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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

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 351,280.00

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 116.48

Fwd P/E 53.90

P/S ratio 5.40

P/B ratio 8.57

Past 5Y EPS Growth 21.23%

This Y EPS Growth (69.98%)

Next Y EPS Growth 247.42%

Next Y revenue growth 15.93%

Next 5Y EPS Growth 4.72%

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

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 93.43%

10-year low 10-year high

P/S against its own 10 years 96.90%

10-year low 10-year high

P/B against its own 10 years 98.49%

10-year low 10-year high

EV/Sales against its own 10 years 99.08%

10-year low 10-year high

EV/FCF against its own 10 years 49.93%

10-year low 10-year high

Dividends

Payout Ratio 2.72

Annual Dividend Rate 3.40

Annual Dividend Yield 2.34%

	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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	45.77	51.17	50.41	68.75	62.26	68.44	72.88	99.14	94.48	73.31	Analyst estimates 2026–2028 Powerpack
	High	62.46	63.74	76.52	88.40	87.92	91.40	112.89	119.65	134.63	107.59
People
People	Employees	68,000	69,000	69,000	71,000	74,000	68,000	69,000	72,000	75,000	75,000
	Revenue/emp, $m	0.59	0.58	0.61	0.55	0.56	0.72	0.86	0.83	0.86	0.87
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
	Gross margin, %	64.75	67.82	68.06	69.29	67.20	72.02	70.63	73.17	76.32	74.80
	EBT	4,659	6,521	8,701	7,171	5,863	13,879	16,444	1,889	19,936	21,067
	EBT margin, %	11.70	16.25	20.57	18.33	14.12	28.50	27.74	3.14	31.07	32.41
	Net income	3,941	2,418	6,193	5,606	4,523	12,358	14,526	377	17,133	18,263
	Depreciation	5,471	4,676	4,519	3,310	3,486	3,214	3,909	3,872	4,499	5,838
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
	Earnings	1.42	0.93	2.32	3.81	2.78	5.16	5.73	0.14	6.74	7.28
	Cash flow	3.75	2.36	4.10	3.46	3.01	5.19	7.54	5.13	8.48	6.58
	Capex	(0.58)	(0.69)	(0.98)	(1.31)	(1.75)	(1.76)	(1.73)	(1.52)	(1.33)	(1.64)
	Free cash flow	3.17	1.67	3.12	2.15	1.26	3.43	5.81	3.60	7.15	4.94
	Book value	14.57	12.66	10.09	10.14	10.04	15.12	18.19	14.83	18.31	21.05
	Shares, m	2,766	2,730	2,664	2,565	2,530	2,530	2,532	2,537	2,532	2,502
Valuation, ×
Valuation, ×	P/E	41.02	57.69	31.43	22.78	28.18	14.85	19.40	808.86	14.78	14.46
	P/S	3.99	3.65	4.59	5.69	4.76	3.98	4.75	4.78	3.93	4.05
	P/B	3.94	4.24	7.23	8.56	7.77	5.07	6.11	7.63	5.43	5.00
	EV/Sales	4.24	3.97	4.85	6.00	5.17	4.45	5.01	5.22	4.25	4.55
	EV/FCF	19.25	34.92	24.70	42.59	67.37	24.96	20.19	34.33	15.07	23.91
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
	Capex	(1,614)	(1,888)	(2,615)	(3,369)	(4,429)	(4,448)	(4,388)	(3,863)	(3,372)	(4,112)
	Free cash flow	8,762	4,563	8,307	5,515	3,188	8,674	14,707	9,143	18,096	12,360
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
	Total debt	24,274	21,353	19,806	22,736	25,360	30,690	28,745	33,683	34,462	46,750
	Net debt	9,933	12,855	10,942	12,286	17,310	22,594	15,553	26,590	20,773	32,185
	Shareholders’ equity	40,308	34,569	26,882	26,001	25,404	38,257	46,058	37,635	46,372	52,662
Returns, %
Returns, %	ROA	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
	ROE	9.22	6.39	20.24	37.23	27.50	41.00	34.44	0.87	40.75	36.86

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$618.1B	30.3×	24.9×	+6.60% (above 0%: growing)	−0.87% (below 0%: shrinking)	+154.78% (above 0%: growing)	68.19%	28.63%	Compare
ABBV AbbVie Inc.	$481.4B	78.1×	27.8×	+10.16% (above 0%: growing)	+290.38% (above 0%: growing)	−36.24% (below 0%: shrinking)	74.74%	37.86%	Compare
MRK Merck & Co., Inc.	$351.3B	116×	53.9×	+5.07% (above 0%: growing)	n/m	+77.03% (above 0%: growing)	73.54%	(2.61%)
NVS Novartis AG	$262.0B	21.6×	20.6×	+0.78% (above 0%: growing)	−17.39% (below 0%: shrinking)	−15.53% (below 0%: shrinking)	75.19%	31.77%	Compare
AZN AstraZeneca PLC	$246.3B	23.6×	23.4×	+6.41% (above 0%: growing)	+1.90% (above 0%: growing)	−107.45% (below 0%: shrinking)	83.60%	20.57%	Compare
AMGN Amgen Inc.	$220.3B	25.6×	22.7×	+9.53% (above 0%: growing)	+65.41% (above 0%: growing)	+82.57% (above 0%: growing)	72.04%	34.95%	Compare
GILD Gilead Sciences, Inc.	$182.4B	— (loss-making)	— (loss-making)	+10.18% (above 0%: growing)	n/m	+376.81% (above 0%: growing)	79.76%	(133.21%)	Compare
PFE Pfizer Inc.	$158.6B	37.2×	12.2×	+2.60% (above 0%: growing)	n/m	+125.17% (above 0%: growing)	72.78%	20.38%	Compare
NVO Novo Nordisk A/S	$127.8B	9.4×	—	+4.47% (above 0%: growing)	−18.68% (below 0%: shrinking)	+71.57% (above 0%: growing)	78.21%	34.48%	Compare
Median of peers	$233.3B	25.6×	23.0×	+6.51%	+0.52%	+77.07%	74.96%	30.20%

All 21 Drug Manufacturers General stocks →

Merck & Co., Inc. (MRK) key facts

Strength: Merck & Co., Inc.’s revenue for fiscal 2025 (year ended December 2025) was $65.0 billion, up 1.31% from fiscal 2024.
Merck & Co., Inc. (MRK) is a Drug Manufacturers General company in the Healthcare sector, listed on the New York Stock Exchange.
As of October 9, 2026, MRK traded at $145.60, a market capitalization of $351.3 billion.
Merck & Co., Inc. pays an annual dividend of $3.40 per share, a yield of 2.34%.
Return on equity was 36.9% and debt-to-equity 1.22.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 3.77 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated 25 September 2026

Merck reported revenue of $65.0 billion in FY2025, with operating income of $22.1 billion and net income of $18.3 billion in FY2025. Revenue was $16.6 billion in Q2 FY2026, while operating income was −$433.0 million and net income was −$1.3 billion in Q2 FY2026.

Over the trailing twelve months to Q2 FY2026, revenue was $66.6 billion and free cash flow was $16.1 billion. Net debt reached $43.9 billion in Q2 FY2026. As of September 24, 2026, the company’s P/E was 118×, compared with its five-year median of 14.9×.

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