Merit Medical Systems, Inc. (MMSI) Stock

Merit Medical Systems, Inc. (MMSI) is a Healthcare stock trading at $90.20 (as of 2026-08-20), with a market capitalization of $5.39B and a trailing P/E of 36.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Merit Medical Systems, Inc. designs, develops, manufactures, and markets single-use medical products used in interventional, diagnostic, and therapeutic procedures, with focus areas including cardiology, radiology, oncology, critical care, and endoscopy. It operates through Cardiovascular and Endoscopy segments, supplying products for clinical procedures and related procedural kits to healthcare providers.

Understand Merit Medical Systems, Inc.: how it makes money

Merit Medical Systems makes and sells single-use medical products used during interventional, diagnostic, and therapeutic procedures, mainly in cardiology and related specialties, as well as endoscopy, and it earns revenue when hospitals and clinicians purchase these procedure products.

Because the products are single-use, growth depends on case volume and procedure adoption, meaning that when more facilities prefer and use a given product in the workflow (for example, SCOUT), the company can sell more units each time the procedure is performed.

Business quality (Mixed): The provided data supports a clear adoption-driven product story (SCOUT), but it does not include segment revenue by Cardiovascular versus Endoscopy, limiting visibility into how each reportable segment is performing.

Valuation: At 29× earnings, MMSI trades 10% below the Medical Equipment average (32×). Note: one-time items can distort reported P/E.

Bull case

  • Adoption signals for a specific offering: The company reports Facilities Choosing SCOUT as the Preferred Method (1100) and Patients Treated with SCOUT Radar Localization (750,000), which indicates ongoing utilization and purchasing by clinicians and hospitals for that localization workflow.
  • Broader procedural footprint across two areas: Merit operates in two segments, Cardiovascular and Endoscopy, with products used in interventional and therapeutic procedures spanning cardiology-related specialties and endoscopy.
  • International and acquisition-related contribution: In the latest period shown, revenue includes non-U.S. regions (EMEA and APAC) and a portion attributed to acquisitions from Cook Medical and BioLife, which can expand the product set and customer base.

Bear case

  • Dependence on continued procedure adoption: The companys near-term commercial trajectory can be sensitive to whether facilities keep choosing and using preferred methods (as reflected by SCOUT adoption metrics), and adoption may not convert equally across settings.
  • Inorganic revenue may not be durable: A portion of revenue is attributed to acquisitions and acquired products, which may introduce volatility if acquired product lines face competitive, regulatory, or reimbursement pressures after the integration period.
  • Limited visibility into segment drivers: The provided data does not show revenue split between the official reportable segments (Cardiovascular versus Endoscopy), which makes it harder to pinpoint what is driving changes in results.
Valuation — source: SEC EDGAR (first-party)
Price$90.20
Market Cap$5.39B
P/E Ratio36.3
EV / EBITDA18.0
Price / Book3.21
Price / Sales3.44
FCF Yield5.0%
DCF Value (model)$22.73
DCF Upside vs Price-74.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.52B
Net Margin8.5%
Return on Equity8.7%
Debt / Equity0.44
Current Ratio4.20
Revenue Growth (YoY)11.8%
EPS Growth (YoY)4.8%
FCF Growth (YoY)16.2%
Financial Health — source: SEC EDGAR
Altman Z-Score4.50 (safe)
Piotroski F-Score7/9 (strong)
Valuation vs Sector & Industry
Stock P/E36.3
Sector P/E (Healthcare)21.6
Industry P/E (Medical Equipment)32.9
vs Sector67.9%
vs Industry10.3%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($608.95M)
Institutional Holders Tracked10
Congressional Trades (recent)2
Company
SectorHealthcare
IndustryMedical Equipment
CEOMartha Goldberg Aronson
Employees7,400
CountryUS
IPO Date1990-05-14

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MMSI earnings history · MMSI institutional & insider holders · MMSI KPIs & operating metrics · MMSI financials · MMSI investor presentations & press releases · MMSI SEC filings · MMSI peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.