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Merck

MRK NYSE Pharmaceuticals Financials FY2016–FY2025

Merck's revenue rose 1.3% to $65.0 billion in fiscal 2025. Its net margin was 28.1%, up from 26.7% a year earlier. Free cash flow was $12.4 billion, down 31.7%. It paid out $13.3 billion in dividends and buybacks, 107% of free cash flow. The diluted share count fell 1.3%.

Last close · Oct 23, 2026

$145.27

1.3%
Value it Compare
Revenue Total sales reported in the income statement.
$65.0B
1.3% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$18.3B
6.6%
Free cash flow Cash from operations minus capital spending.
$12.4B
31.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
24.8%
2.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$358.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
115.3x
On $1.26 EPS (TTM)

What Merck does

Merck is a global health care company that sells prescription medicines, vaccines and animal health products. It reports two segments, Pharmaceutical and Animal Health.

The Pharmaceutical segment sells human medicines and vaccines. It sells medicines mainly to drug wholesalers and retailers, hospitals, government agencies and managed care providers such as pharmacy benefit managers. It sells vaccines mainly to doctors, wholesalers, distributors and governments. Its cancer drug Keytruda is the largest product in the sales table the 10-K gives. Other major products include the HPV vaccine Gardasil, the diabetes drugs Januvia and Janumet, childhood vaccines such as ProQuad, M-M-R II and Varivax, and Bridion. It also books alliance revenue, its share of profits, from Lynparza and Lenvima.

The Animal Health segment makes and sells veterinary medicines, vaccines and health management services for livestock and pets, as well as digital identification and monitoring products. Its customers are veterinarians, distributors, animal producers, farmers and pet owners. Merck says it faces competition from lower-cost generic and biosimilar products and from competitors' products.

Legal name
Merck & Co., Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 24, 2026
Accession · CIK
0000310158-26-000063
0000310158

Revenue and margins

Merck had $65.0B of revenue in fiscal 2025, up 1.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 20.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $12.4B in fiscal 2025, 19.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Merck returned $13.3B to shareholders in fiscal 2025, 107% of free cash flow. The diluted share count fell 1.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Merck yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$34.5B and divides by 2,507.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 115.3x · peers 39.5x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Merck can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $8.1B$13.2B$7.1B$13.7B$14.6B
Debt incl. finance leases $33.0B$30.4B$35.0B$37.0B$49.1B
Net debt / EBITDA 1.4x0.8x4.1x0.9x1.2x
Debt / equity 0.9x0.7x0.9x0.8x0.9x
Interest coverage 18.2x18.1x2.7x16.7x16.5x
Current ratio 1.3x1.5x1.3x1.4x1.5x
Quick ratio 1.0x1.2x1.0x1.2x1.3x
Total assets $105.7B$109.2B$106.7B$117.1B$136.9B
Total liabilities $67.4B$63.1B$69.0B$70.7B$84.2B
Shareholders' equity $38.2B$46.0B$37.6B$46.3B$52.6B
Net debt (− = net cash) $24.9B$17.3B$27.9B$23.3B$34.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$46.9M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 13, 2026 Chirfi GuindoEVP, Access, Policy & Comms Sold 10,000 $135.00 $1.4M Form 4
Aug 12, 2026 Jennifer ZacharyEVP, General Counsel Sold 80,315 $133.46 $10.7M Form 4
Aug 12, 2026 Richard R. DeLucaEVP&Pres, Merck Animal Heallth Sold 11,699 $131.63 $1.5M Form 4
Aug 11, 2026 Richard R. DeLucaEVP&Pres, Merck Animal Heallth Sold 12,837 $131.76 $1.7M Form 4
Aug 10, 2026 Richard R. DeLucaEVP&Pres, Merck Animal Heallth Sold 20,784 $130.43 $2.7M Form 4
Aug 6, 2026 Chirfi GuindoEVP, Access, Policy & Comms Sold 15,000 $131.00 $2.0M Form 4
Aug 6, 2026 Richard R. DeLucaEVP&Pres, Merck Animal Heallth Sold 6,050 $130.37 $0.8M Form 4
Aug 5, 2026 David Michael WilliamsEVP,Chief Info&Digital Officer Sold 52,847 $128.77 $6.8M Form 4
Aug 5, 2026 David R. MaraldoEVP & Pres. MMD Sold 18,706 $128.72 $2.4M Form 4
Feb 12, 2026 Chirfi GuindoChief Marketing Officer Sold 10,000 $121.46 $1.2M Form 4
Feb 10, 2026 Dean Y LiExecutive VP & President, Mrl Sold 10,235 $117.52 $1.2M Form 4
Feb 9, 2026 Jennifer ZacharyEVP, General Counsel Sold 121,573 $119.15 $14.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✕
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score 4 / 98 / 94 / 9
Accruals ratio −11.7%−3.9%1.4%
Altman Z'' 2.814.244.23

