Merck & Co., Inc. (MRK) Financials

$76.07 -0.10 (-0.13%)

As of 01:08 PM Eastern

Annual Income Statements for Merck & Co., Inc.

This table shows Merck & Co., Inc.'s income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	17,117	365	14,519	13,036	7,067	9,843	6,220	2,394	3,920	4,442
Consolidated Net Income / (Loss)	17,133	377	14,526	13,049	7,071	9,759	6,193	2,418	3,941	4,459
Net Income / (Loss) Continuing Operations	17,133	377	14,526	12,358	4,523	5,606	6,193	2,418	3,941	4,459
Total Pre-Tax Income	19,936	1,889	16,444	13,879	5,863	7,171	8,701	6,521	4,659	5,401
Total Operating Income	19,912	2,355	17,945	12,538	4,973	7,300	8,299	6,021	4,848	6,928
Total Gross Profit	48,975	43,989	41,872	35,078	27,900	27,105	28,785	27,210	25,777	24,564
Total Revenue	64,168	60,115	59,283	48,704	41,518	39,121	42,294	40,122	39,807	39,498
Operating Revenue	64,168	60,115	59,283	48,704	41,518	39,121	42,294	40,122	39,807	39,498
Total Cost of Revenue	15,193	16,126	17,411	13,626	13,618	12,016	13,509	12,912	14,030	14,934
Operating Cost of Revenue	15,193	16,126	17,411	13,626	13,618	12,016	13,509	12,912	14,030	14,934
Total Operating Expenses	29,063	41,634	23,927	22,540	22,927	19,805	20,486	21,189	20,929	17,636
Selling, General & Admin Expense	10,816	10,504	10,042	9,634	8,955	9,455	10,102	10,074	10,017	10,313
Research & Development Expense	17,938	30,531	13,548	12,245	13,397	9,724	9,752	10,339	10,261	6,704
Restructuring Charge	309	599	337	661	575	626	632	776	651	619
Total Other Income / (Expense), net	24	-466	-1,501	1,341	890	-129	402	500	-189	-1,527
Other Income / (Expense), net	24	-466	-1,501	1,341	890	-129	402	500	-189	-1,527
Income Tax Expense	2,803	1,512	1,918	1,521	1,340	1,565	2,508	4,103	718	942
Net Income / (Loss) Attributable to Noncontrolling Interest	16	12	7.00	13	4.00	-84	-27	24	21	17
Basic Earnings per Share	$6.76	$0.14	$5.73	$5.16	$2.79	$3.84	$2.34	$0.88	$1.42	$1.58
Weighted Average Basic Shares Outstanding	2.53B	2.53B	2.54B	2.53B	2.53B	2.54B	2.66B	2.73B	2.77B	2.78B
Diluted Earnings per Share	$6.74	$0.14	$5.71	$5.14	$2.78	$3.81	$2.32	$0.87	$1.41	$1.56
Weighted Average Diluted Shares Outstanding	2.53B	2.53B	2.54B	2.53B	2.53B	2.54B	2.66B	2.73B	2.77B	2.78B
Weighted Average Basic & Diluted Shares Outstanding	2.53B	2.53B	2.54B	2.53B	2.53B	2.54B	2.66B	2.73B	2.77B	2.78B
Cash Dividends to Common per Share	$3.12	$2.96	$2.80	$2.64	$2.48	$2.26	$1.99	$1.89	$1.85	$1.81

This table shows Merck & Co., Inc.'s income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	5,079	3,743	3,157	5,455	4,762	-1,226	4,745	-5,975	2,821	3,017	3,248
Consolidated Net Income / (Loss)	5,085	3,744	3,161	5,461	4,767	-1,226	4,750	-5,972	2,825	3,017	3,253
Net Income / (Loss) Continuing Operations	5,085	3,744	3,161	5,461	4,767	-1,226	4,750	-5,972	2,825	3,017	3,253
Total Pre-Tax Income	5,903	4,170	4,090	6,006	5,670	-2,046	5,620	-5,335	3,650	3,513	3,583
Total Operating Income	5,868	4,299	3,928	6,048	5,637	-1,967	5,746	-5,163	3,739	3,439	4,012
Total Gross Profit	12,110	11,796	12,577	12,367	12,235	10,719	11,698	11,011	10,561	9,949	11,025
Total Revenue	15,529	15,624	16,657	16,112	15,775	14,631	15,962	15,035	14,487	13,830	14,959
Operating Revenue	15,529	15,624	16,657	16,112	15,775	14,631	15,962	15,035	14,487	13,830	14,959
Total Cost of Revenue	3,419	3,828	4,080	3,745	3,540	3,912	4,264	4,024	3,926	3,881	3,934
Operating Cost of Revenue	3,419	3,828	4,080	3,745	3,540	3,912	4,264	4,024	3,926	3,881	3,934
Total Operating Expenses	6,242	7,497	8,649	6,319	6,598	12,686	5,952	16,174	6,822	6,510	7,013
Selling, General & Admin Expense	2,552	2,863	2,731	2,739	2,483	2,804	2,519	2,702	2,479	2,687	2,520
Research & Development Expense	3,621	4,584	5,862	3,500	3,992	9,627	3,307	13,321	4,276	3,775	4,399
Restructuring Charge	69	50	56	80	123	255	126	151	67	48	94
Total Other Income / (Expense), net	35	-129	162	-42	33	-79	-126	-172	-89	74	-429
Other Income / (Expense), net	35	-129	162	-42	33	-79	-126	-172	-89	74	-429
Income Tax Expense	818	426	929	545	903	-820	870	637	825	496	330
Net Income / (Loss) Attributable to Noncontrolling Interest	6.00	1.00	4.00	6.00	5.00	-	5.00	3.00	4.00	-	5.00
Basic Earnings per Share	$2.01	$1.48	$1.25	$2.15	$1.88	($0.49)	$1.87	($2.35)	$1.11	$1.19	$1.28
Weighted Average Basic Shares Outstanding	2.51B	2.53B	2.53B	2.53B	2.53B	2.53B	2.53B	2.54B	2.54B	2.54B	2.54B
Diluted Earnings per Share	$2.01	$1.49	$1.24	$2.14	$1.87	($0.48)	$1.86	($2.35)	$1.11	$1.18	$1.28
Weighted Average Diluted Shares Outstanding	2.51B	2.53B	2.53B	2.53B	2.53B	2.53B	2.53B	2.54B	2.54B	2.54B	2.54B
Weighted Average Basic & Diluted Shares Outstanding	2.51B	2.53B	2.53B	2.53B	2.53B	2.53B	2.53B	2.54B	2.54B	2.54B	2.54B
Cash Dividends to Common per Share	$0.81	$0.81	$0.77	$0.77	$0.77	$0.77	$0.73	$0.73	$0.73	$0.73	$0.69

