Merck & Co., Inc. (MRK) 10-Year Financial Performance & Capital Metrics

MRK •

HealthcareLarge PharmaVaccines and plasma-derived therapies

AboutMerck & Co., Inc. operates as a healthcare company worldwide. It operates through two segments, Pharmaceutical and Animal Health. The Pharmaceutical segment offers human health pharmaceutical products in the areas of oncology, hospital acute care, immunology, neuroscience, virology, cardiovascular, and diabetes, as well as vaccine products, such as preventive pediatric, adolescent, and adult vaccines. The Animal Health segment discovers, develops, manufactures, and markets veterinary pharmaceuticals, vaccines, and health management solutions and services, as well as digitally connected identification, traceability, and monitoring products. It serves drug wholesalers and retailers, hospitals, and government agencies; managed health care providers, such as health maintenance organizations, pharmacy benefit managers, and other institutions; and physicians and physician distributors, veterinarians, and animal producers. The company has collaborations with AstraZeneca PLC; Bayer AG; Eisai Co., Ltd.; Ridgeback Biotherapeutics; and Gilead Sciences, Inc. to jointly develop and commercialize long-acting treatments in HIV. Merck & Co., Inc. was founded in 1891 and is headquartered in Kenilworth, New Jersey.Show more

Revenue $65.01B +1.3%
EBITDA $31.07B +25.7%
Net Income $18.25B +6.6%
EPS (Diluted) 7.28 +8.0%
Gross Margin 81.5% +6.8%
EBITDA Margin 47.8% +24.1%
Operating Margin 41.19% +30.7%
Net Margin 28.08% +5.3%
ROE 37.15% -8.8%
ROIC 32.58% +48.7%
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 26.3%
✓Strong 5Y profit CAGR of 20.9%
✓13 consecutive years of dividend growth
✓Momentum leader: RS Rating 84 (top 16%)
✓Healthy 5Y average net margin of 21.3%
✓Trading near 52-week high

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.11%

5Y9.38%

3Y3.12%

TTM1.31%

Profit (Net Income) CAGR

10Y15.18%

5Y20.9%

3Y7.93%

TTM6.64%

EPS CAGR

10Y16.65%

5Y21.23%

3Y8.43%

TTM8.17%

ROCE

10Y Avg15.15%

5Y Avg19.99%

3Y Avg19.99%

Latest32.58%

Peer Comparison

Vaccines and plasma-derived therapies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GRFSGrifols, S.A.	2.35B	9.10	33.54	9.41%	4.96%	4.92%	26.64%	1.17
PFEPfizer Inc.	157.21B	27.65	20.33	-1.65%	12.42%	8.35%
SNYSanofi	117.53B	48.66	20.32	5.49%	16.72%	10.9%	8.92%	0.30
MRKMerck & Co., Inc.	307.22B	123.78	17.00	1.31%	28.08%	35.17%
GSKGSK plc	118.65B	59.13	16.16	1.83%	17.86%	35.83%	6.6%	1.11

