Merit Medical Systems, Inc. (MMSI) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	12.82	6.45	8.79	5.33	4.21	5.45	5.24	4.14	4.69	5.22	0.58	-1.03	4.82	6.76	7.97
Return on Assets (%)	8.95	3.88	5.64	3.42	2.31	3.11	3.12	2.34	2.68	3.08	0.32	-0.58	2.93	4.5	4.73
Return on Capital (%)	12.53	5.43	7.41	4	3.66	4.47	4.26	3.6	3.76	4.45	- -	- -	3.85	5.76	6.09
Return on Invested Capital (%)	10.61	6.97	7.75	4.2	4.18	4.5	4.3	3.7	2.9	4.35	- -	- -	5.14	6.16	6.06
Gross Margin (%)	42.26	43.3	46.03	46.16	43.28	44.19	43.49	43.89	44.82	44.72	43.46	41.62	45.16	45.1	46.44
EBITDA Margin (%)	17.52	13.62	16.2	13.23	14.34	15.03	13.84	13.03	11.98	14.51	14.4	15.82	16.21	16.21	18.07
Operating Margin (%)	12.76	8.61	10.86	7.52	7.09	7.98	6.94	5.79	4.61	6.64	3.92	4.74	7.29	8.2	10.01
Incremental Operating Margin (%)	6.14	-18.58	21.5	-26.94	4.01	14.61	-9.47	-4.35	-1.09	16.14	-17.51	-21.67	29.52	20.99	29.63
Pretax Margin (%)	12.85	5.66	9.15	7	4.42	6.19	5.75	4.2	4.93	5.61	0.22	-1.37	5.02	7.18	8.91
Profit Margin (%)	8.75	4.2	6.41	5	3.69	4.51	4.39	3.33	3.78	4.76	0.55	-1.02	4.51	6.47	7.51
Net Income to Common Margin (%)	8.75	4.2	6.41	5	3.69	4.51	4.39	3.33	3.78	4.76	0.55	-1.02	4.51	6.47	7.51
Effective Tax Rate (%)	31.92	25.78	29.9	28.63	16.48	27.23	23.71	20.74	23.29	15.15	- -	- -	10.13	9.82	15.77
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	12.82	6.45	8.79	5.33	4.21	5.45	5.24	4.14	4.69	5.22	0.58	-1.03	4.82	6.76	7.97

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	7	82	31	238	249	224	208	324	278	395	524	435	315	269	891
ST Debt	7	- -	- -	10	10	10	10	10	19	22	19	20	19	22	12
LT Debt	- -	82	31	228	239	214	198	314	259	373	505	415	296	246	879
Total Debt/EBITDA	0.16	2.02	0.53	4.55	3.87	2.93	2.77	4.12	3.19	3.08	3.65	2.85	1.81	1.44	3.92
Net Debt/EBITDA	0.02	1.93	0.35	4.37	3.75	2.83	2.71	3.88	2.82	2.56	2.76	1.93	1.01	0.75	1.04
Total Debt/EBIT	0.22	3.19	0.79	8.01	7.82	5.52	5.52	9.28	8.29	6.75	13.45	9.53	4.02	2.85	7.08
Net Debt/EBIT	0.03	3.05	0.53	7.69	7.58	5.34	5.41	8.74	7.33	5.6	10.14	6.44	2.23	1.48	1.87
EBITDA to Interest Expense	-1,611.36	67.79	73.79	86.38	8	8.68	12.05	8.94	11.27	12.37	11.54	15.26	33.11	29.44	14.65
EBITDA-CapEx/Interest Expense	-908.89	26.3	-3.87	-23.06	0.41	4.61	3.55	4.96	5.94	5.96	4.98	10.33	27.26	21.83	12.28
EBIT to Interest Expense	-1,173.11	42.87	49.47	49.07	3.96	4.61	6.04	3.97	4.34	5.65	3.14	4.57	14.9	14.89	8.12
Interest Expense	- -	1	1	1	8	9	6	9	8	10	12	10	5	6	16
Common Equity/Total Assets	80.62	45.32	79.85	54.27	55.58	58.58	60.56	53.04	60.69	57.7	54.36	57.92	63.57	69.47	52.18
Long-Term Debt/Equity (%)	0.16	34.54	8.61	59.64	58.87	49.28	42.39	63.1	38.3	40	53.13	43.26	28.46	21.54	73.15
Long-Term Debt/Capital (%)	0.15	32.72	7.93	36.68	36.54	32.39	29.09	38.13	27.17	28.06	34.12	29.64	21.71	17.3	41.78
Long-Term Debt/Total Assets (%)	0.13	22.04	6.88	32.26	32.8	28.71	25.37	33.34	23.3	23.03	28.72	24.91	17.95	14.81	37.81
Total Debt/Equity (%)	3.36	34.54	8.61	62.26	61.34	51.58	44.54	65.11	41.17	42.36	55.13	45.39	30.3	23.48	74.16
Total Debt/Capital (%)	3.25	32.72	7.93	38.3	38.07	33.9	30.57	39.34	29.21	29.71	35.41	31.1	23.12	18.86	42.35
Total Debt/Total Assets (%)	2.7	22.04	6.88	33.68	34.17	30.05	26.66	34.41	25.05	24.39	29.8	26.14	19.11	16.15	38.33
Net Debt to Equity	0.4	32.96	5.77	59.71	59.5	49.89	43.64	61.26	36.39	35.14	41.6	30.7	16.84	12.2	19.63
Net Debt/Capital (%)	0.39	31.7	5.46	37.31	37.36	33.16	30.14	37.9	26.73	25.96	27.54	21.93	13.52	10.22	15.55
EBITDA	45	40	58	52	64	77	75	79	87	128	143	152	174	187	227
EBITDA-CapEx	25	16	-3	-14	3	41	22	44	46	62	62	103	143	138	191
Operating Income (Loss)	33	26	39	30	32	41	38	35	34	59	39	46	78	94	126

