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Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. MRK Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Merck (MRK)

Market Price (9/15/2025): $83.13 | Market Cap: $208.7 Bil
Sector: Health Care | Industry: Pharmaceuticals

Merck (MRK)

Market Price (9/15/2025): $83.13
Market Cap: $208.7 Bil
Sector: Health Care
Industry: Pharmaceuticals

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 7.1%		 Weak multi-year price returns
2Y Excs Rtn is -67%, 3Y Excs Rtn is -61%		 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -1.9%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 31%		  
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23%, CFO LTM is 19 Bil, FCF LTM is 15 Bil		  
3 Low stock price volatility
Vol 12M is 27%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 7.1%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 31%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23%, CFO LTM is 19 Bil, FCF LTM is 15 Bil
3 Low stock price volatility
Vol 12M is 27%
4 Weak multi-year price returns
2Y Excs Rtn is -67%, 3Y Excs Rtn is -61%
5 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -1.9%

Market Valuation

 9/15/252024202320222021
Share Price CYE$83.13$97.65$104.17$103.13$69.02
Market Cap CYE ($ Bil)208.7246.7264.0261.4174.4
Total Debt ($ Bil)35.437.135.130.733.1
Total Cash ($ Bil)8.613.77.113.28.1
Enterprise Value ($ Bil)235.4283.8299.1292.1207.5
Valuation Ratios     
P/S TTM3.33.94.64.74.0
P/EBIT TTM10.211.991.116.113.2
P/E TTM12.714.7757.819.414.9
Sector Ratios     
P/S TTM (Sector)3.83.64.14.57.3
P/EBIT TTM (Sector)-1.6-1.3-1.4-1.3-2.9
P/E TTM (Sector)-1.9-1.6-1.5-1.4-2.9
 9/15/2520242023
Share Price CYE$83.13$97.65$104.17
Market Cap CYE ($ Bil)208.7246.7264.0
Total Debt ($ Bil)35.437.135.1
Total Cash ($ Bil)8.613.77.1
Enterprise Value ($ Bil)235.4283.8299.1
Valuation Ratios   
P/S TTM3.33.94.6
P/EBIT TTM10.211.991.1
P/E TTM12.714.7757.8
Sector Ratios   
P/S TTM (Sector)3.83.64.1
P/EBIT TTM (Sector)-1.6-1.3-1.4
P/E TTM (Sector)-1.9-1.6-1.5

Market Cap Chart

Business Description

Merck & Co., Inc. operates as a healthcare company worldwide. It operates through two segments, Pharmaceutical and Animal Health. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
MRK Return-7%2%49%1%-6%-15%13%
Peers Return7%30%20%-3%7%-2%68%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: JNJ, PFE, BMY, LLY, MRK. See MRK Returns vs. Peers.
[3] 2025 data is for the year up to 9/12/2025 (YTD)

