MMSI Stock Analysis: Merit Medical Systems | NASDAQ
Medical Instruments & Supplies | NASDAQ, USA | Market Cap: 5.090m USD | 12M Return: 5.7% | US5898891040 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 47.3M
EPS Trend: 99.4%
Qual. Beats: 16
Rev. Trend: 99.7%
Qual. Beats: 5
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Merit Medical Systems, Inc. (NASDAQ: MMSI) is a U.S.-based medical device manufacturer specializing in single-use, disposable products designed for diagnostic, interventional, and therapeutic procedures. Founded in 1987 and headquartered in South Jordan, Utah, the company operates through two reportable segments: Cardiovascular and Endoscopy. Its product portfolio spans a broad range of clinical applications, including vascular access (micropuncture kits, guide wires, and sheaths), peripheral intervention, oncology biopsy, cardiac and electrophysiology products, spine and vertebral augmentation systems, and critical care procedural kits and trays. The company also provides ancillary services such as medical tube and wire coating and sensor components for microelectromechanical systems (MEMS).
The company sells directly to hospitals, alternate-site physicians, technicians, and nurses through a combination of direct sales representatives, independent distributors, original equipment manufacturer (OEM) partners, and custom procedure tray manufacturers. Its geographic footprint includes the United States, China, Japan, Germany, France, and the United Kingdom, with additional export markets spanning Canada, Western Europe, Australia, Brazil, Malaysia, South Korea, the United Arab Emirates, India, New Zealand, and South Africa.
Merit Medical operates within the Health Care Supplies sub-industry, a sector characterized by recurring, procedure-driven demand for disposable medical consumables. The companys focus on minimally invasive cardiology, endoscopy, and interventional procedures positions it within segments that tend to benefit from the broader healthcare shift toward outpatient and image-guided interventions, which often rely on high volumes of single-use devices per procedure.
- Cardiovascular segment growth driven by interventional procedure volumes
- Endoscopy portfolio expansion boosts higher-margin product mix
- FX headwinds from Europe and Asia pressure reported revenue
| Net Income: 145.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA -1.62 > 1.0 |
| NWC/Revenue: 53.66% < 20% (prev 48.73%; Δ 4.92% < -1%) |
| CFO/TA 0.10 > 3% & CFO 283.4m > Net Income 145.6m |
| Net Debt (455.3m) to EBITDA (362.1m): 1.26 < 3 |
| Current Ratio: 4.20 > 1.5 & < 3 |
| Outstanding Shares: last quarter (60.0m) vs 12m ago -1.00% < -2% |
| Gross Margin: 49.52% > 18% (prev 47.95%; Δ 1.57% > 0.5%) |
| Asset Turnover: 57.95% > 50% (prev 55.35%; Δ 2.61% > 0%) |
| Interest Coverage Ratio: 7.12 > 6 (EBIT TTM 226.2m / Interest Expense TTM 31.8m) |
| A: 0.30 (Total Current Assets 1.11b - Total Current Liabilities 264.9m) / Total Assets 2.86b |
| B: 0.32 (Retained Earnings 903.8m / Total Assets 2.86b) |
| C: 0.08 (EBIT TTM 226.2m / Avg Total Assets 2.72b) |
| D: 1.42 (Book Value of Equity 1.68b / Total Liabilities 1.18b) |
| Altman-Z'' = 5.02 = AAA |
| DSRI: 1.01 (Receivables 250.9m/224.2m, Revenue 1.58b/1.43b) |
| GMI: 0.97 (GM 47.95% / 49.52%) |
| AQI: 0.96 (AQ_t 0.43 / AQ_t-1 0.45) |
| SGI: 1.10 (Revenue 1.58b / 1.43b) |
| TATA: -0.05 (NI 145.6m - CFO 283.4m) / TA 2.86b) |
| Beneish M = -3.00 (Cap -4..+1) = AA |
As of October 12, 2026, the stock is trading at USD 87.21 with a total of 478,987 shares traded. Over the past week, the price has changed by +2.16%, over one month by +0.02%, over three months by +22.04% and over the past year by +5.73%.
Current recommended Stop Loss: 81.90 (which is 6.1% or 2.6 ATR below the current price).
