Does MERIT MEDICAL SYSTEMS INC have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores MERIT MEDICAL SYSTEMS INC (MMSI) 45.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 75, returns on capital 0, balance-sheet safety 55, capital discipline 60.

Is MMSI stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $45.47 per share versus a recent price of $73.99 — 63% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has MMSI's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 45.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

MERIT MEDICAL SYSTEMS INC

MMSI · Healthcare · $4.4B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power75

Median gross margin 45.0% over 10y, very stable.

Returns on capital0

Median ROIC 4.2%, above the 9% hurdle in 0% of years.

Balance-sheet safety55

Net debt/EBITDA 0.9x, interest coverage 7x.

Capital discipline60

Owner earnings +20.8%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

63% above value

Owner earnings (normalized): $150.1M
Est. intrinsic value / share: $45.47
Recent price: $73.99
Discount to value: 63% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

MERIT MEDICAL SYSTEMS INC booked $1.5B of revenue in FY2025 in the Healthcare sector and kept 48.7% of it as gross profit — a solid-margin business by that measure. After every other cost, 8.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $257.5M (FY2009) to $1.5B (FY2025) — about 11.7% a year compounded over 16 years.

It earned 7.4% on invested capital in FY2025, with a median of 4.3% across 17 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $734.0M of total debt in FY2025 against $169.9M of owner earnings — roughly 4.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 55/100.

The share count rose 36.2% between FY2014 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 60/100.

Put together: Pricing Power is the strongest of the four filters (75/100) and Returns on Capital the weakest (0/100), which is how MMSI lands at 45/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.5B FY2025

Gross marginRevenue kept after cost of goods48.7% FY2025

Return on invested capitalOperating profit on the capital employed7.4% FY2025

Owner earningsCash an owner could take out$169.9M FY2025

Gaps in a line mean that item isn’t in MMSI’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale45.4 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — MMSI has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#167 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#165HAE HAEMONETICS CORPORATION45.6 out of 100, Shallow moatShallow moat
#166INGN Inogen Inc45.5 out of 100, Shallow moatShallow moat
#168SDGR Schrodinger, Inc.45.1 out of 100, Shallow moatShallow moat
#169ADUS Addus HomeCare Corp45.0 out of 100, Shallow moatShallow moat

Compare MMSI with its nearest peers →All Healthcare companies on the Index →

Common questions about MMSI

Does MERIT MEDICAL SYSTEMS INC have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores MERIT MEDICAL SYSTEMS INC (MMSI) 45.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 75, returns on capital 0, balance-sheet safety 55, capital discipline 60.
Is MMSI stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $45.47 per share versus a recent price of $73.99 — 63% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has MMSI's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 45.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MMSI. See the disclaimer.