A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
MERIT MEDICAL SYSTEMS INC
MMSI
$4.5B
Mkt Cap
$74.32
+1.66%
MERIT MEDICAL SYSTEMS INC (MMSI) has a current P/E ratio of 34.9, compared to its historical median P/E of 56.1. The stock is currently considered Cheap based on its historical valuation range.
MERIT MEDICAL SYSTEMS INC (MMSI) has a 5-year average return on invested capital (ROIC) of 6.6%. This is below average and may indicate limited pricing power.
MERIT MEDICAL SYSTEMS INC (MMSI) has a market capitalization of $4.4B. It is classified as a mid-cap stock.
MERIT MEDICAL SYSTEMS INC (MMSI) does not currently pay a regular dividend.
Based on historical P/E analysis, MERIT MEDICAL SYSTEMS INC (MMSI) appears cheap. The current P/E of 34.9 is 38% below its historical median of 56.1. The estimated fair value CAGR (P/E method) is 48.0%.
MERIT MEDICAL SYSTEMS INC (MMSI) operates in the Surgical & Medical Instruments & Apparatus industry, within the Healthcare sector.
MERIT MEDICAL SYSTEMS INC (MMSI) reported annual revenue of $1.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Our Company Merit Medical Systems, Inc. is a leading manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. We strive to be the most customer-focused company in healthcare. Each day we are determined to make a difference by understanding our customers’ needs and innovating and delivering a diverse range of products that improve the lives of people and communities throughout the world. We believe that long-term value is created for our customers, employees, shareholders, and communities when we focus outward and are determined to deliver an exceptional customer experience. Merit Medical Systems, Inc. was founded in 1987 by Fred P. Lampropoulos, Kent W. Stanger, Darla Gill and William Padilla. Initially, we focused our operations on injection and insert molding of plastics.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.5B | 1.5B | 1.4B | 1.3B | 1.2B | 1.1B |
| Net Income | 139M | 128M | 120M | 94M | 75M | 48M |
| EPS | $2.35 | $2.13 | $2.03 | $1.62 | $1.29 | $0.84 |
| Free Cash Flow | 221M | 216M | 186M | 111M | 69M | 119M |
| ROIC | 7.5% | 7.5% | 7.7% | 7.5% | 6.1% | 4.3% |
| Gross Margin | 48.7% | 48.7% | 47.4% | 46.4% | 45.1% | 45.2% |
| Debt/Equity | 0.45 | 0.52 | 0.58 | 0.74 | 0.23 | 0.30 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 188M | 185M | 156M | 124M | 88M | 61M |
| Operating Margin | 12.2% | 12.2% | 11.5% | 9.9% | 7.6% | 5.7% |
| ROE | 8.6% | 8.7% | 9.3% | 8.0% | 6.8% | 4.8% |
| Shares Outstanding | 60M | 60M | 59M | 58M | 58M | 58M |
| Metric | 2014 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 510M | 542M | 604M | 728M | 883M | 995M | 964M | 1.1B | 1.2B | 1.3B | 1.4B | 1.5B | 1.5B |
| Gross Margin | 44.2% | 43.5% | 43.9% | 44.8% | 44.7% | 43.5% | 41.6% | 45.2% | 45.1% | 46.4% | 47.4% | 48.7% | 48.7% |
| R&D | 37M | 41M | 45M | 51M | 60M | 66M | 58M | 71M | 76M | 83M | 87M | 97M | 97M |
| SG&A | 148M | 156M | 184M | 229M | 276M | 327M | 298M | 336M | 343M | 374M | 400M | 455M | 466M |