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	39.81B	40.12B	42.29B	39.12B	41.52B	48.7B	59.28B	60.12B	64.17B	65.01B
Revenue Growth %	0.78%	0.79%	5.41%	-7.5%	6.13%	17.31%	21.72%	1.4%	6.74%	1.31%
Cost of Goods Sold+	14.03B	12.91B	13.51B	12.02B	13.62B	13.63B	17.41B	16.13B	15.19B	12.03B
COGS % of Revenue	35.25%	32.18%	31.94%	30.71%	32.8%	27.98%	29.37%	26.83%	23.68%	18.5%
Gross Profit+	25.78B	27.21B	28.79B	27.11B	27.9B	35.08B	41.87B	43.99B	48.98B	52.98B
Gross Margin %	64.75%	67.82%	68.06%	69.28%	67.2%	72.02%	70.63%	73.17%	76.32%	81.5%
Gross Profit Growth %	4.94%	5.56%	5.79%	-5.84%	2.93%	25.73%	19.37%	5.06%	11.33%	8.19%
Operating Expenses+	20.28B	20.41B	19.85B	19.18B	22.35B	21.88B	23.59B	41.03B	28.75B	26.2B
OpEx % of Revenue	50.94%	50.88%	46.94%	49.02%	53.84%	44.92%	39.79%	68.26%	44.81%	40.31%
Selling, General & Admin	10.02B	10.07B	10.1B	9.46B	8.57B	9.4B	9.67B	9.88B	10.1B	10.61B
SG&A % of Revenue	25.16%	25.11%	23.89%	24.17%	20.64%	19.31%	16.31%	16.44%	15.74%	16.32%
Research & Development	10.26B	10.34B	9.75B	9.72B	13.4B	12.24B	13.55B	30.53B	17.94B	15.6B
R&D % of Revenue	25.78%	25.77%	23.06%	24.86%	32.27%	25.14%	22.85%	50.79%	27.95%	23.99%
Other Operating Expenses	0	0	0	0	386M	231M	373M	620M	716M	0
Operating Income+	5.5B	6.8B	8.93B	7.93B	5.55B	13.2B	18.28B	2.95B	20.22B	26.78B
Operating Margin %	13.81%	16.94%	21.12%	20.26%	13.36%	27.1%	30.84%	4.91%	31.51%	41.19%
Operating Income Growth %	-27.14%	23.6%	31.4%	-11.25%	-30%	137.91%	38.51%	-83.84%	584.53%	32.43%
EBITDA+	10.97B	11.47B	13.45B	11.24B	9.03B	16.41B	22.19B	6.83B	24.72B	31.07B
EBITDA Margin %	27.56%	28.6%	31.8%	28.72%	21.76%	33.7%	37.43%	11.35%	38.52%	47.8%
EBITDA Growth %	-21.2%	4.59%	17.23%	-16.46%	-19.6%	81.68%	35.2%	-69.24%	262.14%	25.7%
D&A (Non-Cash Add-back)	5.47B	4.68B	4.52B	3.31B	3.49B	3.21B	3.91B	3.87B	4.5B	4.29B
EBIT	5.35B	7.28B	9.47B	12.36B	6.69B	14.69B	17.41B	3.04B	21.21B	21.07B
Net Interest Income+	-365M	-369M	-429M	-619M	-772M	-770M	-805M	-781M	-856M	-1.01B
Interest Income	328M	385M	343M	274M	59M	36M	157M	365M	415M	-1.01B
Interest Expense	693M	754M	772M	893M	831M	806M	962M	1.15B	1.27B	0
Other Income/Expense	-840M	-276M	-230M	-755M	315M	680M	-1.84B	-1.06B	-285M	-5.71B
Pretax Income+	4.66B	6.52B	8.7B	7.17B	5.86B	13.88B	16.44B	1.89B	19.94B	21.07B
Pretax Margin %	11.7%	16.25%	20.57%	18.33%	14.12%	28.5%	27.74%	3.14%	31.07%	32.41%
Income Tax+	718M	4.1B	2.51B	1.56B	1.34B	1.52B	1.92B	1.51B	2.8B	2.8B
Effective Tax Rate %	84.14%	36.71%	71.49%	137.26%	120.54%	94.02%	88.29%	19.32%	85.86%	86.65%
Net Income+	3.92B	2.39B	6.22B	9.84B	7.07B	13.05B	14.52B	365M	17.12B	18.25B
Net Margin %	9.85%	5.97%	14.71%	25.16%	17.02%	26.79%	24.49%	0.61%	26.68%	28.08%
Net Income Growth %	-11.75%	-38.93%	159.82%	58.25%	-28.2%	84.65%	11.27%	-97.49%	4589.59%	6.64%
Net Income (Continuing)	3.94B	2.42B	6.19B	5.61B	4.52B	12.36B	14.53B	377M	17.13B	18.26B
Discontinued Operations	0	0	0	4.15B	2.55B	704M	0	0	0	0
Minority Interest	220M	233M	181M	94M	87M	73M	67M	54M	59M	0
EPS (Diluted)+	2.04	0.93	2.32	3.82	2.78	5.14	5.71	0.14	6.74	7.28
EPS Growth %	30.77%	-54.41%	149.46%	64.66%	-27.23%	84.89%	11.09%	-97.55%	4714.29%	8.01%
EPS (Basic)	2.07	0.95	2.40	3.84	2.79	5.16	5.73	0.14	6.76	7.28
Diluted Shares Outstanding	2.79B	2.75B	2.68B	2.58B	2.54B	2.54B	2.54B	2.55B	2.54B	2.51B
Basic Shares Outstanding	2.75B	2.7B	2.59B	2.56B	2.53B	2.53B	2.53B	2.61B	2.53B	2.51B
