Merck
MRK NYSE· Pharmaceuticals
Last close · Oct 26, 2026
$140.61
KIRA · Stoqly’s AI analyst, in plain words
- Merck had $65.0B of revenue in fiscal 2025, up 1.3% on the year before. Over five years, revenue changed +9.4% a year on average.
- Merck made $18.3B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 20.0% a year.
- Free cash flow was $12.4B in fiscal 2025, 19.0% of revenue.
- Merck returned $13.3B to shareholders in fiscal 2025, 107% of free cash flow. The diluted share count fell 1.3%.
- Merck owes $34.5B more than it holds in cash, about 1.2 years of operating profit.
Market cap
$347.3B
P/E
111.6x
Revenue
$65.0B
Net income
$18.3B
Free cash flow
$12.4B
Operating margin
—
Merck in 30 seconds · fiscal 2025
Are sales growing?
+1.3%
Only a little. Sales grew 1.3% last year.
Does it make a profit?
28.1%
Yes. It keeps 28.1% of every sale as profit.
Does profit turn into cash?
19.0%
Yes. 19.0% of sales ends up as free cash.
Is debt under control?
1.2x
Keep an eye on it. Repaying its debt would take 1.2 years of operating profit.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
How is the share priced?
111.6x
One share costs 111.6 times its yearly profit per share. Typical for its sector: 27.9x.
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.
Biggest risks, in its own words
- Losing patent rights, and the rapid drop in sales that usually follows once a product loses market exclusivity.
- Depending on a few key products, such as Keytruda, for a large share of profits and cash flows.
- Sharply lower sales of Gardasil in China, which have reduced its business there.
- Difficulties and delays in manufacturing some products, including vaccines.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Legal name
- Merck & Co., Inc.
- CIK
- 0000310158
Merck · MRK
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $48.7B | $59.3B | $60.1B | $64.2B | $65.0B |
| Revenue growth | 17.3% | 21.7% | 1.4% | 6.7% | 1.3% |
| Gross margin | 72.0% | 70.6% | 73.2% | 76.3% | 74.8% |
| Net income | $13.0B | $14.5B | $365M | $17.1B | $18.3B |
| Net margin | 26.8% | 24.5% | 0.6% | 26.7% | 28.1% |
| Diluted EPS | $5.14 | $5.71 | $0.14 | $6.74 | $7.28 |
| Cash | |||||
| Cash from operations | $13.1B | $19.1B | $13.0B | $21.5B | $16.5B |
| Capital expenditure | $4.4B | $4.4B | $3.9B | $3.4B | $4.1B |
| Free cash flow | $8.7B | $14.7B | $9.1B | $18.1B | $12.4B |
| FCF margin | 17.8% | 24.8% | 15.2% | 28.2% | 19.0% |
| Dividends paid | $6.6B | $7.0B | $7.4B | $7.8B | $8.2B |
| Share buybacks | $840M | $0.0M | $1.3B | $1.3B | $5.1B |
| Share count change | −0.1% | 0.2% | 0.2% | −0.2% | −1.3% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $38.2B | $46.0B | $37.6B | $46.3B | $52.6B |
| Net debt / EBITDA | 1.4x | 0.8x | 4.1x | 0.9x | 1.2x |
| Current ratio | 1.3x | 1.5x | 1.3x | 1.4x | 1.5x |
| Interest coverage | 18.2x | 18.1x | 2.7x | 16.7x | 16.5x |
| Returns and quality | |||||
| Return on capital | 24.2% | 24.3% | 2.4% | 27.0% | 24.8% |
| Return on equity | 41.1% | 34.5% | 0.9% | 40.8% | 36.9% |
| Piotroski F-score | 8 | 6 | 4 | 8 | 4 |
| Altman Z'' | 3.6 | 4.4 | 2.8 | 4.2 | 4.2 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$72.0M
11 insiders
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Merck · MRK
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Merck MRK | $347.3B | 1.3% | — | 19.0% | 24.8% | 111.6x | 4 |
| Eli Lilly LLY | $1.14T | 44.7% | — | 13.8% | 40.8% | 42.9x | 8 |
| Pfizer PFE | $169.8B | −1.7% | — | 14.5% | 7.3% | 39.2x | 6 |
| AstraZeneca AZN | $268.8B | 8.6% | 23.4% | 20.0% | 16.8% | — | 9 |
| Bristol Myers Squibb BMY | $126.2B | −0.2% | — | 26.7% | 15.2% | 13.6x | 8 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $140.61 a share, the company is worth $347.3B: 111.6 times its earnings of the last four quarters.
Merck grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 3 of 3.
Source: SEC EDGAR XBRL filings (CIK 0000310158). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.
