Merit Medical Systems, Inc. (MMSI) Balance Sheet
MMSI balance sheet, 2025
December 31, 2025 · U.S. dollars$2.69B assets = $1.10B liabilities + $1.58B equity
Both columns are drawn to the same scale: what MMSI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MMSI financial health
Descriptive bands, not a rating. Fiscal 2025.
MMSI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $942.8M2016 | $2.69B2025 | +12.3%/yr | |
| Total liabilities | $444.6M2016 | $1.10B2025 | +10.6%/yr | |
| Shareholders’ equity | $498.2M2016 | $1.58B2025 | +13.7%/yr | |
| Cash & short-term investments | $19.2M2016 | $448.5M2025 | +41.9%/yr | |
| Total debt | $324.4M2016 | $898.2M2025 | +12.0%/yr | |
| Net cash (debt) | −$305.2M2016 | −$449.7M2025 | −$144.5M | |
| Working capital | $155.1M2016 | $800.4M2025 | +$645.3M | |
| Book value per share | $11.102016 | $26.202025 | +10.0%/yr | |
| Current ratio | 2.762016 | 4.342025 | +1.58 | |
| Debt / equity | 0.652016 | 0.572025 | −0.08 | |
| Shares outstanding | 44.9M2016 | 60.5M2025 | +3.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MMSI assets
MMSI liabilities and equity
MMSI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MMSI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $448.5M | $376.7M | $589.1M | $58.4M | $67.8M | $56.9M | $44.3M | $67.4M | $32.3M | $19.2M |
| Cash & equivalents | $448.5M | $376.7M | $587.0M | $58.4M | $67.8M | $56.9M | $44.3M | $67.4M | $32.3M | $19.2M |
| Short-term investments | — | — | $2.1M | — | — | — | — | $0 | $0 | $0 |
| Receivables | $223.6M | $209.2M | $189.3M | $178.4M | $172.8M | $158.0M | $168.5M | $150.0M | $116.2M | $86.6M |
| Inventory | $333.7M | $306.1M | $303.9M | $266.0M | $221.9M | $198.0M | $225.7M | $197.5M | $155.3M | $120.7M |
| Other current assets | $34.3M | $31.8M | $26.2M | $26.2M | $19.7M | $16.8M | $16.0M | $15.0M | $12.3M | $17.0M |
| Total current assets | $1.04B | $923.8M | $1.11B | $529.1M | $482.2M | $429.7M | $454.5M | $429.8M | $316.1M | $243.4M |
| Property, plant & equipment (net) | $516.0M | $451.7M | $446.6M | $448.2M | $437.6M | $461.0M | $459.0M | $331.5M | $292.8M | $276.6M |
| Goodwill & intangible assets | $1.04B | $961.8M | $708.1M | $635.7M | $681.0M | $731.4M | $798.5M | $798.1M | $465.5M | $393.6M |
| Long-term investments | $28.7M | $22.8M | $19.1M | $15.6M | $14.7M | $12.0M | $17.1M | $28.3M | $5.7M | $5.0M |
| Other non-current assets | $56.5M | $58.5M | $43.0M | $35.4M | $32.8M | $30.2M | $28.1M | $32.3M | $31.6M | $24.2M |
| Total assets | $2.69B | $2.42B | $2.33B | $1.66B | $1.65B | $1.66B | $1.76B | $1.62B | $1.11B | $942.8M |
| Liabilities | ||||||||||
| Accounts payable | $60.6M | $68.5M | $65.9M | $68.5M | $55.6M | $49.8M | $54.6M | $54.0M | $34.9M | $30.6M |
| Short-term debt | $10.9M | $10.3M | $12.1M | $33.3M | $29.8M | $33.3M | $30.6M | $22.0M | $19.5M | $10.0M |
| Deferred revenue | — | — | $5.1M | — | — | $4.6M | — | — | — | $572,000 |
