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MARKETS / NASDAQ / Health care / Medical devices and instruments / MMSI
NASDAQ · SURGICAL & MEDICAL INSTRUMENTS & APPARATUS · LARGE CAP

Merit Medical Systems Inc. MMSI

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.5B
▲ 11.8% YoY
$128.5M
▲ 6.8% YoY
$215.7M
▲ 16.2% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Merit Medical Systems, Inc. manufactures and markets proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. It maintains packaging and manufacturing facilities in Texas, Florida, Virginia, Utah, Minnesota, Mexico, Brazil, Ireland, France, The Netherlands, and Singapore. As of December 31, 2025, it had approximately 7,500 employees located in approximately 43 countries. Sales of its products in the U.S. accounted for 60%, 59% and 58% of net sales for the years ended December 31, 2025, 2024 and 2023, respectively. It conducts its business through two operating segments: cardiovascular and endoscopy. Merit Medical Systems, Inc. was founded in 1987 by Fred P. Lampropoulos, Kent W. Stanger, Darla Gill and William Padilla.

Written from the business description in Merit Medical Systems, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 24 February 2026. Every sentence was checked against that document before publication.

Growth

USD 1.5B
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.5 · Net income 0.1
1B2B
2009201220152018202120242025
Compound annual growth
+9.6%
+9.5%
+10.8%
+11.5%
+19.9%
+18.4%
+18.2%
+14.9%
+12.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +9.5% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

8 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 12.2% · Net 8.5%
5%10%
200920172025
ROE
FY2025 · ROE 8.7%
5%10%
200920172025
Three returns, three denominators.
Gross margin48.7%
Operating margin12.2%
Net margin8.5%
EBITDAUSD 307.9M

Each USD of equity produced 9 cents of profit this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 215.7
100M200M-10M-20M
200920172025
Net buybacks $M Dividends $M
FY2011 · Dividends · · Net buybacks -95.5
-40M-80M
200920102011
Dividends paid·
Net buybacks·
Share of profit·
Consecutive raises·

Total assetsUSD 2.7B
EquityUSD 1.6B
CashUSD 446.4M
Gross debtUSD 734.0M
Net debtUSD 287.6M
Current ratio4.34×

Net debt stands at 18% of equity.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
MMSI, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B1.51.41.31.21.11.01.00.90.70.60.50.50.40.40.40.30.3
Operating income $B0.20.20.10.10.1−0.00.00.10.00.00.00.00.00.00.00.00.0
EBITDA $B0.30.30.20.20.10.10.10.10.10.10.10.10.10.10.10.00.0
Income tax $B0.00.00.00.00.0−0.0−0.00.00.00.00.00.00.00.00.00.00.0
Net income $B0.10.10.10.10.0−0.00.00.00.00.00.00.00.00.00.00.00.0
Free cash flow $B0.20.20.10.10.10.1−0.00.00.00.00.00.0−0.0−0.0−0.00.00.0
EPS, diluted $2.132.031.621.290.84−0.180.100.780.550.450.530.530.390.460.580.350.63
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend—————————————————
ROE %8.79.38.06.84.8−1.00.65.24.74.25.35.54.25.37.85.510.3
Shares out B0.060.060.060.060.060.060.060.050.050.040.040.04◌◌◌◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

MCK · COR · CAH · JNJ · HCA · LLY
Provenance

Company facts, as filed

How we verify · 0 failures in 83 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Four checks were skipped: the balance sheet is not tagged before 2009. Two checks were skipped: EPS is not tagged before 2009. Two checks were skipped: revenue is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivitySurgical & Medical Instruments & Apparatus
Listed onNASDAQ
Incorporated inUtah
Fiscal year endsDecember 31
Data on record since2009

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