Merck & Co Inc
MRKHealthcare|Drug Manufacturers - General|USA
$120.85
+0.00 (+0.00%)
DCF (FCF)
$75.40
Tangible Book
$1.76
Graham Number
$18.83
Earnings Power
$41.17
Financials
Financial Snapshot
Market Cap
$298.79B
Enterprise Value
$-34.83B
Revenue (TTM)
$65.01B
Net Income (TTM)
$18.25B
Cash & Equivalents
$14.55B
Net Cash/Share
$-28.16
Free Cash Flow (TTM)
$12.36B
Operating CF (TTM)
$16.47B
Debt/Equity
0.94
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $14.34B | $8.50B | $8.86B | $10.45B | $8.05B | $8.10B | $13.19B | $7.09B | $13.69B | $14.56B | $14.56B | |
| Operating Cash Flow | $10.38B | $6.45B | $10.92B | $13.44B | $10.25B | $14.11B | $19.09B | $13.01B | $21.47B | $16.47B | $16.47B | |
| Free Cash Flow | $8.76B | $4.56B | $8.31B | $10.07B | $5.82B | $9.66B | $14.71B | $9.14B | $18.10B | $12.36B | $12.36B | |
| Capital Expenditure | $-1.61B | $-1.89B | $-2.62B | $-3.37B | $-4.43B | $-4.45B | $-4.39B | $-3.86B | $-3.37B | $-4.11B | $-4.11B | |
| Financing Cash Flow | $-9.04B | $-10.01B | $-13.16B | $-8.86B | $-2.83B | $2.59B | $-9.12B | $-4.81B | $-7.03B | $-1.92B | $-1.92B |
R&D Spending
R&D (TTM)
$15.79B
R&D Intensity
24.3%
R&D Growth YoY
+0.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.81B | $40.12B | $42.29B | $39.12B | $41.52B | $48.70B | $59.28B | $60.12B | $64.17B | $65.01B | $65.01B | |
| R&D Expense | $10.26B | $10.34B | $9.75B | $9.72B | $13.40B | $12.24B | $13.55B | $30.53B | $17.94B | $15.79B | $15.79B | |
| R&D % of Revenue | 25.8% | 25.8% | 23.1% | 24.9% | 32.3% | 25.1% | 22.9% | 50.8% | 28.0% | 24.3% | 24.3% | |
| SG&A | $10.02B | $10.07B | $10.10B | $9.46B | $8.96B | $9.63B | $10.04B | $10.50B | $10.82B | $10.73B | $10.73B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.81B | $40.12B | $42.29B | $39.12B | $41.52B | $48.70B | $59.28B | $60.12B | $64.17B | $65.01B | $65.01B | |
| Cost of Goods Sold | $14.03B | $12.91B | $13.51B | $12.02B | $13.62B | $13.63B | $17.41B | $16.13B | $15.19B | $16.38B | $16.38B | |
| Gross Profit | $25.78B | $27.21B | $28.79B | $27.11B | $27.90B | $35.08B | $41.87B | $43.99B | $48.98B | $48.63B | $48.63B | |
| R&D | $10.26B | $10.34B | $9.75B | $9.72B | $13.40B | $12.24B | $13.55B | $30.53B | $17.94B | $15.79B | $15.79B | |
| SG&A | $10.02B | $10.07B | $10.10B | $9.46B | $8.96B | $9.63B | $10.04B | $10.50B | $10.82B | $10.73B | $10.73B | |
| Operating Income | $5.50B | $6.80B | $8.93B | $7.93B | $5.55B | $13.20B | $18.28B | $2.95B | $20.22B | $22.11B | $22.11B | |
| Interest Expense | $-693.0M | $-754.0M | $-772.0M | $-893.0M | $-831.0M | $-806.0M | $-962.0M | $-1.15B | $-1.27B | $-1.36B | $-1.36B | |
| Pretax Income | $4.66B | $6.52B | $8.70B | $7.17B | $5.86B | $13.88B | $16.44B | $1.89B | $19.94B | $21.07B | $21.07B | |
| Net Income | $3.92B | $2.39B | $6.22B | $9.84B | $7.07B | $13.05B | $14.52B | $365.0M | $17.12B | $18.25B | $18.25B | |
| EPS (Diluted) | 1.41 | 0.87 | 2.32 | 3.81 | 2.78 | 5.14 | 5.71 | 0.14 | 6.74 | 7.28 | 7.28 | |
| EBITDA | $10.82B | $11.95B | $13.99B | $11.37B | $10.18B | $17.90B | $21.32B | $6.91B | $25.71B | $28.26B | $28.26B | |
| Shares Out. (M) | 2787.00 | 2748.00 | 2679.00 | 2580.00 | 2541.00 | 2538.00 | 2542.00 | 2547.00 | 2541.00 | 2507.00 | 2486.00 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.51B | $6.09B | $7.96B | $9.68B | $8.05B | $8.10B | $12.69B | $6.84B | $13.24B | $14.56B | $14.56B | |
