Merit Medical Systems (MMSI) Financials

$63.63 -0.86 (-1.33%)

Closing price 04:00 PM Eastern

Extended Trading

$63.62 -0.02 (-0.02%)

As of 04:11 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	24	20	28	42	5.45	-9.84	48	75	94	120	128
Consolidated Net Income / (Loss)	24	20	28	42	5.45	-9.84	48	75	94	120	128
Net Income / (Loss) Continuing Operations	24	20	28	42	5.45	-9.84	48	75	94	120	128
Total Pre-Tax Income	31	25	36	50	2.19	-13	54	83	112	150	171
Total Operating Income	38	35	33	59	15	-1.56	61	88	124	156	185
Total Gross Profit	236	265	326	395	432	401	485	519	584	643	738
Total Revenue	542	604	728	883	995	964	1,075	1,151	1,257	1,357	1,516
Operating Revenue	542	604	728	883	995	964	1,075	1,151	1,257	1,357	1,516
Total Cost of Revenue	306	339	402	488	562	563	589	632	673	713	778
Total Operating Expenses	198	230	293	336	417	403	424	432	460	488	554
Selling, General & Admin Expense	156	184	229	276	327	298	336	343	374	400	455
Research & Development Expense	42	46	64	60	66	58	71	82	84	87	97
Other Operating Expenses / (Income)	0.08	0.06	-0.30	-0.70	-0.23	-7.96	3.16	4.61	1.70	0.44	0.98
Impairment Charge	0.00	0.00	0.81	0.66	24	37	4.28	2.22	0.27	0.00	0.00
Total Other Income / (Expense), net	-6.34	-9.49	2.81	-9.10	-13	-12	-7.00	-4.93	-12	-5.70	-14
Interest Expense	6.23	8.80	7.74	10	12	9.99	5.26	6.34	16	31	26
Interest & Investment Income	0.27	0.08	0.38	1.20	-0.29	0.60	0.77	0.44	2.46	26	15
Other Income / (Expense), net	-0.39	-0.77	10	0.06	-0.54	-2.28	-2.51	0.97	1.20	-0.71	-2.39
Income Tax Expense	7.40	5.27	8.36	7.50	-3.26	-3.39	5.46	8.11	18	30	42
Basic Earnings per Share	$0.54	$0.45	$0.56	$0.80	$0.10	($0.18)	$0.86	$1.31	$1.64	$2.07	$2.17
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	59.16M
Diluted Earnings per Share	$0.53	$0.45	$0.55	$0.78	$0.10	($0.18)	$0.84	$1.29	$1.62	$2.03	$2.13
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	60.46M
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	59.43M

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	26	28	28	36	28	28	30	33	28	38	41
Consolidated Net Income / (Loss)	26	28	28	36	28	28	30	33	28	38	41
Net Income / (Loss) Continuing Operations	26	28	28	36	28	28	30	33	28	38	41
Total Pre-Tax Income	30	31	34	46	37	33	38	43	39	51	54
Total Operating Income	35	34	36	46	37	37	41	47	43	54	44
Total Gross Profit	142	151	152	161	158	173	172	184	186	195	185
Total Revenue	315	325	324	338	340	355	355	382	384	394	382
Operating Revenue	315	325	324	338	340	355	355	382	384	394	382
Total Cost of Revenue	173	174	172	177	182	182	183	198	198	199	197
Total Operating Expenses	107	117	116	115	120	136	131	138	144	141	141
Selling, General & Admin Expense	87	96	94	95	100	111	107	113	120	115	118
Research & Development Expense	20	22	21	20	21	25	22	24	24	27	23
Other Operating Expenses / (Income)	0.56	-0.47	-0.12	0.31	0.10	0.15	1.02	0.14	0.03	-0.21	-0.18
Total Other Income / (Expense), net	-4.92	-2.15	-1.57	-0.10	-0.60	-3.42	-3.08	-3.50	-4.07	-3.14	9.39
Interest Expense	4.84	4.98	8.05	7.68	7.50	7.99	6.57	6.78	6.75	6.36	6.53
Interest & Investment Income	0.18	1.92	7.28	7.56	6.65	4.74	3.79	3.76	3.62	3.90	3.90
Other Income / (Expense), net	-0.26	0.91	-0.80	0.02	0.25	-0.17	-0.30	-0.49	-0.93	-0.68	12
Income Tax Expense	4.39	3.84	6.11	10	8.21	5.20	7.81	11	11	13	13
Basic Earnings per Share	$0.45	$0.48	$0.49	$0.61	$0.49	$0.48	$0.51	$0.55	$0.47	$0.64	$0.69
Weighted Average Basic Shares Outstanding	57.68M	57.59M	57.96M	58.14M	58.23M	58.22M	58.90M	59.14M	59.25M	59.16M	59.51M
Diluted Earnings per Share	$0.44	$0.47	$0.48	$0.61	$0.48	$0.46	$0.49	$0.54	$0.46	$0.64	$0.68
Weighted Average Diluted Shares Outstanding	58.38M	58.36M	58.57M	58.74M	59.54M	59.37M	61.28M	60.61M	59.92M	60.46M	60.01M
Weighted Average Basic & Diluted Shares Outstanding	57.75M	57.93M	58.11M	58.21M	58.28M	58.83M	59.10M	59.22M	59.29M	59.43M	59.65M

