Merit Medical Systems (MMSI) financial statements
Merit Medical Systems reported revenue of $1.5B in fiscal 2025, up 10.8% a year over 9 years.
Net income was $128M and the operating margin 12.2%, against 5.8% in 2016.
Free cash flow was $216M.
The diluted share count rose 35% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Merit Medical Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $604M | $728M | $883M | $995M | $964M | $1.1B | $1.2B | $1.3B | $1.4B | $1.5B |
| Cost of revenue | $339M | $402M | $488M | $562M | $563M | $589M | $632M | $673M | $713M | $778M |
| Gross profit | $265M | $326M | $395M | $432M | $401M | $485M | $519M | $584M | $643M | $738M |
| Research and development | $45M | $51M | $60M | $66M | $58M | $71M | $76M | $83M | $87M | $97M |
| Selling, general and admin | $184M | $229M | $276M | $327M | $298M | $336M | $343M | $374M | $400M | $455M |
| Operating income | $35M | $33M | $59M | $15M | -$2M | $61M | $88M | $124M | $156M | $185M |
| Interest expense | $9M | $8M | $10M | $12M | $10M | $5M | $6M | $16M | $31M | $26M |
| Pre-tax income | $25M | $36M | $50M | $2M | -$13M | $54M | $83M | $112M | $150M | $171M |
| Income tax | $5M | $8M | $8M | -$3M | -$3M | $5M | $8M | $18M | $30M | $42M |
| Net income | $20M | $28M | $42M | $5M | -$10M | $48M | $75M | $94M | $120M | $128M |
| EPS (diluted) | $0.45 | $0.55 | $0.78 | $0.10 | -$0.18 | $0.84 | $1.29 | $1.62 | $2.03 | $2.13 |
| Diluted shares | 45M | 50M | 54M | 56M | 55M | 57M | 58M | 58M | 59M | 60M |
| Gross margin | 43.9% | 44.8% | 44.7% | 43.5% | 41.6% | 45.2% | 45.1% | 46.4% | 47.4% | 48.7% |
| Operating margin | 5.8% | 4.5% | 6.6% | 1.6% | -0.2% | 5.7% | 7.6% | 9.9% | 11.5% | 12.2% |
| Net margin | 3.3% | 3.8% | 4.8% | 0.5% | -1.0% | 4.5% | 6.5% | 7.5% | 8.9% | 8.5% |
Balance sheet
Fiscal years, from Merit Medical Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $19M | $32M | $67M | $44M | $57M | $68M | $58M | $587M | $377M | $446M |
| Receivables | $81M | $106M | $137M | $155M | $147M | $152M | $165M | $178M | $190M | $204M |
| Inventory | $121M | $155M | $198M | $226M | $198M | $222M | $266M | $304M | $306M | $334M |
| Total current assets | $243M | $316M | $430M | $455M | $430M | $482M | $529M | $1.1B | $924M | $1.0B |
| Property, plant and equipment | $277M | $293M | $331M | $379M | $383M | $372M | $383M | $384M | $386M | $428M |
| Goodwill | $212M | $238M | $335M | $353M | $364M | $362M | $360M | $382M | $464M | $507M |
| Total assets | $943M | $1.1B | $1.6B | $1.8B | $1.7B | $1.6B | $1.7B | $2.3B | $2.4B | $2.7B |
| Total current liabilities | $88M | $116M | $175M | $182M | $185M | $236M | $221M | $204M | $216M | $240M |
| Long-term debt | $314M | $259M | $373M | $432M | $344M | $234M | $187M | $823M | $730M | $734M |
| Total liabilities | $445M | $435M | $687M | $807M | $706M | $608M | $520M | $1.1B | $1.0B | $1.1B |
| Shareholders' equity | $498M | $676M | $933M | $950M | $959M | $1.0B | $1.1B | $1.2B | $1.4B | $1.6B |
| Net debt | $305M | $246M | $328M | $395M | $294M | $175M | $140M | $236M | $353M | $288M |
Cash flow
Fiscal years, from Merit Medical Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $54M | $63M | $87M | $78M | $165M | $147M | $114M | $145M | $221M | $297M |
| Capital spending | $33M | $39M | $63M | $78M | $46M | $28M | $45M | $34M | $35M | $82M |
| Free cash flow | $21M | $24M | $23M | -$360,000 | $119M | $119M | $69M | $111M | $186M | $216M |
| Stock-based compensation | $3M | $4M | $6M | $9M | $14M | $16M | $18M | $21M | $28M | $43M |
| Net borrowing | $117M | -$46M | $116M | $44M | -$88M | -$108M | -$45M | — | — | — |
| Free cash flow margin | 3.4% | 3.3% | 2.6% | -0.0% | 12.4% | 11.1% | 6.0% | 8.8% | 13.7% | 14.2% |
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Open MMSI in InvestinglyQuestions
What was Merit Medical Systems's revenue in 2025?
$1.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Merit Medical Systems generate?
$216M in fiscal 2025 (operating cash flow minus capital spending).
From Merit Medical Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.