Merck & Co.

Health Care Pharmaceuticals Kenilworth, New Jersey Last filing Feb 24, 2026 · FY2025

                    Revenue
                    FY2025
                
$65.0B
                    3y CAGR +3.1%
                    
                    P37
                    
                    n/a
                    
                    Net income
                    FY2025
                
$18.3B
                    Net margin +28.1%
                    
                    P88
                    
                    n/a
                    
                    Total assets
                    FY2025
                
$136.9B
                    ROA +13.3%
                    
                    P83
                    
                    n/a
                    
                    Operating cash flow
                    FY2025
                
$16.5B
                    FCF margin +19.0%
                    
                    P67
                    
                    n/a

19 yrs · FY2007–FY2025 1 quarantined 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 1 year

Total assets $136.9B

Total liabilities $28.3B

Shareholders equity $52.6B

Account	2025	Trend
Assets
Cash and Cash Equivalents	10.6%
Short Term Investments	1.0%
Accounts Receivable	8.6%
Inventory	4.9%
Prepaid Expenses	7.7%
Other Current Assets	7.7%
Total Current Assets	31.8%
Property,Plant and Equipment	18.5%
Goodwill	15.8%
Intangible Assets	19.5%
Other Noncurrent Assets	13.7%
Total Assets	100.0%
Liabilities
Accounts Payable	3.2%
Accrued Liabilities	5.0%
Current Portion of Long Term Debt	1.9%
Other Current Liabilities	10.6%
Total Current Liabilities	20.7%
Long Term Debt	34.2%
Deferred Tax Liabilities	1.1%
Other Noncurrent Liabilities	5.6%
Total Liabilities	20.7%
Equity
Preferred Stock	0.0%
Common Stock	1.3%
Additional Paid In Capital	32.9%
Retained Earnings	53.4%
Treasury Stock	3.7%
Accumulated Other Comprehensive Income	-3.1%
Noncontrolling Interest	0.0%
Total Stockholders Equity	38.4%
Total Liabilitiesand Equity	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 1 year

Revenue $65.0B

Operating income $18.3B

Net income $18.3B

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	47.5%
Expenses Cost of Revenue	12.0%
Expenses Research and Development	11.5%
Expenses Selling,General and Administrative	7.8%
Expenses Depreciation and Amortization	2.0%
Expenses Share Based Compensation	0.6%
Expenses Restructuring and Asset Impairment	0.6%
Other Income Expense Operating Income	13.3%
Other Income Expense Interest Income	0.3%
Other Income Expense Interest Expense	1.0%
Other Income Expense Other Income/expense	-0.1%
Other Income Expense Income Before Tax	15.4%
Income Tax Income Tax Expense	2.0%
net Income net Income	13.3%
net Income Comprehensive Income	13.8%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%
Earnings Per Share Weighted Average Shares Basic	1.8%
Earnings Per Share Weighted Average Shares Diluted	1.8%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 1 year

Operating cash flow $16.5B

Investing cash flow $-13.7B

Financing cash flow $-1.9B

Account	2025	Trend
CashFlow
Operating Activities net Income	13.3%
Operating Activities Depreciation and Amortization	2.2%
Operating Activities Stock Based Compensation	0.6%
Operating Activities Deferred Income Taxes	-1.2%
Operating Activities Changes In Operating Assets and Liabilities	0.3%
Operating Activities Other Non Cash Items	0.1%
Operating Activities net Cash From Operating Activities	12.0%
Investing Activities Capital Expenditures	3.0%
Investing Activities Business Acquisitions	7.3%
Investing Activities Purchases of Investments	0.9%
Investing Activities Other Investing Activities	0.0%
Investing Activities net Cash From Investing Activities	-10.0%
Financing Activities Repayment of Debt	1.8%
Financing Activities Repurchase of Common Stock	3.7%
Financing Activities Dividends Paid	6.0%
Financing Activities Proceeds From Stock Issuance	0.1%
Financing Activities Other Financing Activities	-0.1%
Financing Activities net Cash From Financing Activities	-1.4%
Cash Reconciliation Effect of Exchange Rate On Cash	0.4%
Cash Reconciliation net Change In Cash	1.0%
Cash Reconciliation Cash At Beginning of Period	10.7%
Cash Reconciliation Cash At End of Period	10.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	+74.8%
Operating margin	+28.1%
Net margin	+28.1%
FCF margin	+19.0%
Growth
Revenue CAGR (3y)	+3.1%
Returns
ROE	+34.7%
ROA	+13.3%
ROIC	+18.1%
Liquidity
Current ratio	1.54x
Quick ratio	0.93x
Leverage
D/E	0.54x
Interest coverage	13.45x
Efficiency
Asset turnover	0.47x
Cash conversion cycle	+116d

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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Merck & Co.

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