Merit Medical Systems (MMSI) Financials

$94.43 -2.07 (-2.15%)

Closing price 04:00 PM Eastern

Extended Trading

$94.46 +0.03 (+0.03%)

As of 04:10 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	120	94	75	48	-9.84	5.45	42	28	20	24
Consolidated Net Income / (Loss)	120	94	75	48	-9.84	5.45	42	28	20	24
Net Income / (Loss) Continuing Operations	120	94	75	48	-9.84	5.45	42	28	20	24
Total Pre-Tax Income	150	112	83	54	-13	2.19	50	36	25	31
Total Operating Income	156	124	88	61	-1.56	15	59	33	35	38
Total Gross Profit	643	584	519	485	401	432	395	326	265	236
Total Revenue	1,357	1,257	1,151	1,075	964	995	883	728	604	542
Operating Revenue	1,357	1,257	1,151	1,075	964	995	883	728	604	542
Total Cost of Revenue	713	673	632	589	563	562	488	402	339	306
Total Operating Expenses	488	460	432	424	403	417	336	293	230	198
Selling, General & Admin Expense	400	374	343	336	298	327	276	229	184	156
Research & Development Expense	87	84	82	71	58	66	60	64	46	42
Other Operating Expenses / (Income)	0.44	1.70	4.61	3.16	-7.96	-0.23	-0.70	-0.30	0.06	0.08
Impairment Charge	0.00	0.27	2.22	4.28	37	24	0.66	0.81	0.00	0.00
Total Other Income / (Expense), net	-5.70	-12	-4.93	-7.00	-12	-13	-9.10	2.81	-9.49	-6.34
Interest Expense	31	16	6.34	5.26	9.99	12	10	7.74	8.80	6.23
Interest & Investment Income	26	2.46	0.44	0.77	0.60	-0.29	1.20	0.38	0.08	0.27
Other Income / (Expense), net	-0.71	1.20	0.97	-2.51	-2.28	-0.54	0.06	10	-0.77	-0.39
Income Tax Expense	30	18	8.11	5.46	-3.39	-3.26	7.50	8.36	5.27	7.40
Basic Earnings per Share	$2.07	$1.64	$1.31	$0.86	($0.18)	$0.10	$0.80	$0.56	$0.45	$0.54
Weighted Average Basic Shares Outstanding	58.22M	57.59M	56.81M	56.15M	55.43M	55.08M	52.27M	48.81M	44.41M	44.04M
Diluted Earnings per Share	$2.03	$1.62	$1.29	$0.84	($0.18)	$0.10	$0.78	$0.55	$0.45	$0.53
Weighted Average Diluted Shares Outstanding	59.37M	58.36M	57.67M	57.36M	55.43M	56.24M	53.93M	50.10M	44.86M	44.51M
Weighted Average Basic & Diluted Shares Outstanding	58.83M	57.93M	57.32M	56.57M	55.69M	55.22M	52.50M	49.10M	44.70M	44.10M

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

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

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

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

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

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

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

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

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

According to the most recent income statement we have on file, Merit Medical Systems' fiscal year ends in December. Their fiscal 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. See where experts think Merit Medical Systems is headed by visiting Merit Medical Systems' forecast page.

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 5/28/2025 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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