— Know what they know.
/
Not Investment Advice

MRK

NYSE · USD
Merck & Co., Inc.
Healthcare · Drug Manufacturers - General
CEO Robert Davis Employees 75,000 R&D / revenue 24.0%
Last price
$145.97+0.53%last session
Market cap
$360.1B
P/E (TTM)
115.8x
From 52w high
−7.0%
From 52w low
+78.0%
1-year return
+75.4%
RSI 14 · vs SMA200
52.0 · +17.0%
IS score
48.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

MRK   SPY   XLV (sector ETF) · weekly closes
100120140160180Jan 26Apr 26Jul 26Oct 26MRK 175XLV 124SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
28
Profitability
24
Growth
36
Value
58
Momentum
90
Risk (safety)
55
Quality
45
Balance sheet
54
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for MRK (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 4 / 9Altman Z 3.6Beta 0.233 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
13 open-market sales, $25.6M
Form 144 notices (12m): 23, $74.4M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
4
Last disclosed purchase 2026-08-19
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+47
214 new holders, 119 closed
3,805 filers hold 82.1% · 1,619 added, 1,488 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+296
1,877 funds adding shares
1,581 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
41.1%
20-day avg 34.0%, 50-day avg 41.2%
Latest 7.1 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$65.0B
Revenue growth YoY+1.3%
Gross margin81.5%
Operating income$26.8B
Operating margin41.2%
Net income$18.3B
Net margin28.1%
EPS (diluted)$7.28
Cash flow
Operating cash flow$16.5B
Capital expenditure$4.1B
Free cash flow$12.4B
FCF conversion (FCF / OCF)75.0%
Stock-based compensation$0
FCF less SBC$12.4B
Buybacks$5.1B
Dividends$8.2B
Balance sheet & returns
Cash & short-term investments$14.6B
Total debt$49.6B
Net debt$35.1B
Shareholders' equity$52.7B
Goodwill & intangibles$48.3B
Debt / equity1.29
ROE (TTM)6.6%
ROIC (TTM)5.6%
Operating margin by fiscal year
27.1%FY202130.8%FY20224.9%FY202331.5%FY202437.3%FY2025
Revenue $48.7B (FY2021) to $65.0B (FY2025), a 7.5% CAGR.

Valuation

P/E (TTM)115.8x
EV / EBITDA29.2x
Price / sales5.42x
Price / FCF22.4x
FCF yield4.46%
Buyback yield1.41%
SBC / revenue1.3%
Price / book8.60x
Forward P/E FY202655.0x
Forward P/E FY202715.7x
Forward P/E FY202814.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $155.41 across 22 analysts last quarter is theirs, not ours.

MRK vs industry median

40 companies in Drug Manufacturers - General
Gross margin 75.4% 72.4% Operating margin 16.7% 20.1% Net margin 4.8% 12.7% ROIC 5.6% 16.2%
MRK (TTM)Industry median Asset turnover 0.51 vs industry 0.54 · financial leverage 3.10

