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Stocks · Health care · Surgical & Medical Instruments & Apparatus

MERIT MEDICAL SYSTEMS INC

MMSI Clue Score72
United States Fiscal year ends December CIK 0000856982
$87.21 +2.30% Close, 9 Oct 2026
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Price $87.21 +21.58% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue603.8Operating income34.9Net income20.1EPS, diluted0.45Fiscal year 2017Revenue727.9 +20.5%Operating income33.1Net income27.5 +36.8%EPS, diluted0.55 +22.2%Fiscal year 2018Revenue882.8 +21.3%Operating income58.6Net income42.0 +52.7%EPS, diluted0.78 +41.8%Fiscal year 2019Revenue994.9 +12.7%Operating income15.4Net income5.5 −87.0%EPS, diluted0.10 −87.2%Fiscal year 2020Revenue963.9 −3.1%Operating income−1.6Net income−9.8 −280.6%EPS, diluted−0.18 −280.0%Fiscal year 2021Revenue1,074.8 +11.5%Operating income60.9Net income48.5EPS, diluted0.84Fiscal year 2022Revenue1,151.0 +7.1%Operating income87.6Net income74.5 +53.8%EPS, diluted1.29 +53.6%Fiscal year 2023Revenue1,257.4 +9.2%Operating income123.9Net income94.4 +26.7%EPS, diluted1.62 +25.6%Fiscal year 2024Revenue1,356.5 +7.9%Operating income155.7Net income120.4 +27.5%EPS, diluted2.03 +25.3%Fiscal year 2025Revenue1,515.9 +11.8%Operating income184.7Net income128.5 +6.8%EPS, diluted2.13 +4.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 603.8 727.9 882.8 994.9 963.9 1,074.8 1,151.0 1,257.4 1,356.5 1,515.9
Growth +20.5% +21.3% +12.7% −3.1% +11.5% +7.1% +9.2% +7.9% +11.8%
Operating income 34.9 33.1 58.6 15.4 −1.6 60.9 87.6 123.9 155.7 184.7
Net income 20.1 27.5 42.0 5.5 −9.8 48.5 74.5 94.4 120.4 128.5
Growth +36.8% +52.7% −87.0% −280.6% +53.8% +26.7% +27.5% +6.8%
EPS, diluted 0.45 0.55 0.78 0.10 −0.18 0.84 1.29 1.62 2.03 2.13
Growth +22.2% +41.8% −87.2% −280.0% +53.6% +25.6% +25.3% +4.9%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin43.9%Operating margin5.8%Net margin3.3%Free cash flow margin3.4%Fiscal year 2017Gross margin44.8%Operating margin4.5%Net margin3.8%Free cash flow margin3.3%Fiscal year 2018Gross margin44.7%Operating margin6.6%Net margin4.8%Free cash flow margin2.6%Fiscal year 2019Gross margin43.5%Operating margin1.6%Net margin0.5%Free cash flow margin−0.0%Fiscal year 2020Gross margin41.6%Operating margin−0.2%Net margin−1.0%Free cash flow margin12.4%Fiscal year 2021Gross margin45.2%Operating margin5.7%Net margin4.5%Free cash flow margin11.1%Fiscal year 2022Gross margin45.1%Operating margin7.6%Net margin6.5%Free cash flow margin6.0%Fiscal year 2023Gross margin46.4%Operating margin9.9%Net margin7.5%Free cash flow margin8.8%Fiscal year 2024Gross margin47.4%Operating margin11.5%Net margin8.9%Free cash flow margin13.7%Fiscal year 2025Gross margin48.7%Operating margin12.2%Net margin8.5%Free cash flow margin14.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 43.9% 44.8% 44.7% 43.5% 41.6% 45.2% 45.1% 46.4% 47.4% 48.7%
Operating margin 5.8% 4.5% 6.6% 1.6% −0.2% 5.7% 7.6% 9.9% 11.5% 12.2%
Net margin 3.3% 3.8% 4.8% 0.5% −1.0% 4.5% 6.5% 7.5% 8.9% 8.5%
Free cash flow margin 3.4% 3.3% 2.6% −0.0% 12.4% 11.1% 6.0% 8.8% 13.7% 14.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow53.6Capital expenditure−32.8Free cash flow20.8Fiscal year 2017Operating cash flow62.7Capital expenditure−38.6Free cash flow24.1 +16.1%Fiscal year 2018Operating cash flow86.5Capital expenditure−63.3Free cash flow23.2 −3.7%Fiscal year 2019Operating cash flow77.8Capital expenditure−78.2Free cash flow−0.4 −101.6%Fiscal year 2020Operating cash flow165.3Capital expenditure−46.0Free cash flow119.3Fiscal year 2021Operating cash flow147.2Capital expenditure−27.9Free cash flow119.3 +0.0%Fiscal year 2022Operating cash flow114.3Capital expenditure−45.0Free cash flow69.3 −41.9%Fiscal year 2023Operating cash flow145.2Capital expenditure−34.3Free cash flow110.9 +60.1%Fiscal year 2024Operating cash flow220.8Capital expenditure−35.1Free cash flow185.7 +67.5%Fiscal year 2025Operating cash flow297.4Capital expenditure−81.7Free cash flow215.7 +16.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 53.6 62.7 86.5 77.8 165.3 147.2 114.3 145.2 220.8 297.4
Capital expenditure −32.8 −38.6 −63.3 −78.2 −46.0 −27.9 −45.0 −34.3 −35.1 −81.7
Free cash flow 20.8 24.1 23.2 −0.4 119.3 119.3 69.3 110.9 185.7 215.7
Growth +16.1% −3.7% −101.6% +0.0% −41.9% +60.1% +67.5% +16.2%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash19.2Total debt324.4Net cash (debt)−305.2Shareholders’ equity498.2Debt to equity0.65Fiscal year 2017Cash32.3Total debt278.5Net cash (debt)−246.1Shareholders’ equity676.3Debt to equity0.41Fiscal year 2018Cash67.4Total debt395.2Net cash (debt)−327.8Shareholders’ equity932.8Debt to equity0.42Fiscal year 2019Cash44.3Total debt439.5Net cash (debt)−395.2Shareholders’ equity949.9Debt to equity0.46Fiscal year 2020Cash56.9Total debt351.2Net cash (debt)−294.3Shareholders’ equity958.6Debt to equity0.37Fiscal year 2021Cash67.8Total debt242.8Net cash (debt)−175.1Shareholders’ equity1,039.8Debt to equity0.23Fiscal year 2022Cash58.4Total debt198.0Net cash (debt)−139.6Shareholders’ equity1,144.4Debt to equity0.17Fiscal year 2023Cash587.0Total debt823.0Net cash (debt)−236.0Shareholders’ equity1,202.0Debt to equity0.68Fiscal year 2024Cash376.7Total debt729.6Net cash (debt)−352.8Shareholders’ equity1,379.4Debt to equity0.53Fiscal year 2025Cash446.4Total debt734.0Net cash (debt)−287.6Shareholders’ equity1,584.3Debt to equity0.46
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 19.2 32.3 67.4 44.3 56.9 67.8 58.4 587.0 376.7 446.4
Total debt 324.4 278.5 395.2 439.5 351.2 242.8 198.0 823.0 729.6 734.0
Net cash (debt) −305.2 −246.1 −327.8 −395.2 −294.3 −175.1 −139.6 −236.0 −352.8 −287.6
Shareholders’ equity 498.2 676.3 932.8 949.9 958.6 1,039.8 1,144.4 1,202.0 1,379.4 1,584.3
Debt to equity 0.65 0.41 0.42 0.46 0.37 0.23 0.17 0.68 0.53 0.46

