What is Merit Medical Systems Inc's earnings per share (EPS)?

Merit Medical Systems Inc (MMSI) reported diluted earnings per share of $2.13 for fiscal year 2025. This represents a 4.9% 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.

Merit Medical Systems Inc (MMSI) Financials

MMSI

Trailing 12 months to June 30, 2026

Revenue $1.6B +10.2% YoY

Net Income $145.6M +22.2% YoY

EPS (Diluted) $2.43 +23.4% YoY

Free Cash Flow $203.2M +5.7% YoY

Market Cap $5.3B as of Oct 13, 2026

Price / Sales 3.3x on $1.6B revenue, trailing 12 months to June 30, 2026

Price / Earnings 36.2x on $145.6M net income, trailing 12 months to June 30, 2026

Price / Book 3.1x on $1.7B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 30, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MMSI SEC filings page.

Merit Medical Systems Inc (MMSI) reported $1.6B in revenue over the twelve months to Jun 30, 2026, up 10.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI MMSI FY2025 2026-10-03

Profit is converting into cash more efficiently, while expanding margins and moderated leverage make growth less dependent on balance-sheet borrowing.

In FY2025, operating cash flow reached $297M versus net income of $128M, so reported earnings understated cash produced during the year. After capital spending of $82M, free cash flow was $216M, showing that the cash surplus persisted after reinvestment.

Gross margin widened from 45.1% in FY2021 to 48.7% in FY2025, indicating a modestly better product-level spread. Operating margin rose from 5.7% to 12.2% over the same span, so a growing portion of that spread reached operations rather than being consumed by overhead.

Debt-to-equity peaked at 0.7x in FY2023 and eased to 0.5x by FY2025, showing leverage moderated after the expansion step-up. A 4.3x current ratio in FY2025 indicates ample short-term asset coverage, but long-term debt remained $734M; near-term liquidity and long-term financing are different questions here.

Financial Health Signals

Financial Health Score 69/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Merit Medical Systems Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Merit Medical Systems Inc has an operating margin of 12.2%, meaning the company retains $12 of operating profit per $100 of revenue. This strong profitability earns a score of 70/100, reflecting efficient cost management and pricing power. This is up from 11.5% the prior year.

Growth

Merit Medical Systems Inc's revenue grew 11.8% year-over-year to $1.5B, a solid pace of expansion. This earns a growth score of 65/100.

Leverage

Merit Medical Systems Inc has a moderate D/E ratio of 0.46. This balance of debt and equity financing earns a leverage score of 49/100.

Liquidity

With a current ratio of 4.34, Merit Medical Systems Inc holds $4.34 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 89/100.

Cash Flow

Merit Medical Systems Inc converts 14.2% of revenue into free cash flow ($215.7M). This strong cash generation earns a score of 74/100.

Returns

Merit Medical Systems Inc's ROE of 8.1% shows moderate profitability relative to equity, earning a score of 64/100. This is down from 8.7% the prior year.

Altman Z-Score Safe

4.44

Merit Medical Systems Inc scores 4.44, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($5.3B) relative to total liabilities ($1.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Strong

7/9

Merit Medical Systems Inc passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.31x

For every $1 of reported earnings, Merit Medical Systems Inc generates $2.31 in operating cash flow ($297.4M OCF vs $128.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

6.98x

Merit Medical Systems Inc earns $6.98 in operating income for every $1 of interest expense ($184.7M vs $26.5M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$418.8M

YoY+9.5%

QoQ+9.7%

5Y CAGR+8.4%

10Y CAGR+10.7%

Merit Medical Systems Inc generated $418.8M in revenue in Q2 2026. This represents an increase of 9.5% from the same quarter a year earlier. Against the prior quarter it is up 9.7%.

EBITDA

$91.4M

YoY+17.4%

QoQ+22.4%

5Y CAGR+25.0%

10Y CAGR+15.5%

Merit Medical Systems Inc's EBITDA was $91.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 17.4% from the same quarter a year earlier. Against the prior quarter it is up 22.4%.

Net Income

$38.8M

YoY+19.1%

QoQ-5.3%

5Y CAGR+51.2%

10Y CAGR+18.2%

Merit Medical Systems Inc reported $38.8M in net income in Q2 2026. This represents an increase of 19.1% from the same quarter a year earlier. Against the prior quarter it is down 5.3%.

EPS (Diluted)

$0.65

YoY+20.4%

QoQ-4.4%

5Y CAGR+48.5%

10Y CAGR+15.0%

Merit Medical Systems Inc earned $0.65 per diluted share (EPS) in Q2 2026. This represents an increase of 20.4% from the same quarter a year earlier. Against the prior quarter it is down 4.4%.

