MMSI
Merit Medical Systems, Inc.
MMSI's fundamentals are strong and it looks cheap: trading at 32x earnings, below its usual 49x. Analysts expect earnings growth.
MMSI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Strong |
MMSI's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
MMSI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 19x | $86.69 | — |
| Current | 32x | $86.69 | — |
| Cheap | 42x | $112 | +29% |
| Fair | 49x | $132 | +52% |
| Expensive | 84x | $223 | +157% |
Historical ranges are pointers, not guarantees.
MMSI's PE is in its cheap range at 32x. If earnings grow as analysts expect, today's price would be 19x next year's earnings.
MMSI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for MMSI, with profitability improving.
MMSI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.49 | +68% |
| Q3 2026 | $2.67 | +37% |
| Q2 2026 | $2.43 | +23% |
| Q1 2026 | $2.32 | +14% |
| Q4 2025 | $2.13 | +4.9% |
| Q3 2025 | $1.95 | -4.4% |
| Q2 2025 | $1.97 | -1.5% |
| Q1 2025 | $2.04 | +17% |
| Q4 2024 | $2.03 | +25% |
MMSI earned $2.67 per share over the past year, up 37% from the year before.
MMSI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $416.2M | +8.4% |
| Q2 2026 | $418.8M | +9.5% |
| Q1 2026 | $381.9M | +7.5% |
| Q4 2025 | $393.9M | +11% |
| Q3 2025 | $384.2M | +13% |
| Q2 2025 | $382.5M | +13% |
| Q1 2025 | $355.4M | +9.8% |
| Q4 2024 | $355.2M | +9.4% |
MMSI's revenue has grown year over year every quarter since late 2020: $416M last quarter, up 8.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | +3 points |
| Q2 2026 | 14% | +2.2 points |
| Q1 2026 | 12% | 0 points |
| Q4 2025 | 14% | +3.5 points |
| Q3 2025 | 11% | +0.1 points |
| Q2 2025 | 12% | -1.3 points |
| Q1 2025 | 12% | +0.5 points |
| Q4 2024 | 10% | -0.1 points |
MMSI's operating margin was 14% last quarter, up 3 points from the same quarter a year ago, near the top of its range since 2019.
MMSI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $52.9M | +0.7% |
| Q2 2026 | $51.9M | -25% |
| Q1 2026 | $24.7M | +26% |
| Q4 2025 | $74M | +13% |
| Q3 2025 | $52.5M | +38% |
| Q2 2025 | $69.6M | +20% |
| Q1 2025 | $19.5M | -20% |
| Q4 2024 | $65.3M | +18% |
MMSI's free cash flow has been positive every quarter for seven years: $204M over the past year, down 1.6% from the year before.
MMSI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +373K shares |
| 1 year | +0.8% | +460K shares |
| 3 years | +3.4% | +2M shares |
| 5 years | +4.9% | +2.8M shares |
| Available history | +7.4% | +4.1M shares |
MMSI has 60M diluted shares, up 0.8% from a year ago.
MMSI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.7x | Very low |
| Q2 2026 | 0.9x | Very low |
| Q1 2026 | 0.8x | Very low |
| Q4 2025 | 0.9x | Very low |
| Q3 2025 | 1.2x | Healthy |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.2x | Healthy |
| Q4 2024 | 1.4x | Healthy |
MMSI's net debt is less than a year of its operating earnings (EBITDA), down from 1.2 years a year ago.
MMSI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.9 | Neutral |
| Stochastic | 40.0 | Neutral |
MMSI's weekly RSI is 56 (neutral) and its Stochastic is 40 (neutral).
MMSI PE vs Healthcare Sector
| Metric | MMSI | Sector median | Relative |
|---|---|---|---|
| PE | 32x | 26x | 26% above |
| PE % | 6 | 29 | 23 pts below |
MMSI is trading at 32x earnings, a 26% premium to the Healthcare sector's median of 26x.
MMSI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $87.8 | 1.3% below |
| 20 week MA | $85.2 | 1.8% above |
| 50 week MA | $78.5 | 10% above |
| 100 week MA | $85.8 | 1.1% above |
| 200 week MA | $82.9 | 4.5% above |
MMSI's trend is up, with a small recent dip: it's below only its 8-week average, and 4.5% above its 200-week average.
MMSI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $31.3 | $54.5 | +74% |
| 2021 | $54.5 | $63.7 | +17% |
| 2022 | $63.7 | $70.9 | +11% |
| 2023 | $70.9 | $76.0 | +7.2% |
| 2024 | $76.0 | $97.3 | +28% |
| 2025 | $97.3 | $87.4 | -10% |
| 2026 YTD | $87.4 | $86.7 | -0.8% |
MMSI has finished higher in five of the last six years. It's down 0.8% so far in 2026.