Dividend Payout Ratio	130.71%	215.83%	83.15%	57.86%	87.94%	50.66%	48.3%	2039.73%	45.8%	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	30.61B	24.77B	25.88B	27.48B	27.76B	30.27B	35.72B	32.17B	38.78B	0
Cash & Short-Term Investments	14.34B	8.5B	8.86B	10.45B	8.05B	8.1B	13.19B	7.09B	13.69B	18.21B
Cash Only	6.51B	6.09B	7.96B	9.68B	8.05B	8.1B	12.69B	6.84B	13.24B	0
Short-Term Investments	7.83B	2.41B	899M	774M	0	0	498M	252M	447M	0
Accounts Receivable	7.02B	6.87B	7.07B	6.78B	6.8B	9.23B	9.45B	10.35B	10.28B	0
Days Sales Outstanding	64.35	62.53	61.02	63.24	59.81	69.17	58.18	62.84	58.46	-
Inventory	4.87B	5.1B	5.44B	5.98B	5.55B	5.95B	5.91B	6.36B	6.11B	0
Days Inventory Outstanding	126.59	144.06	146.98	181.59	148.86	159.46	123.92	143.91	146.76	-
Other Current Assets	4.39B	4.3B	4.5B	4.28B	7.36B	6.99B	7.17B	8.37B	8.71B	-18.21B
Total Non-Current Assets+	64.76B	63.11B	56.76B	56.91B	63.82B	75.43B	73.44B	74.51B	78.32B	0
Property, Plant & Equipment	12.03B	12.44B	13.29B	15.05B	17B	19.28B	21.42B	23.05B	23.78B	0
Fixed Asset Turnover	3.31x	3.23x	3.18x	2.60x	2.44x	2.53x	2.77x	2.61x	2.70x	-
Goodwill	18.16B	18.28B	18.25B	19.43B	18.88B	21.26B	21.2B	21.2B	21.67B	0
Intangible Assets	17.3B	14.18B	13.1B	14.2B	14.1B	22.93B	20.27B	18.01B	16.37B	0
Long-Term Investments	11.42B	12.13B	6.23B	1.47B	785M	370M	1.01B	252M	463M	0
Other Non-Current Assets	5.85B	6.08B	5.88B	6.77B	13.06B	11.58B	9.53B	12B	16.04B	0
Total Assets+	95.38B	87.87B	82.64B	84.4B	91.59B	105.69B	109.16B	106.67B	117.11B	0
Asset Turnover	0.42x	0.46x	0.51x	0.46x	0.45x	0.46x	0.54x	0.56x	0.55x	-
Asset Growth %	-6.2%	-7.87%	-5.96%	2.13%	8.52%	15.4%	3.28%	-2.28%	9.78%	-100%
Total Current Liabilities+	17.2B	18.61B	22.21B	22.22B	27.33B	23.87B	24.24B	25.69B	28.42B	0
Accounts Payable	2.81B	3.1B	3.32B	3.74B	4.33B	4.61B	4.26B	3.92B	4.08B	0
Days Payables Outstanding	73.03	87.69	89.65	113.55	115.98	123.46	89.39	88.77	97.99	-
Short-Term Debt	568M	3.06B	5.31B	3.61B	6.43B	2.41B	1.95B	1.37B	2.65B	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	795M	-304M	-281M	-285M	-282M	0
Current Ratio	1.78x	1.33x	1.17x	1.24x	1.02x	1.27x	1.47x	1.25x	1.36x	-
Quick Ratio	1.50x	1.06x	0.92x	0.97x	0.81x	1.02x	1.23x	1.00x	1.15x	-
Cash Conversion Cycle	117.92	118.89	118.36	131.28	92.69	105.17	92.71	117.97	107.23	-
Total Non-Current Liabilities+	37.87B	34.69B	33.55B	36.18B	38.86B	43.56B	38.86B	43.35B	42.31B	-51.91B
Long-Term Debt	24.27B	21.35B	19.81B	22.74B	25.36B	30.69B	28.75B	33.68B	34.46B	0
Capital Lease Obligations	0	0	0	768M	1.33B	1.23B	1.01B	928M	877M	0
Deferred Tax Liabilities	5.08B	2.22B	1.7B	1.47B	1B	3.44B	1.79B	871M	1.39B	0
Other Non-Current Liabilities	8.51B	11.12B	12.04B	11.2B	11.16B	8.21B	7.31B	7.86B	5.59B	-51.91B
Total Liabilities	55.07B	53.3B	55.76B	58.4B	66.18B	67.44B	63.1B	69.04B	70.73B	-51.91B
Total Debt+	24.84B	24.41B	25.11B	27.35B	33.42B	34.63B	31.98B	36.27B	38.27B	0
Net Debt	18.33B	18.32B	17.15B	17.68B	25.37B	26.54B	19.29B	29.43B	25.03B	0
Debt / Equity	0.62x	0.71x	0.93x	1.05x	1.32x	0.91x	0.69x	0.96x	0.83x	-
Debt / EBITDA	2.26x	2.13x	1.87x	2.43x	3.70x	2.11x	1.44x	5.31x	1.55x	-
Net Debt / EBITDA	1.67x	1.60x	1.28x	1.57x	2.81x	1.62x	0.87x	4.31x	1.01x	-
Interest Coverage	7.94x	9.01x	11.57x	8.88x	6.68x	16.38x	19.00x	2.58x	15.91x	-
Total Equity+	40.31B	34.57B	26.88B	26B	25.4B	38.26B	46.06B	37.63B	46.37B	51.91B
Equity Growth %	-9.96%	-14.24%	-22.24%	-3.28%	-2.3%	50.59%	20.39%	-18.29%	23.22%	11.94%
Book Value per Share	14.46	12.58	10.03	10.08	10.00	15.07	18.12	14.78	18.25	20.70
Total Shareholders' Equity	40.09B	34.34B	26.7B	25.91B	25.32B	38.18B	45.99B	37.58B	46.31B	51.91B
