NASDAQ : MMSI
Merit Medical Systems, Inc. — Financial statements
Healthcare · Medical Instruments & Supplies · United States
Last price 93.39 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.58B
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Financial statements
Merit Medical Systems, Inc. (MMSI) reported revenue of 1.61B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.61B | 1.52B | 1.36B | 1.26B | 1.15B | 1.07B |
| Cost of Revenue | 814.95M | 777.64M | 713.18M | 673.49M | 631.88M | 589.42M |
| Gross Profit | 795.95M | 738.27M | 643.33M | 583.87M | 519.10M | 485.33M |
| Selling, General & Admin | 468.28M | 447.01M | 387.83M | 366.08M | 335.32M | 329.69M |
| Research & Development | 96.93M | 97.35M | 87.47M | 82.73M | 75.51M | 71.25M |
| Operating Expenses | 565.21M | 544.37M | 475.30M | 448.80M | 410.83M | 400.94M |
| Operating Income | 230.73M | 193.90M | 168.04M | 135.07M | 108.26M | 84.40M |
| Interest Expense | -32.34M | -26.46M | -31.22M | -15.51M | -6.34M | -5.26M |
| Interest & Investment Income | 15.68M | 15.07M | 26.23M | 2.46M | 439.00K | 769.00K |
| Currency Exchange Gain (Loss) | -6.03M | -103.00K | 1.96M | 2.00M | 1.42M | -1.60M |
| Other Non Operating Income (Expenses) | 4.31M | -2.29M | -2.67M | -804.00K | -454.00K | -909.00K |
| EBT Excluding Unusual Items | 212.36M | 180.12M | 162.34M | 123.21M | 103.33M | 77.40M |
| Merger & Restructuring Charges | -13.50M | -8.20M | -11.90M | -7.60M | -7.20M | -2.70M |
| Gain (Loss) on Sale of Investments | -270.00K | -500.00K | ||||
| Gain (Loss) on Sale of Assets | 12.56M | |||||
| Asset Writedown | -1.72M | -1.58M | ||||
| Legal Settlements | -10.04M | |||||
| Other Unusual Items | 284.00K | -984.00K | -443.00K | -1.70M | -4.61M | -9.16M |
| Pretax Income | 211.71M | 170.94M | 149.99M | 112.09M | 82.63M | 53.92M |
| Income Tax Expense | 51.59M | 42.45M | 29.64M | 17.68M | 8.11M | 5.46M |
| Net Income | 160.12M | 128.49M | 120.36M | 94.41M | 74.52M | 48.45M |
| Net Income to Common | 160.12M | 128.49M | 120.36M | 94.41M | 74.52M | 48.45M |
| Shares Outstanding (Basic) | 59.59M | 59.16M | 58.22M | 57.59M | 56.81M | 56.15M |
| Shares Outstanding (Diluted) | 60.11M | 60.46M | 59.37M | 58.36M | 57.67M | 57.36M |
| EPS (Basic) | 2.69 | 2.17 | 2.07 | 1.64 | 1.31 | 0.86 |
| EPS (Diluted) | 2.67 | 2.13 | 2.03 | 1.62 | 1.29 | 0.84 |
| Free Cash Flow | 203.59M | 215.66M | 185.66M | 110.86M | 69.26M | 119.29M |
| Free Cash Flow Per Share | 3.39 | 3.57 | 3.13 | 1.90 | 1.20 | 2.08 |
| Gross Margin | 49.41% | 48.70% | 47.42% | 46.44% | 45.10% | 45.16% |
| Operating Margin | 14.32% | 12.79% | 12.39% | 10.74% | 9.41% | 7.85% |
| Profit Margin | 9.94% | 8.48% | 8.87% | 7.51% | 6.47% | 4.51% |
| Free Cash Flow Margin | 12.64% | 14.23% | 13.69% | 8.82% | 6.02% | 11.10% |
| EBITDA | 355.66M | 317.07M | 270.75M | 225.05M | 190.07M | 168.46M |
| EBITDA Margin | 22.08% | 20.92% | 19.96% | 17.90% | 16.51% | 15.68% |
| D&A For EBITDA | 124.92M | 123.17M | 102.71M | 89.98M | 81.80M | 84.07M |
| EBIT | 230.73M | 193.90M | 168.04M | 135.07M | 108.26M | 84.40M |
| EBIT Margin | 14.32% | 12.79% | 12.39% | 10.74% | 9.41% | 7.85% |