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-3.18	15	13	35	-23	13	11	-7.19	529	-210	70
Net Cash From Operating Activities	69	54	63	87	78	165	147	114	145	221	297
Net Cash From Continuing Operating Activities	69	54	63	87	78	165	147	114	145	221	297
Net Income / (Loss) Continuing Operations	24	20	28	42	5.45	-9.84	48	75	94	120	128
Consolidated Net Income / (Loss)	24	20	28	42	5.45	-9.84	48	75	94	120	128
Depreciation Expense	37	44	54	70	92	94	84	82	90	103	123
Amortization Expense	0.99	0.78	0.54	0.66	13	13	12	10	13	19	17
Non-Cash Adjustments To Reconcile Net Income	1.24	2.93	6.59	8.20	36	40	22	29	29	30	46
Changes in Operating Assets and Liabilities, net	6.01	-14	-26	-34	-68	28	-19	-82	-81	-51	-17
Net Cash From Investing Activities	-62	-159	-147	-379	-134	-59	-37	-57	-175	-369	-247
Net Cash From Continuing Investing Activities	-62	-159	-147	-379	-134	-59	-37	-57	-175	-369	-247
Purchase of Property, Plant & Equipment	-51	-33	-39	-63	-78	-46	-28	-45	-34	-35	-82
Acquisitions	-14	-127	-108	-305	-57	-14	-10	-10	-137	-323	-148
Divestitures	-	-	-	0.00	0.00	1.29	0.00	-0.97	0.63	0.01	0.30
Other Investing Activities, net	-	0.00	0.00	-11	0.00	0.00	-2.25	-1.41	-4.76	-10	-18
Net Cash From Financing Activities	-10	121	97	328	34	-96	-98	-60	559	-60	16
Net Cash From Continuing Financing Activities	-10	121	97	328	34	-96	-98	-60	559	-60	16
Repayment of Debt	-170	-104	-244	-523	-204	-157	-207	-260	-580	-99	0.00
Issuance of Debt	152	220	197	639	247	69	98	215	1,199	0.00	0.00
Issuance of Common Equity	6.67	5.27	144	215	6.25	6.64	21	20	16	41	28
Other Financing Activities, net	1.21	0.58	-0.06	-2.85	-16	-14	-11	-35	-75	-1.85	-12
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	3.80
Cash Interest Paid	6.27	8.87	7.71	10	12	10	5.26	6.26	14	23	21
Cash Income Taxes Paid	3.41	2.32	6.05	8.69	12	8.92	8.83	17	32	45	31

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-13	528	-5.16	55	-113	-147	19	-54	51	54	42
Net Cash From Operating Activities	51	62	36	69	47	69	41	83	75	99	41
Net Cash From Continuing Operating Activities	51	62	36	69	47	69	41	83	75	99	41
Net Income / (Loss) Continuing Operations	26	28	28	36	28	28	30	33	28	38	41
Consolidated Net Income / (Loss)	26	28	28	36	28	28	30	33	28	38	41
Depreciation Expense	24	24	24	24	26	29	29	31	31	32	30
Amortization Expense	2.94	3.63	4.57	4.39	4.43	5.29	4.37	4.17	4.32	4.18	4.24
Non-Cash Adjustments To Reconcile Net Income	6.01	6.68	5.47	7.13	6.97	11	9.20	11	14	12	-2.81
Changes in Operating Assets and Liabilities, net	-7.76	0.69	-26	-2.84	-19	-3.96	-32	4.63	-2.32	13	-32
Net Cash From Investing Activities	-9.25	-8.34	-22	-16	-116	-214	-30	-143	-24	-50	7.73
Net Cash From Continuing Investing Activities	-9.25	-8.34	-22	-16	-116	-214	-30	-143	-24	-50	7.73
Purchase of Property, Plant & Equipment	-8.60	-7.14	-12	-11	-9.36	-3.47	-21	-14	-22	-24	-16
Acquisitions	-0.64	3.10	-3.86	-5.86	-106	-207	-1.46	-122	-1.31	-23	-1.76
Divestitures	-	-	-	-	-	-	0.00	-	-	0.05	26
Other Investing Activities, net	-	-4.76	-6.51	-	-0.50	-3.77	-7.12	-7.50	-0.32	-3.15	0.00
Net Cash From Financing Activities	-55	473	-18	3.14	-48	2.43	6.96	4.35	-0.37	5.06	-6.29
Net Cash From Continuing Financing Activities	-55	473	-18	3.14	-48	2.43	6.96	4.35	-0.37	5.06	-6.29
Issuance of Debt	20	719	0.00	-	-	-	0.00	-	-	-	0.00
Issuance of Common Equity	1.98	4.14	7.73	3.20	4.49	25	13	6.86	2.17	6.03	2.78
Other Financing Activities, net	-3.60	-67	-1.67	-0.06	-0.07	-0.05	-6.20	-2.52	-2.53	-0.97	-9.06
Effect of Exchange Rate Changes	-0.68	1.70	-1.32	-0.43	2.47	-3.24	0.94	2.02	0.09	0.75	-0.43
Cash Interest Paid	5.89	4.48	2.39	2.01	17	2.27	12	1.17	12	-4.90	11
Cash Income Taxes Paid	7.09	6.66	2.07	21	10	12	3.78	16	3.67	8.07	4.38

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	2025
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	12/31/2025
Total Assets	779	943	1,112	1,620	1,757	1,664	1,648	1,664	2,325	2,419	2,686
Total Current Assets	204	243	316	430	455	430	482	529	1,108	924	1,040
Cash & Equivalents	4.18	19	32	67	44	57	68	58	587	377	446
Note & Lease Receivable	6.80	5.64	9.43	12	10	7.77	18	13	11	17	18
Accounts Receivable	70	81	106	137	155	147	152	165	178	190	204
Inventories, net	106	121	155	198	226	198	222	266	304	306	334
Prepaid Expenses	5.63	6.23	9.10	11	12	13	16	22	24	29	31
Current Deferred & Refundable Income Taxes	11	11	4.44	4.56	6.64	7.24	6.33	4.69	4.88	5.62	7.07
Plant, Property, & Equipment, net	268	277	293	331	379	383	372	383	384	386	428
Plant, Property & Equipment, gross	408	439	478	541	610	643	652	686	713	738	805
Accumulated Depreciation	140	162	186	210	232	261	281	303	329	352	376
Total Noncurrent Assets	307	423	503	859	924	852	794	752	833	1,109	1,217
Goodwill	184	212	238	335	353	364	362	360	382	464	507
Intangible Assets	109	183	227	463	445	368	319	276	326	498	538
Noncurrent Deferred & Refundable Income Taxes	0.00	0.17	2.36	3.00	3.79	4.60	6.08	6.60	7.29	16	7.05
Other Noncurrent Operating Assets	13	28	35	58	122	116	107	110	118	131	166
Total Liabilities & Shareholders' Equity	779	943	1,112	1,620	1,757	1,664	1,648	1,664	2,325	2,419	2,686
Total Liabilities	313	445	435	687	807	706	608	520	1,123	1,039	1,102
Total Current Liabilities	88	88	116	175	182	185	236	221	204	216	240
Accounts Payable	39	31	35	54	55	50	56	69	66	69	61
Accrued Expenses	38	46	59	96	105	112	159	123	120	134	159
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	8.85
Other Current Liabilities	-	-	-	0.00	12	13	11	11	12	10	11
Total Noncurrent Liabilities	225	356	320	512	626	521	372	299	920	823	862
Long-Term Debt	198	314	259	373	432	344	234	187	823	730	734
Noncurrent Deferred Revenue	2.72	2.55	7.25	2.65	2.47	2.27	2.16	2.06	1.95	1.50	1.40
Noncurrent Deferred & Payable Income Tax Liabilities	12	26	26	59	47	34	32	20	7.46	2.36	22
Noncurrent Employee Benefit Liabilities	8.50	9.21	11	11	15	17	18	15	17	19	18
Other Noncurrent Operating Liabilities	4.15	3.73	16	65	129	124	85	74	70	70	87
Commitments & Contingencies	0.00	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	1,584
Total Preferred & Common Equity	466	498	676	933	950	959	1,040	1,144	1,202	1,379	1,584
Preferred Stock	0.00	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	1,584
Common Stock	198	206	353	571	587	606	642	675	638	703	764
Retained Earnings	274	294	321	363	368	358	406	481	575	696	824
Accumulated Other Comprehensive Income / (Loss)	-5.49	-1.88	1.53	-2.03	-5.29	-5.45	-7.99	-12	-11	-19	-3.64

