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MMSIMerit Medical Systems, Inc.
$72.14$4.3B
Overview & Verdict
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MMSI logoMerit Medical Systems, Inc.(MMSI)Earnings, Financials & Key Ratios

MMSI•NASDAQ
$72.14
33.9× P/E·Price updated Jul 7, 2026
SectorHealthcareIndustryMedical InstrumentsSub-IndustrySurgical and interventional devices
AboutMerit Medical Systems, Inc. designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures, primarily in cardiology, radiology, oncology, critical care, and endoscopy. The company operates in two segments, Cardiovascular and Endoscopy. It provides peripheral intervention products for the diagnosis and treatment of diseases in peripheral vessels and organs; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions. The company also offers custom procedural solutions that include critical care products, disinfection protection systems, syringes, manifold kits, and trays and packs; coated tubes and wires; and sensor components for microelectromechanical systems. In addition, it provides pulmonary products that consist of laser-cut tracheobronchial stents, over-the-wire and direct visualization delivery systems, and dilation balloons to endoscopically dilate strictures; gastroenterology products; and kits and accessories for endoscopy and bronchoscopy procedures. The company sells its products to hospitals and alternate site-based physicians, technicians, and nurses through direct sales force, distributors, original equipment manufacturer partners, or custom procedure tray manufacturers in the United States and internationally. Merit Medical Systems, Inc. was incorporated in 1987 and is headquartered in South Jordan, Utah.Show more
  • Revenue$1.51B+11.7%
  • EBITDA$319M+18.0%
  • Net Income$128M+6.8%
  • EPS (Diluted)2.13+4.9%
  • Gross Margin48.65%+2.6%
  • EBITDA Margin21.06%+5.6%
  • Operating Margin12.17%+6.1%
  • Net Margin8.48%-4.4%
  • ROE8.67%-7.0%

MMSI Price & Volume

Merit Medical Systems, Inc. (MMSI) stock price & volume — 10-year historical chart

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Inorganic Growth Strategy Faces Operating Margin Constraints

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Stable
Profitability:Moderate
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Acquisition integration margin drag

Key Thesis Takeaways

  • Merit Medical demonstrates a durable revenue growth profile, with year-over-year growth consistently between 5.6% and 13.1%, supported by a resilient procedural accessory model.
  • However, the company faces structural challenges in scaling operating margins, which have remained range-bound between 10% and 14% despite consistent top-line expansion.
  • Investors should monitor the impact of rising stock-based compensation, which reached $13.6M in 2025Q3, and the potential for margin dilution from an acquisition-heavy strategy that has increased goodwill to $503.4M as of 2026Q1.

Verdict Logic

while the company maintains a healthy current ratio of 5.08, the lack of direct shareholder returns and the reliance on inorganic growth to drive a 33.68 P/E TTM valuation warrant a cautious approach.

MMSI Growth Metrics

Merit Medical Systems, Inc. (MMSI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years10.82%
5 Years9.46%
3 Years9.59%
TTM11.17%

Profit CAGR

10 Years18.37%
5 Years-
3 Years19.91%
TTM13.96%

EPS CAGR

10 Years14.92%
5 Years-
3 Years18.19%
TTM13.24%

Return on Capital

10 Years4.62%
5 Years6.49%
3 Years7.36%
Last Year7.93%

MMSI Recent Earnings

Merit Medical Systems, Inc. (MMSI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 12/12 qtrs (100%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
Apr 30, 2026
Metric
Actual
Est
EPS
$0.94+11.9%
$0.84
Rev
$382M+1.1%
$378M
Q1 2026
Feb 24, 2026
Metric
Actual
Est
EPS
$1.04+8.3%
$0.96
Rev
$394M+1.0%
$390M
Q4 2025
Oct 30, 2025
Metric
Actual
Est
EPS
$0.92+12.2%
$0.82
Rev
$384M-1.1%
$388M
Q3 2025
Jul 30, 2025
Metric
Actual
Est
EPS
$1.01+17.4%
$0.86
Rev
$382M+3.0%
$371M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 30, 2026
$0.94vs $0.84+11.9%
$382Mvs $378M+1.1%
Q1 2026Feb 24, 2026
$1.04vs $0.96+8.3%
$394Mvs $390M+1.0%
Q4 2025Oct 30, 2025
$0.92vs $0.82+12.2%
$384Mvs $388M-1.1%
Q3 2025Jul 30, 2025
$1.01vs $0.86+17.4%
$382Mvs $371M+3.0%
Based on last 12 quarters of dataView full earnings history →

