Merit Medical Systems Inc
MMSI Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$1.5B
11.8%
vs prior year
Operating margin
Operating income as a share of revenue.
12.2%
0.7 pts
Net income
Profit after all expenses, interest and tax.
$128M
6.8%
Free cash flow
Cash from operations minus capital spending.
$216M
16.2%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.4%
0.2 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $2.43 EPS (TTM)
What Merit Medical Systems Inc does
No business description yet.
- Legal name
- MERIT MEDICAL SYSTEMS INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Accession · CIK
- 0000856982-26-000008
0000856982
Revenue and margins
Merit Medical Systems Inc had $1.5B of revenue in fiscal 2025, up 11.8% on the year before.
FY16
Revenue $604M
FY17
Revenue $728M
FY18
Revenue $883M
FY19
Revenue $995M
FY20
Revenue $964M
FY21
Revenue $1.1B
FY22
Revenue $1.2B
FY23
Revenue $1.3B
FY24
Revenue $1.4B
FY25
Revenue $1.5B
Q3 '23
Revenue $315M
Q4 '23
Revenue $325M
Q1 '24
Revenue $324M
Q2 '24
Revenue $338M
Q3 '24
Revenue $340M
Q4 '24
Revenue $355M
Q1 '25
Revenue $355M
Q2 '25
Revenue $382M
Q3 '25
Revenue $384M
Q4 '25
Revenue $394M
Q1 '26
Revenue $382M
Q2 '26
Revenue $419M
FY16
Gross 43.9%
Operating 5.8%
Net 3.3%
FCF 3.4%
FY17
Gross 44.8%
Operating 4.5%
Net 3.8%
FCF 3.3%
FY18
Gross 44.7%
Operating 6.6%
Net 4.8%
FCF 2.6%
FY19
Gross 43.5%
Operating 1.6%
Net 0.5%
FCF −0.0%
FY20
Gross 41.6%
Operating −0.2%
Net −1.0%
FCF 12.4%
FY21
Gross 45.2%
Operating 5.7%
Net 4.5%
FCF 11.1%
FY22
Gross 45.1%
Operating 7.6%
Net 6.5%
FCF 6.0%
FY23
Gross 46.4%
Operating 9.9%
Net 7.5%
FCF 8.8%
FY24
Gross 47.4%
Operating 11.5%
Net 8.9%
FCF 13.7%
FY25
Gross 48.7%
Operating 12.2%
Net 8.5%
FCF 14.2%
Gross
Operating
Net
FCF
Q3 '23
Gross 45.1%
Operating 11.1%
Net 8.2%
FCF 13.5%
Q4 '23
Gross 46.4%
Operating 10.4%
Net 8.5%
FCF 17.0%
Q1 '24
Gross 46.9%
Operating 11.1%
Net 8.7%
FCF 7.6%
Q2 '24
Gross 47.7%
Operating 13.6%
Net 10.6%
FCF 17.1%
Q3 '24
Gross 46.4%
Operating 11.0%
Net 8.4%
FCF 11.2%
Q4 '24
Gross 48.7%
Operating 10.3%
Net 7.9%
FCF 18.4%
Q1 '25
Gross 48.4%
Operating 11.5%
Net 8.5%
FCF 5.5%
Q2 '25
Gross 48.2%
Operating 12.3%
Net 8.5%
FCF 18.2%
Q3 '25
Gross 48.5%
Operating 11.1%
Net 7.2%
FCF 13.7%
Q4 '25
Gross 49.6%
Operating 13.8%
Net 9.6%
FCF 18.8%
Q1 '26
Gross 48.4%
Operating 11.6%
Net 10.7%
FCF 6.5%
Q2 '26
Gross 51.4%
Operating 14.4%
Net 9.3%
FCF 12.4%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 18.9% a year. Loss periods are shown in red.
