Merit Medical Systems Inc. (MMSI) intrinsic value & 10-year financials
Merit Medical Systems Inc. (MMSI) has a Graham intrinsic value of $70.75 per share. At $89.20 on Oct 17, 2026, the stock trades 26% above that value. Over the last 10 fiscal years revenue grew 10.8% a year to $1.5B, with an average return on invested capital of 4.5%.
- Graham intrinsic value
- $70.75
- Share price (Oct 17, 2026)
- $89.20
- Price vs Graham value
- 26% above
- Market cap
- $5.4B
- Revenue (FY2025)
- $1.5B
- Revenue growth (10-yr CAGR)
- 10.8%
- ROIC (10-yr avg)
- 4.5%
- Free cash flow (FY2025)
- $215.7M
MMSI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.5B | $128.5M | $2.13 | $215.7M | 12.2% | 7.4% |
| FY2024 | $1.4B | $120.4M | $2.03 | $185.7M | 11.5% | 7.6% |
| FY2023 | $1.3B | $94.4M | $1.62 | $110.9M | 9.9% | 7.4% |
| FY2022 | $1.2B | $74.5M | $1.29 | $69.3M | 7.6% | 6.0% |
| FY2021 | $1.1B | $48.5M | $0.84 | $119.3M | 5.7% | 4.2% |
| FY2020 | $963.9M | -$9.8M | -$0.18 | $119.3M | -0.2% | -0.1% |
| FY2019 | $994.9M | $5.5M | $0.10 | -$360.0K | 1.6% | 1.2% |
| FY2018 | $882.8M | $42.0M | $0.78 | $23.2M | 6.6% | 4.6% |
| FY2017 | $727.9M | $27.5M | $0.55 | $24.1M | 4.5% | 2.9% |
| FY2016 | $603.8M | $20.1M | $0.45 | $20.8M | 5.8% | 3.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MERIT MEDICAL SYSTEMS INC is a consistent compounder, expanding top-line revenue at 10.8% annually over the past decade.
MERIT MEDICAL SYSTEMS INC has historically struggled to out-earn its cost of capital, averaging just 4.5% ROIC.
MERIT MEDICAL SYSTEMS INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MERIT MEDICAL SYSTEMS INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $70.75 per share.