Cash & Balance Sheet

Free Cash Flow

$51.9M

YoY-25.3%

QoQ+110.5%

5Y CAGR+8.5%

10Y CAGR+30.5%

Merit Medical Systems Inc generated $51.9M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 25.3% from the same quarter a year earlier. Against the prior quarter it is up 110.5%.

Cash & Debt

$448.7M

YoY+31.3%

QoQ-8.1%

5Y CAGR+45.1%

10Y CAGR+45.6%

Merit Medical Systems Inc held $448.7M in cash against $736.3M in long-term debt as of Q2 2026.

Shares Outstanding

60M

YoY+0.8%

QoQ+0.1%

5Y CAGR+1.2%

10Y CAGR+3.0%

Merit Medical Systems Inc had 60M shares outstanding in Q2 2026. This represents an increase of 0.8% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

51.4%

YoY+3.1pp

QoQ+3.0pp

5Y change+7.1pp

10Y change+7.1pp

Merit Medical Systems Inc's gross margin was 51.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 3.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.0 percentage points.

Operating Margin

14.4%

YoY+2.2pp

QoQ+2.9pp

5Y change+11.2pp

10Y change+6.7pp

Merit Medical Systems Inc's operating margin was 14.4% in Q2 2026, reflecting core business profitability. This is up 2.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.9 percentage points.

Net Margin

9.3%

YoY+0.7pp

QoQ-1.5pp

5Y change+7.5pp

10Y change+4.4pp

Merit Medical Systems Inc's net profit margin was 9.3% in Q2 2026, showing the share of revenue converted to profit. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.5 percentage points.

Return on Equity

2.3%

YoY+0.1pp

QoQ-0.2pp

5Y change+1.8pp

10Y change+0.8pp

Merit Medical Systems Inc's ROE was 2.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.2 percentage points.

Capital Allocation

R&D Spending

$25.4M

YoY+4.2%

QoQ+12.3%

5Y CAGR+7.6%

Merit Medical Systems Inc invested $25.4M in research and development in Q2 2026. This represents an increase of 4.2% from the same quarter a year earlier. Against the prior quarter it is up 12.3%.

Capital Expenditures

$17.3M

YoY+26.0%

QoQ+8.3%

5Y CAGR+21.1%

10Y CAGR+5.4%

Merit Medical Systems Inc invested $17.3M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 26.0% from the same quarter a year earlier. Against the prior quarter it is up 8.3%.

Share Buybacks

Not reported for Q2 2026.