FY16
Net income $20.1M
FY17
Net income $27.5M
FY18
Net income $42.0M
FY19
Net income $5.5M
FY20
Net income −$9.8M
FY21
Net income $48.5M
FY22
Net income $74.5M
FY23
Net income $94.4M
FY24
Net income $120M
FY25
Net income $128M
Q3 '23
Net income $25.8M
Q4 '23
Net income $27.6M
Q1 '24
Net income $28.2M
Q2 '24
Net income $35.7M
Q3 '24
Net income $28.4M
Q4 '24
Net income $27.9M
Q1 '25
Net income $30.1M
Q2 '25
Net income $32.6M
Q3 '25
Net income $27.8M
Q4 '25
Net income $38.0M
Q1 '26
Net income $41.0M
Q2 '26
Net income $38.8M
FY16
Diluted EPS $0.45
FY17
Diluted EPS $0.55
FY18
Diluted EPS $0.78
FY19
Diluted EPS $0.10
FY20
Diluted EPS −$0.18
FY21
Diluted EPS $0.84
FY22
Diluted EPS $1.29
FY23
Diluted EPS $1.62
FY24
Diluted EPS $2.03
FY25
Diluted EPS $2.13
Q3 '23
Diluted EPS $0.44
Q4 '23
Diluted EPS $0.47
Q1 '24
Diluted EPS $0.48
Q2 '24
Diluted EPS $0.61
Q3 '24
Diluted EPS $0.48
Q4 '24
Diluted EPS $0.46
Q1 '25
Diluted EPS $0.49
Q2 '25
Diluted EPS $0.54
Q3 '25
Diluted EPS $0.46
Q4 '25
Diluted EPS $0.64
Q1 '26
Diluted EPS $0.68
Q2 '26
Diluted EPS $0.65
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 3.4%
Return on equity 4.0%
Return on assets 2.1%
FY17
Return on capital 2.7%
Return on equity 4.7%
Return on assets 2.7%
FY18
Return on capital 3.9%
Return on equity 5.2%
Return on assets 3.1%
FY19
Return on capital 1.1%
Return on equity 0.6%
Return on assets 0.3%
FY20
Return on capital −0.1%
Return on equity −1.0%
Return on assets −0.6%
FY21
Return on capital 4.5%
Return on equity 4.8%
Return on assets 2.9%
FY22
Return on capital 6.2%
Return on equity 6.8%
Return on assets 4.5%
FY23
Return on capital 7.3%
Return on equity 8.0%
Return on assets 4.7%
FY24
Return on capital 7.2%
Return on equity 9.3%
Return on assets 5.1%
FY25
Return on capital 7.4%
Return on equity 8.7%
Return on assets 5.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $216M in fiscal 2025, 14.2% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $20.8M
FY17
Free cash flow $24.1M
FY18
Free cash flow $23.2M
FY19
Free cash flow −$0.4M
FY20
Free cash flow $119M
FY21
Free cash flow $119M
FY22
Free cash flow $69.3M
FY23
Free cash flow $111M
FY24
Free cash flow $186M
FY25
Free cash flow $216M
Q3 '23
Free cash flow $42.5M
Q4 '23
Free cash flow $55.1M
Q1 '24
Free cash flow $24.5M
Q2 '24
Free cash flow $57.9M
Q3 '24
Free cash flow $38.0M
Q4 '24
Free cash flow $65.3M
Q1 '25
Free cash flow $19.5M
Q2 '25
Free cash flow $69.6M
Q3 '25
Free cash flow $52.5M
Q4 '25
Free cash flow $74.0M
Q1 '26
Free cash flow $24.7M
Q2 '26
Free cash flow $51.9M
FY16
Cash from operations $53.6M
Capital spending $32.8M
FY17
Cash from operations $62.7M
Capital spending $38.6M
FY18
Cash from operations $86.5M
Capital spending $63.3M
FY19
Cash from operations $77.8M
Capital spending $78.2M
FY20
Cash from operations $165M
Capital spending $46.0M
