Merit Medical Systems (MMSI) Financials

$93.95 -1.71 (-1.79%)

Closing price 04:00 PM Eastern

Extended Trading

$93.96 +0.01 (+0.01%)

As of 04:20 PM Eastern

Annual Income Statements for Merit Medical Systems

This table shows Merit Medical Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	24	20	28	42	5.45	-9.84	48	75	94	120
Consolidated Net Income / (Loss)	24	20	28	42	5.45	-9.84	48	75	94	120
Net Income / (Loss) Continuing Operations	24	20	28	42	5.45	-9.84	48	75	94	120
Total Pre-Tax Income	31	25	36	50	2.19	-13	54	83	112	150
Total Operating Income	38	35	33	59	15	-1.56	61	88	124	156
Total Gross Profit	236	265	326	395	432	401	485	519	584	643
Total Revenue	542	604	728	883	995	964	1,075	1,151	1,257	1,357
Operating Revenue	542	604	728	883	995	964	1,075	1,151	1,257	1,357
Total Cost of Revenue	306	339	402	488	562	563	589	632	673	713
Total Operating Expenses	198	230	293	336	417	403	424	432	460	488
Selling, General & Admin Expense	156	184	229	276	327	298	336	343	374	400
Research & Development Expense	42	46	64	60	66	58	71	82	84	87
Other Operating Expenses / (Income)	0.08	0.06	-0.30	-0.70	-0.23	-7.96	3.16	4.61	1.70	0.44
Impairment Charge	0.00	0.00	0.81	0.66	24	37	4.28	2.22	0.27	0.00
Total Other Income / (Expense), net	-6.34	-9.49	2.81	-9.10	-13	-12	-7.00	-4.93	-12	-5.70
Interest Expense	6.23	8.80	7.74	10	12	9.99	5.26	6.34	16	31
Interest & Investment Income	0.27	0.08	0.38	1.20	-0.29	0.60	0.77	0.44	2.46	26
Other Income / (Expense), net	-0.39	-0.77	10	0.06	-0.54	-2.28	-2.51	0.97	1.20	-0.71
Income Tax Expense	7.40	5.27	8.36	7.50	-3.26	-3.39	5.46	8.11	18	30
Basic Earnings per Share	$0.54	$0.45	$0.56	$0.80	$0.10	($0.18)	$0.86	$1.31	$1.64	$2.07
Weighted Average Basic Shares Outstanding	44.04M	44.41M	48.81M	52.27M	55.08M	55.43M	56.15M	56.81M	57.59M	58.22M
Diluted Earnings per Share	$0.53	$0.45	$0.55	$0.78	$0.10	($0.18)	$0.84	$1.29	$1.62	$2.03
Weighted Average Diluted Shares Outstanding	44.51M	44.86M	50.10M	53.93M	56.24M	55.43M	57.36M	57.67M	58.36M	59.37M
Weighted Average Basic & Diluted Shares Outstanding	44.10M	44.70M	49.10M	52.50M	55.22M	55.69M	56.57M	57.32M	57.93M	58.83M

This table shows Merit Medical Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	15	33	21	20	26	28	28	36	28	28	30
Consolidated Net Income / (Loss)	15	33	21	20	26	28	28	36	28	28	30
Net Income / (Loss) Continuing Operations	15	33	21	20	26	28	28	36	28	28	30
Total Pre-Tax Income	18	30	26	25	30	31	34	46	37	33	38
Total Operating Income	19	30	26	29	35	34	36	46	37	37	41
Total Gross Profit	129	135	138	153	142	151	152	161	158	173	172
Total Revenue	287	293	298	320	315	325	324	338	340	355	355
Operating Revenue	287	293	298	320	315	325	324	338	340	355	355
Total Cost of Revenue	159	159	159	167	173	174	172	177	182	182	183
Total Operating Expenses	110	104	112	124	107	117	116	115	120	136	131
Selling, General & Admin Expense	90	83	90	101	87	96	94	95	100	111	107
Research & Development Expense	19	20	21	22	20	22	21	20	21	25	22
Other Operating Expenses / (Income)	0.92	-0.09	0.52	1.09	0.56	-0.47	-0.12	0.31	0.10	0.15	1.02
Total Other Income / (Expense), net	-1.06	-0.26	-0.88	-3.91	-4.92	-2.15	-1.57	-0.10	-0.60	-3.42	-3.08
Interest Expense	1.83	2.16	2.01	3.68	4.84	4.98	8.05	7.68	7.50	7.99	6.57
Interest & Investment Income	0.12	0.12	0.13	0.22	0.18	1.92	7.28	7.56	6.65	4.74	3.79
Other Income / (Expense), net	0.66	1.77	1.00	-0.45	-0.26	0.91	-0.80	0.02	0.25	-0.17	-0.30
Income Tax Expense	2.33	-3.25	4.80	4.66	4.39	3.84	6.11	10	8.21	5.20	7.81
Basic Earnings per Share	$0.27	$0.58	$0.36	$0.35	$0.45	$0.48	$0.49	$0.61	$0.49	$0.48	$0.51
Weighted Average Basic Shares Outstanding	56.84M	56.81M	57.35M	57.54M	57.68M	57.59M	57.96M	58.14M	58.23M	58.22M	58.90M
Diluted Earnings per Share	$0.27	$0.57	$0.36	$0.35	$0.44	$0.47	$0.48	$0.61	$0.48	$0.46	$0.49
Weighted Average Diluted Shares Outstanding	57.59M	57.67M	58.18M	58.47M	58.38M	58.36M	58.57M	58.74M	59.54M	59.37M	61.28M
Weighted Average Basic & Diluted Shares Outstanding	56.92M	57.32M	57.49M	57.64M	57.75M	57.93M	58.11M	58.21M	58.28M	58.83M	59.10M

