Merit Medical Systems (MMSI) Cash Flow: Operating & Free Cash Flow

Merit Medical Systems Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Merit Medical Systems, Inc. (MMSI) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	128.49	120.36	94.41	74.52	48.45	-9.84	5.45	42.02	27.52
Depreciation & Amortization	123.17	114.73	89.99	81.80	95.78	106.82	104.36	69.55	53.58
Deferred Income Tax	5.21	-14.87	-12.64	-14.92	-4.63	-11.30	-12.44	2.05	-1.30
Stock Based Compensation	43.46	28.47	21.33	18.04	16.09	14.34	9.38	6.12	4.08
Change in Working Capital	-23.34	-36.95	-70.02	-71.40	-17.84	34.24	-55.73	-35.94	-24.20
Change in Accounts Receivable	-2.97	-21.70	-9.49	-10.96	-8.62	10.43	-17.90	-27.52	-12.84
Change in Inventory	-21.60	-2.29	-32.11	-47.93	-25.18	29.43	-27.04	-28.17	-17.83
Change in Accounts Payable	1.01	-4.10	-7.30	12.66	5.93	0.33	-2.30	15.73	0.42
Change in Other Working Capital	-19.35	7.11	-16.96	-13.27	3.66	-4.79	-8.49	4.02	6.06
Other Operating Activities	25.60	7.11	9.44	11.33	3.66	-19.39	26.79	2.75	3.05
Net Cash from Operating Activities	297.37	220.80	145.15	114.29	147.23	165.27	77.81	86.53	62.73
Investing Activities
Capital Expenditures	-81.72	-38.04	-34.29	-45.03	-30.77	-45.99	-81.50	-66.34	-41.20
Acquisitions	-144.77	-320.18	-134.52	-6.88	-7.17	-10.95	-53.90	-301.79	-105.58
Sales/Maturities of Investments	0.00	0.00	-2.41	-3.18	0.00	-3.29	0.00	0.00	0.00
Other Investing Activities	-18.08	-48.47	-4.76	-1.41	-2.05	0.25	0.92	-10.70	0.02
Net Cash from Investing Activities	-247.39	-368.65	-175.35	-57.40	-37.16	-58.65	-134.48	-378.82	-146.76
Financing Activities
Debt Repayment	0.00	-99.06	-579.62	-260.14	-206.92	-88.38	44.50	116.50	-46.42
Common Stock Issued	28.21	40.91	15.58	20.07	21.31	6.64	6.25	214.99	143.81
Common Stock Repurchased	0.00	0.00	-5.12	-2.47	0.00	-0.87	0.00	0.00	0.00
Other Financing Activities	-2.69	-1.85	-70.77	-32.92	-11.24	-13.10	-17.22	-3.21	-0.88
Net Cash from Financing Activities	16.00	-60.01	559.27	-60.26	-98.44	-95.71	33.53	328.28	96.52
Summary
Effect of Forex Changes on Cash	3.80	-2.52	-0.48	-3.83	-0.80	1.68	0.10	-0.97	0.68
Net Change in Cash	69.78	-210.38	528.59	-7.19	11.64	12.60	-23.04	35.02	13.17
Cash at Beginning of Period	378.77	589.14	60.56	67.75	56.92	44.32	67.36	32.34	19.17
Cash at End of Period	448.55	378.77	589.14	60.56	67.75	56.92	44.32	67.36	32.34
Free Cash Flow	215.66	182.76	110.86	69.26	116.46	119.28	-3.68	20.20	21.53
Supplemental Disclosures
Interest Paid	-	23.24	14.05	6.26	5.26	10.08	-	-	-
Income Taxes Paid	-	45.05	31.53	17.09	8.83	8.92	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Merit Medical Systems Cash Flow

What is Merit Medical Systems's free cash flow?

Merit Medical Systems generated free cash flow of $215.66M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $297.37M minus $81.72M of capital expenditures. That was up 18.0% from $182.76M a year earlier. Free cash flow equaled 14.2% of revenue.

How much does Merit Medical Systems spend on capital expenditures?

Merit Medical Systems spent $81.72M on capital expenditures in fiscal 2025, compared with $38.04M a year earlier. That equals 27.5% of operating cash flow.

Does Merit Medical Systems pay dividends or buy back shares?

Merit Medical Systems's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition