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Merck & Co., Inc.

MRK Healthcare Drug Manufacturers General

Merck & Co., Inc.’s revenue for fiscal 2025 (year ended December 2025) was $65.0 billion, up 1.31% from fiscal 2024. In the quarter to June 2026, revenue grew 5.07%, EPS fell 130.7%, free cash flow grew 77.0% and total debt rose 50.4%, each against the same quarter a year earlier. Member of the S&P 500 and Dow Jones; dividend growth for twenty-five consecutive years, revenue growth for five.

149.69 3.36 +2.30%
Market cap
$361.0B
P/E
120×
Fwd P/E
106×
Dividend yield
2.27%
F-score
4/9
Altman Z
3.77
Beneish M
−2.27
Dividend safety
74/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Insider Decisions trades per month

Total sells 72.01
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 2 — — 12 — — — — — 7 — —
Insider Ownership 0.40%

Capital & Financial Ratios $m

Market Cap 361,020.00
Revenue 66,569.00
Net Income 3,169.00
Free Cash Flow 16,063.00
Net Debt 43,940.00
Current Ratio 1.32
Debt/Equity 1.22
P/E ratio 119.75 (above 35: high)
Fwd P/E 106.00 (above 35: high)
P/S ratio 5.55
P/B ratio 8.81 (above 6: high)
Past 5Y EPS Growth 21.23% (at or above 15%: strong)
This Y EPS Growth (70.03%) (below 0%: weak)
Next Y EPS Growth 239.43% (at or above 15%: strong)
Next Y revenue growth 15.89% (at or above 10%: strong)
Next 5Y EPS Growth 3.91%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.2×, against a ten-year median of 4.8×; over the ten years it ranged from 3.4× in 2025 to 6.2× in 2026.
P/E against its own 10 years 94.45%
10-year low 10-year high
P/S against its own 10 years 98.79%
10-year low 10-year high
P/B against its own 10 years 99.52%
10-year low 10-year high
EV/Sales against its own 10 years 99.60%
10-year low 10-year high
EV/FCF against its own 10 years 53.03%
10-year low 10-year high

Dividends

Payout Ratio 2.72
Annual Dividend Rate 3.40
Annual Dividend Yield 2.27%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 3.83
0.85
0.85
0.85
2025 3.28
0.81
0.81
0.81
0.85
2024 3.12
0.77
0.77
0.77
0.81
2023 2.96
0.73
0.73
0.73
0.77
2022 2.80
0.69
0.69
0.69
0.73
2021 2.61
0.62
0.65
0.65
0.69
2020 2.37
0.58
0.58
0.58
0.62
2019 2.16
0.52
0.52
0.52
0.58
2018 1.90
0.46
0.46
0.46
0.52
2017 1.80
0.45
0.45
0.45
0.46
2016 1.77
0.44
0.44
0.44
0.45
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 7,093 13,689 14,565 7,141
Receivables 10,349 10,278 11,775 12,564
Inventory 6,358 6,109 6,658 6,207
Other 8,368 8,706 10,518 10,767
32,168 38,782 43,516 36,679
2023 2024 2025 Q'26
Payables 3,922 4,079 4,404 3,827
ST’ Debt — — — —
Other — — — —
25,694 28,420 28,327 27,731

Compound Annual Growth %

10y 5y 3y
Sales 5.11% 9.38% 3.12%
Cash Flow 2.77% 16.68% (4.81%)
Earnings 15.18% 20.90% 7.93%
Book Value 1.64% 15.70% 4.57%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.26 Actual −0.13

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 2.36 2.58 Beat by 0.22
Q4 FY25 2.03 2.04 Beat by 0.01
Q1 FY26 −1.51 −1.28 Beat by 0.23
Q2 FY26 −0.26 −0.13 Beat by 0.13
Q3 FY26 2.12 — Reports 29 October 2026