This table details how cash moves in and out of Merit Medical Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-3.18	15	13	35	-23	13	11	-7.19	529	-210
Net Cash From Operating Activities	69	54	63	87	78	165	147	114	145	221
Net Cash From Continuing Operating Activities	69	54	63	87	78	165	147	114	145	221
Net Income / (Loss) Continuing Operations	24	20	28	42	5.45	-9.84	48	75	94	120
Consolidated Net Income / (Loss)	24	20	28	42	5.45	-9.84	48	75	94	120
Depreciation Expense	37	44	54	70	92	94	84	82	90	103
Amortization Expense	0.99	0.78	0.54	0.66	13	13	12	10	13	19
Non-Cash Adjustments To Reconcile Net Income	1.24	2.93	6.59	8.20	36	40	22	29	29	30
Changes in Operating Assets and Liabilities, net	6.01	-14	-26	-34	-68	28	-19	-82	-81	-51
Net Cash From Investing Activities	-62	-159	-147	-379	-134	-59	-37	-57	-175	-369
Net Cash From Continuing Investing Activities	-62	-159	-147	-379	-134	-59	-37	-57	-175	-369
Purchase of Property, Plant & Equipment	-51	-33	-39	-63	-78	-46	-28	-45	-34	-35
Acquisitions	-14	-127	-108	-305	-57	-14	-10	-10	-137	-323
Sale of Property, Plant & Equipment	3.26	1.11	0.02	0.06	0.92	0.04	1.04	0.07	0.20	0.01
Divestitures	-	-	-	0.00	0.00	1.29	0.00	-0.97	0.43	0.00
Other Investing Activities, net	-	0.00	0.00	-11	0.00	0.00	-2.25	-1.41	-4.76	-10
Net Cash From Financing Activities	-10	121	97	328	34	-96	-98	-60	559	-60
Net Cash From Continuing Financing Activities	-10	121	97	328	34	-96	-98	-60	559	-60
Repayment of Debt	-170	-104	-244	-523	-204	-157	-207	-260	-580	-99
Issuance of Debt	152	220	197	639	247	69	98	215	1,199	0.00
Issuance of Common Equity	6.67	5.27	144	215	6.25	6.64	21	20	16	41
Other Financing Activities, net	1.21	0.58	-0.06	-2.85	-16	-14	-11	-35	-75	-1.85
Effect of Exchange Rate Changes	-0.38	-0.59	0.68	-0.97	0.10	1.68	-0.80	-3.83	-0.48	-2.52
Cash Interest Paid	6.27	8.87	7.71	10	12	10	5.26	6.26	14	23
Cash Income Taxes Paid	3.41	2.32	6.05	8.69	12	8.92	8.83	17	32	45

This table details how cash moves in and out of Merit Medical Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-12	6.97	-0.43	14	-13	528	-5.16	55	-113	-147	19
Net Cash From Operating Activities	35	28	15	17	51	62	36	69	47	69	41
Net Cash From Continuing Operating Activities	35	27	15	17	51	62	36	69	47	69	41
Net Income / (Loss) Continuing Operations	15	33	21	20	26	28	28	36	28	28	30
Consolidated Net Income / (Loss)	15	33	21	20	26	28	28	36	28	28	30
Depreciation Expense	20	20	21	22	24	24	24	24	26	29	29
Amortization Expense	2.82	2.10	2.79	3.56	2.94	3.63	4.57	4.39	4.43	5.29	4.37
Non-Cash Adjustments To Reconcile Net Income	-3.59	14	4.18	12	6.01	6.68	5.47	7.13	6.97	11	9.20
Changes in Operating Assets and Liabilities, net	0.57	-42	-34	-40	-7.76	0.69	-26	-2.84	-19	-3.96	-32
Net Cash From Investing Activities	-17	-17	-15	-143	-9.25	-8.34	-22	-16	-116	-214	-30
Net Cash From Continuing Investing Activities	-17	-17	-15	-143	-9.25	-8.34	-22	-16	-116	-214	-30
Purchase of Property, Plant & Equipment	-16	-12	-13	-5.77	-8.60	-7.14	-12	-11	-9.36	-3.47	-21
Acquisitions	-1.00	-3.43	-2.27	-137	-0.64	3.10	-4.21	-5.86	-106	-207	-1.46
Other Investing Activities, net	-	-	0.00	-	-	-4.76	-6.16	-	-0.50	-3.77	-7.12
Net Cash From Financing Activities	-27	-5.75	-0.50	142	-55	473	-18	3.14	-48	2.43	6.96
Net Cash From Continuing Financing Activities	-27	-5.75	-0.50	142	-55	473	-18	3.14	-48	2.43	6.96
Repayment of Debt	-74	-62	-50	-274	-73	-183	-24	-	-52	-23	0.00
Issuance of Debt	45	43	50	411	20	719	0.00	-	-	-	0.00
Issuance of Common Equity	3.49	13	4.03	5.44	1.98	4.14	7.73	3.20	4.49	25	13
Other Financing Activities, net	-1.17	-0.41	-4.16	-0.87	-3.60	-67	-1.67	-0.06	-0.07	-0.05	-6.20
Effect of Exchange Rate Changes	-3.30	2.04	0.38	-1.87	-0.68	1.70	-1.32	-0.43	2.47	-3.24	0.94
Cash Interest Paid	1.77	2.17	2.00	1.68	5.89	4.48	2.39	2.01	17	2.27	12
Cash Income Taxes Paid	6.15	3.08	2.47	15	7.09	6.66	2.07	21	10	12	3.78

This table presents Merit Medical Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	779	943	1,112	1,620	1,757	1,664	1,648	1,664	2,325	2,419
Total Current Assets	204	243	316	430	455	430	482	529	1,108	924
Cash & Equivalents	4.18	19	32	67	44	57	68	58	587	377
Note & Lease Receivable	6.80	5.64	9.43	12	10	7.77	18	13	11	17
Accounts Receivable	70	81	106	137	155	147	152	165	178	190
Inventories, net	106	121	155	198	226	198	222	266	304	306
Prepaid Expenses	5.63	6.23	9.10	11	12	13	16	22	24	29
Current Deferred & Refundable Income Taxes	11	11	4.44	4.56	6.64	7.24	6.33	4.69	4.88	5.62
Plant, Property, & Equipment, net	268	277	293	331	379	383	372	383	384	386
Plant, Property & Equipment, gross	408	439	478	541	610	643	652	686	713	738
Accumulated Depreciation	140	162	186	210	232	261	281	303	329	352
Total Noncurrent Assets	307	423	503	859	924	852	794	752	833	1,109
Goodwill	184	212	238	335	353	364	362	360	382	464
Intangible Assets	109	183	227	463	445	368	319	276	326	498
Noncurrent Deferred & Refundable Income Taxes	0.00	0.17	2.36	3.00	3.79	4.60	6.08	6.60	7.29	16
Other Noncurrent Operating Assets	13	28	35	58	122	116	107	110	118	131
Total Liabilities & Shareholders' Equity	779	943	1,112	1,620	1,757	1,664	1,648	1,664	2,325	2,419
Total Liabilities	313	445	435	687	807	706	608	520	1,123	1,039
Total Current Liabilities	88	88	116	175	182	185	236	221	204	216
Accounts Payable	39	31	35	54	55	50	56	69	66	69
Accrued Expenses	38	46	59	96	105	112	159	123	120	134
Current Deferred & Payable Income Tax Liabilities	1.50	2.19	2.30	3.15	2.80	2.82	2.54	6.70	5.09	3.49
Other Current Liabilities	-	-	-	0.00	12	13	11	11	12	10
Total Noncurrent Liabilities	225	356	320	512	626	521	372	299	920	823
Long-Term Debt	198	314	259	373	432	344	234	187	823	730
Noncurrent Deferred Revenue	2.72	2.55	7.25	2.65	2.47	2.27	2.16	2.06	1.95	1.50
Noncurrent Deferred & Payable Income Tax Liabilities	12	26	26	59	47	34	32	20	7.46	2.36
Noncurrent Employee Benefit Liabilities	8.50	9.21	11	11	15	17	18	15	17	19
Other Noncurrent Operating Liabilities	4.15	3.73	16	65	129	124	85	74	70	70
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	466	498	676	933	950	959	1,040	1,144	1,202	1,379
Total Preferred & Common Equity	466	498	676	933	950	959	1,040	1,144	1,202	1,379
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	466	498	676	933	950	959	1,040	1,144	1,202	1,379
Common Stock	198	206	353	571	587	606	642	675	638	703
Retained Earnings	274	294	321	363	368	358	406	481	575	696
Accumulated Other Comprehensive Income / (Loss)	-5.49	-1.88	1.53	-2.03	-5.29	-5.45	-7.99	-12	-11	-19