MMSI Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MMSI quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$1.6B	$1.5B+11.8%	$1.4B+7.9%	$1.3B+9.2%	$1.2B+7.1%	$1.1B+11.5%	$963.9M-3.1%	$994.9M+12.7%	$882.8M+21.3%	$727.9M+20.5%	$603.8M+11.4%	$542.1M+6.4%	$509.7M+13.5%	$449.0M+13.9%	$394.3M+9.7%	$359.4M
Cost of Revenue	$797.1M	$777.6M+9.0%	$713.2M+5.9%	$673.5M+6.6%	$631.9M+7.2%	$589.4M+4.7%	$562.7M0.0%	$562.5M+15.3%	$488.0M+21.5%	$401.6M+18.5%	$338.8M+10.6%	$306.4M+7.7%	$284.5M+11.7%	$254.7M+20.0%	$212.3M+9.4%	$194.0M
Gross Profit	$781.7M	$738.3M+14.8%	$643.3M+10.2%	$583.9M+12.5%	$519.1M+7.0%	$485.3M+21.0%	$401.2M-7.2%	$432.4M+9.5%	$394.8M+21.0%	$326.3M+23.1%	$265.0M+12.4%	$235.8M+4.7%	$225.2M+15.9%	$194.4M+6.8%	$182.0M+10.0%	$165.5M
R&D Expenses	$98.5M	$97.4M+11.3%	$87.5M+5.7%	$82.7M+9.6%	$75.5M+6.0%	$71.2M+23.8%	$57.5M-12.3%	$65.6M+10.2%	$59.5M+15.8%	$51.4M+13.7%	$45.2M+10.8%	$40.8M+11.4%	$36.6M+8.1%	$33.9M+21.9%	$27.8M+26.7%	$21.9M
SG&A Expenses	$482.1M	$455.2M+13.9%	$399.7M+7.0%	$373.7M+9.1%	$342.5M+2.0%	$335.7M+12.8%	$297.7M-9.0%	$327.3M+18.6%	$276.0M+20.5%	$229.1M+24.3%	$184.4M+17.9%	$156.3M+5.7%	$147.9M+15.0%	$128.6M+5.4%	$122.1M+16.8%	$104.5M
Operating Income	$201.4M	$184.7M+18.6%	$155.7M+25.6%	$123.9M+41.5%	$87.6M+43.7%	$60.9M+3999.9%	-$1.6M-110.1%	$15.4M-73.7%	$58.6M+77.3%	$33.1M-5.2%	$34.9M-7.1%	$37.5M-6.5%	$40.2M+44.3%	$27.8M-6.1%	$29.6M-10.7%	$33.2M
EBITDA	N/A	$307.9M+19.2%	$258.4M+20.8%	$213.9M+26.3%	$169.4M+16.8%	$145.0M+56.7%	$92.5M-14.0%	$107.5M-16.1%	$128.2M+47.9%	$86.7M+10.2%	$78.6M+4.9%	$75.0M-1.5%	$76.1M+26.0%	$60.4M+15.7%	$52.2M-0.4%	$52.4M
Interest Expense	$31.8M	$26.5M-15.2%	$31.2M+101.3%	$15.5M+144.7%	$6.3M+20.5%	$5.3M-47.4%	$10.0M-19.5%	$12.4M+19.8%	$10.4M+33.9%	$7.7M-12.1%	$8.8M+41.2%	$6.2M-29.4%	$8.8M+9.8%	$8.0M+1231.8%	$604K-23.4%	$789K
Income Tax	$48.9M	$42.4M+43.2%	$29.6M+67.6%	$17.7M+117.9%	$8.1M+48.5%	$5.5M+261.2%	-$3.4M-4.0%	-$3.3M-143.4%	$7.5M-10.2%	$8.4M+58.7%	$5.3M-28.8%	$7.4M-14.0%	$8.6M+163.0%	$3.3M-58.7%	$7.9M-19.6%	$9.8M
Net Income	$145.6M	$128.5M+6.8%	$120.4M+27.5%	$94.4M+26.7%	$74.5M+53.8%	$48.5M+592.3%	-$9.8M-280.6%	$5.5M-87.0%	$42.0M+52.7%	$27.5M+36.8%	$20.1M-15.5%	$23.8M+3.6%	$23.0M+38.6%	$16.6M-15.9%	$19.7M-14.5%	$23.0M
