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Maker of single-use medical devices for cardiovascular, endoscopy and interventional radiology procedures.
Maker of single-use medical devices for cardiovascular, endoscopy and interventional radiology procedures.
Sells disposable devices through its own sales force to hospitals, so revenue rises and falls with procedure counts. Procedure kits that bundle several of its products are one route to selling more per hospital. Founded in Utah in 1987, it has grown partly by buying small device businesses.
Moat: narrow (scale, switching costs). Broad catalog of single-use interventional devices with established hospital purchasing relationships.
Headquarters: South Jordan, Utah, USA · Founded: 1987 · Employees: 7,500
Size Merit Medical Systems (MMSI) is a United States Health Care company (Medical Specialties) with a market value of $5.23B, the 1155th largest of 3,117 United States companies the cockpit tracks. Shares closed at $87.23 on 6 Nov 2026.
Performance Over six months the shares gained 42.4%, against +20.9% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 9.3% over the last twelve months (peer median +2.6%); the operating margin is 13.6% (peer median 13.9%).
Valuation It trades at 19.4× forward earnings against a peer median of 19.9× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.0 points above its cost of capital (7.3% WACC).
Credit Merit Medical Systems has 1 bond outstanding ($748M).
Short interest Short interest is 6.3% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.61B | $1.51B | $1.35B | $1.25B | $1.15B |
| Revenue growth | — | +12% | +8% | +9% | — |
| Gross profit | $797M | $737M | $641M | $522M | $469M |
| EBITDA | $355M | $319M | $271M | $223M | $191M |
| Net income | $160M | $128M | $120M | $94.4M | $74.5M |
| Free cash flow | $204M | $216M | $186M | $111M | $69.3M |
| Capital expenditure | $73.2M | $84.8M | $38.0M | $36.7M | $48.2M |
| Total debt | $822M | $822M | $795M | $891M | $269M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Merit Medical Systems MMSI | $5.23B | +42% | +9% | 14% | 19.4× | 12.2% |
| Boston Scientific BSX | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
| Becton Dickinson BDX | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MMSI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.3% | +10.2% | 7th lowest of 21 |
| 6-month return | +42.4% | +20.9% | 7th highest of 21 |
| Distance from 52-week high | -8.0% | -10.4% | 7th highest of 21 |
| Revenue growth (TTM) | +9.3% | +2.6% | 9th highest of 21 |
| Operating margin | 13.6% | 13.9% | 10th lowest of 21 |
| Forward P/E | 19.4× | 19.9× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 12.2% | 11.5% | 8th most demanding of 18 |
| Growth delivered (Del g) | +9.5% | +8.2% | 8th highest of 18 |
| Hurdle (Req g minus delivered) | +2.8 pp | +1.7 pp | 8th most demanding of 18 |
| ROIC minus cost of capital | +1.0 pp | +2.7 pp | 9th lowest of 21 |
| EV / EBITDA | 15.6× | 15.3× | 8th most expensive of 16 |
| Net debt / EBITDA | 0.9× | 1.1× | 8th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Merit Medical Systems MMSI | United States | $5.23B | +42% | +9% | 14% | 19.4× | 12.2% | +9.5% |
| GRAIL GRAL | United States | $5.42B | +67% | +23% | -323% | n/a | n/a | n/a |
| Haemonetics HAE | United States | $5.46B | +118% | 0% | 18% | 21.6× | 10.9% | +8.9% |
| DiaSorin DIA.MI | Italy | $5.00B | +19% | -3% | 24% | 20.6× | 4.1% | +6.3% |
| LivaNova LIVN | United States | $4.96B | +25% | +12% | 13% | 19.9× | 11.5% | +8.2% |
| MiniMed MMED | United States | $4.70B | +44% | +14% | 14% | 25.5× | n/a | n/a |
| APT Medical 688617.SS | China | $5.95B | +20% | +28% | 37% | 38.5× | 8.7% | +40.1% |
| Sotera Health SHC | United States | $4.57B | +1% | +7% | 37% | 15.4× | 13.7% | +7.3% |
| Intco Medical Technology 300677.SZ | China | $4.40B | -20% | +33% | 20% | 14.7× | -4.7% | -6.4% |
| Asahi Intecc 7747.T | Japan | $6.28B | +13% | +21% | 31% | 26.0× | 13.6% | +18.8% |
| Ypsomed YPSN.SW | Switzerland | $6.35B | +30% | -2% | 25% | 30.1× | 11.5% | +12.6% |
| ICU Medical ICUI | United States | $4.30B | +36% | -9% | 7% | 19.5× | 22.1% | +11.9% |
| Integer ITGR | United States | $4.30B | +44% | 0% | 9% | 18.8× | 19.6% | +11.5% |
| Teleflex TFX | United States | $6.39B | +13% | -14% | 11% | 16.8× | 17.8% | -4.7% |
| Jiangsu Yuyue Medical Equipment & Supply 002223.SZ | China | $4.26B | -1% | -1% | 13% | 20.4× | 5.1% | +3.4% |
| ConvaTec CTEC.L | United Kingdom | $6.44B | +22% | +2% | 16% | 16.7× | 15.6% | +4.6% |
| Lantheus LNTH | United States | $6.57B | +8% | +2% | 19% | 17.5× | -0.5% | +35.3% |
| CareDx CDNA | United States | $4.13B | +260% | +39% | 1% | 53.2× | n/a | n/a |
| Fielmann FIE.DE | Germany | $4.12B | +3% | +3% | 14% | 17.8× | -5.3% | +11.3% |
| Tecan TECN.SW | Switzerland | $4.05B | +91% | -4% | 1% | 40.1× | 46.9% | +3.8% |
| Envista NVST | United States | $4.04B | +4% | +12% | 11% | 15.6× | 6.8% | +7.1% |
Merit Medical Systems has 1 bond outstanding with $748M face value.