ICU Medical (ICUI) vs Merit Medical Systems (MMSI)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
ICU Medical (ICUI) has outperformed Merit Medical Systems (MMSI) over the past year, gaining 32.1% versus a gain of 2.9%. Over five years, MMSI leads with a +22.3% price change compared with -32.4% for ICUI. Merit Medical Systems is the larger company by market cap ($5.08 billion vs $3.90 billion), about 1.3 times the size.
On valuation, ICU Medical trades at a lower forward P/E (16.2x vs 18.5x for Merit Medical Systems). Merit Medical Systems converts more of its revenue into profit, with a net margin of 8.5% versus 0.0%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | ICUI | MMSI |
|---|---|---|
| Share price | $156.03 | $85.09 |
| Market cap | $3.90B | $5.08B |
| 1-day change | -2.32% | +0.15% |
| YTD return | +9.36% | -3.46% |
| 1-year return | +32.12% | +2.89% |
| 5-year return | -32.41% | +22.27% |
| P/E ratio (TTM) | 131.12 | 35.02 |
| Forward P/E | 16.18 | 18.45 |
| EPS (TTM) | $1.19 | $2.43 |
| Dividend yield | 0.00% | 0.00% |
| Annual dividend | $0.00 | $0.00 |
| Revenue (latest FY) | $2.23B | $1.52B |
| Revenue growth (YoY) | -6.33% | +11.75% |
| Net income (latest FY) | $732.00K | $128.49M |
| Gross margin | 36.84% | 48.70% |
| Operating margin | 1.92% | 12.19% |
| Net margin | 0.03% | 8.48% |
| 52-week high | $192.85 | $94.75 |
| 52-week low | $112.50 | $59.74 |
| Distance from 52-week high | -19.09% | -10.20% |
| Analyst consensus | buy | buy |
| Avg. price target upside | +23.94% | +19.23% |
| Average volume | 277.57K | 795.56K |
| Shares outstanding | 25.01M | 59.71M |
| Employees | 13,000 | 7,500 |
| Sector | Health Care | Health Care |
| Industry | Medical/Dental Instruments | Medical/Dental Instruments |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- ICUI has outperformed MMSI by 29.2 percentage points over the past year.
- ICU Medical trades at a higher earnings multiple (131.1x vs 35.0x trailing P/E).
- Merit Medical Systems is more profitable, keeping 8.5 cents of every revenue dollar as net income versus 0.0 cents for ICU Medical.
- Merit Medical Systems grew revenue faster in its latest fiscal year (+11.75% vs -6.33%).
About ICU Medical
ICUI stock →ICU Medical, Inc., together with its subsidiaries, develops, manufactures, and sells medical products used in infusion therapy, vascular access, and vital care applications worldwide. It offers Clave needlefree products under the MicroClave, MicroClave Clear, and NanoClave brands; Neutron catheter patency devices; ChemoLock closed system transfer devices and ChemoClaveTM for preparation and administration of hazardous drugs; Tego needle free connectors; Deltec GRIPPER non-coring needles for portal access; ClearGuard, SwabCap, and SwabTip disinfection caps; and vascular access products.
Health Care · Medical/Dental Instruments · 13,000 employees
About Merit Medical Systems
MMSI stock →Merit Medical Systems, Inc. designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States, China, Japan, Germany, France, the United Kingdom, and internationally.
Health Care · Medical/Dental Instruments · 7,500 employees
ICUI vs MMSI FAQ
Which is bigger, ICU Medical or Merit Medical Systems?
Merit Medical Systems (MMSI) is larger, with a market capitalization of $5.08B compared with $3.90B for ICU Medical (ICUI).
Which stock has performed better over the past year, ICUI or MMSI?
ICUI returned +32.12% over the past 12 months, compared with +2.89% for MMSI (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, ICUI or MMSI?
MMSI has the lower trailing P/E at 35.0, versus 131.1 for ICUI. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Are ICU Medical and Merit Medical Systems in the same industry?
Yes. Both are classified in the Medical/Dental Instruments industry within the Health Care sector.