Common Stock	1.79B	1.79B	1.79B	1.79B	1.79B	1.79B	1.79B	1.79B	1.79B	0
Retained Earnings	44.13B	41.35B	42.58B	46.6B	47.36B	53.7B	61.08B	53.9B	63.07B	0
Treasury Stock	-40.55B	-43.79B	-50.93B	-55.95B	-56.79B	-57.11B	-56.49B	-57.45B	-58.3B	0
Accumulated OCI	-5.23B	-4.91B	-5.54B	-6.19B	-6.63B	-4.43B	-4.77B	-5.16B	-4.95B	51.85B
Minority Interest	220M	233M	181M	94M	87M	73M	67M	54M	59M	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	10.38B	6.45B	10.92B	13.44B	10.25B	14.11B	19.09B	13.01B	21.47B	0
Operating CF Margin %	26.07%	16.07%	25.82%	34.36%	24.7%	28.97%	32.21%	21.64%	33.46%	-
Operating CF Growth %	-16.46%	-37.87%	69.41%	23.05%	-23.71%	37.61%	35.34%	-31.89%	65.06%	-100%
Net Income	3.94B	2.42B	6.19B	9.78B	7.08B	12.36B	14.53B	365M	17.13B	18.25B
Depreciation & Amortization	5.44B	4.64B	4.52B	3.65B	3.63B	3.21B	3.91B	3.87B	4.5B	0
Stock-Based Compensation	300M	312M	348M	417M	441M	479M	541M	645M	761M	0
Deferred Taxes	-1.52B	-2.62B	-509M	-556M	-668M	187M	-1.57B	-1.9B	-1.25B	0
Other Non-Cash Items	4.82B	6.72B	1.92B	2.22B	4.36B	1.71B	4.47B	12.23B	3.99B	-18.25B
Working Capital Changes	-2.6B	-5.02B	-1.55B	-2.07B	-4.59B	-3.84B	-2.78B	-2.21B	-3.67B	0
Change in Receivables	-619M	297M	-418M	294M	-1B	-2.03B	-644M	-1.15B	-244M	0
Change in Inventory	206M	-145M	-911M	-508M	-855M	-674M	-161M	-816M	-835M	0
Change in Payables	278M	254M	230M	399M	724M	405M	-289M	-380M	182M	0
Cash from Investing+	-3.21B	2.68B	4.31B	-2.63B	-9.44B	-16.55B	-4.96B	-14.08B	-7.73B	0
Capital Expenditures	-1.61B	-1.89B	-2.62B	-3.47B	-4.68B	-4.45B	-4.39B	-3.86B	-3.37B	0
CapEx % of Revenue	4.05%	4.71%	6.18%	8.88%	11.28%	9.13%	7.4%	6.43%	5.25%	-
Acquisitions	-780M	-396M	-431M	-4.95B	-6.61B	-12.91B	-121M	-12.03B	-4.09B	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	482M	38M	102M	378M	130M	-225M	32M	1.11B	-127M	0
Cash from Financing+	-9.04B	-10.01B	-13.16B	-8.86B	-2.83B	2.59B	-9.12B	-4.81B	-7.03B	0
Debt Issued (Net)	-1.31B	-1.13B	837M	1.25B	5.01B	1.63B	-2.25B	4.18B	2.31B	0
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	0
Dividends Paid	-5.12B	-5.17B	-5.17B	-5.7B	-6.21B	-6.61B	-7.01B	-7.45B	-7.84B	0
Share Repurchases	-3.43B	-4.01B	-9.09B	-4.78B	-1.28B	-840M	0	-1.35B	-1.31B	0
Other Financing	821M	304M	266M	366M	-347M	8.41B	-240M	-203M	-195M	0
Net Change in Cash	-2.01B	-423M	1.87B	1.97B	-1.77B	14M	4.61B	-5.86B	6.41B	-13.32B
Free Cash Flow+	8.76B	4.56B	8.31B	9.97B	5.57B	9.66B	14.71B	9.14B	18.1B	0
FCF Margin %	22.01%	11.36%	19.64%	25.48%	13.41%	19.84%	24.81%	15.21%	28.2%	-
FCF Growth %	-21.33%	-47.97%	82.21%	19.98%	-44.13%	73.48%	52.23%	-37.83%	97.92%	-100%
FCF per Share	3.14	1.66	3.10	3.86	2.19	3.81	5.79	3.59	7.12	-
FCF Conversion (FCF/Net Income)	2.65x	2.69x	1.76x	1.37x	1.45x	1.08x	1.32x	35.63x	1.25x	-
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	9.22%	6.39%	20.24%	37.23%	27.5%	41%	34.44%	0.87%	40.75%	37.15%
Return on Invested Capital (ROIC)	6.8%	9.14%	13.82%	13.56%	8.81%	17.13%	21.07%	3.35%	21.91%	32.58%
Gross Margin	64.75%	67.82%	68.06%	69.28%	67.2%	72.02%	70.63%	73.17%	76.32%	81.5%
Net Margin	9.85%	5.97%	14.71%	25.16%	17.02%	26.79%	24.49%	0.61%	26.68%	28.08%
Debt / Equity	0.62x	0.71x	0.93x	1.05x	1.32x	0.91x	0.69x	0.96x	0.83x	-
Interest Coverage	7.94x	9.01x	11.57x	8.88x	6.68x	16.38x	19.00x	2.58x	15.91x	-
FCF Conversion	2.65x	2.69x	1.76x	1.37x	1.45x	1.08x	1.32x	35.63x	1.25x	-
Revenue Growth	0.78%	0.79%	5.41%	-7.5%	6.13%	17.31%	21.72%	1.4%	6.74%	1.31%