FY21
Cash from operations $147M
Capital spending $27.9M
FY22
Cash from operations $114M
Capital spending $45.0M
FY23
Cash from operations $145M
Capital spending $34.3M
FY24
Cash from operations $221M
Capital spending $35.1M
FY25
Cash from operations $297M
Capital spending $81.7M
Cash from operations
Capital spending
Q3 '23
Cash from operations $51.1M
Capital spending $8.6M
Q4 '23
Cash from operations $62.3M
Capital spending $7.1M
Q1 '24
Cash from operations $36.2M
Capital spending $11.7M
Q2 '24
Cash from operations $68.5M
Capital spending $10.6M
Q3 '24
Cash from operations $47.3M
Capital spending $9.4M
Q4 '24
Cash from operations $68.7M
Capital spending $3.5M
Q1 '25
Cash from operations $40.6M
Capital spending $21.1M
Q2 '25
Cash from operations $83.3M
Capital spending $13.8M
Q3 '25
Cash from operations $75.0M
Capital spending $22.4M
Q4 '25
Cash from operations $98.5M
Capital spending $24.5M
Q1 '26
Cash from operations $40.7M
Capital spending $16.0M
Q2 '26
Cash from operations $69.3M
Capital spending $17.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
Merit Medical Systems Inc returned — to shareholders in fiscal 2025. The diluted share count rose 1.8%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.04B
FY17
Diluted shares 0.05B
FY18
Diluted shares 0.05B
FY19
Diluted shares 0.06B
FY20
Diluted shares 0.06B
FY21
Diluted shares 0.06B
FY22
Diluted shares 0.06B
FY23
Diluted shares 0.06B
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.06B
Balance sheet
Cash, debt and the ratios that show how comfortably Merit Medical Systems Inc can carry it.
FY16
Cash $19.2M
Debt $324M
FY17
Cash $32.3M
Debt $285M
FY18
Cash $67.4M
Debt $402M
FY19
Cash $44.3M
Debt $439M
FY20
Cash $56.9M
Debt $351M
FY21
Cash $67.8M
Debt $243M
FY22
Cash $58.4M
Debt $198M
FY23
Cash $587M
Debt $823M
FY24
Cash $377M
Debt $730M
FY25
Cash $446M
Debt $734M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $67.8M | $58.4M | $587M | $377M | $446M |
| Debt incl. finance leases | $243M | $198M | $823M | $730M | $734M |
| Net debt / EBITDA | 1.2x | 0.8x | 1.1x | 1.4x | 0.9x |
| Debt / equity | 0.2x | 0.2x | 0.7x | 0.5x | 0.5x |
| Interest coverage | 11.6x | 13.8x | 8.0x | 5.0x | 7.0x |
| Current ratio | 2.0x | 2.4x | 5.4x | 4.3x | 4.3x |
| Quick ratio | 1.1x | 1.2x | 4.0x | 2.9x | 2.9x |
| Total assets | $1.6B | $1.7B | $2.3B | $2.4B | $2.7B |
| Total liabilities | $608M | $520M | $1.1B | $1.0B | $1.1B |
| Shareholders' equity | $1.0B | $1.1B | $1.2B | $1.4B | $1.6B |
| Net debt (− = net cash) | $175M | $140M | $236M | $353M | $288M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Current ratio rose | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ |
| F-score | — / 3 | 7 / 9 | 5 / 9 | 5 / 9 | 5 / 9 | 7 / 9 | 7 / 9 | 5 / 9 | 7 / 9 | 7 / 9 |
| Accruals ratio | −3.6% | −3.4% | −3.3% | −4.3% | −10.2% | −6.0% | −2.4% | −2.5% | −4.2% | −6.6% |