This table presents Merit Medical Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	1,633	1,684	1,838	1,809	2,326	2,372	2,378	2,468
Total Current Assets	500	557	595	585	1,105	1,163	1,078	959
Cash & Equivalents	51	58	72	59	582	637	523	396
Note & Lease Receivable	11	15	13	14	11	11	15	17
Accounts Receivable	156	170	171	168	181	182	190	200
Inventories, net	247	290	306	304	303	298	311	318
Prepaid Expenses	27	20	25	28	24	26	27	25
Current Deferred & Refundable Income Taxes	7.68	4.99	8.29	13	4.54	8.46	12	3.50
Plant, Property, & Equipment, net	376	387	384	383	384	386	390	390
Plant, Property & Equipment, gross	676	699	704	711	721	732	746	752
Accumulated Depreciation	300	311	320	327	337	346	356	361
Total Noncurrent Assets	757	739	858	840	837	823	910	1,119
Goodwill	358	360	382	381	382	381	399	464
Intangible Assets	284	264	355	340	317	303	372	479
Noncurrent Deferred & Refundable Income Taxes	5.47	6.67	6.49	6.44	7.07	7.01	7.25	16
Other Noncurrent Operating Assets	109	109	115	112	131	131	131	160
Total Liabilities & Shareholders' Equity	1,633	1,684	1,838	1,809	2,326	2,372	2,378	2,468
Total Liabilities	544	512	634	579	1,086	1,089	1,055	1,040
Total Current Liabilities	213	216	190	187	183	186	201	197
Accounts Payable	63	66	62	49	48	56	61	64
Accrued Expenses	125	119	111	119	113	118	127	119
Current Deferred & Payable Income Tax Liabilities	3.77	9.02	2.30	3.54	9.28	1.33	1.55	4.95
Other Current Liabilities	10	11	12	12	12	12	11	9.44
Total Noncurrent Liabilities	331	297	444	391	903	903	854	843
Long-Term Debt	205	186	335	282	800	801	751	731
Noncurrent Deferred Revenue	2.08	2.03	2.00	1.98	1.93	1.90	1.87	1.48
Noncurrent Deferred & Payable Income Tax Liabilities	32	20	20	20	7.43	7.42	7.48	2.37
Noncurrent Employee Benefit Liabilities	15	16	16	16	18	19	19	19
Other Noncurrent Operating Liabilities	76	72	70	71	75	74	75	90
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,089	1,172	1,204	1,230	1,240	1,282	1,323	1,428
Total Preferred & Common Equity	1,089	1,172	1,204	1,230	1,240	1,282	1,323	1,428
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,089	1,172	1,204	1,230	1,240	1,282	1,323	1,428
Common Stock	658	681	692	695	649	659	669	718
Retained Earnings	447	501	522	548	603	639	668	726
Accumulated Other Comprehensive Income / (Loss)	-17	-11	-9.54	-13	-12	-15	-13	-15

