Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 8, 2026

Merit Medical Systems Inc (MMSI)

A forensic read on Merit Medical Systems Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Safe

Financial health

8.4

Distress distance

Clean

Earnings quality

Forensic signals

36.0

P / E (ttm)

8.1%

ROE

$5.2B

Market cap

11.8%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Merit Medical Systems Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 8.4, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

6.9%

FY2025

Return on invested capital. Return on invested capital is 6.9% in the latest fiscal year and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

+1.6%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +5% over the last 3 years to FY2025 (+1.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~5%.

Key fundamentals

Latest Revenue$1.52B

Revenue Growth YoY+11.8%

Revenue CAGR (3yr)+9.6%

Net Margin8.5%

Free Cash Flow$215.7M

Return on Equity8.1%

Debt / Equity0.46x

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Data from SEC EDGAR public filings · metrics as of Aug 8, 2026. Forensic signals flag probability, not certainty.