Earnings delivery

Next report 2026-10-29 · consensus EPS $2.09
92%
beat rate, 11 of 12 quarters
+7.6%
median EPS surprise
6
longest beat streak
+9+133+10+6+5-7+4+5+9+1+13+52
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
MRK Merck & Co., Inc. $360.1B115.8x6.6%4.8%+1.3% +75.4%
NVS Novartis AG $286.3B22.9x30.6%22.7%+0.8% +15.1%
ABBV AbbVie Inc. $504.4B80.4x-206.4%21.3%+10.4% +25.8%
AZN AstraZeneca PLC $256.5B24.7x22.0%16.3%+8.6% −1.5%
AMGN Amgen Inc. $233.8B26.7x91.5%23.6%+9.2% +50.3%
JNJ Johnson & Johnson $615.9B38.7x25.7%21.9%+8.1% —
GILD Gilead Sciences, Inc. $193.7Bn/m-20.6%—+5.5% —
PFE Pfizer Inc. $168.6B39.1x5.0%-1.6%−0.2% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-10-13Officer/Director Change
2026-08-04Earnings Release; Exhibits
2026-05-28Shareholder Vote
2026-05-22Other Events; Exhibits
2026-04-30Earnings Release; Exhibits
2026-02-03Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding2,467,171,638
Free float99.9%
Institutional ownership82.1%
Beta0.23
Dividend yield2.33%
Last dividend$0.85 on 2026-09-15
50 / 200-day average$144.77 / $124.67
Mega-cap Healthcare median P/E20.1x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where MRK sits among 12 scored companies in Drug Manufacturers - General (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureMRKIndustry medianIndustry percentileSector median
P/E (TTM) 113.5x 29.3x
100th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 5.4x 5.3x
55th		 3.7x
Price / book 8.6x 6.9x
70th		 3.6x
Price / tangible book —
Price / free cash flow 22.4x 20.3x
55th		 21.2x
Price / operating cash flow 18.0x 16.8x
55th		 17.1x
Enterprise value $406.9B $280.5B
73rd		 $2.5B
EV / sales 6.1x 6.0x
55th		 3.8x
EV / EBITDA 29.2x 18.0x
82nd		 16.2x
EV / EBIT 56.4x 24.8x
100th		 23.0x
EV / free cash flow 25.3x 23.7x
55th		 24.6x
Earnings yield 0.9% 3.0%
9th		 -0.3%
FCF yield 4.5% 5.0%
45th		 1.7%
Operating cash flow yield 5.5% 6.0%
45th		 2.9%
Graham number (per share) $22.13 $63.36
22nd		 $26.70

Profitability (TTM)

MeasureMRKIndustry medianIndustry percentileSector median
Gross margin 75.4% 72.1%
73rd		 65.1%
EBITDA margin 20.9% 32.8%
27th		 6.6%
Operating margin 15.3% 25.2%
18th		 3.5%
EBIT margin 10.8% 22.0%
18th		 2.4%
Net margin 4.8% 13.4%
18th		 0.3%
NOPAT margin 8.1% 20.5%
9th		 2.7%
FCF margin 24.2% 24.7%
45th		 4.3%
Operating cash flow margin 30.0% 29.5%
55th		 7.1%
R&D / revenue 43.7% 20.0%
100th		 12.4%
SG&A / revenue 16.6% 22.0%
18th		 37.9%
Stock comp / revenue 1.0% 1.1%
45th		 4.5%
Effective tax rate 46.7% 19.2%
91st		 21.0%

Returns on capital

MeasureMRKIndustry medianIndustry percentileSector median
ROE (on average equity) 7.0% 24.0%
30th		 0.8%
ROA 2.6% 6.9%
27th		 -0.3%
ROIC 6.1% 15.9%
27th		 5.5%
ROCE 7.1% 15.6%
27th		 2.3%
Return on tangible assets 5.8% 11.2%
27th		 1.7%
Cash ROIC (OCF / invested capital) 22.5% 22.4%
55th		 9.7%
Gross profitability (GP / assets) 38.9% 34.0%
64th		 29.9%
ROIC, 3-yr average 9.7% 10.3%
45th		 2.6%
ROIC, 5-yr average 16.2% 14.2%
56th		 3.2%
ROE, 5-yr average 23.8% 19.6%
56th		 -4.9%
Incremental ROIC -29.1% 4.4%
36th		 17.2%