This table displays calculated financial ratios and metrics derived from Merit Medical Systems' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.37%	11.38%	20.54%	21.28%	12.70%	-3.11%	11.50%	7.09%	9.24%	7.89%
EBITDA Growth	-1.76%	4.06%	23.80%	32.39%	-7.02%	-13.67%	49.53%	16.76%	26.26%	21.19%
EBIT Growth	-7.53%	-8.22%	26.78%	35.72%	-74.61%	-125.78%	1,620.67%	51.57%	41.36%	23.84%
NOPAT Growth	-2.01%	-3.49%	-8.24%	96.08%	-22.87%	-102.85%	5,106.75%	44.25%	32.20%	19.67%
Net Income Growth	3.60%	-15.47%	36.79%	52.66%	-87.03%	-280.57%	592.27%	53.79%	26.70%	27.48%
EPS Growth	0.00%	-15.09%	22.22%	41.82%	-87.18%	-280.00%	566.67%	53.57%	25.58%	25.31%
Operating Cash Flow Growth	30.25%	-22.83%	17.03%	37.95%	-10.08%	112.39%	-10.91%	-22.37%	27.00%	52.12%
Free Cash Flow Firm Growth	-51.89%	-1,022.45%	11.78%	-207.71%	83.99%	297.36%	1.76%	-89.38%	-603.30%	-241.42%
Invested Capital Growth	2.62%	20.00%	14.82%	36.65%	6.71%	-6.86%	-3.03%	5.69%	11.99%	20.46%
Revenue Q/Q Growth	1.05%	3.30%	4.78%	5.04%	2.54%	0.01%	1.94%	1.31%	2.54%	2.31%
EBITDA Q/Q Growth	-6.89%	9.11%	2.88%	5.00%	-7.85%	21.86%	2.06%	5.79%	2.89%	3.14%
EBIT Q/Q Growth	-14.37%	14.54%	1.62%	2.06%	-54.27%	82.68%	12.25%	14.20%	1.90%	1.23%
NOPAT Q/Q Growth	-6.99%	6.94%	-5.22%	4.81%	40.08%	92.55%	8.15%	17.59%	-4.40%	1.06%
Net Income Q/Q Growth	-8.68%	5.77%	-2.48%	6.01%	-71.07%	66.55%	12.11%	20.72%	-5.76%	0.26%
EPS Q/Q Growth	-10.17%	9.76%	-9.84%	8.33%	-70.59%	65.38%	10.53%	20.56%	-5.81%	-0.49%
Operating Cash Flow Q/Q Growth	-11.79%	9.85%	3.42%	5.28%	4.33%	6.44%	6.43%	-13.48%	30.88%	3.03%
Free Cash Flow Firm Q/Q Growth	-56.00%	1.29%	4.62%	-159.14%	81.10%	0.59%	25.21%	-72.85%	47.31%	-661.11%
Invested Capital Q/Q Growth	1.00%	0.88%	0.12%	16.71%	-0.50%	0.50%	-0.68%	2.39%	-1.33%	11.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.49%	43.89%	44.82%	44.72%	43.46%	41.62%	45.16%	45.10%	46.44%	47.43%
EBITDA Margin	13.94%	13.02%	13.38%	14.60%	12.05%	10.73%	14.39%	15.69%	18.14%	20.37%
Operating Margin	6.92%	5.78%	4.54%	6.64%	1.55%	-0.16%	5.67%	7.61%	9.86%	11.48%
EBIT Margin	6.85%	5.65%	5.94%	6.65%	1.50%	-0.40%	5.43%	7.69%	9.95%	11.43%
Profit (Net Income) Margin	4.39%	3.33%	3.78%	4.76%	0.55%	-1.02%	4.51%	6.47%	7.51%	8.87%
Tax Burden Percent	76.29%	79.26%	76.71%	84.85%	248.56%	74.39%	89.87%	90.18%	84.23%	80.24%
Interest Burden Percent	83.97%	74.44%	82.99%	84.39%	14.72%	344.47%	92.31%	93.34%	89.57%	96.78%
Effective Tax Rate	23.71%	20.74%	23.29%	15.15%	-148.56%	0.00%	10.13%	9.82%	15.77%	19.76%
Return on Invested Capital (ROIC)	4.33%	3.75%	2.94%	4.56%	2.94%	-0.08%	4.44%	6.32%	7.67%	7.88%
ROIC Less NNEP Spread (ROIC-NNEP)	2.03%	0.80%	3.72%	1.87%	-6.16%	-2.62%	1.76%	3.49%	2.35%	6.33%
Return on Net Nonoperating Assets (RNNOA)	0.95%	0.42%	1.75%	0.67%	-2.37%	-0.95%	0.41%	0.50%	0.38%	1.44%
Return on Equity (ROE)	5.28%	4.17%	4.69%	5.22%	0.58%	-1.03%	4.85%	6.82%	8.05%	9.33%
Cash Return on Invested Capital (CROIC)	1.74%	-14.42%	-10.86%	-26.42%	-3.54%	7.02%	7.52%	0.79%	-3.64%	-10.68%
Operating Return on Assets (OROA)	4.87%	3.96%	4.21%	4.30%	0.88%	-0.22%	3.53%	5.35%	6.27%	6.53%
Return on Assets (ROA)	3.12%	2.34%	2.68%	3.08%	0.32%	-0.58%	2.93%	4.50%	4.73%	5.07%
Return on Common Equity (ROCE)	5.28%	4.17%	4.69%	5.22%	0.58%	-1.03%	4.85%	6.82%	8.05%	9.33%
Return on Equity Simple (ROE_SIMPLE)	5.11%	4.04%	4.07%	4.50%	0.57%	-1.03%	4.66%	6.51%	7.85%	8.73%
Net Operating Profit after Tax (NOPAT)	29	28	25	50	38	-1.09	55	79	104	125
NOPAT Margin	5.28%	4.58%	3.49%	5.63%	3.86%	-0.11%	5.09%	6.86%	8.30%	9.21%
Net Nonoperating Expense Percent (NNEP)	2.30%	2.96%	-0.78%	2.69%	9.10%	2.54%	2.68%	2.83%	5.32%	1.55%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.88%	5.16%	5.92%
Cost of Revenue to Revenue	56.51%	56.11%	55.18%	55.28%	56.54%	58.38%	54.84%	54.90%	53.56%	52.57%
SG&A Expenses to Revenue	28.84%	30.54%	31.48%	31.27%	32.90%	30.89%	31.23%	29.76%	29.72%	29.47%
R&D to Revenue	7.71%	7.57%	8.73%	6.82%	6.65%	6.00%	6.63%	7.14%	6.70%	6.45%
Operating Expenses to Revenue	36.57%	38.11%	40.28%	38.08%	41.91%	41.78%	39.49%	37.49%	36.58%	35.95%
Earnings before Interest and Taxes (EBIT)	37	34	43	59	15	-3.84	58	89	125	155
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	76	79	97	129	120	103	155	181	228	276
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.76	2.37	3.21	3.28	1.81	3.22	3.38	3.51	3.65	4.09
Price to Tangible Book Value (P/TBV)	4.77	11.41	10.28	22.73	11.38	13.58	9.80	7.90	8.88	13.50
Price to Revenue (P/Rev)	1.52	1.96	2.98	3.47	1.73	3.20	3.27	3.49	3.49	4.16
Price to Earnings (P/E)	34.52	58.72	78.79	72.83	316.20	0.00	72.59	53.94	46.46	46.83
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.90%	1.70%	1.27%	1.37%	0.32%	0.00%	1.38%	1.85%	2.15%	2.14%
Enterprise Value to Invested Capital (EV/IC)	1.53	1.85	2.62	2.69	1.58	2.70	3.04	3.24	3.21	3.46
Enterprise Value to Revenue (EV/Rev)	1.89	2.46	3.32	3.84	2.13	3.50	3.44	3.61	3.68	4.42
Enterprise Value to EBITDA (EV/EBITDA)	13.57	18.91	24.80	26.29	17.68	32.65	23.87	23.03	20.27	21.67
Enterprise Value to EBIT (EV/EBIT)	27.59	43.60	55.85	57.74	142.23	0.00	63.22	46.98	36.94	38.65
Enterprise Value to NOPAT (EV/NOPAT)	35.79	53.78	95.20	68.12	55.23	0.00	67.45	52.67	44.28	47.94
Enterprise Value to Operating Cash Flow (EV/OCF)	14.76	27.74	38.50	39.15	27.23	20.44	25.08	36.39	31.85	27.13
Enterprise Value to Free Cash Flow (EV/FCFF)	89.02	0.00	0.00	0.00	0.00	37.06	39.81	422.19	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.45	0.65	0.41	0.42	0.46	0.37	0.23	0.17	0.68	0.53
Long-Term Debt to Equity	0.42	0.63	0.38	0.40	0.45	0.36	0.23	0.16	0.68	0.53
Financial Leverage	0.47	0.53	0.47	0.36	0.38	0.36	0.23	0.14	0.16	0.23
Leverage Ratio	1.69	1.79	1.75	1.70	1.79	1.79	1.66	1.52	1.70	1.84
Compound Leverage Factor	1.42	1.33	1.45	1.43	0.26	6.18	1.53	1.42	1.52	1.78