This table details how cash moves in and out of Merck & Co., Inc.'s business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	6,409	-5,864	4,606	14	-1,769	1,967	2,076	-876	-2,009	1,083
Net Cash From Operating Activities	21,468	13,006	19,095	13,122	7,617	8,884	10,922	6,451	10,376	12,538
Net Cash From Continuing Operating Activities	21,468	13,006	19,095	13,122	7,617	8,884	10,922	6,451	10,376	12,538
Net Income / (Loss) Continuing Operations	17,133	377	14,526	12,358	4,523	5,606	6,193	2,418	3,941	4,459
Consolidated Net Income / (Loss)	17,133	377	14,526	12,358	4,523	-	6,193	2,418	3,941	4,459
Depreciation Expense	2,104	1,828	1,824	1,578	1,669	1,615	1,416	4,676	5,471	6,375
Amortization Expense	2,395	2,044	2,085	1,636	1,817	1,695	3,103	-	-	-
Non-Cash Adjustments To Reconcile Net Income	4,752	12,861	5,010	1,202	4,775	2,605	2,272	1,648	5,086	2,736
Changes in Operating Assets and Liabilities, net	-4,916	-4,104	-4,350	-3,652	-5,167	-2,637	-2,062	-2,291	-4,122	-1,032
Net Cash From Investing Activities	-7,734	-14,083	-4,960	-16,421	-9,193	-2,529	4,314	2,679	-3,210	-4,758
Net Cash From Continuing Investing Activities	-7,734	-14,083	-4,960	-16,421	-9,193	-2,529	4,314	2,679	-3,210	-4,758
Purchase of Property, Plant & Equipment	-3,372	-3,863	-4,388	-4,448	-4,429	-3,369	-2,615	-1,888	-1,614	-1,283
Acquisitions	-3,393	-12,032	0.00	-12,907	-6,606	-4,954	-431	-396	-780	-7,744
Purchase of Investments	-519	-955	-1,204	-1.00	-95	-3,202	-7,994	-10,739	-15,651	-16,681
Sale and/or Maturity of Investments	377	1,658	721	1,026	2,812	8,622	15,252	15,664	14,353	20,413
Other Investing Activities, net	-827	1,109	-89	-91	-875	374	102	38	482	221
Net Cash From Financing Activities	-7,032	-4,810	-9,119	3,097	-2,832	-8,861	-13,160	-10,006	-9,044	-5,387
Net Cash From Continuing Financing Activities	-7,032	-4,810	-9,119	3,097	-2,832	-8,861	-13,160	-10,006	-9,044	-5,387
Repayment of Debt	-1,662	-2,083	-2,491	-6,591	156	-3,705	-4,612	-1,324	-2,504	-4,507
Repurchase of Common Equity	-1,306	-1,346	0.00	-840	-1,281	-4,780	-9,091	-4,014	-3,434	-4,186
Payment of Dividends	-7,840	-7,445	-7,012	-6,610	-6,215	-5,695	-5,172	-5,167	-5,124	-5,117
Issuance of Debt	3,599	5,939	0.00	7,936	4,419	4,958	5,124	0.00	1,079	7,938
Other Financing Activities, net	177	125	384	9,202	89	361	591	499	939	485
Other Net Changes in Cash	-293	-	-	349	2,386	4,456	-	-	-131	-

This table details how cash moves in and out of Merck & Co., Inc.'s business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-4,586	-1,370	3,315	5,702	-1,238	-1,760	2,957	-4,074	-2,987	1,494	1,526
Net Cash From Operating Activities	2,500	3,450	9,291	5,637	3,090	246	7,717	3,704	1,339	4,430	5,602
Net Cash From Continuing Operating Activities	2,500	3,450	9,291	5,637	3,090	246	7,717	3,704	1,339	4,430	5,602
Net Income / (Loss) Continuing Operations	5,085	3,744	3,161	5,461	4,767	-1,226	4,750	-5,972	2,825	3,018	3,252
Consolidated Net Income / (Loss)	5,085	3,744	3,161	5,461	4,767	-1,226	4,750	-5,972	2,825	3,018	3,252
Depreciation Expense	502	522	553	518	511	502	452	426	448	430	499
Amortization Expense	597	675	633	614	473	462	562	477	543	462	460
Non-Cash Adjustments To Reconcile Net Income	214	980	2,763	237	772	1,295	112	10,764	690	1,174	1,789
Changes in Operating Assets and Liabilities, net	-3,898	-2,471	2,181	-1,193	-3,433	-787	1,841	-1,991	-3,167	-654	-398
Net Cash From Investing Activities	-1,487	-1,444	-3,845	-1,069	-1,376	53	-334	-11,443	-2,359	-1,748	-962
Net Cash From Continuing Investing Activities	-1,487	-1,444	-3,845	-1,069	-1,376	53	-334	-11,443	-2,359	-1,748	-962
Purchase of Property, Plant & Equipment	-1,328	-937	-783	-791	-861	-989	-902	-965	-1,007	-1,149	-1,126
Acquisitions	0.00	-2.00	-2,645	-	-746	-	-	-10,705	-1,327	121	-121
Purchase of Investments	-595	-455	-	-49	-15	-251	-117	-25	-562	-494	-5.00
Sale and/or Maturity of Investments	456	7.00	50	60	260	169	704	285	500	12	335
Other Investing Activities, net	-20	-57	-467	-289	-14	1,124	-19	-33	37	-238	-45
Net Cash From Financing Activities	-5,755	-3,009	-2,425	1,216	-2,814	-2,245	-4,269	3,758	-2,054	-1,554	-2,702
Net Cash From Continuing Financing Activities	-5,755	-3,009	-2,425	1,216	-2,814	-2,245	-4,269	3,758	-2,054	-1,554	-2,702
Repayment of Debt	-2,560	-581	-32	-220	-829	-6.00	-1,948	-47	-82	-69	-965
Repurchase of Common Equity	-1,164	-489	-444	-251	-122	-393	-466	-338	-149	-	-
Payment of Dividends	-2,050	-1,951	-1,953	-1,986	-1,950	-1,852	-1,855	-1,885	-1,853	-1,750	-1,747
Other Financing Activities, net	19	12	5.00	73	87	6.00	7.00	82	30	265	10
Effect of Exchange Rate Changes	156	-	-	-	-138	-	-	-93	87	366	-412