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	Q2 2025	Q3 2025	Q1 2026
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	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,633	1,684	1,838	1,809	2,326	2,372	2,378	2,468	2,586	2,631	2,719
Total Current Assets	500	557	595	585	1,105	1,163	1,078	959	923	986	1,102
Cash & Equivalents	51	58	72	59	582	637	523	396	342	392	488
Note & Lease Receivable	11	15	13	14	11	11	15	17	14	19	19
Accounts Receivable	156	170	171	168	181	182	190	200	204	210	206
Inventories, net	247	290	306	304	303	298	311	318	323	327	352
Prepaid Expenses	27	20	25	28	24	26	27	25	30	31	29
Current Deferred & Refundable Income Taxes	7.68	4.99	8.29	13	4.54	8.46	12	3.50	9.33	5.80	6.87
Plant, Property, & Equipment, net	376	387	384	383	384	386	390	390	410	418	434
Plant, Property & Equipment, gross	676	699	704	711	721	732	746	752	782	796	817
Accumulated Depreciation	300	311	320	327	337	346	356	361	372	378	383
Total Noncurrent Assets	757	739	858	840	837	823	910	1,119	1,253	1,227	1,184
Goodwill	358	360	382	381	382	381	399	464	505	507	503
Intangible Assets	284	264	355	340	317	303	372	479	562	538	512
Noncurrent Deferred & Refundable Income Taxes	5.47	6.67	6.49	6.44	7.07	7.01	7.25	16	16	16	7.09
Other Noncurrent Operating Assets	109	109	115	112	131	131	131	160	170	165	161
Total Liabilities & Shareholders' Equity	1,633	1,684	1,838	1,809	2,326	2,372	2,378	2,468	2,586	2,631	2,719
Total Liabilities	544	512	634	579	1,086	1,089	1,055	1,040	1,098	1,102	1,093
Total Current Liabilities	213	216	190	187	183	186	201	197	226	230	217
Accounts Payable	63	66	62	49	48	56	61	64	69	65	68
Accrued Expenses	125	119	111	119	113	118	127	119	140	147	123
Current Deferred & Payable Income Tax Liabilities	3.77	9.02	2.30	3.54	9.28	1.33	1.55	4.95	6.04	7.74	15
Other Current Liabilities	10	11	12	12	12	12	11	9.44	10	11	11
Total Noncurrent Liabilities	331	297	444	391	903	903	854	843	872	871	876
Long-Term Debt	205	186	335	282	800	801	751	731	732	733	735
Noncurrent Deferred Revenue	2.08	2.03	2.00	1.98	1.93	1.90	1.87	1.48	1.45	1.42	1.37
Noncurrent Deferred & Payable Income Tax Liabilities	32	20	20	20	7.43	7.42	7.48	2.37	29	29	22
Noncurrent Employee Benefit Liabilities	15	16	16	16	18	19	19	19	20	17	17
Other Noncurrent Operating Liabilities	76	72	70	71	75	74	75	90	90	91	100
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,089	1,172	1,204	1,230	1,240	1,282	1,323	1,428	1,488	1,529	1,627
Total Preferred & Common Equity	1,089	1,172	1,204	1,230	1,240	1,282	1,323	1,428	1,488	1,529	1,627
Preferred Stock	0.00	0.00	0.00	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	1,488	1,529	1,627
Common Stock	658	681	692	695	649	659	669	718	735	747	769
Retained Earnings	447	501	522	548	603	639	668	726	758	786	865
Accumulated Other Comprehensive Income / (Loss)	-17	-11	-9.54	-13	-12	-15	-13	-15	-5.06	-3.72	-7.57