Debt to Total Capital	30.81%	39.43%	29.17%	29.76%	31.63%	26.82%	18.93%	14.75%	40.64%	34.59%
Short-Term Debt to Total Capital	1.48%	1.22%	2.04%	1.66%	0.54%	0.57%	0.66%	0.84%	0.00%	0.00%
Long-Term Debt to Total Capital	29.33%	38.22%	27.13%	28.10%	31.09%	26.24%	18.27%	13.91%	40.64%	34.59%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	69.19%	60.57%	70.83%	70.24%	68.37%	73.19%	81.07%	85.25%	59.36%	65.41%
Debt to EBITDA	2.75	4.12	2.86	3.07	3.67	3.40	1.57	1.10	3.61	2.64
Net Debt to EBITDA	2.69	3.88	2.53	2.54	3.30	2.84	1.13	0.77	1.03	1.28
Long-Term Debt to EBITDA	2.61	4.00	2.66	2.90	3.60	3.32	1.52	1.03	3.61	2.64
Debt to NOPAT	7.25	11.73	10.98	7.94	11.46	-321.22	4.44	2.51	7.88	5.84
Net Debt to NOPAT	7.10	11.04	9.70	6.59	10.30	-269.17	3.20	1.77	2.26	2.82
Long-Term Debt to NOPAT	6.90	11.37	10.21	7.50	11.26	-314.36	4.28	2.37	7.88	5.84
Altman Z-Score	3.10	2.99	4.39	3.84	2.35	3.67	4.76	6.14	3.87	4.78
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.32	2.76	2.73	2.45	2.50	2.32	2.04	2.40	5.45	4.27
Quick Ratio	0.92	1.19	1.27	1.23	1.15	1.14	1.01	1.07	3.81	2.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	12	-106	-94	-288	-46	91	93	9.85	-50	-169
Operating Cash Flow to CapEx	145.63%	168.93%	162.50%	136.77%	100.72%	359.70%	547.29%	254.18%	425.80%	628.43%
Free Cash Flow to Firm to Interest Expense	1.85	-12.07	-12.11	-27.83	-3.72	9.12	17.63	1.55	-3.20	-5.42
Operating Cash Flow to Interest Expense	11.15	6.09	8.11	8.35	6.27	16.54	27.99	18.03	9.36	7.07
Operating Cash Flow Less CapEx to Interest Expense	3.49	2.49	3.12	2.25	0.05	11.94	22.87	10.94	7.16	5.95
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.71	0.70	0.71	0.65	0.59	0.56	0.65	0.70	0.63	0.57
Accounts Receivable Turnover	7.58	8.01	7.82	7.27	6.80	6.38	7.19	7.26	7.34	7.37
Inventory Turnover	3.10	2.99	2.91	2.77	2.66	2.66	2.81	2.59	2.36	2.34
Fixed Asset Turnover	2.12	2.22	2.56	2.83	2.80	2.53	2.85	3.05	3.28	3.52
Accounts Payable Turnover	8.91	9.79	12.25	10.97	10.35	10.77	11.18	10.18	10.02	10.61
Days Sales Outstanding (DSO)	48.14	45.58	46.65	50.18	53.66	57.18	50.76	50.26	49.72	49.53
Days Inventory Outstanding (DIO)	117.81	122.11	125.42	131.95	137.32	137.42	130.03	140.92	154.42	156.08
Days Payable Outstanding (DPO)	40.96	37.27	29.79	33.27	35.25	33.88	32.65	35.85	36.43	34.40
Cash Conversion Cycle (CCC)	124.99	130.42	142.28	148.86	155.73	160.73	148.13	155.33	167.71	171.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	670	803	922	1,261	1,345	1,253	1,215	1,284	1,438	1,732
Invested Capital Turnover	0.82	0.82	0.84	0.81	0.76	0.74	0.87	0.92	0.92	0.86
Increase / (Decrease) in Invested Capital	17	134	119	338	85	-92	-38	69	154	294
Enterprise Value (EV)	1,025	1,487	2,415	3,388	2,119	3,378	3,692	4,159	4,623	5,990
Market Capitalization	822	1,182	2,169	3,060	1,724	3,083	3,517	4,020	4,387	5,637
Book Value per Share	$10.54	$11.17	$13.47	$17.01	$17.21	$17.26	$18.42	$20.11	$20.81	$23.67
Tangible Book Value per Share	$3.90	$2.32	$4.20	$2.46	$2.74	$4.09	$6.35	$8.94	$8.55	$7.17
Total Capital	674	823	955	1,328	1,389	1,310	1,283	1,342	2,025	2,109
Total Debt	208	324	278	395	439	351	243	198	823	730
Total Long-Term Debt	198	314	259	373	432	344	234	187	823	730
Net Debt	203	305	246	328	395	294	175	140	236	353
Capital Expenditures (CapEx)	48	32	39	63	77	46	27	45	34	35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	122	146	188	209	236	195	187	261	318	331
Debt-free Net Working Capital (DFNWC)	126	165	220	276	280	252	254	320	905	707
Net Working Capital (NWC)	116	155	201	254	273	245	246	308	905	707
Net Nonoperating Expense (NNE)	4.84	7.52	-2.16	7.72	33	8.75	6.29	4.45	9.99	4.57
Net Nonoperating Obligations (NNO)	203	305	246	328	395	294	175	140	236	353
Total Depreciation and Amortization (D&A)	38	45	54	70	105	107	96	92	103	121
Debt-free, Cash-free Net Working Capital to Revenue	22.49%	24.17%	25.78%	23.69%	23.73%	20.26%	17.36%	22.70%	25.28%	24.38%
Debt-free Net Working Capital to Revenue	23.26%	27.34%	30.22%	31.32%	28.18%	26.17%	23.67%	27.78%	71.97%	52.15%
Net Working Capital to Revenue	21.41%	25.68%	27.55%	28.83%	27.43%	25.39%	22.88%	26.80%	71.97%	52.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.54	$0.45	$0.56	$0.80	$0.10	($0.18)	$0.86	$1.31	$1.64	$2.07
Adjusted Weighted Average Basic Shares Outstanding	44.04M	44.41M	48.81M	52.27M	55.08M	55.43M	56.15M	56.81M	57.59M	58.22M
Adjusted Diluted Earnings per Share	$0.53	$0.45	$0.55	$0.78	$0.10	($0.18)	$0.84	$1.29	$1.62	$2.03
Adjusted Weighted Average Diluted Shares Outstanding	44.51M	44.86M	50.10M	53.93M	56.24M	55.43M	57.36M	57.67M	58.36M	59.37M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	44.27M	44.65M	50.27M	54.90M	55.22M	55.69M	56.57M	57.32M	57.93M	58.83M
Normalized Net Operating Profit after Tax (NOPAT)	29	28	26	50	27	38	68	81	105	125
Normalized NOPAT Margin	5.28%	4.58%	3.57%	5.70%	2.76%	3.89%	6.29%	7.03%	8.32%	9.21%
Pre Tax Income Margin	5.75%	4.20%	4.93%	5.61%	0.22%	-1.37%	5.02%	7.18%	8.91%	11.06%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.97	3.88	5.59	5.66	1.20	-0.38	11.10	13.97	8.07	4.96
NOPAT to Interest Expense	4.60	3.14	3.28	4.80	3.09	-0.11	10.41	12.46	6.73	4.00
EBIT Less CapEx to Interest Expense	-1.69	0.27	0.60	-0.44	-5.02	-4.98	5.99	6.87	5.87	3.84
NOPAT Less CapEx to Interest Expense	-3.06	-0.46	-1.71	-1.31	-3.13	-4.71	5.29	5.36	4.53	2.88
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	2.96%	0.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Merit Medical Systems' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.55%	5.36%	8.04%	8.50%	9.77%	10.60%	8.72%	5.61%	7.81%	9.44%	9.84%
EBITDA Growth	8.73%	22.01%	32.58%	19.20%	45.40%	12.78%	24.82%	38.63%	10.46%	13.80%	17.55%
EBIT Growth	26.21%	51.95%	81.70%	29.19%	80.58%	7.24%	28.26%	62.06%	7.52%	5.43%	16.00%