EPS (Basic)	N/A	$2.17+4.8%	$2.07+26.2%	$1.64+25.2%	$1.31+52.3%	$0.86+577.8%	-$0.18-280.0%	$0.10-87.5%	$0.80+42.9%	$0.56+24.4%	$0.45-16.7%	$0.54+1.9%	$0.53+35.9%	$0.39-17.0%	$0.47-20.3%	$0.59
EPS (Diluted)	$2.43	$2.13+4.9%	$2.03+25.3%	$1.62+25.6%	$1.29+53.6%	$0.84+566.7%	-$0.18-280.0%	$0.10-87.2%	$0.78+41.8%	$0.55+22.2%	$0.45-15.1%	$0.530.0%	$0.53+35.9%	$0.39-15.2%	$0.46-20.7%	$0.58
Diluted Shares (Avg)	N/A	60M+1.8%	59M+1.7%	58M+1.2%	58M+0.5%	57M+3.5%	55M-1.4%	56M+4.3%	54M+7.6%	50M+11.7%	45M+0.8%	45M+2.5%	43M+1.2%	43M+0.6%	43M+7.2%	40M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$418.8M+9.5%	$381.9M+7.5%	$393.9M+10.9%	$384.2M+13.0%	$382.5M+13.2%	$355.4M+9.8%	$355.2M+9.4%	$339.8M+7.8%
Cost of Revenue	$203.7M+2.9%	$197.1M+7.5%	$198.6M+9.0%	$197.7M+8.5%	$198.0M+11.9%	$183.3M+6.7%	$182.2M+4.7%	$182.3M+5.4%
Gross Profit	$215.2M+16.6%	$184.8M+7.4%	$195.4M+12.9%	$186.4M+18.3%	$184.5M+14.5%	$172.0M+13.4%	$173.0M+14.9%	$157.5M+10.8%
R&D Expenses	$25.4M+4.2%	$22.6M+0.6%	$26.5M+5.3%	$24.0M+16.8%	$24.4M+20.3%	$22.5M+4.6%	$25.2M+16.4%	$20.5M+4.5%
SG&A Expenses	$129.2M+14.3%	$118.2M+10.0%	$114.8M+3.4%	$119.8M+20.2%	$113.1M+19.6%	$107.5M+13.8%	$111.1M+16.0%	$99.6M+14.7%
Operating Income	$60.4M+28.8%	$44.2M+7.6%	$54.2M+48.2%	$42.6M+14.4%	$46.9M+2.0%	$41.0M+14.2%	$36.6M+8.8%	$37.3M+6.0%
EBITDA	$91.4M+17.4%	$74.7M+6.2%	$85.8M+31.6%	$73.9M+16.1%	$77.9M+11.2%	$70.3M+18.2%	$65.2M+13.9%	$63.7M+7.6%
Interest Expense	$12.1M+78.9%	$6.5M-0.6%	$6.4M-20.4%	$6.8M-10.0%	$6.8M-11.8%	$6.6M-18.4%	$8.0M+60.6%	$7.5M+54.9%
Income Tax	$12.5M+15.9%	$12.6M+60.7%	$13.1M+151.1%	$10.8M+31.3%	$10.8M+6.7%	$7.8M+27.9%	$5.2M+35.4%	$8.2M+87.2%
Net Income	$38.8M+19.1%	$41.0M+36.0%	$38.0M+36.0%	$27.8M-2.4%	$32.6M-8.8%	$30.1M+6.8%	$27.9M+1.2%	$28.4M+10.1%
EPS (Basic)	$0.65+18.2%	$0.69+35.3%	$0.64+33.3%	$0.47-4.1%	$0.55-9.8%	$0.51+4.1%	$0.480.0%	$0.49+8.9%
EPS (Diluted)	$0.65+20.4%	$0.68+38.8%	$0.64+39.1%	$0.46-4.2%	$0.54-11.5%	$0.49+2.1%	$0.46-4.2%	$0.48+9.1%
Diluted Shares (Avg)	60M-1.0%	60M-2.1%	N/A	60M+0.6%	61M+3.2%	61M+4.6%	N/A	60M+2.0%