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Merck & Co., Inc. (MRK) 10-Year Financial Performance & Capital Metrics

MRK •

HealthcareLarge PharmaVaccines and plasma-derived therapies

Revenue $65.01B +1.3%
EBITDA $31.07B +25.7%
Net Income $18.25B +6.6%
EPS (Diluted) 7.28 +8.0%
Gross Margin 81.5% +6.8%
EBITDA Margin 47.8% +24.1%
Operating Margin 41.19% +30.7%
Net Margin 28.08% +5.3%
ROE 37.15% -8.8%
ROIC 32.58% +48.7%
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 26.3%
✓Strong 5Y profit CAGR of 20.9%
✓13 consecutive years of dividend growth
✓Momentum leader: RS Rating 84 (top 16%)
✓Healthy 5Y average net margin of 21.3%
✓Trading near 52-week high

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.11%

5Y9.38%

3Y3.12%

TTM1.31%

Profit (Net Income) CAGR

10Y15.18%

5Y20.9%

3Y7.93%

TTM6.64%

EPS CAGR

10Y16.65%

5Y21.23%

3Y8.43%

TTM8.17%

ROCE

10Y Avg15.15%

5Y Avg19.99%

3Y Avg19.99%

Latest32.58%

Peer Comparison

Vaccines and plasma-derived therapies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GRFSGrifols, S.A.	2.35B	9.10	33.54	9.41%	4.96%	4.92%	26.64%	1.17
PFEPfizer Inc.	157.21B	27.65	20.33	-1.65%	12.42%	8.35%
SNYSanofi	117.53B	48.66	20.32	5.49%	16.72%	10.9%	8.92%	0.30
MRKMerck & Co., Inc.	307.22B	123.78	17.00	1.31%	28.08%	35.17%
GSKGSK plc	118.65B	59.13	16.16	1.83%	17.86%	35.83%	6.6%	1.11