| Marketable Securities | $7.83B | $2.41B | $899.0M | $774.0M | $0.00 | $0.00 | $498.0M | $252.0M | $447.0M | $0.00 | $0.00 | |
| Total Current Assets | $30.61B | $24.77B | $25.88B | $27.48B | $27.76B | $30.27B | $35.72B | $32.17B | $38.78B | $43.52B | $43.52B | |
| Total Assets | $95.38B | $87.87B | $82.64B | $84.40B | $91.59B | $105.69B | $109.16B | $106.67B | $117.11B | $136.87B | $136.87B | |
| Total Current Liabilities | $17.20B | $18.61B | $22.21B | $22.22B | $27.33B | $23.87B | $24.24B | $25.69B | $28.42B | $28.33B | $28.33B | |
| Long-Term Debt | $24.27B | $21.35B | $19.81B | $22.74B | $25.36B | $30.69B | $28.75B | $33.68B | $34.46B | $46.75B | $46.75B | |
| Total Liabilities | $55.07B | $53.30B | $55.76B | $58.40B | $66.18B | $67.44B | $63.10B | $69.04B | $70.73B | $84.20B | $84.20B | |
| Stockholders' Equity | $40.09B | $34.34B | $26.70B | $25.91B | $25.32B | $38.18B | $45.99B | $37.58B | $46.31B | $52.61B | $52.61B | |
| Retained Earnings | $44.13B | $41.35B | $42.58B | $46.60B | $47.36B | $53.70B | $61.08B | $53.90B | $63.07B | $73.08B | $73.08B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $10.38B | $6.45B | $10.92B | $13.44B | $10.25B | $14.11B | $19.09B | $13.01B | $21.47B | $16.47B | $16.47B | |
| Capital Expenditure | $-1.61B | $-1.89B | $-2.62B | $-3.37B | $-4.43B | $-4.45B | $-4.39B | $-3.86B | $-3.37B | $-4.11B | $-4.11B | |
| Free Cash Flow | $8.76B | $4.56B | $8.31B | $10.07B | $5.82B | $9.66B | $14.71B | $9.14B | $18.10B | $12.36B | $12.36B | |
| Investing Cash Flow | $-3.21B | $2.68B | $4.31B | $-2.63B | $-9.44B | $-16.55B | $-4.96B | $-14.08B | $-7.73B | $-13.74B | $-13.74B | |
| Financing Cash Flow | $-9.04B | $-10.01B | $-13.16B | $-8.86B | $-2.83B | $2.59B | $-9.12B | $-4.81B | $-7.03B | $-1.92B | $-1.92B | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $-3.43B | $-4.01B | $-9.09B | $-4.78B | $-1.28B | $-840.0M | $0.00 | $-1.35B | $-1.31B | $-5.08B | $-5.08B | |
| Issuance of Debt | $1.08B | $0.00 | $5.12B | $4.96B | $6.97B | $7.94B | $0.00 | $5.94B | $3.60B | $13.88B | $13.94B | |
| Payments of Debt | $-2.39B | $-1.13B | $-4.29B | $-3.71B | $-1.96B | $-6.30B | $-2.25B | $-1.75B | $-1.29B | $-2.50B | $-2.57B | |
| Stock Based Comp. | $300.0M | $312.0M | $348.0M | $388.0M | $441.0M | $479.0M | $541.0M | $645.0M | $761.0M | $820.0M | $820.0M | |
| Net Change in Cash | $-2.01B | $-419.0M | $1.87B | $1.97B | $-1.77B | $14.0M | $4.61B | $-5.86B | $6.41B | $1.37B | $1.37B |
Dilution Tracker
Shares Outstanding
2486M
5-Year Share Growth
-2.0%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 2787.00 | 2748.00 | 2679.00 | 2580.00 | 2541.00 | 2538.00 | 2542.00 | 2547.00 | 2541.00 | 2507.00 | 2486.00 | |
| YoY Change % | — | -1.4% | -2.5% | -3.7% | -1.5% | -0.1% | 0.2% | 0.2% | -0.2% | -1.3% | -0.8% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $-3.43B | $-4.01B | $-9.09B | $-4.78B | $-1.28B | $-840.0M | $0.00 | $-1.35B | $-1.31B | $-5.08B | $-5.08B | |
| Stock Based Comp. | $300.0M | $312.0M | $348.0M | $388.0M | $441.0M | $479.0M | $541.0M | $645.0M | $761.0M | $820.0M | $820.0M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 64.8% | 67.8% | 68.1% | 69.3% | 67.2% | 72.0% | 70.6% | 73.2% | 76.3% | 74.8% | 74.8% | |
| Operating Margin % | 13.8% | 16.9% | 21.1% | 20.3% | 13.4% | 27.1% | 30.8% | 4.9% | 31.5% | 34.0% | 34.0% | |
| Net Margin % | 9.8% | 6.0% | 14.7% | 25.2% | 17.0% | 26.8% | 24.5% | 0.6% | 26.7% | 28.1% | 28.1% | |