MMSI Balance Sheet

MMSI quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$2.7B+11.1%	$2.4B+4.0%	$2.3B+39.7%	$1.7B+1.0%	$1.6B-1.0%	$1.7B-5.3%	$1.8B+8.5%	$1.6B+45.7%	$1.1B+17.9%	$942.8M+21.1%	$778.7M+4.2%	$747.2M+2.6%	$728.3M+3.3%	$705.3M+57.8%	$447.0M
Current Assets	$1.0B+12.6%	$923.8M-16.7%	$1.1B+109.5%	$529.1M+9.7%	$482.2M+12.2%	$429.7M-5.5%	$454.5M+5.7%	$429.8M+36.0%	$316.1M+29.9%	$243.4M+19.3%	$204.0M+6.1%	$192.3M+15.9%	$165.9M+2.4%	$162.0M+21.2%	$133.7M
Cash & Equivalents	$446.4M+18.5%	$376.7M-35.8%	$587.0M+905.1%	$58.4M-13.8%	$67.8M+19.0%	$56.9M+28.4%	$44.3M-34.2%	$67.4M+108.3%	$32.3M+68.7%	$19.2M+359.0%	$4.2M-43.2%	$7.4M-1.4%	$7.5M-23.3%	$9.7M-4.0%	$10.1M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$333.7M+9.0%	$306.1M+0.7%	$303.9M+14.2%	$266.0M+19.9%	$221.9M+12.1%	$198.0M-12.3%	$225.7M+14.3%	$197.5M+27.2%	$155.3M+28.7%	$120.7M+13.9%	$106.0M+15.5%	$91.8M+11.4%	$82.4M-2.6%	$84.6M+21.0%	$69.9M
Accounts Receivable	$203.7M+7.1%	$190.2M+6.9%	$177.9M+8.0%	$164.7M+8.1%	$152.3M+3.9%	$146.6M-5.6%	$155.4M+13.3%	$137.2M+30.0%	$105.5M+31.1%	$80.5M+14.6%	$70.3M-3.3%	$72.7M+20.8%	$60.2M+12.7%	$53.4M+31.7%	$40.5M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$2.8M
Goodwill	$506.8M+9.3%	$463.5M+21.3%	$382.2M+6.2%	$359.8M-0.5%	$361.7M-0.5%	$363.5M+2.9%	$353.2M+5.3%	$335.4M+40.9%	$238.1M+12.4%	$211.9M+14.9%	$184.5M0.0%	$184.5M0.0%	$184.5M+5.4%	$175.1M+186.4%	$61.1M
Total Liabilities	$1.1B+6.0%	$1.0B-7.5%	$1.1B+116.2%	$519.6M-14.6%	$608.5M-13.8%	$705.8M-12.6%	$807.4M+17.5%	$687.2M+57.8%	$435.5M-2.1%	$444.6M+42.2%	$312.6M+0.2%	$311.9M-3.3%	$322.6M-0.4%	$323.7M+260.0%	$89.9M
Current Liabilities	$239.8M+10.8%	$216.4M+6.3%	$203.6M-7.7%	$220.6M-6.6%	$236.3M+27.7%	$185.0M+1.8%	$181.7M+3.6%	$175.3M+51.7%	$115.6M+30.9%	$88.3M+0.5%	$87.9M+16.5%	$75.4M+15.0%	$65.6M-10.2%	$73.0M+66.7%	$43.8M
Non-Current Liabilities	$861.9M+4.7%	$822.8M-10.5%	$919.7M+207.7%	$298.9M-19.7%	$372.2M-28.5%	$520.8M-16.8%	$625.7M+22.2%	$511.9M+60.0%	$319.9M-10.2%	$356.3M+58.5%	$224.7M-5.0%	$236.5M-8.0%	$257.0M+2.5%	$250.7M+443.5%	$46.1M
Long-Term Debt	$734.0M+0.6%	$729.6M-11.4%	$823.0M+340.7%	$186.8M-20.3%	$234.4M-31.8%	$343.7M-20.4%	$432.0M+15.8%	$373.2M+44.1%	$259.0M-17.6%	$314.4M+59.1%	$197.6M-7.9%	$214.5M-10.2%	$238.9M+5.0%	$227.6M+640.4%	$30.7M
Total Equity	$1.6B+14.9%	$1.4B+14.8%	$1.2B+5.0%	$1.1B+10.1%	$1.0B+8.5%	$958.6M+0.9%	$949.9M+1.8%	$932.8M+37.9%	$676.3M+35.8%	$498.2M+6.9%	$466.1M+7.1%	$435.3M+7.3%	$405.7M+6.3%	$381.6M+6.9%	$357.1M
Retained Earnings	$824.0M+18.5%	$695.5M+20.9%	$575.2M+19.6%	$480.8M+18.3%	$406.3M+13.5%	$357.8M-2.8%	$368.2M+1.3%	$363.4M+13.1%	$321.4M+9.4%	$293.9M+7.3%	$273.8M+9.5%	$250.0M+10.1%	$227.0M+7.9%	$210.4M+10.3%	$190.7M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$2.9B+10.7%	$2.7B+10.2%	$2.7B+11.1%	$2.6B+10.6%	$2.6B+9.0%	$2.5B+6.1%	$2.4B+4.0%	$2.4B+31.5%
Current Assets	$1.1B+20.5%	$1.1B+14.9%	$1.0B+12.6%	$985.5M-8.6%	$923.1M-20.6%	$958.6M-13.3%	$923.8M-16.7%	$1.1B+84.2%
Cash & Equivalents	$448.7M+31.3%	$488.1M+23.4%	$446.4M+18.5%	$392.5M-25.0%	$341.8M-46.3%	$395.5M-32.0%	$376.7M-35.8%	$523.1M+791.6%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$374.1M+15.7%	$352.4M+10.8%	$333.7M+9.0%	$326.6M+5.2%	$323.3M+8.4%	$317.9M+5.0%	$306.1M+0.7%	$310.5M+2.2%
Accounts Receivable	$224.2M+9.8%	$206.4M+3.5%	$203.7M+7.1%	$210.3M+10.8%	$204.2M+11.9%	$199.6M+10.5%	$190.2M+6.9%	$189.8M+13.1%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$539.8M+7.0%	$503.4M+8.4%	$506.8M+9.3%	$507.4M+27.0%	$504.6M+32.3%	$464.4M+21.7%	$463.5M+21.3%	$399.4M+4.8%
Total Liabilities	$1.2B+7.8%	$1.1B+5.1%	$1.1B+6.0%	$1.1B+4.4%	$1.1B+0.8%	$1.0B-4.3%	$1.0B-7.5%	$1.1B+82.3%
Current Liabilities	$264.9M+17.4%	$216.9M+10.2%	$239.8M+10.8%	$230.5M+14.6%	$225.6M+21.1%	$196.8M+7.4%	$216.4M+6.3%	$201.1M+7.5%
Non-Current Liabilities	$918.9M+5.3%	$875.7M+3.9%	$861.9M+4.7%	$871.1M+2.1%	$872.4M-3.4%	$842.7M-6.7%	$822.8M-10.5%	$853.6M+118.0%
Long-Term Debt	$736.3M+0.6%	$735.2M+0.6%	$734.0M+0.6%	$732.9M-2.3%	$731.8M-8.7%	$730.7M-8.7%	$729.6M-11.4%	$750.5M+165.8%
Total Equity	$1.7B+12.9%	$1.6B+13.9%	$1.6B+14.9%	$1.5B+15.6%	$1.5B+16.0%	$1.4B+15.2%	$1.4B+14.8%	$1.3B+7.6%
Retained Earnings	$903.8M+19.2%	$865.0M+19.2%	$824.0M+18.5%	$786.0M+17.7%	$758.3M+18.6%	$725.7M+20.3%	$695.5M+20.9%	$667.6M+21.9%

