MMSI · Merit Medical Systems Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.52B | $1.36B | $1.26B | $1.15B | $1.07B | $963.88M |
| Cost of Revenue | $777.64M | $713.18M | $673.49M | $631.88M | $589.42M | $562.70M |
| Gross Profit | $738.27M | $643.33M | $583.87M | $519.10M | $485.33M | $401.18M |
| R&D | $97.35M | $87.47M | $82.73M | $75.51M | $71.25M | $57.54M |
| SG&A | $455.21M | $399.73M | $373.68M | $342.52M | $335.69M | $297.72M |
| Total Operating Expenses | $553.55M | $487.64M | $459.93M | $431.54M | $424.42M | $402.74M |
| D&A | $123.17M | $102.71M | $89.98M | $81.80M | $84.07M | $94.07M |
| Operating Income | $184.72M | $155.69M | $123.94M | $87.56M | $60.92M | ($1.56M) |
| Interest Expense | $26.46M | $31.22M | $15.51M | $6.34M | $5.26M | $9.99M |
| Income Tax | $42.45M | $29.64M | $17.68M | $8.11M | $5.46M | ($3.39M) |
| Net Income | $128.49M | $120.36M | $94.41M | $74.52M | $48.45M | ($9.84M) |
| EPS - Basic | $2.17 | $2.07 | $1.64 | $1.31 | $0.86 | ($0.18) |
| EPS - Diluted | $2.13 | $2.03 | $1.62 | $1.29 | $0.84 | ($0.18) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $446.40M | $376.71M | $587.04M | $58.41M | $67.75M | $56.92M |
| Accounts Receivable | $203.71M | $190.24M | $177.88M | $164.68M | $152.30M | $146.64M |
| Inventory | $333.70M | $306.06M | $303.87M | $265.99M | $221.92M | $198.02M |
| Accounts Payable | $60.55M | $68.50M | $65.94M | $68.50M | $55.62M | $49.84M |
| Current Assets | $1.04B | $923.77M | $1.11B | $529.08M | $482.21M | $429.71M |
| Total Assets | $2.69B | $2.42B | $2.33B | $1.66B | $1.65B | $1.66B |
| Current Liabilities | $239.76M | $216.40M | $203.56M | $220.65M | $236.28M | $185.00M |
| Long-term Debt | $734.04M | $729.55M | $823.01M | $186.76M | $234.40M | $343.72M |
| Total Liabilities | $1.10B | $1.04B | $1.12B | $519.57M | $608.50M | $705.82M |
| Stockholders' Equity | $1.58B | $1.38B | $1.20B | $1.14B | $1.04B | $958.58M |
| Retained Earnings | $824.03M | $695.54M | $575.18M | $480.77M | $406.26M | $357.80M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $297.37M | $220.80M | $145.15M | $114.29M | $147.23M | $165.27M |
| Investing Cash Flow | ($247.39M) | ($368.65M) | ($175.35M) | ($57.40M) | ($37.16M) | ($58.65M) |
| Financing Cash Flow | $16.00M | ($60.01M) | $559.27M | ($60.26M) | ($98.44M) | ($95.71M) |
| CapEx | $81.72M | $35.14M | $34.29M | $45.03M | $27.94M | $45.99M |
| Free Cash Flow | $215.66M | $185.66M | $110.86M | $69.26M | $119.29M | $119.28M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 48.7% | 47.4% | 46.4% | 45.1% | 45.2% | 41.6% |
| Operating margin | 12.2% | 11.5% | 9.9% | 7.6% | 5.7% | -0.2% |
| EBITDA margin | 20.3% | 19.0% | 17.0% | 14.7% | 13.5% | 9.6% |
| Net margin | 8.5% | 8.9% | 7.5% | 6.5% | 4.5% | -1.0% |
| Free cash flow margin | 14.2% | 13.7% | 8.8% | 6.0% | 11.1% | 12.4% |
| FCF / Net income | 1.68 | 1.54 | 1.17 | 0.93 | 2.46 | -12.12 |
| R&D / Revenue | 6.4% | 6.4% | 6.6% | 6.6% | 6.6% | 6.0% |
| SG&A / Revenue | 30.0% | 29.5% | 29.7% | 29.8% | 31.2% | 30.9% |
