Merit Med Sys Inc Financials
This page shows Merit Med Sys Inc (MMSI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Merit Med Sys Inc has an operating margin of 11.5%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 57/100, indicating healthy but not exceptional operating efficiency. This is up from 9.9% the prior year.
Merit Med Sys Inc's revenue grew 7.9% year-over-year to $1.4B, a solid pace of expansion. This earns a growth score of 51/100.
Merit Med Sys Inc carries a low D/E ratio of 0.53, meaning only $0.53 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.27, Merit Med Sys Inc holds $4.27 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Merit Med Sys Inc converts 13.7% of revenue into free cash flow ($185.7M). This strong cash generation earns a score of 68/100.
Merit Med Sys Inc's ROE of 8.7% shows moderate profitability relative to equity, earning a score of 35/100. This is up from 7.8% the prior year.
Merit Med Sys Inc scores 4.32, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.8B) relative to total liabilities ($1.0B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Merit Med Sys Inc passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Merit Med Sys Inc generates $1.83 in operating cash flow ($220.8M OCF vs $120.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Merit Med Sys Inc earns $5.0 in operating income for every $1 of interest expense ($155.7M vs $31.2M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Merit Med Sys Inc generated $1.4B in revenue in fiscal year 2024. This represents an increase of 7.9% from the prior year.
Merit Med Sys Inc's EBITDA was $258.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.8% from the prior year.
Merit Med Sys Inc generated $185.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 67.5% from the prior year.
Merit Med Sys Inc reported $120.4M in net income in fiscal year 2024. This represents an increase of 27.5% from the prior year.
Merit Med Sys Inc earned $2.03 per diluted share (EPS) in fiscal year 2024. This represents an increase of 25.3% from the prior year.
Merit Med Sys Inc held $376.7M in cash against $729.6M in long-term debt as of fiscal year 2024.
Merit Med Sys Inc had 59M shares outstanding in fiscal year 2024. This represents an increase of 1.5% from the prior year.
Merit Med Sys Inc's gross margin was 47.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the prior year.
Merit Med Sys Inc's operating margin was 11.5% in fiscal year 2024, reflecting core business profitability. This is up 1.6 percentage points from the prior year.
Merit Med Sys Inc's net profit margin was 8.9% in fiscal year 2024, showing the share of revenue converted to profit. This is up 1.4 percentage points from the prior year.
Merit Med Sys Inc's ROE was 8.7% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the prior year.
Merit Med Sys Inc invested $87.5M in research and development in fiscal year 2024. This represents an increase of 5.7% from the prior year.
Merit Med Sys Inc invested $35.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 2.5% from the prior year.
MMSI Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $384.2M+0.4% | $382.5M+7.6% | $355.4M+0.1% | $355.2M+5.1% | $338.0M+4.5% | $323.5M-0.3% | $324.5M+2.9% | $315.2M |
| Cost of Revenue | $197.7M-0.1% | $198.0M+8.0% | $183.3M+0.6% | $182.2M+3.0% | $176.9M+3.0% | $171.8M-1.3% | $174.0M+0.6% | $173.0M |
| Gross Profit | $186.4M+1.0% | $184.5M+7.2% | $172.0M-0.6% | $173.0M+7.4% | $161.1M+6.2% | $151.7M+0.8% | $150.5M+5.9% | $142.2M |
| R&D Expenses | $24.0M-1.6% | $24.4M+8.4% | $22.5M-10.8% | $25.2M+24.3% | $20.3M-5.7% | $21.5M-0.7% | $21.6M+10.1% | $19.6M |
| SG&A Expenses | $119.8M+5.9% | $113.1M+5.2% | $107.5M-3.2% | $111.1M+17.4% | $94.6M+0.2% | $94.4M-1.4% | $95.8M+10.2% | $86.9M |
| Operating Income | $42.6M-9.1% | $46.9M+14.2% | $41.0M+12.2% | $36.6M-20.4% | $45.9M+27.9% | $35.9M+6.9% | $33.6M-4.3% | $35.1M |