MMSI Cash Flow Statement

MMSI quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$283.4M	$297.4M+34.7%	$220.8M+52.1%	$145.2M+27.0%	$114.3M-22.4%	$147.2M-10.9%	$165.3M+112.4%	$77.8M-10.1%	$86.5M+38.0%	$62.7M+17.0%	$53.6M-22.8%	$69.5M+30.3%	$53.3M+3.8%	$51.4M+9.4%	$46.9M+38.0%	$34.0M
Depreciation & Amortization	N/A	$123.2M+19.9%	$102.7M+14.1%	$90.0M+10.0%	$81.8M-2.7%	$84.1M-10.6%	$94.1M+2.1%	$92.1M+32.4%	$69.5M+29.8%	$53.6M+22.5%	$43.8M+16.9%	$37.4M+4.2%	$35.9M+10.4%	$32.5M+44.4%	$22.5M+17.4%	$19.2M
Stock-Based Compensation	N/A	$43.5M+52.6%	$28.5M+33.5%	$21.3M+18.2%	$18.0M+12.1%	$16.1M+12.2%	$14.3M+52.8%	$9.4M+53.4%	$6.1M+50.1%	$4.1M+62.6%	$2.5M+11.7%	$2.2M+53.6%	$1.5M-0.5%	$1.5M-23.5%	$1.9M+16.6%	$1.6M
Capital Expenditures	$80.2M	$81.7M+132.5%	$35.1M+2.5%	$34.3M-23.8%	$45.0M+61.2%	$27.9M-39.2%	$46.0M-41.2%	$78.2M+23.4%	$63.3M+64.0%	$38.6M+17.6%	$32.8M-35.6%	$51.0M+49.1%	$34.2M-42.6%	$59.5M-7.9%	$64.6M+9.2%	$59.2M
Free Cash Flow	$203.2M	$215.7M+16.2%	$185.7M+67.5%	$110.9M+60.1%	$69.3M-41.9%	$119.3M0.0%	$119.3M+33233.9%	-$360K-101.6%	$23.2M-3.7%	$24.1M+16.1%	$20.8M+12.2%	$18.5M-3.4%	$19.1M+335.4%	-$8.1M+54.1%	-$17.7M+29.7%	-$25.2M
Investing Cash Flow	-$176.8M	-$247.4M+32.9%	-$368.7M-110.2%	-$175.3M-205.5%	-$57.4M-54.5%	-$37.2M+36.6%	-$58.7M+56.4%	-$134.5M+64.5%	-$378.8M-158.1%	-$146.8M+7.8%	-$159.1M-156.5%	-$62.0M-71.3%	-$36.2M+47.2%	-$68.6M+73.2%	-$255.6M-245.3%	-$74.0M
Financing Cash Flow	-$644K	$16.0M+126.7%	-$60.0M-110.7%	$559.3M+1028.1%	-$60.3M+38.8%	-$98.4M-2.9%	-$95.7M-385.4%	$33.5M-89.8%	$328.3M+240.1%	$96.5M-20.3%	$121.1M+1283.1%	-$10.2M+39.7%	-$17.0M-214.9%	$14.8M-92.9%	$208.3M+346.1%	$46.7M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$69.3M-16.8%	$40.7M+0.3%	$98.5M+43.3%	$75.0M+58.4%	$83.3M+21.6%	$40.6M+12.0%	$68.7M+10.4%	$47.3M-7.3%
Depreciation & Amortization	$31.0M0.0%	$30.5M+4.1%	$31.5M+10.2%	$31.3M+18.6%	$31.0M+28.7%	$29.3M+24.1%	$28.6M+21.1%	$26.4M+9.8%
Stock-Based Compensation	$12.9M+18.8%	$9.0M-1.3%	N/A	$13.6M+102.8%	$10.9M+55.1%	$9.1M+73.4%	N/A	$6.7M+15.8%
Capital Expenditures	$17.3M+26.0%	$16.0M-24.0%	$24.5M+604.6%	$22.4M+139.8%	$13.8M+29.4%	$21.1M+80.3%	$3.5M-51.4%	$9.4M+8.9%
Free Cash Flow	$51.9M-25.3%	$24.7M+26.5%	$74.0M+13.4%	$52.5M+38.4%	$69.6M+20.2%	$19.5M-20.5%	$65.3M+18.4%	$38.0M-10.6%
Investing Cash Flow	-$110.1M+23.2%	$7.7M+126.1%	-$50.3M+76.5%	-$24.1M+79.2%	-$143.4M-769.5%	-$29.6M-34.4%	-$214.4M-2470.4%	-$115.7M-1150.1%
Financing Cash Flow	$948K-78.2%	-$6.3M-190.4%	$5.1M+108.1%	-$365K+99.2%	$4.3M+38.6%	$7.0M+138.6%	$2.4M-99.5%	-$47.6M+12.8%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

