Merit Medical SystemsFRA:MM3 +2.56%86 PB Ratio is 2.54 as of Jun. 26, 2026, which is 24% below its 10-year median of 3.34. GuruFocus rates FRA:MM3 with a GF Score™ of 86/100 and a GF Value™ of €81.90 (Modestly Undervalued). Among 788 Medical Devices & Instruments companies, Merit Medical Systems ranks worse than 58.63% on this metric.
The historical rank and industry rank for Merit Medical Systems's PB Ratio or its related term are showing as below:
FRA:MM3'
s PB Ratio Range Over the Past 10 Years
Min: 1.4 Med: 3.34 Max: 4.65
Current: 2.6
During the past 13 years, Merit Medical Systems's highest PB Ratio was 4.65. The lowest was 1.40. And the median was 3.34.
FRA:MM3's PB Ratio is ranked worse than 58.63% of 788
companies
in the Medical Devices & Instruments industry
Industry Median: 2.02
vs FRA:MM3: 2.60
During the past 12 months, Merit Medical Systems's average Book Value Per Share Growth Rate was 12.80% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 10.10% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 8.80% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 8.80% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Merit Medical Systems was 94.30% per year. The lowest was 2.70% per year. And the median was 11.90% per year.
Back to Basics: PB Ratio
Merit Medical Systems (FRA:MM3) PB Ratio Explanation
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
* 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 PB Ratio, along with its competitors' market caps and PB 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 PB Ratio vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Merit Medical Systems's PB Ratio distribution charts can be found below:
* The bar in red indicates where Merit Medical Systems's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Merit Medical Systems (FRA:MM3) has a PB Ratio of 2.54 as of Jun. 26, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Merit Medical Systems and its competitors. This is 24% below median its historical median of 3.34. Over the past decade, Merit Medical Systems' PB Ratio has ranged from 1.40 to 4.65. According to the industry distribution chart, Merit Medical Systems ranks #462 out of 788 companies in the Medical Devices & Instruments industry, placing it in the top 58.6%.
Is Merit Medical Systems' PB Ratio too high?
Merit Medical Systems' current PB Ratio of 2.54 is 24% below median its 10-year median of 3.34. Over the past 10 years, this metric has ranged from a low of 1.40 to a high of 4.65. The Medical Devices & Instruments industry median PB Ratio is 2.02. Merit Medical Systems' value of 2.54 is 25.7% above this industry median. Based on the distribution chart, Merit Medical Systems ranks #462 out of 788 companies in the Medical Devices & Instruments industry, which is below the industry midpoint. 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' PB Ratio compare to NVST and MMED?
According to the Medical Devices & Instruments industry distribution chart, Merit Medical Systems ranks #462 out of 788 companies for PB Ratio. This places Merit Medical Systems in the lower half of its industry. The industry median PB Ratio is 2.02. Merit Medical Systems' value of 2.54 is 25.7% above this benchmark. Historically, Merit Medical Systems' own PB Ratio has ranged from 1.40 to 4.65 over the past decade. While the company's 10-year median is 3.34 vs. the industry median of 2.02, 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 PB Ratio for a Medical Devices & Instruments company?
The median PB Ratio among Medical Devices & Instruments companies is 2.02, based on 788 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Merit Medical Systems's current PB Ratio of 2.54 is 25.7% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Merit Medical Systems and its competitors. For the Medical Devices & Instruments industry, the median PB Ratio is 2.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Merit Medical Systems's current PB Ratio is 2.54, which is 24% below median its own 10-year median of 3.34. 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 €81.90, compared to a current price of €60.00 — trading 26.7% below its estimated fair value. The current PB Ratio is 2.54, which is 24% below median its 10-year median of 3.34 and 25.7% above the Medical Devices & Instruments industry median of 2.02. 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 PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Merit Medical Systems (FRA:MM3), the current PB Ratio is 2.54 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 26.7% below its estimated GF Value™ of €81.90.
GuruFocus considers Merit Medical Systems to be Modestly Undervalued.
Key valuation signals for FRA:MM3:
PB Ratio: 2.54 (24% below median its 10-year median of 3.34)
GF Value™: €81.90 vs. price of €60.00 (26.7% below fair value)
Industry Position: 25.7% above the Medical Devices & Instruments median (#462 of 788)
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
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