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Merit Medical Systems Inc. (MMSI)

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Merit Medical Systems Inc. (MMSI) reported revenue of $419 million for Q2 FY2026, the quarter ended 30 June 2026, up 9.5% on the same quarter a year earlier. Net income was $39 million, up 19.1% on the year, and diluted earnings per share $0.65. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue$419 millionup 9.5%
Net income$39 millionup 19.1%
Diluted EPS$0.65
QuarterQ2 FY2026ended 30 June 2026

Merit Medical Systems (MMSI) in brief

Merit Medical Systems (MMSI) reported revenue of $1.5 billion for fiscal 2025, the year ended 31 December 2025, up 11.8% on the year before.
Read moreNet income was $128 million and diluted earnings per share $2.13. Revenue was $1.4 billion in fiscal 2024, $1.3 billion in fiscal 2023, $1.2 billion in fiscal 2022 and $1.1 billion in fiscal 2021. Net income in the same years was $120 million, $94 million, $75 million and $48 million. Over the twelve months to 30 June 2026, Merit Medical Systems reported revenue of $1.6 billion and net income of $146 million. Revenue grew 9.5% a year, compounded, over the five years to fiscal 2025. Merit Medical Systems had 60 million shares outstanding at the latest filed count. At 30 June 2026 it carried $736 million of debt and $449 million of cash. At the close of 9 October 2026 the market cap of Merit Medical Systems was $5.2 billion, 36.0 times its earnings over the last twelve months.

Ratios

From the filings

ROE8.7%
ROCE8.3%
Operating margin12.8%
Net margin9.2%
FCF margin12.9%
Interest cover6.34
Debt to equity0.44
Cash conversion1.95
Share count, 1 year0.8%
Sales CAGR, 3 years9.6%
Profit CAGR, 3 years19.9%
EPS, TTM$2.42

At the close of 9 October 2026

Price$87.22
Market cap$5.2 billion
Stock P/E36.04
Price to book3.10
EV / EBITDA16.87
Dividend yieldn/a
Market cap / sales3.30
52-week high$93.18
52-week low$60.31
Price, 1 year5.7%
Price CAGR, 3 years8.3%
Price CAGR, 5 years3.8%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Merit Medical Systems Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
MMSIgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on MMSI