Growth

MeasureMRKIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 4.5% 5.0%
45th		 10.5%
Revenue growth (QoQ) 2.0% 8.6%
9th		 7.2%
Revenue CAGR, 3 yr 4.5% 4.4%
55th		 10.7%
Revenue CAGR, 5 yr 7.9% 3.3%
64th		 12.1%
Gross profit CAGR, 3 yr 5.9% 5.9%
45th		 10.6%
Operating income CAGR, 3 yr 16.7% 10.0%
70th		 11.7%
Net income growth (TTM YoY) -80.7% -6.6%
0th		 17.5%
Net income CAGR, 3 yr 0.7% 3.1%
40th		 11.3%
EPS growth (TTM YoY) -80.3% -4.3%
0th		 19.2%
EPS CAGR, 3 yr 1.6% 2.7%
40th		 14.0%
EPS CAGR, 5 yr -10.2% 2.2%
33rd		 8.1%
FCF growth (TTM YoY) 9.1% 4.7%
60th		 18.6%
FCF CAGR, 3 yr 14.0% 11.3%
64th		 15.4%
Operating cash flow CAGR, 3 yr 9.8% 6.8%
64th		 11.9%
Book value CAGR, 3 yr 3.6% 5.2%
44th		 2.1%
Dividend CAGR, 3 yr 2.0% 1.8%
60th		 2.2%
Sustainable growth rate -11.3% 11.0%
0th		 12.2%

Margin history & stability

MeasureMRKIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 75.9% 70.1%
73rd		 62.6%
Operating margin, 3-yr average 24.0% 23.5%
64th		 1.0%
Net margin, 3-yr average 17.5% 13.4%
73rd		 -2.6%
FCF margin, 3-yr average 22.8% 22.0%
55th		 3.2%
Revenue stability (0-1) 0.93 0.75
82nd		 0.80
Earnings stability (0-1) 0.00 0.23
9th		 0.37
Margin stability (0-1) 0.95 0.94
55th		 0.93

Liquidity (latest quarter)

MeasureMRKIndustry medianIndustry percentileSector median
Cash & short-term investments $7.1B $7.4B
45th		 $330.9M
Net cash (− = net debt) −$46.8B −$36.7B
18th		 $8.4M
Working capital $8.9B $4.1B
73rd		 $381.1M
Current ratio 1.32 1.29
55th		 3.02
Quick ratio 1.10 1.05
64th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.26 0.31
36th		 1.43
Defensive interval (days) 178 days 287 days
9th		 415 days

Leverage & solvency (latest quarter)

MeasureMRKIndustry medianIndustry percentileSector median
Total debt $53.9B $49.0B
64th		 $289.1M
Debt / equity 1.29 1.29
50th		 0.45
Net debt / equity 1.12 1.12
50th		 −0.13
Debt / assets 41.5% 40.8%
55th		 24.4%
Debt / capital 56.2% 56.2%
50th		 31.1%
Debt / EBITDA 3.87 3.30
64th		 2.62
Net debt / EBITDA 3.36 2.75
64th		 1.42
Interest coverage (EBIT / interest) 5.7x 5.3x
55th		 2.1x
Cash interest coverage 15.8x 9.8x
82nd		 3.6x
Debt payback (years of OCF) 2.7 yrs 2.8 yrs
45th		 2.7 yrs
Liabilities / assets 67.7% 71.1%
45th		 49.8%
IS credit model rating A- — —
Implied credit spread (bps) 175 250
36th		 225

Efficiency

MeasureMRKIndustry medianIndustry percentileSector median
Asset turnover 0.54 0.49
64th		 0.56
Fixed asset turnover 2.58 4.31
0th		 4.87
Inventory turnover 2.5 2.1
73rd		 2.7
Receivables turnover 5.4 4.9
82nd		 6.4
Days sales outstanding 67 days 74 days
18th		 57 days
Days inventory outstanding 146 days 172 days
27th		 136 days
Days payables outstanding 88 days 116 days
18th		 59 days
Cash conversion cycle (days) 125 days 126 days
45th		 70 days
Capex / revenue 5.9% 4.6%
70th		 2.6%
Capex / depreciation 0.58 0.49
60th		 0.55
Operating expense ratio 77.6% 40.9%
91st		 56.5%

Cash flow & earnings quality

MeasureMRKIndustry medianIndustry percentileSector median
Operating cash flow / net income 6.29 1.44
100th		 1.61
FCF / net income 5.06 1.24
100th		 1.36
FCF / operating cash flow 80.4% 81.5%
40th		 81.2%
Capex / operating cash flow 19.6% 18.5%
60th		 18.8%
Accruals ratio -13.6% -4.3%
9th		 -5.4%
Sloan accruals ratio -7.1% -2.6%
9th		 -1.3%
Earnings quality score (0-1) 0.75 1.00
0th		 0.75

