MMSI vs TFX: How Merit Medical Systems and Teleflex Incorporated Compare (2026)
Last updated August 2026
Short answer
MMSI and TFX are similarly sized, but TFX trades noticeably cheaper on forward earnings (13.20x vs 18.43x): the market is paying up for MMSI's profile and pricing TFX more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
MMSI vs TFX: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | MMSI | TFX | What it tells you |
|---|---|---|---|
| Market cap | $5.08B | $6.18B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 18.43 | 13.20 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 34.98 | 2,328.33 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.51 | 0.81 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 72% of range | 90% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 3.12 | 2.00 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: TFX is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how MMSI and TFX affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. MMSI and TFX share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined MMSI and TFX exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Merit Medical Systems (MMSI) do?
Merit Medical Systems designs, manufactures, and markets a broad catalog of single-use and capital medical devices used in minimally invasive procedures. Its business splits into two segments: Cardiovascular (peripheral intervention, cardiac intervention, interventional oncology and spine, and cardiovascular and critical care) and Endoscopy (non-vascular stents, balloon dilators, and related tools for gastroenterologists and pulmonologists). The company sells globally through direct sales forces and distributors, and it has grown revenue toward roughly $1.5 to $1.6 billion annually, driven by a mix of organic volume and frequent product-line acquisitions.
What does Teleflex Incorporated (TFX) do?
Teleflex Incorporated designs and manufactures single-use medical devices used in critical care and surgery, sold mainly to hospitals through a large disposable-product installed base. After a portfolio overhaul announced in 2025 and executed through 2026, the continuing business reports in three segments: Vascular Access (the Arrow line of central venous and arterial catheters and related kits), Interventional (complex catheters, the MANTA large-bore closure device, intra-aortic balloon pumps, and the newly acquired Biotronik coronary and peripheral range including the ultrathin Orsiro Mission drug-eluting stent, the PK Papyrus covered stent, and the Pantera Lux and Passeo-18 Lux drug-coated balloons), and Surgical (ligation clips, closure systems, and instruments). The businesses being sold, Acute Care, Interventional Urology (home of UroLift), and OEM contract manufacturing, are reported as discontinued operations.
MMSI vs TFX: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- MMSI drivers: Organic growth in interventional devices; Bolt-on acquisitions.
- TFX drivers: Biotronik vascular intervention integration; Portfolio simplification and capital returns.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Merit competes against far larger and better-capitalized device companies including Boston Scientific, Medtronic, Abbott, Teleflex, Becton Dickinson, and Terumo, which can pressure pricing and share. For TFX, the Acute Care and Interventional Urology sale to Intersurgical drew a Federal Trade Commission second request in March 2026, so that leg of the divestiture carries real timing and completion risk even though the OEM sale cleared.
MMSI or TFX: which should you pick?
MMSI vs TFX: the full fundamentals
MMSI. Merit trades around a mid-20s to high-20s P/E on trailing GAAP earnings, a premium that reflects its consistency and acquisition-driven model. Q1 2026 revenue of about $382 million rose 7 percent year over year, with non-GAAP EPS of $0.94 beating expectations. Full-year 2026 guidance implies roughly 6 to 8 percent revenue growth and mid-to-high single-digit non-GAAP EPS growth.
TFX. Trailing P/E is not meaningful because GAAP net income is around negative ~$1 billion on divestiture and impairment charges, so the market prices Teleflex off adjusted EPS and forward estimates instead. At roughly ~$140 the shares sit near the upper end of a ~$100 to ~$144 fifty-two week range, and the forward multiple near ~18x is below where large-cap medtech peers typically trade. Second quarter 2026 results are due in early August 2026, and the first set of clean post-divestiture pro forma financials is the number investors are waiting on.
Headline figures (approximate, JULY 2026): MMSI shows revenue (ttm) ~$1.54B, market cap ~$4.0B, net income (ttm) ~$139M, p/e (gaap, ttm) ~27x; TFX shows revenue (ttm) ~$2.13B (continuing operations), q1 2026 revenue ~$548M (+32% reported, ~+5% pro forma cc), 2026 adjusted eps guidance ~$6.25 to ~$6.55, 2026 pro forma cc revenue growth ~4.5% to ~5.5%.
The bottom line: MMSI vs TFX
MMSI and TFX are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined MMSI and TFX exposure against your real portfolio. It is not an investment adviser.
Wondering how MMSI or TFX fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Merit Medical Systems with AI
Connect the broker you already use and ask Walnut's AI how MMSI fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between MMSI and TFX?
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Merit Medical Systems designs, manufactures, and markets a broad catalog of single-use and capital medical devices used in minimally invasive procedures. Teleflex Incorporated designs and manufactures single-use medical devices used in critical care and surgery, sold mainly to hospitals through a large disposable-product installed base. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is MMSI or TFX the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, MMSI or TFX?
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On forward P/E (as of August 2026), MMSI trades at 18.43x and TFX at 13.20x, so TFX is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both MMSI and TFX?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of MMSI vs TFX?
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MMSI: Merit competes against far larger and better-capitalized device companies including Boston Scientific, Medtronic, Abbott, Teleflex, Becton Dickinson, and Terumo, which can pressure pricing and share. Tariffs weighed on gross margin by roughly 120 basis points in early 2026, and input-cost and currency volatility remain ongoing headwinds. The growth model leans on continued acquisitions, so a slowdown in deal flow or a poorly integrated deal could stall the story. The stock also trades at a premium med-tech multiple, which leaves little room for execution missteps. Regulatory, reimbursement, and product-recall risks are inherent to the medical device industry. TFX: The Acute Care and Interventional Urology sale to Intersurgical drew a Federal Trade Commission second request in March 2026, so that leg of the divestiture carries real timing and completion risk even though the OEM sale cleared. GAAP results are deeply negative on trailing twelve months (a net loss of roughly ~$1 billion) because of divestiture and impairment charges, which makes trailing earnings metrics unusable and forces reliance on adjusted figures. Integration risk from the Biotronik deal is meaningful: coronary stents and drug-coated balloons compete head-on with Abbott, Boston Scientific, Medtronic and Terumo, all of which are larger and have deeper clinical evidence programs. The company is led by an interim chief executive, and a permanent hire could revisit strategy or guidance. Beyond that, hospital procedure volumes, reimbursement pressure, tariffs, currency, and the ~$90 million stranded-cost overhang all bear on whether the 2026 adjusted EPS range of ~$6.25 to ~$6.55 holds.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell MMSI or TFX; figures are approximate and dated (as of August 2026). Verify current data before investing.