Interactive Breakdown

Merck Interactive Breakdown Analysis

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Merck Earnings Notes  
2MRK Has Paid Out $89 Bil to Investors in the Past Decade  
3Day 6 of Gains Streak for Merck Stock with 6.1% Return (vs. -13% YTD) [8/19/2025]Notification 
4Day 5 of Gains Streak for Merck Stock with 5.2% Return (vs. -14% YTD) [8/18/2025]Notification 
5Merck vs Newmont: Which Is A Better Investment?Counter-Intuitive Comparisons 
6Merck vs United Therapeutics: Which Is A Better Investment?Counter-Intuitive Comparisons 
7Merck vs Innoviva: Which Is A Better Investment?Counter-Intuitive Comparisons 
8MRK Near Crucial Support Level - Buy Signal AheadActionable 
9Better Bet Than MRK Stock: Pay Less Than Merck To Get More From CALM, PTCT   
10Better Bet Than MRK Stock: Pay Less Than Merck To Get More From PTCT   
11ARTICLES  
12Better Bet Than Elanco Animal Health Stock: Pay Less To Get More From LLY, MRK August 26th, 2025
13Ten-Year Tally: MRK Hands Back $89 Bil to Shareholders August 26th, 2025
14MRK Stock Up 6.1% after 6-Day Win Streak August 20th, 2025
15MRK Stock Up 5.2% after 5-Day Win Streak August 19th, 2025
16MRK Testing Price Floor: Time to Load Up? August 13th, 2025
Title
0DASHBOARDS
1Better Bet Than Elanco Animal Health Stock: Pay Less To Get More From LLY, MRK
2Ten-Year Tally: MRK Hands Back $89 Bil to Shareholders
3MRK Stock Up 6.1% after 6-Day Win Streak
4MRK Stock Up 5.2% after 5-Day Win Streak
5MRK Testing Price Floor: Time to Load Up?
6ARTICLES
7Merck Earnings Notes
8MRK Has Paid Out $89 Bil to Investors in the Past Decade
9Day 6 of Gains Streak for Merck Stock with 6.1% Return (vs. -13% YTD) [8/19/2025]
10Day 5 of Gains Streak for Merck Stock with 5.2% Return (vs. -14% YTD) [8/18/2025]
11Merck vs Newmont: Which Is A Better Investment?
12Merck vs United Therapeutics: Which Is A Better Investment?
13Merck vs Innoviva: Which Is A Better Investment?
14MRK Near Crucial Support Level - Buy Signal Ahead
15Better Bet Than MRK Stock: Pay Less Than Merck To Get More From CALM, PTCT 
16Better Bet Than MRK Stock: Pay Less Than Merck To Get More From PTCT 

Recent Active Movers

1 Week Top Gainers

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1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1DGNXDiginex-85.6% 
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1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical11249.2%11249.2%
2GIBOGIBO7400.0% 
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4CHSNChanson International3717.0%-99.3%
5QMMMQMMM2669.4%5698.4%
6VTAKCatheter Precision1332.7%-71.4%
7CURXCuranex Pharmaceuticals1309.0%1309.0%
8OCTOEightco811.9%562.1%
9WLDSWearable Devices708.6%8.0%
10PTNMPitanium423.7% 

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1BINIBollinger Innovations-93.4%-100.0%
2ETSElite Express-92.8%-92.8%
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4ELPWElong Power-91.7%-75.8%
5STFSStar Fashion Culture-91.4%-97.8%
6JEM707 Cayman-90.4%-98.0%
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8NXTTNext Technology-89.3%-93.8%
9NUTRNusaTrip-87.2%-87.2%
10CUPRCuprina-84.3% 

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1OCTOEightco900.0%562.1%
2QMMMQMMM875.3%5698.4%
3WLDSWearable Devices780.4%8.0%
4CWDCaliberCos268.8%-45.1%
5AIREReAlpha Tech257.5%-49.8%
6PTNMPitanium154.0% 
7OPIOffice Properties Income Trust144.0%-42.6%
8HYPDHyperion DeFi144.0% 
9ISPCiSpecimen128.4%-26.6%
10EDHLEverbright Digital127.6% 

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1DGNXDiginex-85.6% 
2LGCLLucas GC-69.1%-76.6%
3YYGHYY-68.7%-76.6%
4BINIBollinger Innovations-61.6%-100.0%
5IPDNProfessional Diversity Network-54.5%-41.4%
6INHDInno-53.4%-4.4%
7CDTCDT Equity-49.2%-99.4%
8NFENew Fortress Energy-46.5%-91.3%
9TGHLGrowhub-44.8% 
10SLXNSilexion Therapeutics-43.1%-86.5%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Merck

Financials

MRKJNJPFEBMYLLYMedian
NameMerck Johnson .Pfizer Bristol-.Eli Lilly 
Mkt Price82.81178.0623.8746.20755.3982.81
Mkt Cap207.9428.5135.793.8678.3207.9
Rev LTM63,61690,62763,83347,63653,25863,616
Op Inc LTM19,82122,22816,6637,87022,88219,821
FCF LTM14,72216,39712,43813,086-5013,086
FCF 3Y Avg12,89916,9269,30412,225-15612,225
CFO LTM18,53423,02815,18814,31010,93815,188
CFO 3Y Avg16,76622,24812,58413,4197,23013,419