| EBITDA Margin % | 27.2% | 29.8% | 33.1% | 29.1% | 24.5% | 36.8% | 36.0% | 11.5% | 40.1% | 43.5% | 43.5% | |
| FCF Margin % | 22.0% | 11.4% | 19.6% | 25.7% | 14.0% | 19.8% | 24.8% | 15.2% | 28.2% | 19.0% | 19.0% | |
| ROE % | 9.2% | 6.4% | 20.4% | 37.4% | 27.6% | 41.1% | 34.5% | 0.9% | 40.8% | 36.9% | 36.8% | |
| ROA % | 4.0% | 2.6% | 7.3% | 11.8% | 8.0% | 13.2% | 13.5% | 0.3% | 15.3% | 14.4% | 14.8% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)16.60
Historical11.06 / 24.38 / 942.50
Industry Med.21.25
P/S4.66
Historical3.02 / 4.38 / 5.75
Industry Med.2.33
P/B5.68
Historical3.23 / 5.74 / 8.89
Industry Med.2.06
EV/EBITDA11.80
Historical8.36 / 15.35 / 52.60
Industry Med.13.04
EV/Revenue5.13
Historical3.41 / 4.78 / 6.10
Industry Med.2.48
P/FCF24.47
Historical11.33 / 22.17 / 39.38
Industry Med.23.48
Intrinsic Value Models
DCF (FCF Based)
$75.40
Tangible Book
$1.76
Graham Number
$18.83
Peter Lynch Value
$143.43
Median P/S Value
$114.41
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | 39.81 | 61.67 | 31.40 | 22.76 | 28.06 | 14.91 | 19.43 | 778.71 | 14.76 | 14.46 | 16.60 | |
| PS Ratio | 3.93 | 3.67 | 4.62 | 5.72 | 4.77 | 3.99 | 4.76 | 4.62 | 3.94 | 4.06 | 4.66 | |
| PB Ratio | 3.85 | 4.21 | 7.07 | 8.50 | 7.80 | 5.07 | 6.12 | 7.34 | 5.43 | 4.95 | 5.68 | |
| EV/EBITDA | 15.25 | 13.46 | 14.67 | 20.77 | 21.73 | 12.22 | 14.03 | 44.02 | 10.70 | 10.45 | 11.80 | |
| EV/Revenue | 4.15 | 4.01 | 4.85 | 6.04 | 5.33 | 4.49 | 5.05 | 5.06 | 4.28 | 4.54 | 5.13 |
Analyst Estimates & Quality
Altman Z-Score
4.03
Safe
Piotroski F-Score
4
Moderate
Beneish M-Score
-2.27
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $66,786M | $70,401M | $75,330M |
| Net Income | $12,508M | $24,020M | $26,875M |
| EPS | 4.28 | 8.80 | 10.02 |
| Book Value per Share | 28.09 | 33.43 | 33.99 |
| Operating Cash Flow per Share | 6.19 | 11.31 | 12.82 |
| Operating CF | $15,381.38M | $28,125.36M | $31,877.98M |
Dividends
Dividend/Share (TTM)
$3.28
Dividend Yield
2.75%
Yield 10Y Median
3.05%
Frequency
Quarterly
Recent Payments
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-03-16 | 2026-04-07 | $0.85 | Cash Div. |
| 2025-12-15 | 2026-01-08 | $0.85 | Cash Div. |
| 2025-09-15 | 2025-10-07 | $0.81 | Cash Div. |
| 2025-06-16 | 2025-07-08 | $0.81 | Cash Div. |
| 2025-03-17 | 2025-04-07 | $0.81 | Cash Div. |
| 2024-12-16 | 2025-01-08 | $0.81 | Cash Div. |
| 2024-09-16 | 2024-10-07 | $0.77 | Cash Div. |
| 2024-06-17 | 2024-07-08 | $0.77 | Cash Div. |
| 2024-03-14 | 2024-04-05 | $0.77 | Cash Div. |
| 2023-12-14 | 2024-01-08 | $0.77 | Cash Div. |
| 2023-09-14 | 2023-10-06 | $0.73 | Cash Div. |
| 2023-06-14 | 2023-07-10 | $0.73 | Cash Div. |
| 2023-03-14 | 2023-04-10 | $0.73 | Cash Div. |
| 2022-12-14 | 2023-01-09 | $0.73 | Cash Div. |
| 2022-09-14 | 2022-10-07 | $0.69 | Cash Div. |
| 2022-06-14 | 2022-07-08 | $0.69 | Cash Div. |
| 2022-03-14 | 2022-04-07 | $0.69 | Cash Div. |
| 2021-12-14 | 2022-01-07 | $0.69 | Cash Div. |
| 2021-09-14 | 2021-10-07 | $0.65 | Cash Div. |
| 2021-06-14 | 2021-07-07 | $0.65 | Cash Div. |
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Pharmaceutical | $58.14B |
| Animal Health | $6.35B |
| Other | $515.0M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $36.51B |
| Asia Pacific (other than China and Japan) | $2.98B |
| China | $1.94B |
| Europe, Middle East and Africa | $14.58B |
| Japan | $2.71B |
| Latin America | $3.41B |
| Other | $2.88B |