Merck & Co., Inc.

MRKNYSE

$144.62

Last price · USD

Market cap: $362.6B
P/E: 19.9x
EV / EBITDA: 14.1x
P/S: 5.6x
FCF yield: 3.4%
Div. yield: 2.26%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Merck & Co., Inc. key metrics & ratios

Annual · USD millions except per-share data · 36 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Growth (year over year)
Revenue growth	1.2%	6.7%	1.4%	21.7%	—	—
Operating income growth	16.1%	584.5%	-83.8%	38.5%	—	—
Net income growth	6.6%	4589.6%	-97.5%	11.3%	—	—
EPS (diluted) growth	8.0%	4714.3%	-97.5%	11.1%	—	—
Free cash flow growth	-31.7%	97.9%	-37.8%	52.2%	—	—
Margins
Gross margin	72.0%	76.3%	73.2%	70.6%	72.0%	—
Operating margin	36.2%	31.5%	4.9%	30.8%	27.1%	—
EBITDA margin	43.5%	40.1%	11.5%	36.0%	36.8%	—
Net margin	28.1%	26.7%	0.6%	24.5%	26.8%	—
FCF margin	19.0%	28.2%	15.2%	24.8%	19.8%	—
Returns on capital
Return on equity	34.7%	37.0%	1.0%	31.6%	34.2%	—
Return on assets	13.3%	14.6%	0.3%	13.3%	12.3%	—
Return on invested capital	23.0%	24.4%	2.2%	24.7%	18.2%	—
Leverage & liquidity
Debt / equity	0.96x	0.83x	0.97x	0.70x	0.91x	—
Net debt / EBITDA	1.27x	0.97x	4.26x	0.91x	1.48x	—
Current ratio	1.54x	1.36x	1.25x	1.47x	1.27x	—
Interest coverage	17.31x	15.91x	2.58x	19.00x	16.38x	—
Profitability & operating
EBIT	22,424	21,207	3,035	17,406	14,685	+11.2%
EBITDA	28,262	25,706	6,907	21,315	17,899	+12.1%
Operating income	23,486	20,221	2,954	18,282	13,199	+15.5%
Income before tax	21,067	19,936	1,889	16,444	13,879	+11.0%
Net income	18,254	17,117	365	14,519	13,049	+8.8%
Earnings per share
EPS (basic)	$7.30	$6.76	$0.14	$5.73	$5.16	+9.1%
EPS (diluted)	$7.28	$6.74	$0.14	$5.71	$5.14	+9.1%
Share count (millions)
Weighted avg shares outstanding	2,502	2,532	2,547	2,532	2,530	-0.3%
Weighted avg shares outstanding (diluted)	2,507	2,541	2,547	2,542	2,538	-0.3%
Balance sheet highlights
Net debt	35,969	25,028	29,427	19,291	26,535	+7.9%
Total debt	50,534	38,270	36,268	31,985	34,631	+9.9%
Total investments	2,239	910	504	1,513	370	+56.8%
Total stockholders' equity	52,606	46,313	37,581	45,991	38,184	+8.3%
Total assets	136,866	117,106	106,675	109,160	105,694	+6.7%
Cash flow highlights
Free cash flow	12,360	18,096	9,143	14,707	9,661	+6.4%
Operating cash flow	16,472	21,468	13,006	19,095	14,109	+3.9%
Capital expenditure	(4,112)	(3,372)	(3,863)	(4,388)	(4,448)	—
Net cash from operating activities	16,472	21,468	13,006	19,095	14,109	+3.9%
Additional fields
Accrued Expenses	85	15,694	15,766	14,159	13,859	-72.0%

Merck & Co., Inc.

MRKNYSE

$144.62

Last price · USD

Market cap: $362.6B
P/E: 19.9x
EV / EBITDA: 14.1x
P/S: 5.6x
FCF yield: 3.4%
Div. yield: 2.26%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Merck & Co., Inc. key metrics & ratios

Annual · USD millions except per-share data · 36 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Growth (year over year)
Revenue growth	1.2%	6.7%	1.4%	21.7%	—	—
Operating income growth	16.1%	584.5%	-83.8%	38.5%	—	—
Net income growth	6.6%	4589.6%	-97.5%	11.3%	—	—
EPS (diluted) growth	8.0%	4714.3%	-97.5%	11.1%	—	—
Free cash flow growth	-31.7%	97.9%	-37.8%	52.2%	—	—
Margins
Gross margin	72.0%	76.3%	73.2%	70.6%	72.0%	—
Operating margin	36.2%	31.5%	4.9%	30.8%	27.1%	—
EBITDA margin	43.5%	40.1%	11.5%	36.0%	36.8%	—
Net margin	28.1%	26.7%	0.6%	24.5%	26.8%	—
FCF margin	19.0%	28.2%	15.2%	24.8%	19.8%	—
Returns on capital
Return on equity	34.7%	37.0%	1.0%	31.6%	34.2%	—
Return on assets	13.3%	14.6%	0.3%	13.3%	12.3%	—
Return on invested capital	23.0%	24.4%	2.2%	24.7%	18.2%	—
Leverage & liquidity
Debt / equity	0.96x	0.83x	0.97x	0.70x	0.91x	—
Net debt / EBITDA	1.27x	0.97x	4.26x	0.91x	1.48x	—
Current ratio	1.54x	1.36x	1.25x	1.47x	1.27x	—
Interest coverage	17.31x	15.91x	2.58x	19.00x	16.38x	—
Profitability & operating
EBIT	22,424	21,207	3,035	17,406	14,685	+11.2%
EBITDA	28,262	25,706	6,907	21,315	17,899	+12.1%
Operating income	23,486	20,221	2,954	18,282	13,199	+15.5%
Income before tax	21,067	19,936	1,889	16,444	13,879	+11.0%
Net income	18,254	17,117	365	14,519	13,049	+8.8%
Earnings per share
EPS (basic)	$7.30	$6.76	$0.14	$5.73	$5.16	+9.1%
EPS (diluted)	$7.28	$6.74	$0.14	$5.71	$5.14	+9.1%
Share count (millions)
Weighted avg shares outstanding	2,502	2,532	2,547	2,532	2,530	-0.3%
Weighted avg shares outstanding (diluted)	2,507	2,541	2,547	2,542	2,538	-0.3%
Balance sheet highlights
Net debt	35,969	25,028	29,427	19,291	26,535	+7.9%
Total debt	50,534	38,270	36,268	31,985	34,631	+9.9%
Total investments	2,239	910	504	1,513	370	+56.8%
Total stockholders' equity	52,606	46,313	37,581	45,991	38,184	+8.3%
Total assets	136,866	117,106	106,675	109,160	105,694	+6.7%
Cash flow highlights
Free cash flow	12,360	18,096	9,143	14,707	9,661	+6.4%
Operating cash flow	16,472	21,468	13,006	19,095	14,109	+3.9%
Capital expenditure	(4,112)	(3,372)	(3,863)	(4,388)	(4,448)	—
Net cash from operating activities	16,472	21,468	13,006	19,095	14,109	+3.9%
Additional fields
Accrued Expenses	85	15,694	15,766	14,159	13,859	-72.0%