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Stocks · Health care · Pharmaceutical Preparations

Merck & Co.

MRK Clue Score53
United States Fiscal year ends December CIK 0000310158
$145.60 +2.26% Close, 9 Oct 2026
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Price $145.60 +82.16% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue39.81Net income3.92EPS, diluted1.41Fiscal year 2017Revenue40.12 +0.8%Net income2.39 −38.9%EPS, diluted0.87 −38.3%Fiscal year 2018Revenue42.29 +5.4%Net income6.22 +159.8%EPS, diluted2.32 +166.7%Fiscal year 2019Revenue39.12 −7.5%Net income9.84 +58.2%EPS, diluted3.81 +64.2%Fiscal year 2020Revenue41.52 +6.1%Net income7.07 −28.2%EPS, diluted2.78 −27.0%Fiscal year 2021Revenue48.70 +17.3%Net income13.05 +84.6%EPS, diluted5.14 +84.9%Fiscal year 2022Revenue59.28 +21.7%Net income14.52 +11.3%EPS, diluted5.71 +11.1%Fiscal year 2023Revenue60.12 +1.4%Net income0.37 −97.5%EPS, diluted0.14 −97.5%Fiscal year 2024Revenue64.17 +6.7%Net income17.12 +4,589.6%EPS, diluted6.74 +4,714.3%Fiscal year 2025Revenue65.01 +1.3%Net income18.25 +6.6%EPS, diluted7.28 +8.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 39.81 40.12 42.29 39.12 41.52 48.70 59.28 60.12 64.17 65.01
Growth +0.8% +5.4% −7.5% +6.1% +17.3% +21.7% +1.4% +6.7% +1.3%
Net income 3.92 2.39 6.22 9.84 7.07 13.05 14.52 0.37 17.12 18.25
Growth −38.9% +159.8% +58.2% −28.2% +84.6% +11.3% −97.5% +4,589.6% +6.6%
EPS, diluted 1.41 0.87 2.32 3.81 2.78 5.14 5.71 0.14 6.74 7.28
Growth −38.3% +166.7% +64.2% −27.0% +84.9% +11.1% −97.5% +4,714.3% +8.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin9.8%Free cash flow margin22.0%Fiscal year 2017Net margin6.0%Free cash flow margin11.4%Fiscal year 2018Net margin14.7%Free cash flow margin19.6%Fiscal year 2019Net margin25.2%Free cash flow margin25.7%Fiscal year 2020Net margin17.0%Free cash flow margin14.0%Fiscal year 2021Net margin26.8%Free cash flow margin17.8%Fiscal year 2022Net margin24.5%Free cash flow margin24.8%Fiscal year 2023Net margin0.6%Free cash flow margin15.2%Fiscal year 2024Net margin26.7%Free cash flow margin28.2%Fiscal year 2025Net margin28.1%Free cash flow margin19.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 9.8% 6.0% 14.7% 25.2% 17.0% 26.8% 24.5% 0.6% 26.7% 28.1%
Free cash flow margin 22.0% 11.4% 19.6% 25.7% 14.0% 17.8% 24.8% 15.2% 28.2% 19.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow10.38Capital expenditure−1.61Free cash flow8.76Buybacks−3.43Dividends paid−5.12Fiscal year 2017Operating cash flow6.45Capital expenditure−1.89Free cash flow4.56 −47.9%Buybacks−4.01Dividends paid−5.17Fiscal year 2018Operating cash flow10.92Capital expenditure−2.62Free cash flow8.31 +82.1%Buybacks−9.09Dividends paid−5.17Fiscal year 2019Operating cash flow13.44Capital expenditure−3.37Free cash flow10.07 +21.2%Buybacks−4.78Dividends paid−5.70Fiscal year 2020Operating cash flow10.25Capital expenditure−4.43Free cash flow5.82 −42.2%Buybacks−1.28Dividends paid−6.22Fiscal year 2021Operating cash flow13.12Capital expenditure−4.45Free cash flow8.67 +48.9%Buybacks−0.84Dividends paid−6.61Fiscal year 2022Operating cash flow19.10Capital expenditure−4.39Free cash flow14.71 +69.6%Buybacks0.00Dividends paid−7.01Fiscal year 2023Operating cash flow13.01Capital expenditure−3.86Free cash flow9.14 −37.8%Buybacks−1.35Dividends paid−7.45Fiscal year 2024Operating cash flow21.47Capital expenditure−3.37Free cash flow18.10 +97.9%Buybacks−1.31Dividends paid−7.84Fiscal year 2025Operating cash flow16.47Capital expenditure−4.11Free cash flow12.36 −31.7%Buybacks−5.08Dividends paid−8.18
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 10.38 6.45 10.92 13.44 10.25 13.12 19.10 13.01 21.47 16.47
Capital expenditure −1.61 −1.89 −2.62 −3.37 −4.43 −4.45 −4.39 −3.86 −3.37 −4.11
Free cash flow 8.76 4.56 8.31 10.07 5.82 8.67 14.71 9.14 18.10 12.36
Growth −47.9% +82.1% +21.2% −42.2% +48.9% +69.6% −37.8% +97.9% −31.7%
Buybacks −3.43 −4.01 −9.09 −4.78 −1.28 −0.84 0.00 −1.35 −1.31 −5.08
Dividends paid −5.12 −5.17 −5.17 −5.70 −6.22 −6.61 −7.01 −7.45 −7.84 −8.18

