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MERIT MEDICAL SYSTEMS INC MMSI

Nasdaq · stock · Surgical & Medical Instruments & Apparatus · website · IPO 1954-09-16 · LEI

MERIT MEDICAL SYSTEMS INC statistics & valuation

Market cap$4.3B
P / E33.3×
P / S2.8×
P / B2.7×
P / FCF19.8×
Net margin8.5%
Return on equity8.1%
FCF margin14.2%
Net debt$287.6M
Net debt / EBITDA0.9×
Enterprise value USD$4.6B
EV / EBITDA14.8×
Earnings yield EBIT/EV4%
Return on capital7.6%
Graham number -61.1%$35.44

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($35.44); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
3.30% 3.80% 4.80% 0.50% -1.00% 4.50% 6.50% 7.50% 8.90% 8.50% 2016201720182019202020212022202320242025
Gross margin (%)
43.90% 44.80% 44.70% 43.50% 41.60% 45.20% 45.10% 46.40% 47.40% 48.70% 2016201720182019202020212022202320242025
Operating margin (%)
5.80% 4.50% 6.60% 1.60% -0.20% 5.70% 7.60% 9.90% 11.50% 12.20% 2016201720182019202020212022202320242025
Return on equity (%)
4.00% 4.10% 4.50% 0.60% -1.00% 4.70% 6.50% 7.90% 8.70% 8.10% 2016201720182019202020212022202320242025
Shares outstanding
44.9M 50.2M 54.9M 56.2M 55.6M 57.4M 57.7M 58.4M 59.4M 60.5M 2016201720182019202020212022202320242025
Net debt ($)
$305.2M $246.1M $327.8M $395.2M $294.3M $175.1M $139.6M $236.0M $352.8M $287.6M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
2.10% 2.50% 2.60% 0.30% -0.60% 2.90% 4.50% 4.10% 5.00% 4.80% 2016201720182019202020212022202320242025
Free cash flow margin (%)
3.40% 3.30% 2.60% 0.00% 12.40% 11.10% 6.00% 8.80% 13.70% 14.20% 2016201720182019202020212022202320242025
Debt / equity (×)
0.65× 0.41× 0.42× 0.46× 0.37× 0.23× 0.17× 0.68× 0.53× 0.46× 2016201720182019202020212022202320242025
EPS ($)
$0.45 $0.55 $0.78 $0.10 -$0.18 $0.84 $1.29 $1.62 $2.03 $2.13 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

MERIT MEDICAL SYSTEMS INC trades at about 42.8× earnings — below its 10-year norm (10-year range 31.2×–364.2×, median 56.4×).

31.2× 364.2×

Shaded band = 10-year range (31.2×–364.2×); dot = today's 42.8×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin48.7%47.4%46.4%45.1%45.2%41.6%43.5%44.7%44.8%43.9%
Operating margin12.2%11.5%9.9%7.6%5.7%-0.2%1.6%6.6%4.5%5.8%
Net margin8.5%8.9%7.5%6.5%4.5%-1.0%0.5%4.8%3.8%3.3%
FCF margin14.2%13.7%8.8%6.0%11.1%12.4%-0.0%2.6%3.3%3.4%
Return on assets4.8%5.0%4.1%4.5%2.9%-0.6%0.3%2.6%2.5%2.1%
Return on equity8.1%8.7%7.9%6.5%4.7%-1.0%0.6%4.5%4.1%4.0%
Debt / equity0.46×0.53×0.68×0.17×0.23×0.37×0.46×0.42×0.41×0.65×
Current ratio4.344.275.452.402.042.322.502.452.732.76

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.