Dividends & buybacks

MeasureMRKIndustry medianIndustry percentileSector median
Dividend yield 2.3% 2.2%
64th		 0.0%
Dividend per share (TTM) $3.40 $3.33
55th		 $0.00
Payout ratio (dividends / net income) 261.5% 60.0%
100th		 0.0%
Dividends / FCF 51.7% 50.8%
55th		 0.0%
Dividend growth (YoY) 5.0% 5.0%
50th		 4.5%
Buyback yield 0.1% 0.1%
55th		 0.0%
Shareholder yield (dividends + buybacks) 2.4% 2.5%
45th		 0.0%
Share count change (YoY) -1.6% -0.1%
18th		 2.0%
Buybacks, last 5 years $6.6B $3.6B
55th		 $0

Scores & forensic checks

MeasureMRKIndustry medianIndustry percentileSector median
IS score 49 64
36th		 46
IS profitability 28 67
9th		 22
IS growth 24 40
27th		 60
IS value 36 42
18th		 39
IS momentum 58 67
36th		 67
IS risk (safety) 90 72
64th		 80
IS quality 55 72
18th		 49
IS balance sheet 45 49
45th		 55
IS earnings quality 54 68
9th		 56
IS cash flow 71 66
73rd		 41
Piotroski F-score (0-9) 4 7
9th		 5
Altman Z-score 3.6 3.0
73rd		 3.2
Beneish M-score −2.94 −2.72
18th		 −2.62
Ohlson O-score −7.82 −8.11
64th		 −7.16
IS credit score 66 60
64th		 62

Per share

MeasureMRKIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.28 $5.07
27th		 −$0.03
Book value per share $16.96 $19.22
45th		 $7.10
Tangible book per share −$1.85 −$8.38
91st		 $1.91
Revenue per share $26.90 $32.71
36th		 $9.38
FCF per share $6.50 $7.97
36th		 $0.46
Operating cash flow per share $8.08 $9.66
27th		 $0.93
Cash per share $2.89 $4.10
18th		 $3.51

Size (TTM)

MeasureMRKIndustry medianIndustry percentileSector median
Market cap $360.1B $245.2B
73rd		 $2.4B
Revenue $66.5B $58.5B
82nd		 $770.2M
EBITDA $13.9B $16.9B
36th		 $56.1M
Net income $3.2B $7.5B
27th		 −$3.3M
Free cash flow $16.1B $12.3B
73rd		 $41.2M
Total assets $129.8B $118.9B
64th		 $1.3B
Shareholders' equity $41.9B $28.1B
73rd		 $568.4M
Employees 74,000 53,500
64th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-30Seidman Christine E
Director
 Award / grant 56——21,490
2026-09-30Karsanbhai Surendralal Lanca
Director
 Award / grant 112——5,667
2026-09-30Coe Mary Ellen
Director
 Award / grant 206——32,420
2026-09-01Gupta Gaurav K
EVP, CIDO
 — 19,443——0
2026-08-13Guindo Chirfi
EVP, Access, Policy & Comms
 Open-market sale 10,000$135.00$1.4M36,613
2026-08-12Zachary Jennifer
EVP, General Counsel
 Option exercise 41,494$117.89$4.9M112,391
2026-08-12Zachary Jennifer
EVP, General Counsel
 Option exercise 13,433$84.71$1.1M125,824
2026-08-12Zachary Jennifer
EVP, General Counsel
 Open-market sale 80,315$133.46$10.7M45,509
2026-08-12Zachary Jennifer
EVP, General Counsel
 Option exercise 41,494$117.89$4.9M0
2026-08-12Zachary Jennifer
EVP, General Counsel
 Option exercise 13,433$84.71$1.1M0
2026-08-12Deluca Richard R.
EVP&Pres, Merck Animal Heallth
 Open-market sale 11,099$131.61$1.5M110,767
2026-08-12Deluca Richard R.
EVP&Pres, Merck Animal Heallth
 Open-market sale 600$132.04$79,222110,167

