Merit Medical Systems, Inc. logo

Merit Medical Systems, Inc.

MMSI

NASDAQHealthcareMedical - Instruments & Supplies

Latest quote

$90.74

+$0.51 · +0.56%

Aug 21, 3:55 PM ET

MMSI company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Buy

Favorable setup — positive multi-factor alignment

Valuation

80

Undervalued

Momentum

47

Neutral

Sentiment

74

Bullish

Risk resilience

70

Moderate Risk

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Company profile

Company website

Merit Medical Systems, Inc. (MMSI) is engaged in the design, development, manufacturing, and worldwide commercialization of disposable medical products. These devices are crucial for a broad spectrum of diagnostic, therapeutic, and interventional procedures, primarily within the fields of cardiology, radiology, oncology, critical care, and endoscopy. The company operates through two main divisions: Cardiovascular and Endoscopy. Its extensive product portfolio includes advanced solutions for diagnosing and treating conditions in peripheral vessels and organs, as well as a comprehensive suite of cardiac intervention products. The latter encompasses tools for vascular access, angiography, electrophysiology, cardiac rhythm management, fluid and hemodynamic monitoring, hemostasis, and various interventional therapies for heart-related ailments. Additionally, MMSI provides customized procedural solutions, offering critical care items, disinfection protection systems, specialized syringes, manifold kits, and tailored trays and packs. Their offerings further extend to coated tubes and wires, alongside sophisticated sensor components for microelectromechanical systems (MEMS). The company also features pulmonary products, such as laser-cut tracheobronchial stents with their accompanying over-the-wire and direct visualization delivery systems, and dilation balloons used for endoscopic stricture dilation. Gastroenterology products, as well as essential kits and accessories for endoscopy and bronchoscopy procedures, complete their diverse catalog. Merit Medical Systems sells its products to a wide client base, including hospitals and healthcare professionals (physicians, technicians, and nurses) working in alternative care settings. Distribution channels include a direct sales force, authorized distributors, original equipment manufacturer (OEM) partnerships, and custom procedure tray manufacturers, reaching customers throughout the United States and internationally. Founded in 1987, Merit Medical Systems, Inc. has its corporate headquarters situated in South Jordan, Utah.

Industry
Medical - Instruments & Supplies
Sector
Healthcare
Headquarters
US
CEO
Martha Goldberg Aronson
Listed since
May 14, 1990
Employees
7,500

Market position

Volume
401.8K
0.46× average
Average volume
879.97K
Average daily volume
Market cap
5.42B USD
Beta
0.48
Market reference 1

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
5.66B USD
P/E (TTM)
37.05×
P/B (TTM)
3.23×
P/S (TTM)
3.43×
EV / EBITDA
17.06×
Earnings yield
2.46%
Free cash flow yield
4.08%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
49.52%
Operating margin
12.75%
Net margin
9.22%
Return on equity
8.11%
Return on assets
4.78%
Return on invested capital
5.64%

Financial health

Debt / equity
0.49×
Current ratio
4.34×
Altman Z-score
4.36
Piotroski F-score
6 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends53%35%18%0%Gross margin, FY2021: 45.16%Gross margin, FY2022: 45.10%Gross margin, FY2023: 46.44%Gross margin, FY2024: 47.43%Gross margin, FY2025: 48.65%Operating margin, FY2021: 5.67%Operating margin, FY2022: 7.61%Operating margin, FY2023: 9.86%Operating margin, FY2024: 11.48%Operating margin, FY2025: 12.17%Net margin, FY2021: 4.51%Net margin, FY2022: 6.47%Net margin, FY2023: 7.51%Net margin, FY2024: 8.87%Net margin, FY2025: 8.48%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 45.16%. Gross margin FY2022 45.10%. Gross margin FY2023 46.44%. Gross margin FY2024 47.43%. Gross margin FY2025 48.65%. Operating margin FY2021 5.67%. Operating margin FY2022 7.61%. Operating margin FY2023 9.86%. Operating margin FY2024 11.48%. Operating margin FY2025 12.17%. Net margin FY2021 4.51%. Net margin FY2022 6.47%. Net margin FY2023 7.51%. Net margin FY2024 8.87%. Net margin FY2025 8.48%.