NOPAT Growth	20.37%	50.64%	88.97%	36.31%	85.55%	-12.40%	37.88%	52.85%	-3.74%	4.46%	10.34%
Net Income Growth	27.62%	62.04%	96.33%	32.34%	69.16%	-17.28%	36.41%	76.47%	10.10%	1.15%	6.75%
EPS Growth	28.57%	62.86%	100.00%	29.63%	62.96%	-17.54%	33.33%	74.29%	9.09%	-2.13%	2.08%
Operating Cash Flow Growth	42.09%	-38.87%	21.11%	-55.43%	43.90%	122.26%	148.99%	296.31%	-7.32%	10.43%	12.03%
Free Cash Flow Firm Growth	-139.79%	-158.68%	-563.75%	-696.15%	-1,080.21%	-251.37%	-237.30%	131.07%	62.75%	-111.61%	-132.00%
Invested Capital Growth	2.52%	5.69%	4.48%	17.06%	16.21%	11.99%	11.21%	-1.60%	6.41%	20.46%	20.92%
Revenue Q/Q Growth	-2.64%	2.17%	1.41%	7.56%	-1.51%	2.95%	-0.31%	4.48%	0.55%	4.51%	0.05%
EBITDA Q/Q Growth	-5.55%	28.74%	-8.45%	5.90%	15.21%	-0.14%	2.27%	17.62%	-8.20%	2.87%	5.82%
EBIT Q/Q Growth	-12.01%	66.64%	-14.94%	3.58%	22.99%	-1.03%	1.73%	30.88%	-18.40%	-2.96%	11.92%
NOPAT Q/Q Growth	-5.81%	108.13%	-36.42%	9.36%	28.22%	-1.74%	0.07%	21.24%	-19.25%	6.63%	5.71%
Net Income Q/Q Growth	-0.17%	118.71%	-38.02%	-2.21%	27.61%	6.95%	2.21%	26.51%	-20.38%	-1.75%	7.87%
EPS Q/Q Growth	0.00%	111.11%	-36.84%	-2.78%	25.71%	6.82%	2.13%	27.08%	-21.31%	-4.17%	6.52%
Operating Cash Flow Q/Q Growth	-8.50%	-21.08%	-48.07%	18.85%	195.44%	21.90%	-41.82%	89.16%	-30.91%	45.23%	-40.98%
Free Cash Flow Firm Q/Q Growth	38.75%	-141.27%	1.67%	-447.92%	9.21%	28.17%	5.61%	150.47%	-208.84%	-308.11%	-3.49%
Invested Capital Q/Q Growth	-0.18%	2.39%	2.13%	12.14%	-0.90%	-1.33%	1.42%	-0.77%	7.16%	11.70%	1.81%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.77%	45.86%	46.50%	47.74%	45.11%	46.39%	46.90%	47.66%	46.36%	48.71%	48.41%
EBITDA Margin	14.82%	18.67%	17.04%	16.78%	19.63%	19.04%	19.56%	22.02%	20.11%	19.80%	20.94%
Operating Margin	6.50%	10.37%	8.87%	9.00%	11.15%	10.36%	11.10%	13.59%	10.96%	10.30%	11.55%
EBIT Margin	6.73%	10.97%	9.20%	8.86%	11.07%	10.64%	10.86%	13.60%	11.04%	10.25%	11.46%
Profit (Net Income) Margin	5.32%	11.38%	6.96%	6.33%	8.20%	8.51%	8.73%	10.57%	8.37%	7.87%	8.48%
Tax Burden Percent	86.76%	110.76%	81.19%	81.31%	85.48%	87.80%	82.22%	77.93%	77.60%	84.32%	79.42%
Interest Burden Percent	91.12%	93.68%	93.13%	87.80%	86.64%	91.15%	97.81%	99.74%	97.74%	91.07%	93.18%
Effective Tax Rate	13.24%	-10.76%	18.81%	18.69%	14.52%	12.20%	17.78%	22.07%	22.41%	15.68%	20.58%
Return on Invested Capital (ROIC)	5.17%	10.58%	6.58%	6.43%	8.62%	8.40%	8.46%	9.45%	7.50%	7.43%	7.90%
ROIC Less NNEP Spread (ROIC-NNEP)	4.68%	10.39%	6.16%	5.02%	6.48%	7.40%	7.74%	9.41%	7.29%	6.45%	7.02%
Return on Net Nonoperating Assets (RNNOA)	0.84%	1.50%	0.93%	0.99%	1.10%	1.18%	1.15%	1.63%	1.30%	1.47%	1.46%
Return on Equity (ROE)	6.01%	12.08%	7.52%	7.42%	9.72%	9.59%	9.61%	11.08%	8.80%	8.90%	9.36%
Cash Return on Invested Capital (CROIC)	2.93%	0.79%	2.55%	-8.73%	-6.94%	-3.64%	-2.49%	10.16%	2.01%	-10.68%	-11.00%
Operating Return on Assets (OROA)	4.67%	7.62%	6.51%	6.12%	7.89%	6.71%	6.95%	8.41%	6.99%	5.86%	6.64%
Return on Assets (ROA)	3.69%	7.91%	4.93%	4.37%	5.84%	5.37%	5.59%	6.53%	5.30%	4.50%	4.91%
Return on Common Equity (ROCE)	6.01%	12.08%	7.52%	7.42%	9.72%	9.59%	9.61%	11.08%	8.80%	8.90%	9.36%
Return on Equity Simple (ROE_SIMPLE)	5.67%	0.00%	7.23%	7.45%	8.15%	0.00%	8.22%	9.16%	9.07%	0.00%	8.56%
Net Operating Profit after Tax (NOPAT)	16	34	21	23	30	30	30	36	29	31	33
NOPAT Margin	5.64%	11.48%	7.20%	7.32%	9.53%	9.09%	9.13%	10.59%	8.51%	8.68%	9.17%
Net Nonoperating Expense Percent (NNEP)	0.49%	0.18%	0.42%	1.41%	2.14%	1.00%	0.72%	0.04%	0.21%	0.98%	0.88%
Return On Investment Capital (ROIC_SIMPLE)	-	2.51%	-	-	-	1.46%	-	-	-	1.46%	1.51%
Cost of Revenue to Revenue	55.23%	54.14%	53.50%	52.26%	54.89%	53.61%	53.10%	52.34%	53.65%	51.29%	51.59%
SG&A Expenses to Revenue	31.26%	28.37%	30.29%	31.53%	27.55%	29.51%	29.19%	27.98%	29.32%	31.27%	30.25%
R&D to Revenue	6.69%	6.96%	7.16%	6.77%	6.23%	6.67%	6.64%	5.99%	6.04%	7.09%	6.33%
Operating Expenses to Revenue	38.27%	35.49%	37.63%	38.73%	33.96%	36.03%	35.79%	34.07%	35.39%	38.41%	36.86%
Earnings before Interest and Taxes (EBIT)	19	32	27	28	35	35	35	46	38	36	41
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	43	55	51	54	62	62	63	74	68	70	74
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.95	3.51	3.62	4.00	3.23	3.65	3.54	3.89	4.35	4.09	4.35
Price to Tangible Book Value (P/TBV)	7.18	7.90	7.74	10.30	7.82	8.88	8.11	8.36	10.43	13.50	12.82
Price to Revenue (P/Rev)	2.82	3.49	3.61	4.01	3.24	3.49	3.42	3.84	4.34	4.16	4.48
Price to Earnings (P/E)	51.97	53.94	50.06	53.66	39.71	46.46	43.04	42.53	47.92	46.83	50.87
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.92%	1.85%	2.00%	1.86%	2.52%	2.15%	2.32%	2.35%	2.09%	2.14%	1.97%
Enterprise Value to Invested Capital (EV/IC)	2.69	3.24	3.34	3.45	2.89	3.21	3.16	3.56	3.86	3.46	3.72
Enterprise Value to Revenue (EV/Rev)	2.97	3.61	3.73	4.24	3.43	3.68	3.59	3.96	4.51	4.42	4.72
Enterprise Value to EBITDA (EV/EBITDA)	19.75	23.03	22.61	25.09	18.97	20.27	19.13	19.73	22.32	21.67	22.80
Enterprise Value to EBIT (EV/EBIT)	43.51	46.98	43.42	47.33	34.24	36.94	34.67	34.28	39.06	38.65	40.81
Enterprise Value to NOPAT (EV/NOPAT)	50.23	52.67	49.22	53.32	38.51	44.28	40.94	41.38	48.37	47.94	51.21
Enterprise Value to Operating Cash Flow (EV/OCF)	25.53	36.39	37.48	53.24	37.92	31.85	27.61	23.66	27.90	27.13	29.11
Enterprise Value to Free Cash Flow (EV/FCFF)	92.96	422.19	133.87	0.00	0.00	0.00	0.00	34.82	198.21	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.20	0.17	0.17	0.28	0.23	0.68	0.65	0.62	0.57	0.53	0.51
Long-Term Debt to Equity	0.19	0.16	0.16	0.28	0.23	0.68	0.65	0.62	0.57	0.53	0.51
Financial Leverage	0.18	0.14	0.15	0.20	0.17	0.16	0.15	0.17	0.18	0.23	0.21
Leverage Ratio	1.56	1.52	1.49	1.52	1.48	1.70	1.66	1.69	1.64	1.84	1.80