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.37%	11.38%	20.54%	21.28%	12.70%	-3.11%	11.50%	7.09%	9.24%	7.89%	11.75%
EBITDA Growth	-1.76%	4.06%	23.80%	32.39%	-7.02%	-13.67%	49.53%	16.76%	26.26%	21.19%	16.70%
EBIT Growth	-7.53%	-8.22%	26.78%	35.72%	-74.61%	-125.78%	1,620.67%	51.57%	41.36%	23.84%	17.64%
NOPAT Growth	-2.01%	-3.49%	-8.24%	96.08%	-22.87%	-102.85%	5,106.75%	44.25%	32.20%	19.67%	11.14%
Net Income Growth	3.60%	-15.47%	36.79%	52.66%	-87.03%	-280.57%	592.27%	53.79%	26.70%	27.48%	6.76%
EPS Growth	0.00%	-15.09%	22.22%	41.82%	-87.18%	-280.00%	566.67%	53.57%	25.58%	25.31%	4.93%
Operating Cash Flow Growth	30.25%	-22.83%	17.03%	37.95%	-10.08%	112.39%	-10.91%	-22.37%	27.00%	52.12%	34.68%
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%	99.47%
Invested Capital Growth	2.62%	20.00%	14.82%	36.65%	6.71%	-6.86%	-3.03%	5.69%	11.99%	20.46%	8.07%
Revenue Q/Q Growth	1.05%	3.30%	4.78%	5.04%	2.54%	0.01%	1.94%	1.31%	2.54%	2.31%	2.63%
EBITDA Q/Q Growth	-6.89%	9.11%	2.88%	5.00%	-7.85%	21.86%	2.06%	5.79%	2.89%	3.14%	6.24%
EBIT Q/Q Growth	-14.37%	14.54%	1.62%	2.06%	-54.27%	82.68%	12.25%	14.20%	1.90%	1.23%	10.36%
NOPAT Q/Q Growth	-6.99%	6.94%	-5.22%	4.81%	40.08%	92.55%	8.15%	17.59%	-4.40%	1.06%	7.37%
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%	8.49%
EPS Q/Q Growth	-10.17%	9.76%	-9.84%	8.33%	-70.59%	65.38%	10.53%	20.56%	-5.81%	-0.49%	9.23%
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%	11.12%
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%	99.53%
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%	0.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.49%	43.89%	44.82%	44.72%	43.46%	41.62%	45.16%	45.10%	46.44%	47.43%	48.70%
EBITDA Margin	13.94%	13.02%	13.38%	14.60%	12.05%	10.73%	14.39%	15.69%	18.14%	20.37%	21.28%
Operating Margin	6.92%	5.78%	4.54%	6.64%	1.55%	-0.16%	5.67%	7.61%	9.86%	11.48%	12.19%
EBIT Margin	6.85%	5.65%	5.94%	6.65%	1.50%	-0.40%	5.43%	7.69%	9.95%	11.43%	12.03%
Profit (Net Income) Margin	4.39%	3.33%	3.78%	4.76%	0.55%	-1.02%	4.51%	6.47%	7.51%	8.87%	8.48%
Tax Burden Percent	76.29%	79.26%	76.71%	84.85%	248.56%	74.39%	89.87%	90.18%	84.23%	80.24%	75.17%
Interest Burden Percent	83.97%	74.44%	82.99%	84.39%	14.72%	344.47%	92.31%	93.34%	89.57%	96.78%	93.75%
Effective Tax Rate	23.71%	20.74%	23.29%	15.15%	-148.56%	0.00%	10.13%	9.82%	15.77%	19.76%	24.83%
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%	7.71%
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%	4.47%
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%	0.97%
Return on Equity (ROE)	5.28%	4.17%	4.69%	5.22%	0.58%	-1.03%	4.85%	6.82%	8.05%	9.33%	8.67%
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%	-0.05%
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%	7.14%
Return on Assets (ROA)	3.12%	2.34%	2.68%	3.08%	0.32%	-0.58%	2.93%	4.50%	4.73%	5.07%	5.03%
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%	8.67%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	29	28	25	50	38	-1.09	55	79	104	125	139
NOPAT Margin	5.28%	4.58%	3.49%	5.63%	3.86%	-0.11%	5.09%	6.86%	8.30%	9.21%	9.16%
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%	3.24%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.88%	5.16%	5.92%	5.99%
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%	51.30%
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%	30.03%
R&D to Revenue	7.71%	7.57%	8.73%	6.82%	6.65%	6.00%	6.63%	7.14%	6.70%	6.45%	6.42%
Operating Expenses to Revenue	36.57%	38.11%	40.28%	38.08%	41.91%	41.78%	39.49%	37.49%	36.58%	35.95%	36.52%
Earnings before Interest and Taxes (EBIT)	37	34	43	59	15	-3.84	58	89	125	155	182
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	76	79	97	129	120	103	155	181	228	276	323
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	3.30
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	9.68
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	3.45
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	40.67
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	2.90%	1.70%	1.27%	1.37%	0.32%	0.00%	1.38%	1.85%	2.15%	2.14%	2.46%
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	2.95
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	3.64
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	17.09
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	30.24
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	39.71
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	18.54
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	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	0.46
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	0.46
Financial Leverage	0.47	0.53	0.47	0.36	0.38	0.36	0.23	0.14	0.16	0.23	0.22
Leverage Ratio	1.69	1.79	1.75	1.70	1.79	1.79	1.66	1.52	1.70	1.84	1.72
Compound Leverage Factor	1.42	1.33	1.45	1.43	0.26	6.18	1.53	1.42	1.52	1.78	1.61
Debt to Total Capital	30.81%	39.43%	29.17%	29.76%	31.63%	26.82%	18.93%	14.75%	40.64%	34.59%	31.66%
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%	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%	31.66%
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	69.19%	60.57%	70.83%	70.24%	68.37%	73.19%	81.07%	85.25%	59.36%	65.41%	68.34%
Debt to EBITDA	2.75	4.12	2.86	3.07	3.67	3.40	1.57	1.10	3.61	2.64	2.28
Net Debt to EBITDA	2.69	3.88	2.53	2.54	3.30	2.84	1.13	0.77	1.03	1.28	0.89
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	2.28
