Is the business good?
How good a business is MMSI?
Merit Medical Systems, Inc. earns 7.9% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
7.9%
Return on invested capital · cost of capital 9.0% · 1.1 points below what the capital costs: growth destroys value
- Operating margin
- 12%
Operating margin · Medical Instruments & Supplies median 5.8% · 12 months to Q1 2026
- Cash conversion
- 1.58×
Cash conversion · 1.48× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −2.1%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −0.16% |
| FY2021 | 5.7% |
| FY2022 | 7.6% |
| FY2023 | 9.9% |
| FY2024 | 11% |
| FY2025 | 12% |
Details›
- Gross margin12 months to Q1 2026
- 49%
- Operating margin12 months to Q1 2026
- 12%
- Net margin12 months to Q1 2026
- 9.0%
- Free cash flow margin
- 14%
- R&D as % of revenue
- 6.3%
- Revenue, trailing twelve months
- $1.54B
- Free cash flow, trailing twelve months
- $221M
- Net income, trailing twelve months
- $139M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 7.9%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Medical Instruments & Supplies
Ranks #14 of 27 by Smart Score