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Merit Medical Systems cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$52.9M in Q3 2026 · $204M over twelve months

Operating cash flow$65.3M
Capital spending−$12.3M
Free cash flow+$52.9M
Cash / net income1.5×
Cash conversion cycle183 days

Analysis

In Q3 2026, Merit Medical Systems generated $65.3M of operating cash flow and spent $12.3M on capital projects, leaving free cash flow of $52.9M. That is $385K more than in Q3 2025 ($52.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $274M; the largest uses were acquisitions ($115M), capital spending ($70.2M), other financing ($11.0M); besides operations, cash came from shares issued ($22.3M), other investing ($10.1M); the cash balance rose by $111M.

Operating cash flow was $65.3M against net income of $42.3M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$31.9M, inventory −$16.3M, stock-based pay +$13.6M.

Its cash conversion cycle was 183 days (receivables 49 + inventory 163 − payables 29).

Free cash flow

Merit Medical Systems: free cash flow by quarterMerit Medical Systems: free cash flow by quarter$65.3MQ4 2024$19.5MQ1 2025$69.6MQ2 2025$52.5MQ3 2025$74.0MQ4 2025$24.7MQ1 2026$51.9MQ2 2026$52.9MQ3 2026
Operating cash flow less capital spending.
Merit Medical Systems: operating cash flow against capital spendingMerit Medical Systems: operating cash flow against capital spendingOperating cash flowCapital spending$68.7M$3.5MQ4 2024$40.6M$21.1MQ1 2025$83.3M$13.8MQ2 2025$75.0M$22.4MQ3 2025$98.5M$24.5MQ4 2025$40.7M$16.0MQ1 2026$69.3M$17.3MQ2 2026$65.3M$12.3MQ3 2026
Latest (Q3 2026): Operating cash flow $65.3M, Capital spending $12.3M.

Capital allocation, year by year

Merit Medical Systems: where the cash came from (up) and went (down), by fiscal yearMerit Medical Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $147MFY2021: Net borrowing −$108MFY2021: Shares issued $41.5MFY2021: Asset sales $1.0MFY2021: Capital spending −$27.9MFY2021: Acquisitions −$7.2M$190MFY2021FY2022: Operating cash flow $114MFY2022: Net borrowing −$44.9MFY2022: Shares issued $39.0MFY2022: Asset sales −$906KFY2022: Capital spending −$45.0MFY2022: Acquisitions −$6.9M$153MFY2022FY2023: Operating cash flow $145MFY2023: Net borrowing $620MFY2023: Shares issued $30.1MFY2023: Asset sales $632KFY2023: Capital spending −$34.3MFY2023: Acquisitions −$135M$795MFY2023FY2024: Operating cash flow $221MFY2024: Net borrowing −$99.1MFY2024: Shares issued $80.7MFY2024: Asset sales $5KFY2024: Capital spending −$35.1MFY2024: Acquisitions −$320M$301MFY2024FY2025: Operating cash flow $297MFY2025: Shares issued $55.1MFY2025: Capital spending −$81.7MFY2025: Acquisitions −$145M$352MFY2025
Over these 5 years operating cash flow totalled $925M; the largest uses were acquisitions ($614M) and net borrowing ($253M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$504M
Debt$737M
Net debt$234M

Merit Medical Systems funds itself: free cash flow was $204M over the last twelve months, and $504M of cash and investments stands against $737M of debt.

Where the cash came from and went

Merit Medical Systems: sources (+) and uses (−) of cash, Q3 2026Merit Medical Systems: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$65.3MCash drawn (+) / kept (−)−$54.9MCapital spending−$12.3MShares issued$11.6MOther investing−$9.9MExchange rates$314KAcquisitions−$52KOther financing−$39K
Merit Medical Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Merit Medical Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$274MAcquisitions−$115MCash drawn (+) / kept (−)−$111MCapital spending−$70.2MShares issued$22.3MOther financing−$11.0MOther investing$10.1MExchange rates$1.2M

From profit to cash

Merit Medical Systems: net income to operating cash flow, Q3 2026Merit Medical Systems: net income to operating cash flow, Q3 2026Net income$42.3MDepreciation & amortization$31.9MStock-based pay$13.6MImpairments$271KGains on disposals$648KReceivables$2.5MInventory−$16.3MPayables−$5.3MAccrued liabilities$757KPrepaid and other assets−$3.2MOther liabilities−$4.1MIncome taxes payable$4.1MOperating cash flow$65.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264916329183
Q2 20264716231178
Q1 20264815729176
Q4 20254815329172
Q3 20255015131170
Q2 20254814731165
Q1 20254915332170
Q4 20244915633172

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$65.3M−$12.3M−$52K—$11.6M−$54.9M$52.9M
Q2 2026$69.3M−$17.3M−$92.0M—$1.8M$39.3M$51.9M
Q1 2026$40.7M−$16.0M−$1.0M—$2.8M−$41.7M$24.7M
Q4 2025$98.5M−$24.5M−$21.9M—$6.0M−$54.0M$74.0M
Q3 2025$75.0M−$22.4M−$279K—$2.2M−$50.6M$52.5M
Q2 2025$83.3M−$13.8M−$122M—$6.9M$53.7M$69.6M
Q1 2025$40.6M−$21.1M−$1.0M—$13.2M−$18.8M$19.5M
Q4 2024$68.7M−$3.5M−$210M−$23.0M$25.5M$147M$65.3M

Merit Medical Systems: income statement and cash flow

Merit Medical Systems, Q3 2026: revenue $416M (+8% year over year), operating margin 14.1%. The chart follows the revenue to costs, profit and cash.

Merit Medical Systems: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.