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. balance sheet

Annual · USD millions except per-share data · 45 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	14,565	13,242	6,841	12,694	8,096	+15.8%
Short-term investments	0	447	252	498	0	—
Cash & short-term investments	14,565	13,689	7,093	13,192	8,096	+15.8%
Net receivables	12,679	10,278	10,349	9,450	9,230	+8.3%
Accounts receivable	11,775	10,278	10,349	9,450	9,230	+6.3%
Other receivables	904	0	0	0	0	—
Inventory	6,658	6,109	6,358	5,911	5,953	+2.8%
Other current assets	9,489	8,706	8,368	7,169	6,987	+8.0%
Total current assets	43,516	38,782	32,168	35,722	30,266	+9.5%
Non-current assets
Property, plant & equipment (net)	26,823	23,779	23,051	21,422	19,279	+8.6%
Goodwill	21,579	21,668	21,197	21,204	21,264	+0.4%
Intangible assets	26,681	16,370	18,011	20,269	22,933	+3.9%
Goodwill & intangible assets	48,260	38,038	39,208	41,473	44,197	+2.2%
Long-term investments	2,239	463	252	1,015	370	+56.8%
Other non-current assets	16,028	16,044	11,996	9,528	11,582	+8.5%
Total non-current assets	93,350	78,324	74,507	73,438	75,428	+5.5%
Total assets	136,866	117,106	106,675	109,160	105,694	+6.7%
Current liabilities
Accounts payable	4,404	4,079	3,922	4,264	4,609	-1.1%
Other payables	6,866	5,998	4,634	3,870	2,992	+23.1%
Total payables	11,270	10,077	8,556	8,134	7,601	+10.3%
Short-term debt	2,883	2,649	1,372	1,946	2,412	+4.6%
Capital lease obligations (current)	0	282	285	281	304	—
Tax payables	0	3,914	2,649	1,986	1,224	—
Other current liabilities	14,089	(282)	(285)	(281)	(304)	—
Total current liabilities	28,327	28,420	25,694	24,239	23,872	+4.4%
Non-current liabilities
Long-term debt	46,750	34,462	33,683	28,745	30,690	+11.1%
Capital lease obligations (non-current)	901	877	928	1,013	1,225	-7.4%
Deferred tax liabilities (non-current)	1,439	1,387	871	1,795	3,441	-19.6%
Other non-current liabilities	6,787	5,588	7,864	7,310	8,209	-4.6%
Total non-current liabilities	55,877	42,314	43,346	38,863	43,565	+6.4%
Capital lease obligations	901	1,159	1,213	1,294	1,529	-12.4%
Total debt	50,534	38,270	36,268	31,985	34,631	+9.9%
Total liabilities	84,204	70,734	69,040	63,102	67,437	+5.7%
Stockholders' equity
Common stock	1,788	1,788	1,788	1,788	1,788	0.0%
Retained earnings	73,075	63,069	53,895	61,081	53,696	+8.0%
Additional paid-in capital	45,029	44,704	44,509	44,379	44,238	+0.4%
Treasury stock	(62,999)	(58,303)	(57,450)	(56,489)	(57,109)	—
Accumulated other comprehensive income (loss)	(4,287)	(4,945)	(5,161)	(4,768)	(4,429)	—
Total stockholders' equity	52,606	46,313	37,581	45,991	38,184	+8.3%
Total equity	52,662	46,372	37,635	46,058	38,257	+8.3%
Minority interest	56	59	54	67	73	-6.4%
Total liabilities & equity	136,866	117,106	106,675	109,160	105,694	+6.7%
Additional fields
Accrued Expenses	85	15,694	15,766	14,159	13,859	-72.0%
Net Debt	35,969	25,028	29,427	19,291	26,535	+7.9%
Total Investments	2,239	910	504	1,513	370	+56.8%

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. balance sheet

Annual · USD millions except per-share data · 45 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	14,565	13,242	6,841	12,694	8,096	+15.8%
Short-term investments	0	447	252	498	0	—
Cash & short-term investments	14,565	13,689	7,093	13,192	8,096	+15.8%
Net receivables	12,679	10,278	10,349	9,450	9,230	+8.3%
Accounts receivable	11,775	10,278	10,349	9,450	9,230	+6.3%
Other receivables	904	0	0	0	0	—
Inventory	6,658	6,109	6,358	5,911	5,953	+2.8%
Other current assets	9,489	8,706	8,368	7,169	6,987	+8.0%
Total current assets	43,516	38,782	32,168	35,722	30,266	+9.5%
Non-current assets
Property, plant & equipment (net)	26,823	23,779	23,051	21,422	19,279	+8.6%
Goodwill	21,579	21,668	21,197	21,204	21,264	+0.4%
Intangible assets	26,681	16,370	18,011	20,269	22,933	+3.9%
Goodwill & intangible assets	48,260	38,038	39,208	41,473	44,197	+2.2%
Long-term investments	2,239	463	252	1,015	370	+56.8%
Other non-current assets	16,028	16,044	11,996	9,528	11,582	+8.5%
Total non-current assets	93,350	78,324	74,507	73,438	75,428	+5.5%
Total assets	136,866	117,106	106,675	109,160	105,694	+6.7%
Current liabilities
Accounts payable	4,404	4,079	3,922	4,264	4,609	-1.1%
Other payables	6,866	5,998	4,634	3,870	2,992	+23.1%
Total payables	11,270	10,077	8,556	8,134	7,601	+10.3%
Short-term debt	2,883	2,649	1,372	1,946	2,412	+4.6%
Capital lease obligations (current)	0	282	285	281	304	—
Tax payables	0	3,914	2,649	1,986	1,224	—
Other current liabilities	14,089	(282)	(285)	(281)	(304)	—
Total current liabilities	28,327	28,420	25,694	24,239	23,872	+4.4%
Non-current liabilities
Long-term debt	46,750	34,462	33,683	28,745	30,690	+11.1%
Capital lease obligations (non-current)	901	877	928	1,013	1,225	-7.4%
Deferred tax liabilities (non-current)	1,439	1,387	871	1,795	3,441	-19.6%
Other non-current liabilities	6,787	5,588	7,864	7,310	8,209	-4.6%
Total non-current liabilities	55,877	42,314	43,346	38,863	43,565	+6.4%
Capital lease obligations	901	1,159	1,213	1,294	1,529	-12.4%
Total debt	50,534	38,270	36,268	31,985	34,631	+9.9%
Total liabilities	84,204	70,734	69,040	63,102	67,437	+5.7%
Stockholders' equity
Common stock	1,788	1,788	1,788	1,788	1,788	0.0%
Retained earnings	73,075	63,069	53,895	61,081	53,696	+8.0%
Additional paid-in capital	45,029	44,704	44,509	44,379	44,238	+0.4%
Treasury stock	(62,999)	(58,303)	(57,450)	(56,489)	(57,109)	—
Accumulated other comprehensive income (loss)	(4,287)	(4,945)	(5,161)	(4,768)	(4,429)	—
Total stockholders' equity	52,606	46,313	37,581	45,991	38,184	+8.3%
Total equity	52,662	46,372	37,635	46,058	38,257	+8.3%
Minority interest	56	59	54	67	73	-6.4%
Total liabilities & equity	136,866	117,106	106,675	109,160	105,694	+6.7%
Additional fields
Accrued Expenses	85	15,694	15,766	14,159	13,859	-72.0%
Net Debt	35,969	25,028	29,427	19,291	26,535	+7.9%
Total Investments	2,239	910	504	1,513	370	+56.8%