Merck & Co., Inc. (MRK) Key Metrics
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. dollarsMRK valuation Price multiples at each fiscal year-end price.
MRK returns How much profit the business earns on the capital it uses.
MRK per-share figures Results divided by the shares outstanding at year-end.
MRK financial health Debt, liquidity and how easily interest is covered.
MRK efficiency & capital use Working capital cycle and where the cash goes.
MRK valuation history
MRK returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MRK debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MRK cash returned to shareholders
MRK price vs earnings per share
MRK key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 ratio | 14.5 | 14.8 | 760.8 | 19.4 | 14.9 | 28.1 | 22.7 | 31.4 | 61.6 | 39.9 |
| Price / sales | 4.1 | 3.9 | 4.6 | 4.8 | 4.0 | 4.8 | 5.7 | 4.6 | 3.7 | 3.9 |
| Price / book | 5.0 | 5.5 | 7.4 | 6.1 | 5.1 | 7.8 | 8.6 | 7.3 | 4.3 | 3.9 |
| Price / free cash flow | 21.4 | 14.0 | 30.4 | 19.2 | 20.1 | 35.6 | 22.5 | 23.5 | 32.3 | 17.9 |
| Price / operating cash flow | 16.0 | 11.8 | 21.3 | 14.8 | 13.8 | 19.3 | 16.7 | 17.9 | 22.9 | 15.1 |
| EV / sales | 4.6 | 4.3 | 5.1 | 5.1 | 4.5 | 5.4 | 6.2 | 5.0 | 4.1 | 4.2 |
| EV / EBITDA | 10.6 | 10.8 | 44.4 | 14.1 | 12.3 | 22.0 | 15.0 | 15.1 | 13.7 | 15.4 |
| EV / free cash flow | 24.3 | 15.3 | 33.6 | 20.5 | 22.9 | 40.2 | 24.2 | 25.5 | 35.8 | 19.1 |
| Earnings yield | 6.9% | 6.8% | 0.1% | 5.1% | 6.7% | 3.6% | 4.4% | 3.2% | 1.6% | 2.5% |
| Free cash flow yield | 4.7% | 7.2% | 3.3% | 5.2% | 5.0% | 2.8% | 4.5% | 4.3% | 3.1% | 5.6% |
| Dividend yield | 3.1% | 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 outstanding | 2.51B | 2.54B | 2.55B | 2.54B | 2.54B | 2.54B | 2.58B | 2.68B | 2.75B | 2.79B |
| 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 assets | 20.6% | 21.6% | 0.5% | 21.5% | 21.2% | 12.1% | 19.4% | 12.1% | 4.3% | 6.5% |
| Free cash flow margin | 19.0% | 28.2% | 15.2% | 24.8% | 19.8% | 13.4% | 25.5% | 19.6% | 11.4% | 22.0% |
| Income quality (OCF / net income) | 0.90 | 1.25 | 35.63 | 1.32 | 1.08 | 1.45 | 1.37 | 1.76 | 2.69 | 2.65 |
| 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 / equity | 0.96 | 0.83 | 0.97 | 0.70 | 0.91 | 1.32 | 1.06 | 0.94 | 0.71 | 0.62 |
| Debt / assets | 0.37 | 0.33 | 0.34 | 0.29 | 0.33 | 0.36 | 0.32 | 0.30 | 0.28 | 0.26 |
| Net debt / EBITDA | 1.27 | 0.96 | 4.22 | 0.88 | 1.48 | 2.49 | 1.06 | 1.16 | 1.33 | 0.97 |
| Current ratio | 1.54 | 1.36 | 1.25 | 1.47 | 1.27 | 1.02 | 1.24 | 1.17 | 1.33 | 1.78 |
| Quick ratio | 1.30 | 1.15 | 1.00 | 1.23 | 1.02 | 0.81 | 0.97 | 0.92 | 1.06 | 1.50 |
| Interest coverage | 17.3 | 15.9 | 2.6 | 19.0 | 16.4 | 6.7 | 8.9 | 11.6 | 9.0 | 7.9 |
| 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 ratio | 44.8% | 45.8% | — | 48.3% | 50.7% | 87.9% | 57.9% | 83.2% | 215.8% | 130.7% |
| Dividends + buybacks / free cash flow | 107.3% | 50.5% | 96.2% | 47.7% | 77.1% | 134.6% | 105.1% | 171.7% | 201.2% | 97.7% |
| Capex / revenue | 6.3% | 5.3% | 6.4% | 7.4% | 9.1% | 11.3% | 8.9% | 6.2% | 4.7% | 4.1% |
| Capex / operating cash flow | 25.0% | 15.7% | 29.7% | 23.0% | 31.5% | 45.7% | 25.8% | 23.9% | 29.3% | 15.6% |
| Capex / depreciation | 0.70 | 0.75 | 1.00 | 1.12 | 1.38 | 1.29 | 0.95 | 0.58 | 0.40 | 0.30 |
| Stock-based compensation / revenue | 1.3% | 1.2% | 1.1% | 0.9% | 1.0% | 1.1% | 1.1% | 0.8% | 0.8% | 0.8% |
| R&D / revenue | 19.3% | 28.0% | 50.8% | 22.9% | 25.1% | 32.3% | 24.9% | 23.1% | 25.8% | 25.8% |
| SG&A / revenue | 16.3% | 15.7% | 16.4% | 16.3% | 19.3% | 20.6% | 22.3% | 23.9% | 25.1% | 25.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 64.5 | 58.7 | 60.1 | 57.5 | 60.1 | 59.7 | 64.6 | 60.2 | 63.2 | 61.9 |
| Days of inventory on hand | 128.1 | 149.8 | 138.8 | 124.4 | 154.1 | 154.5 | 173.4 | 142.3 | 140.8 | 124.4 |
| Days payables outstanding | 85.1 | 96.1 | 92.6 | 93.0 | 119.7 | 108.1 | 107.2 | 86.7 | 83.5 | 69.5 |
| Cash conversion cycle (days) | 107.5 | 112.3 | 106.3 | 88.9 | 94.5 | 106.2 | 130.9 | 115.8 | 120.5 | 116.9 |
| Receivables turnover | 5.66 | 6.22 | 6.07 | 6.35 | 6.08 | 6.11 | 5.65 | 6.07 | 5.78 | 5.90 |
| Payables turnover | 4.29 | 3.80 | 3.94 | 3.92 | 3.05 | 3.38 | 3.41 | 4.21 | 4.37 | 5.25 |
| Inventory turnover | 2.85 | 2.44 | 2.63 | 2.94 | 2.37 | 2.36 | 2.10 | 2.56 | 2.59 | 2.93 |
| Asset turnover | 0.51 | 0.57 | 0.56 | 0.55 | 0.49 | 0.47 | 0.47 | 0.50 | 0.44 | 0.40 |
| 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 assets | 35.3% | 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.