| Total current liabilities | $239.8M | $216.4M | $203.6M | $220.6M | $236.3M | $185.0M | $181.7M | $175.3M | $115.6M | $88.3M |
| Long-term debt | $734.0M | $729.6M | $823.0M | $186.8M | $234.4M | $343.7M | $432.0M | $373.2M | $259.0M | $314.4M |
| Lease obligations | $87.5M | $65.1M | $68.3M | $70.7M | $72.2M | $83.8M | $84.3M | — | — | — |
| Other long-term liabilities | $127.8M | $93.3M | $96.7M | $112.2M | $137.8M | $177.1M | $193.7M | $138.7M | $60.8M | $41.9M |
| Total liabilities | $1.10B | $1.04B | $1.12B | $519.6M | $608.5M | $705.8M | $807.4M | $687.2M | $435.5M | $444.6M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $763.9M | $703.2M | $638.1M | $675.2M | $641.5M | $606.2M | $587.0M | $571.4M | $353.4M | $206.2M |
| Retained earnings (deficit) | $824.0M | $695.5M | $575.2M | $480.8M | $406.3M | $357.8M | $368.2M | $363.4M | $321.4M | $293.9M |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | −$3.6M | −$19.4M | −$11.3M | −$11.6M | −$8.0M | −$5.5M | −$5.3M | −$2.0M | $1.5M | −$1.9M |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $1.58B | $1.38B | $1.20B | $1.14B | $1.04B | $958.6M | $949.9M | $932.8M | $676.3M | $498.2M |
| Key figures | ||||||||||
| Total debt | $898.2M | $794.7M | $891.4M | $279.8M | $325.7M | $448.0M | $535.3M | $395.2M | $278.5M | $324.4M |
| Net cash (debt) | −$449.7M | −$417.9M | −$302.2M | −$221.3M | −$257.9M | −$391.1M | −$491.0M | −$327.8M | −$246.1M | −$305.2M |
| Working capital | $800.4M | $707.4M | $904.9M | $308.4M | $245.9M | $244.7M | $272.9M | $254.5M | $200.5M | $155.1M |
| Tangible book value | $539.8M | $417.6M | $493.9M | $508.7M | $358.8M | $227.1M | $151.4M | $134.6M | $210.9M | $104.6M |
| Book value per share | $26.20 | $23.24 | $20.60 | $19.84 | $18.13 | $17.29 | $16.89 | $17.30 | $13.50 | $11.10 |
| Shares outstanding | 60.5M | 59.4M | 58.4M | 57.7M | 57.4M | 55.4M | 56.2M | 53.9M | 50.1M | 44.9M |
| Current ratio | 4.34 | 4.27 | 5.45 | 2.40 | 2.04 | 2.32 | 2.50 | 2.45 | 2.73 | 2.76 |
| Quick ratio | 2.80 | 2.71 | 3.82 | 1.07 | 1.02 | 1.16 | 1.17 | 1.24 | 1.28 | 1.20 |
| Debt / equity | 0.57 | 0.58 | 0.74 | 0.24 | 0.31 | 0.47 | 0.56 | 0.42 | 0.41 | 0.65 |
| Equity / assets | 59.0% | 57.0% | 51.7% | 68.8% | 63.1% | 57.6% | 54.1% | 57.6% | 60.8% | 52.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $448.7M | $488.1M | $448.5M | $392.5M | $343.9M | $395.5M | $376.7M | $523.1M | $638.7M | $584.0M | $589.1M | $60.7M |
| Cash & equivalents | $448.7M | $488.1M | $448.5M | $392.5M | $343.9M | $395.5M | $376.7M | $523.1M | $638.7M | $584.0M | $587.0M | $60.7M |
| Short-term investments | — | — | — | — | — | — | — | $2.1M | $254,000 | $1.1M | $2.1M | $2.3M |
| Receivables | $250.9M | $227.0M | $223.6M | $231.5M | $224.2M | $216.7M | $209.2M | $213.3M | $197.4M | $192.1M | $189.3M | $190.8M |
