Merit Medical SystemsMMSI +2.77%79 Cyclically Adjusted PS Ratio is 3.27 as of Jul. 12, 2026, which is 17% below its 10-year median of 3.96. GuruFocus rates MMSI with a GF Score™ of 79/100 and a GF Value™ of $97.05 (Modestly Undervalued). Among 523 Medical Devices & Instruments companies, Merit Medical Systems ranks worse than 58.7% on this metric.
The historical rank and industry rank for Merit Medical Systems's Cyclically Adjusted PS Ratio or its related term are showing as below:
MMSI'
s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 1.86 Med: 3.96 Max: 5.46
Current: 3.27
During the past years, Merit Medical Systems's highest Cyclically Adjusted PS Ratio was 5.46. The lowest was 1.86. And the median was 3.96.
MMSI's Cyclically Adjusted PS Ratio is ranked worse than 58.7% of 523
companies
in the Medical Devices & Instruments industry
Industry Median: 2.32
vs MMSI: 3.27
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.
Merit Medical Systems's adjusted revenue per share data for the three months ended in Mar. 2026 was $6.363. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is $22.47 for the trailing ten years ended in Mar. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Merit Medical Systems (NAS:MMSI) Cyclically Adjusted PS Ratio Explanation
Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.
Merit Medical Systems Cyclically Adjusted PS Ratio Related Terms
Merit Medical Systems Cyclically Adjusted PS Ratio Historical Data
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The historical data trend for Merit Medical Systems's Cyclically Adjusted PS Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Merit Medical Systems Cyclically Adjusted PS Ratio Chart
MMSI vs NVST, MMED, ICUI: Cyclically Adjusted PS Ratio Comparison
For the Medical Instruments & Supplies subindustry, Merit Medical Systems's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Merit Medical Systems Cyclically Adjusted PS Ratio vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Merit Medical Systems's Cyclically Adjusted PS Ratio distribution charts can be found below:
* The bar in red indicates where Merit Medical Systems's Cyclically Adjusted PS Ratio falls into.
Merit Medical Systems Cyclically Adjusted PS Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PS Ratio of 3.27 mean?
Merit Medical Systems (MMSI) has a Cyclically Adjusted PS Ratio of 3.27 as of Jul. 12, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Merit Medical Systems and its competitors. This is 17% below median its historical median of 3.96. Over the past decade, Merit Medical Systems' Cyclically Adjusted PS Ratio has ranged from 1.86 to 5.46. According to the industry distribution chart, Merit Medical Systems ranks #307 out of 523 companies in the Medical Devices & Instruments industry, placing it in the top 58.7%.
Is Merit Medical Systems' Cyclically Adjusted PS Ratio too high?
Merit Medical Systems' current Cyclically Adjusted PS Ratio of 3.27 is 17% below median its 10-year median of 3.96. Over the past 10 years, this metric has ranged from a low of 1.86 to a high of 5.46. The Medical Devices & Instruments industry median Cyclically Adjusted PS Ratio is 2.32. Merit Medical Systems' value of 3.27 is 40.9% above this industry median. Based on the distribution chart, Merit Medical Systems ranks #307 out of 523 companies in the Medical Devices & Instruments industry, which is below the industry midpoint. Overall, Merit Medical Systems has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Merit Medical Systems' Cyclically Adjusted PS Ratio compare to NVST and MMED?
According to the Medical Devices & Instruments industry distribution chart, Merit Medical Systems ranks #307 out of 523 companies for Cyclically Adjusted PS Ratio. This places Merit Medical Systems in the lower half of its industry. The industry median Cyclically Adjusted PS Ratio is 2.32. Merit Medical Systems' value of 3.27 is 40.9% above this benchmark. Historically, Merit Medical Systems' own Cyclically Adjusted PS Ratio has ranged from 1.86 to 5.46 over the past decade. While the company's 10-year median is 3.96 vs. the industry median of 2.32, Merit Medical Systems has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for a Medical Devices & Instruments company?
The median Cyclically Adjusted PS Ratio among Medical Devices & Instruments companies is 2.32, based on 523 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Merit Medical Systems's current Cyclically Adjusted PS Ratio of 3.27 is 40.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Merit Medical Systems and its competitors. For the Medical Devices & Instruments industry, the median Cyclically Adjusted PS Ratio is 2.32 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Merit Medical Systems's current Cyclically Adjusted PS Ratio is 3.27, which is 17% below median its own 10-year median of 3.96. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Merit Medical Systems stock overvalued right now?
Based on GuruFocus' analysis, Merit Medical Systems (MMSI) is currently considered Modestly Undervalued. The stock's GF Value™ is $97.05, compared to a current price of $73.44 — trading 24.3% below its estimated fair value. The current Cyclically Adjusted PS Ratio is 3.27, which is 17% below median its 10-year median of 3.96 and 40.9% above the Medical Devices & Instruments industry median of 2.32. Merit Medical Systems' overall GF Score™ is 79/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For Merit Medical Systems (MMSI), the current Cyclically Adjusted PS Ratio is 3.27 as of Jul. 12, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Merit Medical Systems (MMSI) Overvalued in 2026?
Based on GuruFocus' analysis, Merit Medical Systems stock appears to be undervalued.
The current stock price of $73.44 is trading 24.3% below its estimated GF Value™ of $97.05.
GuruFocus considers Merit Medical Systems to be Modestly Undervalued.
Key valuation signals for MMSI:
Cyclically Adjusted PS Ratio: 3.27 (17% below median its 10-year median of 3.96)
GF Value™: $97.05 vs. price of $73.44 (24.3% below fair value)
Industry Position: 40.9% above the Medical Devices & Instruments median (#307 of 523)
No single metric tells the full story. See the MMSI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Merit Medical Systems Inc is a medical equipment company that develops and manufactures products for interventional cardiology, radiology, and endoscopy procedures. The firm reports two segments which are Cardiovascular and Endoscopy. The majority of the revenue is earned from the Cardiovascular segment which consists of cardiology and radiology medical device products that assist in diagnosing and treating coronary artery disease, peripheral vascular disease, and other non-vascular diseases and includes embolotherapeutic, cardiac rhythm management, electrophysiology, critical care, and interventional oncology and spine devices.
79GF Score
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