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired43675,889$52.0M
Open-market saleDisposed13194,076$25.6M
Option exerciseDisposed23177,002$11.5M
Option exerciseAcquired23177,002$17.1M
Tax withholdingDisposed1523,599$2.6M
—Disposed629,864$682,763
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 23 notices · 604,348 shares · $74.4M
FiledFilerShares proposedEst. proceeds
2026-08-13Chirfi Guindo10,000$1.4M
2026-08-12Jennifer L Zachary80,315$10.7M
2026-08-12Richard Robert Deluca Jr11,699$1.5M
2026-08-11Richard Robert Deluca Jr12,837$1.7M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 23 trades (11 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-24Maria Elvira SalazarHouseSale$1,001 - $15,0002026-10-08
2026-09-04Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-08-28Michael McCaulHouseSale$50,001 - $100,0002026-10-16
2026-08-19Maria Elvira SalazarHousePurchase$15,001 - $50,0002026-09-10
2023-10-16Tommy TubervilleSenateSale (Full)$1,001 - $15,0002023-11-16
2023-10-16Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002023-11-15
2023-09-21Pete RickettsSenateSale$50,001 - $100,0002023-10-20
2023-09-21Pete RickettsSenateSale (Full)$50,001 - $100,0002023-10-19
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.226,999,837$29.2B9.20%
VANGUARD CAPITAL MANAGEMENT LLC161,323,174$20.7B6.54%
STATE STREET CORP120,413,256$15.6B4.88%
WELLINGTON MANAGEMENT GROUP LLP86,249,283$11.1B3.50%
VANGUARD PORTFOLIO MANAGEMENT LLC67,738,969$8.7B2.75%
GEODE CAPITAL MANAGEMENT, LLC60,744,214$7.8B2.46%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC54,191,022$7.0B2.20%
Sixth Street Partners Management Company, L.P.54,191,022$7.0B2.20%
FMR LLC45,440,355$5.8B1.84%
JPMORGAN CHASE & CO41,799,039$5.4B1.69%
Fisher Asset Management, LLC38,516,263$4.9B1.56%
NORGES BANK36,983,784$4.8B1.50%
MORGAN STANLEY34,242,051$4.4B1.39%
BANK OF AMERICA CORP /DE/30,535,208$3.9B1.24%
GOLDMAN SACHS GROUP INC22,075,139$2.8B0.89%

Institutional ownership by quarter

2023-092026-0682.1%
% of shares held by 13F filers
2023-092026-063,805
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-303,80582.1%2141,6191,488119
2026-03-313,75878.0%3261,4471,558120
2025-12-313,61279.1%5601,3561,371123
2025-09-303,25378.7%1891,3411,393150
2025-06-303,27481.0%1771,2811,507247
2025-03-313,39480.1%1851,3321,562272
2024-12-313,54579.7%3931,2921,548209
2024-09-303,42978.8%1521,5121,381165
2024-06-303,48378.8%1791,5881,327118
2024-03-313,47678.5%2621,3941,455110
2023-12-313,37178.0%3831,2281,448106
2023-09-303,14777.2%1521,2801,363145

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%186,323,766
2025-03-06SCHEDULE 13G/AThe Vanguard Group10.0%253,257,639
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.49%$11.4B
VSMPX0.49%$11.4B
VTSAX0.49%$11.4B
VTI0.49%$11.4B
VFINX0.54%$9.4B
VFFSX0.54%$9.4B

