Gross margin
74.8% Fiscal year 2025
Rank 87 of 100: higher than 87% of 153 peers (All). strong.
Rank 78 of 100: higher than 78% of 20 peers (Sector). strong.
Median Health Care: 66.6%
Share of revenue left after the direct cost of the products sold.
About the company
Merck & Co. is a major US pharmaceutical company, known as MSD outside North America. Its main drug is the cancer medicine Keytruda; it also makes vaccines such as Gardasil and animal health products. It is not related to the German Merck from Darmstadt. As of Oct 11, 2026
Fact sheet (from the annual report) Pharmaceutical manufacturers · Rahway, USA
According to the company, Merck & Co. is a global healthcare company with the segments Pharmaceutical and Animal Health. The pharmaceutical segment comprises human medicines and vaccines, including Keytruda and the Gardasil vaccine against certain papillomaviruses. The company supplies medicines mainly to wholesalers and retailers, hospitals, government agencies and managed care organizations, and vaccines mainly to physicians, distributors and government bodies. The Animal Health segment markets veterinary medicines and vaccines, for example Bravecto for parasite control and the antibiotic Nuflor for cattle and pigs. Customers are veterinarians, distributors, livestock producers, farmers and pet owners; in addition, there are digital products for identifying and monitoring animals.
Automatically summarized from SEC annual report (10-K, filed Feb 24, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 15, 2026
What the methods say about Merck &
- 52-week-high breakout No current pattern View
- Pullback in trend No current pattern View
- Double bottom No current pattern View
- Gap with volume No current pattern View
- Elliott + Fibonacci No current Elliott setup View
- Fundamentals Growth: yellowMargin: greenDebt: yellow View
Calculated automatically by fixed rules – not investment advice, check for yourself. How we analyze
Price performance at a glance
Last 30 trading days
- Today +0.9%
- 7 days −4.4%
- 30 days −4.7%
- 1 year +61.2%
Day range (last trading day)
−1.4%Price at 70% of the range+0.6%
52-week range
−42.2%Price at 80% of the range+10.6%
- Distance from the all-time high
- −9.6%
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
Fundamental analysis
SEC filing (10-K, 10-Q)Required reports of listed companies to the US Securities and Exchange Commission (SEC): 10-K is the annual report, 10-Q the quarterly report, 20-F the annual report of foreign companies. We show the figures of the first filing.Example: 10-K for the fiscal year ending Sep 27, 2025, filed on Oct 31, 2025.More in the Academy: Lesson revenue, profit and marginMerck & Co. · Sector Health Care · amounts in USD
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Feb 24, 2026.
Quality checks
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
Fiscal year to Dec 31, 2025
Quality
Profitability, consistency, balance sheet · 1 without data
7 of 7 criteria met
Growth
Revenue and earnings per share · 1 without data
5 of 6 criteria met
Dividend
Level, consistency, coverage · 2 without data
5 of 5 criteria met
Financial strength
Piotroski, debt, liquidity
5 of 6 criteria met
Quality 7 of 7 met · 1 without data
- met: Gross margin above 40% 74.8%
- no data: Operating margin above 15% not stated in the SEC filings
- met: Net margin above 10% 28.1%
- met: Return on equity above 15% 34.7%
- met: Free cash flow margin above 10% 19.0%
- met: Profit in each of the last 5 fiscal years 5 of 5
- met: Free cash flow positive in each of the last 3 fiscal years 3 of 3
- met: Equity ratio above 30% 38.4%
Net margin
28.1% Fiscal year 2025
Rank 80 of 100: higher than 80% of 237 peers (All). strong.
Rank 71 of 100: higher than 71% of 26 peers (Sector). strong.
Median Health Care: 13.9%
Profit after all costs, interest and taxes divided by revenue.
Return on equity
34.7% Fiscal year 2025
Rank 79 of 100: higher than 79% of 218 peers (All). strong.
Rank 79 of 100: higher than 79% of 21 peers (Sector). strong.
Median Health Care: 14.3%
Net income divided by equity at fiscal year end.
Return on assets
13.3% Fiscal year 2025 (total assets at year end)
Rank 80 of 100: higher than 80% of 238 peers (All). strong.
Rank 75 of 100: higher than 75% of 26 peers (Sector). strong.
Median Health Care: 6.4%
Net income divided by total assets at fiscal year end.
Equity ratio
38.4% Fiscal year 2025
Rank 54 of 100: higher than 54% of 239 peers (All). medium.
Rank 48 of 100: higher than 48% of 26 peers (Sector). medium.
Median Health Care: 38.5%
Equity as a share of total assets. Usually low for banks.
Free cash flow margin
19.0% Fiscal year 2025
Rank 66 of 100: higher than 66% of 213 peers (All). medium.
Rank 62 of 100: higher than 62% of 25 peers (Sector). medium.
Median Health Care: 14.9%
Free cash flow divided by revenue.
Free cash flow
12.4B USD Fiscal year 2025
Operating cash flow minus capital expenditure on property and equipment.
Growth 5 of 6 met · 1 without data
- not met: Over 3 years, revenue grew by more than 5% per year +3.1%
- met: Over 5 years, revenue grew by more than 5% per year +6.3%
- no data: Over 10 years, revenue grew by more than 5% per year no comparable figures over 10 years
- met: Over 3 years, EPS grew by more than 5% per year +8.4%
- met: Over 5 years, EPS grew by more than 5% per year +21.2%
- met: Revenue rose in at least 4 of the last 5 fiscal years 5 of 5
- met: Revenue rose in the last fiscal year +1.3%
Revenue growth 3 years
+3.1% per year
Rank 26 of 100: higher than 26% of 230 peers (All). weak.
Rank 42 of 100: higher than 42% of 25 peers (Sector). medium.
Median Health Care: +5.6%
Average growth per year over 3 fiscal years.
Revenue growth 5 years
+6.3% per year
Rank 26 of 100: higher than 26% of 217 peers (All). weak.
Rank 30 of 100: higher than 30% of 25 peers (Sector). weak.
Median Health Care: +8.5%
Average growth per year over 5 fiscal years.
EPS growth 3 years
+8.4% per year
Rank 41 of 100: higher than 41% of 157 peers (All). medium.
Rank 61 of 100: higher than 61% of 22 peers (Sector). medium.
Median Health Care: +5.5%
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 5 years
+21.2% per year
Rank 72 of 100: higher than 72% of 146 peers (All). strong.
Rank 83 of 100: higher than 83% of 20 peers (Sector). strong.
Median Health Care: +7.0%
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 10 years
+16.7% per year
Rank 78 of 100: higher than 78% of 140 peers (All). strong.
Rank 83 of 100: higher than 83% of 20 peers (Sector). strong.
Median Health Care: +8.3%
Growth of earnings per share per year, adjusted for stock splits.
Dividend 5 of 5 met · 2 without data
- met: Pays a dividend 3.28 USD
- met: Payout ratio at most 60% of earnings 45%
- no data: Dividend paid in each of the last 5 fiscal years not reported as an annual figure for each of the last 5 fiscal years
- no data: Dividend per share never lowered in the last 5 fiscal years not reported as an annual figure for each of the last 5 fiscal years
- met: Dividend per share higher than 5 years ago +5.8%
- met: Free cash flow per share covers the dividend 1.5x
- met: Dividends paid over the last 5 years covered by free cash flow 59% of free cash flow
Payout ratio
45% Fiscal year 2025
Dividend per share divided by earnings per share.
Dividend growth 5 years
+5.8% per year
Rank 27 of 100: higher than 27% of 118 peers (All). weak.
Rank 22 of 100: higher than 22% of 16 peers (Sector). weak.
Median Health Care: +7.8%
Growth of the dividend per share per year.
Free cash flow coverage
1.5x Fiscal year 2025
Free cash flow per share divided by dividend per share. From 1x the dividend is covered.
Financial strength 5 of 6 met
- not met: Piotroski F-Score at least 7 of 9 4 of 9
- met: Long-term debt no higher than equity 0.89
- met: Current assets cover current liabilities 1.54
- met: Positive equity 52.6B USD
- met: In 5 years, share count up by at most 5% −1.3%
- met: Free cash flow positive in the last fiscal year 12.4B USD
Piotroski F-Score
4 of 9 Fiscal year 2025
Rank 8 of 100: higher than 8% of 134 peers (All). weak.
Rank 11 of 100: higher than 11% of 19 peers (Sector). weak.
Median Health Care: 7.0 of 9
Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.
Debt / equity
0.89 at fiscal year end
Rank 38 of 100: lower than 38% of 199 peers (All). medium.
Rank 25 of 100: lower than 25% of 18 peers (Sector). weak.
Median Health Care: 0.72
Long-term financial debt divided by equity.
Liquidity (current ratio)
1.54 at fiscal year end
Rank 55 of 100: higher than 55% of 215 peers (All). medium.
