Merit Medical SystemsFRA:MM3 +2.56%86 Piotroski F-Score is 9 as of Jun. 26, 2026, which is 50% above its 10-year median of 6.00. GuruFocus rates FRA:MM3 with a GF Score™ of 86/100 and a GF Value™ of €81.73 (Modestly Undervalued). Among 805 Medical Devices & Instruments companies, Merit Medical Systems ranks better than 99.88% on this metric.
Good Sign:
Piotroski F-Score is 9, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Merit Medical Systems has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Merit Medical Systems's Piotroski F-Score or its related term are showing as below:
FRA:MM3'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 9
Current: 9
During the past 13 years, the highest Piotroski F-Score of Merit Medical Systems was 9. The lowest was 3. And the median was 6.
Merit Medical Systems (FRA:MM3) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Merit Medical Systems Piotroski F-Score Related Terms
Merit Medical Systems Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Merit Medical Systems's Piotroski F-Score 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.
FRA:MM3 vs NVST, MMED, ICUI: Piotroski F-Score Comparison
For the Medical Instruments & Supplies subindustry, Merit Medical Systems's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 Piotroski F-Score vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Merit Medical Systems's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Merit Medical Systems's Piotroski F-Score falls into.
* 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.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Merit Medical Systems's current Net Income (TTM) was 120.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Merit Medical Systems's return on assets of this year was 0.05248338. Merit Medical Systems's return on assets of last year was 0.05298088.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Merit Medical Systems's gearing of this year was 0.30709192. Merit Medical Systems's gearing of last year was 0.33739803.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Merit Medical Systems's current ratio of this year was 5.08025224. Merit Medical Systems's current ratio of last year was 4.87054888.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Merit Medical Systems's number of shares in issue this year was 60.013. Merit Medical Systems's number of shares in issue last year was 61.278.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Merit Medical Systems's gross margin of this year was 0.48689767. Merit Medical Systems's gross margin of last year was 0.47816713.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Merit Medical Systems's asset turnover of this year was 0.5806897. Merit Medical Systems's asset turnover of last year was 0.60183839.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
1
+
0
+
1
+
1
+
1
+
1
+
1
+
0
=
7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Merit Medical Systems has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Merit Medical Systems (FRA:MM3) has a Piotroski F-Score of 9 as of Jun. 26, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Merit Medical Systems and its competitors. This is 50% above median its historical median of 6.00. Over the past decade, Merit Medical Systems' Piotroski F-Score has ranged from 3.00 to 9.00. According to the industry distribution chart, Merit Medical Systems ranks #1 out of 805 companies in the Medical Devices & Instruments industry, placing it in the top 0.099999999999994%.
Is Merit Medical Systems' Piotroski F-Score too high?
Merit Medical Systems' current Piotroski F-Score of 9 is 50% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 9.00. The Medical Devices & Instruments industry median Piotroski F-Score is 5.00. Merit Medical Systems' value of 9 is 80% above this industry median. Based on the distribution chart, Merit Medical Systems ranks #1 out of 805 companies in the Medical Devices & Instruments industry, which is in the top quartile — a strong position relative to peers. Overall, Merit Medical Systems has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Merit Medical Systems' Piotroski F-Score compare to NVST and MMED?
According to the Medical Devices & Instruments industry distribution chart, Merit Medical Systems ranks #1 out of 805 companies for Piotroski F-Score. This places Merit Medical Systems in the top 0% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Merit Medical Systems' value of 9 is 80% above this benchmark. Historically, Merit Medical Systems' own Piotroski F-Score has ranged from 3.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, 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 Piotroski F-Score for a Medical Devices & Instruments company?
The median Piotroski F-Score among Medical Devices & Instruments companies is 5.00, based on 805 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Merit Medical Systems's current Piotroski F-Score of 9 is 80% 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 Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Merit Medical Systems and its competitors. For the Medical Devices & Instruments industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Merit Medical Systems's current Piotroski F-Score is 9, which is 50% above median its own 10-year median of 6.00. 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 €81.73, compared to a current price of €60.00 — trading 26.6% below its estimated fair value. The current Piotroski F-Score is 9, which is 50% above median its 10-year median of 6.00 and 80% above the Medical Devices & Instruments industry median of 5.00. Merit Medical Systems' overall GF Score™ is 86/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Merit Medical Systems (FRA:MM3), the current Piotroski F-Score is 9 as of Jun. 26, 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 €60.00 is trading 26.6% below its estimated GF Value™ of €81.73.
GuruFocus considers Merit Medical Systems to be Modestly Undervalued.
Key valuation signals for FRA:MM3:
Piotroski F-Score: 9 (50% above median its 10-year median of 6.00)
GF Value™: €81.73 vs. price of €60.00 (26.6% below fair value)
Industry Position: 80% above the Medical Devices & Instruments median (#1 of 805)
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.
86GF Score
Get the complete analysis for FRA:MM3
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:MM3 has been successfully added to your 
