Merit Medical Systems, Inc. (MMSI)
OvervaluedFundamental
69
Price
$93.30
Market Cap
$5.46B
Part 1 · What the company is worth
Overview
Merit Medical Systems, Inc. designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States, China, Japan, Germany, France, the United Kingdom, and internationally. It operates through two segments, Cardiovascular and Endoscopy. The company offers micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention products comprising angiography, drainage, delivery systems, and embolotherapy products; oncology products, such as soft tissue biopsy products and accessories; cardiac intervention products consisting of cardiac access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention products; and spine products, including vertebral augmentation, radiofrequency ablation, and bone biopsy systems. It also provides custom procedural solutions, including critical care products, syringes, manifold kits, and trays and packs; coating services for medical tubes and wires; and sensor components for microelectromechanical systems. In addition, the company offers gastroenterology products, such as esophageal stents, cryoballoon and inflation devices, gauges, and balloon dilators; pulmonary products consisting of laser-cut tracheobronchial stents, and over-the-wire and direct visualization delivery systems; and kits and accessories for endoscopy and bronchoscopy procedures. It sells its products to hospitals, alternate site-based physicians, technicians, and nurses through direct sales force, independent distributors, original equipment manufacturer partners, and custom procedure tray manufacturers. The company exports its products to Canada, Western Europe, Australia, Brazil, Malaysia, South Korea, the United Arab Emirates, India, New Zealand, and South Africa. Merit Medical Systems, Inc. was incorporated in 1987 and is headquartered in South Jordan, Utah.
No editorial profile for this company yet
Direct competitors
Who this company fights with for the same customers
Generated with artificial intelligence on September 19, 2026, shared with all users
BD's interventional and vascular access lines compete with Merit for the same hospital purchasing contracts on catheters, ports, drainage and biopsy products.
Boston Scientific sells competing peripheral intervention, embolization and endoscopy devices, the three areas where Merit generates most of its revenue.
Merit names Teleflex first among its rivals in both peripheral and cardiac intervention, where the two sell overlapping catheters, introducers and vascular access devices to the same interventional radiology and cardiology labs.
Cook Medical, privately held, is the one competitor Merit names in every product area — peripheral intervention, cardiac intervention, oncology and endoscopy — with a directly comparable catalogue of interventional catheters, guidewires and biopsy devices.
Medtronic competes with Merit in peripheral and cardiac intervention and, through its spine business, for the OEM and implant components Merit also supplies.
Terumo is named by Merit as a cardiac intervention competitor, selling rival radial access sheaths, guidewires and inflation devices to the same catheter labs, with particular strength in Japan and Europe.
Balance Sheet & Liquidity
Revenue
$1.58B
Trailing 12 months (through 6/30/2026)
Net Income
$146M
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$216M
Total Equity
$1.58B
Total Liabilities
$1.10B
Current Ratio
4.20
Interest Coverage
6.34
Debt/EBITDA
2.66
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$74.81
Current Price
$93.30
Margin of Safety
-24.7%
Fair Value Range
$48.62 - $100.99
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
38.40
ROE
8.1%
P/B Ratio
3.32
P/FCF
27.42
Gross Margin
49.5%
ROIC
6.1%
Profitability Radar
Value Creation (Economic Moat)
ROIC
6.1%
WACC
7.3%
ROIC − WACC
-1.2 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (20)
- EPS shows upward trend
- EPS CAGR 7.91%
- Price CAGR 12.63%
- ROIC 6.1%
- Gross margin 49.5%
- P/FCF 27.42
- Debt/equity ratio
- Operating margin 12.8%
- Positive free cash flow
- Current ratio
- Interest coverage
- Debt/EBITDA
- Return on tangible assets
- ROE 9.1%
- Revenue growth 5Y 9.5%
- Earnings surprise, average 11.9%
- Earnings quality (operating cash flow / net income) 1.95
- Share dilution 1.7%
- Net margin trend 9.2% vs 8.3%
- Piotroski F-Score 7/9
Failed (5)
- P/B ratio 3.32
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
Unavailable (2)
- Dividend payout –
- PEG ratio (needs P/E > 0 and growth > 0)
Piotroski F-Score
Strong financial health
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Share count is stable
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Ms. Martha Goldberg Aronson | President, CEO & Director | 58 |
| Mr. Raul Parra Jr., CPA | CFO & Treasurer | 46 |
| Mr. Brian G. Lloyd J.D. | Chief Legal Officer & Corporate Secretary | 64 |
| Mr. Michel J. Voigt | Chief Human Resources Officer | 52 |
| Mr. Neil W. Peterson | Senior Advisor | 59 |
| Mr. Jason Treft | Chief Information Officer | - |
| Ms. Sarah Comstock | Vice President of Global Communications | - |
| Mr. John Knorpp | Chief Regulatory Affairs Officer | - |
| Mr. Ricardo Alvarez | Managing Director of Operation Merit Medical Tijuana | - |
| Mr. Mark Butler | Executive Vice President of Merit Medical EMEA | - |
Audit Risk
2
Board Risk
2
Compensation Risk
1
Shareholder Rights Risk
4
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-24
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-07-30
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-08-20
via SEC EDGAR
Income History
via SEC EDGAR
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much MMSI moves, measured on its daily prices.
More volatile than 22% of the tracked stocks (90-day volatility).
- Volatility 30d
- 22.2%
- Volatility 90d
- 25.6%
- Beta vs S&P 500 (1y)
- 0.36Correlation 0.15
- Max drawdown (12m)
- -35.3%
- ATR (14d, % of price)
- 2.44%
Earnings reactions
How MMSI moved around its past quarterly results.
Next earnings release
Oct 29, 2026 · In 5 days · After the close
EPS estimate: 1.03Revenue estimate: $410M
What usually happens
- Over the last 12 releases the stock moved a median of 3.9% the next day, up or down.
- Next-day moves: up 7, down 5 (out of 12).
- Of the 4 releases that beat estimates, the stock fell the next day after 2.
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026 | After the close | 0.98 | 1.19 | +21.7% | +5.1% | +2.0% | +5.2% |
| Apr 30, 2026 | After the close | 0.85 | 0.94 | +10.7% | -1.7% | -9.0% | -8.6% |
| Feb 24, 2026 | After the close | 0.97 | 1.04 | +6.9% | +1.6% | -3.9% | -9.2% |
| Oct 30, 2025 | After the close | 0.85 | 0.92 | +8.4% | +7.0% | +5.4% | +4.2% |
| Jul 30, 2025 | After the close | n/a | n/a | n/a | +2.2% | +2.3% | +0.7% |
| Apr 24, 2025 | After the close | n/a | n/a | n/a | -3.9% | -0.1% | -1.6% |
| Feb 25, 2025 | After the close | n/a | n/a | n/a | -3.4% | -1.5% | -0.1% |
| Oct 30, 2024 | After the close | n/a | n/a | n/a | +1.2% | +4.0% | +8.0% |
| Aug 1, 2024 | After the close | n/a | n/a | n/a | +3.5% | +5.5% | +8.0% |
| Apr 30, 2024 | After the close | n/a | n/a | n/a | +0.8% | +3.4% | +8.6% |
| Feb 28, 2024 | After the close | n/a | n/a | n/a | +1.3% | -4.9% | -6.6% |
| Oct 26, 2023 | After the close | n/a | n/a | n/a | +5.5% | +8.7% | +11.2% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on MMSI and what the price did next.
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for MMSI.