Sunday 11 October 2026
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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.
145.60
3.22
+2.26%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
41.02 | 57.69 | 31.43 | 22.78 | 28.18 | 14.85 | 19.40 | 808.86 | 14.78 | 14.46 |
Piotroski F-Score |
7 | 7 | 8 | 6 | 5 | 8 | 7 | 5 | 9 | 4 |
Altman Z-Score |
3.12 | 3.10 | 3.73 | 3.91 | 3.17 | 3.38 | 4.68 | 3.84 | 4.11 | 3.77 |
P/S ratio |
3.99 | 3.65 | 4.59 | 5.69 | 4.76 | 3.98 | 4.75 | 4.78 | 3.93 | 4.05 |
P/FCF ratio |
18.12 | 32.10 | 23.38 | 40.36 | 61.94 | 22.35 | 19.13 | 31.42 | 13.92 | 21.31 |
Altman Z″-Score (non-manufacturers) |
3.59 | 3.19 | 3.20 | 3.31 | 2.53 | 3.49 | 4.41 | 2.80 | 4.18 | 4.21 |
Beneish M-Score |
(2.76) | (2.72) | (2.78) | (2.70) | (2.61) | (2.17) | (2.62) | (3.01) | (2.69) | (2.27) |
P/Operating CF |
43.71 | 36.44 | 54.07 | 935.26 | 57.91 | 38.06 | 63.52 | 1,167.85 | 73.01 | 92.18 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 74 |
P/B ratio |
3.94 | 4.24 | 7.23 | 8.56 | 7.77 | 5.07 | 6.11 | 7.63 | 5.43 | 5.00 |
Price to Tangible BV |
32.80 | 69.68 | 0.00 | 0.00 | 0.00 | 0.00 | 61.38 | 0.00 | 30.22 | 59.83 |
EV/Sales |
4.24 | 3.97 | 4.85 | 6.00 | 5.17 | 4.45 | 5.01 | 5.22 | 4.25 | 4.55 |
EV/EBITDA |
15.38 | 13.89 | 15.25 | 20.90 | 23.77 | 13.19 | 13.38 | 45.98 | 11.03 | 10.58 |
EV/Operating CF |
16.26 | 24.70 | 18.79 | 26.44 | 28.20 | 16.50 | 15.55 | 24.13 | 12.70 | 17.94 |
EV/FCF |
19.25 | 34.92 | 24.70 | 42.59 | 67.37 | 24.96 | 20.19 | 34.33 | 15.07 | 23.91 |
Quick Ratio |
1.24 | 0.83 | 0.72 | 0.78 | 0.54 | 0.73 | 0.93 | 0.68 | 0.84 | 0.93 |
Current Ratio |
1.78 | 1.33 | 1.17 | 1.24 | 1.02 | 1.27 | 1.47 | 1.25 | 1.36 | 1.54 |
Net Debt/EBITDA |
0.91 | 1.12 | 0.81 | 1.09 | 1.92 | 1.38 | 0.70 | 3.90 | 0.84 | 1.15 |
Debt/Assets |
25.45% | 24.30% | 23.97% | 26.94% | 27.69% | 29.04% | 26.33% | 31.58% | 29.43% | 34.16% |
Debt/Equity |
0.60 | 0.62 | 0.74 | 0.87 | 1.00 | 0.80 | 0.62 | 0.90 | 0.74 | 0.89 |
Asset Turnover |
0.40 | 0.44 | 0.50 | 0.47 | 0.47 | 0.49 | 0.55 | 0.56 | 0.57 | 0.51 |
Operating CF/Net income |
2.65 | 2.69 | 1.76 | 0.90 | 1.08 | 1.01 | 1.32 | 35.63 | 1.25 | 0.90 |
Capex/Depreciation |
(0.29) | (0.40) | (0.58) | (1.02) | (1.27) | (1.38) | (1.12) | (1.00) | (0.75) | (0.70) |
| 9.22% | 6.39% | 20.24% | 37.23% | 27.50% | 41.00% | 34.44% | 0.87% | 40.75% | 36.86% | |
| 3.98% | 2.61% | 7.30% | 11.79% | 8.03% | 13.23% | 13.52% | 0.34% | 15.30% | 14.37% | |
ROIC |
6.84% | 8.96% | 14.76% | 12.94% | 8.12% | 13.56% | 18.55% | 2.87% | 18.82% | 16.28% |
Return on Tangible Assets |
15.41% | 12.88% | 36.67% | 48.45% | 40.53% | 50.83% | 44.12% | 1.24% | 50.14% | 45.07% |
Average Days of Receivables |
64.35 | 62.53 | 61.02 | 63.24 | 59.81 | 69.17 | 58.18 | 62.84 | 58.46 | 66.11 |
Research and Development Expense of Revenue |
25.78% | 25.77% | 23.06% | 24.86% | 32.27% | 25.14% | 22.85% | 50.79% | 27.95% | 24.29% |
Selling, General and Administrative Expense of Revenue |
25.16% | 25.11% | 23.89% | 24.17% | 21.57% | 19.78% | 16.94% | 17.47% | 16.86% | 16.51% |
Intangible Assets out of Total Assets |
0.37 | 0.37 | 0.38 | 0.40 | 0.36 | 0.42 | 0.38 | 0.37 | 0.32 | 0.35 |
Share Based Compensation of Revenue |
0.75% | 0.78% | 0.82% | 0.99% | 1.06% | 0.98% | 0.91% | 1.07% | 1.19% | 1.26% |
Graham Net Nets |
(0.15) | (0.19) | (0.15) | (0.14) | (0.19) | (0.19) | (0.10) | (0.13) | (0.13) | (0.15) |