Growth & Margins

MRKJNJPFEBMYLLYMedian
NameMerck Johnson .Pfizer Bristol-.Eli Lilly 
Rev Chg LTM1.8%4.7%13.5%4.6%36.8%4.7%
Rev Chg 3Y Avg3.7%4.0%-12.4%0.5%23.4%3.7%
Rev Chg Q-1.9%5.8%10.3%-5.6%37.6%5.8%
QoQ Delta Rev Chg LTM-0.5%1.5%2.2%-1.4%8.7%1.5%
Op Mgn LTM31.2%24.5%26.1%16.5%43.0%26.1%
Op Mgn 3Y Avg22.6%26.3%20.2%17.3%35.6%22.6%
QoQ Delta Op Mgn LTM-0.8%-0.2%1.8%4.3%1.8%1.8%
CFO/Rev LTM29.1%25.4%23.8%30.0%20.5%25.4%
CFO/Rev 3Y Avg27.2%25.7%18.8%28.9%17.8%25.7%
FCF/Rev LTM23.1%18.1%19.5%27.5%-0.1%19.5%
FCF/Rev 3Y Avg20.9%19.6%13.8%26.4%0.5%19.6%

Valuation

MRKJNJPFEBMYLLYMedian
NameMerck Johnson .Pfizer Bristol-.Eli Lilly 
Mkt Cap207.9428.5135.793.8678.3207.9
P/S3.34.72.12.012.73.3
P/EBIT10.215.210.211.638.211.6
P/E12.718.912.617.349.117.3
P/CFO11.218.68.96.662.011.2
Total Yield11.8%8.1%13.3%11.0%2.8%11.0%
Dividend Yield3.9%2.8%5.4%5.2%0.7%3.9%
FCF Yield 3Y Avg5.1%4.5%5.7%12.4%0.1%5.1%
D/E0.20.10.40.50.10.2
Net D/E0.10.10.40.40.10.1

Returns

MRKJNJPFEBMYLLYMedian
NameMerck Johnson .Pfizer Bristol-.Eli Lilly 
1M Rtn-1.7%1.5%-5.1%-4.6%7.7%-1.7%
3M Rtn1.3%14.2%-1.1%-7.1%-7.6%-1.1%
6M Rtn-10.8%11.1%-3.8%-20.9%-6.7%-6.7%
12M Rtn-26.1%11.1%-12.7%-2.8%-17.6%-12.7%
3Y Rtn3.4%18.2%-38.7%-27.9%150.3%3.4%
1M Excs Rtn-1.7%1.0%-6.9%-5.3%12.8%-1.7%
3M Excs Rtn-7.7%5.6%-11.2%-17.8%-15.7%-11.2%
6M Excs Rtn-30.2%-8.3%-22.6%-41.8%-24.6%-24.6%
12M Excs Rtn-45.6%-10.0%-33.9%-22.9%-35.4%-33.9%
3Y Excs Rtn-61.4%-46.5%-104.4%-90.2%83.1%-61.4%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date8/5/20255/2/20252/25/202511/6/20248/5/20245/3/20242/26/202411/3/20238/7/20235/5/20232/24/202311/3/2022
Key Financials Quarterly            
Total Revenue15,80615,52915,62416,65716,11215,77514,63015,96215,03514,48713,83014,959
Ebitda6,4237,3155,6955,6067,4486,957-7726,951-4,1554,8834,6404,786
Operating Income5,5525,9374,3483,9846,1285,760-1,7135,872-5,0123,8063,4874,106
Net Income4,4275,0793,7433,1575,4554,762-1,2264,745-5,9752,8213,0173,248
EPS1.762.011.481.252.151.88-0.481.87-2.351.111.191.28
Key Financials TTM            
Total Revenue TTM63,61663,92264,16863,17462,47961,40260,11459,31458,31157,86959,28358,974
Ebitda TTM25,03926,06425,70619,23920,5848,9816,90712,31910,15419,97421,31521,628
Operating Income TTM19,82120,39720,22014,15916,0474,9072,9538,1536,38716,46618,28218,544
Net Income TTM16,40617,43417,11712,14813,7362,3063654,6083,11113,03014,51915,260
Growth Rates Quarterly            
Total Revenue Growth-1.9%-1.6%6.8%4.4%7.2%8.9%5.8%6.7%3.0%-8.9%2.3%13.7%
EBITDA Growth-13.8%5.1%837.7%-19.3%279.3%42.5%-116.6%45.2%-173.3%-21.5%-6.3%-23.1%
Operating Income Growth-9.4%3.1%353.8%-32.2%222.3%51.3%-149.1%43.0%-198.9%-32.3%-7.0%-16.6%
Net Income Growth-18.8%6.7%405.3%-33.5%191.3%68.8%-140.6%46.1%-251.5%-34.5%-19.7%-28.9%
Margins Quarterly            
EBITDA Margin40.6%47.1%36.5%33.7%46.2%44.1%-5.3%43.5%-27.6%33.7%33.6%32.0%
Operating Income Margin35.1%38.2%27.8%23.9%38.0%36.5%-11.7%36.8%-33.3%26.3%25.2%27.4%
Net Income Margin28.0%32.7%24.0%19.0%33.9%30.2%-8.4%29.7%-39.7%19.5%21.8%21.7%
Cash & Debt            
Total Cash8,6229,22813,68914,59311,3545,6197,0938,7736,37810,38713,19211,248
Total Debt35,40234,84437,11138,13137,78834,21935,05534,85936,91130,74630,69130,418
Net Debt / (Cash)26,78025,61623,42223,53826,43428,60027,96226,08630,53320,35917,49919,170
Cash Flows Quarterly            
FCF from Operations3,2932,5003,4509,2915,6373,0902467,7173,7041,3394,4305,602
Cash Flows TTM            
FCF from Operations TTM18,53420,87821,46818,26416,69014,75713,00617,19015,07515,67319,09519,696
Returns to Shareholders Quarterly            
Dividends2,0772,0501,9511,9531,9861,9501,8521,8551,8851,8531,7501,747
Share Repurchases1,3451,164489444251122393466338149-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC73.5%79.9%66.7%52.3%84.3%67.7%-14.7%76.1%-65.7%57.9%68.5%77.8%
Return on Invested Capital (ROIC) TTM            
ROIC TTM63.4%68.9%74.2%53.3%54.7%10.2%2.1%19.4%12.1%69.3%92.3%88.1%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Pharmaceutical53,58352,00542,75436,61041,751
Animal Health5,6255,5505,5684,7034,393
Other9071,728382182521
Other segment sales   23175
Total60,11559,28348,70441,51846,840


