Merit Medical Systems MMSI
United StatesHealthcare · Medical Instruments & SuppliesUSD
101.45 USD (+19.2%)
11 analysts
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Merit Medical Systems designs, manufactures, and markets disposable medical devices used in interventional cardiology, radiology, and endoscopy procedures, sold primarily to hospitals and healthcare facilities.
Key points
from its scores- ✓Favourable backdrop8.4
- ✓Very solid balance sheet7.2
- ✓Strong growth7.1
- ✕Little or no dividend1.5
- ✕Demanding valuation4.6
AI analysis
bottom line, main risk, context and newsCompany with good growth and solid balance sheet, but demanding valuation that already discounts the positive outlook.
Merit Medical shows solid growth (revenue +9.5%, earnings +20.4%) with a healthy balance sheet (ND/EBITDA 1.10, liquidity 4.20), although its demanding valuation (P/E 35.02) and moderate return on capital (ROE 9.19) limit attractiveness at these levels.
The demanding valuation (P/E 35.02) leaves little room for error if double-digit growth slows or if regulatory pricing pressure on medical devices in the U.S. intensifies.
Context and risks
Merit Medical has no material exposure to current macro factors: its medical devices business does not depend significantly on commodities, shipping routes, or interest rates (ND/EBITDA of 1.10). The moderate regulatory risk of the medical device sector in the U.S. is already reflected in the governance score.
Is Merit Medical Systems stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 21% above the Healthcare median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 35.0 | 26.7 | +31% |
| EV / EBITDA | 16.1 | 14.5 | +11% |
| Price / book | 3.0 | 4.1 | −26% |
| Price / sales | 3.2 | 3.4 | −6% |
Sector: median of the 217 Healthcare companies analysed. In bold, the multiples used for the comparison.
Valuation score: 4.6 out of 10 (median for Healthcare: 4.7).
Average analyst target: 101.45 USD, +19.2% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 5.5 (sector 5.5), Growth 7.1 (sector 6.6).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Healthcare medianValuation
- P/E
- 35.0
- Forward P/E
- 18.5
- EV / EBITDA
- 16.1
- Price / book
- 3.0
- Price / sales
- 3.2
- PEG
- 1.54
- Market cap
- 5.1B USD
- Enterprise value
- 5.5B USD
Profitability
- ROE
- 9.2%
- ROA
- 4.9%
- ROIC (approx.)
- 9.1%
- Gross margin
- 49.5%
- Operating margin
- 14.5%
- Net margin
- 9.2%
- Free cash flow
- 173.9M USD
- FCF yield
- 3.4%
- Cash conversion
- 51%
Solvency
- Total debt
- 820.1M USD
- Net debt
- 371.4M USD
- Cash
- 448.7M USD
- EBITDA
- 338.9M USD
- Net debt / EBITDA
- 1.10
- Debt / equity
- 48.82
- Current ratio
- 4.20
- Quick ratio
- 2.64
Growth
- Revenue growth
- +9.5%
- Earnings growth
- +20.4%
- EPS (TTM)
- 2.43 USD
- EPS (forward)
- 4.61 USD
Dividend
- Dividend yield
- 0.0%
- Payout
- 0.0%
Risk and market
- Beta
- 0.51
- Analyst consensus
- Buy (11)
- Target price
- 101.45 USD
- 52-week range
- 59.74 – 94.75
Recent news
All MMSI news →Compare it with its sector
All 217 in Healthcare →Frequently asked questions about Merit Medical Systems
Is Merit Medical Systems stock cheap or expensive?
On P/E and EV / EBITDA, it trades 21% above the Healthcare median on average. Valuation score: 4.6 out of 10 (median for Healthcare: 4.7). Average analyst target: 101.45 USD, +19.2% versus the price. This is not investment advice.
What score does Merit Medical Systems get on MeridIAn Screener?
It scores 5.9 out of 10, rank 1,088 of 2,130 (better than 47% of the companies analysed). Its strongest category is Risk & Context (8.4) and its weakest, Dividend (1.5). Analysis of 08/10/2026.
What is Merit Medical Systems's P/E ratio?
Its P/E is 35.0: the share price equals 35.0 times earnings per share over the last 12 months. The Healthcare median is 26.7. Based on the earnings analysts expect, the forward P/E is 18.5.
How much is Merit Medical Systems worth on the stock market?
Its market capitalisation is 5.1B USD and its enterprise value, debt included, is 5.5B USD.
How much debt does Merit Medical Systems have?
Its net debt (debt minus cash) is 371.4M USD. That is 1.10 times its EBITDA; the Healthcare median is 1.53.
Does Merit Medical Systems pay a dividend?
It pays no dividend, or almost none.
How has Merit Medical Systems stock performed over the last year?
It has risen 7.7% over the last year, excluding dividends. Over the last 52 weeks it has traded between 59.74 and 94.75 USD. Past performance does not guarantee future results.
What do analysts think of Merit Medical Systems?
11 analysts cover it; their average recommendation is “Buy” and their average target is 101.45 USD (+19.2% versus the price). It is an estimate, not market data.