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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.

Revenue: +4.68%
EPS: −130.7%
Free cash flow: +77.0%
Total debt: +50.4%

Quarter to September 2026, against a year earlier

146.98 0.04 +0.03%

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Market cap: $362.5B
P/E: 118×
Fwd P/E: 109×
Dividend yield: 2.31%
F-score: 4/9
Altman Z: 3.77
Beneish M: −2.27
Dividend safety: 74/100

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Merck & Co., Inc. (MRK) Price to free cash flow

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As of 5 November 2026, Merck & Co., Inc. (MRK) trades at a price to free cash flow of 22.6×. Over the past ten years it has ranged from 10.9× (May 2025) to 492× (December 2020); the current reading is higher than 45% of that period. That is above the Drug Manufacturers General industry median of 21.3× and above the Healthcare sector median of 21.1×.

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<iframe src="https://stockrow.com/embed/MRK/price-to-free-cash-flow" width="100%" height="360" style="border:0" loading="lazy" title="Merck &amp; Co., Inc. price to free cash flow, 10 years"></iframe>
<p style="font-size:12px">Source: <a href="https://stockrow.com/MRK/metrics/price-to-free-cash-flow">Merck &amp; Co., Inc. (MRK) price to free cash flow — stockrow.com</a></p>

Period	Price to free cash flow	Change
FY2025	21.3×	53.08%
FY2024	13.9×	(55.70%)
FY2023	31.4×	64.22%
FY2022	19.1×	(14.40%)
FY2021	22.4×	(64.32%)
FY2020	62.6×	53.47%
FY2019	40.8×	72.62%
FY2018	23.6×	(27.15%)
FY2017	32.5×	77.15%
FY2016	18.3×	45.32%

Period	Price to free cash flow	Change
Sep 2026	22.3×	13.08%
Jun 2026	19.8×	(6.21%)
Mar 2026	21.1×	(1.13%)
Dec 2025	21.3×	32.78%
43 more quarters	Free account

Against its own ten years

Low 10.9× High 492×

Ten-year median 23.4×

Current reading's percentile 45

Company	Price to free cash flow
GILD Gilead Sciences, Inc. compare	15.1×
PFE Pfizer Inc. compare	15.5×
NVS Novartis AG compare	21.7×
MRK Merck & Co., Inc.	22.6×
NVO Novo Nordisk A/S compare	23.5×
ABBV AbbVie Inc. compare	27.1×
AMGN Amgen Inc. compare	27.3×
JNJ Johnson & Johnson compare	31.3×
AZN AstraZeneca PLC compare	45.8×
Drug Manufacturers General industry median	21.3×
Healthcare sector median	21.1×
Market median	14.1×

What Price to free cash flow is

Price to Free Cash Flow Ratio shows how much investors pay for each dollar of cash a company generates after its capital spending.

Stock Price ÷ ((Operating Cash Flow (TTM) + Property, Plant, Equipment Change (Net) (TTM) + Intangible Assets Change (Net) (TTM)) ÷ (Shares (Basic, Weighted) (latest quarter)))

The full definition of Price to free cash flow →

Merck & Co., Inc. (MRK) Price to free cash flow

Price to free cash flow, daily

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Against its own ten years

Price to free cash flow against peers

What Price to free cash flow is

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Price to free cash flow, daily

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Price to free cash flow against peers

What Price to free cash flow is

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