Filings23 in twelve months: 12 current reports (8-K), about 12 regulation FD disclosure; 5 results of operations; 3 officer or director change; 1 charter or bylaw amendment, or fiscal year change; 1 shareholder vote
Planned insider sales8 Form 144 notices in twelve months, $8.5 million; latest 24 August 2026
Options tapeput/call 0.44 by open interest at the 9 October 2026 close; the straddle prices a 4.2% move to 16 October 2026
13F holders8 of the followed funds hold it; largest Geode Capital Management; 4 Schedule 13D or 13G filings in twelve months
Insider trading8 sales and 5 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest3.6 million shares short, 6.24 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue315325324338340355355382384394382419
Cost of revenue173174172177182182183198198199197204
Gross profit142151152161158173172184186195185215
Gross margin45%46%47%48%46%49%48%48%49%50%48%51%
R&D19.621.621.520.320.525.222.524.424.026.522.625.4
SG&A86.995.894.494.699.6111107113120115118129
Operating income35.133.635.945.937.336.641.046.942.654.244.260.4
Operating margin11%10%11%14%11%10%12%12%11%14%12%14%
Interest expense4.85.08.07.77.58.06.66.86.86.46.512.1
Pre-tax income30.231.534.345.836.733.138.043.438.551.153.551.3
Tax rate15%12%18%22%22%16%21%25%28%26%23%24%
Net income25.827.628.235.728.427.930.132.627.838.041.038.8
Net margin8%9%9%11%8%8%8%9%7%10%11%9%
Diluted EPS$0.44$0.47$0.48$0.61$0.48$0.46$0.49$0.54$0.46$0.63$0.68$0.65
Operating cash flow51.162.336.268.547.368.740.683.375.098.540.769.3
Capital expenditure8.67.111.710.69.43.521.113.822.424.516.017.3
Free cash flow42.555.124.557.938.065.319.569.652.574.024.751.9
Shares outstanding58m58m58m58m58m59m59m59m59m59m60m60m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue5105426047288839959641,0751,1511,2571,3571,5161,579
Cost of revenue284306339402488562563589632673713778797
Gross profit225236265326395432401485519584643738782
Gross margin44.2%43.5%43.9%44.8%44.7%43.5%41.6%45.2%45.1%46.4%47.4%48.7%49.5%
Research and development36.640.845.251.459.565.657.571.275.582.787.597.498.5
Selling, general and administrative148156184229276327298336343374400455482
Operating income40.237.534.933.158.615.4-1.660.987.6124156185201
Operating margin7.9%6.9%5.8%4.5%6.6%1.6%-0.2%5.7%7.6%9.9%11.5%12.2%12.8%
Interest expense8.86.28.87.710.412.410.05.36.315.531.226.531.8
Pre-tax income31.631.225.435.949.52.2-13.253.982.6112150171194
Income tax8.67.45.38.47.5-3.3-3.45.58.117.729.642.448.9
Effective tax rate27.2%23.7%20.7%23.3%15.1%-148.6%n/a10.1%9.8%15.8%19.8%24.8%25.1%
Net income23.023.820.127.542.05.5-9.848.574.594.4120128146
Net margin4.5%4.4%3.3%3.8%4.8%0.5%-1.0%4.5%6.5%7.5%8.9%8.5%9.2%
Diluted EPS$0.53$0.53$0.45$0.55$0.78$0.10-$0.18$0.84$1.29$1.62$2.03$2.13$2.42
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Cardiovascular1,2211,3021,44395.2%
Endoscopy36.854.872.94.8%
CardiovascularEndoscopy
1,257FY20231,357FY20241,516FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region

FY2023FY2024FY2025Share
latest year
United States72780190960.0%
International53055660640.0%
United StatesInternational
1,257FY20231,356FY20241,516FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow53.369.553.662.786.577.8165147114145221297283
Capital expenditure34.251.032.838.663.378.246.027.945.034.335.181.780.2
Free cash flow19.118.520.824.123.2-0.411911969.3111186216203
Free cash flow margin3.8%3.4%3.4%3.3%2.6%-0.0%12.4%11.1%6.0%8.8%13.7%14.2%12.9%
Cash from investing-36.2-62.0-159-147-379-134-58.7-37.2-57.4-175-369-247-177
Cash from financing-17.0-10.212196.532833.5-95.7-98.4-60.3559-60.016.0-0.6
Depreciation and amortisation35.937.443.853.669.592.194.184.181.890.0103123124
Share-based compensation1.52.22.54.16.19.414.316.118.021.328.543.545.4
Diluted shares, weighted43m45m45m50m54m56m55m57m58m58m59m60m60m
Shares outstanding at period end44m44m45m50m55m55m56m57m57m58m59m59m60m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity4354664986769339509591,0401,1441,2021,3791,5841,680
Short-term borrowingsn/an/a0.07.07.0n/an/an/an/an/an/an/an/a
Debt224208324278395439351243198823730734736
Operating lease liabilitiesn/an/an/an/an/a72.770.961.559.756.354.876.772.9
Other liabilities87.4105120150285295284304262244255291375
Total liabilities and equity7477799431,1121,6201,7571,6641,6481,6642,3252,4192,6862,864
Owned
Fixed assets244268277293331379383372383384386428437
Goodwill184184212238335353364362360382464507540
Intangible assetsn/an/an/an/a79.6n/an/an/an/an/an/an/an/a
Cash and equivalents7.44.219.232.367.444.356.967.858.4587377446449
Receivables72.770.380.5106137155147152165178190204224
Inventory91.8106121155198226198222266304306334374
Other assets147146234288471600517473432491696767840
Total assets7477799431,1121,6201,7571,6641,6481,6642,3252,4192,6862,864
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded10.8%9.5%9.6%10.2%
Profit growth, compounded18.4%n/a19.9%22.2%
Return on equity, average4.8%7.2%8.2%8.1%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Merit Medical Systems' revenue in fiscal 2025?

