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Merit Medical Systems vs Penumbra: MMSI and PEN compared
Merit Medical Systems is the larger company: $416M of revenue in its latest quarter (Q3 2026) against $410M for Penumbra (Q3 2026). Penumbra is growing faster (+16% against +8% a year earlier). Merit Medical Systems is more profitable, with an operating margin of 14.1% against 12.4%.
Where the money goes: MMSI and PEN
Merit Medical Systems (MMSI) · Q3 2026
Merit Medical Systems, Q3 2026: revenue $416M (+8% year over year), operating margin 14.1%, net earnings $42.3M, operating cash flow $65.3M. The chart follows the revenue to costs, profit and cash.
Penumbra (PEN) · Q3 2026
Penumbra, Q3 2026: revenue $410M (+16% year over year), operating margin 12.4%, net earnings $42.3M, operating cash flow $41.5M. The chart follows the revenue to costs, profit and cash.
| Merit Medical Systems (MMSI) | Penumbra (PEN) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $416M | $410M |
| Revenue growth, Y/Y | +8% | +16% |
| Gross margin | 48.2% | 68.3% |
| Operating margin | 14.1% | 12.4% |
| Net earnings | $42.3M | $42.3M |
| Net margin | 10.2% | 10.3% |
| Operating cash flow | $65.3M | $41.5M |
| Free cash flow | $52.9M | $26.4M |
| Market value | $5.3B | $12.6B |
| P/E | 32.7× | 80.4× |
| Analysts’ mean target | $107.00 | $362.54 |
Where the revenue comes from
Merit Medical Systems
- Foundational: $276M (66%)
- Therapeutic: $141M (34%)
Penumbra
- Thrombectomy: $279M (68%)
- Embolization and Access: $131M (32%)
Questions
Which is bigger, Merit Medical Systems or Penumbra?
Merit Medical Systems is the larger company: $416M of revenue in its latest quarter (Q3 2026) against $410M for Penumbra (Q3 2026).
Is Merit Medical Systems or Penumbra growing faster?
Penumbra is growing faster (+16% against +8% a year earlier).
Which is more profitable, Merit Medical Systems or Penumbra?
Merit Medical Systems is more profitable, with an operating margin of 14.1% against 12.4%.
More: Merit Medical Systems earnings · how Merit Medical Systems makes money · Penumbra earnings · how Penumbra makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.