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MERIT MEDICAL SYSTEMS INC (MMSI) Stock Fundamental Analysis

NASDAQ:MMSI - Nasdaq - US5898891040 - Common Stock - Currency: USD

95.075  -0.03 (-0.04%)

Fundamental Rating

6

Taking everything into account, MMSI scores 6 out of 10 in our fundamental rating. MMSI was compared to 189 industry peers in the Health Care Equipment & Supplies industry. While MMSI has a great profitability rating, there are some minor concerns on its financial health. MMSI has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

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8

1. Profitability

1.1 Basic Checks

MMSI had positive earnings in the past year.
In the past year MMSI had a positive cash flow from operations.
MMSI had positive earnings in 4 of the past 5 years.
Each year in the past 5 years MMSI had a positive operating cash flow.
MMSI Yearly Net Income VS EBIT VS OCF VS FCFMMSI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M 100M 150M 200M

1.2 Ratios

MMSI has a Return On Assets of 4.95%. This is amongst the best in the industry. MMSI outperforms 83.60% of its industry peers.
With an excellent Return On Equity value of 8.56%, MMSI belongs to the best of the industry, outperforming 84.13% of the companies in the same industry.
The Return On Invested Capital of MMSI (6.13%) is better than 80.95% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for MMSI is below the industry average of 7.87%.
The last Return On Invested Capital (6.13%) for MMSI is above the 3 year average (5.44%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 4.95%
ROE 8.56%
ROIC 6.13%
ROA(3y)4.5%
ROA(5y)3.17%
ROE(3y)7.7%
ROE(5y)5.35%
ROIC(3y)5.44%
ROIC(5y)4.73%
MMSI Yearly ROA, ROE, ROICMMSI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2 4 6 8

1.3 Margins

MMSI has a Profit Margin of 8.81%. This is amongst the best in the industry. MMSI outperforms 82.01% of its industry peers.
In the last couple of years the Profit Margin of MMSI has grown nicely.
Looking at the Operating Margin, with a value of 12.19%, MMSI is in the better half of the industry, outperforming 79.37% of the companies in the same industry.
MMSI's Operating Margin has improved in the last couple of years.
With a Gross Margin value of 47.80%, MMSI perfoms like the industry average, outperforming 40.74% of the companies in the same industry.
In the last couple of years the Gross Margin of MMSI has grown nicely.
Industry RankSector Rank
OM 12.19%
PM (TTM) 8.81%
GM 47.8%
OM growth 3Y20.05%
OM growth 5Y25.17%
PM growth 3Y25.28%
PM growth 5Y74.22%
GM growth 3Y1.65%
GM growth 5Y1.76%
MMSI Yearly Profit, Operating, Gross MarginsMMSI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 20 30 40

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6

2. Health

2.1 Basic Checks

MMSI has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
Compared to 1 year ago, MMSI has more shares outstanding
The number of shares outstanding for MMSI has been increased compared to 5 years ago.
MMSI has a better debt/assets ratio than last year.
MMSI Yearly Shares OutstandingMMSI Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M 50M
MMSI Yearly Total Debt VS Total AssetsMMSI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B

2.2 Solvency

An Altman-Z score of 4.82 indicates that MMSI is not in any danger for bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 4.82, MMSI is in the better half of the industry, outperforming 77.25% of the companies in the same industry.
The Debt to FCF ratio of MMSI is 4.10, which is a neutral value as it means it would take MMSI, 4.10 years of fcf income to pay off all of its debts.
MMSI has a better Debt to FCF ratio (4.10) than 84.13% of its industry peers.
MMSI has a Debt/Equity ratio of 0.51. This is a neutral value indicating MMSI is somewhat dependend on debt financing.
The Debt to Equity ratio of MMSI (0.51) is worse than 60.32% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.51
Debt/FCF 4.1
Altman-Z 4.82
ROIC/WACC0.73
WACC8.4%
MMSI Yearly LT Debt VS Equity VS FCFMMSI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M 400M 600M 800M 1B