Merit Medical Systems (MMSI) reported revenue of $1.5 billion for fiscal 2025, the year ended 31 December 2025, up 11.8% on the year before.

How much did Merit Medical Systems earn in fiscal 2025?

Net income was $128 million for fiscal 2025, and diluted earnings per share $2.13.

What is Merit Medical Systems' P/E ratio?

At the close of 9 October 2026, Merit Medical Systems traded at 36.0 times its earnings over the twelve months to 30 June 2026.

What is Merit Medical Systems' market cap?

The market cap of Merit Medical Systems was $5.2 billion at the close of 9 October 2026.

How much debt does Merit Medical Systems have?

At 30 June 2026 Merit Medical Systems carried $736 million of debt and $449 million of cash.

Peers: Medical Equipment

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Stryker Corp. SYK$106.4 billion28.7315.5%21.4%8.5%0.621.3%
3M Co. MMM$82.5 billion28.41101.5%18.4%2.3%3.691.8%
Boston Scientific Corp. BSX$61.9 billion17.3114.7%19.8%13.5%0.44n/a
Becton Dickinson & Co. BDX$50.0 billion55.343.9%9.6%-2.6%0.552.3%
Resmed Inc. RMD$33.2 billion22.0523.1%33.4%9.9%0.101.0%
Dexcom Inc. DXCM$31.7 billion33.2438.1%22.9%15.5%0.47n/a
West Pharmaceutical Services Inc. WST$25.8 billion46.8818.9%20.5%12.4%0.070.2%
Solventum Corp. SOLV$14.9 billion10.6829.9%25.0%-0.9%1.06n/a
Baxter International Inc. BAX$12.6 billionn/a-17.1%-2.4%5.4%1.522.1%
Penumbra Inc. PEN$12.6 billion78.4810.5%12.4%17.6%0.00n/a
Globus Medical Inc. GMED$10.0 billion19.0911.2%20.3%19.7%0.00n/a
Glaukos Corp. GKOS$9.7 billionn/a-27.6%-31.6%41.5%0.00n/a
All 44 in Medical Equipment
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Intuitive Surgical Inc. ISRG$150.0 billion48.5617.3%31.3%20.7%0.00n/a
Medtronic plc MDT$113.3 billion21.7910.4%18.1%9.8%0.513.2%
Stryker Corp. SYK$106.4 billion28.7315.5%21.4%8.5%0.621.3%
3M Co. MMM$82.5 billion28.41101.5%18.4%2.3%3.691.8%
Boston Scientific Corp. BSX$61.9 billion17.3114.7%19.8%13.5%0.44n/a
Becton Dickinson & Co. BDX$50.0 billion55.343.9%9.6%-2.6%0.552.3%
Edwards Lifesciences Corp. EW$49.1 billion48.979.5%22.3%14.6%0.06n/a
Resmed Inc. RMD$33.2 billion22.0523.1%33.4%9.9%0.101.0%
Dexcom Inc. DXCM$31.7 billion33.2438.1%22.9%15.5%0.47n/a
GE HealthCare Technologies Inc. GEHC$29.9 billion15.0818.1%12.9%6.5%0.920.2%
West Pharmaceutical Services Inc. WST$25.8 billion46.8818.9%20.5%12.4%0.070.2%
Koninklijke Philips N.V. PHG *$23.3 billion23.158.2%8.0%-1.0%0.741.6%
Steris plc STE$20.9 billion26.2111.2%18.9%8.4%0.261.1%
Zimmer Biomet Holdings, Inc. ZBH$17.0 billion21.636.4%14.2%8.6%0.501.1%
