MMSINasdaqSurgical & Medical Instruments & ApparatusFiscal year ends December 31
MERIT MEDICAL SYSTEMS INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$89.96+0.76 (+0.85%)
Close on Oct 19, 2026
- Market cap
- $5.40B
- P/E (TTM)
- 37.2
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
48.7%+7.1 pts over 5 years
Operating margin
12.2%+12.3 pts over 5 years
Net margin
8.5%+9.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.8% | +9.6% | +9.5% | +10.8% | |
| Gross profit | +14.8% | +12.5% | +13.0% | +12.1% | |
| Operating income | +18.6% | +28.3% | – | +17.3% | |
| Net income | +6.8% | +19.9% | – | +18.4% | |
| EPS, diluted | +4.9% | +18.2% | – | +14.9% | |
| Free cash flow | +16.2% | +46.0% | +12.6% | +27.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 4.2% | -1.0% | 8.7% | |
| Return on assets | 2.3% | -0.6% | 5.0% | |
| Current ratio | 2.76 | 2.32 | 4.34 | |
| Debt to equity | 0.65 | 0.37 | 0.46 | |
| Net debt to EBITDA | 3.88× | 3.18× | 0.93× | |
| Interest coverage | 4.0× | -0.2× | 7.0× | |
| Inventory turnover | 3.0× | 2.7× | 2.4× | |
| Capex to revenue | 5.4% | 4.8% | 5.4% | |
| Diluted shares | 45M | 55M | 60M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Merit Medical Systems generated $924.84M from operations and spent $224.11M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$924.84M
Used
$224.11M
Capital expenditure$224.11M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin8.5%
×Asset turnover0.59×
×Equity multiplier1.72×
=Return on equity, FY20258.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 8.5% | 0.59× | 1.72× | 8.7% |
| FY2024 | 8.9% | 0.57× | 1.84× | 9.3% |
| FY2023 | 7.5% | 0.63× | 1.70× | 8.0% |
| FY2022 | 6.5% | 0.69× | 1.52× | 6.8% |
| FY2021 | 4.5% | 0.65× | 1.66× | 4.8% |
| FY2020 | -1.0% | 0.56× | 1.79× | -1.0% |
| FY2019 | 0.5% | 0.59× | 1.79× | 0.6% |
| FY2018 | 4.8% | 0.65× | 1.70× | 5.2% |
| FY2017 | 3.8% | 0.71× | 1.75× | 4.7% |
| FY2016 | 3.3% | 0.70× | 1.79× | 4.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$128.49M
- Cash generatingOperating cash flow above zero$297.37M
- Return on assets improvedROA up on the prior year5.2% → 5.3%
- Earnings backed by cashOperating cash flow above net income$297.37M vs $128.49M
- Less leverageLong-term debt to assets fell30.2% → 27.3%
- Better liquidityCurrent ratio rose4.27 → 4.34
- No dilutionShare count did not rise59M → 60M
- Gross margin improvedGross margin up on the prior year47.43% → 48.70%
- More efficientAsset turnover rose0.58 → 0.63