Merit Medical Systems, Inc. (MMSI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+42.5%

$120.10

vs $84.31 price

Levered DCF

$124.64

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.23

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	40.62×	46.72×	46.32×	53.91×	72.44×	-308.39×	315.35×	69.76×
P/B	3.29×	4.08×	3.64×	3.51×	3.36×	3.21×	1.81×	3.13×
P/S	3.44×	4.15×	3.48×	3.49×	3.25×	3.19×	1.73×	3.3×
EV / EBITDA	17.06×	22.08×	20.44×	23.37×	24.24×	33.48×	18.54×	25.07×
Gross margin	48.7%	47.4%	46.4%	45.1%	45.2%	41.6%	43.5%	44.7%
Operating margin	12.2%	11.5%	9.9%	7.6%	5.7%	-0.2%	1.6%	6.6%
Net margin	8.5%	8.9%	7.5%	6.5%	4.5%	-1.0%	0.5%	4.8%
Current ratio	4.34×	4.27×	5.45×	2.4×	2.04×	2.32×	2.5×	2.45×
Debt / equity	0.57×	0.58×	0.74×	0.24×	0.31×	0.47×	0.56×	0.42×
Interest coverage	6.97×	4.99×	7.99×	13.81×	11.58×	-0.16×	1.21×	5.66×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.1%	8.7%	7.9%	6.5%	4.7%	-1.0%	0.6%	4.5%
Return on invested capital	5.6%	5.6%	4.9%	5.3%	3.8%	-0.1%	1.0%	3.4%
Return on assets	4.8%	5.0%	4.1%	4.5%	2.9%	-0.6%	0.3%	2.6%
Free cash flow yield	4.1%	3.2%	2.5%	1.7%	3.4%	3.8%	-0.2%	0.7%
Earnings yield	2.5%	2.1%	2.2%	1.9%	1.4%	-0.3%	0.3%	1.4%
Enterprise value	$5.7B	$6B	$4.7B	$4.2B	$3.8B	$3.5B	$2.2B	$3.2B
Net debt / EBITDA	1.35×	1.53×	1.33×	1.22×	1.66×	3.78×	4.12×	2.53×
Cash conversion cycle (days)	182	178	184	171	162	156	173	169