| EBIT | 40M | 38M | 35M | 33M | 59M | 15M | -1.6M | 61M | 88M | 124M | 156M | 185M | 188M |
| Op. Margin | 7.9% | 6.9% | 5.8% | 4.5% | 6.6% | 1.6% | -0.2% | 5.7% | 7.6% | 9.9% | 11.5% | 12.2% | 12.2% |
| Net Income | 23M | 24M | 20M | 28M | 42M | 5.5M | -9.8M | 48M | 75M | 94M | 120M | 128M | 139M |
| Net Margin | 4.5% | 4.4% | 3.3% | 3.8% | 4.8% | 0.5% | -1.0% | 4.5% | 6.5% | 7.5% | 8.9% | 8.5% | 9.0% |
| Non-Recurring | 1.1M | 0 | -429K | 382K | -625K | -115K | -2.2M | -1.3M | 6.8M | -3.1M | 1.6M | 3.6M | 3.6M |
| Returns on Capital | |||||||||||||
| ROIC | 4.5% | 4.2% | 3.8% | 2.3% | 3.4% | 1.1% | -0.1% | 4.3% | 6.1% | 7.5% | 7.7% | 7.5% | 7.5% |
| ROE | 5.3% | 5.1% | 4.2% | 4.7% | 5.2% | 0.6% | -1.0% | 4.8% | 6.8% | 8.0% | 9.3% | 8.7% | 8.6% |
| ROA | 3.1% | 3.1% | 2.3% | 2.7% | 3.1% | 0.3% | -0.6% | 2.9% | 4.5% | 4.7% | 5.1% | 5.0% | 5.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 53M | 69M | 54M | 63M | 87M | 78M | 165M | 147M | 114M | 145M | 221M | 297M | 297M |
| Free Cash Flow | 19M | 18M | 21M | 24M | 23M | -360K | 119M | 119M | 69M | 111M | 186M | 216M | 221M |
| Owner Earnings | 16M | 30M | 7.3M | 5.1M | 11M | -24M | 57M | 47M | 14M | 34M | 90M | 131M | 130M |
| CapEx | 34M | 51M | 33M | 39M | 63M | 78M | 46M | 28M | 45M | 34M | 35M | 82M | 77M |
| Maint. CapEx | 36M | 37M | 44M | 54M | 70M | 92M | 94M | 84M | 82M | 90M | 103M | 123M | 124M |
| Growth CapEx | 0 | 14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 36M | 37M | 44M | 54M | 70M | 92M | 94M | 84M | 82M | 90M | 103M | 123M | 124M |
| CapEx/OCF | 64.1% | 73.4% | 61.3% | 61.6% | 73.2% | 100.5% | 27.8% | 19.0% | 39.4% | 23.6% | 15.9% | 27.5% | 25.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.5M | 2.2M | 2.5M | 4.1M | 6.1M | 9.4M | 14M | 16M | 18M | 21M | 28M | 43M | 43M |
| Debt Repayment | 169M | 169M | 102M | 243M | 523M | 202M | 157M | 207M | 260M | 677K | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 220M | 209M | 305M | 253M | 335M | 479M | 378M | 247M | 210M | 304M | 418M | 375M | 247M |
| Cash & Equiv. | 7.4M | 4.2M | 19M | 32M | 67M | 44M | 57M | 68M | 58M | 587M | 377M | 446M | 488M |
| Long-Term Debt | 214M | 198M | 314M | 259M | 373M | 432M | 344M | 234M | 187M | 823M | 730M | 734M | 735M |
| Debt/Equity | 0.54 | 0.47 | 0.65 | 0.42 | 0.43 | 0.55 | 0.45 | 0.30 | 0.23 | 0.74 | 0.58 | 0.52 | 0.45 |
| Interest Coverage | 4.5 | 6.0 | 4.0 | 4.3 | 5.7 | 1.2 | -0.2 | 11.6 | 13.8 | 8.0 | 5.0 | 7.0 | 7.1 |
| Equity | 435M | 466M | 498M | 676M | 933M | 950M | 959M | 1.0B | 1.1B | 1.2B | 1.4B | 1.6B | 1.6B |
| Total Assets | 747M | 779M | 943M | 1.1B | 1.6B | 1.8B | 1.7B | 1.6B | 1.7B | 2.3B | 2.4B | 2.7B | 2.7B |
| Total Liabilities | 312M | 313M | 445M | 435M | 687M | 807M | 706M | 608M | 520M | 1.1B | 1.0B | 1.1B | 1.1B |
| Intangibles | 79M | 70M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 250M | 274M | 294M | 321M | 363M | 368M | 358M | 406M | 481M | 575M | 696M | 824M | 865M |
| Working Capital | 117M | 116M | 155M | 201M | 254M | 273M | 245M | 246M | 308M | 905M | 707M | 800M | 885M |