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	39.81B	40.12B	42.29B	39.12B	41.52B	48.7B	59.28B	60.12B	64.17B	65.01B
Revenue Growth %	0.78%	0.79%	5.41%	-7.5%	6.13%	17.31%	21.72%	1.4%	6.74%	1.31%
Cost of Goods Sold+	14.03B	12.91B	13.51B	12.02B	13.62B	13.63B	17.41B	16.13B	15.19B	12.03B
COGS % of Revenue	35.25%	32.18%	31.94%	30.71%	32.8%	27.98%	29.37%	26.83%	23.68%	18.5%
Gross Profit+	25.78B	27.21B	28.79B	27.11B	27.9B	35.08B	41.87B	43.99B	48.98B	52.98B
Gross Margin %	64.75%	67.82%	68.06%	69.28%	67.2%	72.02%	70.63%	73.17%	76.32%	81.5%
Gross Profit Growth %	4.94%	5.56%	5.79%	-5.84%	2.93%	25.73%	19.37%	5.06%	11.33%	8.19%
Operating Expenses+	20.28B	20.41B	19.85B	19.18B	22.35B	21.88B	23.59B	41.03B	28.75B	26.2B
OpEx % of Revenue	50.94%	50.88%	46.94%	49.02%	53.84%	44.92%	39.79%	68.26%	44.81%	40.31%
Selling, General & Admin	10.02B	10.07B	10.1B	9.46B	8.57B	9.4B	9.67B	9.88B	10.1B	10.61B
SG&A % of Revenue	25.16%	25.11%	23.89%	24.17%	20.64%	19.31%	16.31%	16.44%	15.74%	16.32%
Research & Development	10.26B	10.34B	9.75B	9.72B	13.4B	12.24B	13.55B	30.53B	17.94B	15.6B
R&D % of Revenue	25.78%	25.77%	23.06%	24.86%	32.27%	25.14%	22.85%	50.79%	27.95%	23.99%
Other Operating Expenses	0	0	0	0	386M	231M	373M	620M	716M	0
Operating Income+	5.5B	6.8B	8.93B	7.93B	5.55B	13.2B	18.28B	2.95B	20.22B	26.78B
Operating Margin %	13.81%	16.94%	21.12%	20.26%	13.36%	27.1%	30.84%	4.91%	31.51%	41.19%
Operating Income Growth %	-27.14%	23.6%	31.4%	-11.25%	-30%	137.91%	38.51%	-83.84%	584.53%	32.43%
EBITDA+	10.97B	11.47B	13.45B	11.24B	9.03B	16.41B	22.19B	6.83B	24.72B	31.07B
EBITDA Margin %	27.56%	28.6%	31.8%	28.72%	21.76%	33.7%	37.43%	11.35%	38.52%	47.8%
EBITDA Growth %	-21.2%	4.59%	17.23%	-16.46%	-19.6%	81.68%	35.2%	-69.24%	262.14%	25.7%
D&A (Non-Cash Add-back)	5.47B	4.68B	4.52B	3.31B	3.49B	3.21B	3.91B	3.87B	4.5B	4.29B
EBIT	5.35B	7.28B	9.47B	12.36B	6.69B	14.69B	17.41B	3.04B	21.21B	21.07B
Net Interest Income+	-365M	-369M	-429M	-619M	-772M	-770M	-805M	-781M	-856M	-1.01B
Interest Income	328M	385M	343M	274M	59M	36M	157M	365M	415M	-1.01B
Interest Expense	693M	754M	772M	893M	831M	806M	962M	1.15B	1.27B	0
Other Income/Expense	-840M	-276M	-230M	-755M	315M	680M	-1.84B	-1.06B	-285M	-5.71B
Pretax Income+	4.66B	6.52B	8.7B	7.17B	5.86B	13.88B	16.44B	1.89B	19.94B	21.07B
Pretax Margin %	11.7%	16.25%	20.57%	18.33%	14.12%	28.5%	27.74%	3.14%	31.07%	32.41%
Income Tax+	718M	4.1B	2.51B	1.56B	1.34B	1.52B	1.92B	1.51B	2.8B	2.8B
Effective Tax Rate %	84.14%	36.71%	71.49%	137.26%	120.54%	94.02%	88.29%	19.32%	85.86%	86.65%
Net Income+	3.92B	2.39B	6.22B	9.84B	7.07B	13.05B	14.52B	365M	17.12B	18.25B
Net Margin %	9.85%	5.97%	14.71%	25.16%	17.02%	26.79%	24.49%	0.61%	26.68%	28.08%
Net Income Growth %	-11.75%	-38.93%	159.82%	58.25%	-28.2%	84.65%	11.27%	-97.49%	4589.59%	6.64%
Net Income (Continuing)	3.94B	2.42B	6.19B	5.61B	4.52B	12.36B	14.53B	377M	17.13B	18.26B
Discontinued Operations	0	0	0	4.15B	2.55B	704M	0	0	0	0
Minority Interest	220M	233M	181M	94M	87M	73M	67M	54M	59M	0
EPS (Diluted)+	2.04	0.93	2.32	3.82	2.78	5.14	5.71	0.14	6.74	7.28
EPS Growth %	30.77%	-54.41%	149.46%	64.66%	-27.23%	84.89%	11.09%	-97.55%	4714.29%	8.01%
EPS (Basic)	2.07	0.95	2.40	3.84	2.79	5.16	5.73	0.14	6.76	7.28
Diluted Shares Outstanding	2.79B	2.75B	2.68B	2.58B	2.54B	2.54B	2.54B	2.55B	2.54B	2.51B
Basic Shares Outstanding	2.75B	2.7B	2.59B	2.56B	2.53B	2.53B	2.53B	2.61B	2.53B	2.51B
Dividend Payout Ratio	130.71%	215.83%	83.15%	57.86%	87.94%	50.66%	48.3%	2039.73%	45.8%	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	30.61B	24.77B	25.88B	27.48B	27.76B	30.27B	35.72B	32.17B	38.78B	0