| Effective tax rate | 24.8% | 19.8% | 15.8% | 9.8% | 10.1% | - |
| Return on assets | 4.8% | 5.0% | 4.1% | 4.5% | 2.9% | -0.6% |
| Return on equity | 8.1% | 8.7% | 7.9% | 6.5% | 4.7% | -1.0% |
| Return on invested capital | 6.0% | 5.9% | 5.2% | 5.9% | 4.3% | -0.1% |
| Liquidity | ||||||
| Current ratio | 4.34 | 4.27 | 5.45 | 2.40 | 2.04 | 2.32 |
| Quick ratio | 2.95 | 2.85 | 3.95 | 1.19 | 1.10 | 1.25 |
| Cash ratio | 1.86 | 1.74 | 2.88 | 0.26 | 0.29 | 0.31 |
| Leverage | ||||||
| Debt / Equity | 0.46 | 0.53 | 0.68 | 0.16 | 0.23 | 0.36 |
| Debt / Assets | 0.27 | 0.30 | 0.35 | 0.11 | 0.14 | 0.21 |
| Debt / EBITDA | 2.38 | 2.82 | 3.85 | 1.10 | 1.62 | 3.72 |
| Interest coverage | 7.0x | 5.0x | 8.0x | 13.8x | 11.6x | -0.2x |
| Equity multiplier | 1.70 | 1.75 | 1.93 | 1.45 | 1.59 | 1.74 |
| Liabilities / Assets | 0.41 | 0.43 | 0.48 | 0.31 | 0.37 | 0.42 |
| Efficiency | ||||||
| Asset turnover | 0.56 | 0.56 | 0.54 | 0.69 | 0.65 | 0.58 |
| Inventory turnover | 2.33 | 2.33 | 2.22 | 2.38 | 2.66 | 2.84 |
| Days sales outstanding | 49d | 51d | 52d | 52d | 52d | 56d |
| Days inventory outstanding | 157d | 157d | 165d | 154d | 137d | 128d |
| Days payable outstanding | 28d | 35d | 36d | 40d | 34d | 32d |
| Cash conversion cycle | 177d | 173d | 181d | 166d | 155d | 152d |
| Valuation | ||||||
| P / E | 41.4x | 47.6x | 46.9x | 54.7x | 74.2x | - |
| P / B | 3.4x | 4.2x | 3.7x | 3.6x | 3.4x | 3.2x |
| P / S | 3.5x | 4.2x | 3.5x | 3.5x | 3.3x | 3.2x |
| EV / EBITDA | 18.2x | 23.6x | 21.8x | 24.8x | 25.8x | 36.4x |
| Growth | ||||||
| Revenue growth (YoY) | 11.8% | 7.9% | 9.2% | 7.1% | 11.5% | -3.1% |
| Revenue CAGR (3y) | 9.6% | 8.1% | 9.3% | 5.0% | 21.2% | - |
| Revenue CAGR (5y) | 9.5% | 6.4% | 15.8% | - | - | - |
| Gross profit growth (YoY) | 14.8% | 10.2% | 12.5% | 7.0% | 21.0% | -7.2% |
| Operating income growth (YoY) | 18.6% | 25.6% | 41.5% | 43.7% | - | - |
| Net income growth (YoY) | 6.8% | 27.5% | 26.7% | 53.8% | - | - |
| EPS growth (YoY) | 4.9% | 25.3% | 25.6% | 53.6% | - | - |
| EPS CAGR (3y) | 18.2% | 34.2% | - | 134.5% | 2.5% | - |
| EPS CAGR (5y) | - | 82.6% | 15.7% | 18.6% | 13.3% | - |
| FCF growth (YoY) | 16.2% | 67.5% | 60.1% | -41.9% | 0.0% | - |
| FCF CAGR (5y) | 12.6% | - | 36.7% | 23.5% | 41.9% | 45.2% |
| Book value growth (YoY) | 14.9% | 14.8% | 5.0% | 10.1% | 8.5% | 0.9% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$1.52B totalCardiovascular Segment$1.44B · 95.2%
Endoscopy Segment$72.86M · 4.8%
Product / service
$909.47M totalPeripheral Intervention$341.94M · 37.6%
Cardiac Intervention$187.35M · 20.6%
OEM$182.72M · 20.1%
Custom Procedural Solutions$128.57M · 14.1%
Endoscopy Devices$68.88M · 7.6%
Geographic
$1.44B totalUS$840.58M · 58.3%
Non Us$602.46M · 41.7%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.85
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Surgical & Medical Instruments & Apparatus
Comparing MERIT MEDICAL SYSTEMS INC against the 5 most active filers in the same SIC group.