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

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	$14.6B
Short Term Investments	$1.4B
Accounts Receivable	$11.8B
Inventory	$6.7B
Prepaid Expenses	$10.5B
Other Current Assets	$10.5B
Total Current Assets	$43.5B
Property,Plant and Equipment	$25.3B
Goodwill	$21.6B
Intangible Assets	$26.7B
Other Noncurrent Assets	$18.8B
Total Assets	$136.9B
Liabilities
Accounts Payable	$4.4B
Accrued Liabilities	$6.9B
Current Portion of Long Term Debt	$2.6B
Other Current Liabilities	$14.5B
Total Current Liabilities	$28.3B
Long Term Debt	$46.8B
Deferred Tax Liabilities	$1.4B
Other Noncurrent Liabilities	$7.7B
Total Liabilities	$28.3B
Equity
Preferred Stock	$0
Common Stock	$1.8B
Additional Paid In Capital	$45.0B
Retained Earnings	$73.1B
Treasury Stock	$5.1B
Accumulated Other Comprehensive Income	$-4.3B
Noncontrolling Interest	$56.0M
Total Stockholders Equity	$52.6B
Total Liabilitiesand Equity	$136.9B

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	$65.0B
Expenses Cost of Revenue	$16.4B
Expenses Research and Development	$15.8B
Expenses Selling,General and Administrative	$10.7B
Expenses Depreciation and Amortization	$2.8B
Expenses Share Based Compensation	$820.0M
Expenses Restructuring and Asset Impairment	$889.0M
Other Income Expense Operating Income	$18.3B
Other Income Expense Interest Income	$343.0M
Other Income Expense Interest Expense	$1.4B
Other Income Expense Other Income/expense	$-151.0M
Other Income Expense Income Before Tax	$21.1B
Income Tax Income Tax Expense	$2.8B
net Income net Income	$18.3B
net Income Comprehensive Income	$18.9B
Earnings Per Share Basic Eps	$7
Earnings Per Share Diluted Eps	$7
Earnings Per Share Weighted Average Shares Basic	$2.5B
Earnings Per Share Weighted Average Shares Diluted	$2.5B

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	$18.3B
Operating Activities Depreciation and Amortization	$3.0B
Operating Activities Stock Based Compensation	$820.0M
Operating Activities Deferred Income Taxes	$-1.7B
Operating Activities Changes In Operating Assets and Liabilities	$429.0M
Operating Activities Other Non Cash Items	$195.0M
Operating Activities net Cash From Operating Activities	$16.5B
Investing Activities Capital Expenditures	$4.1B
Investing Activities Business Acquisitions	$10.0B
Investing Activities Purchases of Investments	$1.2B
Investing Activities Other Investing Activities	$58.0M
Investing Activities net Cash From Investing Activities	$-13.7B
Financing Activities Repayment of Debt	$2.5B
Financing Activities Repurchase of Common Stock	$5.1B
Financing Activities Dividends Paid	$8.2B
Financing Activities Proceeds From Stock Issuance	$92.0M
Financing Activities Other Financing Activities	$-131.0M
Financing Activities net Cash From Financing Activities	$-1.9B
Cash Reconciliation Effect of Exchange Rate On Cash	$563.0M
Cash Reconciliation net Change In Cash	$1.4B
Cash Reconciliation Cash At Beginning of Period	$14.7B
Cash Reconciliation Cash At End of Period	$14.7B

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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