Price Behavior

MRK Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta-0.150.500.630.490.350.31
Up Beta0.680.600.440.460.410.38
Down Beta-0.78-1.160.270.540.520.39
Up Capture25%91%89%30%-1%4%
Bmk +ve Days10223571142415
Stock +ve Days14243666117394
Down Capture-120%108%72%64%44%48%
Bmk -ve Days11192754106334
Stock -ve Days7172659130352

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity23,829,923
Short Interest: % Change Since 8152025-6.7%
Average Daily Volume11,677,912
Days-to-Cover Short Interest2.04
Basic Shares Quantity2,510,000,000
Short % of Basic Shares0.9%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2025-1.7%-5.0%1.1%
4/24/20251.4%8.2%-1.1%
2/4/2025-9.1%-13.4%-6.6%
10/31/2024-2.4%-3.9%-3.0%
7/30/2024-9.8%-12.1%-8.8%
4/25/20242.9%1.4%3.2%
2/1/20244.6%5.5%5.1%
10/26/20231.9%-0.8%-1.7%
...
SUMMARY STATS   
# Positive9109
# Negative151415
Median Positive1.9%2.7%5.1%
Median Negative-2.4%-3.8%-2.9%
Max Positive6.1%8.8%9.2%
Max Negative-9.8%-13.4%-8.8%

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Oosthuizen Johannes JacobusPresident, U.S. Market2202025Sell84.098,500714,7452,581,950Form
1Williams David MichaelEVP,Chief Info&Digital Officer2132025Sell85.346,000512,0572,058,751Form
2THULIN INGE G 2072025Buy88.252,833250,000258,825Form
3Downing Cristal NChief Comm. & Public Afrs Ofcr2072025Sell88.762,361209,551628,830Form
4BAKER DOUGLAS M JR 2072025Buy88.5015,0001,327,5001,416,000Form

Industry Resources

External Quote Links


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