Merit Medical Systems Inc

Health Care
Medical/Dental Instruments
www.merit.com

Earnings Score
Moat Score
Safety Score

Market Cap $5.47B
PE 45
Debt $747.50M
Cash $397.60M
EV $5.82B
FCF $180.64M

Earnings

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Sales & Net Margins

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Earnings	$122.26M
EBIT	$160.80M
ROE	9%
ROA	7%
FCF	$180.64M
Equity	$1.43B
Growth Stability	-39%
PE	44.74
PEG	0.66
PB	3.83
P/FCF	30.28
P/S	3.94
Price/Cash	0.07
Debt/Equity	0.52
Debt/FCF	4.14
Net Margins	8%
Gross Margins	48%
Op. Margins	12%
Earnings CAGR	17%
Sales Growth YoY	10%
Sales Growth QoQ	0%
Sales CAGR	10%
FCF CAGR	39%
Equity CAGR	12%
Earnings Stability	0.37
Earnings Growth YoY	7%
Earnings Growth QoQ	8%

Earnings CAGR 5Y	68%
Sales CAGR 5Y	8%
FCF CAGR 5Y	12%
Equity CAGR 5Y	9%
Earnings CAGR 3Y	8%
Sales CAGR 3Y	8%
FCF CAGR 3Y	50%
Equity CAGR 3Y	10%
Market Cap	$5.47B
Revenue	$1.39B
Assets	$2.47B
Total Debt	$747.50M
Cash	$397.60M
Shares Outstanding	58.9M
EV	5.82B
Earnings Score	30%
Moat Score	84%
Safety Score	57%
Final Score	57%
Working Capital	761.81M
Current Ratio	4.87
Gross Profit	$663.64M
Shares Growth 3y	1%
Equity Growth QoQ	4%
Equity Growth YoY	15%

Assets & ROA

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Stockholders Equity & ROE

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Merit Medical Systems Inc is a medical equipment company that develops and manufactures products for use in interventional cardiology, radiology, and endoscopy procedures. The firm reports through two units, Cardiovascular and Endoscopy. Cardiovascular consists of cardiology and radiology devices, which assist in diagnosing and treating coronary arterial disease, peripheral vascular disease, and other non-vascular diseases and include embolotherapeutic, cardiac rhythm management, electrophysiology, critical care, breast cancer localization and guidance, biopsy, interventional oncology, and spine devices. Endoscopy segment consists of gastroenterology and pulmonology devices that assist in the palliative treatment of expanding esophageal, and biliary strictures caused by malignant tumors.

SEC Filings

Direct access to Merit Medical Systems Inc (MMSI) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Merit Medical Systems Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Merit Medical Systems Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 17%

Stability 37%

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Merit Medical Systems Inc Discounted Cash Flow

Fully customizable DCF calculator online for Merit Medical Systems Inc.

Years

Calculation mode

= $27B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$181M	$251M	$350M	$487M	$677M	$942M	$1.3B	$1.8B	$2.5B	$3.5B	$4.9B	$49B
DCF		$229M	$289M	$366M	$463M	$585M	$740M	$936M	$1.2B	$1.5B	$1.9B	$19B
Value	$27B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	4%	3%	4%	5%	1%	-1%	5%	6%	8%	9%	8%
ROA	-	4%	4%	4%	1%	-0%	4%	5%	5%	6%	7%
ROE	-	4%	4%	5%	1%	-1%	5%	7%	8%	9%	9%

Net Margins (8.48%)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	16.14	12.38	17.99	-1.24K	3.01	2.11	3.02	7.64	4.03	4.14
Debt over Equity	0.47	0.67	0.44	0.45	0.47	0.37	0.24	0.18	0.7	0.54	0.52
Growth Stability	-	-	-	100%	18%	-39%	100%	100%	100%	100%	-39%

Bad Debt/FCF ratio (4.14)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.52)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-39%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	11%	21%	21%	13%	-3%	12%	7%	9%	8%	8%
Earnings YoY growth	-	-15%	37%	53%	-87%	-281%	-592%	54%	27%	27%	68%
Equity YoY growth	-	7%	36%	38%	2%	1%	8%	10%	5%	15%	9%
FCF YoY growth	-	12%	16%	-4%	-102%	-33K%	0%	-42%	60%	67%	12%