Merit Medical Systems, Inc. (MMSI) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Medical - Instruments & Supplies
EV/EBITDA
↓
12.93
↓-41% vs avg
5yr avg: 22.05
30Y Low7.6·High33.0
P/FCF
↓
17.05
↓-54% vs avg
5yr avg: 37.15
30Y Low14.1·High149.0
P/B Ratio
↓
2.35
↓-35% vs avg
5yr avg: 3.64
30Y Low1.3·High6.8
ROE
↑
8.7%
↓+15% vs avg
5yr avg: 7.5%
30Y Low-1%·High23%
Debt/EBITDA
↑
2.82
+5% vs avg
5yr avg: 2.67
30Y Low0.0·High4.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MMSI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Merit Medical Systems, Inc. trades at 28.9x earnings, 45% below its 5-year average of 53.0x, sitting at the 36th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.1x, the stock trades at a premium of 31%. On a free-cash-flow basis, the stock trades at 17.0x P/FCF, 54% below the 5-year average of 37.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.7B | $5.3B | $5.7B | $4.4B | $4.1B | $3.6B | $3.1B | $1.8B | $3.0B | $2.2B | $1.2B |
| Enterprise Value | $4.1B | $5.8B | $6.2B | $4.7B | $4.3B | $3.8B | $3.5B | $2.2B | $3.3B | $2.4B | $1.5B |
| P/E Ratio → | 28.93 | 41.38 | 47.65 | 46.89 | 54.74 | 74.17 | — | 322.19 | 71.55 | 78.55 | 58.89 |
| P/S Ratio | 2.43 | 3.52 | 4.23 | 3.53 | 3.54 | 3.32 | 3.19 | 1.76 | 3.41 | 2.97 | 1.97 |
| P/B Ratio | 2.35 | 3.36 | 4.16 | 3.69 | 3.56 | 3.44 | 3.21 | 1.85 | 3.23 | 3.20 | 2.39 |
| P/FCF | 17.05 | 24.71 | 31.42 | 40.87 | 58.80 | 29.96 | 26.53 | — | 149.03 | 100.54 | 64.11 |
| P/OCF | 12.36 | 17.92 | 26.00 | 30.54 | 35.63 | 24.27 | 18.62 | 22.56 | 34.78 | 34.50 | 22.18 |
P/E links to full P/E history page with 30-year chart
MMSI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Merit Medical Systems, Inc.'s enterprise value stands at 12.9x EBITDA, 41% below its 5-year average of 22.1x. The Healthcare sector median is 14.1x, placing the stock at a 9% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.81 | 4.54 | 3.77 | 3.73 | 3.56 | 3.60 | 2.26 | 3.78 | 3.31 | 2.47 |
| EV / EBITDA | 12.93 | 18.11 | 22.78 | 21.03 | 23.89 | 24.45 | 32.95 | 18.75 | 26.04 | 27.82 | 19.00 |
| EV / EBIT | 22.38 | 31.34 | 38.68 | 37.12 | 48.27 | 64.74 | — | 150.81 | 55.74 | 55.27 | 43.71 |
| EV / FCF | — | 26.80 | 33.70 | 43.68 | 62.00 | 32.12 | 29.90 | — | 165.26 | 111.98 | 80.56 |
MMSI Profitability
Margins and return-on-capital ratios measuring operating efficiency
Merit Medical Systems, Inc. earns an operating margin of 12.2%. Operating margins have expanded from 9.9% to 12.2% over the past 3 years, signaling improving operational efficiency. ROE of 8.7% is modest. ROIC of 7.2% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.7% | 48.7% | 47.4% | 46.4% | 45.1% | 45.2% | 41.6% | 43.5% | 44.7% | 44.8% | 43.9% |
| Operating Margin | 12.2% | 12.2% | 11.5% | 9.9% | 7.6% | 5.7% | -0.2% | 1.6% | 6.6% | 4.5% | 5.8% |
| Net Profit Margin | 8.5% | 8.5% | 8.9% | 7.5% | 6.5% | 4.5% | -1.0% | 0.5% | 4.8% | 3.8% | 3.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.7% | 8.7% | 9.3% | 8.0% | 6.8% | 4.8% | -1.0% | 0.6% | 5.2% | 4.7% | 4.2% |
| ROA | 5.0% | 5.0% | 5.1% | 4.7% | 4.5% | 2.9% | -0.6% | 0.3% | 3.1% | 2.7% | 2.3% |
| ROIC | 7.2% | 7.2% | 7.1% | 6.5% | 4.9% | 3.5% | -0.1% | 0.9% | 4.0% | 2.9% | 3.6% |
| ROCE | 7.9% | 7.9% | 7.2% | 7.0% | 6.1% | 4.2% | -0.1% | 1.0% | 4.8% | 3.6% | 4.5% |
MMSI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Merit Medical Systems, Inc. carries a Debt/EBITDA ratio of 2.8x, which is moderately leveraged (13% below the sector average of 3.3x). Net debt stands at $450M ($898M total debt minus $449M cash). Interest coverage of 7.0x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.57 | 0.57 | 0.58 | 0.74 | 0.24 | 0.31 | 0.47 | 0.56 | 0.42 | 0.41 | 0.65 |
| Debt / EBITDA | 2.82 | 2.82 | 2.94 | 3.96 | 1.56 | 2.08 | 4.26 | 4.47 | 3.08 | 3.21 | 4.13 |
