $101M 1.5M 2.3% ▲ 17.9%
Nomura Asset Management International Inc. $88.7M 1.3M 2.0% ▲ 6.7%
Congress Asset Management Co $82.1M 1.2M 1.9% ▲ 15.1%
William Blair Investment Management, LLC $78.9M 1.1M 1.8% ▲ 46.3%
Greenhouse Funds LLLP $74.3M 1.1M 1.7% ▼ 4.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Merit Medical Systems Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $573,304 5 trades by 5 insiders, last 12 months Insider sales History → $8.5M 8 trades by 3 insiders · 5% under pre-set plans
Net ▼ $7.9M net selling
Insider Date Trade Shares Price Value
Peterson Neil W. CHIEF OPERATING OFFICER August 24, 2026 Sell 7,500 $90.45 $678,375
Peterson Neil W. CHIEF OPERATING OFFICER August 4, 2026 Sell 21,449 $85.00 $1.8M
Smith Christian Adam Chief Commercial Officer May 11, 2026 Buy 1,626 $61.00 $99,186
Lloyd Brian G. CHIEF LEGAL OFFICER, SECRETARY May 7, 2026 Buy 2,000 $62.63 $125,260
Ward Lynne N. Director May 7, 2026 Sell 5,000 $62.61 $313,050
Parra Raul Jr. CFO AND TREASURER May 6, 2026 Buy 1,500 $61.01 $91,515
Aronson Martha Goldberg President and CEO May 6, 2026 Buy 2,000 $60.44 $120,880
Voigt Michel J. CHIEF HUMAN RESOURCES OFFICER May 5, 2026 Buy 2,250 $60.65 $136,462
Peterson Neil W. CHIEF OPERATING OFFICER January 6, 2026 Sell pre-set plan 5,000 $90.00 $450,000
Lampropoulos Fred P. Executive Chairman November 25, 2025 Sell 10,000 $88.04 $880,400
Lampropoulos Fred P. Executive Chairman November 21, 2025 Sell 25,000 $87.31 $2.2M
Lampropoulos Fred P. Executive Chairman November 20, 2025 Sell 20,000 $85.13 $1.7M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Merit Medical Systems Inc disclosed in the last 12 months; 2 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded September 25, 2025, filed October 22, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded July 22, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 24, 2026
  • January 8, 2026
  • October 30, 2025

Recent SEC filings

Data status

When each part of this page on Merit Medical Systems Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Merit Medical Systems Inc in brief

What does Merit Medical Systems Inc do?
Merit Medical Systems Inc is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Merit Medical Systems Inc's stock ticker?
Merit Medical Systems Inc trades under the ticker MMSI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Merit Medical Systems Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Merit Medical Systems Inc reported revenue of $1.6B, 9.1% higher than a year earlier, according to its SEC filings.
What is Merit Medical Systems Inc's free cash flow?
Merit Medical Systems Inc's free-cash-flow margin is 12.4% of revenue over the trailing twelve months, ranking 26 of the 128 health care equipment companies we cover.
What is Merit Medical Systems Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Merit Medical Systems Inc's free cash flow after stock-based pay gives ~$75 per share in the base case, and ~$55–$100 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Merit Medical Systems Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Merit Medical Systems Inc's market cap?
On November 2, 2026, Merit Medical Systems Inc's market capitalisation was about $5.1B, with a price-to-earnings ratio of 31.7 and net debt of $244M. Market figures come from third-party market data and may be delayed.
How much debt does Merit Medical Systems Inc have?
Merit Medical Systems Inc's debt-to-equity ratio is 42.3%, from its latest balance sheet (23.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Merit Medical Systems Inc's competitors?
In our Health Care Equipment peer group, the companies closest to Merit Medical Systems Inc are Integra Lifesciences Holdings Corp, Penumbra Inc, Integer Holdings Corp, Haemonetics Corp and Stevanato Group S.p.a. The side-by-side comparison below sets their revenue, margins and growth against Merit Medical Systems Inc's.
Are insiders buying or selling Merit Medical Systems Inc stock?
Over the last 12 months, Merit Medical Systems Inc's directors and officers reported 5 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.