MMSI Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MMSI quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	48.7%+1.3pp	47.4%+1.0pp	46.4%+1.3pp	45.1%-0.1pp	45.2%+3.5pp	41.6%-1.8pp	43.5%-1.3pp	44.7%-0.1pp	44.8%+0.9pp	43.9%+0.4pp	43.5%-0.7pp	44.2%+0.9pp	43.3%-2.9pp	46.2%+0.1pp	46.0%
Operating Margin	12.2%+0.7pp	11.5%+1.6pp	9.9%+2.2pp	7.6%+1.9pp	5.7%+5.8pp	-0.2%-1.7pp	1.6%-5.1pp	6.6%+2.1pp	4.5%-1.2pp	5.8%-1.1pp	6.9%-1.0pp	7.9%+1.7pp	6.2%-1.3pp	7.5%-1.7pp	9.2%
Net Margin	8.5%-0.4pp	8.9%+1.4pp	7.5%+1.0pp	6.5%+2.0pp	4.5%+5.5pp	-1.0%-1.6pp	0.5%-4.2pp	4.8%+1.0pp	3.8%+0.4pp	3.3%-1.1pp	4.4%-0.1pp	4.5%+0.8pp	3.7%-1.3pp	5.0%-1.4pp	6.4%
Return on Equity	8.1%-0.6pp	8.7%+0.9pp	7.8%+1.3pp	6.5%+1.9pp	4.7%+5.7pp	-1.0%-1.6pp	0.6%-3.9pp	4.5%+0.4pp	4.1%0.0pp	4.0%-1.1pp	5.1%-0.2pp	5.3%+1.2pp	4.1%-1.1pp	5.2%-1.3pp	6.5%
Return on Assets	4.8%-0.2pp	5.0%+0.9pp	4.1%-0.4pp	4.5%+1.5pp	2.9%+3.5pp	-0.6%-0.9pp	0.3%-2.3pp	2.6%+0.1pp	2.5%+0.3pp	2.1%-0.9pp	3.1%0.0pp	3.1%+0.8pp	2.3%-0.5pp	2.8%-2.4pp	5.2%
Current Ratio	4.34+0.1x	4.27-1.2x	5.45+3.0x	2.40+0.4x	2.04-0.3x	2.32-0.2x	2.50+0.1x	2.45-0.3x	2.730.0x	2.76+0.4x	2.32-0.2x	2.550.0x	2.53+0.3x	2.22-0.8x	3.05
Debt-to-Equity	0.46-0.1x	0.53-0.2x	0.68+0.5x	0.16-0.1x	0.23-0.1x	0.36-0.1x	0.45+0.1x	0.400.0x	0.38-0.2x	0.63+0.2x	0.42-0.1x	0.49-0.1x	0.590.0x	0.60+0.5x	0.09
Asset Turnover	0.560.0x	0.560.0x	0.54-0.2x	0.690.0x	0.65+0.1x	0.580.0x	0.570.0x	0.54-0.1x	0.650.0x	0.64-0.1x	0.700.0x	0.68+0.1x	0.62+0.1x	0.56-0.2x	0.80
FCF Margin	14.2%+0.5pp	13.7%+4.9pp	8.8%+2.8pp	6.0%-5.1pp	11.1%-1.3pp	12.4%+12.4pp	0.0%-2.7pp	2.6%-0.7pp	3.3%-0.1pp	3.4%0.0pp	3.4%-0.4pp	3.8%+5.6pp	-1.8%+2.7pp	-4.5%+2.5pp	-7.0%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	51.4%+3.1pp	48.4%0.0pp	49.6%+0.9pp	48.5%+2.2pp	48.2%+0.6pp	48.4%+1.5pp	48.7%+2.3pp	46.4%+1.2pp
Operating Margin	14.4%+2.2pp	11.6%0.0pp	13.8%+3.5pp	11.1%+0.1pp	12.3%-1.3pp	11.6%+0.5pp	10.3%-0.1pp	11.0%-0.2pp
Net Margin	9.3%+0.7pp	10.7%+2.3pp	9.7%+1.8pp	7.2%-1.1pp	8.5%-2.1pp	8.5%-0.3pp	7.9%-0.6pp	8.4%+0.2pp
Return on Equity	2.3%+0.1pp	2.5%+0.4pp	2.4%+0.4pp	1.8%-0.3pp	2.2%-0.6pp	2.1%-0.2pp	2.0%-0.3pp	2.1%0.0pp
Return on Assets	1.4%+0.1pp	1.5%+0.3pp	1.4%+0.3pp	1.1%-0.1pp	1.3%-0.3pp	1.2%0.0pp	1.2%0.0pp	1.2%-0.2pp
Current Ratio	4.20+0.1x	5.08+0.2x	4.34+0.1x	4.28-1.1x	4.09-2.2x	4.87-1.2x	4.27-1.2x	5.36+2.2x
Debt-to-Equity	0.44-0.1x	0.45-0.1x	0.46-0.1x	0.48-0.1x	0.49-0.1x	0.51-0.1x	0.53-0.2x	0.57+0.3x
Asset Turnover	0.150.0x	0.140.0x	0.150.0x	0.150.0x	0.150.0x	0.140.0x	0.150.0x	0.140.0x
FCF Margin	12.4%-5.8pp	6.5%+1.0pp	18.8%+0.4pp	13.7%+2.5pp	18.2%+1.1pp	5.5%-2.1pp	18.4%+1.4pp	11.2%-2.3pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Merit Medical Systems Inc MMSI	FY2025	$1.5B	$128.5M	8.5%	$5.3B	69/100
Teleflex Incorporated TFX	FY2025	$2.0B	-$905.6M	-45.5%	$5.3B	48/100
Bausch + Lomb Corporation BLCO	FY2025	$5.1B	-$360.0M	-7.1%	$5.7B	37/100
Repligen Corp RGEN	FY2025	$738.3M	$48.9M	6.6%	$11.0B	68/100
ICU Medical Inc ICUI	FY2025	$2.2B	$732K	0.0%	$4.1B	36/100

