At a glance
Merit Medical Systems Inc is worth $5.52B, about 43 times its fiscal 2025 earnings. Revenue grew 11.8% to $1.52B in fiscal 2025, with 8.5% kept as profit; over 5 years it has grown 9.5% a year. It pays no dividend. The stock returned +11.4% over the past year with dividends reinvested and +6.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.8% in the 2020 crash (S&P 500: 33.7%) and 26.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 4 months after the lows.
The business in plain English
Merit Medical Systems, based in South Jordan, Utah, makes medical devices for interventional, diagnostic and therapeutic procedures. In an interventional procedure, a doctor treats a problem through a small puncture, often into a blood vessel, instead of through open surgery. Its main fields are cardiology, radiology, cancer care, critical care and endoscopy, which means procedures that use a scope inside the body. Merit was founded in 1987. Its first product was a syringe for injecting contrast dye during an angiogram, an X-ray test of the heart's arteries.
Merit reports two segments: cardiovascular and endoscopy. Cardiovascular has four parts. Peripheral intervention treats vessels and organs outside the heart. The others are cardiac intervention, custom kits and procedure packs, and products made for other device makers. Examples include Prelude introducer sheaths and guide wires for getting into blood vessels, and the Wrapsody device and HeRO graft for dialysis patients. There are also Embosphere microspheres, which are tiny beads that slow or block blood flow, and the SCOUT radar system, which helps surgeons find breast tumors.
Merit sells through its own direct sales force and through distributors. It also builds some kits to suit individual facilities. Revenue was about $1.52 billion in fiscal 2025 (the year ended December 31, 2025), up 11.8% from fiscal 2024. The US brought in 60% of sales and other countries 40%.
Price history
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MMSI +11.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| US | $909.5M | 60% |
| Non Us | $606.4M | 40% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $416.2M, up 8.4% from a year earlier, and net income was $42.3M (+52.4%).
- For fiscal 2025, revenue was $1.52B (+11.8% year over year; +9.5% a year from FY2020 to FY2025) with a 8.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.5% good |
|---|---|
| Operating margin | 12.2% watch |
| Free cash flow margin | 14.2% good |
| Return on equity (FY2025) | 8.1% watch |
| Return on assets (FY2025) | 4.8% watch |
| Net cash (cash minus debt) | $-233.9M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $963.9M | $-9.8M | $119.3M |
| FY2021 | $1.07B | $48.5M | $119.3M |
| FY2022 | $1.15B | $74.5M | $69.3M |
| FY2023 | $1.26B | $94.4M | $110.9M |
| FY2024 | $1.36B | $120.4M | $185.7M |
| FY2025 | $1.52B | $128.5M | $215.7M |
Valuation snapshot
| Market value | $5.52B |
|---|---|
| P/E ratio | 43.3 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Merit Medical Systems’s market value went from $1.18B at the end of 2016 to $5.52B on Oct 28, 2026, about 4.7 times as much; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.52B | +5.7% |
| 2025 | $5.23B | -7.3% |
| 2024 | $5.64B | +28.5% |
| 2023 | $4.39B | +9.1% |
| 2022 | $4.02B | +14.3% |
| 2021 | $3.52B | +14.1% |
| 2020 | $3.08B | +78.9% |
| 2019 | $1.72B | -43.7% |
| 2018 | $3.06B | +41.1% |
| 2017 | $2.17B | +83.5% |
| 2016 | $1.18B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MMSI price data to Oct 28, 2026 | +4.6% | +11.4% | +10.1% | +6.4% | +15.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.6% |
| 2025 | -8.9% |
| 2024 | +27.3% |
| 2023 | +7.6% |
| 2022 | +13.3% |
| 2021 | +12.2% |
| 2020 | +77.8% |
| 2019 | -44.1% |
| 2018 | +29.2% |
| 2017 | +63.0% |
| 2016 | +42.5% |
| 2015 | +7.3% |
| 2014 | +10.1% |
| 2013 | +13.2% |
| 2012 | +3.9% |
| 2011 | +5.7% |
| 2010 | -17.7% |
| 2009 | +7.3% |
| 2008 | +29.0% |
| 2007 | -12.3% |
| 2006 | +30.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 28.7% over that stretch · deepest drop along the way 54.3%, back to its old high 25.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 31.8% over that stretch · deepest drop along the way 36.8%, back to its old high 1.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12% over that stretch · deepest drop along the way 26.7%, back to its old high 4.3 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 5 open-market purchases ($573K) and 3 sales ($2.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 4, 2026 | Neil W. Peterson CHIEF OPERATING OFFICER | sell | $1.8M |
| Aug 24, 2026 | Neil W. Peterson CHIEF OPERATING OFFICER | sell | $678K |
| May 7, 2026 | Lynne N. Ward Director | sell | $313K |
| May 5, 2026 | Michel J. Voigt CHIEF HUMAN RESOURCES OFFICER | buy | $136K |
| May 7, 2026 | Brian G. Lloyd CHIEF LEGAL OFFICER, SECRETARY | buy | $125K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.1% | Sep 30, 2025 |
| Vanguard Portfolio Management | 6.01% | Mar 31, 2026 |
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
ETFs with the most weight in MMSI
| PSCH Invesco S&P SmallCap Health Care ETF | 3.93% |
| RSMC Rockefeller U.S. Small-Mid Cap ETF | 3.85% |
| PTH Invesco Dorsey Wright Healthcare Momentum ETF | 3.12% |
| SAWS AAM Sawgrass US Small Cap Quality Growth ETF | 2.16% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 1.52% |
| XSMO Invesco S&P SmallCap Momentum ETF | 1.52% |
| SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF | 1.15% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 1.09% |
What could go wrong
- Depends on a few sterilizers and suppliers. Merit relies on a small number of outside firms to sterilize its products. A limited group of suppliers provides the oil-based resins it uses. Losing one could delay or stop production of some products.
