Merck & Co
MRK
148.30
+4.67
+3.25%
Merck & Co
US · MRK
#43 by market cap
Listed 1970
148.30
+4.67
+3.25%
Live - 5344 symbols - heartbeat 328s ago
· 2026-10-20 21:27
✦ Quant Financial Health how this is computed
Good
- Altman Z-Score is 4.50, above the 3.0 "safe zone" threshold.
- Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.
Revenue annual, last 8 years
Latest year +1.31% YoY
Margins
- Gross margin
- 74.80%
- Operating margin
- 34.01%
- Net margin
- 28.08%
Key ratios & quality
- Enterprise valuei
- 400.66B
- PEG ratioi
- 14.96
- Altman Z-Scorei
- 4.50
PEG uses trailing P/E against the 3-year net income growth rate (7.93%/yr) since forward earnings estimates aren't available here, so this is not a "forward PEG." Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 42.29B | 39.12B | 41.52B | 48.70B | 59.28B | 60.12B | 64.17B | 65.01B |
| Gross profit | 28.79B | 27.11B | 27.90B | 35.08B | 41.87B | 43.99B | 48.98B | 48.63B |
| Selling & admin expenses | 10.10B | 9.46B | 8.96B | 9.63B | 10.04B | 10.50B | 10.82B | 10.73B |
| Research & development | 9.75B | 9.72B | 13.40B | 12.25B | 13.55B | 30.53B | 17.94B | 15.79B |
| Operating profit | 8.93B | 7.93B | 5.55B | 13.20B | 18.28B | 2.95B | 20.22B | 22.11B |
| Pretax profit | 8.70B | 7.17B | 5.86B | 13.88B | 16.44B | 1.89B | 19.94B | 21.07B |
| Tax | 2.51B | 1.57B | 1.34B | 1.52B | 1.92B | 1.51B | 2.80B | 2.80B |
| Net profit | 6.19B | 5.61B | 4.52B | 12.36B | 14.53B | 377.00M | 17.13B | 18.26B |
| Basic EPS | 2 | 4 | 3 | 5 | 6 | 0 | 7 | 7 |
| Diluted EPS | 2.32 | 3.81 | 2.78 | 5.14 | 5.71 | 0.14 | 6.74 | 7.28 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 15.53B | 15.81B | 17.28B | 16.40B | 16.29B | 16.61B |
| Gross profit | 12.11B | 12.25B | 13.42B | 10.85B | 12.09B | 12.21B |
| Selling & admin expenses | 2.55B | 2.65B | 2.63B | 2.90B | 2.70B | 2.90B |
| Research & development | 3.62B | 4.05B | 4.23B | 3.89B | 12.59B | 9.74B |
| Operating profit | 5.94B | 5.55B | 6.55B | 4.07B | -3.20B | -433.00M |
| Pretax profit | 5.90B | 5.00B | 6.75B | 3.42B | -3.53B | -683.00M |
| Tax | 818.00M | 571.00M | 958.00M | 458.00M | 709.00M | 654.00M |
| Net profit | 5.09B | 4.43B | 5.79B | 2.96B | -4.24B | -1.34B |
| Basic EPS | 2 | 2 | 2 | 1 | -2 | -1 |
| Diluted EPS | 2.01 | 1.76 | 2.32 | 1.19 | -1.72 | -0.54 |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 25.88B | 27.48B | 27.76B | 30.27B | 35.72B | 32.17B | 38.78B | 43.52B |
| Cash & ST investments | 8.86B | 10.45B | 8.05B | 8.10B | 13.19B | 7.09B | 13.69B | 14.57B |
| Inventory | 5.44B | 5.98B | 5.55B | 5.95B | 5.91B | 6.36B | 6.11B | 6.66B |
| Total assets | 82.64B | 84.40B | 91.59B | 105.69B | 109.16B | 106.68B | 117.11B | 136.87B |
| Total current liabilities | 22.21B | 22.22B | 27.33B | 23.87B | 24.24B | 25.69B | 28.42B | 28.33B |
| Short-term debt | 5.31B | 3.61B | 6.43B | 2.41B | 1.95B | 1.37B | 2.65B | 2.59B |
| Long-term debt | 19.81B | 22.74B | 25.36B | 30.69B | 28.75B | 33.68B | 34.46B | 46.75B |
| Total liabilities | 55,755,000,000.00 | 58,396,000,000.00 | 66,184,000,000.00 | 67,437,000,000.00 | 63,102,000,000.00 | 69,040,000,000.00 | 70,734,000,000.00 | 84,204,000,000.00 |
| Total equity | 26.88B | 26.00B | 25.40B | 38.26B | 46.06B | 37.64B | 46.37B | 52.66B |
| Retained earnings | 42.58B | 46.60B | 47.36B | 53.70B | 61.08B | 53.90B | 63.07B | 73.08B |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 35.50B | 37.07B | 47.56B | 43.52B | 35.02B | 36.68B |
| Cash & ST investments | 9.23B | 8.62B | 18.21B | 14.57B | 5.70B | 7.14B |
| Inventory | 6.20B | 6.60B | 6.44B | 6.66B | 6.48B | 6.21B |
| Total assets | 115.12B | 117.52B | 129.55B | 136.87B | 128.69B | 129.80B |
| Total current liabilities | 25.17B | 26.04B | 28.63B | 28.33B | 26.95B | 27.73B |
| Short-term debt | 1.36B | 1.43B | 1.41B | 2.59B | 2.44B | 2.83B |
| Long-term debt | 33.48B | 33.97B | 39.97B | 46.75B | 46.67B | 51.08B |
