Pulling SEC filings + quote and writing the call…

MERIT MEDICAL SYSTEMS INC
Next earnings Jul 28, 2026 (after close) · consensus $0.99 EPS, $414M rev
Last earnings +5.2% on 2026-04-30
Quality medtech compounder accelerating into 2026, but a 32.5x P/E on 8.5% net margins leaves little cushion — own, don't chase.
Sources: SEC EDGAR (CIK 0000856982, latest 10-Q filed 2026-04-30) · analysis by claude-code · as of 6/25/2026, 1:00:12 PM.
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Merit Medical is executing well. FY2025 revenue grew 11.8% to $1.52B with gross margin expanding 130bps to 48.7% and operating margin lifting to 12.2% from 11.5%, while operating cash flow surged 34.7% to $297M — evidence the Continued Growth initiatives Program targeting end-2026 is landing. The cardiovascular franchise grew 10.9% with cardiac intervention up 21.7% on the Cook (Nov 2024) and Biolife (May 2025) tuck-ins, and endoscopy jumped 33.0% off a small base. The balance sheet is in good shape: $446M cash (+18.5%), liabilities/equity of just 0.70x, retained earnings up 18.5% to $824M, and equity up 14.9% to $1.58B.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.07B | $1.15B | $1.26B | $1.36B | $1.52B |
| Gross profit | $485M | $519M | $584M | $643M | $738M |
| Operating income | $60.9M | $87.6M | $124M | $156M | $185M |
| Net income | $48.5M | $74.5M | $94.4M | $120M | $128M |
| Diluted EPS | $0.84 | $1.29 | $1.62 | $2.03 | $2.13 |
| Net margin | 4.5% | 6.5% | 7.5% | 8.9% | 8.5% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Annual meeting: director slate elected, bylaws amended, governance items approved
Q1 2026 quarterly report filed; continues post-Biolife/Cook integration
Q1 2026 quarterly report filed; continues post-Biolife/Cook integration
Reg FD investor/conference disclosure; no new material financial info
Reg FD slides/presentation furnished; routine investor communication
2026 proxy: director slate, exec comp, auditor ratification
FY25 10-K: sales +11.8% to $1.52B, GM 48.7%, OCF +35%; Biolife+C2 acquired
FY25 10-K: sales +11.8% to $1.52B, GM 48.7%, OCF +35%; Biolife+C2 acquired
Preliminary FY25 results + executive officer change disclosed
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Disclosed under the STOCK Act
Self-reported periodic transaction reports (STOCK Act). Amounts are disclosed ranges; a trade may be a spouse's. Disclosures lag the trade by up to ~45 days. Source: House Clerk + Senate eFD.
1047 tracked peers · median
| 2026-06-15 | Voigt Michel J. CHIEF HUMAN RESOURCES OFFICER | Gift | 65.00 | |
| 2026-06-05 | Lloyd Brian G. CHIEF LEGAL OFFICER, SECRETARY | Gift | 2.00K | |
| 2026-05-20 | Gunderson Thomas J. Director | Exercise | 13.8K @ $52.17 | $717K |
| 2026-05-20 | Gunderson Thomas J. Director | Exercise | 7.50K @ $52.17 | $391K |
| 2026-05-18 | Ward Lynne N. Director | Award | 3.46K | |
| 2026-05-18 | Ward Scott R. Director | Award | 3.46K | |
| 2026-05-18 | Gunderson Thomas J. Director | Award | 3.46K | |
| 2026-05-18 | Evans Stephen C. Director | Award | 3.46K | |
| 2026-05-18 | Kaiser Laura S. Director | Award | 3.46K |