| Effective Tax Rate | 24.37% | 24.83% | 19.76% | 15.77% | 9.82% | 10.13% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 503.55M | 446.40M | 376.71M | 587.04M | 58.41M | 67.75M |
| Trading Asset Securities | 1.50M | |||||
| Cash & Short-Term Investments | 503.55M | 446.40M | 376.71M | 588.54M | 58.41M | 67.75M |
| Accounts Receivable | 221.87M | 203.71M | 190.24M | 177.88M | 164.68M | 152.30M |
| Other Receivables | 42.16M | 19.90M | 18.92M | 11.38M | 13.77M | 20.54M |
| Receivables | 264.02M | 223.61M | 209.17M | 189.26M | 178.45M | 172.84M |
| Inventory | 391.02M | 333.70M | 306.06M | 303.87M | 265.99M | 221.92M |
| Prepaid Expenses | 29.37M | 24.40M | 20.13M | 17.79M | 15.45M | 14.09M |
| Restricted Cash | 2.24M | 2.15M | 2.05M | 2.11M | 2.15M | |
| Other Current Assets | 8.62M | 9.89M | 9.65M | 6.91M | 8.64M | 5.61M |
| Total Current Assets | 1.20B | 1.04B | 923.77M | 1.11B | 529.08M | 482.21M |
| Property, Plant & Equipment | 521.73M | 516.00M | 451.67M | 446.57M | 448.24M | 437.57M |
| Long-Term Investments | 27.60M | 28.74M | 22.83M | 19.06M | 19.02M | 14.71M |
| Goodwill | 537.13M | 506.84M | 463.51M | 382.24M | 359.82M | 361.74M |
| Other Intangible Assets | 591.20M | 537.65M | 498.26M | 325.88M | 275.87M | 319.27M |
| Long-Term Deferred Tax Assets | 7.27M | 7.05M | 16.04M | 7.29M | 6.60M | 6.08M |
| Other Long-Term Assets | 41.15M | 33.23M | 33.08M | 32.49M | 22.93M | 24.36M |
| Total Assets | 2.92B | 2.69B | 2.42B | 2.33B | 1.66B | 1.65B |
| Accounts Payable | 66.29M | 60.55M | 68.50M | 65.94M | 68.50M | 55.62M |
| Accrued Expenses | 168.56M | 156.04M | 133.56M | 119.75M | 106.21M | 105.83M |
| Current Portion of Long-Term Debt | 11.25M | 8.44M | ||||
| Current Portion of Leases | 10.38M | 10.88M | 10.33M | 12.09M | 11.01M | 10.67M |
| Current Income Taxes Payable | 14.39M | 8.85M | 3.49M | 5.09M | 6.70M | 2.54M |
| Other Current Liabilities | 5.46M | 3.44M | 516.00K | 693.00K | 16.98M | 53.19M |
| Total Current Liabilities | 265.08M | 239.76M | 216.40M | 203.56M | 220.65M | 236.28M |
| Long-Term Debt | 737.40M | 734.04M | 729.55M | 823.01M | 186.76M | 235.84M |
| Long-Term Leases | 74.27M | 76.66M | 54.78M | 56.26M | 59.74M | 61.53M |
| Long-Term Unearned Revenue | 1.32M | 1.40M | 1.50M | 1.60M | 1.71M | 1.81M |
| Long-Term Deferred Tax Liabilities | 37.22M | 19.66M | 240.00K | 5.55M | 18.46M | 31.50M |
| Other Long-Term Liabilities | 65.06M | 30.10M | 36.77M | 33.26M | 32.26M | 41.53M |
| Total Liabilities | 1.18B | 1.10B | 1.04B | 1.12B | 519.57M | 608.50M |
| Common Stock | 808.93M | 763.91M | 703.22M | 638.15M | 675.17M | 641.53M |
| Retained Earnings | 946.14M | 824.03M | 695.54M | 575.18M | 480.77M | 406.26M |
| Comprehensive Income & Other | -10.52M | -3.64M | -19.40M | -11.33M | -11.55M | -7.99M |
| Shareholders' Equity | 1.74B | 1.58B | 1.38B | 1.20B | 1.14B | 1.04B |
| Total Liabilities & Equity | 2.92B | 2.69B | 2.42B | 2.33B | 1.66B | 1.65B |
| Total Debt | 822.06M | 821.57M | 794.66M | 891.36M | 268.75M | 316.48M |
| Net Cash (Debt) | -318.51M | -375.17M | -417.95M | -302.82M | -210.34M | -248.73M |