Debt to NOPAT	7.25	11.73	10.98	7.94	11.46	-321.22	4.44	2.51	7.88	5.84	5.29
Net Debt to NOPAT	7.10	11.04	9.70	6.59	10.30	-269.17	3.20	1.77	2.26	2.82	2.07
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	5.29
Altman Z-Score	3.10	2.99	4.39	3.84	2.35	3.67	4.76	6.14	3.87	4.78	4.42
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	2.32	2.76	2.73	2.45	2.50	2.32	2.04	2.40	5.45	4.27	4.34
Quick Ratio	0.92	1.19	1.27	1.23	1.15	1.14	1.01	1.07	3.81	2.70	2.79
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	12	-106	-94	-288	-46	91	93	9.85	-50	-169	-0.89
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%	363.91%
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	-0.03
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	11.24
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	8.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.71	0.70	0.71	0.65	0.59	0.56	0.65	0.70	0.63	0.57	0.59
Accounts Receivable Turnover	7.58	8.01	7.82	7.27	6.80	6.38	7.19	7.26	7.34	7.37	7.70
Inventory Turnover	3.10	2.99	2.91	2.77	2.66	2.66	2.81	2.59	2.36	2.34	2.43
Fixed Asset Turnover	2.12	2.22	2.56	2.83	2.80	2.53	2.85	3.05	3.28	3.52	3.72
Accounts Payable Turnover	8.91	9.79	12.25	10.97	10.35	10.77	11.18	10.18	10.02	10.61	12.05
Days Sales Outstanding (DSO)	48.14	45.58	46.65	50.18	53.66	57.18	50.76	50.26	49.72	49.53	47.43
Days Inventory Outstanding (DIO)	117.81	122.11	125.42	131.95	137.32	137.42	130.03	140.92	154.42	156.08	150.14
Days Payable Outstanding (DPO)	40.96	37.27	29.79	33.27	35.25	33.88	32.65	35.85	36.43	34.40	30.29
Cash Conversion Cycle (CCC)	124.99	130.42	142.28	148.86	155.73	160.73	148.13	155.33	167.71	171.20	167.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	670	803	922	1,261	1,345	1,253	1,215	1,284	1,438	1,732	1,872
Invested Capital Turnover	0.82	0.82	0.84	0.81	0.76	0.74	0.87	0.92	0.92	0.86	0.84
Increase / (Decrease) in Invested Capital	17	134	119	338	85	-92	-38	69	154	294	140
Enterprise Value (EV)	1,025	1,487	2,415	3,388	2,119	3,378	3,692	4,159	4,623	5,990	5,513
Market Capitalization	822	1,182	2,169	3,060	1,724	3,083	3,517	4,020	4,387	5,637	5,226
Book Value per Share	$10.54	$11.17	$13.47	$17.01	$17.21	$17.26	$18.42	$20.11	$20.81	$23.67	$26.72
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	$9.10
Total Capital	674	823	955	1,328	1,389	1,310	1,283	1,342	2,025	2,109	2,318
Total Debt	208	324	278	395	439	351	243	198	823	730	734
Total Long-Term Debt	198	314	259	373	432	344	234	187	823	730	734
Net Debt	203	305	246	328	395	294	175	140	236	353	288
Capital Expenditures (CapEx)	48	32	39	63	77	46	27	45	34	35	82
Debt-free, Cash-free Net Working Capital (DFCFNWC)	122	146	188	209	236	195	187	261	318	331	354
Debt-free Net Working Capital (DFNWC)	126	165	220	276	280	252	254	320	905	707	800
Net Working Capital (NWC)	116	155	201	254	273	245	246	308	905	707	800
Net Nonoperating Expense (NNE)	4.84	7.52	-2.16	7.72	33	8.75	6.29	4.45	9.99	4.57	10
Net Nonoperating Obligations (NNO)	203	305	246	328	395	294	175	140	236	353	288
Total Depreciation and Amortization (D&A)	38	45	54	70	105	107	96	92	103	121	140
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%	23.35%
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%	52.80%
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%	52.80%
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	$2.17
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	59.16M
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	$2.13
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	60.46M
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	44.27M	44.65M	50.27M	54.90M	55.22M	55.69M	56.57M	57.32M	57.93M	58.83M	59.43M
Normalized Net Operating Profit after Tax (NOPAT)	29	28	26	50	27	38	68	81	105	125	139
Normalized NOPAT Margin	5.28%	4.58%	3.57%	5.70%	2.76%	3.89%	6.29%	7.03%	8.32%	9.21%	9.16%
Pre Tax Income Margin	5.75%	4.20%	4.93%	5.61%	0.22%	-1.37%	5.02%	7.18%	8.91%	11.06%	11.28%
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	6.89
NOPAT to Interest Expense	4.60	3.14	3.28	4.80	3.09	-0.11	10.41	12.46	6.73	4.00	5.25
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	3.80
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	2.16
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%	2.96%	0.87%	0.00%	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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	59,431,931.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	59,431,931.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.69
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.77%	10.60%	8.72%	5.61%	7.81%	9.44%	9.84%	13.15%	13.04%	10.92%	7.46%
EBITDA Growth	45.40%	12.78%	24.82%	38.63%	10.46%	13.80%	17.55%	9.59%	13.13%	26.93%	22.19%
EBIT Growth	80.58%	7.24%	28.26%	62.06%	7.52%	5.43%	16.00%	0.94%	11.13%	47.05%	37.89%
NOPAT Growth	85.55%	-12.40%	37.88%	52.85%	-3.74%	4.46%	10.34%	-1.66%	6.14%	30.85%	3.74%
Net Income Growth	69.16%	-17.28%	36.41%	76.47%	10.10%	1.15%	6.75%	-8.80%	-2.42%	35.99%	35.98%
EPS Growth	62.96%	-17.54%	33.33%	74.29%	9.09%	-2.13%	2.08%	-11.48%	-4.17%	39.13%	38.78%
Operating Cash Flow Growth	43.90%	122.26%	148.99%	296.31%	-7.32%	10.43%	12.03%	21.61%	58.41%	43.30%	0.27%
Free Cash Flow Firm Growth	-1,080.21%	-251.37%	-237.30%	131.07%	62.75%	-111.61%	-132.00%	-767.34%	-346.86%	62.26%	71.96%
Invested Capital Growth	16.21%	11.99%	11.21%	-1.60%	6.41%	20.46%	20.92%	29.78%	20.58%	8.07%	6.25%