Share structure

Shares outstanding2,467,171,638
Float2,464,616,479
Free float99.9%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$48.7B$59.3B$60.1B$64.2B$65.0B
Cost of revenue$13.6B$17.4B$16.1B$15.2B$12.0B
Gross profit$35.1B$41.9B$44.0B$49.0B$53.0B
R&D$12.2B$13.5B$30.5B$17.9B$15.6B
SG&A$9.4B$9.7B$9.9B$10.1B$10.6B
Operating income$13.2B$18.3B$3.0B$20.2B$26.8B
EBITDA$17.9B$21.3B$6.9B$25.7B$25.4B
Pretax income$13.9B$16.4B$1.9B$19.9B$21.1B
Income tax$1.5B$1.9B$1.5B$2.8B$2.8B
Net income$13.0B$14.5B$365.0M$17.1B$18.3B
EPS, diluted$5.14$5.71$0.14$6.74$7.28
Diluted shares2.5B2.5B2.5B2.5B2.5B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$8.1B$13.2B$7.1B$13.7B$14.6B
Receivables$9.2B$9.4B$10.3B$10.3B$12.7B
Inventory$6.0B$5.9B$6.4B$6.1B$6.7B
Total current assets$30.3B$35.7B$32.2B$38.8B$43.5B
PP&E, net$19.3B$21.4B$23.1B$23.8B$26.8B
Goodwill & intangibles$44.2B$41.5B$39.2B$38.0B$48.3B
Total assets$105.7B$109.2B$106.7B$117.1B$136.9B
Accounts payable$4.6B$4.3B$3.9B$4.1B$4.4B
Total current liabilities$23.9B$24.2B$25.7B$28.4B$28.3B
Long-term debt$30.7B$28.7B$33.7B$34.5B$46.8B
Total liabilities$67.4B$63.1B$69.0B$70.7B$84.2B
Shareholders' equity$38.3B$46.1B$37.6B$46.4B$52.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$12.4B$14.5B$365.0M$17.1B$18.3B
Depreciation & amortization$3.2B$3.9B$3.9B$4.5B$5.8B
Stock-based compensation$479.0M$541.0M$645.0M$761.0M$0
Change in working capital−$3.8B−$2.8B−$2.2B−$3.7B−$7.0B
Operating cash flow$14.1B$19.1B$13.0B$21.5B$16.5B
Capital expenditure−$4.4B−$4.4B−$3.9B−$3.4B−$4.1B
Free cash flow$9.7B$14.7B$9.1B$18.1B$12.4B
Investing cash flow−$16.6B−$5.0B−$14.1B−$7.7B−$13.7B
Net debt issued / repaid$1.6B−$2.3B$4.2B$2.3B$11.4B
Buybacks−$840.0M$0−$1.3B−$1.3B−$5.1B
Dividends paid−$6.6B−$7.0B−$7.4B−$7.8B−$8.2B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin72.0%70.6%73.2%76.3%75.9%
Operating margin27.1%30.8%4.9%31.5%37.3%
Net margin26.8%24.5%0.6%26.7%28.1%
FCF margin19.8%24.8%15.2%28.2%19.0%
ROE41.1%34.5%0.9%40.8%36.9%
ROIC18.2%24.9%0.9%24.5%23.7%
ROA13.2%13.5%0.3%15.3%14.4%
Debt / equity0.910.700.970.830.96
Interest coverage18.2x18.1x2.6x16.7x16.5x
Current ratio1.271.471.251.361.54
Revenue growth+8.6%+21.7%+1.4%+6.7%+1.2%
EPS growth+85.0%+10.7%−97.5%+4,613.9%+8.9%
P/E at year end13.2x17.8x715.7x14.2x14.3x
EV / EBITDA at year end11.1x13.0x42.0x10.4x10.5x
FCF yield at year end5.62%5.70%3.50%7.43%4.72%
Dividend payout50.7%48.3%2,039.7%45.8%44.8%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Pharmaceutical segment$42.8B$52.0B$53.6B$57.4B$58.1B
Animal Health segment$5.6B$5.5B$5.6B$5.9B$6.4B
Other Segments$382.0M$1.7B$907.0M$891.0M$515.0M