| Net Cash Per Share | -5.30 | -6.21 | -7.04 | -5.19 | -3.65 | -4.34 |
| Filing Date Shares Outstanding | 59.92M | 59.43M | 58.83M | 57.93M | 57.32M | 56.57M |
| Total Common Shares Outstanding | 59.90M | 59.42M | 58.74M | 57.86M | 57.31M | 56.57M |
| Working Capital | 933.73M | 800.39M | 707.37M | 904.91M | 308.44M | 245.93M |
| Book Value Per Share | 29.13 | 26.66 | 23.48 | 20.77 | 19.97 | 18.38 |
| Tangible Book Value | 616.21M | 539.81M | 417.58M | 493.88M | 508.70M | 358.79M |
| Tangible Book Value Per Share | 10.29 | 9.08 | 7.11 | 8.54 | 8.88 | 6.34 |
| Land | 30.33M | 30.46M | 25.85M | 26.02M | 25.94M | 25.29M |
| Buildings | 238.76M | 200.05M | 192.30M | 191.49M | 189.15M | 190.04M |
| Machinery | 456.85M | 426.16M | 402.19M | 379.97M | 360.22M | 339.42M |
| Construction In Progress | 40.74M | 82.94M | 58.67M | 61.44M | 61.27M | 51.18M |
| Leasehold Improvements | 67.10M | 65.24M | 58.77M | 53.64M | 49.67M | 46.34M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 160.12M | 128.49M | 120.36M | 94.41M | 74.52M | 48.45M |
| Depreciation & Amortization | 136.48M | 134.65M | 114.73M | 101.29M | 92.20M | 95.78M |
| Other Amortization | 5.66M | 5.66M | 6.77M | 1.72M | 604.00K | 604.00K |
| Loss (Gain) From Sale of Assets | -9.69M | 2.05M | 1.49M | 5.41M | 1.80M | 1.30M |
| Asset Writedown & Restructuring Costs | 698.00K | 313.00K | 456.00K | 1.79M | 8.45M | 4.41M |
| Loss (Gain) From Sale of Investments | 270.00K | 500.00K | ||||
| Stock-Based Compensation | 45.39M | 43.46M | 28.47M | 21.33M | 18.04M | 16.09M |
| Other Operating Activities | 4.83M | 6.09M | -14.53M | -11.04M | -10.42M | -1.58M |
| Change in Accounts Receivable | -12.49M | -7.34M | -13.69M | -11.92M | -15.12M | -8.62M |
| Change in Inventory | -66.40M | -21.60M | -2.29M | -32.10M | -47.93M | -25.18M |
| Change in Accounts Payable | 2.47M | 1.01M | -2.31M | -7.30M | 12.66M | 6.05M |
| Change in Income Taxes | 5.57M | 3.94M | -2.41M | -1.83M | 6.05M | 1.06M |
| Change in Other Net Operating Assets | 231.00K | 644.00K | -16.25M | -16.87M | -27.06M | 8.85M |
| Operating Cash Flow | 273.74M | 297.37M | 220.80M | 145.15M | 114.29M | 147.23M |
| Capital Expenditures | -70.15M | -81.72M | -35.14M | -34.29M | -45.03M | -27.94M |
| Sale of Property, Plant & Equipment | 25.56M | 303.00K | 5.00K | 632.00K | 65.00K | 1.04M |
| Cash Acquisitions | -114.98M | -144.77M | -320.18M | -134.52M | -6.88M | -7.17M |
| Divestitures | -971.00K | |||||
| Sale (Purchase) of Intangibles | -3.09M | -3.12M | -2.90M | -2.41M | -3.17M | -2.83M |
| Other Investing Activities | -12.39M | -18.08M | -10.43M | -4.75M | -1.41M | -254.00K |
| Investing Cash Flow | -175.05M | -247.39M | -368.65M | -175.35M | -57.40M | -37.16M |
| Long-Term Debt Issued | 1.20B | 215.21M | 98.42M | |||
| Long-Term Debt Repaid | -99.06M | -579.62M | -260.14M | -206.92M | ||
| Net Debt Issued (Repaid) | -99.06M | 619.58M | -44.94M | -108.50M | ||
| Issuance of Common Stock | 22.31M | 28.21M | 40.91M | 15.58M | 20.07M | 21.31M |
| Repurchase of Common Stock | -7.91M | -9.53M | -1.59M | -5.12M | -2.47M | -576.00K |