Revenue Q/Q Growth	-1.51%	2.95%	-0.31%	4.48%	0.55%	4.51%	0.05%	7.63%	0.44%	2.55%	-3.06%
EBITDA Q/Q Growth	15.21%	-0.14%	2.27%	17.62%	-8.20%	2.87%	5.82%	9.66%	-5.24%	15.42%	1.88%
EBIT Q/Q Growth	22.99%	-1.03%	1.73%	30.88%	-18.40%	-2.96%	11.92%	13.89%	-10.16%	28.41%	4.96%
NOPAT Q/Q Growth	28.22%	-1.74%	0.07%	21.24%	-19.25%	6.63%	5.71%	8.04%	-12.85%	31.45%	-16.19%
Net Income Q/Q Growth	27.61%	6.95%	2.21%	26.51%	-20.38%	-1.75%	7.87%	8.07%	-14.81%	36.93%	7.86%
EPS Q/Q Growth	25.71%	6.82%	2.13%	27.08%	-21.31%	-4.17%	6.52%	10.20%	-14.81%	39.13%	6.25%
Operating Cash Flow Q/Q Growth	195.44%	21.90%	-41.82%	89.16%	-30.91%	45.23%	-40.98%	105.33%	-9.99%	31.38%	-58.70%
Free Cash Flow Firm Q/Q Growth	9.21%	28.17%	5.61%	150.47%	-208.84%	-308.11%	-3.49%	-45.17%	27.12%	65.53%	23.11%
Invested Capital Q/Q Growth	-0.90%	-1.33%	1.42%	-0.77%	7.16%	11.70%	1.81%	6.49%	-0.43%	0.11%	0.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.11%	46.39%	46.90%	47.66%	46.36%	48.71%	48.41%	48.24%	48.52%	49.59%	48.39%
EBITDA Margin	19.63%	19.04%	19.56%	22.02%	20.11%	19.80%	20.94%	21.33%	20.12%	22.65%	23.81%
Operating Margin	11.15%	10.36%	11.10%	13.59%	10.96%	10.30%	11.55%	12.26%	11.09%	13.76%	11.56%
EBIT Margin	11.07%	10.64%	10.86%	13.60%	11.04%	10.25%	11.46%	12.13%	10.85%	13.59%	14.71%
Profit (Net Income) Margin	8.20%	8.51%	8.73%	10.57%	8.37%	7.87%	8.48%	8.52%	7.22%	9.65%	10.74%
Tax Burden Percent	85.48%	87.80%	82.22%	77.93%	77.60%	84.32%	79.42%	75.11%	72.02%	74.43%	76.56%
Interest Burden Percent	86.64%	91.15%	97.81%	99.74%	97.74%	91.07%	93.18%	93.50%	92.47%	95.40%	95.33%
Effective Tax Rate	14.52%	12.20%	17.78%	22.07%	22.41%	15.68%	20.58%	24.89%	27.98%	25.57%	23.44%
Return on Invested Capital (ROIC)	8.62%	8.40%	8.46%	9.45%	7.50%	7.43%	7.90%	7.93%	6.90%	8.61%	7.51%
ROIC Less NNEP Spread (ROIC-NNEP)	6.48%	7.40%	7.74%	9.41%	7.29%	6.45%	7.02%	6.99%	5.87%	7.89%	9.98%
Return on Net Nonoperating Assets (RNNOA)	1.10%	1.18%	1.15%	1.63%	1.30%	1.47%	1.46%	1.40%	1.17%	1.70%	1.90%
Return on Equity (ROE)	9.72%	9.59%	9.61%	11.08%	8.80%	8.90%	9.36%	9.33%	8.07%	10.32%	9.41%
Cash Return on Invested Capital (CROIC)	-6.94%	-3.64%	-2.49%	10.16%	2.01%	-10.68%	-11.00%	-18.25%	-11.10%	-0.05%	1.65%
Operating Return on Assets (OROA)	7.89%	6.71%	6.95%	8.41%	6.99%	5.86%	6.64%	7.01%	6.40%	8.07%	8.75%
Return on Assets (ROA)	5.84%	5.37%	5.59%	6.53%	5.30%	4.50%	4.91%	4.92%	4.26%	5.73%	6.38%
Return on Common Equity (ROCE)	9.72%	9.59%	9.61%	11.08%	8.80%	8.90%	9.36%	9.33%	8.07%	10.32%	9.41%
Return on Equity Simple (ROE_SIMPLE)	8.15%	0.00%	8.22%	9.16%	9.07%	0.00%	8.56%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	30	30	30	36	29	31	33	35	31	40	34
NOPAT Margin	9.53%	9.09%	9.13%	10.59%	8.51%	8.68%	9.17%	9.21%	7.99%	10.24%	8.85%
Net Nonoperating Expense Percent (NNEP)	2.14%	1.00%	0.72%	0.04%	0.21%	0.98%	0.88%	0.95%	1.03%	0.73%	-2.47%
Return On Investment Capital (ROIC_SIMPLE)	-	1.46%	-	-	-	1.46%	1.51%	1.59%	1.36%	1.74%	1.43%
Cost of Revenue to Revenue	54.89%	53.61%	53.10%	52.34%	53.65%	51.29%	51.59%	51.76%	51.48%	50.41%	51.61%
SG&A Expenses to Revenue	27.55%	29.51%	29.19%	27.98%	29.32%	31.27%	30.25%	29.57%	31.19%	29.15%	30.96%
R&D to Revenue	6.23%	6.67%	6.64%	5.99%	6.04%	7.09%	6.33%	6.37%	6.24%	6.74%	5.92%
Operating Expenses to Revenue	33.96%	36.03%	35.79%	34.07%	35.39%	38.41%	36.86%	35.98%	37.43%	35.83%	36.83%
Earnings before Interest and Taxes (EBIT)	35	35	35	46	38	36	41	46	42	54	56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	62	62	63	74	68	70	74	82	77	89	91
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.23	3.65	3.54	3.89	4.35	4.09	4.35	3.71	3.22	3.30	2.52
Price to Tangible Book Value (P/TBV)	7.82	8.88	8.11	8.36	10.43	13.50	12.82	13.11	10.19	9.68	6.70
Price to Revenue (P/Rev)	3.24	3.49	3.42	3.84	4.34	4.16	4.48	3.86	3.34	3.45	2.66
Price to Earnings (P/E)	39.71	46.46	43.04	42.53	47.92	46.83	50.87	46.38	41.62	40.67	29.40
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	2.52%	2.15%	2.32%	2.35%	2.09%	2.14%	1.97%	2.16%	2.40%	2.46%	3.40%
Enterprise Value to Invested Capital (EV/IC)	2.89	3.21	3.16	3.56	3.86	3.46	3.72	3.15	2.82	2.95	2.32
Enterprise Value to Revenue (EV/Rev)	3.43	3.68	3.59	3.96	4.51	4.42	4.72	4.13	3.57	3.64	2.82
Enterprise Value to EBITDA (EV/EBITDA)	18.97	20.27	19.13	19.73	22.32	21.67	22.80	20.07	17.36	17.09	12.81
Enterprise Value to EBIT (EV/EBIT)	34.24	36.94	34.67	34.28	39.06	38.65	40.81	36.73	31.90	30.24	21.96
Enterprise Value to NOPAT (EV/NOPAT)	38.51	44.28	40.94	41.38	48.37	47.94	51.21	46.40	40.75	39.71	30.96
Enterprise Value to Operating Cash Flow (EV/OCF)	37.92	31.85	27.61	23.66	27.90	27.13	29.11	24.65	19.69	18.54	14.60
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	34.82	198.21	0.00	0.00	0.00	0.00	0.00	144.40
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.23	0.68	0.65	0.62	0.57	0.53	0.51	0.49	0.48	0.46	0.45
Long-Term Debt to Equity	0.23	0.68	0.65	0.62	0.57	0.53	0.51	0.49	0.48	0.46	0.45
Financial Leverage	0.17	0.16	0.15	0.17	0.18	0.23	0.21	0.20	0.20	0.22	0.19
Leverage Ratio	1.48	1.70	1.66	1.69	1.64	1.84	1.80	1.79	1.76	1.72	1.70
Compound Leverage Factor	1.29	1.55	1.63	1.69	1.60	1.67	1.67	1.67	1.62	1.64	1.62
Debt to Total Capital	18.87%	40.64%	39.22%	38.46%	36.19%	34.59%	33.84%	32.97%	32.40%	31.66%	31.13%
Short-Term Debt to Total Capital	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	18.63%	40.64%	39.22%	38.46%	36.19%	34.59%	33.84%	32.97%	32.40%	31.66%	31.13%
