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 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $381.88M | - | $384.16M | $382.46M | $355.35M | - | $339.85M | $338.00M | $323.51M | - |
| Cost of Revenue | $197.08M | - | $197.75M | $197.97M | $183.33M | - | $182.31M | $176.90M | $171.79M | - |
| Gross Profit | $184.80M | - | $186.41M | $184.49M | $172.02M | - | $157.53M | $161.10M | $151.72M | - |
| R&D | $22.61M | - | $23.97M | $24.37M | $22.48M | - | $20.53M | $20.26M | $21.48M | - |
| SG&A | $118.21M | - | $119.80M | $113.10M | $107.49M | - | $99.64M | $94.58M | $94.43M | - |
| Total Operating Expenses | $140.64M | - | $143.80M | $137.61M | $130.99M | - | $120.27M | $115.15M | $115.79M | - |
| D&A | $30.50M | - | $26.40M | $24.09M | $29.29M | - | - | - | $23.60M | - |
| Operating Income | $44.16M | - | $42.61M | $46.88M | $41.03M | - | $37.26M | $45.95M | $35.92M | - |
| Interest Expense | $6.53M | - | $6.75M | $6.78M | $8.05M | - | $4.84M | $7.68M | $8.05M | - |
| Income Tax | $12.55M | - | $10.79M | $10.80M | $7.81M | - | $8.21M | $10.12M | $6.11M | - |
| Net Income | $40.99M | - | $27.75M | $32.58M | $30.15M | - | $28.44M | $35.73M | $28.24M | - |
| EPS - Basic | $0.69 | - | $0.47 | $0.55 | $0.51 | - | $0.49 | $0.61 | $0.49 | - |
| EPS - Diluted | $0.68 | - | $0.46 | $0.54 | $0.49 | - | $0.48 | $0.61 | $0.48 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $488.08M | $446.40M | $392.46M | $341.82M | $395.53M | $376.71M | $523.13M | $636.66M | $581.92M | $587.04M |
| Accounts Receivable | $206.45M | $203.71M | $210.29M | $204.16M | $199.55M | $190.24M | $189.83M | $182.41M | $180.66M | $177.88M |
| Inventory | $352.39M | $333.70M | $326.55M | $323.31M | $317.94M | $306.06M | $310.53M | $298.22M | $302.73M | $303.87M |
| Accounts Payable | $67.85M | $60.55M | $64.75M | $69.07M | $63.76M | $68.50M | $60.81M | $55.57M | $48.38M | $65.94M |
| Current Assets | $1.10B | $1.04B | $985.53M | $923.07M | $958.63M | $923.77M | $1.08B | $1.16B | $1.11B | $1.11B |
| Total Assets | $2.72B | $2.69B | $2.63B | $2.59B | $2.47B | $2.42B | $2.38B | $2.37B | $2.33B | $2.33B |
| Current Liabilities | $216.87M | $239.76M | $230.47M | $225.57M | $196.82M | $216.40M | $201.08M | $186.22M | $183.34M | $203.56M |
| Long-term Debt | $735.16M | $734.04M | $732.92M | $731.79M | $730.67M | $729.55M | $750.50M | $801.32M | $800.14M | $823.01M |
| Total Liabilities | $1.09B | $1.10B | $1.10B | $1.10B | $1.04B | $1.04B | $1.05B | $1.09B | $1.09B | $1.12B |
| Stockholders' Equity | $1.63B | $1.58B | $1.53B | $1.49B | $1.43B | $1.38B | $1.32B | $1.28B | $1.24B | $1.20B |
| Retained Earnings | $865.02M | $824.03M | $786.02M | $758.27M | $725.69M | $695.54M | $667.59M | $639.15M | $603.42M | $575.18M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $40.68M | - | - | - | $40.57M | - | - | - | $36.22M | - |
| Investing Cash Flow | $7.73M | - | - | - | ($29.64M) | - | - | - | ($22.05M) | - |
| Financing Cash Flow | ($6.29M) | - | - | - | $6.96M | - | - | - | ($18.00M) | - |
| CapEx | $16.01M | - | - | - | $21.06M | - | - | - | $11.68M | - |
| Free Cash Flow | $24.67M | - | - | - | $19.51M | - | - | - | $24.53M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 48.4% | - | 48.5% | 48.2% | 48.4% | - | 46.4% | 47.7% | 46.9% | - |
| Operating margin | 11.6% | - | 11.1% | 12.3% | 11.5% | - | 11.0% | 13.6% | 11.1% | - |
| EBITDA margin | 19.5% | - | 18.0% | 18.6% | 19.8% | - | - | - | 18.4% | - |
| Net margin | 10.7% | - | 7.2% | 8.5% | 8.5% | - | 8.4% | 10.6% | 8.7% | - |
