MERIT MEDICAL SYSTEMS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MERIT MEDICAL SYSTEMS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	604	728	883	995	964	1,075	1,151	1,257	1,357	1,516
Cost of revenue	339	402	488	562	563	589	632	673	713	778
Gross profit	265	326	395	432	401	485	519	584	643	738
Research and development	45.2	51.4	59.5	65.6	57.5	71.2	75.5	82.7	87.5	97.4
Selling, general and administrative	184	229	276	327	298	336	343	374	400	455
Operating expenses	230	293	336	417	403	424	432	460	488	554
Operating income	34.9	33.1	58.6	15.4	-1.56	60.9	87.6	124	156	185
Interest expense	8.8	7.74	10.4	12.4	9.99	5.26	6.34	15.5	31.2	26.5
Interest income	0.08	0.38	1.2
Other non-operating income	-9.49	2.81	-9.1	-13.2	-11.7	-7	-4.93	-11.9	-5.7	-13.8
Pre-tax income	25.4	35.9	49.5	2.19	-13.2	53.9	82.6	112	150	171
Income tax	5.27	8.36	7.5	-3.26	-3.39	5.46	8.11	17.7	29.6	42.4
Net income	20.1	27.5	42	5.45	-9.84	48.5	74.5	94.4	120	128
EBITDA	78.6	86.7	128	108	92.5	145	169	214	258	308
EPS, basic	0.45	0.56	0.80	0.10	-0.18	0.86	1.31	1.64	2.07	2.17
EPS, diluted	0.45	0.55	0.78	0.10	-0.18	0.84	1.29	1.62	2.03	2.13
Shares, basic (weighted)	44.4	48.8	52.3	55.1	55.4	56.1	56.8	57.6	58.2	59.2
Shares, diluted (weighted)	44.9	50.1	53.9	56.2	55.4	57.4	57.7	58.4	59.4	60.5

