(MMSI) Merit Medical Systems - Overview
Sector: Healthcare | Industry: Medical Instruments & Supplies | Exchange: NASDAQ (USA) | Market Cap: 3.828m USD | Total Return: -33.1% in 12m
Avg Turnover: 55.2M
EPS Trend: 79.4%
Qual. Beats: 2
Rev. Trend: 99.6%
Qual. Beats: 4
Warnings
No concerns identified
Tailwinds
Garp
Merit Medical Systems, Inc. (MMSI) is a global manufacturer of disposable medical devices used in interventional, diagnostic, and therapeutic procedures. The company operates through Cardiovascular and Endoscopy segments, providing a broad portfolio of kits, sensors, stents, and delivery systems to hospitals and specialized clinics. Headquartered in Utah, the firm utilizes a multi-channel distribution strategy involving direct sales, independent distributors, and OEM partnerships.
The medical supplies sector relies heavily on high-volume production of single-use components to minimize cross-contamination risks in clinical settings. MMSI’s business model integrates custom procedural solutions and coating services, creating a diversified revenue stream across various surgical disciplines. Investors may find it useful to evaluate the companys long-term valuation trends on ValueRay. The company maintains a significant international footprint, exporting to major markets across Europe, Asia, and South America.
- Expansion of high-margin peripheral and cardiac intervention product portfolios
- Strategic acquisitions of specialized medical device technologies drive inorganic revenue growth
- Exposure to international markets increases sensitivity to fluctuating foreign exchange rates
- Direct sales force productivity in China impacts overall emerging market performance
- Inflationary pressure on raw material and logistics costs affects gross margins
| Net Income: 139.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.09 > 0.02 and ΔFCF/TA 2.27 > 1.0 |
| NWC/Revenue: 57.36% < 20% (prev 54.91%; Δ 2.45% < -1%) |
| CFO/TA 0.11 > 3% & CFO 297.5m > Net Income 139.3m |
| Net Debt (417.7m) to EBITDA (322.9m): 1.29 < 3 |
| Current Ratio: 5.08 > 1.5 & < 3 |
| Outstanding Shares: last quarter (60.0m) vs 12m ago -2.06% < -2% |
| Gross Margin: 48.65% > 18% (prev 0.48%; Δ 4.82k% > 0.5%) |
| Asset Turnover: 59.48% > 50% (prev 56.21%; Δ 3.27% > 0%) |
| Interest Coverage Ratio: 7.08 > 6 (EBITDA TTM 322.9m / Interest Expense TTM 26.4m) |
| A: 0.33 (Total Current Assets 1.10b - Total Current Liabilities 216.9m) / Total Assets 2.72b |
| B: 0.32 (Retained Earnings 865.0m / Total Assets 2.72b) |
| C: 0.07 (EBIT TTM 187.2m / Avg Total Assets 2.59b) |
| D: 1.49 (Book Value of Equity 1.63b / Total Liabilities 1.09b) |
| Altman-Z'' = 5.22 = AAA |
| DSRI: 0.94 (Receivables 227.0m/216.7m, Revenue 1.54b/1.39b) |
| GMI: 0.98 (GM 48.65% / 47.80%) |
| AQI: 0.97 (AQ_t 0.40 / AQ_t-1 0.42) |
| SGI: 1.11 (Revenue 1.54b / 1.39b) |
| TATA: -0.06 (NI 139.3m - CFO 297.5m) / TA 2.72b) |
| Beneish M = -3.09 (Cap -4..+1) = AA |
As of May 27, 2026, the stock is trading at USD 64.52 with a total of 713,319 shares traded.
Over the past week, the price has changed by +1.38%,
over one month by -4.32%,
over three months by -17.30% and
over the past year by -33.14%.
Merit Medical Systems has received a consensus analysts rating of 4.30. Therefore, it is recommended to buy MMSI.