This table presents Merck & Co., Inc.'s assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	117,106	106,675	109,160	105,694	91,588	84,397	82,637	87,872	95,377	101,677
Total Current Assets	38,782	32,168	35,722	30,266	27,764	27,483	25,875	24,766	30,614	29,751
Cash & Equivalents	13,242	6,841	12,694	8,096	8,050	9,676	7,965	6,092	6,515	8,524
Short-Term Investments	447	252	498	0.00	-	774	899	2,406	7,826	4,903
Accounts Receivable	10,278	10,349	9,450	9,230	6,803	6,778	7,071	6,873	7,018	6,484
Inventories, net	6,109	6,358	5,911	5,953	5,554	5,978	5,440	5,096	4,866	4,700
Other Current Assets	8,706	8,368	7,169	6,987	4,674	4,277	4,500	4,299	4,389	5,140
Plant, Property, & Equipment, net	23,779	23,051	21,422	19,279	17,000	15,053	13,291	12,439	12,026	12,507
Plant, Property & Equipment, gross	42,934	41,317	39,407	37,471	35,162	32,739	29,615	29,041	27,775	28,430
Accumulated Depreciation	19,155	18,266	17,985	18,192	18,162	17,686	16,324	16,602	15,749	15,923
Total Noncurrent Assets	54,545	51,456	52,016	56,149	46,824	41,861	43,471	50,667	52,737	59,419
Long-Term Investments	463	252	1,015	370	785	1,469	6,233	12,125	11,416	13,039
Goodwill	21,668	21,197	21,204	21,264	18,882	19,425	18,253	18,284	18,162	17,723
Intangible Assets	16,370	18,011	20,269	22,933	14,101	14,196	13,104	14,183	17,305	22,602
Other Noncurrent Operating Assets	16,044	11,996	9,528	-	-	6,771	-	-	-	-
Total Liabilities & Shareholders' Equity	117,106	106,675	109,160	105,694	91,588	84,397	82,637	87,872	95,377	101,677
Total Liabilities	70,734	69,040	63,102	67,437	66,184	58,396	55,755	53,303	55,069	56,910
Total Current Liabilities	28,420	25,694	24,239	23,872	27,327	22,220	22,206	18,614	17,204	19,201
Short-Term Debt	2,649	1,372	1,946	2,412	6,431	3,610	5,308	3,057	568	2,583
Accounts Payable	4,079	3,922	4,264	4,609	4,327	3,738	3,318	3,102	2,807	2,533
Dividends Payable	2,084	1,985	1,884	1,768	1,674	1,587	1,458	1,320	1,316	1,309
Current Deferred & Payable Income Tax Liabilities	3,914	2,649	1,986	1,224	1,597	736	1,971	708	2,239	1,560
Other Current Liabilities	15,694	15,766	14,159	13,859	12,212	12,549	10,151	10,427	10,274	11,216
Total Noncurrent Liabilities	42,314	43,346	38,863	43,565	38,857	36,176	33,549	34,689	37,865	37,709
Long-Term Debt	34,462	33,683	28,745	30,690	25,360	22,736	19,806	21,353	24,274	23,829
Noncurrent Deferred & Payable Income Tax Liabilities	1,387	871	1,795	3,441	1,005	1,470	1,702	2,219	5,077	6,535
Other Noncurrent Operating Liabilities	6,465	8,792	8,323	9,434	12,306	11,970	12,041	11,117	8,514	7,345
Total Equity & Noncontrolling Interests	46,372	37,635	46,058	38,257	25,404	26,001	26,882	34,569	40,308	44,767
Total Preferred & Common Equity	46,313	37,581	45,991	38,184	25,317	25,907	26,701	34,336	40,088	44,676
Total Common Equity	46,313	37,581	45,991	38,184	25,317	25,907	26,701	34,336	40,088	44,676
Common Stock	46,492	46,297	46,167	46,026	41,376	41,448	40,596	41,690	41,727	42,010
Retained Earnings	63,069	53,895	61,081	53,696	47,362	46,602	42,579	41,350	44,133	45,348
Treasury Stock	-58,303	-57,450	-56,489	-57,109	-56,787	-55,950	-50,929	-43,794	-40,546	-38,534
Accumulated Other Comprehensive Income / (Loss)	-4,945	-5,161	-4,768	-4,429	-6,634	-6,193	-5,545	-4,910	-5,226	-4,148
Noncontrolling Interest	59	54	67	73	87	94	181	233	220	91

This table presents Merck & Co., Inc.'s assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	115,122	117,106	117,532	112,630	105,849	106,675	106,727	104,469	107,796	109,160	107,081
Total Current Assets	35,503	38,782	40,361	38,205	31,445	32,168	31,954	29,977	33,402	35,722	33,561
Cash & Equivalents	8,629	13,242	14,593	11,304	5,579	6,841	8,605	5,660	9,707	12,694	11,145
Short-Term Investments	599	447	0.00	50	40	252	168	718	680	498	103
Accounts Receivable	10,790	10,278	11,381	11,642	11,366	10,349	10,394	11,030	10,415	9,450	9,482
Inventories, net	6,196	6,109	6,244	6,469	6,510	6,358	6,131	5,930	5,863	5,911	5,614
Other Current Assets	9,289	8,706	8,143	8,740	7,950	8,368	6,656	-	-	7,169	-
Plant, Property, & Equipment, net	24,793	23,779	23,446	23,221	23,045	23,051	22,526	22,231	21,758	21,422	20,424
Total Noncurrent Assets	54,826	54,545	53,725	51,204	51,359	51,456	52,247	52,261	52,636	52,016	53,096
Long-Term Investments	616	463	575	357	280	252	1,306	1,214	1,290	1,015	984
Goodwill	21,684	21,668	21,697	21,161	21,181	21,197	21,183	21,195	21,209	21,204	21,160
Intangible Assets	15,758	16,370	17,010	16,984	17,572	18,011	19,199	19,665	19,857	20,269	21,368
Other Noncurrent Operating Assets	16,768	16,044	14,443	12,702	12,326	11,996	10,559	-	-	9,528	-
Total Liabilities & Shareholders' Equity	115,122	117,106	117,532	112,630	105,849	106,675	106,727	104,469	107,796	109,160	107,081
Total Liabilities	66,722	70,734	72,972	68,982	65,425	69,040	65,427	65,727	60,891	63,102	62,557
Total Current Liabilities	25,174	28,420	29,586	26,060	25,099	25,694	23,094	23,394	23,131	24,239	22,998
Short-Term Debt	1,360	2,649	3,149	3,071	3,077	1,372	887	2,839	2,672	1,946	1,936
Accounts Payable	3,784	4,079	3,586	3,519	3,514	3,922	3,509	3,442	3,680	4,264	3,371
Dividends Payable	2,077	2,084	1,982	1,981	2,008	1,985	1,877	1,877	1,907	1,884	1,771
Current Deferred & Payable Income Tax Liabilities	5,181	3,914	4,330	2,777	2,398	2,649	1,981	1,489	1,872	1,986	1,698
Other Current Liabilities	12,772	15,694	16,539	14,712	14,102	15,766	14,840	13,747	13,000	14,159	14,222
Total Noncurrent Liabilities	41,548	42,314	43,386	42,922	40,326	43,346	42,333	42,333	37,760	38,863	39,559
Long-Term Debt	33,484	34,462	34,982	34,717	31,142	33,683	33,972	34,072	28,074	28,745	28,482
Noncurrent Deferred & Payable Income Tax Liabilities	1,409	1,387	864	876	922	871	1,018	996	1,442	1,795	2,417
Other Noncurrent Operating Liabilities	6,655	6,465	7,540	7,329	8,262	8,792	7,343	7,265	8,244	8,323	8,660
Total Equity & Noncontrolling Interests	48,400	46,372	44,560	43,648	40,424	37,635	41,300	38,742	46,905	46,058	44,524
Total Preferred & Common Equity	48,335	46,313	44,502	43,582	40,364	37,581	41,246	38,693	46,834	45,991	44,458
Total Common Equity	48,335	46,313	44,502	43,582	40,364	37,581	41,246	38,693	46,834	45,991	44,458
Common Stock	46,604	46,492	46,318	46,150	46,386	46,297	46,146	46,007	46,255	46,167	46,031
Retained Earnings	66,097	63,069	61,384	60,187	56,697	53,895	57,082	54,198	62,039	61,081	59,928
Treasury Stock	-59,401	-58,303	-57,829	-57,394	-57,445	-57,450	-57,066	-56,612	-56,577	-56,489	-56,758
Accumulated Other Comprehensive Income / (Loss)	-4,965	-4,945	-5,371	-5,361	-5,274	-5,161	-4,916	-4,900	-4,883	-4,768	-4,743
Noncontrolling Interest	65	59	58	66	60	54	54	49	71	67	66

