Bristol Myers Squibb vs Merck
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The short version
- Merck is the larger business, with $65.0B of revenue in fiscal 2025 against $48.2B for Bristol Myers Squibb.
- Merck grew revenue faster (1.3%, against −0.2%).
- Bristol Myers Squibb turned more of its sales into free cash flow (26.7% FCF margin, against 19.0%).
- Merck earned a higher return on the capital invested in it (24.8%, against 15.2%).
- Investors pay more for each dollar of Merck’s earnings: a P/E of 115.3x against 13.5x for Bristol Myers Squibb.
| Latest fiscal year | BMY · FY25 | MRK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $125.9B | $358.8B |
| Revenue | $48.2B | $65.0B |
| Free cash flow | $12.8B | $12.4B |
| Net income | $7.1B | $18.3B |
| Growth | ||
| Revenue growth | −0.2% | 1.3% |
| 5-year growth | 2.5% | 9.4% |
| Share count change | 0.6% | −1.3% |
| Profitability | ||
| Gross margin | 71.1% | 74.8% |
| Operating margin | — | — |
| Net margin | 14.6% | 28.1% |
| FCF margin | 26.7% | 19.0% |
| Return on capital | 15.2% | 24.8% |
| Return on equity | 40.5% | 36.9% |
| Balance sheet | ||
| Net debt | $36.4B | $34.5B |
| Net debt / EBITDA | 2.4x | 1.2x |
| Dividends and buybacks | $5.0B | $13.3B |
| Valuation & quality | ||
| P/E | 13.5x | 115.3x |
| Piotroski F-score | 8 | 4 |
Revenue
FY16
BMY $19.4B
MRK $39.8B
FY17
BMY $20.8B
MRK $40.1B
FY18
BMY $22.6B
MRK $42.3B
FY19
BMY $26.1B
MRK $39.1B
FY20
BMY $42.5B
MRK $41.5B
FY21
BMY $46.4B
MRK $48.7B
FY22
BMY $46.2B
MRK $59.3B
FY23
BMY $45.0B
MRK $60.1B
FY24
BMY $48.3B
MRK $64.2B
FY25
BMY $48.2B
MRK $65.0B
BMY
MRK
Operating margin
FY16
BMY —
MRK —
FY17
BMY —
MRK —
FY18
BMY —
MRK —
FY19
BMY —
MRK —
FY20
BMY —
MRK —
FY21
BMY —
MRK —
FY22
BMY —
MRK —
FY23
BMY —
MRK —
FY24
BMY —
MRK —
FY25
BMY —
MRK —
BMY
MRK
Free cash flow
FY16
BMY $1.8B
MRK $8.8B
FY17
BMY $4.2B
MRK $4.6B
FY18
BMY $6.1B
MRK $8.3B
FY19
BMY $7.4B
MRK $10.1B
FY20
BMY $13.3B
MRK $5.8B
FY21
BMY $15.2B
MRK $8.7B
FY22
BMY $11.9B
MRK $14.7B
FY23
BMY $12.7B
MRK $9.1B
FY24
BMY $13.9B
MRK $18.1B
FY25
BMY $12.8B
MRK $12.4B
BMY
MRK
Return on capital
FY16
BMY 27.7%
MRK 8.4%
FY17
BMY 18.0%
MRK 7.2%
FY18
BMY 37.8%
MRK —
FY19
BMY 7.9%
MRK —
FY20
BMY −5.4%
MRK 12.1%
FY21
BMY 11.4%
MRK 24.2%
FY22
BMY 11.0%
MRK 24.3%
FY23
BMY 14.7%
MRK 2.4%
FY24
BMY −8.7%
MRK 27.0%
FY25
BMY 15.2%
MRK 24.8%
BMY
MRK
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.