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 revenue.

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	22.4%
Short Term Investments	2.1%
Accounts Receivable	18.1%
Inventory	10.2%
Prepaid Expenses	16.2%
Other Current Assets	16.2%
Total Current Assets	66.9%
Property,Plant and Equipment	38.9%
Goodwill	33.2%
Intangible Assets	41.0%
Other Noncurrent Assets	28.9%
Total Assets	210.5%
Liabilities
Accounts Payable	6.8%
Accrued Liabilities	10.6%
Current Portion of Long Term Debt	4.0%
Other Current Liabilities	22.3%
Total Current Liabilities	43.6%
Long Term Debt	71.9%
Deferred Tax Liabilities	2.2%
Other Noncurrent Liabilities	11.8%
Total Liabilities	43.6%
Equity
Preferred Stock	0.0%
Common Stock	2.8%
Additional Paid In Capital	69.3%
Retained Earnings	112.4%
Treasury Stock	7.8%
Accumulated Other Comprehensive Income	-6.6%
Noncontrolling Interest	0.1%
Total Stockholders Equity	80.9%
Total Liabilitiesand Equity	210.5%

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	100.0%
Expenses Cost of Revenue	25.2%
Expenses Research and Development	24.3%
Expenses Selling,General and Administrative	16.5%
Expenses Depreciation and Amortization	4.3%
Expenses Share Based Compensation	1.3%
Expenses Restructuring and Asset Impairment	1.4%
Other Income Expense Operating Income	28.1%
Other Income Expense Interest Income	0.5%
Other Income Expense Interest Expense	2.1%
Other Income Expense Other Income/expense	-0.2%
Other Income Expense Income Before Tax	32.4%
Income Tax Income Tax Expense	4.3%
net Income net Income	28.1%
net Income Comprehensive Income	29.1%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%
Earnings Per Share Weighted Average Shares Basic	3.8%
Earnings Per Share Weighted Average Shares Diluted	3.9%

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	28.1%
Operating Activities Depreciation and Amortization	4.7%
Operating Activities Stock Based Compensation	1.3%
Operating Activities Deferred Income Taxes	-2.6%
Operating Activities Changes In Operating Assets and Liabilities	0.7%
Operating Activities Other Non Cash Items	0.3%
Operating Activities net Cash From Operating Activities	25.3%
Investing Activities Capital Expenditures	6.3%
Investing Activities Business Acquisitions	15.4%
Investing Activities Purchases of Investments	1.9%
Investing Activities Other Investing Activities	0.1%
Investing Activities net Cash From Investing Activities	-21.1%
Financing Activities Repayment of Debt	3.9%
Financing Activities Repurchase of Common Stock	7.8%
Financing Activities Dividends Paid	12.6%
Financing Activities Proceeds From Stock Issuance	0.1%
Financing Activities Other Financing Activities	-0.2%
Financing Activities net Cash From Financing Activities	-3.0%
Cash Reconciliation Effect of Exchange Rate On Cash	0.9%
Cash Reconciliation net Change In Cash	2.1%
Cash Reconciliation Cash At Beginning of Period	22.6%
Cash Reconciliation Cash At End of Period	22.6%

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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