Revenue by region · FY2025

UNITED STATES$36.5B · 56%
EMEA$14.6B · 22%
Latin America$3.4B · 5%
Asia Pacific$3.0B · 5%
International$2.9B · 4%
JAPAN$2.7B · 4%
CHINA$1.9B · 3%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $2.09 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$67.0B$66.8B – $67.2B$2.65$2.49 – $2.751455.0x
2027$69.8B$68.8B – $71.7B$9.28$8.55 – $10.011315.7x
2028$73.8B$70.1B – $79.7B$10.22$8.02 – $12.21814.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$-0.27$-0.13+51.9%$16.4B$16.6B+1.5%
2026-04-30$-1.47$-1.28+12.9%$15.8B$16.3B+2.8%
2026-02-03$2.01$2.04+1.5%$16.2B$16.4B+1.2%
2025-10-30$2.36$2.58+9.3%$17.0B$17.3B+1.8%
2025-07-29$2.03$2.13+4.9%$15.9B$15.8B−0.4%
2025-04-24$2.13$2.22+4.2%$15.3B$15.5B+1.2%
2025-02-04$1.85$1.72−7.0%$15.5B$15.6B+0.9%
2024-10-31$1.50$1.57+4.7%$16.5B$16.7B+1.1%
2024-07-30$2.15$2.28+6.0%$15.9B$16.1B+1.5%
2024-04-25$1.88$2.07+10.1%$15.2B$15.8B+3.7%
2024-02-01$-0.09$0.03+133.3%$14.5B$14.6B+0.9%
2023-10-26$1.95$2.13+9.2%$14.4B$16.0B+10.5%
2023-08-01$-2.17$-2.06+5.1%$14.4B$15.0B+4.1%
2023-04-27$1.32$1.40+6.1%$14.3B$14.5B+1.4%
2023-02-02$1.56$1.62+3.8%$13.7B$13.8B+1.3%
2022-10-27$1.67$1.85+10.8%$14.1B$15.0B+6.4%
2022-07-28$1.70$1.87+10.0%$13.9B$14.6B+5.3%
2022-04-28$1.83$2.14+16.9%$14.6B$15.9B+9.2%
2022-02-03$1.53$1.80+17.6%$13.2B$13.5B+2.8%
2021-10-28$1.55$1.75+12.9%$12.3B$13.2B+6.7%
2021-07-29$1.33$1.31−1.5%$11.4B$11.4B0.0%
2021-04-29$1.63$1.40−14.1%$13.8B$10.6B−22.9%
2021-02-04$1.36$1.32−2.9%$13.1B$12.5B−4.2%
2020-10-27$1.44$1.74+20.8%$10.4B$10.9B+5.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.406-151.706-221.106-291.107-061.307-131.107-201.107-271.608-031.108-103.108-172.008-241.208-31
Week ofNotionalSharesTrades
2026-08-31$1.2B8,307,293138,288
2026-08-24$2.0B13,257,928183,312
2026-08-17$3.1B20,928,582259,061
2026-08-10$1.1B8,203,038151,393
2026-08-03$1.6B12,294,052191,702
2026-07-27$1.1B8,462,463148,296

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1541.1%
DateShort shareShort volumeTotal volume
2026-10-1541.1%1,777,9734,326,863
2026-10-1451.1%2,223,6944,348,427
2026-10-1327.0%700,2512,590,092
2026-10-1240.7%872,9132,146,186
2026-10-0950.7%1,504,1592,965,767
2026-10-0837.7%1,203,5923,192,995
2026-10-0739.6%862,9952,181,884
2026-10-0639.9%1,229,1923,078,256
2026-10-0524.0%822,0423,426,768
2026-10-0232.7%932,2502,855,193
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.5Jan-2.2Feb+1.4Mar+1.9Apr+0.5May+1.9Jun-0.5Jul+1.7Aug-0.1Sep+0.7Oct+2.6Nov+1.8Dec
MonthAvg returnUp yearsYears
Jan−0.5%50%20
Feb−2.2%30%20
Mar+1.4%67%21
Apr+1.9%55%20
May+0.5%60%20
Jun+1.9%60%20
Jul−0.5%50%20
Aug+1.7%65%20
Sep−0.1%45%20
Oct+0.7%50%20
Nov+2.6%55%20
Dec+1.8%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1452.0
MFI49.7
ADX16.8
Stochastic %K / %D58.0 / 52.2
Williams %R-47.2
CCI16
TSI / signal-0.0 / 2.0
Chaikin money flow-0.08
ATR$3.86
Bollinger width8.2%
Volume vs 20-day avg1.21x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$145.74 (+0.2%)
SMA 50$144.95 (+0.7%)
SMA 200$124.74 (+17.0%)
EMA 21$145.08 (+0.6%)
EMA 50$142.59 (+2.4%)
EMA 200$125.70 (+16.1%)
Bollinger upper$151.71 (−3.8%)
Bollinger lower$139.78 (+4.4%)
Parabolic SAR$139.52 (+4.6%)
Open the live chart, 110+ indicators