| Current Assets | 192M | 204M | 243M | 316M | 430M | 455M | 430M | 482M | 529M | 1.1B | 924M | 1.0B | 1.1B |
| Current Liabilities | 75M | 88M | 88M | 116M | 175M | 182M | 185M | 236M | 221M | 204M | 216M | 240M | 217M |
| Per Share Data | |||||||||||||
| EPS | 0.53 | 0.53 | 0.45 | 0.55 | 0.78 | 0.10 | -0.18 | 0.84 | 1.29 | 1.62 | 2.03 | 2.13 | 2.35 |
| Owner EPS | 0.37 | 0.66 | 0.16 | 0.10 | 0.20 | -0.43 | 1.04 | 0.82 | 0.25 | 0.58 | 1.51 | 2.17 | 2.18 |
| Book Value | 10.04 | 10.38 | 11.14 | 13.52 | 17.32 | 17.43 | 17.53 | 18.03 | 19.81 | 20.63 | 23.26 | 26.26 | 27.27 |
| Cash Flow/Share | 1.23 | 1.55 | 1.20 | 1.25 | 1.61 | 1.43 | 3.02 | 2.55 | 1.98 | 2.49 | 3.72 | 4.93 | 4.42 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 43.3M | 44.9M | 44.7M | 50.0M | 53.9M | 54.5M | 54.7M | 57.7M | 57.8M | 58.3M | 59.3M | 60.3M | 59.7M |
| Valuation | |||||||||||||
| P/E Ratio | 32.7 | 35.7 | 58.3 | 79.7 | 70.5 | 312.5 | N/A | 76.5 | 53.8 | 47.3 | 47.9 | 41.0 | 31.7 |
| P/FCF | 39.3 | 45.9 | 56.5 | 91.0 | 127.6 | N/A | 24.8 | 31.1 | 57.9 | 40.2 | 31.1 | 24.4 | 20.1 |
| EV/EBIT | 24.1 | 28.0 | 42.4 | 74.0 | 56.2 | 136.0 | N/A | 63.7 | 47.4 | 38.0 | 36.9 | 27.7 | 24.9 |
| Price/Book | 1.7 | 1.8 | 2.4 | 3.2 | 3.2 | 1.8 | 3.1 | 3.6 | 3.5 | 3.7 | 4.2 | 3.3 | 2.7 |
| Price/Sales | 1.2 | 1.7 | 1.5 | 2.5 | 3.2 | 2.5 | 2.4 | 3.4 | 3.1 | 3.4 | 3.8 | 3.7 | 2.9 |
| FCF Yield | 2.5% | 2.2% | 1.8% | 1.1% | 0.8% | -0.0% | 4.0% | 3.2% | 1.7% | 2.5% | 3.2% | 4.1% | 5.0% |
| Market Cap | 752M | 849M | 1.2B | 2.2B | 3.0B | 1.7B | 3.0B | 3.7B | 4.0B | 4.5B | 5.8B | 5.3B | 4.4B |
| Avg. Price | 14.15 | 20.46 | 20.92 | 35.80 | 52.89 | 45.81 | 43.03 | 63.44 | 61.32 | 73.25 | 86.78 | 92.42 | 74.32 |
| Year-End Price | 17.35 | 18.91 | 26.25 | 43.85 | 54.97 | 31.25 | 54.15 | 64.25 | 69.43 | 76.56 | 97.30 | 87.39 | 74.32 |
MERIT MEDICAL SYSTEMS INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
MERIT MEDICAL SYSTEMS INC trades at 34.9x trailing earnings, compared to its 15-year median P/E of 56.1x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 20.5x vs a median of 35.7x. The company's 5-year average ROIC is 6.6% with a gross margin of 46.6%. At current prices, the estimated annualized return to fair value is +36.9%.
MERIT MEDICAL SYSTEMS INC (MMSI) has a net profit margin of 8.5%. This is a modest margin.
MERIT MEDICAL SYSTEMS INC (MMSI) generated $216 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MERIT MEDICAL SYSTEMS INC (MMSI) has a debt-to-equity ratio of 0.52. This indicates moderate leverage.
MERIT MEDICAL SYSTEMS INC (MMSI) reported earnings per share (EPS) of $2.13 in its most recent fiscal year.
MERIT MEDICAL SYSTEMS INC (MMSI) has a return on equity (ROE) of 8.7%. This indicates moderate shareholder returns.
MERIT MEDICAL SYSTEMS INC (MMSI) has a 5-year average gross margin of 46.6%. This indicates decent pricing power.
The Ledger Terminal provides 17 years of financial data for MERIT MEDICAL SYSTEMS INC (MMSI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MERIT MEDICAL SYSTEMS INC (MMSI) has a book value per share of $26.26, based on its most recent annual SEC filing.