Solventum Corp. SOLV$14.9 billion10.6829.9%25.0%-0.9%1.06n/a
Baxter International Inc. BAX$12.6 billionn/a-17.1%-2.4%5.4%1.522.1%
Penumbra Inc. PEN$12.6 billion78.4810.5%12.4%17.6%0.00n/a
Smith & Nephew plc SNN *$12.0 billion19.0211.8%12.9%6.1%0.592.8%
Cooper Companies, Inc. COO$10.3 billion18.566.8%12.8%4.7%0.310.0%
Align Technology Inc. ALGN$10.2 billion24.839.8%13.2%4.4%0.00n/a
Globus Medical Inc. GMED$10.0 billion19.0911.2%20.3%19.7%0.00n/a
Glaukos Corp. GKOS$9.7 billionn/a-27.6%-31.6%41.5%0.00n/a
Insulet Corp. PODD$9.4 billion25.2826.4%16.9%29.4%0.65n/a
MSA Safety Inc. MSA$7.0 billion22.4622.4%21.2%6.5%0.431.2%
Haemonetics Corp. HAE$5.4 billion58.2011.5%11.9%0.4%1.42n/a
Teleflex Inc. TFX$5.3 billionn/a-35.5%2.0%30.7%0.971.1%
Merit Medical Systems Inc. MMSI$5.2 billion36.048.7%12.8%10.2%0.44n/a
Integer Holdings Corp. ITGR$4.3 billion34.597.5%9.7%2.7%0.72n/a
LivaNova plc LIVN$4.2 billion22.6014.2%12.7%12.4%0.22n/a
ICU Medical Inc. ICUI$4.0 billion135.931.4%3.3%-9.0%0.57n/a
Envista Holdings Corp. NVST$3.7 billion39.643.1%9.6%11.9%0.47n/a
Warby Parker Inc. WRBY$3.2 billion361.362.0%0.2%11.0%0.00n/a
TransMedics Group, Inc. TMDX$2.7 billion20.1629.3%12.2%25.8%0.880.0%
UFP Technologies Inc. UFPT$2.2 billion31.1215.6%15.3%7.3%0.25n/a
Inspire Medical Systems, Inc. INSP$2.0 billion14.9216.4%6.0%4.3%0.00n/a
Lemaitre Vascular Inc. LMAT$1.8 billion28.3115.6%29.5%11.8%0.401.0%
Dentsply Sirona Inc. XRAY$1.8 billionn/a-40.4%-8.5%-0.8%1.487.2%
Conmed Corp. CNMD$1.3 billion24.015.4%8.0%3.4%0.631.4%
National Vision Holdings, Inc. EYE$1.3 billion27.315.6%4.1%7.8%0.26n/a
Tandem Diabetes Care Inc. TNDM$1.1 billionn/a-48.6%-4.4%4.0%4.62n/a
Staar Surgical Co. STAA$1.1 billion309.711.1%4.0%51.3%0.00n/a
Integra Lifesciences Holdings Corp. IART$1.0 billionn/a-0.7%4.0%1.6%1.79n/a
Artivion, Inc. AORT$1.0 billionn/a-0.7%4.4%16.4%0.820.0%
Enovis Corp. ENOV$1.0 billionn/a-74.6%-45.1%4.9%0.87n/a
22 companies share its SEC industry code (Surgical & Medical Instruments & Apparatus); the rest are the names nearest in size in its wider industry, Medical Equipment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202630 July 2026EDGAR
10-Q31 March 202630 April 2026EDGAR
10-K31 December 202524 February 2026EDGAR
10-Q30 September 202530 October 2025EDGAR
10-Q30 June 202530 July 2025EDGAR
10-Q31 March 202524 April 2025EDGAR
10-K/A31 December 202414 April 2025EDGAR
10-K31 December 202425 February 2025EDGAR
10-Q30 September 202430 October 2024EDGAR
10-Q30 June 20241 August 2024EDGAR

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