COVERAGE / MRK / Healthcare

Merck & Co., Inc.

Pharmaceutical Preparations

COVERAGE STATUSACTIVE

DATA THROUGH2025-12-31

RESEARCH REPORTS2

SELECTED FILINGS1

Fundamental matrix

Latest / 2025-12-31 · Prior / 2024-12-31 · USD · Annual periods

Revenue

$65.01bn

Prior / $64.17bn

Change / +1.31%

SOURCE / 2026-02-24

Operating income

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

Net income

$18.25bn

Prior / $17.12bn

Change / +6.64%

SOURCE / 2026-02-24

Diluted EPS

$7.28

Prior / $6.74

Change / +8.01%

SOURCE / 2026-02-24

Free cash flow

$12.36bn

Prior / $18.1bn

Change / -31.70%

SOURCE / 2026-02-24

Gross margin

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

Operating margin

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

Return on avg. equity

36.91%

Prior / 40.81%

Change / -3.90 pp

SOURCE / 2026-02-24

Debt / equity

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

ROE uses net income divided by average opening/closing equity. FCF = operating cash flow − selected capital expenditure. Debt/equity is unavailable because a verified interest-bearing-debt series is absent; total liabilities are not substituted for debt.

Inspect source tags, dates and accession numbers

{
  "revenue": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 65011000000,
    "accn": "0000310158-26-000063",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:Revenues",
    "unit": "USD"
  },
  "netIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 18254000000,
    "accn": "0000310158-26-000063",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "tag": "us-gaap:NetIncomeLoss",
    "unit": "USD"
  },
  "eps": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 7.28,
    "accn": "0000310158-26-000063",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:EarningsPerShareDiluted",
    "unit": "USD/shares"
  },
  "operatingCashFlow": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 16472000000,
    "accn": "0000310158-26-000063",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities",
    "unit": "USD"
  },
  "capex": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 4112000000,
    "accn": "0000310158-26-000063",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:PaymentsToAcquirePropertyPlantAndEquipment",
    "unit": "USD"
  },
  "totalAssets": {
    "end": "2025-12-31",
    "val": 136866000000,
    "accn": "0000310158-26-000063",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "tag": "us-gaap:Assets",
    "unit": "USD"
  },
  "shareholdersEquity": {
    "end": "2025-12-31",
    "val": 52606000000,
    "accn": "0000310158-26-000063",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "tag": "us-gaap:StockholdersEquity",
    "unit": "USD"
  },
  "currentAssets": {
    "end": "2025-12-31",
    "val": 43516000000,
    "accn": "0000310158-26-000063",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "tag": "us-gaap:AssetsCurrent",
    "unit": "USD"
  },
  "currentLiabilities": {
    "end": "2025-12-31",
    "val": 28327000000,
    "accn": "0000310158-26-000063",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "tag": "us-gaap:LiabilitiesCurrent",
    "unit": "USD"
  }
}

Financial trend system

Annual financial trends are summarized in the accessible table below.

Annual figures / accessible table

Period end	Revenue	Net income	Free cash flow	EPS
2025-12-31	$65.01bn	$18.25bn	$12.36bn	$7.28
2024-12-31	$64.17bn	$17.12bn	$18.1bn	$6.74
2023-12-31	$60.12bn	$0.37bn	$9.14bn	$0.14
2022-12-31	$59.28bn	$14.52bn	$14.71bn	$5.71

Valuation context

Historical snapshot / 2026-09-17. Annual accounting period / 2025-12-31. Not current, TTM or forward valuation.

Dated ratios / eligible same-method sector sample
Measure	Snapshot value	Historical median	Sector median	Peer count
P/E	20.21x	Unavailable	27.08x	10
P/S	5.58x	Unavailable	6.63x	10
P/B	6.90x	Unavailable	7.31x	8
EV / EBITDA	Unavailable	Unavailable	Unavailable	0
FCF yield	3.40%	Unavailable	3.88%	8

Annual denominators, not TTM or forward. Capitalization-based measures use estimated market capitalization from the dated quote snapshot. ADR/share-basis uncertainty is excluded. No comparable historical-multiple series or EV/EBITDA is available. Sector samples are equal-weight medians of this publication’s eligible covered companies; fiscal periods differ. No fair value or price target is implied.

Source: Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-07-31 DAILY-BAR SOURCE ↗

Retained price snapshot and capitalization estimate

{
  "currentPrice": 147.15,
  "tradingDate": "2026-09-17",
  "marketCap": 363044306531.7,
  "source": "Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-07-31"
}

Company & operating context

Merck & Co., Inc. is an SEC-reporting issuer listed on NYSE under MRK. Its SEC industry description is Pharmaceutical Preparations. This profile organizes annual financial disclosures for research; sector labels are editorial groupings, not GICS classifications.

Drug developers, device manufacturers and care providers depend on distinct clinical, reimbursement and operating economics.

Segment-level revenue is not included in this standardized dataset. Consult the business and segment notes in the linked annual filing for the issuer’s actual reporting segments.

Filing timeline

10-KFILED / 2026-02-24PERIOD / 2025-12-31

MRK filed this 10-K on 2026-02-24 for the reported period 2025-12-31. Reading focus: Product concentration, research investment, utilization, reimbursement and cash generation. This is a metadata-based reading guide; it does not assert that a particular event or risk change occurred in the document.

ORIGINAL SEC DISCLOSURE ↗

Research archive

HR-0099MRKEarnings Review

MRK: the annual earnings and cash-flow comparison ↗

Merck & Co., Inc.

Research abstract

A two-period review of MRK revenue, profitability and cash conversion; reported revenue growth was 1.31%.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

HR-0100MRKCompany Research

MRK: reading the FY2025 financial structure ↗

Merck & Co., Inc.

Research abstract

Annual revenue of USD 65.011 billion and net income of USD 18.254 billion for the period ended 2025-12-31.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

Sector context & risk factors

Patent expiry, trial outcomes, reimbursement changes, litigation and acquisition integration.

Product concentration, research investment, utilization, reimbursement and cash generation.

HEALTHCARE SYSTEM ↗

Sources & dates

SEC annual filing · 2025-12-31 ↗Source date 2026-02-24
SEC annual filing · 2024-12-31 ↗Source date 2026-02-24
SEC annual filing · 2023-12-31 ↗Source date 2026-02-24
SEC annual filing · 2022-12-31 ↗Source date 2025-02-25
SEC issuer record ↗Source date 2026-09-18