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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
Merit Medical Systems reported revenue of $1.5B in the fiscal year ended Dec 2025, up 11.8% from the year before. Operating income was $185M, an operating margin of 12.2%, and net income was $128M. Operating cash flow of $297M less capital expenditure of $82M left free cash flow of $216M. Net debt was $288M.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,075 | 1,151 | 1,257 | 1,357 | 1,516 |
| Cost of revenue | 589 | 632 | 673 | 713 | 778 |
| Gross profit | 485 | 519 | 584 | 643 | 738 |
| Research & development | 71.2 | 75.5 | 82.7 | 87.5 | 97.4 |
| Selling, general & admin | 336 | 343 | 374 | 400 | 455 |
| Operating income | 60.9 | 87.6 | 124 | 156 | 185 |
| Interest expense | 5.3 | 6.3 | 15.5 | 31.2 | 26.5 |
| Pre-tax income | 53.9 | 82.6 | 112 | 150 | 171 |
| Income tax | 5.5 | 8.1 | 17.7 | 29.6 | 42.4 |
| Net income | 48.5 | 74.5 | 94.4 | 120 | 128 |
| Diluted EPS | 0.84 | 1.29 | 1.62 | 2.03 | 2.13 |
| Diluted shares | 57.4 | 57.7 | 58.4 | 59.4 | 60.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 67.8 | 58.4 | 587 | 377 | 446 |
| Receivables | 152 | 165 | 178 | 190 | 204 |
| Inventory | 222 | 266 | 304 | 306 | 334 |
| Current assets | 482 | 529 | 1,108 | 924 | 1,040 |
| Net PP&E | 372 | 383 | 384 | 386 | 428 |
| Goodwill | 362 | 360 | 382 | 464 | 507 |
| Total assets | 1,648 | 1,664 | 2,325 | 2,419 | 2,686 |
| Payables | 55.6 | 68.5 | 65.9 | 68.5 | 60.6 |
| Current liabilities | 236 | 221 | 204 | 216 | 240 |
| Short-term debt | 8.4 | 11.3 | – | – | – |
| Long-term debt | 234 | 187 | 823 | 730 | 734 |
| Total liabilities | 608 | 520 | 1,123 | 1,039 | 1,102 |
| Shareholders' equity | 1,040 | 1,144 | 1,202 | 1,379 | 1,584 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 147 | 114 | 145 | 221 | 297 |
| Capital expenditure | 27.9 | 45.0 | 34.3 | 35.1 | 81.7 |
| Free cash flow | 119 | 69.3 | 111 | 186 | 216 |
| Depreciation & amortisation | 84.1 | 81.8 | 90.0 | 103 | 123 |
| Stock-based compensation | 16.1 | 18.0 | 21.3 | 28.5 | 43.5 |
| Acquisitions | 7.2 | 6.9 | 135 | 320 | 145 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.1% | 9.2% | 7.9% | 11.8% |
| Operating income growth (YoY) | – | 43.7% | 41.5% | 25.6% | 18.6% |
| EPS growth (YoY) | – | 53.6% | 25.6% | 25.3% | 4.9% |
| Gross margin | 45.2% | 45.1% | 46.4% | 47.4% | 48.7% |
| Operating margin | 5.7% | 7.6% | 9.9% | 11.5% | 12.2% |
| Net margin | 4.5% | 6.5% | 7.5% | 8.9% | 8.5% |
| Return on equityBlank when equity is negative | 4.7% | 6.5% | 7.9% | 8.7% | 8.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.3% | 6.1% | 5.8% | 7.1% | 7.6% |
| Free cash flow margin | 11.1% | 6.0% | 8.8% | 13.7% | 14.2% |
| Cash conversion (CFO ÷ net income) | 3.04x | 1.53x | 1.54x | 1.83x | 2.31x |
| Receivable days | 52 | 52 | 52 | 51 | 49 |
| Inventory days | 137 | 154 | 165 | 157 | 157 |
| Payable days | 34 | 40 | 36 | 35 | 28 |
| Interest cover | 11.6x | 13.8x | 7.99x | 4.99x | 6.98x |
| Debt ÷ equity | 0.23x | 0.17x | 0.68x | 0.53x | 0.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 175 | 140 | 236 | 353 | 288 |
| Current ratio | 2.04x | 2.40x | 5.45x | 4.27x | 4.34x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.