Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price85.49 USD
Fair value100.73
Ethical score70.0/100
Our investment reviews on this name
2026-10-02Read Markdown85.49+0.0% to today
2026-09-05Read Accumulation89.54-4.5% to today
2026-08-05Read Markup73.99+15.5% to today ✓
2026-07-02Read Distribution66.53+28.5% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Merit Medical Systems, Inc. holds its Markdown at $85.49. Consolidating, no directional conviction, held for 3 days.
As held on the ledger · 2026-09-21
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 3 days
Price at the screen
$85.49
Valuation
35.18 trailing · 18.54 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.49
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
30.59%
Below 33%
Interest-bearing debt is just 30.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
24.20%
Below 49%
Money owed to the company is 24.2% of assets, under the 49% limit.
Pass
Revenue purity
0.99%
Below 5%
Only 1.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Merit Medical Systems, clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 31%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-09-21 screen. The gold marker is the market price at the same screen. A 17.8% margin of safety to the base estimate.
Third-party analyst targets: 11 covering, consensus Buy. The average target sits +17% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-21 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Single-Use Devices Power Quiet Medical Supply Chain
Every time a surgeon reaches for a catheter or a diagnostic kit in a hospital theatre, the odds are high that Merit Medical made the single-use component. The business sits in a defensive corner of healthcare, selling steady volumes across the US, Europe and Asia with revenue climbing 8% a year.
Margins sit at 9% and return on equity at 9%, nothing flashy, yet the shares trade at 16.8 times forward earnings with our fair value 26% above the current price. The ethical screen clears and analysts lean buy, yet the unknown moat and modest returns leave no compelling reason to single it out.
Low profitability and an unclear competitive edge keep the risk profile real even in a non-cyclical sector. Peak earnings here would not look cheap on a low multiple. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
MMSI trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markdown · changed$85.49-4.5%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 4.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 30%. Our forward projection puts the odds of a 10% gain over the next month near 12%. The street (11 analysts) rates it buy, with a mean price target of $91.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 21.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 30%. Our forward projection puts the odds of a 10% gain over the next month near 12%. The street (11 analysts) rates it buy, with a mean price target of $91.
2026-08-05Markup · changed$73.99+11.2%Entry 4
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 11.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 30%. Our forward projection puts the odds of a 10% gain over the next month near 12%. The street (11 analysts) rates it buy, with a mean price target of $91.
2026-07-18Distribution$66.53+0.0%Entry 3
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 30%. Our forward projection puts the odds of a 10% gain over the next month near 12%. The street (11 analysts) rates it buy, with a mean price target of $91.
2026-07-03Distribution$66.53+0.0%Entry 2
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Distribution$66.53Entry 1
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