2.3 Liquidity

MMSI has a Current Ratio of 4.87. This indicates that MMSI is financially healthy and has no problem in meeting its short term obligations.
Looking at the Current ratio, with a value of 4.87, MMSI is in the better half of the industry, outperforming 73.55% of the companies in the same industry.
A Quick Ratio of 3.26 indicates that MMSI has no problem at all paying its short term obligations.
MMSI has a better Quick ratio (3.26) than 65.61% of its industry peers.
Industry RankSector Rank
Current Ratio 4.87
Quick Ratio 3.26
MMSI Yearly Current Assets VS Current LiabilitesMMSI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

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5

3. Growth

3.1 Past

MMSI shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 13.69%, which is quite good.
The Earnings Per Share has been growing by 18.81% on average over the past years. This is quite good.
MMSI shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 8.18%.
MMSI shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.40% yearly.
EPS 1Y (TTM)13.69%
EPS 3Y13.66%
EPS 5Y18.81%
EPS Q2Q%11.69%
Revenue 1Y (TTM)8.18%
Revenue growth 3Y8.07%
Revenue growth 5Y6.4%
Sales Q2Q%9.84%

3.2 Future

The Earnings Per Share is expected to grow by 8.44% on average over the next years. This is quite good.
Based on estimates for the next years, MMSI will show a small growth in Revenue. The Revenue will grow by 7.53% on average per year.
EPS Next Y-1.9%
EPS Next 2Y5.2%
EPS Next 3Y6.83%
EPS Next 5Y8.44%
Revenue Next Year9.42%
Revenue Next 2Y7.74%
Revenue Next 3Y7.2%
Revenue Next 5Y7.53%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
MMSI Yearly Revenue VS EstimatesMMSI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 500M 1B 1.5B
MMSI Yearly EPS VS EstimatesMMSI Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 1 2 3 4 5

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5

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 26.63, which means the current valuation is very expensive for MMSI.
Compared to the rest of the industry, the Price/Earnings ratio of MMSI indicates a somewhat cheap valuation: MMSI is cheaper than 77.25% of the companies listed in the same industry.
MMSI is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 25.91, which is the current average of the S&P500 Index.
MMSI is valuated rather expensively with a Price/Forward Earnings ratio of 24.69.
Based on the Price/Forward Earnings ratio, MMSI is valued a bit cheaper than the industry average as 74.60% of the companies are valued more expensively.
The average S&P500 Price/Forward Earnings ratio is at 21.85. MMSI is around the same levels.
Industry RankSector Rank
PE 26.63
Fwd PE 24.69
MMSI Price Earnings VS Forward Price EarningsMMSI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of MMSI indicates a somewhat cheap valuation: MMSI is cheaper than 74.07% of the companies listed in the same industry.
80.42% of the companies in the same industry are more expensive than MMSI, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 31.54
EV/EBITDA 20.57
MMSI Per share dataMMSI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

4.3 Compensation for Growth

The excellent profitability rating of MMSI may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)1.42
EPS Next 2Y5.2%
EPS Next 3Y6.83%

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0

5. Dividend

5.1 Amount

No dividends for MMSI!.
Industry RankSector Rank
Dividend Yield N/A

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MERIT MEDICAL SYSTEMS INC

NASDAQ:MMSI (5/23/2025, 11:39:26 AM)

