Merit Medical Systems Inc (MMSI) Fair Value & Analysis
Healthcare · US · Market cap $4.4B · ISIN US5898891040
What is Merit Medical Systems Inc really worth?
Merit Medical Systems Inc
MMSI · US
A solid business, but trading 97% above our fair value of $45.00.
Strengths
Risks
Fair value as of: Aug 23, 2026
From 26 valuation models · updated 13 days ago
Share price +3.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($58.14). The favourable scenario is already priced in.
- Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($31.87 to $58.14) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.
How to read this chart
60‑month range $51.68 – $110.29 · fair‑value band $31.87 – $58.14 · the $88.57 price screens above the $45.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 23, 2026.
Analysis
Merit Medical Systems Inc (MMSI) currently trades at $88.57, while our model-based Fair Value estimate is $45.00, implying the stock looks roughly 96.8% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of $59.71 per share, and 0 of the 26 models we run sit above the $88.57 price. Bear case: the Asset-Based group reads lowest at $17.79, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Merit Medical Systems Inc generated revenue of $1.5B at a net margin of 9.0%. Revenue grew 7.5% year over year. It earns a return on equity of 9.1%. Net debt stands at $450M. Fundamentals as of Aug 23, 2026
Our scenario range runs from $31.87 (bear case) to $58.14 (bull case); at $88.57, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 8% below its 52-week high and 48% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −46% fair-value upside, at −49%, MMSI screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $1.58 per share, which is 3.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: DCF Models ($59.71) versus Dividend Discount ($0.6300). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 60 · Market factors (momentum, volatility) 68
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Merit Medical Systems, Inc. designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States, China, Japan, Germany, France, the United Kingdom, and internationally. It operates through two segments, Cardiovascular and Endoscopy.
Full company description
Merit Medical Systems, Inc. designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States, China, Japan, Germany, France, the United Kingdom, and internationally. It operates through two segments, Cardiovascular and Endoscopy. The company offers micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention products comprising angiography, drainage, delivery systems, and embolotherapy products; oncology products, such as soft tissue biopsy products and accessories; cardiac intervention products consisting of cardiac access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention products; and spine products, including vertebral augmentation, radiofrequency ablation, and bone biopsy systems. It also provides custom procedural solutions, including critical care products, syringes, manifold kits, and trays and packs; coating services for medical tubes and wires; and sensor components for microelectromechanical systems. In addition, the company offers gastroenterology products, such as esophageal stents, cryoballoon and inflation devices, gauges, and balloon dilators; pulmonary products consisting of laser-cut tracheobronchial stents, and over-the-wire and direct visualization delivery systems; and kits and accessories for endoscopy and bronchoscopy procedures. It sells its products to hospitals, alternate site-based physicians, technicians, and nurses through direct sales force, independent distributors, original equipment manufacturer partners, and custom procedure tray manufacturers. The company exports its products to Canada, Western Europe, Australia, Brazil, Malaysia, South Korea, the United Arab Emirates, India, New Zealand, and South Africa. Merit Medical Systems, Inc. was incorporated in 1987 and is headquartered in South Jordan, Utah.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Merit Medical Systems Inc reported revenue of $1.5B in FY2025 versus $1.1B in FY2021, a compound +9.0%/yr. Reported net income was $128M in FY2025, compounding +27.6%/yr from FY2021.
of which total revenue +10.7 % · buybacks/dilution −3.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
MMSI screens 97% overvalued. Compare with Intuitive Surgical, Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Here's Why You Should Add Merit Medical Stock to Your Portfolio Now
- How Investors Are Reacting To Merit Medical Systems (MMSI) New Global Operations Leadership Transition
- Merit Medical Systems (MMSI) Names New Operations Chief As Fair Value Stays In Focus
- Should You Buy MMSI as Growth Improves but Valuation Stays Elevated?
Peer Group
Medical Instruments & Supplies · 194 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Medical Instruments & Supplies median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Medical Instruments & Supplies stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Intuitive Surgical, Inc ISRG | $367.07 | $150.04 | −59% |
| EssilorLuxottica Société anonyme EL | €160.35 | €94.93 | −41% |
| Medline Inc MDLN | $36.59 | $30.15 | −18% |
| Becton, Dickinson and Company BDX | $187.12 | $100.46 | −46% |
| Alcon Inc ALC | $72.23 | $39.78 | −45% |
| ResMed Inc RMD | A$33.19 | A$26.23 | −21% |
| West Pharmaceutical Services, Inc WST | $337.47 | $141.58 | −58% |
| Sartorius Stedim Biotech S.A DIM | €197.70 | €48.88 | −75% |
| Straumann Holding STMN | CHF 97.38 | CHF 47.31 | −51% |
| Sartorius Aktiengesellschaft SRT3 | €253.50 | €63.30 | −75% |
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