This table displays calculated financial ratios and metrics derived from Merck & Co., Inc.'s official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.74%	1.40%	21.72%	17.31%	6.13%	-7.50%	5.41%	0.79%	0.78%	-6.48%
EBITDA Growth	324.15%	-71.69%	19.07%	82.83%	-10.80%	-20.72%	18.07%	10.53%	-13.98%	-50.88%
EBIT Growth	955.37%	-88.51%	18.48%	136.72%	-18.24%	-17.58%	33.43%	39.97%	-13.74%	-68.75%
NOPAT Growth	3,540.91%	-97.04%	41.99%	191.00%	-32.78%	-3.39%	164.57%	-45.56%	-28.30%	46.09%
Net Income Growth	4,444.56%	-97.40%	11.32%	84.54%	-27.54%	57.58%	156.12%	-38.65%	-11.62%	-62.64%
EPS Growth	4,714.29%	-97.55%	11.09%	84.89%	-27.03%	64.22%	166.67%	-38.30%	-9.62%	-61.67%
Operating Cash Flow Growth	65.06%	-31.89%	45.52%	72.27%	-14.26%	-18.66%	69.31%	-37.83%	-17.24%	56.94%
Free Cash Flow Firm Growth	635.23%	-115.13%	299.86%	-2,095.24%	-80.31%	-71.65%	121.27%	-65.31%	378.91%	-84.99%
Invested Capital Growth	6.07%	4.51%	-0.36%	42.27%	8.17%	9.54%	-3.32%	-2.54%	-11.54%	8.88%
Revenue Q/Q Growth	1.57%	1.35%	0.52%	9.79%	13.79%	-14.90%	1.35%	0.80%	-0.25%	-0.67%
EBITDA Q/Q Growth	35.86%	-48.78%	-1.64%	74.24%	18.46%	-11.84%	4.40%	40.31%	-20.09%	-48.31%
EBIT Q/Q Growth	45.31%	-74.64%	-2.35%	111.96%	-24.67%	-36.42%	9.10%	98.45%	-31.80%	-67.06%
NOPAT Q/Q Growth	41.46%	-90.24%	-3.72%	168.05%	-29.08%	-40.40%	90.70%	-15.78%	-35.00%	35.91%
Net Income Q/Q Growth	40.86%	-91.84%	-4.85%	81.39%	-38.59%	6.18%	83.39%	-15.75%	-28.46%	-58.73%
EPS Q/Q Growth	41.30%	-92.22%	-4.99%	80.99%	-38.50%	6.42%	85.60%	-17.14%	-28.06%	-58.06%
Operating Cash Flow Q/Q Growth	17.54%	-24.34%	-3.37%	14.73%	71.36%	-27.41%	-3.76%	6.38%	-5.59%	72.77%
Free Cash Flow Firm Q/Q Growth	23.49%	-281.89%	192.71%	-635.94%	135.93%	-58.35%	5.77%	-33.68%	3.38%	2,093.34%
Invested Capital Q/Q Growth	2.75%	-0.92%	-0.09%	20.83%	-10.62%	-5.20%	-3.29%	-8.57%	-10.86%	-5.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	76.32%	73.17%	70.63%	72.02%	67.20%	69.29%	68.06%	67.82%	64.75%	62.19%
EBITDA Margin	38.08%	9.58%	34.33%	35.10%	22.52%	26.79%	31.26%	27.91%	25.45%	29.81%
Operating Margin	31.03%	3.92%	30.27%	25.74%	11.98%	18.66%	19.62%	15.01%	12.18%	17.54%
EBIT Margin	31.07%	3.14%	27.74%	28.50%	14.12%	18.33%	20.57%	16.25%	11.70%	13.67%
Profit (Net Income) Margin	26.70%	0.63%	24.50%	26.79%	17.03%	24.95%	14.64%	6.03%	9.90%	11.29%
Tax Burden Percent	85.94%	19.96%	88.34%	94.02%	120.60%	136.09%	71.18%	37.08%	84.59%	82.56%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	14.06%	80.04%	11.66%	10.96%	22.86%	21.82%	28.82%	62.92%	15.41%	17.44%
Return on Invested Capital (ROIC)	24.67%	0.71%	24.56%	20.28%	8.77%	14.20%	15.14%	5.55%	9.46%	12.96%
ROIC Less NNEP Spread (ROIC-NNEP)	24.74%	0.33%	18.64%	28.39%	26.71%	43.68%	18.59%	12.29%	-9.85%	60.82%
Return on Net Nonoperating Assets (RNNOA)	16.12%	0.19%	9.90%	20.72%	18.74%	22.71%	5.02%	0.90%	-0.19%	-3.42%
Return on Equity (ROE)	40.79%	0.90%	34.46%	41.00%	27.51%	36.91%	20.16%	6.46%	9.26%	9.53%
Cash Return on Invested Capital (CROIC)	18.78%	-3.69%	24.92%	-14.62%	0.92%	5.10%	18.52%	8.12%	21.71%	4.45%
Operating Return on Assets (OROA)	17.82%	1.75%	15.31%	14.07%	6.66%	8.59%	10.21%	7.12%	4.73%	5.41%
Return on Assets (ROA)	15.31%	0.35%	13.52%	13.23%	8.04%	11.69%	7.26%	2.64%	4.00%	4.46%
Return on Common Equity (ROCE)	40.73%	0.90%	34.40%	40.89%	27.41%	36.72%	20.02%	6.42%	9.23%	9.51%
Return on Equity Simple (ROE_SIMPLE)	36.99%	1.00%	31.58%	34.17%	27.93%	37.67%	23.19%	7.04%	9.83%	9.98%
Net Operating Profit after Tax (NOPAT)	17,112	470	15,852	11,164	3,836	5,707	5,907	2,233	4,101	5,720
NOPAT Margin	26.67%	0.78%	26.74%	22.92%	9.24%	14.59%	13.97%	5.56%	10.30%	14.48%
Net Nonoperating Expense Percent (NNEP)	-0.08%	0.39%	5.92%	-8.12%	-17.94%	-29.48%	-3.45%	-6.73%	19.31%	-47.86%
Return On Investment Capital (ROIC_SIMPLE)	20.50%	0.65%	20.65%	15.64%	6.71%	10.90%	11.36%	3.79%	6.29%	8.04%
Cost of Revenue to Revenue	23.68%	26.83%	29.37%	27.98%	32.80%	30.72%	31.94%	32.18%	35.25%	37.81%
SG&A Expenses to Revenue	16.86%	17.47%	16.94%	19.78%	21.57%	24.17%	23.89%	25.11%	25.16%	26.11%
R&D to Revenue	27.95%	50.79%	22.85%	25.14%	32.27%	24.86%	23.06%	25.77%	25.78%	16.97%
Operating Expenses to Revenue	45.29%	69.26%	40.36%	46.28%	55.22%	50.63%	48.44%	52.81%	52.58%	44.65%
Earnings before Interest and Taxes (EBIT)	19,936	1,889	16,444	13,879	5,863	7,171	8,701	6,521	4,659	5,401
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	24,435	5,761	20,353	17,093	9,349	10,481	13,220	11,197	10,130	11,776
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.39	7.09	5.74	4.61	6.85	7.26	5.89	3.43	3.01	2.38
Price to Tangible Book Value (P/TBV)	30.15	0.00	58.45	0.00	0.00	0.00	0.00	62.94	26.15	24.46
Price to Revenue (P/Rev)	3.89	4.44	4.45	3.62	4.18	4.81	3.72	2.93	3.04	2.69
Price to Earnings (P/E)	14.58	730.45	18.19	13.51	24.55	19.11	25.26	49.14	30.83	23.96
Dividend Yield	3.16%	2.81%	2.69%	3.79%	3.62%	3.06%	3.29%	4.38%	4.22%	4.75%
Earnings Yield	6.86%	0.14%	5.50%	7.40%	4.07%	5.23%	3.96%	2.04%	3.24%	4.17%
Enterprise Value to Invested Capital (EV/IC)	3.82	4.37	4.36	3.11	4.32	4.82	4.36	3.07	2.95	2.31
Enterprise Value to Revenue (EV/Rev)	4.25	4.90	4.73	4.12	4.73	5.18	3.96	3.03	3.02	2.70
Enterprise Value to EBITDA (EV/EBITDA)	11.15	51.10	13.79	11.75	21.02	19.33	12.66	10.87	11.86	9.04
Enterprise Value to EBIT (EV/EBIT)	13.67	155.84	17.07	14.47	33.52	28.26	19.23	18.66	25.79	19.71
Enterprise Value to NOPAT (EV/NOPAT)	15.92	626.34	17.70	17.99	51.22	35.51	28.33	54.49	29.30	18.61
Enterprise Value to Operating Cash Flow (EV/OCF)	12.69	22.63	14.70	15.30	25.80	22.81	15.32	18.86	11.58	8.49
Enterprise Value to Free Cash Flow (EV/FCFF)	20.92	0.00	17.45	0.00	487.13	98.90	23.16	37.25	12.76	54.16
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.80	0.93	0.67	0.87	1.25	1.01	0.93	0.71	0.62	0.59