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
43.9% 44.8% 44.7% 43.5% 41.6% 45.2% 45.1% 46.4% 47.4% 48.7%
5.8% 4.5% 6.6% 1.6% −0.2% 5.7% 7.6% 9.9% 11.5% 12.2%
4.2% 4.9% 5.6% 0.2% −1.4% 5.0% 7.2% 8.9% 11.1% 11.3%
3.3% 3.8% 4.8% 0.5% −1.0% 4.5% 6.5% 7.5% 8.9% 8.5%
3.4% 3.3% 2.6% −0.0% 12.4% 11.1% 6.0% 8.8% 13.7% 14.2%
Spending
7.5% 7.1% 6.7% n/a n/a n/a n/a n/a n/a n/a
30.5% 31.5% 31.3% 32.9% 30.9% 31.2% 29.8% 29.7% 29.5% 30.0%
5.4% 5.3% 7.2% 7.9% 4.8% 2.6% 3.9% 2.7% 2.6% 5.4%
20.7% 23.3% 15.1% −148.6% n/a 10.1% 9.8% 15.8% 19.8% 24.8%
Returns
4.0% 4.1% 4.5% 0.6% −1.0% 4.7% 6.5% 7.9% 8.7% 8.1%
2.1% 2.5% 2.6% 0.3% −0.6% 2.9% 4.5% 4.1% 5.0% 4.8%
Balance and payout
0.65 0.41 0.42 0.46 0.37 0.23 0.17 0.68 0.53 0.46
47.2% 39.2% 42.4% 45.9% 42.4% 36.9% 31.2% 48.3% 43.0% 41.0%