- Acquisitions may not pay off. Merit has grown partly by acquiring other businesses. Deals are costly to evaluate and close, and merging a new business in can fail. If acquired products underperform, Merit may get rid of them, which could hurt results.
- Debt is larger than cash. As of June 30, 2026, Merit had about $736 million of debt and $449 million of cash and investments. Its loan terms limit how it can operate and could tighten its access to cash.
- Hospital buying groups push prices down. Group purchasing organizations negotiate prices for many hospitals at once and demand price cuts. As healthcare consolidates and governments control costs, Merit's revenue could shrink and rising costs could be harder to pass on.
- Tariffs and higher costs could squeeze profits. Labor, material, energy and packaging costs rose sharply in 2025. New US tariffs cover many countries that supply Merit's raw materials. Competition may keep it from raising prices enough to make up the difference.
- Regulatory approvals are costly and slow. Products need clearance from the US Food and Drug Administration and from regulators abroad. Merit has faced costly delays getting foreign approvals. Failed clinical trials could block or limit sales of new products.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Merit Medical pays no dividend. It also repurchased no shares from fiscal 2021 through fiscal 2025. Instead, its share count grew about 6.1%, from 56.3 million in August 2021 to 59.7 million in July 2026, which slightly shrinks each holder's slice of the company. Merit produced $215.7 million of free cash flow in fiscal 2025. Free cash flow is the cash left after running the business and paying for equipment. None of it went back to shareholders. Holding the stock pays an income investor no cash, and returns come only from changes in the share price.
The stock has fallen hard in past downturns. In the 2008 financial crisis, it dropped 54.3% between August 2008 and March 2009 and did not get back to its peak until April 2011. It fell 36.8% in the 2020 COVID crash but recovered by late April 2020. It lost 26.7% in the 2022 bear market and recovered that November. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Merit Medical make money?
Merit Medical makes money by designing, manufacturing and selling devices for minimally invasive procedures in cardiology, radiology, cancer care, critical care and endoscopy. Products include Prelude introducer sheaths and guide wires for getting into blood vessels, the Wrapsody device and HeRO graft for dialysis patients, and the SCOUT system for finding breast tumors. It sells through a direct sales force and through distributors. Revenue was about $1.52 billion in fiscal 2025, with 60% from the US and 40% from other countries.
Does Merit Medical pay a dividend?
No. Merit Medical does not pay a dividend, and it paid none from fiscal 2021 through fiscal 2025. It also made no share repurchases (buybacks) in that period. Its share count rose about 6.1% between August 2021 and July 2026. Returns from owning the stock come only from changes in the share price, so it provides no regular income for retirees who need cash flow.
Is Merit Medical profitable?
Yes. In fiscal 2025 (ended December 31, 2025), Merit earned $128.5 million of net income on $1.52 billion of revenue. That is about 8.5 cents of profit for each dollar of sales, or $2.13 per share. In fiscal 2020 it lost $0.18 per share. Revenue grew 9.5% a year on average over those five years. As of October 28, 2026, the shares traded at 43.3 times fiscal 2025 earnings. That means investors were paying about $43 for each $1 of annual profit.
How has MMSI stock performed over the long term?
It has gained over the long run, with big swings along the way. As of October 28, 2026, the share price had risen an average of 15.4% a year over 10 years, or 319% in total. Over five years it rose 6.4% a year, and over one year 11.4%. Single calendar years vary widely: a 77.8% gain in 2020, a 44.1% loss in 2019 and an 8.9% loss in 2025. Its deepest drop from a peak was 68.7%.
How much debt does Merit Medical have?
Merit has more debt than cash. As of June 30, 2026, it had about $736 million of total debt and $449 million of cash and investments, so its debt exceeded its cash by about $288 million. Shareholders' equity was $1.68 billion. Part of the borrowing is convertible notes, which are bonds that can be exchanged for shares. The company's 10-K (annual report) warns that its loan terms restrict how it operates and that it may not be able to service all of its debt.