| Free cash flow margin | 6.5% | - | - | - | 5.5% | - | - | - | 7.6% | - |
| FCF / Net income | 0.60 | - | - | - | 0.65 | - | - | - | 0.87 | - |
| R&D / Revenue | 5.9% | - | 6.2% | 6.4% | 6.3% | - | 6.0% | 6.0% | 6.6% | - |
| SG&A / Revenue | 31.0% | - | 31.2% | 29.6% | 30.2% | - | 29.3% | 28.0% | 29.2% | - |
| Effective tax rate | 23.4% | - | 28.0% | 24.9% | 20.6% | - | 22.4% | 22.1% | 17.8% | - |
| Return on assets | 1.5% | - | 1.1% | 1.3% | 1.2% | - | 1.2% | 1.5% | 1.2% | - |
| Return on equity | 2.5% | - | 1.8% | 2.2% | 2.1% | - | 2.1% | 2.8% | 2.3% | - |
| Return on invested capital | 1.4% | - | 1.4% | 1.6% | 1.5% | - | 1.4% | 1.7% | 1.4% | - |
| Liquidity | ||||||||||
| Current ratio | 5.08 | 4.34 | 4.28 | 4.09 | 4.87 | 4.27 | 5.36 | 6.24 | 6.03 | 5.45 |
| Quick ratio | 3.46 | 2.95 | 2.86 | 2.66 | 3.26 | 2.85 | 3.82 | 4.64 | 4.38 | 3.95 |
| Cash ratio | 2.25 | 1.86 | 1.70 | 1.52 | 2.01 | 1.74 | 2.60 | 3.42 | 3.17 | 2.88 |
| Leverage | ||||||||||
| Debt / Equity | 0.45 | 0.46 | 0.48 | 0.49 | 0.51 | 0.53 | 0.57 | 0.62 | 0.65 | 0.68 |
| Debt / Assets | 0.27 | 0.27 | 0.28 | 0.28 | 0.30 | 0.30 | 0.32 | 0.34 | 0.34 | 0.35 |
| Debt / EBITDA | 9.85 | - | 10.62 | 10.31 | 10.39 | - | - | - | 13.44 | - |
| Interest coverage | 6.8x | - | 6.3x | 6.9x | 5.1x | - | 7.7x | 6.0x | 4.5x | - |
| Equity multiplier | 1.67 | 1.70 | 1.72 | 1.74 | 1.73 | 1.75 | 1.80 | 1.85 | 1.88 | 1.93 |
| Liabilities / Assets | 0.40 | 0.41 | 0.42 | 0.42 | 0.42 | 0.43 | 0.44 | 0.46 | 0.47 | 0.48 |
| Efficiency | ||||||||||
| Asset turnover | 0.14 | - | 0.15 | 0.15 | 0.14 | - | 0.14 | 0.14 | 0.14 | - |
| Inventory turnover | 0.56 | - | 0.61 | 0.61 | 0.58 | - | 0.59 | 0.59 | 0.57 | - |
| Days sales outstanding | 197d | - | 200d | 195d | 205d | - | 204d | 197d | 204d | - |
| Days inventory outstanding | 653d | - | 603d | 596d | 633d | - | 622d | 615d | 643d | - |
| Days payable outstanding | 126d | - | 120d | 127d | 127d | - | 122d | 115d | 103d | - |
| Cash conversion cycle | 724d | - | 683d | 664d | 711d | - | 704d | 698d | 744d | - |
| Valuation | ||||||||||
| P / E | 101.4x | - | 180.9x | 173.1x | 215.7x | - | 205.9x | 140.9x | 157.8x | - |
| P / B | 2.5x | - | 3.3x | 3.8x | 4.5x | - | 4.4x | 3.9x | 3.6x | - |
| P / S | 10.8x | - | 13.0x | 14.8x | 18.2x | - | 17.3x | 14.9x | 13.7x | - |
| EV / EBITDA | 58.7x | - | 77.2x | 85.3x | 96.9x | - | - | - | 78.2x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 7.5% | - | 13.0% | 13.2% | 9.8% | - | 7.8% | 5.6% | 8.7% | - |
| Revenue CAGR (3y) | 8.7% | - | 10.2% | 9.0% | 8.9% | - | 8.4% | 6.4% | 9.1% | - |
| Revenue CAGR (5y) | 8.9% | - | 9.5% | 11.9% | 7.9% | - | 6.9% | 5.8% | 6.3% | - |
| Gross profit growth (YoY) | 7.4% | - | 18.3% | 14.5% | 13.4% | - | 10.8% | 5.4% | 9.7% | - |
| Operating income growth (YoY) | 7.6% | - | 14.4% | 2.0% | 14.2% | - | 6.0% | 59.5% | 36.2% | - |
| Net income growth (YoY) | 36.0% | - | -2.4% | -8.8% | 6.8% | - | 10.1% | 76.5% | 36.4% | - |
| EPS growth (YoY) | 38.8% | - | -4.2% | -11.5% | 2.1% | - | 9.1% | 74.3% | 33.3% | - |
| EPS CAGR (3y) | 23.6% | - | 19.4% | 26.0% | 39.6% | - | 31.7% | 89.2% | 36.2% | - |
| EPS CAGR (5y) | 29.0% | - | - | - | - | - | - | 38.4% | 34.3% | - |
| FCF growth (YoY) | 26.5% | - | - | - | -20.5% | - | - | - | 1294.0% | - |
| FCF CAGR (5y) | -3.2% | - | - | - | 5.5% | - | - | - | - | - |
| Book value growth (YoY) | 13.9% | 14.9% | 15.6% | 16.0% | 15.2% | 14.8% | 7.6% | 6.5% | 5.8% | 5.0% |
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%
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.