Where Merit Medical Systems Inc Ranks

Frequently Asked Questions

What is Merit Medical Systems Inc's annual revenue?

Merit Medical Systems Inc (MMSI) reported $1.5B in total revenue for fiscal year 2025. This represents a 11.8% 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 Medical Systems Inc's revenue growing?

Merit Medical Systems Inc (MMSI) revenue grew by 11.8% year-over-year, from $1.4B to $1.5B in fiscal year 2025.

Is Merit Medical Systems Inc profitable?

Yes, Merit Medical Systems Inc (MMSI) reported a net income of $128.5M in fiscal year 2025, with a net profit margin of 8.5%.

What is Merit Medical Systems Inc's EBITDA?

Merit Medical Systems Inc (MMSI) had EBITDA of $307.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Merit Medical Systems Inc have?

As of fiscal year 2025, Merit Medical Systems Inc (MMSI) had $446.4M in cash and equivalents against $734.0M in long-term debt.

What is Merit Medical Systems Inc's gross margin?

Merit Medical Systems Inc (MMSI) had a gross margin of 48.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Merit Medical Systems Inc's operating margin?

Merit Medical Systems Inc (MMSI) had an operating margin of 12.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Merit Medical Systems Inc's net profit margin?

Merit Medical Systems Inc (MMSI) had a net profit margin of 8.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Merit Medical Systems Inc's return on equity (ROE)?

Merit Medical Systems Inc (MMSI) has a return on equity of 8.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Merit Medical Systems Inc's free cash flow?

Merit Medical Systems Inc (MMSI) generated $215.7M in free cash flow during fiscal year 2025. This represents a 16.2% 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 Medical Systems Inc's operating cash flow?

Merit Medical Systems Inc (MMSI) generated $297.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Merit Medical Systems Inc's total assets?

Merit Medical Systems Inc (MMSI) had $2.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Merit Medical Systems Inc's capital expenditures?

Merit Medical Systems Inc (MMSI) invested $81.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Merit Medical Systems Inc spend on research and development?

Merit Medical Systems Inc (MMSI) invested $97.4M in research and development during fiscal year 2025.

How many shares does Merit Medical Systems Inc have outstanding?

Merit Medical Systems Inc (MMSI) had 59M shares outstanding as of fiscal year 2025.

What is Merit Medical Systems Inc's current ratio?

Merit Medical Systems Inc (MMSI) had a current ratio of 4.34 as of fiscal year 2025, which is generally considered healthy.

What is Merit Medical Systems Inc's debt-to-equity ratio?

Merit Medical Systems Inc (MMSI) had a debt-to-equity ratio of 0.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Merit Medical Systems Inc's return on assets (ROA)?

Merit Medical Systems Inc (MMSI) had a return on assets of 4.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Merit Medical Systems Inc's P/E ratio?

Merit Medical Systems Inc (MMSI) trades at 36.2x earnings, its market capitalization divided by net income of $145.6M net income, trailing 12 months to June 30, 2026. The market capitalization is $5.3B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Merit Medical Systems Inc's price-to-sales ratio?

Merit Medical Systems Inc (MMSI) trades at 3.3x sales, its market capitalization divided by revenue of $1.6B revenue, trailing 12 months to June 30, 2026. The market capitalization is $5.3B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Merit Medical Systems Inc's Altman Z-Score?

Merit Medical Systems Inc (MMSI) has an Altman Z-Score of 4.44, 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 Medical Systems Inc's Piotroski F-Score?

Merit Medical Systems 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Merit Medical Systems Inc's earnings high quality?

Merit Medical Systems Inc (MMSI) has an earnings quality ratio of 2.31x, 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 Medical Systems Inc cover its interest payments?

Merit Medical Systems Inc (MMSI) has an interest coverage ratio of 6.98x, meaning it can comfortably 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 Medical Systems Inc?

Merit Medical Systems Inc (MMSI) scores 69 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.