Merit Medical Systems, Inc. (MMSI) Stock Price & How to Invest

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 trailing revenue to about $1.58 billion, with 2026 guidance of $1.631 to $1.643 billion, driven by a mix of organic volume and frequent product-line acquisitions.

The investment picture is one of a steady compounder rather than a high-growth story. Merit converts single-digit revenue growth into faster non-GAAP EPS growth through margin expansion, and it trades at a premium medical-device multiple (about 37 times trailing GAAP earnings and 19 times forward estimates in October 2026) that reflects its consistency and acquisition track record. CEO Martha Aronson leads the company, which is completing its three-year Continued Growth Initiative targets at the end of 2026 while it builds a longer-term strategic plan; in August 2026 it eliminated the Chief Operating Officer role in a reorganization of global operations. The picture also carries typical med-tech considerations: tariff and input-cost pressure on gross margin, reliance on M&A to sustain growth, and competition against much larger diversified device companies.

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 (about 37 times trailing GAAP earnings) after a roughly 21 percent three-month rally, which leaves little room for execution missteps when Q3 results arrive on October 29, 2026. Year-to-date free cash flow fell 14 percent through June, and total debt is about $748 million, including convertible notes due 2029. Regulatory, reimbursement, and product-recall risks are inherent to the medical device industry.

11 analysts publish price targets on MMSI, averaging $101.64 against a $89.20 price as of October 2026, or +13.9%. The published targets run from $83.00 to $123.00, a moderate spread, and the ratings split 9 buy, 2 hold, 0 sell. Over the last six months there have been 7 raises and 3 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full MMSI forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Merit Medical Systems, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Organic growth in interventional devices. Merit's core peripheral intervention, cardiac intervention, and interventional oncology lines serve procedures that continue to shift toward minimally invasive approaches. The most optimistic published target, $123.00, assumes this works close to its best case.

The case against. 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. The most pessimistic target, $83.00, is roughly what MMSI is worth if this bites instead.

Read the full bull and bear case on MMSI, including what would have to change to break either one. Walnut is not an investment adviser.

No. Merit Medical Systems, Inc. (MMSI) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Merit Medical Systems, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$1.58B; Q2 2026 up ~10% (9% organic constant currency)
• Market cap: ~$5.3B (share price ~$88.81)
• Net income (TTM): ~$146M (profit margin ~9%)
• P/E: ~37x trailing GAAP, ~19x forward
• Non-GAAP operating margin (Q2 2026): ~22.6%
• 2026 revenue guidance: ~$1.631B to $1.643B (raised from $1.612B-1.634B)
• 2026 non-GAAP EPS guidance: ~$4.25 to $4.35 (raised from $4.01-4.15)
• Dividend: None

Merit trades around 37 times trailing GAAP earnings but about 19 times forward estimates, because GAAP results carry heavy acquisition amortization that non-GAAP EPS excludes. Q2 2026 revenue of $418.8 million rose 10 percent and non-GAAP EPS of $1.19 beat expectations, prompting management to raise full-year guidance to about 8 percent revenue growth and 11 to 14 percent non-GAAP EPS growth. The 11 covering analysts rate it a buy with a mean target near $102; Q3 results are due October 29, 2026, with consensus EPS near $1.03 on $410 million of revenue.

Other names that sit close to MMSI: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get MMSI exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so MMSI sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where MMSI fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

MMSI is a bet on durable mid-to-high single-digit growth (organic constant-currency growth hit 9% in Q2 2026) in interventional and endoscopy devices, run by a management team that pairs organic gains with disciplined tuck-in acquisitions.

Whether MMSI is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is MMSI a buy or a sell?, and where the stock could go from here in the MMSI stock forecast.

For income investors, whether MMSI pays a dividend and how the payout looks is covered in does MMSI pay a dividend? And to weigh MMSI against a peer, read the full side-by-side comparisons: MMSI vs BSX and MMSI vs MDT.