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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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Market cap: $351.3B
P/E: 116×
Fwd P/E: 53.9×
Dividend yield: 2.34%
F-score: 4/9
Altman Z: 3.77
Beneish M: −2.27
Dividend safety: 74/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

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

Fold the line items

Columns are period end dates

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