About Merck & Co., Inc.

Merck & Co., Inc. is a global healthcare leader with operations spanning two core divisions: Pharmaceuticals and Animal Health. The Pharmaceutical segment is dedicated to human health, offering a broad spectrum of medicinal products. These cover crucial therapeutic areas such as oncology, acute hospital care, immunology, neuroscience, virology, cardiovascular conditions, and diabetes. This division also develops vital preventive vaccines for pediatric, adolescent, and adult populations. Meanwhile, the Animal Health segment focuses on the research, development, manufacturing, and marketing of veterinary medications, vaccines, and comprehensive health management solutions for animals. This division further provides innovative digital products designed for animal identification, traceability, and continuous monitoring. Merck's extensive clientele encompasses drug wholesalers, pharmacies, hospitals, and government agencies. It also serves managed healthcare organizations, including health maintenance organizations (HMOs) and pharmacy benefit managers, as well as various other institutional clients. Additionally, the company supplies products to individual physicians and their distributors, veterinarians, and livestock producers. The organization actively engages in strategic collaborations with companies such as AstraZeneca PLC, Bayer AG, Eisai Co., Ltd., Ridgeback Biotherapeutics, and Gilead Sciences, Inc. These partnerships are specifically aimed at the joint development and commercialization of prolonged-acting therapies for HIV. Established in 1891, Merck & Co., Inc. maintains its corporate headquarters in Kenilworth, New Jersey.

https://www.merck.com

Key executives

NameTitlePayBorn
Robert DavisChairman, President & Chief Executive Officer$4.6M1967
Dean Y. LiExecutive Vice President & President of Merck Research Laboratories$3.0M1963
Caroline LitchfieldExecutive Vice President & Chief Financial Officer$2.4M1969
Betty D. LarsonExecutive Vice President & Chief Human Resources Officer$2.3M1976
Jennifer L. ZacharyExecutive Vice President & General Counsel$2.2M1978
Richard R. DeLuca Jr.Executive Vice President & President of Merck Animal Health$2.2M1963
Chirfi GuindoExecutive Vice President of Strategic Access, Policy & Communications$1.5M1966
David Michael WilliamsExecutive Vice President and Chief Information & Digital Officer—1969

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Robert M. Davis Chairman, Chief Executive Officer and President2025$1.6M$12.1M$2.3M$20.8M
Dean Li, M.D., Ph.D. Executive Vice President and President, Merck Research Laboratories2025$1.5M$4.3M$1.4M$8.9M
Caroline Litchfield Executive Vice President and Chief Financial Officer2025$1.2M$3.6M$1.1M$7.5M
Jennifer Zachary Executive Vice President and General Counsel2025$1.1M$2.7M$995,749$5.9M
Sanat Chattopadhyay Executive Vice President and President, Merck Manufacturing Division2025$982,170$2.4M$920,710$5.4M

Employees

69k201871k201974k202068k202169k202272k202375k202475k2025

Dividends

Ex-dateAmountPaid
2026-09-15$0.852026-10-07
2026-06-15$0.852026-07-08
2026-03-16$0.852026-04-07
2025-12-15$0.852026-01-08
2025-09-15$0.812025-10-07
2025-06-16$0.812025-07-08
2025-03-17$0.812025-04-07
2024-12-16$0.812025-01-08

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage55
Intangibles67
Switching costs54
Network effect45
Efficient scale85
Our component scores (0-100) and overall 60.8; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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