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Merit Medical SystemsMMSI +1.74%83 Graham Number is $30.02 as of Mar. 2026, which is 714% above its 10-year median of 3.69. GuruFocus rates MMSI with a GF Score™ of 83/100 and a GF Value™ of $97.19 (Modestly Undervalued). Among 401 Medical Devices & Instruments companies, Merit Medical Systems ranks worse than 66.08% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
The historical rank and industry rank for Merit Medical Systems's Graham Number or its related term are showing as below:
MMSI'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 2.22 Med: 3.69 Max: 6.14
Current: 2.51
During the past 13 years, the highest Price to Graham Number ratio of Merit Medical Systems was 6.14. The lowest was 2.22. And the median was 3.69.
MMSI's Price-to-Graham-Number is ranked worse than 66.08% of 401
companies
in the Medical Devices & Instruments industry
Industry Median: 1.74
vs MMSI: 2.51
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Merit Medical Systems (NAS:MMSI) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Merit Medical Systems's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
75.32
/
30.02
=
2.51
* 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.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Merit Medical Systems Graham Number Related Terms
Merit Medical Systems Graham Number Historical Data
* Premium members only.
The historical data trend for Merit Medical Systems's Graham Number 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.
MMSI vs NVST, MMED, ICUI: Graham Number Comparison
For the Medical Instruments & Supplies subindustry, Merit Medical Systems's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number 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 Price-to-Graham-Number vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Merit Medical Systems's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Merit Medical Systems's Price-to-Graham-Number 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.
Merit Medical Systems (MMSI) has a Graham Number of $30.02 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Merit Medical Systems and its competitors. This is 714% above median its historical median of 3.69. Over the past decade, Merit Medical Systems' Graham Number has ranged from 2.22 to 6.14. According to the industry distribution chart, Merit Medical Systems ranks #265 out of 401 companies in the Medical Devices & Instruments industry, placing it in the top 66.1%.
Is Merit Medical Systems' Graham Number too high?
Merit Medical Systems' current Graham Number of $30.02 is 714% above median its 10-year median of 3.69. Over the past 10 years, this metric has ranged from a low of 2.22 to a high of 6.14. The Medical Devices & Instruments industry median Graham Number is 1.74. Merit Medical Systems' value of $30.02 is 1625.3% above this industry median. Based on the distribution chart, Merit Medical Systems ranks #265 out of 401 companies in the Medical Devices & Instruments industry, which is below the industry midpoint. Overall, Merit Medical Systems has a GF Score™ of 83/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Merit Medical Systems' Graham Number compare to NVST and MMED?
According to the Medical Devices & Instruments industry distribution chart, Merit Medical Systems ranks #265 out of 401 companies for Graham Number. This places Merit Medical Systems in the lower half of its industry. The industry median Graham Number is 1.74. Merit Medical Systems' value of $30.02 is 1625.3% above this benchmark. Historically, Merit Medical Systems' own Graham Number has ranged from 2.22 to 6.14 over the past decade. While the company's 10-year median is 3.69 vs. the industry median of 1.74, 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 Graham Number for a Medical Devices & Instruments company?
The median Graham Number among Medical Devices & Instruments companies is 1.74, based on 401 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Merit Medical Systems's current Graham Number of $30.02 is 1625.3% 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 Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Merit Medical Systems and its competitors. For the Medical Devices & Instruments industry, the median Graham Number is 1.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Merit Medical Systems's current Graham Number is $30.02, which is 714% above median its own 10-year median of 3.69. 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 $97.19, compared to a current price of $75.32 — trading 22.5% below its estimated fair value. The current Graham Number is $30.02, which is 714% above median its 10-year median of 3.69 and 1625.3% above the Medical Devices & Instruments industry median of 1.74. Merit Medical Systems' overall GF Score™ is 83/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Merit Medical Systems (MMSI), the current Graham Number is $30.02 as of Mar. 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 $75.32 is trading 22.5% below its estimated GF Value™ of $97.19.
GuruFocus considers Merit Medical Systems to be Modestly Undervalued.
Key valuation signals for MMSI:
Graham Number: $30.02 (714% above median its 10-year median of 3.69)
GF Value™: $97.19 vs. price of $75.32 (22.5% below fair value)
Industry Position: 1625.3% above the Medical Devices & Instruments median (#265 of 401)
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.
83GF Score
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