| Total liabilities | 66,722,000,000.00 | 68,463,000,000.00 | 77,639,000,000.00 | 84,204,000,000.00 | 82,754,000,000.00 | 87,818,000,000.00 |
| Total equity | 48.40B | 49.06B | 51.91B | 52.66B | 45.93B | 41.98B |
| Retained earnings | 66.10B | 68.48B | 72.23B | 73.08B | 66.72B | 63.27B |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 10.92B | 13.44B | 10.25B | 14.11B | 19.10B | 13.01B | 21.47B | 16.47B |
| Depreciation & amortization | 4.52B | 3.31B | 3.49B | 3.21B | 3.91B | 3.87B | 4.50B | 5.84B |
| Free cash flow | 8.31B | 10.07B | 5.82B | 9.66B | 14.71B | 9.14B | 18.10B | 12.36B |
| Dividends paid | -5.17B | -5.70B | -6.22B | -6.61B | -7.01B | -7.45B | -7.84B | -8.18B |
| Stock buybacks / issuance | -9.09B | -4.78B | -1.28B | -840.00M | 0 | -1.35B | -1.31B | -5.08B |
| Ending cash balance | 7.97B | 9.93B | 8.15B | 8.17B | 12.77B | 6.91B | 13.32B | 14.69B |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | 2.50B | 3.29B | 7.82B | 2.86B | 3.92B | 5.37B |
| Depreciation & amortization | 1.10B | 1.12B | 1.15B | 2.47B | 1.51B | 1.58B |
| Free cash flow | 1.17B | 2.53B | 6.84B | 1.82B | 2.93B | 4.48B |
| Dividends paid | -2.05B | -2.08B | -2.03B | -2.02B | -2.11B | -2.14B |
| Stock buybacks / issuance | -1.16B | -1.35B | -1.32B | -1.25B | -874.00M | -757.00M |
| Ending cash balance | 8.73B | 8.07B | 18.26B | 14.69B | 5.40B | 6.89B |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | 20.38 | 37.42 | 27.59 | 41.10 | 34.50 | 0.87 | 40.81 | 36.91 |
| ROA %i | 7.30 | 11.79 | 8.03 | 13.23 | 13.52 | 0.34 | 15.30 | 14.37 |
| ROIC %i | 11.80 | 19.93 | 14.06 | 21.39 | 20.59 | 1.27 | 22.88 | 20.64 |
| 5-year avg ROE %i | 13.96 | 16.60 | 20.22 | 26.59 | 32.20 | 28.30 | 28.97 | 30.84 |
| EBIT margin %i | 22.40 | 26.38 | 20.05 | 30.15 | 29.36 | 5.05 | 33.05 | 34.49 |
| FCF / sales %i | 19.64 | 21.28 | 11.60 | 19.84 | 24.81 | 15.21 | 28.20 | 19.01 |
| Current ratioi | 1.17 | 1.24 | 1.02 | 1.27 | 1.47 | 1.25 | 1.36 | 1.54 |
| Quick ratioi | 0.72 | 0.78 | 0.54 | 0.73 | 0.93 | 0.68 | 0.84 | 0.93 |
| Debt / assetsi | 30.39 | 31.22 | 34.71 | 31.32 | 28.12 | 32.86 | 31.69 | 36.05 |
| LT debt / equityi | 74.18 | 87.76 | 100.17 | 80.37 | 62.50 | 89.63 | 74.41 | 88.87 |
| Interest coveragei | 12.27 | 13.84 | 11.58 | 18.22 | 18.09 | 2.65 | 16.69 | 16.52 |
| Revenue CAGR (3Y) %i | 2.31 | -0.58 | 1.15 | 4.82 | 14.86 | 13.13 | 9.63 | 3.12 |
| Net income CAGR (3Y) %i | 11.88 | 35.92 | 43.45 | 28.02 | 13.83 | -62.76 | 9.47 | 7.93 |
| FCF CAGR (3Y) %i | -9.63 | 4.75 | 8.47 | 5.16 | 13.45 | 16.22 | 23.27 | -5.63 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | 39.31 | 35.44 | 39.51 | 36.91 | 18.97 | 6.98 |
| ROA %i | 15.78 | 14.26 | 15.41 | 14.37 | 7.33 | 2.57 |
| ROIC %i | 23.01 | 20.65 | 22.50 | 20.64 | 11.11 | 4.53 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | 33.56 | 32.13 | 35.95 | 34.49 | 20.00 | 11.55 |
| FCF / sales %i | 26.66 | 23.14 | 20.31 | 19.01 | 21.46 | 24.13 |
| Current ratioi | 1.41 | 1.42 | 1.66 | 1.54 | 1.30 | 1.32 |
| Quick ratioi | 0.80 | 0.79 | 1.06 | 0.93 | 0.66 | 0.71 |
| Debt / assetsi | 30.27 | 30.12 | 31.94 | 36.05 | 38.17 | 41.53 |
| LT debt / equityi | 69.27 | 69.33 | 77.09 | 88.87 | 101.73 | 121.82 |
| Interest coveragei | 16.74 | 16.02 | 18.12 | 16.52 | 8.64 | 4.41 |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Single-engine
- Pharmaceutical is the largest reported line at 88.88% of revenue, across 3 reported segments.
- The next-largest line, Animal health, is a distant second at 10.69% - a sharp slowdown here would have little to offset it.
Revenue breakdown most recent period
Business
Pharmaceutical88.88%
Animal health10.69%
Other0.43%
Quote time 2026-10-20 21:27:53 · For reference only, not investment advice and not tailored to your situation.
the keytruda patent cliff is a few years out but the market’s already discounting it hard. pipeline needs to deliver or this stays cheap for a while, that’s the whole debate in one sentence.