MMSI
MERIT MEDICAL SYSTEMS INC
Next earnings Jul 28, 2026 (after close) · consensus $0.99 EPS, $414M rev
Last earnings +5.2% on 2026-04-30
$71.09
▲ +1.43%$71.09▼ -23.97%
over 1Y
L $60.31H $96.01
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.4%
1W+0.4%
1M+16.8%
3M+5.0%
YTD-17.8%
1Y-24.0%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 17 analysts
Buy
Quality medtech compounder accelerating into 2026, but a 32.5x P/E on 8.5% net margins leaves little cushion — own, don't chase.
Revenue $1.52B · FY2025
The read
Middling fundamentals and a rich price (~33% above fair value) leave little margin of safety — a wait-and-see.
Merit Medical is executing well. FY2025 revenue grew 11.8% to $1.52B with gross margin expanding 130bps to 48.7% and operating margin lifting to 12.2% from 11.5%, while operating cash flow surged 34.7% to $297M — evidence the Continued Growth initiatives Program targeting end-2026 is landing. The cardiovascular franchise grew 10.9% with cardiac intervention up 21.7% on the Cook (Nov 2024) and Biolife (May 2025) tuck-ins, and endoscopy jumped 33.0% off a small base. The balance sheet is in good shape: $446M cash (+18.5%), liabilities/equity of just 0.70x, retained earnings up 18.5% to $824M, and equity up 14.9% to $1.58B.
The problem is the price. At $69.20, MMSI trades at 32.5x trailing EPS and 2.7x sales on an 8.5% net margin and ~8.1% ROE — a premium multiple for a business whose net-margin actually slipped vs. FY2024 (8.5% from 8.9%) as SG&A crept to 30.0% of sales and other expense widened to -0.9%. EPS growth of just +4.9% trailed revenue growth of +11.8%, partly diluted by the 1.0% share-count rise and elevated D&A (+19.9%) and capex (+132.5% to $81.7M) tied to the M&A buildout. PEG on EPS growth is unfavorable; even on net income (+6.8%) the multiple is full.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 9:00 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.07B | $1.15B | $1.26B | $1.36B | $1.52B |
| Gross profit | $485M | $519M | $584M | $643M | $738M |
| Operating income | $60.9M | $87.6M | $124M | $156M | $185M |
| Net income | $48.5M | $74.5M | $94.4M | $120M | $128M |
| Diluted EPS | $0.84 | $1.29 | $1.62 | $2.03 | $2.13 |
| Net margin | 4.5% | 6.5% | 7.5% | 8.9% | 8.5% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$4.54B
EV / EBITDA14.7
EV / Sales3.0
EV / FCF21.1
P / FCF19.7
PEG (trailing)4.94
Earnings yield3.0%
FCF yield5.1%
Quality & risk
ROIC (est.)6.3%
Free cash flow$216M
Total debt$745M
Net cash-$299M
Altman Z-Score3.89 safe
Piotroski F-Score7/9
Capital returns
Buyback yield0.0%
Dividend yield (est.)—
Shareholder yield0.0%
Shares Δ YoY+1.0%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Officer / director change2026-05-19
Annual meeting: director slate elected, bylaws amended, governance items approved
- 8-K Earnings results2026-04-30
Q1 2026 quarterly report filed; continues post-Biolife/Cook integration
- 10-Q Quarterly report2026-04-30
Q1 2026 quarterly report filed; continues post-Biolife/Cook integration
- 8-K Reg FD disclosure2026-04-13
Reg FD investor/conference disclosure; no new material financial info
- 8-K Reg FD disclosure2026-04-01
Reg FD slides/presentation furnished; routine investor communication
- DEF 14A Proxy statement2026-03-31
2026 proxy: director slate, exec comp, auditor ratification
- 8-K Earnings results2026-02-24
FY25 10-K: sales +11.8% to $1.52B, GM 48.7%, OCF +35%; Biolife+C2 acquired
- 10-K Annual report2026-02-24
FY25 10-K: sales +11.8% to $1.52B, GM 48.7%, OCF +35%; Biolife+C2 acquired
- 8-K Officer / director change2026-01-08
Preliminary FY25 results + executive officer change disclosed
Recent filings
all on EDGAR ↗S-8Filing2026-06-29open ↗11-KPeriod ending 2025-12-312026-06-26open ↗4Period ending 2026-06-152026-06-17open ↗4Period ending 2026-06-052026-06-08open ↗SDFiling2026-05-29open ↗4Period ending 2026-05-202026-05-21open ↗4Period ending 2026-05-182026-05-19open ↗4Period ending 2026-05-182026-05-19open ↗4Period ending 2026-05-182026-05-19open ↗4Period ending 2026-05-182026-05-19open ↗4Period ending 2026-05-182026-05-19open ↗4Period ending 2026-05-182026-05-19open ↗
Frequently asked
- Is MERIT MEDICAL SYSTEMS INC (MMSI) a buy?
- MMSI currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Quality medtech compounder accelerating into 2026, but a 32.5x P/E on 8.5% net margins leaves little cushion — own, don't chase.
- What is MMSI's fair value?
- A Modified-Graham model based on MMSI's SEC fundamentals estimates a fair value of about $47.67. It is an estimate from reported earnings, not a price target.
- Is MMSI overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, MMSI currently appears overvalued relative to its SEC-grounded earnings power.
- What is MERIT MEDICAL SYSTEMS INC's quality score?
- MMSI scores 65.66793212648163/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000856982, latest 10-Q filed 2026-04-30) · EODHD · Proprietary analysis · as of 6/25/2026, 1:00:12 PM.
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