Merit Medical Systems Inc
MMSI Nasdaq· Surgical & Medical Instruments & Apparatus
Last close · Oct 26, 2026
$94.20
KIRA · Stoqly’s AI analyst, in plain words
- Merit Medical Systems Inc had $1.5B of revenue in fiscal 2025, up 11.8% on the year before. Over five years, revenue changed +9.5% a year on average.
- Its operating margin was 12.2%, up 0.7 pts: of every 100 in sales, about 12 is left after running the business.
- Merit Medical Systems Inc made $128M of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 18.9% a year.
- Free cash flow was $216M in fiscal 2025, 14.2% of revenue.
- Merit Medical Systems Inc owes $288M more than it holds in cash, about 0.9 years of operating profit.
Market cap
$5.7B
P/E
38.8x
Revenue
$1.5B
Net income
$128M
Free cash flow
$216M
Operating margin
12.2%
Merit Medical Systems Inc in 30 seconds · fiscal 2025
Are sales growing?
+11.8%
Yes. Sales grew 11.8% last year.
Does it make a profit?
8.5%
A little. It keeps 8.5% of every sale as profit.
Does profit turn into cash?
14.2%
Yes. 14.2% of sales ends up as free cash.
Is debt under control?
0.9x
Yes. It could repay its debt with 0.9 years of operating profit.
How healthy are the accounts?
7 / 9
Solid. It passes 7 of 9 health tests.
How is the share priced?
38.8x
One share costs 38.8 times its yearly profit per share.
What Merit Medical Systems Inc does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Legal name
- MERIT MEDICAL SYSTEMS INC
- CIK
- 0000856982
Merit Medical Systems Inc · MMSI
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $1.1B | $1.2B | $1.3B | $1.4B | $1.5B |
| Revenue growth | 11.5% | 7.1% | 9.2% | 7.9% | 11.8% |
| Gross margin | 45.2% | 45.1% | 46.4% | 47.4% | 48.7% |
| Operating margin | 5.7% | 7.6% | 9.9% | 11.5% | 12.2% |
| Net income | $48.5M | $74.5M | $94.4M | $120M | $128M |
| Net margin | 4.5% | 6.5% | 7.5% | 8.9% | 8.5% |
| Diluted EPS | $0.84 | $1.29 | $1.62 | $2.03 | $2.13 |
| Cash | |||||
| Cash from operations | $147M | $114M | $145M | $221M | $297M |
| Capital expenditure | $27.9M | $45.0M | $34.3M | $35.1M | $81.7M |
| Free cash flow | $119M | $69.3M | $111M | $186M | $216M |
| FCF margin | 11.1% | 6.0% | 8.8% | 13.7% | 14.2% |
| Share count change | 3.5% | 0.5% | 1.2% | 1.7% | 1.8% |
| Debt and strength | |||||
| Cash and short-term investments | $67.8M | $58.4M | $587M | $377M | $446M |
| Debt incl. finance leases | $243M | $198M | $823M | $730M | $734M |
| Shareholders' equity | $1.0B | $1.1B | $1.2B | $1.4B | $1.6B |
| Net debt / EBITDA | 1.2x | 0.8x | 1.1x | 1.4x | 0.9x |
| Current ratio | 2.0x | 2.4x | 5.4x | 4.3x | 4.3x |
| Interest coverage | 11.6x | 13.8x | 8.0x | 5.0x | 7.0x |
| Returns and quality | |||||
| Return on capital | 4.5% | 6.2% | 7.3% | 7.2% | 7.4% |
| Return on equity | 4.8% | 6.8% | 8.0% | 9.3% | 8.7% |
| Return on tangible equity | 7.1% | 9.5% | 11.5% | 13.1% | 11.9% |
| Piotroski F-score | 7 | 7 | 5 | 7 | 7 |
| Altman Z'' | 3.8 | 4.8 | 4.8 | 4.7 | 4.9 |
Insiders bought, 12 months
$0.6M
5 insiders
Insiders sold, 12 months
$8.5M
3 insiders
Of sales under plans
5%
$0.5M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Merit Medical Systems Inc · MMSI
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $94.20 a share, the company is worth $5.7B: 38.8 times its earnings of the last four quarters.
Source: SEC EDGAR XBRL filings (CIK 0000856982). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.