Merit Medical Systems, Inc. — Earnings Quality Grade C
MMSI · Healthcare
Some red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 49 days, change -2 days YoY
AR growth 7.1% vs revenue growth 11.8%
Revenue 11.8%, CFFO 34.7%. Cash follows revenue
Expense Quality
Inventory 9.0% vs COGS 9.0%. Normal
CapEx growth 123.0% is >2x revenue growth 11.8%
SG&A/Gross Profit = 61.7%. Normal
Gross margin 48.7%, change +1.3pp. Stable
Cash Flow Quality
CFFO/NI = 2.31. Profits backed by cash
FCF $0.2B, FCF/NI = 1.65
Accruals ratio = -6.3%. Low accruals
Cash $0.4B covers 54% of debt $0.8B
Balance Sheet Health
Goodwill+Intangibles $1.0B = 66% of equity. Over 50%
Debt/EBITDA = 2.5x. Healthy
Other assets -15.7% vs revenue 11.8%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 9% YoY. Normal
Manipulation Score
M-Score = -2.71 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25