Latest MMSI News

Recent stock market news and headlines for Merit Medical Systems, Inc. (MMSI)

GlobeNewsWire·5 days ago
Merit Medical Systems to Announce Second Quarter 2026 Results on July 30, 2026

SOUTH JORDAN, Utah, July 02, 2026 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (NASDAQ: MMSI), a global leader of healthcare technology, announced today that it will release its financial results for the quarter ended June 30, 2026, after the close of the stock market on Thursday, July 30, 2026. Merit plans to hold its investor conference call on the same day (Thursday, July 30, 2026) at 4:30 p.m. Eastern (3:30 p.m. Central, 2:30 p.m. Mountain, and 1:30 p.m. Pacific).

Zacks Investment Research·6 days ago
MMSI or WST: Which Is the Better Value Stock Right Now?

Investors with an interest in Medical - Dental Supplies stocks have likely encountered both Merit Medical (MMSI) and West Pharmaceutical Services (WST). But which of these two stocks offers value investors a better bang for their buck right now?

Zacks Investment Research·Jun 24, 2026
Why Merit Medical (MMSI) is a Top Value Stock for the Long-Term

Wondering how to pick strong, market-beating stocks for your investment portfolio? Look no further than the Zacks Style Scores.

Zacks Investment Research·Jun 23, 2026
Here's Why Merit Medical (MMSI) is a Strong Growth Stock

The Zacks Style Scores offers investors a way to easily find top-rated stocks based on their investing style. Here's why you should take advantage.

Zacks Investment Research·Jun 22, 2026
Why Merit Medical (MMSI) is a Top Momentum Stock for the Long-Term

The Zacks Style Scores offers investors a way to easily find top-rated stocks based on their investing style. Here's why you should take advantage.

Peers Comparison

Key metrics vs top competitors for Merit Medical Systems, Inc. (MMSI)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
MMSI logoMMSIMerit Medical Systems, Inc.Current
$72.14$4.3B33.8711.66%8.48%8.67%—
ITGR logoITGRInteger Holdings Corporation
$91.90$3.16B31.807.57%7.67%8.23%—
NNOX logoNNOXNano-X Imaging Ltd.
$1.24$86.3M-1.0715.4%-523.83%-51.88%—
ATRC logoATRCAtriCure, Inc.
$32.80$1.66B-136.6714.88%-0.83%-0.95%—
NVCR logoNVCRNovoCure Limited
$17.72$2.02B-14.528.28%-25.66%-50.82%—
INVA logoINVAInnoviva, Inc.
$22.25$1.64B6.7418.52%118.91%47.59%—

Compare MMSI vs Peers

Merit Medical Systems, Inc. (MMSI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ITGR

Most directly comparable listed peer for MMSI.

Scale Benchmark

vs ABT

Larger-name benchmark to compare MMSI against a more recognizable public peer.

Peer Set

Compare Top 5

vs ITGR, NNOX, ATRC, NVCR

MMSI SEC Filings & Documents

Merit Medical Systems, Inc. (MMSI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 30, 2026·SEC

Material company update

Apr 13, 2026·SEC

Material company update

Apr 1, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 24, 2026·SEC

FY 2025

Feb 25, 2025·SEC

FY 2024

Feb 28, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 30, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 30, 2025·SEC

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MMSI Frequently Asked Questions

Merit Medical Systems, Inc. (MMSI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Merit Medical Systems, Inc.'s revenue?

Merit Medical Systems, Inc. (MMSI) reported $1.54B in revenue for fiscal year 2025. This represents a 2954% increase from $50.5M in 1996.

How fast is Merit Medical Systems, Inc. growing?

Merit Medical Systems, Inc. (MMSI) grew revenue by 11.7% over the past year. This is steady growth.

Is MMSI profitable?

Yes, Merit Medical Systems, Inc. (MMSI) is profitable, generating $139.3M in net income for fiscal year 2025 (8.5% net margin).

Dividend & Returns
What is MMSI's return on equity?

Merit Medical Systems, Inc. (MMSI) has a return on equity (ROE) of 8.7%. This is below average, suggesting room for improvement.

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

Merit Medical Systems, Inc. (MMSI) generated $274.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in MMSI back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →