MED (MED) financial statements
MED reported revenue of $386M in fiscal 2025, up 3.9% a year over 9 years.
Net income was -$19M and the operating margin -3.7%, against 9.8% in 2016.
Free cash flow was $1M, and the company returned $195,000 in dividends.
The diluted share count fell 8% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MED's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $275M | $302M | $501M | $714M | $935M | $1.5B | $1.6B | $1.1B | $602M | $386M |
| Cost of revenue | $69M | $74M | $121M | $177M | $237M | $398M | $458M | $296M | $158M | $111M |
| Gross profit | $206M | $228M | $380M | $537M | $698M | $1.1B | $1.1B | $776M | $445M | $275M |
| Research and development | $2M | $2M | $2M | $3M | $3M | $4M | $4M | $5M | $5M | $4M |
| Selling, general and admin | $179M | $188M | $311M | $446M | $564M | $911M | $956M | $649M | $442M | $289M |
| Operating income | $27M | $40M | $69M | $91M | $134M | $216M | $185M | $126M | $3M | -$14M |
| Pre-tax income | $27M | $40M | $71M | $92M | $134M | $216M | $184M | $129M | $4M | -$6M |
| Income tax | $9M | $13M | $15M | $14M | $31M | $52M | $40M | $29M | $2M | $13M |
| Net income | $18M | $28M | $56M | $78M | $103M | $164M | $144M | $99M | $2M | -$19M |
| EPS (diluted) | $1.49 | $2.29 | $4.62 | $6.43 | $8.68 | $13.89 | $12.73 | $9.10 | $0.19 | -$1.70 |
| Diluted shares | 12M | 12M | 12M | 12M | 12M | 12M | 11M | 11M | 11M | 11M |
| Gross margin | 74.9% | 75.5% | 75.8% | 75.2% | 74.6% | 73.9% | 71.3% | 72.4% | 73.8% | 71.3% |
| Operating margin | 9.8% | 13.1% | 13.8% | 12.8% | 14.4% | 14.2% | 11.6% | 11.8% | 0.5% | -3.7% |
| Net margin | 6.5% | 9.2% | 11.1% | 10.9% | 11.0% | 10.7% | 9.0% | 9.3% | 0.3% | -4.8% |
Balance sheet
Fiscal years, from MED's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $77M | $99M | $101M | $93M | $174M | $109M | $88M | $149M | $166M | $166M |
| Receivables | $1M | $576,000 | $1M | $1M | $584,000 | — | — | — | — | — |
| Inventory | $18M | $19M | $39M | $49M | $53M | $180M | $119M | $55M | $42M | $20M |
| Total current assets | $101M | $125M | $146M | $154M | $234M | $307M | $223M | $224M | $214M | $202M |
| Property, plant and equipment | $20M | $19M | $20M | $26M | $28M | $56M | $57M | $51M | $38M | $31M |
| Total assets | $121M | $146M | $169M | $195M | $276M | $398M | $316M | $310M | $284M | $248M |
| Total current liabilities | $24M | $37M | $60M | $79M | $111M | $170M | $141M | $92M | $64M | $43M |
| Total liabilities | $25M | $37M | $60M | $90M | $119M | $196M | $161M | $108M | $74M | $49M |
| Shareholders' equity | $96M | $107M | $109M | $105M | $157M | $202M | $155M | $201M | $210M | $199M |
| Net debt | -$52M | -$75M | -$81M | -$77M | -$164M | -$104M | -$88M | -$94M | -$91M | -$89M |
Cash flow
Fiscal years, from MED's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $25M | $43M | $61M | $84M | $145M | $95M | $195M | $148M | $24M | $7M |
| Capital spending | $3M | $3M | $5M | $10M | $6M | $34M | $17M | $6M | $7M | $6M |
| Free cash flow | $22M | $40M | $56M | $74M | $139M | $60M | $178M | $141M | $17M | $1M |
| Stock-based compensation | $3M | $4M | $3M | $5M | $7M | $10M | $11M | $8M | $7M | $8M |
| Dividends paid | $12M | $15M | $23M | $35M | $53M | $64M | $72M | $73M | $715,000 | $195,000 |
| Share buybacks (net) | — | — | -$30M | -$33M | -$5M | -$56M | -$126M | -$4M | $0 | $0 |
| Net borrowing | -$219,000 | — | — | — | — | — | — | — | — | — |
| Free cash flow margin | 8.2% | 13.3% | 11.2% | 10.4% | 14.9% | 4.0% | 11.1% | 13.2% | 2.8% | 0.3% |
| Dividends per share | $1.00 | $1.27 | $1.92 | $2.92 | $4.49 | $5.41 | $6.35 | $6.69 | $0.07 | $0.02 |
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Open MED in InvestinglyQuestions
What was MED's revenue in 2025?
$386M in fiscal 2025, from its 10-K filing.
How much free cash flow does MED generate?
$1M in fiscal 2025 (operating cash flow minus capital spending).
From MED's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.