MMSI
Merit Medical Systems, Inc.
Is MMSI Halal?
Single-use and implantable medical-device manufacturing — generally permissible activity whose known current asset-based ratios pass, with activity classification incomplete.
What You Should Know
Merit Medical manufactures single-use and implantable medical devices for cardiology, radiology, endoscopy and related clinical procedures. Its March 31, 2026 Form 10-Q reports assets of $2,719.284 million, debt of $735.160 million, cash and cash equivalents of $488.080 million, receivables of $206.446 million and quarterly net sales of $381.877 million. Debt/assets is 27.04%, liquidity/assets is 17.95%, receivables plus cash/assets is 25.54% and disclosed interest income is 1.02% of revenue; known asset-based ratios pass, but no universal prohibited-revenue numerator is disclosed.
⚠️ Concerns
- •Known asset-based ratios pass, but no universal prohibited-revenue numerator is disclosed
- •Acquisition integration and long-term debt require continuing review
- •Medical-device and clinical-procedure product mix
- •Disclosed interest income is 1.02% of quarterly revenue; no fixed purification percentage asserted
- •Regulatory, reimbursement and product-liability exposure
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
735.16 / 2,719.284
488.08 / 2,719.284
694.526 / 2,719.284
3.9 / 381.877
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 27.04%, liquidity/assets is 17.95%, receivables-plus-cash/assets is 25.54% and disclosed interest income is 1.02%; activity remains qualitative.
- Financial
- Pass
- Overall
- Incomplete
Known debt, liquidity and receivables-plus-cash ratios are below the examined MSCI limits; this is not an index-membership claim and activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and identifiable liquidity/assets are below the examined Malaysia limits; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored; filing-based asset ratios remain documented.
Business-activity disclosure
Merit Medical designs and manufactures single-use and implantable medical devices for cardiology, radiology, endoscopy and related clinical procedures. The core medical-device activity is generally permissible, but the filing does not provide a universal prohibited-revenue numerator for product or customer end uses.
Limitation: No universal prohibited-activity revenue numerator or scholar-specific purification percentage is disclosed; product and customer allocation remains qualitative.
Purification
The filing discloses $3.900 million of interest income; ZakatInvest does not prescribe a fixed scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Merit Medical's March 31, 2026 Form 10-Q.
- Interest-bearing debt is $735.160 million of long-term debt; operating-lease liabilities are excluded.
- Cash and cash equivalents are $488.080 million, including the filing's $4.271 million of U.S. Treasury debt securities recorded as cash equivalents; no additional securities are added. Net accounts receivable are $206.446 million.
- First-quarter net sales are $381.877 million and disclosed interest income is $3.900 million (1.02% of revenue).
- Medical-device manufacturing is retained as qualitative analysis; no universal prohibited-revenue numerator is disclosed.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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