Merit Medical Systems Inc (MMSI) Financial Statements
Industry: Surgical & Medical Instruments & Apparatus
In fiscal 2025, Merit Medical Systems reported revenue of $1.52B, up 11.8% from $1.36B the year before. Net income was $128.5M (a 8.5% net margin), or $2.13 per diluted share. Gross margin was 48.7% and operating margin was 12.2%. Operating activities generated $297.4M of cash, leaving $215.7M of free cash flow. At fiscal year end, Merit Medical Systems held $2.69B in total assets against $1.10B in total liabilities, including $446.4M of cash and equivalents.
Open the full interactive Merit Medical Systems financials → Quarterly statements, key ratios, valuation history and price charts.
Merit Medical Systems Key Stats
| Share Price | $88.14 |
|---|---|
| Market Cap | $5.29B |
| P/E Ratio | 41.4 |
| Revenue YoY Growth | +11.8% |
| 52-Week Range | $60.31 – $93.18 |
| Shares Outstanding | 59.7 million (basic, 2026 Q2) |
Merit Medical Systems Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $963.9M | $1.07B | $1.15B | $1.26B | $1.36B | $1.52B |
| Cost of Goods Sold | $562.7M | $589.4M | $631.9M | $673.5M | $713.2M | $777.6M |
| Gross Profit | $401.2M | $485.3M | $519.1M | $583.9M | $643.3M | $738.3M |
| Operating Income | -$1.6M | $60.9M | $87.6M | $123.9M | $155.7M | $184.7M |
| Pre-Tax Income | -$13.2M | $53.9M | $82.6M | $112.1M | $150.0M | $170.9M |
| Income Tax | -$3.4M | $5.5M | $8.1M | $17.7M | $29.6M | $42.4M |
| Net Income | -$9.8M | $48.5M | $74.5M | $94.4M | $120.4M | $128.5M |
| Diluted EPS | -$0.18 | $0.84 | $1.29 | $1.62 | $2.03 | $2.13 |
Merit Medical Systems Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $384.2M | $393.9M | $381.9M | $418.8M |
| Net Income | $27.8M | $38.0M | $41.0M | $38.8M |
| Diluted EPS | $0.46 | $0.63 | $0.68 | $0.65 |
Merit Medical Systems Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $56.9M | $67.8M | $58.4M | $587.0M | $376.7M | $446.4M |
| Current Assets | $429.7M | $482.2M | $529.1M | $1.11B | $923.8M | $1.04B |
| Total Assets | $1.66B | $1.65B | $1.66B | $2.33B | $2.42B | $2.69B |
| Current Liabilities | $185.0M | $236.3M | $220.6M | $203.6M | $216.4M | $239.8M |
| Total Long-Term Debt | $351.2M | $242.8M | $198.0M | $823.0M | $729.6M | $734.0M |
| Total Liabilities | $705.8M | $608.5M | $519.6M | $1.12B | $1.04B | $1.10B |
| Shareholders' Equity | $958.6M | $1.04B | $1.14B | $1.20B | $1.38B | $1.58B |
Merit Medical Systems Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $165.3M | $147.2M | $114.3M | $145.2M | $220.8M | $297.4M |
| Cash From Investing | -$58.7M | -$37.2M | -$57.4M | -$175.3M | -$368.7M | -$247.4M |
| Cash From Financing | -$95.7M | -$98.4M | -$60.3M | $559.3M | -$60.0M | $16.0M |
| Free Cash Flow | $119.3M | $119.3M | $69.3M | $110.9M | $185.7M | $215.7M |
Figures from Merit Medical Systems' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Merit Medical Systems financials page for every line item.
Merit Medical Systems Company Profile
| Ticker | MMSI |
|---|---|
| Exchange | Nasdaq |
| Industry | Surgical & Medical Instruments & Apparatus |
| Headquarters | South Jordan, Utah |
| Incorporated in | Utah |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000856982 |
Frequently Asked Questions
What was Merit Medical Systems' revenue in fiscal 2025?
Merit Medical Systems (MMSI) reported revenue of $1.52B for fiscal 2025.
What is Merit Medical Systems' annual revenue history?
Merit Medical Systems' annual revenue by fiscal year: 2020: $963.9M; 2021: $1.07B; 2022: $1.15B; 2023: $1.26B; 2024: $1.36B; 2025: $1.52B.
What was Merit Medical Systems' net income in fiscal 2025?
Merit Medical Systems reported net income of $128.5M for fiscal 2025.
What was Merit Medical Systems' earnings per share (EPS) in fiscal 2025?
Merit Medical Systems' diluted EPS was $2.13 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Merit Medical Systems generate in fiscal 2025?
Merit Medical Systems generated $215.7M of free cash flow in fiscal 2025.
What was Merit Medical Systems' revenue last quarter?
In its most recent reported quarter (2026 Q2), Merit Medical Systems reported revenue of $418.8M.
How much debt does Merit Medical Systems have?
Merit Medical Systems reported $734.0M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Merit Medical Systems are outstanding?
Merit Medical Systems reported a weighted average of 59.7 million basic shares outstanding in 2026 Q2.
What is Merit Medical Systems' market cap?
Based on its latest closing price, Merit Medical Systems (MMSI) has a market capitalization of about $5.29B.
When does Merit Medical Systems' fiscal year end?
Merit Medical Systems' fiscal year end, as registered with the SEC, is December 31.
Where is Merit Medical Systems headquartered?
Merit Medical Systems lists its business address in South Jordan, Utah in its SEC filings.