EPS $

Mar Jun Sep Dec Year
’26 (1.72) (0.54) — — —
’25 2.01 1.76 2.32 1.19 7.28
’24 1.87 2.14 1.24 1.48 6.74
’23 1.11 (2.35) 1.86 (0.48) 0.14
’22 1.70 1.55 1.28 1.18 5.71
’21 1.25 0.61 1.80 1.48 5.14
’20 1.26 1.18 1.16 (0.83) 2.78
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 16,286 16,607 — — —
’25 15,529 15,806 17,276 16,400 65,011
’24 15,775 16,112 16,657 15,624 64,168
’23 14,487 15,035 15,962 14,631 60,115
’22 15,901 14,593 14,959 13,830 59,283
’21 10,627 11,402 13,154 13,521 48,704
’20 12,057 9,353 10,929 9,179 41,518
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 3,918 5,370 — — —
’25 2,500 3,293 7,822 2,857 16,472
’24 3,090 5,637 9,291 3,450 21,468
’23 1,339 3,704 7,717 246 13,006
’22 4,761 4,302 5,602 4,430 19,095
’21 1,240 1,990 4,797 5,095 13,122
’20 707 1,918 1,582 3,410 7,617
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2,927 4,477 — — —
’25 1,172 2,529 6,835 1,824 12,360
’24 2,229 4,846 8,508 2,513 18,096
’23 332 2,739 6,815 (743) 9,143
’22 3,777 3,173 4,476 3,281 14,707
’21 158 1,004 3,625 3,887 8,674
’20 (279) 1,351 137 1,979 3,188
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 45.77 51.76 50.98 69.53 62.97 15.32 72.88 96.36 94.48 73.31 +5.4% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 63.17 64.47 77.39 89.40 88.92 91.40 112.89 119.65 134.63 107.59 +6.1% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 68,000 69,000 69,000 71,000 74,000 68,000 69,000 72,000 75,000 75,000 +1.1% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 0.59 0.58 0.61 0.55 0.56 0.72 0.86 0.83 0.86 0.87 +4.5% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 39,807 40,122 42,294 39,121 41,518 48,704 59,283 60,115 64,168 65,011 +5.6% 75,339 78,583 83,561 +8.7%
Gross margin, % 64.75 67.82 68.06 69.29 67.20 72.02 70.63 73.17 76.32 74.80 +10.1 pt
EBT 4,659 6,521 8,701 7,171 5,863 13,879 16,444 1,889 19,936 21,067 +18.3%
EBT margin, % 11.70 16.25 20.57 18.33 14.12 28.50 27.74 3.14 31.07 32.41 +20.7 pt
Net income 3,941 2,418 6,193 5,606 4,523 12,358 14,526 377 17,133 18,263 +18.6%
Depreciation 5,471 4,676 4,519 3,310 3,486 3,214 3,909 3,872 4,499 5,838 +0.7%
Per share, $
Per share, $ Revenue 14.39 14.70 15.88 15.25 16.41 19.25 23.41 23.70 25.34 25.98 +6.8%
Earnings 1.42 0.93 2.32 3.81 2.78 5.16 5.73 0.14 6.74 7.28 +19.9%
Cash flow 3.75 2.36 4.10 3.46 3.01 5.19 7.54 5.13 8.48 6.58 +6.4%
Capex (0.58) (0.69) (0.98) (1.31) (1.75) (1.76) (1.73) (1.52) (1.33) (1.64) +12.2%
Free cash flow 3.17 1.67 3.12 2.15 1.26 3.43 5.81 3.60 7.15 4.94 +5.1%
Book value 14.57 12.66 10.09 10.14 10.04 15.12 18.19 14.83 18.31 21.05 +4.2%
Shares, m 2,766 2,730 2,664 2,565 2,530 2,530 2,532 2,537 2,532 2,502 (1.1%)
Valuation, ×
Valuation, × P/E 41.49 58.34 31.78 23.04 28.50 14.85 19.40 808.86 14.78 14.46 105.5
P/S 4.03 3.69 4.64 5.75 4.81 3.98 4.75 4.78 3.93 4.05 4.4
P/B 3.98 4.29 7.31 8.66 7.86 5.07 6.11 7.63 5.43 5.00 6.1
EV/Sales 4.28 4.01 4.90 6.07 5.23 4.45 5.01 5.22 4.25 4.55 4.8
EV/FCF 19.46 35.28 24.97 43.05 68.08 24.96 20.19 34.33 15.07 23.91 30.9
Cash, $m
Cash, $m Operating cash flow 10,376 6,451 10,922 8,884 7,617 13,122 19,095 13,006 21,468 16,472 +5.3%
Capex (1,614) (1,888) (2,615) (3,369) (4,429) (4,448) (4,388) (3,863) (3,372) (4,112) +11.0%
Free cash flow 8,762 4,563 8,307 5,515 3,188 8,674 14,707 9,143 18,096 12,360 +3.9%
Balance, $m
Balance, $m Working capital 13,410 6,152 3,669 5,263 437 6,394 11,483 6,474 10,362 15,189 +1.4%
Total debt 24,274 21,353 19,806 22,736 25,360 30,690 28,745 33,683 34,462 46,750 +7.6%
Net debt 9,933 12,855 10,942 12,286 17,310 22,594 15,553 26,590 20,773 32,185 +14.0%
Shareholders’ equity 40,308 34,569 26,882 26,001 25,404 38,257 46,058 37,635 46,372 52,662 +3.0%
Returns, %
Returns, % ROA 3.98 2.61 7.30 11.79 8.03 13.23 13.52 0.34 15.30 14.37 +10.4 pt
ROIC 6.84 8.96 14.76 12.94 8.12 13.56 18.55 2.87 18.82 16.28 +9.4 pt
ROE 9.22 6.39 20.24 37.23 27.50 41.00 34.44 0.87 40.75 36.86 +27.6 pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Pharmaceutical 58,142 89.43%
Animal Health 6,354 9.77%
Other, not broken out 515 0.79%
Gross margin 74.80%
Operating margin 34.01%
Pre-tax margin 32.41%

