Merck & Co., Inc.
MRK· NYSE· Pharmaceutical Preparations
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 19.0%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +9.4%
We record prices for the companies we cover; MRK is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 2.51B
- Revenue
- $65.0B
- Free cash flow
- $12.4B
- Owner earnings
- $11.5B
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- –
- Net
- 28.1%
- Free cash flow
- 19.0%
- Owner earnings
- 17.8%
- Stock pay
- 1.3%
Returns
- ROIC, FY2025
- –
- ROIC, 5 yr avg
- –
- ROE, FY2025
- 34.7%
- ROE, 5 yr avg
- 27.7%
Growth (CAGR)
- Revenue, 3 yr
- 3.1%
- Revenue, 5 yr
- 9.4%
- Revenue, 9 yr
- 5.6%
- Diluted EPS, 3 yr
- 8.4%
- Diluted EPS, 5 yr
- 21.2%
- Diluted EPS, 9 yr
- 20.0%
- Free cash flow, 3 yr
- -5.6%
- Free cash flow, 5 yr
- 16.2%
- Free cash flow, 9 yr
- 3.9%
Financial health · FY2025
- Cash and investments
- $14.6B
- Total debt
- $49.0B
- Net debt
- $34.5B
- Debt/Equity
- 0.9x
- Debt/FCF
- 4.0x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- 44.8%
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- -0.3%
Financials: ten years from the 10-Ks
Revenue
$65.0B
+5.6% a year over 9 years
FY2016FY2025
Margins
28.1%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$12.4BOwner earnings$11.5B
Free cash flow +3.9% a year
FY2016FY2025
Diluted shares
2.51B
-10.0% over 9 years, net buybacks
FY2016FY2025
Net debt (below zero)
-$34.5B
$34.5B more debt than cash
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $39.8B | $40.1B | $42.3B | $39.1B | $41.5B | $48.7B | $59.3B | $60.1B | $64.2B | $65.0B |
| Revenue growth | – | 0.8% | 5.4% | -7.5% | 6.1% | 17.3% | 21.7% | 1.4% | 6.7% | 1.3% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | – | – | – | – | – | – | – | – | – | – |
| Net income | $3.9B | $2.4B | $6.2B | $9.8B | $7.1B | $13.0B | $14.5B | $365.0M | $17.1B | $18.3B |
| Net margin | 9.8% | 6.0% | 14.7% | 25.2% | 17.0% | 26.8% | 24.5% | 0.6% | 26.7% | 28.1% |
| Diluted EPS | $1.41 | $0.87 | $2.32 | $3.81 | $2.78 | $5.14 | $5.71 | $0.14 | $6.74 | $7.28 |
| Return on invested capital? | – | – | – | – | – | – | – | – | – | – |
| Cash | ||||||||||
| Operating cash flow | $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 |
| Stock-based compensation | $300.0M | $312.0M | $348.0M | $388.0M | $441.0M | $479.0M | $541.0M | $645.0M | $761.0M | $820.0M |
| Owner earnings? | $8.5B | $4.3B | $8.0B | $9.7B | $5.4B | $8.2B | $14.2B | $8.5B | $17.3B | $11.5B |
| Free cash flow per share | $3.14 | $1.66 | $3.10 | $3.90 | $2.29 | $3.42 | $5.79 | $3.59 | $7.12 | $4.93 |
| Capital allocation | ||||||||||
| Dividends paid | $5.1B | $5.2B | $5.2B | $5.7B | $6.2B | $6.6B | $7.0B | $7.4B | $7.8B | $8.2B |
| Share repurchases | $3.4B | $4.0B | $9.1B | $4.8B | $1.3B | $840.0M | $0 | $1.3B | $1.3B | $5.1B |
| Diluted shares | 2.79B | 2.75B | 2.68B | 2.58B | 2.54B | 2.54B | 2.54B | 2.55B | 2.54B | 2.51B |
| Share count change? | -1.9% | -1.4% | -2.5% | -3.7% | -1.5% | -0.1% | 0.2% | 0.2% | -0.2% | -1.3% |
| Balance sheet | ||||||||||
| Cash and equivalents | $6.5B | $6.1B | $8.0B | $9.7B | $8.1B | $8.1B | $12.7B | $6.8B | $13.2B | $14.6B |
| Short-term investments | $7.8B | $2.4B | $899.0M | $774.0M | $0 | $0 | $498.0M | $252.0M | $447.0M | $0 |
| Total debt | $24.6B | $24.4B | $19.8B | $24.6B | $27.7B | $33.0B | $30.4B | $35.0B | $37.0B | $49.0B |
| Net debt | $10.2B | $15.9B | $10.9B | $14.2B | $19.6B | $24.9B | $17.3B | $27.9B | $23.3B | $34.5B |
| Shareholders' equity | $40.1B | $34.3B | $26.7B | $25.9B | $25.3B | $38.2B | $46.0B | $37.6B | $46.3B | $52.6B |
Latest filings
| 2026-10-29 | 8-K | Earnings release |
| 2026-08-07 | 10-Q | Quarterly report |
| 2026-08-04 | 8-K | Earnings release |
| 2026-05-04 | 10-Q | Quarterly report |
| 2026-04-30 | 8-K | Earnings release |
| 2026-04-08 | DEF 14A | Proxy statement |
| 2026-02-24 | 10-K | Annual report |
| 2026-02-03 | 8-K | Earnings release |
| 2025-11-05 | 10-Q | Quarterly report |
| 2025-10-30 | 8-K | Earnings release |
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