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.19	0.09	0.24	0.13	0.12	0.1	0.05	0.22	0.28	0.38	0.24	0.31	0.29	0.26	2.88
Current Ratio	2.77	2.8	3.15	2.19	2.57	2.55	2.32	2.76	2.73	2.45	2.5	2.32	2.04	2.4	5.45
Quick Ratio	1.18	1.11	1.3	0.9	1.11	1.17	0.94	1.2	1.28	1.24	1.17	1.16	1.02	1.07	3.81
CFO/Avg Current Liab	1.11	0.95	0.82	0.81	0.74	0.76	0.85	0.61	0.62	0.59	0.44	0.9	0.7	0.5	0.68
Common Equity/Total Assets	80.62	45.32	79.85	54.27	55.58	58.58	60.56	53.04	60.69	57.7	54.36	57.92	63.57	69.47	52.18
Long-Term Debt/Equity (%)	0.16	34.54	8.61	59.64	58.87	49.28	42.39	63.1	38.3	40	53.13	43.26	28.46	21.54	73.15
Long-Term Debt/Capital (%)	0.15	32.72	7.93	36.68	36.54	32.39	29.09	38.13	27.17	28.06	34.12	29.64	21.71	17.3	41.78
Long-Term Debt/Total Assets (%)	0.13	22.04	6.88	32.26	32.8	28.71	25.37	33.34	23.3	23.03	28.72	24.91	17.95	14.81	37.81
Total Debt/Equity (%)	3.36	34.54	8.61	62.26	61.34	51.58	44.54	65.11	41.17	42.36	55.13	45.39	30.3	23.48	74.16
Total Debt/Capital (%)	3.25	32.72	7.93	38.3	38.07	33.9	30.57	39.34	29.21	29.71	35.41	31.1	23.12	18.86	42.35
Total Debt/Total Assets (%)	2.7	22.04	6.88	33.68	34.17	30.05	26.66	34.41	25.05	24.39	29.8	26.14	19.11	16.15	38.33
CFO/Total Liabilities	57.05	25.97	37.82	14.5	15.93	17.1	22.22	12.06	14.4	12.59	9.64	23.42	24.2	22	12.92
CFO/CapEx	1.53	1.41	0.56	0.71	0.84	1.49	1.31	1.53	1.52	1.3	0.95	3.35	4.78	2.37	3.95
Altman's Z-Score	9.46	4.79	6.42	3.22	3.59	3.98	4.05	3.98	5.4	4.96	3.31	4.64	5.86	7.11	4.56