| Other Financing Activities | -3.07M | -2.69M | -261.00K | -70.77M | -32.92M | -10.66M |
| Financing Cash Flow | 11.33M | 16.00M | -60.01M | 559.27M | -60.26M | -98.44M |
| Foreign Exchange Rate Adjustments | 1.21M | 3.80M | -2.52M | -484.00K | -3.83M | -801.00K |
| Net Cash Flow | 111.23M | 69.78M | -210.38M | 528.59M | -7.19M | 10.83M |
| Free Cash Flow | 203.59M | 215.66M | 185.66M | 110.86M | 69.26M | 119.29M |
| Free Cash Flow Margin | 12.64% | 14.23% | 13.69% | 8.82% | 6.02% | 11.10% |
| Free Cash Flow Per Share | 3.39 | 3.57 | 3.13 | 1.90 | 1.20 | 2.08 |
| Levered Free Cash Flow | 170.94M | 179.71M | 184.91M | 106.20M | 51.35M | 142.07M |
| Unlevered Free Cash Flow | 185.50M | 190.59M | 197.65M | 114.17M | 54.70M | 144.75M |
| Cash Interest Paid | 22.44M | 20.99M | 23.24M | 14.05M | 6.26M | 5.26M |
| Cash Income Tax Paid | 40.37M | 31.39M | 45.05M | 31.53M | 17.09M | 8.83M |
| Change in Working Capital | -70.62M | -23.34M | -36.95M | -70.02M | -71.40M | -17.84M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.17B | 5.23B | 5.64B | 4.39B | 4.02B | 3.52B |
| Enterprise Value | 5.49B | 5.65B | 5.93B | 4.68B | 4.26B | 3.80B |
| Last Close Price | 86.24 | 88.14 | 96.72 | 75.96 | 70.62 | 62.30 |
| PE Ratio | 32.29 | 40.67 | 46.83 | 46.46 | 53.94 | 72.59 |
| Forward PE | 19.19 | 22.51 | 27.13 | 24.04 | 25.97 | 27.70 |
| PS Ratio | 3.21 | 3.45 | 4.16 | 3.49 | 3.49 | 3.27 |
| PB Ratio | 2.96 | 3.30 | 4.09 | 3.65 | 3.51 | 3.38 |
| P/TBV Ratio | 8.39 | 9.68 | 13.50 | 8.88 | 7.90 | 9.80 |
| P/FCF Ratio | 25.38 | 24.23 | 30.36 | 39.57 | 58.03 | 29.48 |
| P/OCF Ratio | 18.88 | 17.57 | 25.53 | 30.22 | 35.17 | 23.89 |
| PEG Ratio | 1.31 | 1.72 | 1.94 | 1.34 | 1.62 | 1.70 |
| EV/Sales Ratio | 3.41 | 3.73 | 4.37 | 3.72 | 3.70 | 3.54 |
| EV/EBITDA Ratio | 15.42 | 17.83 | 21.91 | 20.80 | 22.39 | 22.58 |
| EV/EBIT Ratio | 23.77 | 29.16 | 35.31 | 34.66 | 39.30 | 45.08 |
| EV/FCF Ratio | 26.94 | 26.22 | 31.95 | 42.22 | 61.44 | 31.89 |
| Debt / Equity Ratio | 0.47 | 0.52 | 0.58 | 0.74 | 0.23 | 0.30 |
| Debt / EBITDA Ratio | 2.20 | 2.46 | 2.78 | 3.72 | 1.32 | 1.72 |
| Debt / FCF Ratio | 4.04 | 3.81 | 4.28 | 8.04 | 3.88 | 2.65 |
| Net Debt / Equity Ratio | 0.18 | 0.24 | 0.30 | 0.25 | 0.18 | 0.24 |
| Net Debt / EBITDA Ratio | 0.90 | 1.18 | 1.54 | 1.35 | 1.11 | 1.48 |
| Net Debt / FCF Ratio | 1.56 | 1.74 | 2.25 | 2.73 | 3.04 | 2.08 |
| Asset Turnover | 0.58 | 0.59 | 0.57 | 0.63 | 0.69 | 0.65 |
| Inventory Turnover | 2.27 | 2.43 | 2.34 | 2.36 | 2.59 | 2.81 |
| Quick Ratio | 2.90 | 2.79 | 2.71 | 3.82 | 1.07 | 1.02 |
| Current Ratio | 4.52 | 4.34 | 4.27 | 5.45 | 2.40 | 2.04 |
| Return on Equity (ROE) | 9.78% | 8.67% | 9.32% | 8.05% | 6.82% | 4.85% |
| Return on Assets (ROA) | 5.19% | 4.75% | 4.43% | 4.23% | 4.09% | 3.19% |
| Return on Invested Capital (ROIC) | 8.48% | 7.76% | 8.17% | 7.96% | 7.39% | 5.77% |
| Return on Capital Employed (ROCE) | 8.70% | 7.90% | 7.60% | 6.40% | 7.50% | 6.00% |
| Earnings Yield | 3.10% | 2.46% | 2.14% | 2.15% | 1.85% | 1.38% |
| FCF Yield | 3.94% | 4.13% | 3.29% | 2.53% | 1.72% | 3.39% |
| Buyback Yield / Dilution | 0.82% | -1.85% | -1.73% | -1.19% | -0.54% | -3.47% |