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Nasdaq · Healthcare

MERIT MEDICAL SYSTEMS INC (MMSI)

As-reported financials and SEC filings for MERIT MEDICAL SYSTEMS INC. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About MERIT MEDICAL SYSTEMS INC

Merit Medical Systems Inc designs, manufactures, and markets medical devices used in diagnostic and interventional procedures. Its main products include cardiovascular, endoscopy, and custom procedural solutions. The company serves hospitals, clinics, and healthcare providers.

Snapshot

Revenue
$1.52B
Revenue growth (YoY)
11.8%
Net income
$128.5M
Diluted EPS
$2.13
Gross margin
48.7%
Operating margin
12.2%
Net margin
8.5%
FCF margin
14.2%
ROE
8.1%
net income / fiscal-year-end equity
P/E
37.2×
trailing when available, otherwise FY EPS
Market cap
$5.40B
Long-term debt / equity
0.46×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Merit Medical Systems

  • Revenue grew 11.8% to $1.5B in FY2025, faster than the 7.9% the year before.
  • Operating margin is 12.2% in FY2025, +6.5 pp against 5.7% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $419M, up 9.5% from Q2 FY2025.
  • Free cash flow was $216M in FY2025, 14.2% of revenue.
  • Net income rose 6.8% to $128M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Merit Medical Systems’s fundamentals sit among the 88 medical device companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin48.7%
26th percentile of 77
Operating margin12.2%
77th percentile of 80
Net margin8.5%
74th percentile of 81
FCF margin14.2%
81st percentile of 74
Revenue growth (YoY)+11.8%
44th percentile of 87
ROE8.1%
68th percentile of 79
P/E37.2×
71st percentile of 32
Long-term debt / equity0.46×
47th percentile of 54
Short interest2.77d
39th percentile of 88

No reported insider purchases (code P) in the last 90 days; 2 insider sales totaling $2.5M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+6 quant / multi-strat
Initiated / added
5
0 new, 5 added
Reduced / exited
5
3 trimmed, 2 exited
Combined position
$231.7M
reported long value
InvestorAs ofPosition valueSharesChange
Maverick CapitalQ2 2026$67.9M978.6KAdded
Citadel AdvisorsquantQ2 2026$63.1M909.9KReduced
AQR Capital ManagementquantQ2 2026$32.2M464.2KAdded
Two Sigma InvestmentsquantQ2 2026$30.1M434.7KAdded
Point72 Asset ManagementquantQ2 2026$14.1M203.7KReduced
D. E. ShawquantQ2 2026$13.2M189.7KAdded
Renaissance TechnologiesquantQ2 2026$8.7M125.4KReduced
Bridgewater AssociatesQ2 2026$2.4M35.3KAdded

No longer held by: Gotham Asset Management (as of Q2 2026), Millennium Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
2
$2.5M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-24
filed 2026-08-25
Peterson Neil W.CHIEF OPERATING OFFICERSell7.5K$90.45$678K
2026-08-04
filed 2026-08-05
Peterson Neil W.CHIEF OPERATING OFFICERSell21.4K$85.00$1.8M
2026-05-11
filed 2026-05-13
Smith Christian AdamChief Commercial OfficerBuy1.6K$61.00$99K
2026-05-07
filed 2026-05-11
Ward Lynne N.DirectorSell5.0K$62.61$313K
2026-05-07
filed 2026-05-11
Lloyd Brian G.CHIEF LEGAL OFFICER, SECRETARYBuy2.0K$62.63$125K
2026-05-06
filed 2026-05-07
Aronson Martha GoldbergPresident and CEOBuy2.0K$60.44$121K
2026-05-06
filed 2026-05-07
Parra Raul Jr.CFO AND TREASURERBuy1.5K$61.01$92K
2026-05-05
filed 2026-05-07
Voigt Michel J.CHIEF HUMAN RESOURCES OFFICERBuy2.3K$60.65$136K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
3.5M
settled 2026-08-14
Change vs prior
-7.6%
vs previous settlement
Days to cover
2.77
at avg daily volume
Avg daily volume
1.2M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-143.5M-7.6%2.77
2026-07-313.7M+8.7%3.74
2026-07-153.4M+1.4%5.24
2026-06-303.4M+13.4%3.42
2026-06-153.0M+1.5%4.00
2026-05-292.9M+2.4%4.43
2026-05-152.9M-11.3%2.61
2026-04-303.2M+9.9%5.14

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$1.52B$1.36B$1.26B$1.15B$1.07B
Gross profit$738.3M$643.3M$583.9M$519.1M$485.3M
Operating income$184.7M$155.7M$123.9M$87.6M$60.9M
Net income$128.5M$120.4M$94.4M$74.5M$48.5M
Diluted EPS$2.13$2.03$1.62$1.29$0.84

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$297.4M$220.8M$145.2M$114.3M$147.2M
Capital expenditure$81.7M$35.1M$34.3M$45.0M$27.9M
Free cash flow$215.7M$185.7M$110.9M$69.3M$119.3M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$418.8M9.5%$38.8M$0.65
Q1 FY2026$381.9M7.5%$41.0M$0.68
Q4 FY2025$393.9M10.9%$38.0M$0.63
Q3 FY2025$384.2M13.0%$27.8M$0.46
Q2 FY2025$382.5M13.2%$32.6M$0.54
Q1 FY2025$355.4M9.8%$30.1M$0.49
Q4 FY2024$355.2M9.4%$27.9M$0.46
Q3 FY2024$339.8M7.8%$28.4M$0.48

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorHealthcare
SIC industrySurgical & Medical Instruments & Apparatus
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2011
SEC CIK856982

Selected SEC filings

10-Q2026-07-30
View on EDGAR →
10-Q2026-04-30
View on EDGAR →
8-K2026-08-20
View on EDGAR →
8-K2026-07-30
View on EDGAR →
8-K2026-05-19
View on EDGAR →
8-K2026-04-30
View on EDGAR →

Largest medical device peers

All medical device stocksAll Healthcare companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.