| Interest Expense | $6.8M-0.3% | $6.8M+3.2% | $6.6M-17.8% | $8.0M+4.1% | $7.7M-4.6% | $8.0M+61.7% | $5.0M+2.8% | $4.8M |
| Income Tax | $10.8M-0.1% | $10.8M+38.2% | $7.8M+50.3% | $5.2M-48.6% | $10.1M+65.6% | $6.1M+59.1% | $3.8M-12.5% | $4.4M |
| Net Income | $27.8M-14.8% | $32.6M+8.1% | $30.1M+7.9% | $27.9M-21.8% | $35.7M+26.5% | $28.2M+2.2% | $27.6M+6.9% | $25.8M |
| EPS (Diluted) | $0.46-14.8% | $0.54+10.2% | $0.49+6.5% | $0.46-24.6% | $0.61+27.1% | $0.48+2.1% | $0.47+6.8% | $0.44 |
MMSI Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.6B+1.7% | $2.6B+4.8% | $2.5B+2.0% | $2.4B+2.0% | $2.4B+2.0% | $2.3B0.0% | $2.3B+28.6% | $1.8B |
| Current Assets | $985.5M+6.8% | $923.1M-3.7% | $958.6M+3.8% | $923.8M-20.5% | $1.2B+5.2% | $1.1B-0.3% | $1.1B+89.4% | $585.3M |
| Cash & Equivalents | $392.5M+14.8% | $341.8M-13.6% | $395.5M+5.0% | $376.7M-40.8% | $636.7M+9.4% | $581.9M-0.9% | $587.0M+900.5% | $58.7M |
| Inventory | $326.6M+1.0% | $323.3M+1.7% | $317.9M+3.9% | $306.1M+2.6% | $298.2M-1.5% | $302.7M-0.4% | $303.9M0.0% | $303.9M |
| Accounts Receivable | $210.3M+3.0% | $204.2M+2.3% | $199.6M+4.9% | $190.2M+4.3% | $182.4M+1.0% | $180.7M+1.6% | $177.9M+6.0% | $167.8M |
| Goodwill | $507.4M+0.6% | $504.6M+8.7% | $464.4M+0.2% | $463.5M+21.5% | $381.4M0.0% | $381.5M-0.2% | $382.2M+0.3% | $381.1M |
| Total Liabilities | $1.1B+0.3% | $1.1B+5.6% | $1.0B0.0% | $1.0B-4.6% | $1.1B+0.3% | $1.1B-3.3% | $1.1B+94.1% | $578.6M |
| Current Liabilities | $230.5M+2.2% | $225.6M+14.6% | $196.8M-9.0% | $216.4M+16.2% | $186.2M+1.6% | $183.3M-9.9% | $203.6M+8.8% | $187.1M |
| Long-Term Debt | $732.9M+0.2% | $731.8M+0.2% | $730.7M+0.2% | $729.6M-9.0% | $801.3M+0.1% | $800.1M-2.8% | $823.0M+191.5% | $282.4M |
| Total Equity | $1.5B+2.8% | $1.5B+4.2% | $1.4B+3.6% | $1.4B+7.6% | $1.3B+3.4% | $1.2B+3.2% | $1.2B-2.3% | $1.2B |
| Retained Earnings | $786.0M+3.7% | $758.3M+4.5% | $725.7M+4.3% | $695.5M+8.8% | $639.1M+5.9% | $603.4M+4.9% | $575.2M+5.0% | $547.6M |
MMSI Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $75.0M-10.0% | $83.3M+105.3% | $40.6M-41.0% | $68.7M+0.3% | $68.5M+89.2% | $36.2M-41.8% | $62.3M+21.9% | $51.1M |
| Capital Expenditures | $22.4M+63.2% | $13.8M-34.7% | $21.1M+506.6% | $3.5M-67.3% | $10.6M-9.0% | $11.7M+63.6% | $7.1M-16.9% | $8.6M |
| Free Cash Flow | $52.5M-24.5% | $69.6M+256.5% | $19.5M-70.1% | $65.3M+12.8% | $57.9M+135.9% | $24.5M-55.5% | $55.1M+29.8% | $42.5M |
| Investing Cash Flow | -$24.1M+83.2% | -$143.4M-383.7% | -$29.6M+86.2% | -$214.4M-1200.7% | -$16.5M+25.2% | -$22.1M-164.3% | -$8.3M+9.8% | -$9.3M |
| Financing Cash Flow | -$365K-108.4% | $4.3M-37.5% | $7.0M+186.0% | $2.4M-22.5% | $3.1M+117.4% | -$18.0M-103.8% | $472.8M+966.7% | -$54.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MMSI Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.5%+0.3pp | 48.2%-0.2pp | 48.4%-0.3pp | 48.7%+1.0pp | 47.7%+0.8pp | 46.9%+0.5pp | 46.4%+1.3pp | 45.1% |
| Operating Margin | 11.1%-1.2pp | 12.3%+0.7pp | 11.6%+1.3pp | 10.3%-3.3pp | 13.6%+2.5pp | 11.1%+0.7pp | 10.4%-0.8pp | 11.2% |
| Net Margin | 7.2%-1.3pp | 8.5%+0.0pp | 8.5%+0.6pp | 7.9%-2.7pp | 10.6%+1.8pp | 8.7%+0.2pp | 8.5%+0.3pp | 8.2% |
| Return on Equity | 1.8%-0.4pp | 2.2%+0.1pp | 2.1%+0.1pp | 2.0%-0.8pp | 2.8%+0.5pp | 2.3%-0.0pp | 2.3%+0.2pp | 2.1% |
| Return on Assets | 1.1%-0.2pp | 1.3%+0.0pp | 1.2%+0.1pp | 1.2%-0.4pp | 1.5%+0.3pp | 1.2%+0.0pp | 1.2%-0.2pp | 1.4% |
| Current Ratio | 4.28+0.2 | 4.09-0.8 | 4.87+0.6 | 4.27-2.0 | 6.24+0.2 | 6.03+0.6 | 5.45+2.3 | 3.13 |
| Debt-to-Equity | 0.48-0.0 | 0.49-0.0 | 0.51-0.0 | 0.53-0.1 | 0.62-0.0 | 0.65-0.0 | 0.68+0.5 | 0.23 |
| FCF Margin | 13.7%-4.5pp | 18.2%+12.7pp | 5.5%-12.9pp | 18.4%+1.3pp | 17.1%+9.5pp | 7.6%-9.4pp | 17.0%+3.5pp | 13.5% |
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Frequently Asked Questions
What is Merit Med Sys Inc's annual revenue?