Long-Term Debt to Equity	0.74	0.90	0.62	0.80	1.00	0.87	0.74	0.62	0.60	0.53
Financial Leverage	0.65	0.57	0.53	0.73	0.70	0.52	0.27	0.07	0.02	-0.06
Leverage Ratio	2.66	2.58	2.55	3.10	3.42	3.16	2.77	2.45	2.32	2.14
Compound Leverage Factor	2.66	2.58	2.55	3.10	3.42	3.16	2.77	2.45	2.32	2.14
Debt to Total Capital	44.45%	48.23%	39.99%	46.39%	55.58%	50.33%	48.30%	41.39%	38.13%	37.11%
Short-Term Debt to Total Capital	3.17%	1.89%	2.54%	3.38%	11.24%	6.90%	10.21%	5.18%	0.87%	3.63%
Long-Term Debt to Total Capital	41.28%	46.34%	37.45%	43.01%	44.34%	43.43%	38.09%	36.20%	37.26%	33.48%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.07%	0.07%	0.09%	0.10%	0.15%	0.18%	0.35%	0.40%	0.34%	0.13%
Common Equity to Total Capital	55.48%	51.70%	59.92%	53.51%	44.26%	49.49%	51.35%	58.22%	61.53%	62.77%
Debt to EBITDA	1.52	6.08	1.51	1.94	3.40	2.51	1.90	2.18	2.45	2.24
Net Debt to EBITDA	0.94	4.81	0.81	1.44	2.46	1.38	0.76	0.34	-0.09	0.00
Long-Term Debt to EBITDA	1.41	5.85	1.41	1.80	2.71	2.17	1.50	1.91	2.40	2.02
Debt to NOPAT	2.17	74.58	1.94	2.97	8.29	4.62	4.25	10.93	6.06	4.62
Net Debt to NOPAT	1.34	58.96	1.04	2.21	5.98	2.53	1.70	1.70	-0.22	-0.01
Long-Term Debt to NOPAT	2.01	71.67	1.81	2.75	6.61	3.98	3.35	9.56	5.92	4.17
Altman Z-Score	4.09	3.72	4.46	3.24	2.97	3.52	3.33	2.77	2.71	2.43
Noncontrolling Interest Sharing Ratio	0.13%	0.14%	0.17%	0.25%	0.35%	0.52%	0.67%	0.61%	0.37%	0.25%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.36	1.25	1.47	1.27	1.02	1.24	1.17	1.33	1.78	1.55
Quick Ratio	0.84	0.68	0.93	0.73	0.54	0.78	0.72	0.83	1.24	1.04
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	13,027	-2,434	16,087	-8,049	403	2,049	7,226	3,266	9,414	1,966
Operating Cash Flow to CapEx	636.65%	336.68%	435.16%	295.01%	171.98%	263.70%	417.67%	341.68%	642.87%	977.24%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.57	0.56	0.55	0.49	0.47	0.47	0.50	0.44	0.40	0.40
Accounts Receivable Turnover	6.22	6.07	6.35	6.08	6.11	5.65	6.07	5.78	5.90	6.03
Inventory Turnover	2.44	2.63	2.94	2.37	2.36	2.10	2.56	2.59	2.93	2.91
Fixed Asset Turnover	2.74	2.70	2.91	2.69	2.59	2.76	3.29	3.28	3.25	3.08
Accounts Payable Turnover	3.80	3.94	3.92	3.05	3.38	3.41	4.21	4.37	5.25	5.79
Days Sales Outstanding (DSO)	58.67	60.11	57.51	60.08	59.70	64.61	60.17	63.19	61.90	60.57
Days Inventory Outstanding (DIO)	149.76	138.85	124.36	154.12	154.54	173.42	142.34	140.80	124.43	125.52
Days Payable Outstanding (DPO)	96.11	92.64	93.01	119.68	108.08	107.17	86.73	83.52	69.46	63.03
Cash Conversion Cycle (CCC)	112.31	106.31	88.86	94.51	106.16	130.86	115.77	120.47	116.87	123.06
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	71,415	67,330	64,426	64,661	45,448	42,015	38,357	39,676	40,709	46,022
Invested Capital Turnover	0.93	0.91	0.92	0.88	0.95	0.97	1.08	1.00	0.92	0.89
Increase / (Decrease) in Invested Capital	4,085	2,904	-235	19,213	3,433	3,658	-1,319	-1,033	-5,313	3,754
Enterprise Value (EV)	272,511	294,380	280,644	200,794	196,515	202,640	167,339	121,657	120,150	106,457
Market Capitalization	249,493	266,616	264,093	176,085	173,472	188,119	157,141	117,637	120,845	106,420
Book Value per Share	$18.31	$14.83	$18.14	$15.12	$10.01	$10.18	$10.27	$12.60	$14.54	$15.99
Tangible Book Value per Share	$3.27	($0.64)	$1.78	($2.38)	($3.03)	($3.03)	($1.79)	$0.69	$1.68	$1.56
Total Capital	83,483	72,690	76,749	71,359	57,195	52,347	51,996	58,979	65,150	71,179
Total Debt	37,111	35,055	30,691	33,102	31,791	26,346	25,114	24,410	24,842	26,412
Total Long-Term Debt	34,462	33,683	28,745	30,690	25,360	22,736	19,806	21,353	24,274	23,829
Net Debt	22,959	27,710	16,484	24,636	22,956	14,427	10,017	3,787	-915	-54
Capital Expenditures (CapEx)	3,372	3,863	4,388	4,448	4,429	3,369	2,615	1,888	1,614	1,283
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-678	753	237	710	-1,182	-1,577	113	711	-363	-294
Debt-free Net Working Capital (DFNWC)	13,011	7,846	13,429	8,806	6,868	8,873	8,977	9,209	13,978	13,133
Net Working Capital (NWC)	10,362	6,474	11,483	6,394	437	5,263	3,669	6,152	13,410	10,550
Net Nonoperating Expense (NNE)	-21	93	1,326	-1,885	-3,235	-4,052	-286	-185	160	1,261
Net Nonoperating Obligations (NNO)	25,043	29,695	18,368	26,404	20,044	16,014	11,475	5,107	401	1,255
Total Depreciation and Amortization (D&A)	4,499	3,872	3,909	3,214	3,486	3,310	4,519	4,676	5,471	6,375
Debt-free, Cash-free Net Working Capital to Revenue	-1.06%	1.25%	0.40%	1.46%	-2.85%	-4.03%	0.27%	1.77%	-0.91%	-0.74%
Debt-free Net Working Capital to Revenue	20.28%	13.05%	22.65%	18.08%	16.54%	22.68%	21.23%	22.95%	35.11%	33.25%
Net Working Capital to Revenue	16.15%	10.77%	19.37%	13.13%	1.05%	13.45%	8.68%	15.33%	33.69%	26.71%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.76	$0.14	$5.73	$5.16	$2.79	$3.84	$2.34	$0.88	$1.42	$1.58
Adjusted Weighted Average Basic Shares Outstanding	2.53B	2.53B	2.54B	2.53B	2.53B	2.54B	2.58B	2.70B	2.75B	2.78B
Adjusted Diluted Earnings per Share	$6.74	$0.14	$5.71	$5.14	$2.78	$3.81	$2.32	$0.87	$1.41	$1.56
Adjusted Weighted Average Diluted Shares Outstanding	2.53B	2.53B	2.54B	2.53B	2.53B	2.54B	2.58B	2.70B	2.75B	2.78B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.53B	2.53B	2.54B	2.53B	2.53B	2.54B	2.58B	2.70B	2.75B	2.78B
Normalized Net Operating Profit after Tax (NOPAT)	17,378	2,068	16,150	11,753	4,280	6,196	6,357	4,758	4,652	6,231
Normalized NOPAT Margin	27.08%	3.44%	27.24%	24.13%	10.31%	15.84%	15.03%	11.86%	11.69%	15.77%
Pre Tax Income Margin	31.07%	3.14%	27.74%	28.50%	14.12%	18.33%	20.57%	16.25%	11.70%	13.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.76%	1,974.80%	48.27%	50.66%	87.89%	58.36%	83.51%	213.69%	130.02%	114.76%
Augmented Payout Ratio	53.38%	2,331.83%	48.27%	57.09%	106.01%	107.34%	230.31%	379.69%	217.15%	208.63%

