Merit Medical Systems Inc key statistics and ratios

In fiscal 2025, Merit Medical Systems Inc had return on equity of 8.7%, an operating margin of 12.2%, debt equal to 47.2% of equity and a current ratio of 4.34. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Merit Medical Systems Inc: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
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%
Return on equity	10.3%	5.5%	7.8%	4.7%	4.7%	5.2%	0.6%	−1.0%	4.8%	6.8%	8.0%	9.3%	8.7%	9.6%
Return on assets	8.3%	3.9%	5.6%	2.9%	2.7%	3.1%	0.3%	−0.6%	2.9%	4.5%	4.7%	5.1%	5.0%	5.7%
Asset turnover	0.95	0.93	0.88	0.87	0.71	0.65	0.59	0.56	0.65	0.69	0.63	0.57	0.59	0.57
Current ratio	—	2.80	3.05	2.76	2.73	2.45	2.50	2.32	2.04	2.40	5.45	4.27	4.34	4.52
Debt to equity	0.0%	34.6%	8.6%	65.1%	42.2%	43.1%	46.3%	36.7%	23.4%	17.3%	70.4%	54.2%	47.2%	42.8%
Interest cover (operating income ÷ interest)	—	28.9x	42.1x	4.0x	4.3x	5.7x	1.2x	n/m	11.6x	13.8x	8.0x	5.0x	7.0x	6.7x
Effective tax rate	31.9%	25.8%	29.9%	20.7%	23.3%	15.1%	—	—	10.1%	9.8%	15.8%	19.8%	24.8%	24.4%
R&D as % of revenue	4.3%	5.2%	6.1%	7.5%	7.1%	6.7%	6.6%	6.0%	6.6%	6.6%	6.6%	6.4%	6.4%	6.0%
SG&A as % of revenue	25.2%	29.5%	29.1%	30.5%	31.5%	31.3%	32.9%	30.9%	31.2%	29.8%	29.7%	29.5%	30.0%	29.9%
Capital spending as % of revenue	7.2%	8.0%	16.5%	5.4%	5.3%	7.2%	7.9%	4.8%	2.6%	3.9%	2.7%	2.6%	5.4%	4.4%
Free cash flow ÷ net income	51.5%	89.2%	−109.3%	103.2%	87.6%	55.2%	−6.6%	—	246.2%	92.9%	117.4%	154.3%	167.8%	127.2%
Dividends and buybacks ÷ free cash flow	21.3%	0.0%	—	—	—	—	—	—	—	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Merit Medical Systems Inc: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	48.7%	48.4%	48.2%	48.5%	49.6%	48.4%	51.4%	48.2%
Operating margin	10.3%	11.5%	12.3%	11.1%	13.8%	11.6%	14.4%	14.1%
Net margin	7.9%	8.5%	8.5%	7.2%	9.6%	10.7%	9.3%	10.2%
Free-cash-flow margin	18.4%	5.5%	18.2%	13.7%	18.8%	6.5%	12.4%	12.7%
Current ratio	4.27	4.87	4.09	4.28	4.34	5.08	4.20	4.52
Debt to equity	52.9%	51.2%	49.2%	47.9%	46.3%	45.2%	43.8%	42.3%
R&D as % of revenue	7.1%	6.3%	6.4%	6.2%	6.7%	5.9%	6.1%	5.4%
SG&A as % of revenue	31.3%	30.2%	29.6%	31.2%	29.1%	31.0%	30.9%	28.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Merit Medical Systems Inc's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Merit Medical Systems Inc.