Merit Medical Systems has received a consensus analysts rating of 4.18. Therefore, it is recommended to buy MMSI.
- StrongBuy: 4
- Buy: 5
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 101.5 | 16.3% |
P/E Trailing = 35.0823
P/E Forward = 18.9394
P/S = 3.2241
P/B = 3.1028
P/EG = 1.5796
Revenue TTM = 1.58b USD
EBIT TTM = 226.2m USD
EBITDA TTM = 362.1m USD
Long Term Debt = 736.3m USD (from longTermDebt, last quarter)
Short Term Debt = 10.9m USD (from shortTermDebt, last quarter)
Debt = 904.0m USD (from shortLongTermDebtTotal, last quarter) + Leases 83.9m
Net Debt = 455.3m USD (calculated: Debt 904.0m - CCE 448.7m)
Enterprise Value = 5.55b USD (5.09b + Debt 904.0m - CCE 448.7m)
Interest Coverage Ratio = 7.12 (Ebit TTM 226.2m / Interest Expense TTM 31.8m)
EV/FCF = 27.25x (Enterprise Value 5.55b / FCF TTM 203.5m)
FCF Yield = 3.67% (FCF TTM 203.5m / Enterprise Value 5.55b)
FCF Margin = 12.89% (FCF TTM 203.5m / Revenue TTM 1.58b)
Net Margin = 9.22% (Net Income TTM 145.6m / Revenue TTM 1.58b)
Gross Margin = 49.52% ((Revenue TTM 1.58b - Cost of Revenue TTM 797.2m) / Revenue TTM)
Gross Margin QoQ = 51.37% (prev 48.39%)
Tobins Q-Ratio = 1.94 (Enterprise Value 5.55b / Total Assets 2.86b)
Interest Expense / Debt = 3.51% (Interest Expense 31.8m / Debt 904.0m)
Taxrate = 25.15% (48.9m / 194.5m)
NOPAT = 169.3m (EBIT 226.2m * (1 - 25.15%))
Current Ratio = 4.20 (Total Current Assets 1.11b / Total Current Liabilities 264.9m)
Debt / Equity = 0.54 (Debt 904.0m / totalStockholderEquity, last quarter 1.68b)
Debt / EBITDA = 1.26 (Net Debt 455.3m / EBITDA 362.1m)
Debt / FCF = 2.24 (Net Debt 455.3m / FCF TTM 203.5m)
Total Stockholder Equity = 1.61b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.34% (Net Income 145.6m / Total Assets 2.86b)
RoE = 9.07% (Net Income TTM 145.6m / Total Stockholder Equity 1.61b)
RoCE = 9.66% (EBIT 226.2m / Capital Employed (Equity 1.61b + L.T.Debt 736.3m))
RoIC = 6.69% (NOPAT 169.3m / Invested Capital 2.53b)
WACC = 6.90% (E(5.09b)/V(5.99b) * Re(7.66%) + D(904.0m)/V(5.99b) * Rd(3.51%) * (1-Tc(0.25)))
Discount Rate = 7.66% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 47.67 | Cagr: 1.08%
[DCF] Terminal Value 73.98% ; FCFF base≈212.4m ; Y1≈195.6m ; Y5≈174.2m
[DCF] Fair Price = 38.65 (EV 2.76b - Net Debt 455.3m = Equity 2.31b / Shares 59.7m; r=8.35% [WACC [floored]]; 5y FCF grow -9.87% → 2.50% )
EPS Correlation: 99.45 | EPS CAGR: 11.64% | SUE: 4.0 | # QB: 16
Revenue Correlation: 99.67 | Revenue CAGR: 9.80% | SUE: 4.0 | # QB: 5
EPS current Quarter (2026-09-30): EPS=1.03 | Chg30d=+0.00% | Revisions=+50% | Analysts=10
EPS current Year (2026-12-31): EPS=4.30 | Chg30d=+0.00% | Revisions=+73% | GrowthEPS=+12.3% | GrowthRev=+8.0%
EPS next Year (2027-12-31): EPS=4.61 | Chg30d=+0.00% | Revisions=+75% | GrowthEPS=+7.2% | GrowthRev=+6.1%
[Analyst] Revisions Ratio: +81% (up=23, down=1)