Revenue by segment since 2016

Merck & Co., Inc. vs peers in Drug Manufacturers General (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
JNJ Johnson & Johnson $662.5B 31.7× 38.6× +5.86% (above 0%: growing) −0.87% (below 0%: shrinking) +154.78% (above 0%: growing) 68.12% 0.01% Compare
ABBV AbbVie Inc. $513.9B 83.3× 36.5× +10.16% (above 0%: growing) +290.38% (above 0%: growing) −36.24% (below 0%: shrinking) 74.74% 37.86% Compare
MRK Merck & Co., Inc. $361.0B 120× 106× +5.07% (above 0%: growing) n/m +77.03% (above 0%: growing) 73.54% (2.61%)
NVS Novartis AG $294.9B 24.1× 21.8× +0.78% (above 0%: growing) −17.39% (below 0%: shrinking) −15.53% (below 0%: shrinking) 75.19% 31.77% Compare
AZN AstraZeneca PLC $270.5B 27.6× 22.4× +6.41% (above 0%: growing) +1.90% (above 0%: growing) −107.45% (below 0%: shrinking) 83.60% 20.57% Compare
AMGN Amgen Inc. $249.1B 28.7× 27.9× +9.53% (above 0%: growing) +65.41% (above 0%: growing) +82.57% (above 0%: growing) 72.04% 34.95% Compare
GILD Gilead Sciences, Inc. $205.4B — (loss-making) — (loss-making) +10.18% (above 0%: growing) n/m +376.81% (above 0%: growing) 79.76% (133.21%) Compare
PFE Pfizer Inc. $170.7B 40.1× 18.6× +2.60% (above 0%: growing) n/m +125.17% (above 0%: growing) 72.78% 20.38% Compare
NVO Novo Nordisk A/S $131.0B 9.8× — +4.47% (above 0%: growing) −18.68% (below 0%: shrinking) +71.57% (above 0%: growing) 78.21% 34.48% Compare
Median of peers $259.8B 28.7× 25.2× +6.14% +0.52% +77.07% 74.96% 26.17%

All 21 Drug Manufacturers General stocks →

Business profile

Updated

Merck & Co. is a global health care company that sells prescription medicines, vaccines and animal health products. Founded in 1891, it is headquartered in Rahway and led by Chairman, President and Chief Executive Officer Robert M. Davis.

Its human health business includes medicines for cancer, pulmonary arterial hypertension, diabetes, infections and other conditions. Keytruda, its cancer therapy, is given intravenously; Keytruda Qlex combines the same active cancer medicine with an ingredient that enables an injection under the skin. Merck also sells vaccines, including Gardasil for diseases caused by certain types of human papillomavirus, or HPV.

From the latest earnings call

Updated

  • Rob Davis said Merck’s pipeline programs were producing clinical readouts earlier than expected, which he said had increased his confidence since January.
  • Caroline Litchfield said U.S. Keytruda growth is expected to moderate as indications approach peak penetration, while 2025 wholesaler-purchase timing will not recur.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Barclays Oct 26, 2026 Target raised — 170.00
Goldman Sachs Oct 22, 2026 Target cut — 160.00 → 155.00
Scotiabank Oct 3, 2026 Target raised — 155.00 → 180.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 79.89%
Held by the ten largest 39.76%
Holder Shares Stake Change
Vanguard 255.74m 10.37% +1.23m
BlackRock 227.00m 9.20% +1.17m
State Street 120.41m 4.88% +1.09m
Wellington Management 86.25m 3.50% +1.93m
Geode Capital Management 60.74m 2.46% +1.19m
Charles Schwab 54.37m 2.20% +4.60m
Morgan Stanley 48.64m 1.97% +1.01m
Fidelity (FMR) 45.44m 1.84% +924.35k
JPMorgan Chase 43.89m 1.78% −9.09m
Fisher Investments 38.52m 1.56% +12.08m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Merck & Co., Inc. (MRK) Latest News

30 Oct

Impact 3 ·
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Impact 3 · transcript

29 Oct

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Impact 4 · transcript
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28 Oct

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27 Oct

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MRK metrics, ten years each

stockrow.com/MRK · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com