| Net Debt / Equity | — | 0.28 | 0.30 | 0.25 | 0.19 | 0.25 | 0.41 | 0.52 | 0.35 | 0.36 | 0.61 |
| Net Debt / EBITDA | 1.41 | 1.41 | 1.55 | 1.35 | 1.23 | 1.65 | 3.72 | 4.10 | 2.56 | 2.84 | 3.88 |
| Debt / FCF | — | 2.09 | 2.29 | 2.81 | 3.20 | 2.16 | 3.37 | — | 16.23 | 11.43 | 16.46 |
| Interest Coverage | 6.97 | 6.97 | 5.10 | 8.23 | 14.04 | 11.25 | -0.32 | 1.17 | 5.78 | 5.64 | 3.89 |
MMSI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Merit Medical Systems, Inc.'s current ratio of 4.34x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 2.95x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 5.45x to 4.34x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.34 | 4.34 | 4.27 | 5.45 | 2.40 | 2.04 | 2.32 | 2.50 | 2.45 | 2.73 | 2.76 |
| Quick Ratio | 2.95 | 2.95 | 2.85 | 3.95 | 1.19 | 1.10 | 1.25 | 1.26 | 1.32 | 1.39 | 1.39 |
| Cash Ratio | 1.87 | 1.87 | 1.74 | 2.89 | 0.26 | 0.29 | 0.31 | 0.24 | 0.38 | 0.28 | 0.22 |
| Asset Turnover | — | 0.56 | 0.56 | 0.54 | 0.69 | 0.65 | 0.58 | 0.57 | 0.54 | 0.65 | 0.64 |
| Inventory Turnover | 2.33 | 2.33 | 2.33 | 2.22 | 2.38 | 2.66 | 2.84 | 2.49 | 2.47 | 2.59 | 2.81 |
| Days Sales Outstanding | — | 53.88 | 56.28 | 54.94 | 56.59 | 58.70 | 59.82 | 61.83 | 62.02 | 58.26 | 52.34 |
MMSI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Merit Medical Systems, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 3.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 2.4% | 2.1% | 2.1% | 1.8% | 1.3% | — | 0.3% | 1.4% | 1.3% | 1.7% |
| FCF Yield | 5.9% | 4.0% | 3.2% | 2.4% | 1.7% | 3.3% | 3.8% | — | 0.7% | 1.0% | 1.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $60M | $59M | $58M | $58M | $57M | $55M | $56M | $54M | $50M | $45M |
Peer Comparison
Compare MMSI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MMSIYou | $4B | 28.9 | 12.9 | 17.0 | 48.7% | 12.2% | 8.7% | 7.2% | 2.8 |
 ITGR | $3B | 29.9 | 13.0 | 28.2 | 23.1% | 11.3% | 6.1% | 5.4% | 4.2 |
 NNOX | $117M | -2.0 | — | — | -94.0% | -502.9% | -27.8% | -27.9% | — |
 ATRC | $1B | -116.7 | 78.4 | 29.4 | 74.4% | -0.6% | -2.4% | -0.6% | 5.2 |
 NVCR | $2B | -13.5 | — | — | 74.5% | -23.5% | -38.9% | -16.4% | — |
 INVA | $2B | 6.8 | 8.0 | 9.8 | 72.3% | 38.5% | 29.1% | 14.2% | 1.3 |
 ANGO | $459M | -13.3 | — | — | 53.9% | -13.7% | -17.5% | -22.9% | — |
 BSX | $83B | 28.9 | 25.1 | 22.8 | 69.0% | 19.8% | 12.4% | 8.8% | 3.3 |
 BDX | $52B | 24.8 | 14.0 | 19.6 | 45.4% | 11.8% | 6.5% | 4.3% | 3.8 |
 MDT | $99B | 21.5 | 14.3 | 19.2 | 65.3% | 17.8% | 9.4% | 6.0% | 3.2 |
 SYK | $112B | 34.8 | 20.2 | 26.1 | 64.0% | 19.5% | 15.1% | 11.4% | 2.4 |
| Healthcare Median | — | 22.1 | 14.1 | 18.7 | 63.9% | -5.3% | -33.7% | -10.8% | 3.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonMMSI — Frequently Asked Questions
Quick answers to the most common questions about buying MMSI stock.
What is Merit Medical Systems, Inc.'s P/E ratio?
Merit Medical Systems, Inc.'s current P/E ratio is 28.9x. The historical average is 39.1x. This places it at the 36th percentile of its historical range.
What is Merit Medical Systems, Inc.'s EV/EBITDA?
Merit Medical Systems, Inc.'s current EV/EBITDA is 12.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
What is Merit Medical Systems, Inc.'s ROE?
Merit Medical Systems, Inc.'s return on equity (ROE) is 8.7%. The historical average is 8.4%.
Is MMSI stock overvalued?
Based on historical data, Merit Medical Systems, Inc. is trading at a P/E of 28.9x. This is at the 36th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Merit Medical Systems, Inc.'s profit margins?
Merit Medical Systems, Inc. has 48.7% gross margin and 12.2% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Merit Medical Systems, Inc. have?
Merit Medical Systems, Inc.'s Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.