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	8.77	8.69	9.23	8.39	7.91	7.67	7.58	8.01	7.82	7.27	6.8	6.38	7.19	7.26	7.34
Days Sales Outstanding	41.61	42.01	39.56	43.49	46.16	47.59	48.14	45.58	46.65	50.18	53.66	57.18	50.76	50.26	49.72
Inventory Turnover	3.48	3.12	2.97	2.75	3.05	3.27	3.1	2.99	2.91	2.77	2.66	2.66	2.81	2.59	2.36
Days Inventory Outstanding	105	116.89	122.78	132.82	119.65	111.73	117.81	122.11	125.42	131.95	137.32	137.42	130.03	140.92	154.42
Accounts Payable Turnover	13.14	10.86	9.5	7.91	8.26	10.44	9.46	10.31	13.31	11.92	10.87	10.24	11.63	10.89	10.58
Accounts Payable Turnover Days	27.78	33.59	38.44	46.12	44.2	34.98	38.59	35.41	27.43	30.62	33.57	35.63	31.38	33.51	34.49
Cash Conversion Cycle	118.82	125.31	123.9	130.19	121.61	124.34	127.36	132.28	144.64	151.51	157.41	158.97	149.41	157.67	169.65
Inventory to Cash Days	-63.39	-74.88	-83.23	-89.34	-73.49	-64.14	-69.67	-76.53	-78.76	-81.77	-83.65	-80.24	-79.26	-90.66	-104.7
Inventories	47	61	70	85	82	92	106	121	155	198	226	198	222	266	304
Raw Materials	17	23	26	30	33	34	38	46	56	65	74	68	67	89	120
Work In Process	6	7	6	6	6	8	9	11	13	14	18	19	22	30	25
Finished Goods	25	31	38	48	43	50	59	64	87	118	134	111	132	147	159
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	560	453	568	571	670	765	834	1,174	2,203	3,042	1,695	3,056	3,635	4,044	4,413
- Cash & Cash Equivalents	6	4	10	10	7	7	4	19	32	67	44	57	68	58	587
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	7	82	31	238	249	224	208	324	278	395	524	435	315	269	891
Enterprise Value	561	531	589	799	912	982	1,037	1,479	2,450	3,370	2,174	3,435	3,882	4,254	4,717
Total Capital	226	249	388	620	654	662	679	824	953	1,330	1,479	1,399	1,363	1,425	2,105
Total Debt/Capital (%)	3.25	32.72	7.93	38.3	38.07	33.9	30.57	39.34	29.21	29.71	35.41	31.1	23.12	18.86	42.35
Total Debt / EV	0.01	0.15	0.05	0.3	0.27	0.23	0.2	0.22	0.11	0.12	0.24	0.13	0.08	0.06	0.19
EV/Sales	2.18	1.79	1.64	2.03	2.03	1.93	1.91	2.45	3.37	3.82	2.19	3.56	3.61	3.7	3.75
EV/EBITDA	12.44	13.14	10.11	15.32	14.16	12.81	13.82	18.8	28.1	26.3	15.17	22.52	22.29	22.8	20.76
EV/EBIT	17.09	20.77	15.08	26.97	28.63	24.12	27.57	42.34	72.95	57.53	55.82	75.21	49.52	45.07	37.46
EV/Cash Flow to Firm	18.68	15.08	17.03	16.87	15.69	16.43	13.98	24.42	35.68	35.35	20.01	19.89	25.55	35.45	29.81
EV/Free Cash Flow to Firm	11.29	8.86	6.14	7.04	7.65	10.26	8.16	15.47	22.3	20.85	11.43	15.47	21.24	25.29	24.2
Diluted Market Cap	455	459	537	573	671	761	839	1,180	2,197	2,989	1,726	3,046	3,685	4,069	4,451
Diluted Enterprise Value	456	537	558	801	912	978	1,042	1,485	2,443	3,317	2,206	3,424	3,933	4,280	4,755
EV per Share	15.93	14.95	14.01	18.81	21.27	22.51	23.44	33.14	48.75	61.39	39.38	61.75	68.62	74.23	81.53
TTM Sales	257	297	359	394	449	510	542	604	728	883	995	964	1,075	1,151	1,257
TTM EBITDA	45	40	58	52	64	77	75	79	87	128	143	152	174	187	227
TTM Operating Income	33	26	39	30	32	41	38	35	34	59	39	46	78	94	126
TTM Cash Flow to Firm	30	35	35	47	58	60	74	61	69	95	109	173	152	120	158
TTM Free Cash Flow to Firm	50	60	96	113	119	96	127	96	110	162	190	222	183	168	195

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	19.77	36.14	22.93	28.78	40.22	32.92	34.86	58.05	77.76	68.94	310.18	- -	74.45	53.79	46.53
Price/Earnings Average	15.81	36.48	25.32	28.88	33.4	26.6	37.91	46.28	63.62	65.88	461.32	-243.66	73.7	46.73	44.72
Price/Earnings High	19.4	44.13	32.7	32.03	42.02	32.06	46.9	58.38	79.62	80.24	627.74	-323.55	84.18	55.99	51.35
Price/Earnings Low	9.64	31.81	19.49	24.82	24.79	21.97	28.36	34.69	43.8	52.37	208.74	-146.09	60.9	39.4	38.38
Price/Book Value	2.56	2.7	1.59	1.49	1.66	1.75	1.77	2.35	3.27	3.25	1.77	3.17	3.47	3.5	3.64
Price/Book Value Average	2.05	2.73	1.76	1.5	1.37	1.41	1.92	1.87	2.67	3.11	2.64	2.5	3.43	3.04	3.5
Price/Book Value High	2.51	3.3	2.27	1.66	1.73	1.7	2.38	2.36	3.34	3.79	3.59	3.31	3.92	3.64	4.01
Price/Book Value Low	1.25	2.38	1.35	1.29	1.02	1.17	1.44	1.4	1.84	2.47	1.19	1.5	2.84	2.56	3
Price/Tangible Book Value	3.52	3.77	2.37	6.47	6.62	5.44	4.84	11.23	10.45	22.6	11.19	13.46	10.13	7.95	8.94
Price/Tangible Book Value Average	2.82	3.8	2.62	6.49	5.5	4.4	5.27	8.95	8.55	21.59	16.65	10.6	10.03	6.91	8.59
Price/Tangible Book Value High	3.46	4.6	3.38	7.2	6.92	5.3	6.51	11.29	10.7	26.3	22.65	14.07	11.45	8.27	9.86
Price/Tangible Book Value Low	1.72	3.32	2.02	5.58	4.08	3.63	3.94	6.71	5.89	17.17	7.53	6.35	8.29	5.82	7.37
Price/Sales	1.73	1.52	1.47	1.44	1.48	1.48	1.53	1.93	2.94	3.28	1.7	3.16	3.36	3.48	3.49
Price/Sales Average	1.38	1.53	1.62	1.44	1.23	1.2	1.66	1.54	2.41	3.14	2.53	2.49	3.32	3.03	3.36
Price/Sales High	1.7	1.85	2.1	1.6	1.55	1.44	2.06	1.95	3.01	3.82	3.44	3.3	3.8	3.62	3.86
Price/Sales Low	0.84	1.34	1.25	1.24	0.91	0.99	1.25	1.16	1.66	2.49	1.14	1.49	2.75	2.55	2.88
Price/Cash Flow	14.81	12.95	15.54	12.09	12.97	14.18	11.94	21.79	34.12	33.48	21.73	18.43	24.5	35.07	30.26
Price/Cash Flow Average	11.85	13.08	17.15	12.13	10.77	11.46	12.99	17.37	27.91	31.99	32.32	14.51	24.26	30.47	29.09
Price/Cash Flow High	14.53	15.82	22.15	13.45	13.55	13.81	16.07	21.91	34.93	38.96	43.97	19.27	27.7	36.5	33.4
Price/Cash Flow Low	7.22	11.4	13.2	10.42	8	9.47	9.72	13.02	19.22	25.43	14.62	8.7	20.04	25.69	24.97
Price/Free Cash Flow	9.14	7.72	5.64	5.07	5.96	8.53	6.85	13.31	21.14	19.55	10.84	14.2	20.7	25.04	24.47
Price/Free Cash Flow Average	7.31	7.79	6.22	5.09	4.95	6.89	7.45	10.61	17.29	18.68	16.12	11.18	20.5	21.76	23.53
Price/Free Cash Flow High	8.97	9.42	8.04	5.64	6.23	8.31	9.22	13.38	21.65	22.76	21.93	14.84	23.41	26.06	27.01
Price/Free Cash Flow Low	4.46	6.79	4.79	4.37	3.67	5.69	5.58	7.95	11.91	14.85	7.29	6.7	16.94	18.34	20.19
EV/Sales	2.18	1.79	1.64	2.03	2.03	1.93	1.91	2.45	3.37	3.82	2.19	3.56	3.61	3.7	3.75
EV/Sales Average	1.74	1.8	1.8	2.03	1.78	1.64	2.05	2.06	2.81	3.66	3.02	2.89	3.58	3.24	3.62
EV/Sales High	2.14	2.13	2.31	2.19	2.1	1.89	2.45	2.46	3.44	4.38	3.93	3.71	4.05	3.84	4.12
EV/Sales Low	1.07	1.61	1.4	1.83	1.46	1.43	1.63	1.67	2.04	2.99	1.63	1.89	3	2.76	3.14
EV/EBITDA	12.44	13.14	10.11	15.32	14.16	12.81	13.82	18.8	28.1	26.3	15.17	22.52	22.29	22.8	20.76
EV/EBITDA Average	9.95	13.24	11.12	15.36	12.39	10.9	14.8	15.78	23.51	25.25	20.94	18.26	22.08	19.96	20.01
EV/EBITDA High	12.21	15.61	14.26	16.56	14.62	12.55	17.66	18.88	28.71	30.19	27.28	23.44	25.01	23.68	22.77
EV/EBITDA Low	6.08	11.79	8.64	13.81	10.16	9.49	11.75	12.8	17.06	20.6	11.31	11.94	18.49	17	17.36
EV/EBIT	17.09	20.77	15.08	26.97	28.63	24.12	27.57	42.34	72.95	57.53	55.82	75.21	49.52	45.07	37.46
EV/EBIT Average	13.67	20.94	16.59	27.03	25.06	20.52	29.52	35.53	61.01	55.22	77.03	60.98	49.05	39.45	36.1
EV/EBIT High	16.77	24.69	21.28	29.15	29.57	23.63	35.23	42.54	74.52	66.04	100.38	78.26	55.58	46.81	41.09
EV/EBIT Low	8.35	18.65	12.9	24.31	20.55	17.87	23.44	28.82	44.29	45.05	41.59	39.88	41.08	33.6	31.33
Last Price	15.9	12.76	13.52	13.45	15.64	17.53	18.84	26.3	43.85	55.42	30.7	54.95	64.25	70.56	76.27
High Price	15.6	15.58	19.28	14.97	16.34	17.07	25.35	26.45	44.9	64.5	62.13	57.45	72.65	73.44	84.17
Low Price	7.75	11.23	11.49	11.6	9.64	11.7	15.33	15.72	24.7	42.1	20.66	25.94	52.56	51.68	62.92
Enterprise Value	561	531	589	799	912	982	1,037	1,479	2,450	3,370	2,174	3,435	3,882	4,254	4,717
Enterprise Value Average	449	535	648	801	798	835	1,110	1,241	2,049	3,235	3,000	2,785	3,845	3,723	4,546
Enterprise Value High	551	631	831	864	941	962	1,326	1,486	2,502	3,868	3,910	3,574	4,357	4,419	5,174
Enterprise Value Low	274	476	503	721	654	727	882	1,007	1,487	2,639	1,620	1,821	3,221	3,172	3,945