Graham Number |
21.42 | 16.28 | 22.95 | 29.48 | 25.02 | 41.90 | 48.43 | 6.84 | 52.66 | 58.72 |
Earnings Yield |
2.44% | 1.73% | 3.18% | 4.39% | 3.55% | 6.73% | 5.16% | 0.12% | 6.77% | 6.92% |
Free Cash Flow Yield |
5.52% | 3.12% | 4.28% | 2.48% | 1.61% | 4.47% | 5.23% | 3.18% | 7.18% | 4.69% |
Revenue per Share |
14.39 | 14.70 | 15.88 | 15.25 | 16.41 | 19.25 | 23.41 | 23.70 | 25.34 | 25.98 |
Operating CF per Share |
3.75 | 2.36 | 4.10 | 3.46 | 3.01 | 5.19 | 7.54 | 5.13 | 8.48 | 6.58 |
Capex per Share |
(0.58) | (0.69) | (0.98) | (1.31) | (1.75) | (1.76) | (1.73) | (1.52) | (1.33) | (1.64) |
Free Cash Flow per Share |
3.17 | 1.67 | 3.12 | 2.15 | 1.26 | 3.43 | 5.81 | 3.60 | 7.15 | 4.94 |
Cash per Share |
5.18 | 3.11 | 3.33 | 4.07 | 3.18 | 3.20 | 5.21 | 2.80 | 5.41 | 5.82 |
Shareholders Equity per Share |
14.57 | 12.66 | 10.09 | 10.14 | 10.04 | 15.12 | 18.19 | 14.83 | 18.31 | 21.05 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
14.57 | 12.66 | 10.09 | 10.14 | 10.04 | 15.12 | 18.19 | 14.83 | 18.31 | 21.05 |
Free Cash Flow |
8,762.00 | 4,563.00 | 8,307.00 | 5,515.00 | 3,188.00 | 8,674.00 | 14,707.00 | 9,143.00 | 18,096.00 | 12,360.00 |
Working Capital |
13,410.00 | 6,152.00 | 3,669.00 | 5,263.00 | 437.00 | 6,394.00 | 11,483.00 | 6,474.00 | 10,362.00 | 15,189.00 |
Capital Expenditures |
(1,614.00) | (1,888.00) | (2,615.00) | (3,369.00) | (4,429.00) | (4,448.00) | (4,388.00) | (3,863.00) | (3,372.00) | (4,112.00) |
Net Current Asset Value |
(24,455.00) | (28,537.00) | (29,880.00) | (30,913.00) | (38,420.00) | (37,171.00) | (27,380.00) | (36,872.00) | (31,952.00) | (40,688.00) |
EV/EBIT |
30.68 | 23.44 | 22.97 | 29.63 | 38.71 | 16.40 | 16.24 | 106.26 | 13.48 | 13.37 |
Capex to Sales |
0.04 | 0.05 | 0.06 | 0.09 | 0.11 | 0.09 | 0.07 | 0.06 | 0.05 | 0.06 |
Price to Operating Income |
28.87 | 21.55 | 21.75 | 28.08 | 35.59 | 14.69 | 15.39 | 97.25 | 12.46 | 11.91 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.45 | 0.38 | 0.34 | 0.22 | 0.21 | 0.17 | 0.18 | 0.17 | 0.19 | 0.23 |
Cash ROIC |
11.10% | 7.08% | 14.95% | 9.32% | 5.42% | 11.26% | 16.71% | 11.66% | 19.14% | 10.84% |
Accounts Receivable Turnover |
5.90 | 5.78 | 6.07 | 5.65 | 6.11 | 6.08 | 6.35 | 6.07 | 6.22 | 5.90 |
Accounts Payable Turnover |
5.25 | 4.37 | 4.21 | 3.41 | 3.38 | 3.05 | 3.92 | 3.94 | 3.80 | 3.86 |
Inventory Turnover |
2.93 | 2.59 | 2.56 | 2.10 | 2.36 | 2.37 | 2.94 | 2.63 | 2.44 | 2.57 |
Average Days of Payables |
73.03 | 87.69 | 89.65 | 113.55 | 115.98 | 123.46 | 89.39 | 88.77 | 97.99 | 98.12 |
Days of Inventory on Hand |
126.59 | 144.06 | 146.98 | 181.59 | 148.86 | 159.46 | 123.92 | 143.91 | 146.76 | 148.34 |
Average Receivables |
6,751.00 | 6,945.50 | 6,972.00 | 6,924.50 | 6,790.50 | 8,016.50 | 9,340.00 | 9,899.50 | 10,313.50 | 11,026.50 |
Average Payables |
2,670.00 | 2,954.50 | 3,210.00 | 3,528.00 | 4,032.50 | 4,468.00 | 4,436.50 | 4,093.00 | 4,000.50 | 4,241.50 |
Average Inventory |
4,783.00 | 4,981.00 | 5,268.00 | 5,709.00 | 5,766.00 | 5,753.50 | 5,932.00 | 6,134.50 | 6,233.50 | 6,383.50 |
Average Assets |
98,527.00 | 91,624.50 | 85,254.50 | 83,517.00 | 87,992.50 | 98,641.00 | 107,427.00 | 107,917.50 | 111,890.50 | 126,986.00 |
Average Common Equity |
42,537.50 | 37,438.50 | 30,725.50 | 26,441.50 | 25,702.50 | 31,830.50 | 42,157.50 | 41,846.50 | 42,003.50 | 49,517.00 |
Columns are period end dates