Cash & Short-Term Investments	14.34B	8.5B	8.86B	10.45B	8.05B	8.1B	13.19B	7.09B	13.69B	18.21B
Cash Only	6.51B	6.09B	7.96B	9.68B	8.05B	8.1B	12.69B	6.84B	13.24B	0
Short-Term Investments	7.83B	2.41B	899M	774M	0	0	498M	252M	447M	0
Accounts Receivable	7.02B	6.87B	7.07B	6.78B	6.8B	9.23B	9.45B	10.35B	10.28B	0
Days Sales Outstanding	64.35	62.53	61.02	63.24	59.81	69.17	58.18	62.84	58.46	-
Inventory	4.87B	5.1B	5.44B	5.98B	5.55B	5.95B	5.91B	6.36B	6.11B	0
Days Inventory Outstanding	126.59	144.06	146.98	181.59	148.86	159.46	123.92	143.91	146.76	-
Other Current Assets	4.39B	4.3B	4.5B	4.28B	7.36B	6.99B	7.17B	8.37B	8.71B	-18.21B
Total Non-Current Assets+	64.76B	63.11B	56.76B	56.91B	63.82B	75.43B	73.44B	74.51B	78.32B	0
Property, Plant & Equipment	12.03B	12.44B	13.29B	15.05B	17B	19.28B	21.42B	23.05B	23.78B	0
Fixed Asset Turnover	3.31x	3.23x	3.18x	2.60x	2.44x	2.53x	2.77x	2.61x	2.70x	-
Goodwill	18.16B	18.28B	18.25B	19.43B	18.88B	21.26B	21.2B	21.2B	21.67B	0
Intangible Assets	17.3B	14.18B	13.1B	14.2B	14.1B	22.93B	20.27B	18.01B	16.37B	0
Long-Term Investments	11.42B	12.13B	6.23B	1.47B	785M	370M	1.01B	252M	463M	0
Other Non-Current Assets	5.85B	6.08B	5.88B	6.77B	13.06B	11.58B	9.53B	12B	16.04B	0
Total Assets+	95.38B	87.87B	82.64B	84.4B	91.59B	105.69B	109.16B	106.67B	117.11B	0
Asset Turnover	0.42x	0.46x	0.51x	0.46x	0.45x	0.46x	0.54x	0.56x	0.55x	-
Asset Growth %	-6.2%	-7.87%	-5.96%	2.13%	8.52%	15.4%	3.28%	-2.28%	9.78%	-100%
Total Current Liabilities+	17.2B	18.61B	22.21B	22.22B	27.33B	23.87B	24.24B	25.69B	28.42B	0
Accounts Payable	2.81B	3.1B	3.32B	3.74B	4.33B	4.61B	4.26B	3.92B	4.08B	0
Days Payables Outstanding	73.03	87.69	89.65	113.55	115.98	123.46	89.39	88.77	97.99	-
Short-Term Debt	568M	3.06B	5.31B	3.61B	6.43B	2.41B	1.95B	1.37B	2.65B	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	795M	-304M	-281M	-285M	-282M	0
Current Ratio	1.78x	1.33x	1.17x	1.24x	1.02x	1.27x	1.47x	1.25x	1.36x	-
Quick Ratio	1.50x	1.06x	0.92x	0.97x	0.81x	1.02x	1.23x	1.00x	1.15x	-
Cash Conversion Cycle	117.92	118.89	118.36	131.28	92.69	105.17	92.71	117.97	107.23	-
Total Non-Current Liabilities+	37.87B	34.69B	33.55B	36.18B	38.86B	43.56B	38.86B	43.35B	42.31B	-51.91B
Long-Term Debt	24.27B	21.35B	19.81B	22.74B	25.36B	30.69B	28.75B	33.68B	34.46B	0
Capital Lease Obligations	0	0	0	768M	1.33B	1.23B	1.01B	928M	877M	0
Deferred Tax Liabilities	5.08B	2.22B	1.7B	1.47B	1B	3.44B	1.79B	871M	1.39B	0
Other Non-Current Liabilities	8.51B	11.12B	12.04B	11.2B	11.16B	8.21B	7.31B	7.86B	5.59B	-51.91B
Total Liabilities	55.07B	53.3B	55.76B	58.4B	66.18B	67.44B	63.1B	69.04B	70.73B	-51.91B
Total Debt+	24.84B	24.41B	25.11B	27.35B	33.42B	34.63B	31.98B	36.27B	38.27B	0
Net Debt	18.33B	18.32B	17.15B	17.68B	25.37B	26.54B	19.29B	29.43B	25.03B	0
Debt / Equity	0.62x	0.71x	0.93x	1.05x	1.32x	0.91x	0.69x	0.96x	0.83x	-
Debt / EBITDA	2.26x	2.13x	1.87x	2.43x	3.70x	2.11x	1.44x	5.31x	1.55x	-
Net Debt / EBITDA	1.67x	1.60x	1.28x	1.57x	2.81x	1.62x	0.87x	4.31x	1.01x	-
Interest Coverage	7.94x	9.01x	11.57x	8.88x	6.68x	16.38x	19.00x	2.58x	15.91x	-
Total Equity+	40.31B	34.57B	26.88B	26B	25.4B	38.26B	46.06B	37.63B	46.37B	51.91B
Equity Growth %	-9.96%	-14.24%	-22.24%	-3.28%	-2.3%	50.59%	20.39%	-18.29%	23.22%	11.94%
Book Value per Share	14.46	12.58	10.03	10.08	10.00	15.07	18.12	14.78	18.25	20.70
Total Shareholders' Equity	40.09B	34.34B	26.7B	25.91B	25.32B	38.18B	45.99B	37.58B	46.31B	51.91B
Common Stock	1.79B	1.79B	1.79B	1.79B	1.79B	1.79B	1.79B	1.79B	1.79B	0
Retained Earnings	44.13B	41.35B	42.58B	46.6B	47.36B	53.7B	61.08B	53.9B	63.07B	0
Treasury Stock	-40.55B	-43.79B	-50.93B	-55.95B	-56.79B	-57.11B	-56.49B	-57.45B	-58.3B	0