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	81.13%	59.36%	60.78%	61.54%	63.81%	65.41%	66.16%	67.03%	67.60%	68.34%	68.87%
Debt to EBITDA	1.29	3.61	3.32	3.06	2.80	2.64	2.54	2.48	2.41	2.28	2.17
Net Debt to EBITDA	1.03	1.03	0.91	0.63	0.85	1.28	1.17	1.32	1.12	0.89	0.73
Long-Term Debt to EBITDA	1.27	3.61	3.32	3.06	2.80	2.64	2.54	2.48	2.41	2.28	2.17
Debt to NOPAT	2.62	7.88	7.11	6.43	6.07	5.84	5.71	5.74	5.67	5.29	5.24
Net Debt to NOPAT	2.08	2.26	1.94	1.32	1.84	2.82	2.62	3.06	2.63	2.07	1.76
Long-Term Debt to NOPAT	2.59	7.88	7.11	6.43	6.07	5.84	5.71	5.74	5.67	5.29	5.24
Altman Z-Score	5.55	3.75	3.86	4.23	4.72	4.62	4.99	4.37	4.06	4.26	3.72
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	3.13	5.45	6.03	6.24	5.36	4.27	4.87	4.09	4.28	4.34	5.08
Quick Ratio	1.28	3.81	4.22	4.46	3.62	2.70	3.11	2.48	2.70	2.79	3.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-173	-124	-117	59	-65	-263	-273	-396	-288	-99	-76
Operating Cash Flow to CapEx	592.79%	874.43%	310.02%	644.76%	505.91%	1,979.95%	192.64%	605.83%	334.20%	402.67%	254.11%
Free Cash Flow to Firm to Interest Expense	-35.79	-25.01	-14.60	7.72	-8.60	-32.95	-41.50	-58.41	-42.70	-15.62	-11.71
Operating Cash Flow to Interest Expense	10.55	12.51	4.50	8.92	6.31	8.60	6.18	12.30	11.10	15.48	6.23
Operating Cash Flow Less CapEx to Interest Expense	8.77	11.08	3.05	7.54	5.06	8.17	2.97	10.27	7.78	11.64	3.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.71	0.63	0.64	0.62	0.63	0.57	0.58	0.58	0.59	0.59	0.59
Accounts Receivable Turnover	7.58	7.34	7.32	7.36	7.41	7.37	7.30	7.41	7.38	7.70	7.60
Inventory Turnover	2.39	2.36	2.32	2.30	2.29	2.34	2.34	2.40	2.39	2.43	2.36
Fixed Asset Turnover	3.23	3.28	3.33	3.38	3.43	3.52	3.59	3.60	3.66	3.72	3.74
Accounts Payable Turnover	11.75	10.02	12.04	11.86	12.86	10.61	12.93	11.97	12.13	12.05	12.03
Days Sales Outstanding (DSO)	48.17	49.72	49.89	49.56	49.23	49.53	49.98	49.24	49.44	47.43	48.04
Days Inventory Outstanding (DIO)	152.62	154.42	157.56	158.49	159.06	156.08	156.30	152.09	152.74	150.14	154.58
Days Payable Outstanding (DPO)	31.07	36.43	30.32	30.78	28.39	34.40	28.24	30.50	30.10	30.29	30.35
Cash Conversion Cycle (CCC)	169.72	167.71	177.14	177.27	179.90	171.20	178.04	170.83	172.07	167.29	172.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,457	1,438	1,458	1,447	1,551	1,732	1,764	1,878	1,870	1,872	1,874
Invested Capital Turnover	0.90	0.92	0.93	0.89	0.88	0.86	0.86	0.86	0.86	0.84	0.85
Increase / (Decrease) in Invested Capital	203	154	147	-23	93	294	305	431	319	140	110
Enterprise Value (EV)	4,205	4,623	4,606	5,159	5,980	5,990	6,555	5,915	5,269	5,513	4,344
Market Capitalization	3,978	4,387	4,388	4,994	5,753	5,637	6,219	5,525	4,929	5,226	4,097
Book Value per Share	$21.34	$20.81	$21.41	$22.07	$22.74	$23.67	$24.28	$25.18	$25.83	$26.72	$27.37
Tangible Book Value per Share	$8.83	$8.55	$9.34	$10.28	$9.48	$7.17	$8.24	$7.13	$8.17	$9.10	$10.29
Total Capital	1,516	2,025	2,040	2,084	2,074	2,109	2,159	2,220	2,262	2,318	2,362
Total Debt	286	823	800	801	751	730	731	732	733	734	735
Total Long-Term Debt	282	823	800	801	751	730	731	732	733	734	735
Net Debt	227	236	218	165	227	353	335	390	340	288	247
Capital Expenditures (CapEx)	8.62	7.12	12	11	9.36	3.47	21	14	22	24	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	343	318	340	340	354	331	366	356	363	354	397
Debt-free Net Working Capital (DFNWC)	402	905	922	976	877	707	762	698	755	800	885
Net Working Capital (NWC)	398	905	922	976	877	707	762	698	755	800	885
Net Nonoperating Expense (NNE)	4.20	1.88	1.29	0.08	0.47	2.88	2.44	2.63	2.93	2.33	-7.19
Net Nonoperating Obligations (NNO)	227	236	218	165	227	353	335	390	340	288	247
Total Depreciation and Amortization (D&A)	27	27	28	28	31	34	34	35	36	36	35
Debt-free, Cash-free Net Working Capital to Revenue	27.99%	25.28%	26.49%	26.10%	26.71%	24.38%	26.38%	24.82%	24.55%	23.35%	25.73%
Debt-free Net Working Capital to Revenue	32.78%	71.97%	71.84%	75.03%	66.16%	52.15%	54.87%	48.68%	51.12%	52.80%	57.37%
Net Working Capital to Revenue	32.47%	71.97%	71.84%	75.03%	66.16%	52.15%	54.87%	48.68%	51.12%	52.80%	57.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.45	$0.48	$0.49	$0.61	$0.49	$0.48	$0.51	$0.55	$0.47	$0.64	$0.69
Adjusted Weighted Average Basic Shares Outstanding	57.68M	57.59M	57.96M	58.14M	58.23M	58.22M	58.90M	59.14M	59.25M	59.16M	59.51M
Adjusted Diluted Earnings per Share	$0.44	$0.47	$0.48	$0.61	$0.48	$0.46	$0.49	$0.54	$0.46	$0.64	$0.68
Adjusted Weighted Average Diluted Shares Outstanding	58.38M	58.36M	58.57M	58.74M	59.54M	59.37M	61.28M	60.61M	59.92M	60.46M	60.01M
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	57.75M	57.93M	58.11M	58.21M	58.28M	58.83M	59.10M	59.22M	59.29M	59.43M	59.65M
Normalized Net Operating Profit after Tax (NOPAT)	30	30	30	36	29	31	33	35	31	40	34
Normalized NOPAT Margin	9.53%	9.09%	9.13%	10.59%	8.51%	8.68%	9.17%	9.21%	7.99%	10.24%	8.85%
Pre Tax Income Margin	9.59%	9.70%	10.62%	13.56%	10.79%	9.33%	10.68%	11.34%	10.03%	12.96%	14.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.21	6.94	4.36	5.99	5.00	4.55	6.20	6.85	6.17	8.41	8.61
NOPAT to Interest Expense	6.20	5.93	3.67	4.66	3.85	3.86	4.96	5.20	4.54	6.34	5.18
EBIT Less CapEx to Interest Expense	5.43	5.51	2.91	4.60	3.75	4.12	3.00	4.82	2.85	4.57	6.15
NOPAT Less CapEx to Interest Expense	4.42	4.50	2.22	3.28	2.61	3.42	1.76	3.17	1.22	2.49	2.73
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%

Financials Breakdown Chart

Key Financial Trends

Revenue growth: Operating Revenue rose from 293,415,000 in 2022 Q4 to 393,936,000 in 2025 Q4, about a 34% increase.
Gross margin expansion: Gross Margin improved from about 45.9% (134,552,000 gross profit on 293,415,000 revenue in 2022 Q4) to about 49.6% (195,352,000 on 393,936,000 in 2025 Q4).
Operating margin expansion: Operating margin increased from roughly 10.4% in 2022 Q4 to about 13.8% in 2025 Q4 (54,195,000 operating income on 393,936,000 revenue).
Net income growth: Net income attributable to common shareholders grew to 38,006,000 in 2025 Q4 from 33,401,000 in 2022 Q4.
Cash flow from continuing operations: Net cash from continuing operating activities rose from about 27,404,000 in 2022 Q4 to 98,510,000 in 2025 Q4, signaling improving cash generation.
Free cash flow potential: With operating cash around 98.5M and estimated capex around the mid 20s millions in 2025 Q4, quarterly free cash flow was substantial (roughly 70–75M).
Strong liquidity: Cash & equivalents were already robust in mid-2025 (about 392.5M in 2025 Q3), supporting liquidity needs and investments.
Equity issuance activity: Modest common equity issuances occurred in recent quarters (e.g., 6,034,000 in 2025 Q4 and 2,165,000 in 2025 Q3), indicating limited dilution.
Capex variability: Capital expenditures fluctuated quarter to quarter (PPE purchases around the mid-teens to low-twenties millions in some periods, higher in others), reflecting ongoing capital investment across the years.
Leverage rise: Long-term debt grew to about 732.9 million by 2025 Q3, signaling a higher debt load and potential interest burden going forward.

05/21/26 03:20 PM ETAI Generated. May Contain Errors.

Merit Medical Systems Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Merit Medical Systems' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Merit Medical Systems' net income appears to be on an upward trend, with a most recent value of $128.49 million in 2025, rising from $23.80 million in 2015. The previous period was $120.36 million in 2024. See Merit Medical Systems' forecast for analyst expectations on what's next for the company.

Merit Medical Systems' total operating income in 2025 was $184.72 million, based on the following breakdown:

Total Gross Profit: $738.27 million
Total Operating Expenses: $553.55 million

Over the last 10 years, Merit Medical Systems' total revenue changed from $542.15 million in 2015 to $1.52 billion in 2025, a change of 179.6%.

Merit Medical Systems' total liabilities were at $1.10 billion at the end of 2025, a 6.0% increase from 2024, and a 252.4% increase since 2015.

In the past 10 years, Merit Medical Systems' cash and equivalents has ranged from $4.18 million in 2015 to $587.04 million in 2023, and is currently $446.40 million as of their latest financial filing in 2025.

Over the last 10 years, Merit Medical Systems' book value per share changed from 10.54 in 2015 to 26.72 in 2025, a change of 153.4%.

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Financial statements for NASDAQ:MMSI last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Merit Medical Systems (MMSI) Financials

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Merit Medical Systems (MMSI) Financials

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Merit Medical Systems Financials - Frequently Asked Questions

When does Merit Medical Systems' fiscal year end?

How has Merit Medical Systems' net income changed over the last 10 years?

What is Merit Medical Systems' operating income?

How has Merit Medical Systems' revenue changed over the last 10 years?

How much debt does Merit Medical Systems have?

How much cash does Merit Medical Systems have?

How has Merit Medical Systems' book value per share changed over the last 10 years?

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