Merit Medical Systems vs Neogen
Merit Medical Systems reported revenue of $1.5 billion in fiscal 2025, 1.7 times Neogen's $870 million in fiscal 2026. Merit Medical Systems' revenue grew 11.8% in its latest year, and Neogen's fell 2.7%. Merit Medical Systems had an operating margin of 12.2%, against -2.5% at Neogen. Free cash flow was $216 million at Merit Medical Systems and $32 million at Neogen. Their fiscal years end in different months (December 31 and May 31), so the periods don't line up exactly.
Side by side
| Merit Medical Systems | Neogen | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2026, May 31, 2026 |
| Revenue | $1.5B | $870M |
| Revenue growth | 11.8% | −2.7% |
| Revenue growth a year, last 5 years | 9.5% | 13.2% |
| Gross margin | 48.7% | 46.9% |
| Operating margin | 12.2% | −2.5% |
| Net margin | 8.5% | −0.9% |
| Free cash flow | $216M | $32M |
| Free cash flow margin | 14.2% | 3.7% |
| Return on capital | 7.7% | −0.6% |
| Net debt to EBITDA | 0.9x | 6.4x |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 1.8% | 0.3% |
| Last close | $87.23 | $11.76 |
| P/E at the last close | 32.7× | — |
| Insider trades, last 12 months | bought $573,303, sold $8.5 million | bought $6,386, sold $114,676 |
| Piotroski F-score | 8 of 9 | 5 of 9 |
Amounts in each company's own currency, US$ 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
Merit Medical SystemsNeogen
Operating margin
Percent of revenue
Merit Medical SystemsNeogen
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Merit Medical SystemsNeogen
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 Merit Medical Systems and Neogen pages.