Merck & Co., Inc. (MRK)

NYSE: MRK · USD

$141

-0.79 (-0.6%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-09-08

Our latest published analysis: MRK rated Hold

Merck & Co., Inc.'s published Hold conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$141 / share

Potential value

$279 / share

Upside to FV

-6.0%

from $141

Moat

1/10

None

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$370.9B
Revenue (ttm)	66.6B
Net income (ttm)	3.2B
EPS (ttm)	$1.27
Shares out	2.5B
P/E (trailing)	110.8x
P/E (forward)	15.7x
Dividend	$3.40 (2.42%)
Volume	6,404,220
Beta	0.22

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 66.6B
Net income (ttm): 3.2B
EPS (ttm): $1.27
P/E (trailing): 110.8x
P/E (forward): 15.7x
Market cap: $370.9B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$48.70B	$59.28B	$60.12B	$64.17B	$65.01B	+7.5%
Gross profit	$35.08B	$41.87B	$43.99B	$48.98B	$46.73B	+7.4%
Operating income	$14.69B	$17.41B	$3.04B	$21.21B	$22.42B	+11.2%
Net income	$13.05B	$14.52B	$365.0M	$17.12B	$18.25B	+8.8%
EPS (diluted)	$5.14	$5.71	$0.14	$6.74	$7.28	+9.1%
EBITDA	$17.90B	$21.32B	$6.91B	$25.71B	$28.26B	+12.1%
R&D	$12.25B	$13.55B	$30.53B	$17.94B	$15.79B	+6.6%
SG&A	$9.63B	$10.04B	$10.50B	$10.82B	$10.73B	+2.7%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ABBV	AbbVie Inc.	505.6B	80.8x	7.9x	17.7%	+3.7%	+29.1%	매도
ABT	Abbott Laboratories	177.6B	38.2x	3.7x	7.2%	+2.7%	-17.2%	비중 축소
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	보유
ALGN	Align Technology Inc.	10.9B	26.6x	2.6x	17.2%	+3.6%	+11.6%	비중 축소
ALNY	Alnylam Pharmaceuticals, Inc.	31.1B	41.4x	6.4x	96.6%	+47.5%	-52.1%	적극 매수
AMGN	Amgen Inc.	244.2B	28.1x	6.4x	19.8%	+8.4%	+58.6%	매수

Base and Bull scenarios

Base60%

Price target

$141.37

-6.0% from spot

Revenue recovery continues, margins normalize and per-share results receive modest support from a lower share count. Later growth remains measured rather than accelerating.

FY2027 revenue and EPS remain near their dated analyst means.
Growth fades after FY2027 rather than extending the rebound rate.

Bull20%

Price target

$278.92

+85.5% from spot

Upside persists if growth and margins last beyond the rebound. It fades if stronger results require more investment or debt than operating cash can fund.

FY2027 revenue and EPS reach the stronger portions of their dated ranges.
Cash continues funding distributions without additional leverage.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($141.37). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	1.5%	2.0%	2.5%	3.0%	3.5%
4.6%	$176	$195	$223	$268	$352
5.6%	$146	$156	$169	$187	$214
6.6%	$127	$133	$141	$150	$163
7.6%	$114	$118	$122	$128	$135
8.6%	$104	$107	$110	$114	$118

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E15.7

P25 n/aP50 n/aP75 n/a

Trailing P/E120.3

P25 n/aP50 n/aP75 n/a

ROE7

P25 n/aP50 n/aP75 n/a

ROIC14.1

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All MRK indicators

Market & fundamental data

Available fields

284

Groups with data

Currency

USD

Showing 284 of 284 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000310158
Company name	Merck & Co., Inc.
Country	United States
Country code	US
CUSIP number	58933Y105
Earnings date	2026-10-29
Earnings time	bmo
Employees	75,000
Employees change	0
Employees growth	0%
Enterprise value	$394.7B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	2000
In index	SP500, DOW30
Industry	Drug Manufacturers - General
Is primary listing	Yes
Is SPAC	No
ISIN number	US58933Y1055
Last 10-K release date	2026-02-24
Last earnings date	2026-08-04
Last refreshed	2026-10-28
Last stock split date	1999-02-17
Last stock split type	Forward
Market cap	$347.9B
Market cap category	Mega-Cap
Next earnings date	2026-10-29
Options	Yes
Price	$141.03
Price currency	USD
Sector	Healthcare
SIC code	2834
Stock price date	2026-10-28
Symbol	MRK
U.S. state	New Jersey
Website	https://www.merck.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	43.93x
Average P/E ratio (10Y)	56.04x
Average P/E ratio (3Y)	100.29x
Average P/E ratio (5Y)	71.09x
Earnings yield	0.9%
EV/Earnings	124.36x
EV/EBIT	16.8x
EV/EBITDA	13.67x
EV/FCF	24.57x
EV/Sales	5.93x
FCF / EV yield	4.07%
FCF yield	4.62%
Forward EV/Sales	5.83x
Forward P/E	16.92x
Forward P/S	5.14x
Graham number	22.05604
Graham upside	-84.36%
Industry forward P/E	18.47x
Industry P/E	35.8x
Lynch fair value	$6.36
Lynch upside	-95.49%
P/(FCF - SBC) ratio	22.93x
P/(OCF - SBC) ratio	18.23x
P/B ratio	8.35x
P/E ratio	110.8x
P/FCF ratio	21.65x
P/OCF ratio	17.42x
P/S ratio	5.22x
PEG ratio	3.13x
Price/EBITDA ratio	12.05x
Sector forward P/E	23.56x
Sector P/E	50.13x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	35.28%
EBITDA margin	43.37%
Effective tax rate	46.72%
FCF margin	24.13%
Gross margin	75.9%
Operating margin	35.28%
Pretax margin	8.94%
Profit margin	4.77%
Profit per employee	$42,307
Profitable years	35
Revenue per employee	$887,587
ROA	11.87%
ROA (5Y)	11.18%
ROCE	23.01%
ROE	6.96%
ROE (5Y)	30.37%
ROIC	14.05%
ROIC (5Y)	22.36%
SBC / revenue	1.34%
Tax / revenue	4.17%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	-80.37%
EPS growth 10Y	-3.53%
EPS growth 3Y	1.25%
EPS growth 5Y	-10.38%
EPS growth years	2
FCF growth	9.11%
FCF growth (Q)	77.03%
FCF growth (QoQ)	52.96%
FCF growth 3Y	14.05%
FCF growth 5Y	18.23%
Gross profit growth	2.6%
Gross profit growth (Q)	0.52%
Gross profit growth 3Y	5.77%
Gross profit growth 5Y	9.69%
Net income growth	-80.66%
Net income growth 3Y	0.66%
Net income growth 5Y	-10.64%
Net income growth years	2
OCF growth	7.73%
OCF growth (Q)	63.07%
OCF growth (QoQ)	37.06%
OCF growth 10Y	5.83%
OCF growth 3Y	9.82%
OCF growth 5Y	10.91%
Operating income growth	-1.53%
Operating income growth 3Y	5.7%
Operating income growth 5Y	13.81%
Revenue growth	4.64%
Revenue growth (Q)	5.07%
Revenue growth (QoQ)	1.97%
Revenue growth 10Y	5.37%
Revenue growth 3Y	4.51%
Revenue growth 5Y	8.68%
Revenue growth quarters	4
Revenue growth years	6

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-3.9B
Depreciation and amortization	$5.4B
EBIT	$23.5B
EBITDA	$28.9B
EPS	$1.27
FCF per share	$6.51
Financing cash flow	$6.2B
Free cash flow	$16.1B
Free cash flow minus SBC	$15.2B
Gross profit	$50.5B
Income taxes	$2.8B
Investing cash flow	$-27.3B
Net borrowing	$18.7B
Net cash flow	$-1.2B
Net income	$3.2B
Operating cash flow minus SBC	$19.1B
Operating income	$23.5B
Revenue	$66.6B
Stock-based compensation	$892M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	3.6
Book value per share	$16.99
Debt / EBITDA	1.84
Debt / equity	1.28
Debt / FCF	3.36
Goodwill	$21.6B
Interest coverage	13.47
Long-term assets	$93.1B
Long-term liabilities	$60.1B
Net cash (debt)	$-46.8B
Net cash / market cap	-13.45%
Net debt / EBITDA	1.62
Net debt / equity	1.11
Net debt / FCF	2.91
Piotroski F-Score	4
Property, plant and equipment	$25.7B
Shareholders' equity	$42B
Tangible book value	$-4.6B
Tangible book value per share	$-1.87
Total assets	$129.8B
Total cash	$7.1B
Total debt	$53.9B
Total liabilities	$87.8B
WACC	4.97%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.54
Current assets	$36.7B
Current liabilities	$27.7B
Current ratio	1.32
Inventory turnover	2.51
Net working capital	$4.6B
Quick ratio	0.74
Working capital	$8.9B
Working capital turnover	6.66

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	1.92%
Dividend growth	4.94%
Dividend growth (10Y)	6.33%
Dividend growth (3Y)	5.2%
Dividend growth (5Y)	5.51%
Dividend growth years	15
Dividend payment date	2026-10-07
Dividend payment years	56
Dividend payout frequency	Quarterly
Dividend per share	$3.40
Dividend yield	2.42%
Ex-dividend date	2026-09-15
FCF payout ratio	52.22%
Last dividend	$0.85
Payout ratio	267.12%
Shareholder yield	4.33%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	130.1%
10Y return CAGR	12.6%
10Y total return	227.49%
150-day SMA	$129.74
15Y price change	311.05%
15Y return CAGR	13.83%
15Y total return	598.07%
1D price change	-0.56%
1M price change	-5.21%
1M total return	-5.21%
1W price change	-5.9%
1W total return	-5.9%
1Y price change	60.26%
1Y return CAGR	65.02%
1Y total return	64.97%
20-day SMA	$144.20
200-day SMA	$126.33
20Y price change	205.99%
20Y return CAGR	9.75%
20Y total return	542.38%
3M price change	7.85%
3M total return	8.49%
3Y price change	37.16%
3Y return CAGR	14.54%
3Y total return	50.3%
50-day SMA	$146.97
50-day SMA vs 200-day SMA	50over200
52-week high	$156.92
52-week high date	2026-08-25
52-week low	$82.01
52-week low date	2025-11-04
5Y price change	72.96%
5Y return CAGR	15.05%
5Y total return	101.54%
6M price change	27.94%
6M total return	29.62%
All-time high	$156.92
All-time high date	2026-08-25
All-time low	$1.02
All-time low date	1968-03-25
Average true range (ATR)	$4.26
Average volume	9.6M
Beta (1Y)	-0.32
Beta (2Y)	0.26
Beta (5Y)	0.22
Change from 52-week high	-10.13%
Change from 52-week low	71.97%
Change from all-time high	-10.13%
Change from all-time low	13,672.46%
Change from open	0.88%
Day's gap	-1.42%
Dollar volume	$903.2M
High price	$142.35
Low price	$139.55
Monthly RSI	66.37
Open price	$139.80
Position in 52-week range	52.86%
Premarket change	-0.89%
Premarket close	$141.82
Premarket price	$140.56
Premarket volume	5.5K
Previous close	$141.82
Price vs 150-day SMA	8.7%
Price vs 20-day SMA	-2.2%
Price vs 200-day SMA	11.64%
Price vs 50-day SMA	-4.04%
Relative volume	0.68
RSI	43.49
Sharpe ratio	1.7
Sharpe ratio (3Y)	0.49
Sharpe ratio (5Y)	0.53
Sortino ratio	3.25
Sortino ratio (3Y)	0.95
Sortino ratio (5Y)	1.02
Volume	6.4M
Weekly RSI	57.26
YTD price change	33.98%
YTD total return	36.75%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	2.5B
Float percentage	99.83%
Shares change (QoQ)	-0.08%
Shares change (YoY)	-1.92%
Shares held by insiders	0.05%
Shares held by institutions	81.17%
Shares outstanding	2.5B
Short % of float	1.15%
Short % of shares	1.15%
Short ratio	2.9 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	251

Deeper analysis on MRK

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this MRK report

What is the latest published MRK stock rating?

Merck & Co., Inc. is shown with Hold in the latest published report, analyzed 2026-09-08. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full MRK analysis?

The full latest published report, analyzed 2026-09-08, lives at /stocks/MRK/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for MRK?

The latest published report analyzed 2026-09-08 gives MRK a fair value of USD 141 and a potential value of USD 279. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the MRK page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-09-08). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

HoldMRK · Fair value $141-6.0%

Read full analysis →

Merck & Co., Inc. (MRK)

Our latest published analysis: MRK rated Hold

Price

Financial snapshot

Fair-value bridge

Latest news · MRK

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All MRK indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on MRK

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	4.5
Management	6.5
Balance Sheet	5.0
Profitability	5.0
Revenue Growth	6.0
Risk Assessment	7.0
Competitive Moat	1.0
Earnings Quality	4.5
Capital Efficiency	7.5