Haemonetics vs Merit Medical Systems
Merit Medical Systems reported revenue of $1.5 billion in fiscal 2025, about the same as Haemonetics' $1.3 billion in fiscal 2026. Haemonetics' revenue fell 2.0% in its latest year, and Merit Medical Systems' grew 11.8%. Haemonetics had an operating margin of 11.8%, against 12.2% at Merit Medical Systems. Free cash flow was $260 million at Haemonetics and $216 million at Merit Medical Systems. Their fiscal years end in different months (March 28 and December 31), so the periods don't line up exactly.
Side by side
| Haemonetics | Merit Medical Systems | |
|---|---|---|
| Latest fiscal year | FY2026, Mar 28, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $1.3B | $1.5B |
| Revenue growth | −2.0% | 11.8% |
| Revenue growth a year, last 5 years | 8.9% | 9.5% |
| Gross margin | 59.0% | 48.7% |
| Operating margin | 11.8% | 12.2% |
| Net margin | 7.3% | 8.5% |
| Free cash flow | $260M | $216M |
| Free cash flow margin | 19.5% | 14.2% |
| Return on capital | 6.7% | 7.7% |
| Net debt to EBITDA | 3.7x | 0.9x |
| Dividends and buybacks | $175M | $0M |
| Change in diluted share count | −6.7% | 1.8% |
| Last close | $119.93 | $87.23 |
| P/E at the last close | 53.1× | 32.7× |
| Insider trades, last 12 months | bought $98,784, sold $0 | bought $573,303, sold $8.5 million |
| Piotroski F-score | 7 of 9 | 8 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
HaemoneticsMerit Medical Systems
Operating margin
Percent of revenue
HaemoneticsMerit Medical Systems
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
HaemoneticsMerit Medical Systems
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Haemonetics and Merit Medical Systems pages.