Merck & Co., Inc. (MRK) Key Metrics

NYSE: MRKValuation, returns, debt and efficiency ratios over 10 years.

MRK valuation today

Trailing 12 months · as of October 18, 2026
Market cap
$360.08B
Enterprise value
$250.36B
P/E (TTM)
115.8
10-yr median 25.4
Forward P/E
15.3
PEG ratio
2.70
Price / sales
5.4
10-yr median 4.3
Price / book
8.7
10-yr median 5.8
EV / EBITDA
10.0
10-yr median 14.6
Dividend yield
2.33%
$3.40 a year
Beta
0.22

MRK key metrics, 2016–2025

Fiscal year ended December 31, 2025 · U.S. dollars

MRK valuation Price multiples at each fiscal year-end price.

P/E ratio−2.1%
14.5
2025 · hover or tap a bar for each year
2016: 39.9 (+23.9%)2017: 61.6 (+54.3%)2018: 31.4 (−49.0%)2019: 22.7 (−27.6%)2020: 28.1 (+23.4%)2021: 14.9 (−46.9%)2022: 19.4 (+30.3%)2023: 760.8 (+3,816.3%)2024: 14.8 (−98.1%)2025: 14.5 (−2.1%)
20162025
Price / sales+3.2%
4.1
2025 · hover or tap a bar for each year
2016: 3.9 (+8.5%)2017: 3.7 (−6.5%)2018: 4.6 (+25.6%)2019: 5.7 (+23.9%)2020: 4.8 (−16.5%)2021: 4.0 (−16.4%)2022: 4.8 (+19.1%)2023: 4.6 (−2.9%)2024: 3.9 (−14.7%)2025: 4.1 (+3.2%)
20162025
Price / book−8.1%
5.0
2025 · hover or tap a bar for each year
2016: 3.9 (+21.8%)2017: 4.3 (+10.0%)2018: 7.3 (+70.2%)2019: 8.6 (+18.1%)2020: 7.8 (−9.4%)2021: 5.1 (−35.0%)2022: 6.1 (+20.4%)2023: 7.4 (+20.5%)2024: 5.5 (−26.1%)2025: 5.0 (−8.1%)
20162025
EV / EBITDA−1.7%
10.6
2025 · hover or tap a bar for each year
2016: 15.4 (+23.0%)2017: 13.7 (−11.4%)2018: 15.1 (+10.6%)2019: 15.0 (−0.5%)2020: 22.0 (+46.1%)2021: 12.3 (−43.8%)2022: 14.1 (+14.3%)2023: 44.4 (+214.8%)2024: 10.8 (−75.7%)2025: 10.6 (−1.7%)
20162025
Price / free cash flow+52.8%
21.4
2025 · hover or tap a bar for each year
2016: 17.9 (+40.4%)2017: 32.3 (+81.0%)2018: 23.5 (−27.3%)2019: 22.5 (−4.5%)2020: 35.6 (+58.5%)2021: 20.1 (−43.5%)2022: 19.2 (−4.8%)2023: 30.4 (+58.4%)2024: 14.0 (−54.0%)2025: 21.4 (+52.8%)
20162025
Free cash flow yield−2.5 pts
4.7%
2025 · hover or tap a bar for each year
2016: 5.6% (−2.3 pts)2017: 3.1% (−2.5 pts)2018: 4.3% (+1.2 pts)2019: 4.5% (+0.2 pts)2020: 2.8% (−1.6 pts)2021: 5.0% (+2.2 pts)2022: 5.2% (+0.2 pts)2023: 3.3% (−1.9 pts)2024: 7.2% (+3.9 pts)2025: 4.7% (−2.5 pts)
20162025

MRK valuation history

Fiscal year-endToday10-year median

MRK returns on capital

ROEROICROA

Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.

MRK debt vs cash

Total debtCash & short-term investments

Debt includes short- and long-term borrowings and, where reported, lease liabilities.

MRK cash returned to shareholders

DividendsBuybacksFree cash flow

MRK price vs earnings per share

Share price at year-endEPS (right axis)

