Forensic Analysis · Medical Devices · as of Nov 9, 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.

A · High-quality compounder

Forensic grade

Safe

Financial health

4.9

Distress distance

Clean

Earnings quality

Forensic signals

8.7%

ROE

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 (auditor quality, say on pay, board independence, going concern). 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 an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 4.9, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

7.3%

FY2025

Return on invested capital. Return on invested capital is 7.3% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.6-point range. After-tax operating profit was $104M in FY2023 and $139M in FY2025, with operating income at 9.9% of revenue in FY2023, 11.5% in FY2024 and 12.2% in FY2025. The capital base behind it grew +25% across FY2023–FY2025, from $1.5B to $1.9B, and the return did not fall doing it, so the dollars added over that window earned at least the 6.8% the older base was already earning.

Key fundamentals

Latest Revenue$1.52B

Revenue Growth YoY+11.8%

Revenue CAGR (2yr)+9.8%

Net Margin8.5%

Free Cash Flow$215.7M

Return on Equity8.7%

Debt / Equity0.46x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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