Accumulated OCI	-5.23B	-4.91B	-5.54B	-6.19B	-6.63B	-4.43B	-4.77B	-5.16B	-4.95B	51.85B
Minority Interest	220M	233M	181M	94M	87M	73M	67M	54M	59M	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	10.38B	6.45B	10.92B	13.44B	10.25B	14.11B	19.09B	13.01B	21.47B	0
Operating CF Margin %	26.07%	16.07%	25.82%	34.36%	24.7%	28.97%	32.21%	21.64%	33.46%	-
Operating CF Growth %	-16.46%	-37.87%	69.41%	23.05%	-23.71%	37.61%	35.34%	-31.89%	65.06%	-100%
Net Income	3.94B	2.42B	6.19B	9.78B	7.08B	12.36B	14.53B	365M	17.13B	18.25B
Depreciation & Amortization	5.44B	4.64B	4.52B	3.65B	3.63B	3.21B	3.91B	3.87B	4.5B	0
Stock-Based Compensation	300M	312M	348M	417M	441M	479M	541M	645M	761M	0
Deferred Taxes	-1.52B	-2.62B	-509M	-556M	-668M	187M	-1.57B	-1.9B	-1.25B	0
Other Non-Cash Items	4.82B	6.72B	1.92B	2.22B	4.36B	1.71B	4.47B	12.23B	3.99B	-18.25B
Working Capital Changes	-2.6B	-5.02B	-1.55B	-2.07B	-4.59B	-3.84B	-2.78B	-2.21B	-3.67B	0
Change in Receivables	-619M	297M	-418M	294M	-1B	-2.03B	-644M	-1.15B	-244M	0
Change in Inventory	206M	-145M	-911M	-508M	-855M	-674M	-161M	-816M	-835M	0
Change in Payables	278M	254M	230M	399M	724M	405M	-289M	-380M	182M	0
Cash from Investing+	-3.21B	2.68B	4.31B	-2.63B	-9.44B	-16.55B	-4.96B	-14.08B	-7.73B	0
Capital Expenditures	-1.61B	-1.89B	-2.62B	-3.47B	-4.68B	-4.45B	-4.39B	-3.86B	-3.37B	0
CapEx % of Revenue	4.05%	4.71%	6.18%	8.88%	11.28%	9.13%	7.4%	6.43%	5.25%	-
Acquisitions	-780M	-396M	-431M	-4.95B	-6.61B	-12.91B	-121M	-12.03B	-4.09B	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	482M	38M	102M	378M	130M	-225M	32M	1.11B	-127M	0
Cash from Financing+	-9.04B	-10.01B	-13.16B	-8.86B	-2.83B	2.59B	-9.12B	-4.81B	-7.03B	0
Debt Issued (Net)	-1.31B	-1.13B	837M	1.25B	5.01B	1.63B	-2.25B	4.18B	2.31B	0
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	0
Dividends Paid	-5.12B	-5.17B	-5.17B	-5.7B	-6.21B	-6.61B	-7.01B	-7.45B	-7.84B	0
Share Repurchases	-3.43B	-4.01B	-9.09B	-4.78B	-1.28B	-840M	0	-1.35B	-1.31B	0
Other Financing	821M	304M	266M	366M	-347M	8.41B	-240M	-203M	-195M	0
Net Change in Cash	-2.01B	-423M	1.87B	1.97B	-1.77B	14M	4.61B	-5.86B	6.41B	-13.32B
Free Cash Flow+	8.76B	4.56B	8.31B	9.97B	5.57B	9.66B	14.71B	9.14B	18.1B	0
FCF Margin %	22.01%	11.36%	19.64%	25.48%	13.41%	19.84%	24.81%	15.21%	28.2%	-
FCF Growth %	-21.33%	-47.97%	82.21%	19.98%	-44.13%	73.48%	52.23%	-37.83%	97.92%	-100%
FCF per Share	3.14	1.66	3.10	3.86	2.19	3.81	5.79	3.59	7.12	-
FCF Conversion (FCF/Net Income)	2.65x	2.69x	1.76x	1.37x	1.45x	1.08x	1.32x	35.63x	1.25x	-
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	9.22%	6.39%	20.24%	37.23%	27.5%	41%	34.44%	0.87%	40.75%	37.15%
Return on Invested Capital (ROIC)	6.8%	9.14%	13.82%	13.56%	8.81%	17.13%	21.07%	3.35%	21.91%	32.58%
Gross Margin	64.75%	67.82%	68.06%	69.28%	67.2%	72.02%	70.63%	73.17%	76.32%	81.5%
Net Margin	9.85%	5.97%	14.71%	25.16%	17.02%	26.79%	24.49%	0.61%	26.68%	28.08%
Debt / Equity	0.62x	0.71x	0.93x	1.05x	1.32x	0.91x	0.69x	0.96x	0.83x	-
Interest Coverage	7.94x	9.01x	11.57x	8.88x	6.68x	16.38x	19.00x	2.58x	15.91x	-
FCF Conversion	2.65x	2.69x	1.76x	1.37x	1.45x	1.08x	1.32x	35.63x	1.25x	-
Revenue Growth	0.78%	0.79%	5.41%	-7.5%	6.13%	17.31%	21.72%	1.4%	6.74%	1.31%

Merck & Co., Inc. (MRK) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare MRK vs Peers

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Dividend History

Earnings History

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Revenue History

Financial Ratios

Merck & Co., Inc. (MRK) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare MRK vs Peers

vs PFE

vs GSK

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios