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. cash flow statement
Annual · USD millions except per-share data · 35 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | 18,254 | 17,133 | 365 | 14,526 | 12,358 | +10.2% | |
| Depreciation & amortization | 5,838 | 4,499 | 3,872 | 3,909 | 3,214 | +16.1% | |
| Deferred income tax | (1,671) | (1,249) | (1,899) | (1,568) | 187 | — | |
| Stock-based compensation | 0 | 761 | 645 | 541 | 479 | — | |
| Change in working capital | (6,976) | (3,667) | (2,205) | (2,782) | (3,839) | — | |
| Accounts receivables | (1,090) | (244) | (1,148) | (644) | (2,033) | — | |
| Inventory | (1,180) | (835) | (816) | (161) | (674) | — | |
| Accounts payables | 110 | 182 | (380) | (289) | 405 | -27.8% | |
| Other working capital | (4,816) | (2,770) | 139 | (1,688) | (1,537) | — | |
| Other non-cash items | 1,027 | 3,991 | 12,228 | 4,469 | 1,710 | -12.0% | |
| Net cash from operating activities | 16,472 | 21,468 | 13,006 | 19,095 | 14,109 | +3.9% | |
| Operating cash flow | 16,472 | 21,468 | 13,006 | 19,095 | 14,109 | +3.9% | |
| Investing activities | |||||||
| Investments in PP&E | (4,112) | (3,372) | (3,863) | (4,388) | (4,448) | — | |
| Capital expenditure | (4,112) | (3,372) | (3,863) | (4,388) | (4,448) | — | |
| Acquisitions, net | (10,042) | (4,093) | (12,032) | (121) | (12,907) | — | |
| Purchases of investments | (1,207) | (519) | (955) | (1,204) | (1) | — | |
| Sales / maturities of investments | 1,678 | 377 | 1,658 | 721 | 1,026 | +13.1% | |
| Other investing activities | (58) | (127) | 1,109 | 32 | (225) | — | |
| Net cash from investing activities | (13,741) | (7,734) | (14,083) | (4,960) | (16,555) | — | |
| Financing activities | |||||||
| Net debt issuance | 11,377 | 2,309 | 4,184 | (2,251) | 1,631 | +62.5% | |
| Short-term net debt issuance | 0 | 0 | 0 | 0 | (3,986) | — | |
| Long-term net debt issuance | 11,377 | 2,309 | 4,184 | (2,251) | 5,617 | +19.3% | |
| Net stock issuance | (4,992) | (1,306) | (1,346) | 384 | (840) | — | |
| Common stock issuance | 92 | 0 | 0 | 384 | 0 | — | |
| Common stock repurchased | (5,084) | (1,306) | (1,346) | 0 | (840) | — | |
| Net common stock issuance | (4,992) | (1,306) | (1,346) | 384 | (840) | — | |
| Common dividends paid | (8,176) | (7,840) | (7,445) | (7,012) | (6,610) | — | |
| Net dividends paid | (8,176) | (7,840) | (7,445) | (7,012) | (6,610) | — | |
| Other financing activities | (131) | (195) | (203) | (240) | 8,412 | — | |
| Net cash from financing activities | (1,922) | (7,032) | (4,810) | (9,119) | 2,593 | — | |
| Cash summary | |||||||
| Effect of forex changes on cash | 563 | (293) | 23 | (410) | (133) | — | |
| Net change in cash | 1,372 | 6,409 | (5,864) | 4,606 | 14 | +214.6% | |
| Cash at beginning of period | 13,318 | 6,909 | 12,773 | 8,167 | 8,153 | +13.1% | |
| Cash at end of period | 14,690 | 13,318 | 6,909 | 12,773 | 8,167 | +15.8% | |
| Free cash flow | 12,360 | 18,096 | 9,143 | 14,707 | 9,661 | +6.4% | |