| Altman Z'' | 3.52 | 3.96 | 3.43 | 3.00 | 3.09 | 3.82 | 4.82 | 4.84 | 4.68 | 4.93 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $604M | $728M | $883M | $995M | $964M | $1.1B | $1.2B | $1.3B | $1.4B | $1.5B |
| Gross profit | $265M | $326M | $395M | $432M | $401M | $485M | $519M | $584M | $643M | $738M |
| Research and development | $45.2M | $51.4M | $59.5M | $65.6M | $57.5M | $71.2M | $75.5M | $82.7M | $87.5M | $97.4M |
| Operating income | $34.9M | $33.1M | $58.6M | $15.4M | −$1.6M | $60.9M | $87.6M | $124M | $156M | $185M |
| Interest expense | $8.8M | $7.7M | $10.4M | $12.4M | $10.0M | $5.3M | $6.3M | $15.5M | $31.2M | $26.5M |
| Pretax income | $25.4M | $35.9M | $49.5M | $2.2M | −$13.2M | $53.9M | $82.6M | $112M | $150M | $171M |
| Income tax | $5.3M | $8.4M | $7.5M | −$3.3M | −$3.4M | $5.5M | $8.1M | $17.7M | $29.6M | $42.4M |
| Net income | $20.1M | $27.5M | $42.0M | $5.5M | −$9.8M | $48.5M | $74.5M | $94.4M | $120M | $128M |
| Net income to common | $20.1M | $27.5M | $42.0M | — | — | — | — | — | — | — |
| Diluted EPS | $0.45 | $0.55 | $0.78 | $0.10 | −$0.18 | $0.84 | $1.29 | $1.62 | $2.03 | $2.13 |
| Diluted shares | 0.04B | 0.05B | 0.05B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B |
| Cash flow | ||||||||||
| Cash from operations | $53.6M | $62.7M | $86.5M | $77.8M | $165M | $147M | $114M | $145M | $221M | $297M |
| Capital expenditure | $32.8M | $38.6M | $63.3M | $78.2M | $46.0M | $27.9M | $45.0M | $34.3M | $35.1M | $81.7M |
| Free cash flow | $20.8M | $24.1M | $23.2M | −$0.4M | $119M | $119M | $69.3M | $111M | $186M | $216M |
| Depreciation and amortization | $43.8M | $53.6M | $69.5M | $92.1M | $94.1M | $84.1M | $81.8M | $90.0M | $103M | $123M |
| Stock-based compensation | $2.5M | $4.1M | $6.1M | $9.4M | $14.3M | $16.1M | $18.0M | $21.3M | $28.5M | $43.5M |
| Acquisitions | $125M | $106M | $302M | $53.9M | $11.0M | $7.2M | $6.9M | $135M | $320M | $145M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $19.2M | $32.3M | $67.4M | $44.3M | $56.9M | $67.8M | $58.4M | $587M | $377M | $446M |
| Total debt | $324M | $285M | $402M | $439M | $351M | $243M | $198M | $823M | $730M | $734M |
| Current assets | $243M | $316M | $430M | $455M | $430M | $482M | $529M | $1.1B | $924M | $1.0B |
| Current liabilities | $88.3M | $116M | $175M | $182M | $185M | $236M | $221M | $204M | $216M | $240M |
| Inventory | $121M | $155M | $198M | $226M | $198M | $222M | $266M | $304M | $306M | $334M |
| Property and equipment, net | $277M | $293M | $331M | $379M | $383M | $372M | $383M | $384M | $386M | $428M |
| Goodwill | $212M | $238M | $335M | $353M | $364M | $362M | $360M | $382M | $464M | $507M |
| Intangible assets | — | — | $79.6M | — | — | — | — | — | — | — |
| Total assets | $943M | $1.1B | $1.6B | $1.8B | $1.7B | $1.6B | $1.7B | $2.3B | $2.4B | $2.7B |
