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Our Company Merit Medical Systems, Inc. is a leading manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. Each day we are determined to make a difference by understanding our customers needs and innovating and delivering a diverse range of products tha…
$73.99
$1.56 (-2.06%)
EOD Jul 17, 2026
12.20% operating margin is respectable but not wide. ROIC at 6.21%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 11.7%, still solid.
At 32x earnings, the current multiple leaves limited room for execution misses or growth deceleration.
31.9x earnings, 20.1x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$1.54B
▲ +11.7% YoY
Net Income (TTM)
$139M
▲ +6.8% YoY
Op. Margin
12.19%
▲ +0.7pp YoY
ROIC
5.91%
▲ +0.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$221M
▲ +16.2% YoY
Op. Cash Flow (TTM)
$297M
▲ +34.7% YoY
Net Debt
$333M
Cash & Equiv.
$488M
5Y CAGR: +9.5%
5Y CAGR: +12.6%
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At a P/E of 31.9 and a price-to-free-cash-flow of 20.1, Merit Medical Systems (MMSI) trades below a two-stage DCF intrinsic value of about $118.59 per share, so at $73.99 the stock looks undervalued (60.3% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Merit Medical Systems scores 64/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $118.59 per share for MMSI, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $88.94. At today's $73.99, that puts the stock about 60.3% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Merit Medical Systems scores 64 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a solid business on these measures. Recent fundamentals include a 12.2% operating margin and a 5.9% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. MMSI currently trades below its estimated intrinsic value and scores 64/100 on quality (solid). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.