| Inventory | $374.1M | $352.4M | $333.7M | $326.6M | $323.3M | $317.9M | $306.1M | $310.5M | $298.2M | $302.7M | $303.9M | $303.9M |
| Other current assets | $38.5M | $34.3M | $34.3M | $35.0M | $31.7M | $28.4M | $31.8M | $31.3M | $28.2M | $26.5M | $26.2M | $29.8M |
| Total current assets | $1.11B | $1.10B | $1.04B | $985.5M | $923.1M | $958.6M | $923.8M | $1.08B | $1.16B | $1.11B | $1.11B | $585.3M |
| Property, plant & equipment (net) | $520.5M | $520.3M | $516.0M | $506.5M | $499.3M | $478.0M | $451.7M | $458.5M | $455.8M | $456.3M | $446.6M | $447.0M |
| Goodwill & intangible assets | $1.15B | $1.02B | $1.04B | $1.05B | $1.07B | $943.3M | $961.8M | $771.6M | $684.9M | $699.0M | $708.1M | $721.2M |
| Long-term investments | $0 | $0 | $28.7M | $0 | $0 | $0 | $22.8M | $0 | $0 | $0 | $19.1M | $0 |
| Other non-current assets | $79.1M | $81.8M | $56.5M | $93.1M | $97.0M | $88.0M | $58.5M | $69.6M | $68.6M | $65.8M | $43.0M | $55.0M |
| Total assets | $2.86B | $2.72B | $2.69B | $2.63B | $2.59B | $2.47B | $2.42B | $2.38B | $2.37B | $2.33B | $2.33B | $1.81B |
| Liabilities | ||||||||||||
| Accounts payable | $70.7M | $67.9M | $60.6M | $64.7M | $69.1M | $63.8M | $68.5M | $60.8M | $55.6M | $48.4M | $65.9M | $48.9M |
| Short-term debt | $10.9M | $11.2M | $10.9M | $10.6M | $10.3M | $9.4M | $10.3M | $11.5M | $11.7M | $12.5M | $12.1M | $15.4M |
| Deferred revenue | — | — | — | — | — | — | — | −$60.8M | $1.3M | −$12.5M | $5.1M | −$48.9M |
| Total current liabilities | $264.9M | $216.9M | $239.8M | $230.5M | $225.6M | $196.8M | $216.4M | $201.1M | $186.2M | $183.3M | $203.6M | $187.1M |
| Long-term debt | $736.3M | $735.2M | $734.0M | $732.9M | $731.8M | $730.7M | $729.6M | $750.5M | $801.3M | $800.1M | $823.0M | $282.4M |
| Lease obligations | $83.9M | $86.4M | $87.5M | $88.2M | $88.8M | $87.0M | $65.1M | $68.6M | $69.8M | $72.6M | $68.3M | $69.1M |
| Other long-term liabilities | $182.6M | $140.5M | $127.8M | $138.2M | $140.6M | $112.1M | $93.3M | $103.1M | $101.9M | $102.7M | $96.7M | $109.1M |
| Total liabilities | $1.18B | $1.09B | $1.10B | $1.10B | $1.10B | $1.04B | $1.04B | $1.05B | $1.09B | $1.09B | $1.12B | $578.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $783.9M | $769.3M | $763.9M | $747.1M | $734.8M | $718.1M | $703.2M | $669.2M | $658.7M | $649.2M | $638.1M | $695.2M |
| Retained earnings (deficit) | $903.8M | $865.0M | $824.0M | $786.0M | $758.3M | $725.7M | $695.5M | $667.6M | $639.1M | $603.4M | $575.2M | $547.6M |
| Accumulated other comprehensive income | −$7.9M | −$7.6M | −$3.6M | −$3.7M | −$5.1M | −$15.4M | −$19.4M | −$13.4M | −$15.4M | −$12.5M | −$11.3M | −$12.9M |
| Total shareholders' equity | $1.68B | $1.63B | $1.58B | $1.53B | $1.49B | $1.43B | $1.38B | $1.32B | $1.28B | $1.24B | $1.20B | $1.23B |
| Key figures | ||||||||||||
| Total debt | $820.1M | $821.6M | $898.2M | $821.2M | $820.6M | $817.7M | $794.7M | $819.2M | $871.1M | $872.7M | $891.4M | $355.3M |