| Total liabilities | $445M | $435M | $687M | $807M | $706M | $608M | $520M | $1.1B | $1.0B | $1.1B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $498M | $676M | $933M | $950M | $959M | $1.0B | $1.1B | $1.2B | $1.4B | $1.6B |
| Margins | ||||||||||
| Gross margin | 43.9% | 44.8% | 44.7% | 43.5% | 41.6% | 45.2% | 45.1% | 46.4% | 47.4% | 48.7% |
| Operating margin | 5.8% | 4.5% | 6.6% | 1.6% | −0.2% | 5.7% | 7.6% | 9.9% | 11.5% | 12.2% |
| EBITDA margin | 13.0% | 11.9% | 14.5% | 10.8% | 9.6% | 13.5% | 14.7% | 17.0% | 19.0% | 20.3% |
| Net margin | 3.3% | 3.8% | 4.8% | 0.5% | −1.0% | 4.5% | 6.5% | 7.5% | 8.9% | 8.5% |
| FCF margin | 3.4% | 3.3% | 2.6% | −0.0% | 12.4% | 11.1% | 6.0% | 8.8% | 13.7% | 14.2% |
| Returns | ||||||||||
| Return on capital | 3.4% | 2.7% | 3.9% | 1.1% | −0.1% | 4.5% | 6.2% | 7.3% | 7.2% | 7.4% |
| Return on capital employed | 4.1% | 3.3% | 4.1% | 1.0% | −0.1% | 4.3% | 6.1% | 5.8% | 7.1% | 7.6% |
| Return on equity | 4.0% | 4.7% | 5.2% | 0.6% | −1.0% | 4.8% | 6.8% | 8.0% | 9.3% | 8.7% |
| Return on assets | 2.1% | 2.7% | 3.1% | 0.3% | −0.6% | 2.9% | 4.5% | 4.7% | 5.1% | 5.0% |
| Return on tangible equity | 7.0% | 6.3% | 8.1% | 0.9% | −1.7% | 7.1% | 9.5% | 11.5% | 13.1% | 11.9% |
| Growth | ||||||||||
| Revenue growth | — | 20.5% | 21.3% | 12.7% | −3.1% | 11.5% | 7.1% | 9.2% | 7.9% | 11.8% |
| Net income growth | — | 36.8% | 52.7% | −87.0% | −280.6% | — | 53.8% | 26.7% | 27.5% | 6.8% |
| EPS growth | — | 22.2% | 41.8% | −87.2% | −280.0% | — | 53.6% | 25.6% | 25.3% | 4.9% |
| FCF growth | — | 16.1% | −3.7% | −101.6% | — | 0.0% | −41.9% | 60.1% | 67.5% | 16.2% |
| Share count change | — | 11.7% | 7.6% | 4.3% | −1.4% | 3.5% | 0.5% | 1.2% | 1.7% | 1.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | 3.9x | 2.9x | 2.6x | 3.7x | 3.2x | 1.2x | 0.8x | 1.1x | 1.4x | 0.9x |
| Debt / equity | 0.7x | 0.4x | 0.4x | 0.5x | 0.4x | 0.2x | 0.2x | 0.7x | 0.5x | 0.5x |
| Interest coverage | 4.0x | 4.3x | 5.7x | 1.2x | −0.2x | 11.6x | 13.8x | 8.0x | 5.0x | 7.0x |
| Current ratio | 2.8x | 2.7x | 2.5x | 2.5x | 2.3x | 2.0x | 2.4x | 5.4x | 4.3x | 4.3x |
| Quick ratio | 1.4x | 1.4x | 1.3x | 1.3x | 1.3x | 1.1x | 1.2x | 4.0x | 2.9x | 2.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 5.4% | 5.3% | 7.2% | 7.9% | 4.8% | 2.6% | 3.9% | 2.7% | 2.6% | 5.4% |
| Stock comp / revenue | 0.4% | 0.6% | 0.7% | 0.9% | 1.5% | 1.5% | 1.6% | 1.7% | 2.1% | 2.9% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 7.0 | 5.0 | 5.0 | 5.0 | 7.0 | 7.0 | 5.0 | 7.0 | 7.0 |
| Altman Z'' | 3.5 | 4.0 | 3.4 | 3.0 | 3.1 | 3.8 | 4.8 | 4.8 | 4.7 | 4.9 |
| Accruals ratio | −3.6% | −3.4% | −3.3% | −4.3% | −10.2% | −6.0% | −2.4% | −2.5% | −4.2% | −6.6% |
Source: SEC EDGAR XBRL filings (CIK 0000856982). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.