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Merck MRK $358.8B 1.3% — 19.0% 24.8% 115.3x 4
Eli Lilly LLY $1.14T 44.7% — 13.8% 40.8% 42.7x 8 Compare →
Pfizer PFE $171.1B −1.7% — 14.5% 7.3% 39.5x 6 Compare →
AstraZeneca AZN $267.9B 8.6% 23.4% 20.0% 16.8% — 9 Compare →
Bristol Myers Squibb BMY $125.9B −0.2% — 26.7% 15.2% 13.5x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $39.8B $40.1B $42.3B $39.1B $41.5B $48.7B $59.3B $60.1B $64.2B $65.0B
Gross profit $25.8B $27.2B $28.8B $27.1B $27.9B $35.1B $41.9B $44.0B $49.0B $48.6B
Research and development $10.3B $10.3B $9.8B $9.7B $13.4B $12.2B $13.5B $30.5B $17.9B $15.8B
Interest expense $693M $754M $772M $893M $831M $806M $962M $1.1B $1.3B $1.4B
Pretax income $4.7B $6.5B $8.7B $7.2B $5.9B $13.9B $16.4B $1.9B $19.9B $21.1B
Income tax $718M $4.1B $2.5B $1.6B $1.3B $1.5B $1.9B $1.5B $2.8B $2.8B
Net income $3.9B $2.4B $6.2B $9.8B $7.1B $13.0B $14.5B $365M $17.1B $18.3B
Diluted EPS $1.41 $0.87 $2.32 $3.81 $2.78 $5.14 $5.71 $0.14 $6.74 $7.28
Diluted shares 2.79B 2.75B 2.68B 2.58B 2.54B 2.54B 2.54B 2.55B 2.54B 2.51B
Cash flow
Cash from operations $10.4B $6.5B $10.9B $13.4B $10.3B $13.1B $19.1B $13.0B $21.5B $16.5B
Capital expenditure $1.6B $1.9B $2.6B $3.4B $4.4B $4.4B $4.4B $3.9B $3.4B $4.1B
Free cash flow $8.8B $4.6B $8.3B $10.1B $5.8B $8.7B $14.7B $9.1B $18.1B $12.4B
Depreciation and amortization $5.5B $4.7B $4.5B $3.7B $3.5B $3.2B $3.9B $3.8B $4.5B $5.8B
Stock-based compensation $300M $312M $348M $388M $441M $479M $541M $645M $761M $820M
Acquisitions $780M $396M $431M $294M $1.4B $179M $0.0M $0.0M $0.0M $10.0B
Share buybacks $3.4B $4.0B $9.1B $4.8B $1.3B $840M $0.0M $1.3B $1.3B $5.1B
Dividends paid $5.1B $5.2B $5.2B $5.7B $6.2B $6.6B $7.0B $7.4B $7.8B $8.2B
Dividends and buybacks $8.6B $9.2B $14.3B $10.5B $7.5B $7.5B $7.0B $8.8B $9.1B $13.3B
Balance sheet
Cash and short-term investments $14.3B $8.5B $8.9B $10.5B $8.1B $8.1B $13.2B $7.1B $13.7B $14.6B
Total debt $24.6B $24.4B — $24.6B $27.7B $33.0B $30.4B $35.0B $37.0B $49.1B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $30.6B $24.8B $25.9B $27.5B $27.8B $30.3B $35.7B $32.2B $38.8B $43.5B
Current liabilities $17.2B $18.6B $22.2B $22.2B $27.3B $23.9B $24.2B $25.7B $28.4B $28.3B
Inventory $4.9B $5.1B $5.4B $6.0B $5.6B $6.0B $5.9B $6.4B $6.1B $6.7B