| Net cash (debt) | −$371.4M | −$333.5M | −$449.7M | −$428.7M | −$476.7M | −$422.1M | −$417.9M | −$296.0M | −$232.4M | −$288.8M | −$302.2M | −$294.5M |
| Working capital | $847.3M | $884.9M | $800.4M | $755.1M | $697.5M | $761.8M | $707.4M | $877.2M | $976.3M | $921.9M | $904.9M | $398.2M |
| Tangible book value | $528.0M | $611.3M | $539.8M | $483.6M | $421.3M | $485.1M | $417.6M | $551.8M | $597.6M | $541.2M | $493.9M | $508.6M |
| Book value per share | $27.99 | $27.11 | $26.39 | $25.52 | $24.55 | $23.31 | $22.76 | $22.23 | $21.83 | $21.18 | $20.59 | $21.07 |
| Shares outstanding | 60.0M | 60.0M | 60.0M | 59.9M | 60.6M | 61.3M | 60.6M | 59.5M | 58.7M | 58.6M | 58.4M | 58.4M |
| Current ratio | 4.20 | 5.08 | 4.34 | 4.28 | 4.09 | 4.87 | 4.27 | 5.36 | 6.24 | 6.03 | 5.45 | 3.13 |
| Quick ratio | 2.64 | 3.30 | 2.80 | 2.71 | 2.52 | 3.11 | 2.71 | 3.66 | 4.49 | 4.23 | 3.82 | 1.34 |
| Debt / equity | 0.49 | 0.51 | 0.57 | 0.54 | 0.55 | 0.57 | 0.58 | 0.62 | 0.68 | 0.70 | 0.74 | 0.29 |
| Equity / assets | 58.7% | 59.8% | 59.0% | 58.1% | 57.5% | 57.9% | 57.0% | 55.7% | 54.1% | 53.3% | 51.7% | 68.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
MMSI financial position
At the end of fiscal 2025 (December 31, 2025), Merit Medical Systems had total assets of $2.7 billion (up 11.1% from a year earlier), total liabilities of $1.1 billion and shareholders' equity of $1.6 billion. It held $448.5 million in cash and short-term investments against $898.2 million of debt, net debt of $449.7 million. Its current ratio was 4.34. In the latest quarter (ended June 30, 2026) total assets were $2.9 billion and equity $1.7 billion.
Related: MMSI income statement, MMSI cash flow statement, MMSI key metrics. See the MMSI stock overview for the latest quote and news.
MMSI balance sheet FAQ
What are Merit Medical Systems's total assets?
Merit Medical Systems reported total assets of $2.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.4 billion a year earlier.
How much debt does Merit Medical Systems have?
Merit Medical Systems had $898.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.57.
How much cash does Merit Medical Systems have?
Merit Medical Systems held $448.5 million in cash and short-term investments at the end of fiscal 2025; with $898.2 million of debt that is net debt of $449.7 million.
What is Merit Medical Systems's book value?
Merit Medical Systems's shareholders' equity (book value) was $1.6 billion at the end of fiscal 2025, or $26.20 per share.
What is Merit Medical Systems's current ratio?
Merit Medical Systems had current assets of $1.0 billion and current liabilities of $239.8 million, a current ratio of 4.34 (it can cover its short-term obligations).
How much goodwill does Merit Medical Systems have?
Merit Medical Systems carried $1.0 billion of goodwill and intangible assets, 38.9% of total assets, at the end of fiscal 2025.