Compound Leverage Factor	1.42	1.42	1.39	1.34	1.29	1.55	1.63	1.69	1.60	1.67	1.67
Debt to Total Capital	16.60%	14.75%	14.44%	21.97%	18.87%	40.64%	39.22%	38.46%	36.19%	34.59%	33.84%
Short-Term Debt to Total Capital	0.86%	0.84%	0.82%	0.24%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	15.73%	13.91%	13.61%	21.73%	18.63%	40.64%	39.22%	38.46%	36.19%	34.59%	33.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	83.40%	85.25%	85.56%	78.03%	81.13%	59.36%	60.78%	61.54%	63.81%	65.41%	66.16%
Debt to EBITDA	1.27	1.10	1.02	1.68	1.29	3.61	3.32	3.06	2.80	2.64	2.54
Net Debt to EBITDA	0.97	0.77	0.72	1.32	1.03	1.03	0.91	0.63	0.85	1.28	1.17
Long-Term Debt to EBITDA	1.20	1.03	0.96	1.66	1.27	3.61	3.32	3.06	2.80	2.64	2.54
Debt to NOPAT	3.23	2.51	2.22	3.56	2.62	7.88	7.11	6.43	6.07	5.84	5.71
Net Debt to NOPAT	2.46	1.77	1.57	2.80	2.08	2.26	1.94	1.32	1.84	2.82	2.62
Long-Term Debt to NOPAT	3.06	2.37	2.10	3.52	2.59	7.88	7.11	6.43	6.07	5.84	5.71
Altman Z-Score	4.87	6.02	6.37	5.92	5.55	3.75	3.86	4.23	4.72	4.62	4.99
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.35	2.40	2.58	3.13	3.13	5.45	6.03	6.24	5.36	4.27	4.87
Quick Ratio	1.02	1.07	1.12	1.35	1.28	3.81	4.22	4.46	3.62	2.70	3.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-15	-35	-35	-191	-173	-124	-117	59	-65	-263	-273
Operating Cash Flow to CapEx	225.01%	224.28%	115.57%	299.58%	592.79%	874.43%	310.02%	644.76%	505.91%	1,979.95%	192.64%
Free Cash Flow to Firm to Interest Expense	-8.02	-16.41	-17.32	-51.83	-35.79	-25.01	-14.60	7.72	-8.60	-32.95	-41.50
Operating Cash Flow to Interest Expense	19.38	12.98	7.23	4.69	10.55	12.51	4.50	8.92	6.31	8.60	6.18
Operating Cash Flow Less CapEx to Interest Expense	10.77	7.19	0.97	3.13	8.77	11.08	3.05	7.54	5.06	8.17	2.97
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.69	0.70	0.71	0.69	0.71	0.63	0.64	0.62	0.63	0.57	0.58
Accounts Receivable Turnover	7.41	7.26	7.20	7.27	7.58	7.34	7.32	7.36	7.41	7.37	7.30
Inventory Turnover	2.74	2.59	2.44	2.39	2.39	2.36	2.32	2.30	2.29	2.34	2.34
Fixed Asset Turnover	3.03	3.05	3.09	3.17	3.23	3.28	3.33	3.38	3.43	3.52	3.59
Accounts Payable Turnover	10.90	10.18	10.29	10.63	11.75	10.02	12.04	11.86	12.86	10.61	12.93
Days Sales Outstanding (DSO)	49.25	50.26	50.72	50.23	48.17	49.72	49.89	49.56	49.23	49.53	49.98
Days Inventory Outstanding (DIO)	133.27	140.92	149.37	152.79	152.62	154.42	157.56	158.49	159.06	156.08	156.30
Days Payable Outstanding (DPO)	33.49	35.85	35.46	34.35	31.07	36.43	30.32	30.78	28.39	34.40	28.24
Cash Conversion Cycle (CCC)	149.03	155.33	164.64	168.67	169.72	167.71	177.14	177.27	179.90	171.20	178.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,254	1,284	1,311	1,471	1,457	1,438	1,458	1,447	1,551	1,732	1,764
Invested Capital Turnover	0.92	0.92	0.91	0.88	0.90	0.92	0.93	0.89	0.88	0.86	0.86
Increase / (Decrease) in Invested Capital	31	69	56	214	203	154	147	-23	93	294	305
Enterprise Value (EV)	3,373	4,159	4,378	5,076	4,205	4,623	4,606	5,159	5,980	5,990	6,555
Market Capitalization	3,208	4,020	4,239	4,809	3,978	4,387	4,388	4,994	5,753	5,637	6,219
Book Value per Share	$19.18	$20.11	$20.44	$20.94	$21.34	$20.81	$21.41	$22.07	$22.74	$23.67	$24.28
Tangible Book Value per Share	$7.87	$8.94	$9.55	$8.12	$8.83	$8.55	$9.34	$10.28	$9.48	$7.17	$8.24
Total Capital	1,306	1,342	1,369	1,543	1,516	2,025	2,040	2,084	2,074	2,109	2,159
Total Debt	217	198	198	339	286	823	800	801	751	730	731
Total Long-Term Debt	205	187	186	335	282	823	800	801	751	730	731
Net Debt	165	140	140	267	227	236	218	165	227	353	335
Capital Expenditures (CapEx)	16	12	13	5.77	8.62	7.12	12	11	9.36	3.47	21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	247	261	295	337	343	318	340	340	354	331	366
Debt-free Net Working Capital (DFNWC)	298	320	353	409	402	905	922	976	877	707	762
Net Working Capital (NWC)	287	308	341	405	398	905	922	976	877	707	762
Net Nonoperating Expense (NNE)	0.92	0.29	0.72	3.18	4.20	1.88	1.29	0.08	0.47	2.88	2.44
Net Nonoperating Obligations (NNO)	165	140	140	267	227	236	218	165	227	353	335
Total Depreciation and Amortization (D&A)	23	23	23	25	27	27	28	28	31	34	34
Debt-free, Cash-free Net Working Capital to Revenue	21.71%	22.70%	25.11%	28.09%	27.99%	25.28%	26.49%	26.10%	26.71%	24.38%	26.38%
Debt-free Net Working Capital to Revenue	26.24%	27.78%	30.05%	34.11%	32.78%	71.97%	71.84%	75.03%	66.16%	52.15%	54.87%
Net Working Capital to Revenue	25.25%	26.80%	29.09%	33.79%	32.47%	71.97%	71.84%	75.03%	66.16%	52.15%	54.87%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.27	$0.58	$0.36	$0.35	$0.45	$0.48	$0.49	$0.61	$0.49	$0.48	$0.51
Adjusted Weighted Average Basic Shares Outstanding	56.84M	56.81M	57.35M	57.54M	57.68M	57.59M	57.96M	58.14M	58.23M	58.22M	58.90M
Adjusted Diluted Earnings per Share	$0.27	$0.57	$0.36	$0.35	$0.44	$0.47	$0.48	$0.61	$0.48	$0.46	$0.49
Adjusted Weighted Average Diluted Shares Outstanding	57.59M	57.67M	58.18M	58.47M	58.38M	58.36M	58.57M	58.74M	59.54M	59.37M	61.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	56.92M	57.32M	57.49M	57.64M	57.75M	57.93M	58.11M	58.21M	58.28M	58.83M	59.10M
Normalized Net Operating Profit after Tax (NOPAT)	16	22	21	24	30	30	30	36	29	31	33
Normalized NOPAT Margin	5.64%	7.39%	7.20%	7.39%	9.53%	9.09%	9.13%	10.59%	8.51%	8.68%	9.17%
Pre Tax Income Margin	6.13%	10.28%	8.57%	7.78%	9.59%	9.70%	10.62%	13.56%	10.79%	9.33%	10.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.55	14.92	13.62	7.70	7.21	6.94	4.36	5.99	5.00	4.55	6.20
NOPAT to Interest Expense	8.84	15.61	10.65	6.36	6.20	5.93	3.67	4.66	3.85	3.86	4.96
EBIT Less CapEx to Interest Expense	1.94	9.13	7.36	6.14	5.43	5.51	2.91	4.60	3.75	4.12	3.00
NOPAT Less CapEx to Interest Expense	0.23	9.83	4.39	4.80	4.42	4.50	2.22	3.28	2.61	3.42	1.76
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Merit Medical Systems' Financials