Property and equipment, net $12.0B $12.4B $13.3B $14.3B $17.0B $19.3B $21.4B $23.1B $23.8B $25.3B
Total assets $95.4B $87.9B $82.6B $84.4B $91.6B $105.7B $109.2B $106.7B $117.1B $136.9B
Total liabilities $55.1B $53.3B $55.8B $58.4B $66.2B $67.4B $63.1B $69.0B $70.7B $84.2B
Shareholders' equity $40.1B $34.3B $26.7B $25.9B $25.3B $38.2B $46.0B $37.6B $46.3B $52.6B
Margins
Gross margin 64.8% 67.8% 68.1% 69.3% 67.2% 72.0% 70.6% 73.2% 76.3% 74.8%
EBITDA margin 27.2% 29.8% 33.1% 30.0% 24.5% 36.7% 36.0% 11.4% 40.1% 43.5%
Net margin 9.9% 6.0% 14.7% 25.2% 17.0% 26.8% 24.5% 0.6% 26.7% 28.1%
FCF margin 22.0% 11.4% 19.6% 25.7% 14.0% 17.8% 24.8% 15.2% 28.2% 19.0%
Returns
Return on capital 8.4% 7.2% — — 12.1% 24.2% 24.3% 2.4% 27.0% 24.8%
Return on capital employed 6.7% 9.9% 14.6% 13.2% 10.6% 20.1% 20.9% 3.7% 25.0% 22.7%
Return on equity 9.3% 6.4% 20.4% 37.4% 27.6% 41.1% 34.5% 0.9% 40.8% 36.9%
Return on assets 4.0% 2.6% 7.3% 11.8% 8.0% 13.2% 13.5% 0.3% 15.3% 14.4%
Growth
Revenue growth 0.8% 0.8% 5.4% −7.5% 6.1% 17.3% 21.7% 1.4% 6.7% 1.3%
Net income growth −11.8% −38.9% 159.8% 58.3% −28.2% 84.7% 11.3% −97.5% 4,589.6% 6.6%
EPS growth −9.6% −38.3% 166.7% 64.2% −27.0% 84.9% 11.1% −97.6% 4,714.3% 8.0%
FCF growth −22.2% −47.9% 82.1% 21.2% −42.2% 48.9% 69.6% −37.8% 97.9% −31.7%
Share count change −1.9% −1.4% −2.5% −3.7% −1.5% −0.1% 0.2% 0.2% −0.2% −1.3%
Financial health
Net debt / EBITDA 1.0x 1.3x — 1.2x 1.9x 1.4x 0.8x 4.1x 0.9x 1.2x
Debt / equity 0.6x 0.7x — 1.0x 1.1x 0.9x 0.7x 0.9x 0.8x 0.9x
Interest coverage 7.7x 9.7x 12.3x 9.0x 8.1x 18.2x 18.1x 2.7x 16.7x 16.5x
Current ratio 1.8x 1.3x 1.2x 1.2x 1.0x 1.3x 1.5x 1.3x 1.4x 1.5x
Quick ratio 1.5x 1.1x 0.9x 1.0x 0.8x 1.0x 1.2x 1.0x 1.2x 1.3x
Capital allocation
Capex / revenue 4.1% 4.7% 6.2% 8.6% 10.7% 9.1% 7.4% 6.4% 5.3% 6.3%
Stock comp / revenue 0.8% 0.8% 0.8% 1.0% 1.1% 1.0% 0.9% 1.1% 1.2% 1.3%
Payouts / FCF 97.7% 201.2% 171.7% 104.0% 128.7% 85.9% 47.7% 96.2% 50.5% 107.3%
Quality scores
Piotroski F-score 7.0 6.0 — — 5.0 8.0 6.0 4.0 8.0 4.0
Altman Z'' 3.6 3.2 3.3 3.3 2.6 3.6 4.4 2.8 4.2 4.2
Accruals ratio −6.6% −4.4% −5.5% −4.3% −3.6% −0.1% −4.3% −11.7% −3.9% 1.4%

Source: SEC EDGAR XBRL filings (CIK 0000310158). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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