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	35	35	42	42	43	44	44	45	50	55	55	56	57	57	58
Diluted Weighted Avg Shares	29	36	40	43	43	43	45	45	50	54	56	55	57	58	58
Basic Weighted Avg Shares	28	35	39	42	43	43	44	44	49	52	55	55	56	57	58
Revenue per Share	9.19	8.41	9.2	9.35	10.54	11.81	12.31	13.6	14.91	16.89	18.06	17.39	19.14	20.26	21.83
EBITDA per Share	1.61	1.14	1.49	1.24	1.51	1.78	1.7	1.77	1.79	2.45	2.6	2.75	3.1	3.28	3.95
Operating Income per Share	1.17	0.72	1	0.7	0.75	0.94	0.85	0.79	0.69	1.12	0.71	0.82	1.4	1.66	2.19
Basic EPS, GAAP	0.8	0.35	0.59	0.47	0.39	0.53	0.54	0.45	0.56	0.8	0.1	-0.18	0.86	1.31	1.64
Basic EPS from Cont Ops	0.8	0.35	0.59	0.47	0.39	0.53	0.54	0.45	0.56	0.8	0.1	-0.18	0.86	1.31	1.64
Diluted EPS, GAAP	0.79	0.35	0.58	0.46	0.39	0.53	0.53	0.45	0.55	0.78	0.1	-0.18	0.84	1.29	1.62
Diluted EPS from Cont Ops	0.79	0.35	0.58	0.46	0.39	0.53	0.53	0.45	0.55	0.78	0.1	-0.18	0.84	1.29	1.62
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	1.07	0.98	0.87	1.11	1.21	1.24	1.58	1.21	1.29	1.66	1.41	2.98	2.62	2.01	2.52
Free Cash Flow per Basic Share	0.37	0.28	-0.7	-0.45	-0.23	0.4	0.38	0.42	0.44	0.39	-0.07	2.09	2.07	1.16	1.88
Cash & Equivalents per Share	0.17	0.11	0.24	0.23	0.17	0.17	0.09	0.43	0.64	1.23	0.8	1.02	1.2	1.02	10.15
Book Value per Share	6.21	4.72	8.5	9.01	9.45	10.04	10.65	11.2	13.43	17.03	17.3	17.33	18.52	20.17	20.97
Tangible Book Value per Share	4.51	3.39	5.7	2.08	2.36	3.22	3.89	2.34	4.2	2.45	2.74	4.08	6.34	8.88	8.54

Merit Medical Systems, Inc.

MMSI US

82.73

82.73