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash6.52Total debt24.57Net cash (debt)−18.06Shareholders’ equity40.09Debt to equity0.61Fiscal year 2017Cash6.09Total debt24.35Net cash (debt)−18.26Shareholders’ equity34.34Debt to equity0.71Fiscal year 2018Cash7.97Total debt19.81Net cash (debt)−11.84Shareholders’ equity26.70Debt to equity0.74Fiscal year 2019Cash9.68Total debt24.64Net cash (debt)−14.96Shareholders’ equity25.91Debt to equity0.95Fiscal year 2020Cash8.05Total debt27.66Net cash (debt)−19.61Shareholders’ equity25.32Debt to equity1.09Fiscal year 2021Cash8.10Total debt32.99Net cash (debt)−24.89Shareholders’ equity38.18Debt to equity0.86Fiscal year 2022Cash12.69Total debt30.45Net cash (debt)−17.75Shareholders’ equity45.99Debt to equity0.66Fiscal year 2023Cash6.84Total debt34.98Net cash (debt)−28.14Shareholders’ equity37.58Debt to equity0.93Fiscal year 2024Cash13.24Total debt36.96Net cash (debt)−23.72Shareholders’ equity46.31Debt to equity0.80Fiscal year 2025Cash14.57Total debt49.05Net cash (debt)−34.49Shareholders’ equity52.61Debt to equity0.93
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 6.52 6.09 7.97 9.68 8.05 8.10 12.69 6.84 13.24 14.57
Total debt 24.57 24.35 19.81 24.64 27.66 32.99 30.45 34.98 36.96 49.05
Net cash (debt) −18.06 −18.26 −11.84 −14.96 −19.61 −24.89 −17.75 −28.14 −23.72 −34.49
Shareholders’ equity 40.09 34.34 26.70 25.91 25.32 38.18 45.99 37.58 46.31 52.61
Debt to equity 0.61 0.71 0.74 0.95 1.09 0.86 0.66 0.93 0.80 0.93

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
6.52 6.09 7.97 9.68 8.05 8.10 12.69 6.84 13.24 14.57
7.02 6.87 7.07 6.78 6.80 9.23 9.45 10.35 10.28 11.78
4.87 5.10 5.44 5.98 5.55 5.95 5.91 6.36 6.11 6.66
12.03 12.44 13.29 14.30 17.00 19.28 21.42 23.05 23.78 25.32
18.16 18.28 18.25 18.07 18.88 21.26 21.20 21.20 21.67 21.58
95.38 87.87 82.64 84.40 91.59 105.69 109.16 106.68 117.11 136.87
Growth −7.9% −6.0% +2.1% +8.5% +15.4% +3.3% −2.3% +9.8% +16.9%
Liabilities
0.30 3.00 n/a 1.90 2.30 2.30 1.70 1.30 2.50 2.30
24.27 21.35 19.81 22.74 25.36 30.69 28.75 33.68 34.46 46.75
calc 24.57 24.35 19.81 24.64 27.66 32.99 30.45 34.98 36.96 49.05
Equity
44.13 41.35 42.58 46.60 47.36 53.70 61.08 53.90 63.07 73.08
40.09 34.34 26.70 25.91 25.32 38.18 45.99 37.58 46.31 52.61
Growth −14.3% −22.2% −3.0% −2.3% +50.8% +20.4% −18.3% +23.2% +13.6%
Per share and net cash
calc −18.06 −18.26 −11.84 −14.96 −19.61 −24.89 −17.75 −28.14 −23.72 −34.49
2,746 2,696 2,581 2,536 2,530 2,528 2,539 2,533 2,526 2,472
calc 14.60 12.74 10.34 10.21 10.01 15.11 18.12 14.84 18.33 21.28

Lines marked calc are worked out here from filed figures; point at one for how.