MRK key metrics

2016–2025
Merck & Co., Inc. key metrics by fiscal year
2025202420232022202120202019201820172016
Valuation
Market capitalization$263.89B$252.78B$277.67B$282.03B$194.51B$198.33B$223.90B$195.33B$147.55B$156.56B
Enterprise value$299.86B$277.36B$306.85B$300.83B$221.05B$223.70B$240.80B$211.58B$163.46B$167.06B
P/E ratio14.514.8760.819.414.928.122.731.461.639.9
Price / sales4.13.94.64.84.04.85.74.63.73.9
Price / book5.05.57.46.15.17.88.67.34.33.9
Price / free cash flow21.414.030.419.220.135.622.523.532.317.9
Price / operating cash flow16.011.821.314.813.819.316.717.922.915.1
EV / sales4.64.35.15.14.55.46.25.04.14.2
EV / EBITDA10.610.844.414.112.322.015.015.113.715.4
EV / free cash flow24.315.333.620.522.940.224.225.535.819.1
Earnings yield6.9%6.8%0.1%5.1%6.7%3.6%4.4%3.2%1.6%2.5%
Free cash flow yield4.7%7.2%3.3%5.2%5.0%2.8%4.5%4.3%3.1%5.6%
Dividend yield3.1%3.1%2.7%2.5%3.4%3.1%2.5%2.6%3.5%3.3%
Shareholder yield (dividends + buybacks)5.0%3.6%3.2%2.5%3.8%3.8%4.7%7.3%6.2%5.5%
Share price at fiscal year-end$105.26$99.48$109.02$110.95$76.64$78.05$86.78$72.91$53.69$56.17
Per share
Revenue per share$25.90$25.25$23.60$23.32$19.19$16.34$15.16$15.79$14.60$14.28
Earnings per share$7.28$6.74$0.14$5.71$5.14$2.78$3.82$2.32$0.87$1.41
Operating cash flow per share$6.57$8.45$5.11$7.51$5.56$4.04$5.21$4.08$2.35$3.72
Free cash flow per share$4.93$7.12$3.59$5.79$3.81$2.19$3.86$3.10$1.66$3.14
Cash per share$5.81$5.39$2.78$5.19$3.19$3.17$4.05$3.31$3.09$5.15
Book value per share$20.98$18.23$14.76$18.09$15.04$9.96$10.04$9.97$12.49$14.38
Tangible book value per share$1.73$3.26−$0.64$1.78−$2.37−$3.02−$2.99−$1.74$0.68$1.66
Dividends per share$3.26$3.09$2.92$2.76$2.60$2.45$2.21$1.93$1.88$1.84
Capex per share$1.64$1.33$1.52$1.73$1.75$1.84$1.35$0.98$0.69$0.58
Debt per share$20.16$15.06$14.24$12.58$13.64$13.15$10.60$9.37$8.88$8.91
Shares outstanding2.51B2.54B2.55B2.54B2.54B2.54B2.58B2.68B2.75B2.79B
Change in shares outstanding−1.3%−0.2%+0.2%+0.2%−0.1%−1.5%−3.7%−2.5%−1.4%−1.9%
Returns & profitability
Return on equity (ROE)36.9%40.8%0.9%34.5%41.1%27.6%37.4%20.4%6.4%9.2%
Return on invested capital (ROIC)25.5%25.2%2.2%24.9%20.4%9.2%14.5%13.6%6.7%8.6%
Return on assets (ROA)14.4%15.3%0.3%13.5%13.2%8.0%11.8%7.3%2.6%4.0%
Return on tangible assets20.6%21.6%0.5%21.5%21.2%12.1%19.4%12.1%4.3%6.5%
Free cash flow margin19.0%28.2%15.2%24.8%19.8%13.4%25.5%19.6%11.4%22.0%
Income quality (OCF / net income)0.901.2535.631.321.081.451.371.762.692.65
Financial health
Total debt$50.53B$38.27B$36.27B$31.98B$34.63B$33.42B$27.35B$25.11B$24.41B$24.84B
Cash & short-term investments$14.56B$13.69B$7.09B$13.19B$8.10B$8.05B$10.45B$8.86B$8.50B$14.34B
Net debt$35.97B$24.58B$29.18B$18.79B$26.54B$25.37B$16.90B$16.25B$15.91B$10.50B
Debt / equity0.960.830.970.700.911.321.060.940.710.62
Debt / assets0.370.330.340.290.330.360.320.300.280.26
Net debt / EBITDA1.270.964.220.881.482.491.061.161.330.97
Current ratio1.541.361.251.471.271.021.241.171.331.78
Quick ratio1.301.151.001.231.020.810.970.921.061.50
Interest coverage17.315.92.619.016.46.78.911.69.07.9
Working capital$15.19B$10.36B$6.47B$11.48B$6.39B$437.0M$5.26B$3.67B$6.15B$13.41B
Invested capital$88.58B$70.89B$66.76B$64.78B$64.72B$50.68B$42.81B$42.95B$50.25B$50.59B
Tangible asset value$4.40B$8.33B−$1.57B$4.58B−$5.94B−$7.58B−$7.62B−$4.47B$2.10B$4.84B
Net current asset value−$40.69B−$31.95B−$36.87B−$27.38B−$37.17B−$38.42B−$30.91B−$29.88B−$28.54B−$24.45B
Graham number$58.63$52.56$6.90$48.22$41.72$24.97$29.36$22.82$15.65$21.34
Graham net-net per share−$22.66−$18.21−$20.03−$15.68−$19.48−$19.78−$15.45−$14.51−$13.50−$11.85
Capital allocation
Dividends paid$8.18B$7.84B$7.45B$7.01B$6.61B$6.21B$5.70B$5.17B$5.17B$5.12B
Share buybacks (net)$5.08B$1.31B$1.35B$0$840.0M$1.28B$4.78B$9.09B$4.01B$3.43B
Dividend payout ratio44.8%45.8%—48.3%50.7%87.9%57.9%83.2%215.8%130.7%
Dividends + buybacks / free cash flow107.3%50.5%96.2%47.7%77.1%134.6%105.1%171.7%201.2%97.7%
Capex / revenue6.3%5.3%6.4%7.4%9.1%11.3%8.9%6.2%4.7%4.1%
Capex / operating cash flow25.0%15.7%29.7%23.0%31.5%45.7%25.8%23.9%29.3%15.6%
Capex / depreciation0.700.751.001.121.381.290.950.580.400.30
Stock-based compensation / revenue1.3%1.2%1.1%0.9%1.0%1.1%1.1%0.8%0.8%0.8%
R&D / revenue19.3%28.0%50.8%22.9%25.1%32.3%24.9%23.1%25.8%25.8%
SG&A / revenue16.3%15.7%16.4%16.3%19.3%20.6%22.3%23.9%25.1%25.2%
Efficiency
Days sales outstanding64.558.760.157.560.159.764.660.263.261.9
Days of inventory on hand128.1149.8138.8124.4154.1154.5173.4142.3140.8124.4
Days payables outstanding85.196.192.693.0119.7108.1107.286.783.569.5
Cash conversion cycle (days)107.5112.3106.388.994.5106.2130.9115.8120.5116.9
Receivables turnover5.666.226.076.356.086.115.656.075.785.90
Payables turnover4.293.803.943.923.053.383.414.214.375.25
Inventory turnover2.852.442.632.942.372.362.102.562.592.93
Asset turnover0.510.570.560.550.490.470.470.500.440.40
Average receivables$11.48B$10.31B$9.90B$9.34B$8.02B$6.79B$6.92B$6.97B$6.95B$6.75B
Average payables$4.24B$4.00B$4.09B$4.44B$4.47B$4.03B$3.53B$3.21B$2.95B$2.67B
Average inventory$6.38B$6.23B$6.13B$5.93B$5.75B$5.77B$5.71B$5.27B$4.98B$4.78B
Intangibles / total assets35.3%32.5%36.8%38.0%41.8%36.0%39.8%37.9%36.9%37.2%

Computed from MRK's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.

MRK valuation and financial ratios

At the end of fiscal 2025 (December 31, 2025), Merck traded at 14.5 times earnings, against a 10-year median of 25.4. Based on the latest twelve months, the trailing P/E is 115.8 and the forward P/E is 15.3. Merck earned a return on equity of 36.9% and a return on invested capital of 25.5% in fiscal 2025. It ended the year with $50.5 billion of debt and $14.6 billion in cash and short-term investments, net debt of $36.0 billion. It returned $13.3 billion to shareholders: $8.2 billion in dividends and $5.1 billion in share buybacks, 107% of free cash flow. The share count fell 10.0% from 2.79B to 2.51B over 9 years.

See the MRK income statement, the MRK chart for price history, or the MRK stock overview for the latest quote and news.

MRK key metrics FAQ

What is Merck's P/E ratio?

Merck's trailing P/E ratio is 115.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 15.3. At the end of fiscal 2025 it was 14.5, compared with a 10-year median of 25.4.

What is Merck's EV/EBITDA?

Merck's enterprise value was 10.6 times EBITDA at the end of fiscal 2025 (enterprise value $299.9 billion, EBITDA $28.3 billion); the current EV/EBITDA is 10.0.

What is Merck's return on equity?

Merck's return on equity (ROE) was 36.9% in fiscal 2025: net income of $18.3 billion on average shareholders' equity of $49.5 billion.

What is Merck's ROIC?

Merck's return on invested capital was 25.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.

How much debt does Merck have?

Merck had total debt of $50.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.96 and $36.0 billion of net debt (1.27 times EBITDA).

What is Merck's dividend yield?

Merck's forward dividend yield is 2.33%. Merck paid $8.2 billion in dividends in fiscal 2025 ($3.26 per share), a payout ratio of 44.8%.

Does Merck buy back its shares?

Yes. Merck spent $5.1 billion on net share repurchases in fiscal 2025 Shares outstanding changed −1.3% over the year, to 2.51B..

What is Merck's free cash flow yield?

Merck generated $12.4 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.7% on its market value at year-end ($263.9 billion).

What is Merck's current ratio?

Merck's current ratio was 1.54 at the end of fiscal 2025: current assets were 1.54 times current liabilities.

Drug Manufacturers - General key metrics