Merit Med Sys Inc (MMSI) reported $1.4B in total revenue for fiscal year 2024. This represents a 7.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Merit Med Sys Inc's revenue growing?
Merit Med Sys Inc (MMSI) revenue grew by 7.9% year-over-year, from $1.3B to $1.4B in fiscal year 2024.
Is Merit Med Sys Inc profitable?
Yes, Merit Med Sys Inc (MMSI) reported a net income of $120.4M in fiscal year 2024, with a net profit margin of 8.9%.
What is Merit Med Sys Inc's earnings per share (EPS)?
Merit Med Sys Inc (MMSI) reported diluted earnings per share of $2.03 for fiscal year 2024. This represents a 25.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Merit Med Sys Inc's EBITDA?
Merit Med Sys Inc (MMSI) had EBITDA of $258.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Merit Med Sys Inc have?
As of fiscal year 2024, Merit Med Sys Inc (MMSI) had $376.7M in cash and equivalents against $729.6M in long-term debt.
What is Merit Med Sys Inc's gross margin?
Merit Med Sys Inc (MMSI) had a gross margin of 47.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Merit Med Sys Inc's operating margin?
Merit Med Sys Inc (MMSI) had an operating margin of 11.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Merit Med Sys Inc's net profit margin?
Merit Med Sys Inc (MMSI) had a net profit margin of 8.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Merit Med Sys Inc's return on equity (ROE)?
Merit Med Sys Inc (MMSI) has a return on equity of 8.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Merit Med Sys Inc's free cash flow?
Merit Med Sys Inc (MMSI) generated $185.7M in free cash flow during fiscal year 2024. This represents a 67.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Merit Med Sys Inc's operating cash flow?
Merit Med Sys Inc (MMSI) generated $220.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Merit Med Sys Inc's total assets?
Merit Med Sys Inc (MMSI) had $2.4B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Merit Med Sys Inc's capital expenditures?
Merit Med Sys Inc (MMSI) invested $35.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Merit Med Sys Inc spend on research and development?
Merit Med Sys Inc (MMSI) invested $87.5M in research and development during fiscal year 2024.
How many shares does Merit Med Sys Inc have outstanding?
Merit Med Sys Inc (MMSI) had 59M shares outstanding as of fiscal year 2024.
What is Merit Med Sys Inc's current ratio?
Merit Med Sys Inc (MMSI) had a current ratio of 4.27 as of fiscal year 2024, which is generally considered healthy.
What is Merit Med Sys Inc's debt-to-equity ratio?
Merit Med Sys Inc (MMSI) had a debt-to-equity ratio of 0.53 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Merit Med Sys Inc's return on assets (ROA)?
Merit Med Sys Inc (MMSI) had a return on assets of 5.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Merit Med Sys Inc's Altman Z-Score?
Merit Med Sys Inc (MMSI) has an Altman Z-Score of 4.32, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Merit Med Sys Inc's Piotroski F-Score?
Merit Med Sys Inc (MMSI) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Merit Med Sys Inc's earnings high quality?
Merit Med Sys Inc (MMSI) has an earnings quality ratio of 1.83x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Merit Med Sys Inc cover its interest payments?
Merit Med Sys Inc (MMSI) has an interest coverage ratio of 5.0x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Merit Med Sys Inc?
Merit Med Sys Inc (MMSI) scores 67 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.