- StrongBuy: 4
- Buy: 5
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 90.6 | 40.5% |
P/E Trailing = 27.6595
P/E Forward = 16.2866
P/S = 2.4818
P/B = 2.3536
P/EG = 1.3574
Revenue TTM = 1.54b USD
EBIT TTM = 187.2m USD
EBITDA TTM = 322.9m USD
Long Term Debt = 735.2m USD (from longTermDebt, last quarter)
Short Term Debt = 11.2m USD (from shortTermDebt, last quarter)
Debt = 908.0m USD (from shortLongTermDebtTotal, last quarter) + Leases 86.4m
Net Debt = 417.7m USD (calculated: Debt 908.0m - CCE 490.2m)
Enterprise Value = 4.25b USD (3.83b + Debt 908.0m - CCE 490.2m)
Interest Coverage Ratio = 7.08 (Ebit TTM 187.2m / Interest Expense TTM 26.4m)
EV/FCF = 16.46x (Enterprise Value 4.25b / FCF TTM 258.0m)
FCF Yield = 6.08% (FCF TTM 258.0m / Enterprise Value 4.25b)
FCF Margin = 16.72% (FCF TTM 258.0m / Revenue TTM 1.54b)
Net Margin = 9.03% (Net Income TTM 139.3m / Revenue TTM 1.54b)
Gross Margin = 48.65% ((Revenue TTM 1.54b - Cost of Revenue TTM 792.2m) / Revenue TTM)
Gross Margin QoQ = 48.22% (prev 49.58%)
Tobins Q-Ratio = 1.56 (Enterprise Value 4.25b / Total Assets 2.72b)
Interest Expense / Debt = 2.91% (Interest Expense 26.4m / Debt 908.0m)
Taxrate = 23.44% (12.6m / 53.5m)
NOPAT = 143.3m (EBIT 187.2m * (1 - 23.44%))
Current Ratio = 5.08 (Total Current Assets 1.10b / Total Current Liabilities 216.9m)
Debt / Equity = 0.56 (Debt 908.0m / totalStockholderEquity, last quarter 1.63b)
Debt / EBITDA = 1.29 (Net Debt 417.7m / EBITDA 322.9m)
Debt / FCF = 1.62 (Net Debt 417.7m / FCF TTM 258.0m)
Total Stockholder Equity = 1.56b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.37% (Net Income 139.3m / Total Assets 2.72b)
RoE = 8.95% (Net Income TTM 139.3m / Total Stockholder Equity 1.56b)
RoCE = 8.16% (EBIT 187.2m / Capital Employed (Equity 1.56b + L.T.Debt 735.2m))
RoIC = 6.37% (NOPAT 143.3m / Invested Capital 2.25b)
WACC = 6.76% (E(3.83b)/V(4.74b) * Re(7.83%) + D(908.0m)/V(4.74b) * Rd(2.91%) * (1-Tc(0.23)))
Discount Rate = 7.83% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 46.67 | Cagr: 1.23%
[DCF] Terminal Value 77.97% ; FCFF base≈226.1m ; Y1≈259.1m ; Y5≈381.4m
[DCF] Fair Price = 89.20 (EV 5.74b - Net Debt 417.7m = Equity 5.32b / Shares 59.7m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 79.36 | EPS CAGR: 6.80% | SUE: 2.17 | # QB: 2
Revenue Correlation: 99.64 | Revenue CAGR: 9.64% | SUE: 1.39 | # QB: 4
EPS current Quarter (2026-06-30): EPS=0.96 | Chg30d=-9.01% | Revisions=-20% | Analysts=10
EPS next Quarter (2026-09-30): EPS=1.02 | Chg30d=+0.44% | Revisions=-20% | Analysts=10
EPS current Year (2026-12-31): EPS=4.07 | Chg30d=+1.57% | Revisions=+20% | GrowthEPS=+6.3% | GrowthRev=+6.9%
EPS next Year (2027-12-31): EPS=4.40 | Chg30d=+0.15% | Revisions=+20% | GrowthEPS=+8.1% | GrowthRev=+6.0%
[Analyst] Revisions Ratio: -20%