Merit Medical Systems (MMSI) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Merit Medical Systems

NasdaqGS•Healthcare•Medical Instruments & Supplies

$93.94+2.54(0.03%)After hours

Market Cap

$5.16B

P/E

32.2x

P/S

3.2x

P/B

3.0x

Merit Medical Systems, Inc. designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States, China, Japan, Germany, France, the United Kingdom, and internationally. It operates through two segments, Cardiovascular and Endoscopy. The company offers micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention products comprising angiography, drainage, delivery systems, and embolotherapy products; oncology products, such as soft tissue biopsy products and accessories; cardiac intervention products consisting of cardiac access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention products; and spine products, including vertebral augmentation, radiofrequency ablation, and bone biopsy systems. It also provides custom procedural solutions, including critical care products, syringes, manifold kits, and trays and packs; coating services for medical tubes and wires; and sensor components for microelectromechanical systems. In addition, the company offers gastroenterology products, such as esophageal stents, cryoballoon and inflation devices, gauges, and balloon dilators; pulmonary products consisting of laser-cut tracheobronchial stents, and over-the-wire and direct visualization delivery systems; and kits and accessories for endoscopy and bronchoscopy procedures. It sells its products to hospitals, alternate site-based physicians, technicians, and nurses through direct sales force, independent distributors, original equipment manufacturer partners, and custom procedure tray manufacturers. The company exports its products to Canada, Western Europe, Australia, Brazil, Malaysia, South Korea, the United Arab Emirates, India, New Zealand, and South Africa. Merit Medical Systems, Inc. was incorporated in 1987 and is headquartered in South Jordan, Utah.

How this company scores

GoodMetricSide Score: 76/100

Strongest: Balance Sheet & Red Flags (23/25); weakest: Profitability (16/25).

Profitability16/25

Growth19/25

Balance Sheet & Red Flags23/25

Cash & Earnings Quality18/25

Strengths

Rising earningsLow leverageInterest easily coveredCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 32.2x5y range 28.7x – 78.3x

Currently below its 20-quarter median.

P/S · 3.2x5y range 2.6x – 4.5x

Currently near its 20-quarter median.

P/B · 3.0x5y range 2.5x – 4.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Share Dilution

Watch

Shares outstanding rose 2.2% — mild dilution. Compare to earnings growth to assess the net per-share impact.

Price & Volume

Market Cap $5.16B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.61B
Q. Revenue: $416.24M
TTM EBITDA: $342.44M
TTM Op. Income: $217.52M
Q. Op. Income: $58.76M
TTM Net Income: $160.12M
Q. Net Income: $42.31M
EPS: $0.71
Shares Out.: $59.81M

$1.61B in TTM revenue grew 9.1% YoY, reaching $416.24M last quarter. TTM EBITDA of $342.44M and TTM operating income of $217.52M show growth is flowing through to the bottom line. TTM net income of $160.12M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 48.2%
EBITDA Margin: 21.8%
Op. Margin: 14.1%
Net Margin: 10.2%

Op. margin of 14.1% is up 3.0% YoY — cost efficiency is improving. Net margin at 10.2% and gross margin of 48.2% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 27% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 32.2x
P/S Ratio: 3.2x
P/B Ratio: 3.0x

At 32.2x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 3.2x and P/B of 3.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 20% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.92B
Cash: $503.55M
Long-Term Debt: $737.40M
Book Value: $1.74B
D/E Ratio: 0.4
Debt/EBITDA: 8.1

With $2.92B in assets and $737.40M in long-term debt, D/E is 0.4and book value is $1.74B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 7 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $65.27M
TTM Free Cash Flow: $203.59M
FCF Margin: 12.6%
FCF / Net Income: 1.3

TTM FCF of $203.59M on $65.27M in operating cash flow. The FCF / Net Income ratio of 1.3x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 2% — an improving trend.