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	19.2	32.3	67.4	44.3	56.9	67.8	58.4	587	377	446
Receivables	80.5	106	137	155	147	152	165	178	190	204
Inventory	121	155	198	226	198	222	266	304	306	334
Other current assets	6.23	9.1	11.3	12.5	13.1	16.1	22.3	24.3	28.5	31.5
Total current assets	243	316	430	455	430	482	529	1,108	924	1,040
Property, plant and equipment	277	293	331	379	383	372	383	384	386	428
Lease right-of-use assets				80.2	78.2	65.9	65.3	63	65.5	87.6
Goodwill	212	238	335	353	364	362	360	382	464	507
Intangible assets			79.6
Other non-current assets	28	35	57.6	41.5	37.7	41.4	44.4	54.8	65.3	78.2
Total assets	943	1,112	1,620	1,757	1,664	1,648	1,664	2,325	2,419	2,686
Accounts payable	30.6	34.9	54	54.6	49.8	55.6	68.5	65.9	68.5	60.6
Accrued liabilities	45.5	58.9	96.2	105	112	159	123	120	134	159
Short-term debt	10	19.5	22	7.5	7.5	8.44	11.3
Total current liabilities	88.3	116	175	182	185	236	221	204	216	240
Long-term debt	314	259	373	432	344	234	187	823	730	734
Lease liabilities				72.7	70.9	61.5	59.7	56.3	54.8	76.7
Other non-current liabilities	3.73	16.4	65.5	56.5	52.7	23.6	14.7	13.8	15.5	10.3
Total liabilities	445	435	687	807	706	608	520	1,123	1,039	1,102
Total debt	324	278	395	439	351	243	198	823	730	734
Retained earnings	294	321	363	368	358	406	481	575	696	824
Other comprehensive income	-1.88	1.53	-2.03	-5.29	-5.45	-7.99	-11.6	-11.3	-19.4	-3.64
Shareholders' equity	498	676	933	950	959	1,040	1,144	1,202	1,379	1,584
Total equity	498	676	933	950	959	1,040	1,144	1,202	1,379	1,584
Total liabilities and equity	943	1,112	1,620	1,757	1,664	1,648	1,664	2,325	2,419	2,686
Shares outstanding	44.6	50.2	54.9	55.2	55.6	56.6	57.3	57.9	58.7	59.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	20.1	27.5	42	5.45	-9.84	48.5	74.5	94.4	120	128
Depreciation and amortization	43.8	53.6	69.5	92.1	94.1	84.1	81.8	90	103	123
Stock-based compensation	2.51	4.08	6.12	9.38	14.3	16.1	18	21.3	28.5	43.5
Deferred income tax	-0.96	-1.3	2.05	-12.4	-11.3	-4.63	-14.9	-12.6	-14.9	5.21
Change in receivables	-6.82	-12.8	-27.5	-17.9	10.4	-8.62	-15.1	-11.9	-13.7	-7.34
Change in inventory	-3.66	-17.8	-28.2	-27	29.4	-25.2	-47.9	-32.1	-2.29	-21.6
Cash from operations	53.6	62.7	86.5	77.8	165	147	114	145	221	297
Capital expenditures	-32.8	-38.6	-63.3	-78.2	-46	-27.9	-45	-34.3	-35.1	-81.7
Acquisitions	-125	-106	-302	-53.9	-11	-7.17	-6.88	-135	-320	-145
Cash from investing	-159	-147	-379	-134	-58.7	-37.2	-57.4	-175	-369	-247
Debt issued	220	197	639	247	68.6	98.4	215	1,199
Debt repaid	-102	-243	-523	-202	-157	-207	-260	-580	-99.1
Stock issued	5.27	144	215	6.25	6.64	21.3	20.1	15.6	40.9	28.2
Cash from financing	121	96.5	328	33.5	-95.7	-98.4	-60.3	559	-60	16
Exchange rate effect	-0.59	0.68	-0.97	0.1	1.68	-0.8
Net change in cash	15	13.2	35	-23	12.6	10.8	-7.19	529	-210	69.8
Free cash flow	20.8	24.1	23.2	-0.36	119	119	69.3	111	186	216
Interest paid	8.87	7.71	10.3	12.4	10.1	5.26	6.26	14.1	23.2	21
Income taxes paid	2.32	6.05	8.69	12.1	8.92	8.83	17.1	31.5	45	31.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $87.50 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.5%	Gross profit / revenue.
Operating margin	12.8%	Operating income / revenue.
EBITDA margin	20.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.3%	Pre-tax income / revenue.
Net margin	9.2%	Net income / revenue.
FCF margin	12.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.0%	Cash from operations / revenue.
Effective tax rate	25.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.1%	Net income / average total assets.
Return on invested capital (ROIC)	7.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.2%	Research and development expense / revenue.
SG&A / revenue	30.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.1%	Capital expenditures / revenue.
D&A / revenue	7.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	18.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	28.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	19.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	22.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	27.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	6.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	19.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	4.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	18.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	34.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	37.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	16.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	46.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	12.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.20x	Current assets / current liabilities.
Quick ratio	2.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.69x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.44x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	25.7%	Total debt / total assets.
Liabilities / assets	41.3%	Total liabilities / total assets.
Net debt	$287.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.88x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.34x	Operating income / interest expense.
Working capital	$847.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.14B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.55x	Revenue / average total assets.
Fixed asset turnover	3.61x	Revenue / average property, plant and equipment.
Inventory turnover	2.13x	Cost of revenue / average inventory.
Days inventory	171 days	365 x average inventory / cost of revenue.
Receivables turnover	7.04x	Revenue / average receivables.
Days sales outstanding	52 days	365 x average receivables / revenue.
Days payables	32 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	191 days	Days inventory + days sales outstanding - days payables.
FCF conversion	139.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	28.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.43	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$26.31	Revenue / diluted weighted shares.
FCF per share	$3.39	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.72	Cash from operations / diluted weighted shares.
Book value per share	$28.13	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.09	Tangible book value / shares outstanding.
Cash per share	$7.51	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$5.22B	Share price x shares outstanding.
Enterprise value	$5.51B	Market cap + total debt - cash - short-term investments.
P/E	35.9x	Market cap / net income. Only when net income is positive.
P/S	3.31x	Market cap / revenue.
P/B	3.11x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.58x	Market cap / tangible book value, when positive.
P/FCF	25.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.4x	Market cap / cash from operations, when positive.
EV/Sales	3.49x	Enterprise value / revenue.
EV/EBIT	27.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.9%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
PEG	1.97x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MERIT MEDICAL SYSTEMS INC's revenue in fiscal 2025?

MERIT MEDICAL SYSTEMS INC reported revenue of $1.52B for fiscal 2025, 11.8% higher than the year before.

Was MERIT MEDICAL SYSTEMS INC profitable in fiscal 2025?

Yes. Net income was $128.5M, a net margin of 8.5%.

How much free cash flow did MERIT MEDICAL SYSTEMS INC generate in fiscal 2025?

Cash from operations of $297.4M minus capital expenditures of $81.7M left free cash flow of $215.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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