This table displays calculated financial ratios and metrics derived from Merck & Co., Inc.'s official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.56%	6.79%	4.35%	7.16%	8.89%	5.79%	6.71%	3.03%	-8.89%	2.29%	13.72%
EBITDA Growth	5.23%	596.03%	-20.47%	261.06%	43.37%	-124.56%	46.06%	-181.70%	-22.40%	-7.15%	-24.61%
EBIT Growth	4.11%	303.81%	-27.22%	212.58%	55.34%	-158.24%	56.85%	-218.90%	-24.91%	-10.13%	-31.96%
NOPAT Growth	6.66%	380.33%	-37.49%	252.16%	63.77%	-146.62%	33.33%	-183.38%	-41.35%	-15.57%	-12.87%
Net Income Growth	6.67%	405.38%	-33.45%	191.44%	68.74%	-140.64%	46.02%	-251.23%	-34.41%	-19.72%	-28.77%
EPS Growth	7.49%	410.42%	-33.33%	191.06%	68.47%	-140.68%	45.31%	-251.61%	-34.71%	-20.27%	-28.89%
Operating Cash Flow Growth	-19.09%	1,302.44%	20.40%	52.19%	130.77%	-94.45%	37.75%	-13.90%	-71.88%	-13.05%	16.78%
Free Cash Flow Firm Growth	-82.34%	94.74%	7.77%	152.05%	551.22%	-234.26%	118.85%	24.24%	103.63%	120.29%	-582.77%
Invested Capital Growth	6.68%	6.07%	2.28%	2.53%	4.23%	4.51%	5.39%	5.36%	3.99%	-0.36%	20.50%
Revenue Q/Q Growth	-0.61%	-6.20%	3.38%	2.14%	7.82%	-8.34%	6.17%	3.78%	4.75%	-7.55%	2.51%
EBITDA Q/Q Growth	30.46%	1.72%	-26.09%	7.27%	714.97%	-116.31%	249.68%	-195.50%	5.36%	-3.02%	-16.28%
EBIT Q/Q Growth	41.56%	1.96%	-31.90%	5.93%	377.13%	-136.41%	205.34%	-246.16%	3.90%	-1.95%	-20.15%
NOPAT Q/Q Growth	30.96%	27.14%	-44.80%	16.03%	444.20%	-128.35%	234.38%	-224.89%	-2.02%	-18.92%	-15.96%
Net Income Q/Q Growth	35.82%	18.44%	-42.12%	14.56%	488.83%	-125.81%	179.54%	-311.40%	-6.36%	-7.25%	-17.62%
EPS Q/Q Growth	34.90%	20.16%	-42.06%	14.44%	489.58%	-125.81%	179.15%	-311.71%	-5.93%	-7.81%	-17.42%
Operating Cash Flow Q/Q Growth	-27.54%	-62.87%	64.82%	82.43%	1,156.10%	-96.81%	108.34%	176.62%	-69.77%	-20.92%	30.22%
Free Cash Flow Firm Q/Q Growth	246.48%	-115.14%	-60.13%	99.72%	143.64%	-410.10%	119.26%	-2,598.96%	-91.00%	143.53%	22.59%
Invested Capital Q/Q Growth	5.69%	2.75%	-3.07%	1.35%	5.08%	-0.92%	-2.83%	3.03%	5.36%	-0.09%	-2.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	77.98%	75.50%	75.51%	76.76%	77.56%	73.26%	73.29%	73.24%	72.90%	71.94%	73.70%
EBITDA Margin	45.09%	34.35%	31.67%	44.30%	42.18%	-7.40%	41.56%	-29.48%	32.04%	31.85%	30.36%
Operating Margin	37.79%	27.52%	23.58%	37.54%	35.73%	-13.44%	36.00%	-34.34%	25.81%	24.87%	26.82%
EBIT Margin	38.01%	26.69%	24.55%	37.28%	35.94%	-13.98%	35.21%	-35.48%	25.20%	25.40%	23.95%
Profit (Net Income) Margin	32.75%	23.96%	18.98%	33.89%	30.22%	-8.38%	29.76%	-39.72%	19.50%	21.81%	21.75%
Tax Burden Percent	86.14%	89.78%	77.29%	90.93%	84.07%	59.92%	84.52%	111.94%	77.40%	85.88%	90.79%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	13.86%	10.22%	22.71%	9.07%	15.93%	0.00%	15.48%	0.00%	22.60%	14.12%	9.21%
Return on Invested Capital (ROIC)	28.46%	22.85%	16.75%	30.11%	26.61%	-8.59%	27.25%	-20.56%	17.36%	19.61%	24.34%
ROIC Less NNEP Spread (ROIC-NNEP)	28.56%	22.43%	17.24%	29.98%	26.72%	-7.96%	26.80%	-29.26%	17.06%	19.90%	22.27%
Return on Net Nonoperating Assets (RNNOA)	18.46%	14.61%	10.36%	21.56%	15.70%	-4.57%	14.55%	-19.34%	8.80%	10.57%	10.42%
Return on Equity (ROE)	46.92%	37.46%	27.11%	51.67%	42.31%	-13.16%	41.81%	-39.91%	26.16%	30.18%	34.76%
Cash Return on Invested Capital (CROIC)	17.37%	18.78%	15.35%	17.19%	-0.50%	-3.69%	2.02%	-0.11%	16.81%	24.92%	9.32%
Operating Return on Assets (OROA)	21.99%	15.31%	13.83%	21.46%	20.66%	-7.79%	19.53%	-19.56%	13.60%	14.02%	14.09%
Return on Assets (ROA)	18.94%	13.74%	10.69%	19.51%	17.37%	-4.67%	16.51%	-21.90%	10.52%	12.04%	12.79%
Return on Common Equity (ROCE)	46.85%	37.41%	27.08%	51.60%	42.25%	-13.14%	41.75%	-39.85%	26.12%	30.13%	34.70%
Return on Equity Simple (ROE_SIMPLE)	36.10%	0.00%	27.33%	31.55%	5.75%	0.00%	11.20%	8.07%	27.85%	0.00%	34.34%
Net Operating Profit after Tax (NOPAT)	5,055	3,860	3,036	5,499	4,739	-1,377	4,856	-3,614	2,894	2,953	3,642
NOPAT Margin	32.55%	24.70%	18.23%	34.13%	30.04%	-9.41%	30.43%	-24.04%	19.98%	21.36%	24.35%
Net Nonoperating Expense Percent (NNEP)	-0.11%	0.42%	-0.49%	0.13%	-0.11%	-0.63%	0.46%	8.69%	0.30%	-0.28%	2.07%
Return On Investment Capital (ROIC_SIMPLE)	6.07%	4.62%	3.67%	6.75%	6.35%	-1.89%	6.38%	-4.78%	3.73%	3.85%	4.86%
Cost of Revenue to Revenue	22.02%	24.50%	24.49%	23.24%	22.44%	26.74%	26.71%	26.76%	27.10%	28.06%	26.30%
SG&A Expenses to Revenue	16.43%	18.32%	16.40%	17.00%	15.74%	19.16%	15.78%	17.97%	17.11%	19.43%	16.85%
R&D to Revenue	23.32%	29.34%	35.19%	21.72%	25.31%	65.80%	20.72%	88.60%	29.52%	27.30%	29.41%
Operating Expenses to Revenue	40.20%	47.98%	51.92%	39.22%	41.83%	86.71%	37.29%	107.58%	47.09%	47.07%	46.88%
Earnings before Interest and Taxes (EBIT)	5,903	4,170	4,090	6,006	5,670	-2,046	5,620	-5,335	3,650	3,513	3,583
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	7,002	5,367	5,276	7,138	6,654	-1,082	6,634	-4,432	4,641	4,405	4,542
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.69	5.39	6.36	7.03	8.05	7.09	6.07	7.20	5.45	5.74	4.58
Price to Tangible Book Value (P/TBV)	20.81	30.15	48.86	56.35	201.58	0.00	289.71	0.00	44.27	58.45	105.43
Price to Revenue (P/Rev)	3.55	3.89	4.48	4.90	5.29	4.44	4.22	4.78	4.41	4.45	3.45
Price to Earnings (P/E)	13.01	14.58	23.31	22.30	140.82	730.45	54.32	89.57	19.59	18.19	13.34
Dividend Yield	3.52%	3.16%	2.76%	2.51%	2.34%	2.81%	2.96%	2.62%	2.82%	2.69%	3.44%
Earnings Yield	7.69%	6.86%	4.29%	4.48%	0.71%	0.14%	1.84%	1.12%	5.10%	5.50%	7.50%
Enterprise Value to Invested Capital (EV/IC)	3.34	3.82	4.40	4.64	4.99	4.37	4.05	4.40	4.04	4.36	3.44
Enterprise Value to Revenue (EV/Rev)	3.94	4.25	4.85	5.32	5.75	4.90	4.64	5.28	4.74	4.73	3.76
Enterprise Value to EBITDA (EV/EBITDA)	10.16	11.15	17.02	17.19	45.42	51.10	24.46	33.64	14.44	13.79	10.72
Enterprise Value to EBIT (EV/EBIT)	12.48	13.67	22.31	21.80	90.34	155.84	36.94	56.92	18.02	17.07	13.17
Enterprise Value to NOPAT (EV/NOPAT)	14.45	15.92	25.31	23.84	139.96	626.34	57.15	88.55	19.89	17.70	13.47
Enterprise Value to Operating Cash Flow (EV/OCF)	12.06	12.69	16.76	19.92	23.93	22.63	16.01	20.43	17.51	14.70	11.22
Enterprise Value to Free Cash Flow (EV/FCFF)	19.82	20.92	29.02	27.31	0.00	0.00	205.61	0.00	24.52	17.45	40.34