Income trends

Revenue

1.51B USD+11.66%

Operating income

184.38M USD+18.42%

Net income

128.49M USD+6.76%
Income trends across reported periods1.66B USD1.07B USD488.34M USD−98.17M USDRevenue, FY2021: 1.07B USDRevenue, FY2022: 1.15B USDRevenue, FY2023: 1.26B USDRevenue, FY2024: 1.36B USDRevenue, FY2025: 1.51B USDOperating income, FY2021: 60.92M USDOperating income, FY2022: 87.56M USDOperating income, FY2023: 123.94M USDOperating income, FY2024: 155.69M USDOperating income, FY2025: 184.38M USDNet income, FY2021: 48.45M USDNet income, FY2022: 74.52M USDNet income, FY2023: 94.41M USDNet income, FY2024: 120.36M USDNet income, FY2025: 128.49M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 1.07B USD. Revenue FY2022 1.15B USD. Revenue FY2023 1.26B USD. Revenue FY2024 1.36B USD. Revenue FY2025 1.51B USD. Operating income FY2021 60.92M USD. Operating income FY2022 87.56M USD. Operating income FY2023 123.94M USD. Operating income FY2024 155.69M USD. Operating income FY2025 184.38M USD. Net income FY2021 48.45M USD. Net income FY2022 74.52M USD. Net income FY2023 94.41M USD. Net income FY2024 120.36M USD. Net income FY2025 128.49M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue1.51B USD1.36B USD1.26B USD1.15B USD1.07B USD
Cost of goods sold777.79M USD713.18M USD673.49M USD631.88M USD589.42M USD
Gross profit736.94M USD643.33M USD583.87M USD519.1M USD485.33M USD
Research and development97.35M USD83.81M USD82.73M USD75.51M USD71.25M USD
Selling, general, and administrative455.21M USD376.73M USD373.68M USD342.53M USD335.69M USD
Operating expenses552.57M USD487.64M USD458.73M USD431.54M USD424.42M USD
Interest income15.07M USD26.23M USD2.46M USD439K USD769K USD
Interest expense26.46M USD31.22M USD15.51M USD6.34M USD5.26M USD
Depreciation and amortization134.65M USD114.73M USD101.29M USD92.2M USD95.78M USD
Operating income184.38M USD155.69M USD123.94M USD87.56M USD60.92M USD
Net income128.49M USD120.36M USD94.41M USD74.52M USD48.45M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
100%
11 beats, 0 misses, 0 met estimates
Average EPS surprise
+11.63%
11 comparable reports
Latest EPS result
1.19
Estimate 0.96 · Beat by 24.09%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates1.241.060.880.7Q1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 25, 2025: actual 0.93, estimate 0.82, surprise +13.41%, Beat. Q2 2025, reported Apr 24, 2025: actual 0.86, estimate 0.749, surprise +14.82%, Beat. Q3 2025, reported Jul 30, 2025: actual 1.01, estimate 0.86, surprise +17.44%, Beat. Q4 2025, reported Oct 30, 2025: actual 0.92, estimate 0.82, surprise +12.20%, Beat. Q1 2026, reported Feb 24, 2026: actual 1.04, estimate 0.96, surprise +8.33%, Beat. Q2 2026, reported Apr 30, 2026: actual 0.94, estimate 0.84, surprise +11.90%, Beat. Q3 2026, reported Jul 30, 2026: actual 1.19, estimate 0.959, surprise +24.09%, Beat. Q4 2026, reported Oct 29, 2026: actual —, estimate 1.04, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates435.6M401.99M368.39M334.79MQ1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25MissQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 25, 2025: actual 355.16M USD, estimate 351.54M USD, surprise +1.03%, Beat. Q2 2025, reported Apr 24, 2025: actual 355.35M USD, estimate 352.54M USD, surprise +0.80%, Beat. Q3 2025, reported Jul 30, 2025: actual 382.46M USD, estimate 371.45M USD, surprise +2.96%, Beat. Q4 2025, reported Oct 30, 2025: actual 384.16M USD, estimate 388.27M USD, surprise -1.06%, Miss. Q1 2026, reported Feb 24, 2026: actual 393.94M USD, estimate 389.94M USD, surprise +1.03%, Beat. Q2 2026, reported Apr 30, 2026: actual 381.88M USD, estimate 377.59M USD, surprise +1.14%, Beat. Q3 2026, reported Jul 30, 2026: actual 418.84M USD, estimate 405.25M USD, surprise +3.36%, Beat. Q4 2026, reported Oct 29, 2026: actual —, estimate 410.38M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$99.22

9.30% upside
Past 12 months12-month forecastHigh $114Average $99.22Low $78.00

Rating distribution

15 ratings
Strong buy00%
Buy1280%
Hold213%
Sell17%
Strong sell00%

MMSI news

Corporate actions

Corporate action history

Stock split

Effective May 6, 2011

5:4

Stock split

Effective Dec 3, 2003

4:3

Stock split

Effective Aug 15, 2003

4:3

Stock split

Effective Apr 12, 2002

5:4

Stock split

Effective Aug 28, 2001

5:4

Stock split

Effective Jul 16, 1991

3:2

MMSI peers

ETFs holding MMSI

Funds reporting this stock among their holdings, ordered by reported position size.

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