95.075

-0.03 (-0.04%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupHealth Care Equipment & Services
GICS IndustryHealth Care Equipment & Supplies
Earnings (Last)04-24 2025-04-24/amc
Earnings (Next)07-30 2025-07-30/amc
Inst Owners106.43%
Inst Owner Change3.44%
Ins Owners2.46%
Ins Owner Change4.34%
Market Cap5.62B
Analysts84.71
Price Target109.24 (14.9%)
Short Float %5.69%
Short Ratio4.09
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)11.28%
Min EPS beat(2)10%
Max EPS beat(2)12.57%
EPS beat(4)4
Avg EPS beat(4)7.84%
Min EPS beat(4)3.2%
Max EPS beat(4)12.57%
EPS beat(8)8
Avg EPS beat(8)7.52%
EPS beat(12)12
Avg EPS beat(12)11.09%
EPS beat(16)16
Avg EPS beat(16)14.53%
Revenue beat(2)0
Avg Revenue beat(2)-1.04%
Min Revenue beat(2)-1.19%
Max Revenue beat(2)-0.9%
Revenue beat(4)0
Avg Revenue beat(4)-0.87%
Min Revenue beat(4)-1.19%
Max Revenue beat(4)-0.43%
Revenue beat(8)3
Avg Revenue beat(8)-0.19%
Revenue beat(12)6
Avg Revenue beat(12)0.67%
Revenue beat(16)10
Avg Revenue beat(16)1.34%
PT rev (1m)-9.39%
PT rev (3m)-6.13%
EPS NQ rev (1m)-10.8%
EPS NQ rev (3m)-13.54%
EPS NY rev (1m)-8.25%
EPS NY rev (3m)-10.45%
Revenue NQ rev (1m)-0.64%
Revenue NQ rev (3m)-0.39%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.27%
Valuation
Industry RankSector Rank
PE 26.63
Fwd PE 24.69
P/S 4.05
P/FCF 31.54
P/OCF 24.96
P/B 3.93
P/tB 11.58
EV/EBITDA 20.57
EPS(TTM)3.57
EY3.75%
EPS(NY)3.85
Fwd EY4.05%
FCF(TTM)3.01
FCFY3.17%
OCF(TTM)3.81
OCFY4.01%
SpS23.49
BVpS24.17
TBVpS8.21
PEG (NY)N/A
PEG (5Y)1.42
Profitability
Industry RankSector Rank
ROA 4.95%
ROE 8.56%
ROCE 7.45%
ROIC 6.13%
ROICexc 7.42%
ROICexgc 14.93%
OM 12.19%
PM (TTM) 8.81%
GM 47.8%
FCFM 12.83%
ROA(3y)4.5%
ROA(5y)3.17%
ROE(3y)7.7%
ROE(5y)5.35%
ROIC(3y)5.44%
ROIC(5y)4.73%
ROICexc(3y)6.58%
ROICexc(5y)5.49%
ROICexgc(3y)12.83%
ROICexgc(5y)10.84%
ROCE(3y)6.61%
ROCE(5y)5.76%
ROICexcg growth 3Y18.8%
ROICexcg growth 5Y28.87%
ROICexc growth 3Y17.15%
ROICexc growth 5Y28.57%
OM growth 3Y20.05%
OM growth 5Y25.17%
PM growth 3Y25.28%
PM growth 5Y74.22%
GM growth 3Y1.65%
GM growth 5Y1.76%
F-Score7
Asset Turnover0.56
Health
Industry RankSector Rank
Debt/Equity 0.51
Debt/FCF 4.1
Debt/EBITDA 2.52
Cap/Depr 39.09%
Cap/Sales 3.39%
Interest Coverage 5.1
Cash Conversion 77.75%
Profit Quality 145.7%
Current Ratio 4.87
Quick Ratio 3.26
Altman-Z 4.82
F-Score7
WACC8.4%
ROIC/WACC0.73
Cap/Depr(3y)41.47%
Cap/Depr(5y)42.68%
Cap/Sales(3y)3.21%
Cap/Sales(5y)3.52%
Profit Quality(3y)119.91%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)13.69%
EPS 3Y13.66%
EPS 5Y18.81%
EPS Q2Q%11.69%
EPS Next Y-1.9%
EPS Next 2Y5.2%
EPS Next 3Y6.83%
EPS Next 5Y8.44%
Revenue 1Y (TTM)8.18%
Revenue growth 3Y8.07%
Revenue growth 5Y6.4%
Sales Q2Q%9.84%
Revenue Next Year9.42%
Revenue Next 2Y7.74%
Revenue Next 3Y7.2%
Revenue Next 5Y7.53%
EBIT growth 1Y26.6%
EBIT growth 3Y29.73%
EBIT growth 5Y33.17%
EBIT Next Year39.73%
EBIT Next 3Y16.82%
EBIT Next 5Y13.21%
FCF growth 1Y160.05%
FCF growth 3Y16.23%
FCF growth 5YN/A
OCF growth 1Y92.77%
OCF growth 3Y14.47%
OCF growth 5Y23.2%