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.72	0.80	0.86	0.87	0.85	0.93	0.84	0.95	0.66	0.67	0.68
Long-Term Debt to Equity	0.69	0.74	0.79	0.80	0.77	0.90	0.82	0.88	0.60	0.62	0.64
Financial Leverage	0.65	0.65	0.60	0.72	0.59	0.57	0.54	0.66	0.52	0.53	0.47
Leverage Ratio	2.49	2.66	2.61	2.64	2.45	2.58	2.49	2.58	2.44	2.55	2.50
Compound Leverage Factor	2.49	2.66	2.61	2.64	2.45	2.58	2.49	2.58	2.44	2.55	2.50
Debt to Total Capital	41.86%	44.45%	46.11%	46.40%	45.84%	48.23%	45.77%	48.79%	39.60%	39.99%	40.59%
Short-Term Debt to Total Capital	1.63%	3.17%	3.81%	3.77%	4.12%	1.89%	1.16%	3.75%	3.44%	2.54%	2.58%
Long-Term Debt to Total Capital	40.22%	41.28%	42.30%	42.63%	41.72%	46.34%	44.61%	45.04%	36.15%	37.45%	38.01%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.08%	0.07%	0.07%	0.08%	0.08%	0.07%	0.07%	0.06%	0.09%	0.09%	0.09%
Common Equity to Total Capital	58.06%	55.48%	53.82%	53.52%	54.08%	51.70%	54.16%	51.15%	60.31%	59.92%	59.32%
Debt to EBITDA	1.41	1.52	2.12	1.95	4.40	6.08	3.10	4.03	1.62	1.51	1.47
Net Debt to EBITDA	1.01	0.94	1.28	1.35	3.64	4.81	2.20	3.20	1.00	0.81	0.88
Long-Term Debt to EBITDA	1.35	1.41	1.95	1.79	4.01	5.85	3.02	3.72	1.48	1.41	1.38
Debt to NOPAT	2.00	2.17	3.15	2.71	13.56	74.58	7.24	10.61	2.23	1.94	1.85
Net Debt to NOPAT	1.43	1.34	1.90	1.87	11.22	58.96	5.15	8.43	1.38	1.04	1.10
Long-Term Debt to NOPAT	1.92	2.01	2.89	2.49	12.34	71.67	7.06	9.79	2.03	1.81	1.73
Altman Z-Score	3.67	3.64	3.82	4.27	4.56	3.60	3.87	3.74	4.08	4.07	3.51
Noncontrolling Interest Sharing Ratio	0.14%	0.13%	0.13%	0.14%	0.15%	0.14%	0.14%	0.15%	0.16%	0.17%	0.17%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.41	1.36	1.36	1.47	1.25	1.25	1.38	1.28	1.44	1.47	1.46
Quick Ratio	0.80	0.84	0.88	0.88	0.68	0.68	0.83	0.74	0.90	0.93	0.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	330	-225	1,488	3,731	1,868	-4,281	1,380	-7,169	287	3,188	-7,326
Operating Cash Flow to CapEx	188.25%	368.20%	1,186.59%	712.64%	358.89%	24.87%	855.54%	383.83%	132.97%	385.55%	497.51%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.58	0.57	0.56	0.58	0.57	0.56	0.55	0.55	0.54	0.55	0.59
Accounts Receivable Turnover	5.77	6.22	5.80	5.51	5.64	6.07	5.97	5.64	5.72	6.35	6.53
Inventory Turnover	2.37	2.44	2.47	2.49	2.54	2.63	2.74	2.75	2.74	2.94	3.10
Fixed Asset Turnover	2.67	2.74	2.75	2.75	2.74	2.70	2.76	2.76	2.79	2.91	3.03
Accounts Payable Turnover	4.13	3.80	4.31	4.44	4.38	3.94	4.68	4.55	4.32	3.92	5.17
Days Sales Outstanding (DSO)	63.26	58.67	62.90	66.22	64.74	60.11	61.16	64.70	63.84	57.51	55.87
Days Inventory Outstanding (DIO)	153.85	149.76	147.83	146.36	143.46	138.85	133.18	132.72	133.09	124.36	117.63
Days Payable Outstanding (DPO)	88.37	96.11	84.76	82.17	83.41	92.64	78.01	80.15	84.58	93.01	70.65
Cash Conversion Cycle (CCC)	128.74	112.31	125.98	130.41	124.79	106.31	116.32	117.27	112.36	88.86	102.85
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	75,477	71,415	69,505	71,706	70,752	67,330	67,957	69,938	67,881	64,426	64,481
Invested Capital Turnover	0.87	0.93	0.92	0.88	0.89	0.91	0.90	0.86	0.87	0.92	1.00
Increase / (Decrease) in Invested Capital	4,725	4,085	1,548	1,768	2,871	2,904	3,476	3,555	2,607	-235	10,968
Enterprise Value (EV)	251,802	272,511	306,142	332,500	353,120	294,380	275,140	308,011	274,461	280,644	221,724
Market Capitalization	226,737	249,493	283,121	306,357	324,740	266,616	250,306	278,643	255,321	264,093	203,472
Book Value per Share	$19.13	$18.31	$17.56	$17.21	$15.94	$14.83	$16.25	$15.25	$18.45	$18.14	$17.55
Tangible Book Value per Share	$4.31	$3.27	$2.29	$2.15	$0.64	($0.64)	$0.34	($0.85)	$2.27	$1.78	$0.76
Total Capital	83,244	83,483	82,691	81,436	74,643	72,690	76,159	75,653	77,651	76,749	74,942
Total Debt	34,844	37,111	38,131	37,788	34,219	35,055	34,859	36,911	30,746	30,691	30,418
Total Long-Term Debt	33,484	34,462	34,982	34,717	31,142	33,683	33,972	34,072	28,074	28,745	28,482
Net Debt	25,000	22,959	22,963	26,077	28,320	27,710	24,780	29,319	19,069	16,484	18,186
Capital Expenditures (CapEx)	1,328	937	783	791	861	989	902	965	1,007	1,149	1,126
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,461	-678	-669	3,862	3,804	753	974	3,044	2,556	237	1,251
Debt-free Net Working Capital (DFNWC)	11,689	13,011	13,924	15,216	9,423	7,846	9,747	9,422	12,943	13,429	12,499
Net Working Capital (NWC)	10,329	10,362	10,775	12,145	6,346	6,474	8,860	6,583	10,271	11,483	10,563
Net Nonoperating Expense (NNE)	-30	116	-125	38	-28	-151	106	2,358	69	-64	389
Net Nonoperating Obligations (NNO)	27,077	25,043	24,945	28,058	30,328	29,695	26,657	31,196	20,976	18,368	19,957
Total Depreciation and Amortization (D&A)	1,099	1,197	1,186	1,132	984	964	1,014	903	991	892	959
Debt-free, Cash-free Net Working Capital to Revenue	3.85%	-1.06%	-1.06%	6.18%	6.20%	1.25%	1.64%	5.22%	4.42%	0.40%	2.12%
Debt-free Net Working Capital to Revenue	18.29%	20.28%	22.04%	24.35%	15.35%	13.05%	16.43%	16.16%	22.37%	22.65%	21.19%
Net Working Capital to Revenue	16.16%	16.15%	17.06%	19.44%	10.34%	10.77%	14.94%	11.29%	17.75%	19.37%	17.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.01	$1.48	$1.25	$2.15	$1.88	($0.49)	$1.87	($2.35)	$1.11	$1.19	$1.28
Adjusted Weighted Average Basic Shares Outstanding	2.51B	2.53B	2.53B	2.53B	2.53B	2.53B	2.53B	2.54B	2.54B	2.54B	2.54B
Adjusted Diluted Earnings per Share	$2.01	$1.49	$1.24	$2.14	$1.87	($0.48)	$1.86	($2.35)	$1.11	$1.18	$1.28
Adjusted Weighted Average Diluted Shares Outstanding	2.51B	2.53B	2.53B	2.53B	2.53B	2.53B	2.53B	2.54B	2.54B	2.54B	2.54B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.51B	2.53B	2.53B	2.53B	2.53B	2.53B	2.53B	2.54B	2.54B	2.54B	2.54B
Normalized Net Operating Profit after Tax (NOPAT)	5,114	3,905	3,079	5,572	4,843	-1,198	4,963	-3,508	2,946	2,995	3,728
Normalized NOPAT Margin	32.93%	24.99%	18.49%	34.58%	30.70%	-8.19%	31.09%	-23.33%	20.33%	21.65%	24.92%
Pre Tax Income Margin	38.01%	26.69%	24.55%	37.28%	35.94%	-13.98%	35.21%	-35.48%	25.20%	25.40%	23.95%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.50%	45.76%	63.64%	55.58%	325.23%	1,974.80%	158.94%	231.67%	54.58%	48.27%	45.23%
Augmented Payout Ratio	58.95%	53.38%	73.59%	64.54%	382.10%	2,331.83%	179.57%	247.26%	55.73%	48.27%	45.35%

