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Merit Medical SystemsFRA:MM3 -0.76%91 EV-to-FCF is 22.12 as of Jul. 22, 2026, which is 51% below its 10-year median of 45.43. GuruFocus rates FRA:MM3 with a GF Score™ of 91/100 and a GF Value™ of €86.06 (Modestly Undervalued). Among 414 Medical Devices & Instruments companies, Merit Medical Systems ranks better than 53.86% on this metric.
EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, Merit Medical Systems's Enterprise Value is €4,130 Mil.
Merit Medical Systems's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 was €187 Mil. Therefore, Merit Medical Systems's EV-to-FCF for today is 22.12.
The historical rank and industry rank for Merit Medical Systems's EV-to-FCF or its related term are showing as below:
FRA:MM3'
s EV-to-FCF Range Over the Past 10 Years
Min: -749.35 Med: 45.43 Max: 482.53
Current: 21.69
During the past 13 years, the highest EV-to-FCF of Merit Medical Systems was 482.53. The lowest was -749.35. And the median was 45.43.
FRA:MM3's EV-to-FCF is ranked better than 53.86% of 414
companies
in the Medical Devices & Instruments industry
Industry Median: 23.145
vs FRA:MM3: 21.69
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Merit Medical Systems (FRA:MM3) EV-to-FCF Explanation
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Merit Medical Systems's PE Ratio (TTM) for today is calculated as:
Merit Medical Systems's share price for today is €65.00.
Merit Medical Systems's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €1.986.
* 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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
* 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.
For the Medical Instruments & Supplies subindustry, Merit Medical Systems's EV-to-FCF, along with its competitors' market caps and EV-to-FCF 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 EV-to-FCF vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Merit Medical Systems's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where Merit Medical Systems's EV-to-FCF falls into.
Merit Medical Systems's current Enterprise Value is €4,130 Mil.
Merit Medical Systems's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €187 Mil.
* 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 (FRA:MM3) has a EV-to-FCF of 22.12 as of Jul. 22, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Merit Medical Systems and its competitors. This is 51% below median its historical median of 45.43. According to the industry distribution chart, Merit Medical Systems ranks #191 out of 414 companies in the Medical Devices & Instruments industry, placing it in the top 46.1%.
Is Merit Medical Systems' EV-to-FCF too high?
Merit Medical Systems' current EV-to-FCF of 22.12 is 51% below median its 10-year median of 45.43. The Medical Devices & Instruments industry median EV-to-FCF is 23.15. Merit Medical Systems' value of 22.12 is 4.4% below this industry median. Based on the distribution chart, Merit Medical Systems ranks #191 out of 414 companies in the Medical Devices & Instruments industry, which is above the industry midpoint. Overall, Merit Medical Systems has a GF Score™ of 91/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Merit Medical Systems' EV-to-FCF compare to NVST and MMED?
According to the Medical Devices & Instruments industry distribution chart, Merit Medical Systems ranks #191 out of 414 companies for EV-to-FCF. This puts Merit Medical Systems in the upper half of its industry. The industry median EV-to-FCF is 23.15. Merit Medical Systems' value of 22.12 is 4.4% below this benchmark. While the company's 10-year median is 45.43 vs. the industry median of 23.15, Merit Medical Systems has consistently been below 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 EV-to-FCF for a Medical Devices & Instruments company?
The median EV-to-FCF among Medical Devices & Instruments companies is 23.15, based on 414 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Merit Medical Systems's current EV-to-FCF of 22.12 is 4.4% below 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 EV-to-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Merit Medical Systems and its competitors. For the Medical Devices & Instruments industry, the median EV-to-FCF is 23.15 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Merit Medical Systems's current EV-to-FCF is 22.12, which is 51% below median its own 10-year median of 45.43. 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 (FRA:MM3) is currently considered Modestly Undervalued. The stock's GF Value™ is €86.06, compared to a current price of €65.00 — trading 24.5% below its estimated fair value. The current EV-to-FCF is 22.12, which is 51% below median its 10-year median of 45.43 and 4.4% below the Medical Devices & Instruments industry median of 23.15. Merit Medical Systems' overall GF Score™ is 91/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For Merit Medical Systems (FRA:MM3), the current EV-to-FCF is 22.12 as of Jul. 22, 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 (FRA:MM3) Overvalued in 2026?
Based on GuruFocus' analysis, Merit Medical Systems stock appears to be undervalued.
The current stock price of €65.00 is trading 24.5% below its estimated GF Value™ of €86.06.
GuruFocus considers Merit Medical Systems to be Modestly Undervalued.
Key valuation signals for FRA:MM3:
EV-to-FCF: 22.12 (51% below median its 10-year median of 45.43)
GF Value™: €86.06 vs. price of €65.00 (24.5% below fair value)
Industry Position: 4.4% below the Medical Devices & Instruments median (#191 of 414)
No single metric tells the full story. See the FRA:MM3 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.
91GF Score
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