Is Merit Medical Systems (MMSI) overvalued or fairly valued?

MarketChacha shows Merit Medical Systems's valuation in context — a trailing P/E of about 39.1, a forward P/E of about 19.8, a price-to-book of about 3.2 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Merit Medical Systems's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.93×) from reported figures — education, not a rating.

What is Merit Medical Systems's revenue?

Merit Medical Systems reported revenue of $1.5B for FY2025, with net profit of $128.5M, per official filings.

What is the share price of Merit Medical Systems (MMSI)?

Merit Medical Systems last traded at $91.18 (+1.4% on the day), as of 10/20/2026 — a delayed quote shown for education, not investment advice.

Merit Medical Systems

MMSI · NYSE · Healthcare · United States

Snapshot

TickerMMSI

ExchangeNYSE

SectorHealthcare

IndustryMedical Instruments & Supplies

CountryUnited States

Employees7,500

HeadquartersSouth Jordan, United States

Websitewww.merit.com

Filings tracked19

About Merit Medical Systems

Merit Medical Systems, Inc. designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States, China, Japan, Germany, France, the United Kingdom, and internationally. It operates through two segments, Cardiovascular and Endoscopy. The company offers micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention products comprising angiography, drainage, delivery systems, and embolotherapy products; oncology products, such as soft tissue biopsy products and accessories; cardiac intervention products consisting of cardiac access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention products; and spine products, including vertebral augmentation, radiofrequency ablation, and bone biopsy systems. It also provides custom procedural solutions, including critical care products, syringes, manifold kits, and trays and packs; coating services for medical tubes and wires; and sensor components for microelectromechanical systems. In addition, the company offers gastroenterology products, such as esophageal stents, cryoballoon and inflation devices, gauges, and balloon dilators; pulmonary products consisting of laser-cut tracheobronchial stents, and over-the-wire and direct visualization delivery systems; and kits and accessories for endoscopy and bronchoscopy procedures. It sells its products to hospitals, alternate site-based physicians, technicians, and nurses through direct sales force, independent distributors, original equipment manufacturer partners, and custom procedure tray manufacturers. The company exports its products to Canada, Western Europe, Australia, Brazil, Malaysia, South Korea, the United Arab Emirates, India, New Zealand, and South Africa. Merit Medical Systems, Inc. was incorporated in 1987 and is headquartered in South Jordan, Utah.

Who owns it

Insiders2.4%
Institutions97.6%
Public & other0.0%

549 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.15.85%
Vanguard Portfolio Management LLC5.82%
Vanguard Capital Management LLC4.34%
State Street Corporation4.14%
Conestoga Capital Advisors, LLC3.32%
Geode Capital Management, LLC2.72%
Fuller & Thaler Asset Management Inc.2.70%
Dimensional Fund Advisors LP2.44%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Cash conversion1.93×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend7.5% → 8.5%

Margin has held broadly steady over the period — stable profitability.

Growth qualityrev 10% · PAT 17%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $425.0M · EPS 1.14

Est. earnings growth +9.2%

Next fiscal year

Rev $1.7B · EPS 4.61

Est. earnings growth +7.2%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$1.5B

Net margin

8.5%

ROE

8.1%

Revenue CAGR (2y)

+9.8%

Profit CAGR (2y)

+16.7%

EPS (FY2025)

2.13

Net profit (FY2025)

$128.5M

Ask MarketChacha about MMSI

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Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$1.5B	$128.5M	2.13	8.5%	8.1%
FY2024	$1.4B	$120.4M	2.03	8.9%	8.7%
FY2023	$1.3B	$94.4M	1.62	7.5%	7.9%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$418.8M	$38.8M	0.65	9.3%
2026Q1	$381.9M	$41.0M	0.68	10.7%
2025Q3	$384.2M	$27.8M	0.46	7.2%
2025Q2	$382.5M	$32.6M	0.54	8.5%
2025Q1	$355.4M	$30.1M	0.49	8.5%
2024Q3	$339.8M	$28.4M	0.48	8.4%
2024Q2	$338.0M	$35.7M	0.61	10.6%
2024Q1	$323.5M	$28.2M	0.48	8.7%
2023Q3	$315.2M	$25.8M	0.44	8.2%
2023Q2	$320.1M	$20.2M	0.35	6.3%
2023Q1	$297.6M	$20.7M	0.36	7.0%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

8-K — Executive/director change, Reg FD disclosure, Exhibits
SEC8/20/2026material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC7/30/2026material
10-Q filing
SEC7/30/2026
8-K — Executive/director change, Bylaw/charter change, Shareholder vote results, Reg FD disclosure, Exhibits
SEC5/19/2026material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC4/30/2026material
10-Q filing
SEC4/30/2026
8-K — Reg FD disclosure, Exhibits
SEC4/13/2026material
8-K — Reg FD disclosure, Exhibits
SEC4/1/2026material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC2/24/2026material
10-K filing
SEC2/24/2026
8-K — Results of operations, Executive/director change, Reg FD disclosure, Exhibits
SEC1/8/2026material

2025

8-K — Reg FD disclosure, Exhibits
SEC11/13/2025material
8-K — Reg FD disclosure, Exhibits
SEC11/3/2025material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC10/30/2025material
10-Q filing
SEC10/30/2025
8-K — Reg FD disclosure, Exhibits
SEC10/17/2025material
8-K — Executive/director change
SEC10/10/2025material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC7/30/2025material
10-Q filing
SEC7/30/2025

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.