Frequently Asked Questions About Merck & Co., Inc.'s Financials

When does Merck & Co., Inc.'s fiscal year end?

According to the most recent income statement we have on file, Merck & Co., Inc.'s financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Merck & Co., Inc.'s net income changed over the last 9 years?

Merck & Co., Inc.'s net income appears to be on an upward trend, with a most recent value of $17.13 billion in 2024, rising from $4.46 billion in 2015. The previous period was $377 million in 2023. See Merck & Co., Inc.'s forecast for analyst expectations on what’s next for the company.

What is Merck & Co., Inc.'s operating income?

Merck & Co., Inc.'s total operating income in 2024 was $19.91 billion, based on the following breakdown:

Total Gross Profit: $48.98 billion
Total Operating Expenses: $29.06 billion

How has Merck & Co., Inc. revenue changed over the last 9 years?

Over the last 9 years, Merck & Co., Inc.'s total revenue changed from $39.50 billion in 2015 to $64.17 billion in 2024, a change of 62.5%.

How much debt does Merck & Co., Inc. have?

Merck & Co., Inc.'s total liabilities were at $70.73 billion at the end of 2024, a 2.5% increase from 2023, and a 24.3% increase since 2015.

How much cash does Merck & Co., Inc. have?

In the past 9 years, Merck & Co., Inc.'s cash and equivalents has ranged from $6.09 billion in 2017 to $13.24 billion in 2024, and is currently $13.24 billion as of their latest financial filing in 2024.

How has Merck & Co., Inc.'s book value per share changed over the last 9 years?

Over the last 9 years, Merck & Co., Inc.'s book value per share changed from 15.99 in 2015 to 18.31 in 2024, a change of 14.5%.

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This page (NYSE:MRK) was last updated on 5/29/2025 by MarketBeat.com Staff

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Merck & Co., Inc. (MRK) Financials

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Merck & Co., Inc. (MRK) Financials

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