Is Merit Medical Systems, Inc. overvalued or undervalued?

As of 3 September 2025, the valuation grade for Merit Medical Systems, Inc. moved from very expensive to expensive. The company appears to be overvalued based on its current metrics. The P/E ratio stands at 42, while the EV to EBITDA ratio is 20.38, and the PEG ratio is 2.12, indicating that the stock may be priced higher than its growth prospects justify.
In comparison to peers, Merit Medical Systems has a higher P/E ratio than Masimo Corp. at 179.74 and Haemonetics Corp. at 16.35, suggesting that it is relatively more expensive. Additionally, the company has underperformed against the S&P 500 over the past year, with a return of -14.80% compared to the index's 17.14%, reinforcing the notion that the stock may be overvalued.