When does Merit Medical Systems's fiscal year end?

According to the most recent income statement we have on file, Merit Medical Systems' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Merit Medical Systems' net income changed over the last 9 years?

Merit Medical Systems' net income appears to be on an upward trend, with a most recent value of $120.36 million in 2024, rising from $23.80 million in 2015. The previous period was $94.41 million in 2023. View Merit Medical Systems' forecast to see where analysts expect Merit Medical Systems to go next.

What is Merit Medical Systems's operating income?

Merit Medical Systems's total operating income in 2024 was $155.69 million, based on the following breakdown:

Total Gross Profit: $643.33 million
Total Operating Expenses: $487.64 million

How has Merit Medical Systems revenue changed over the last 9 years?

Over the last 9 years, Merit Medical Systems' total revenue changed from $542.15 million in 2015 to $1.36 billion in 2024, a change of 150.2%.

How much debt does Merit Medical Systems have?

Merit Medical Systems' total liabilities were at $1.04 billion at the end of 2024, a 7.5% decrease from 2023, and a 232.4% increase since 2015.

How much cash does Merit Medical Systems have?

In the past 9 years, Merit Medical Systems' cash and equivalents has ranged from $4.18 million in 2015 to $587.04 million in 2023, and is currently $376.72 million as of their latest financial filing in 2024.

How has Merit Medical Systems' book value per share changed over the last 9 years?

Over the last 9 years, Merit Medical Systems' book value per share changed from 10.54 in 2015 to 23.67 in 2024, a change of 124.4%.

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This page (NASDAQ:MMSI) was last updated on 5/5/2025 by MarketBeat.com Staff

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Merit Medical Systems (MMSI) Financials

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Merit Medical Systems (MMSI) Financials

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