Rank 44 of 100: higher than 44% of 26 peers (Sector). medium.
Median Health Care: 1.56
Current assets divided by current liabilities.
Change in share count
−1.3% in 5 years
Rank 48 of 100: lower than 48% of 199 peers (All). medium.
Rank 35 of 100: lower than 35% of 24 peers (Sector). medium.
Median Health Care: −2.7%
Change in diluted share count. Negative = share buybacks, positive = new shares.
The 9 criteria of the Piotroski F-Score
- met: Profit in the last fiscal year (positive return on assets)
- met: Positive operating cash flow
- not met: Return on assets higher than the prior year
- not met: Operating cash flow higher than net income
- not met: Long-term debt relative to total assets fell
- met: Liquidity (current assets / current liabilities) rose
- met: No additional shares (diluted share count did not rise)
- not met: Gross margin higher than the prior year
- not met: Revenue relative to total assets higher than the prior year
Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.
In short
- Light yellow: Revenue grew over 5 years (+6.3% per year), more slowly than the sector median.
- Light green: Net income (total) grew over 5 years (+20.9% per year), at least as fast as the sector median; per share +21.2% per year.
- Light green: Net margin 28.1%, above the sector median (12.9%).
- Light yellow: Debt higher than usual in the sector.
- Light green: Profit in each of the last 10 fiscal years.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 39.8B USD · Net income 3.9B USD · Net margin 9.8%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 40.1B USD · Net income 2.4B USD · Net margin 6.0%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 42.3B USD · Net income 6.2B USD · Net margin 14.7%
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 46.8B USD · Net income 9.8B USD · Net margin 21.0%
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 48.0B USD · Net income 7.1B USD · Net margin 14.7%
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 48.7B USD · Net income 13.0B USD · Net margin 26.8%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 59.3B USD · Net income 14.5B USD · Net margin 24.5%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 60.1B USD · Net income 365.0M USD · Net margin 0.6%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 64.2B USD · Net income 17.1B USD · Net margin 26.7%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 65.0B USD · Net income 18.3B USD · Net margin 28.1%
- Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Revenue 16.0B USD · Net income 4.7B USD · Net margin 29.7%
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Revenue 14.6B USD · Net income −1.2B USD · Net margin −8.4% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Revenue 15.8B USD · Net income 4.8B USD · Net margin 30.2%
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Revenue 16.1B USD · Net income 5.5B USD · Net margin 33.9%
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Revenue 16.7B USD · Net income 3.2B USD · Net margin 19.0%
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Revenue 15.6B USD · Net income 3.7B USD · Net margin 24.0% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Revenue 15.5B USD · Net income 5.1B USD · Net margin 32.7%
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Revenue 15.8B USD · Net income 4.4B USD · Net margin 28.0%
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Revenue 17.3B USD · Net income 5.8B USD · Net margin 33.5%
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Revenue 16.4B USD · Net income 3.0B USD · Net margin 18.1% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Revenue 16.3B USD · Net income −4.2B USD · Net margin −26.0%
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Revenue 16.6B USD · Net income −1.3B USD · Net margin −8.0%
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Earnings per share 1.41 USD
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Earnings per share 0.87 USD
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Earnings per share 2.32 USD
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Earnings per share 3.81 USD
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Earnings per share 2.78 USD
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Earnings per share 5.14 USD
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Earnings per share 5.71 USD
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Earnings per share 0.14 USD
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Earnings per share 6.74 USD
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Earnings per share 7.28 USD
- Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Earnings per share 1.86 USD
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Earnings per share not reported separately for Q4
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Earnings per share 1.87 USD
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Earnings per share 2.14 USD
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Earnings per share 1.24 USD
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Earnings per share not reported separately for Q4
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Earnings per share 2.01 USD
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Earnings per share 1.76 USD
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Earnings per share 2.32 USD
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Earnings per share not reported separately for Q4
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Earnings per share −1.72 USD
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Earnings per share −0.54 USD
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Dividend per share 1.85 USD · Payout ratio 131.2%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Dividend per share 1.89 USD · Payout ratio 217.2%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Dividend per share 1.99 USD · Payout ratio 85.8%
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Dividend per share 2.26 USD · Payout ratio 59.3%
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Dividend per share 2.48 USD · Payout ratio 89.2%
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Dividend per share 2.64 USD · Payout ratio 51.4%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Dividend per share 2.80 USD · Payout ratio 49.0%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Dividend per share 2.96 USD · Payout ratio 2,114.3%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Dividend per share 3.12 USD · Payout ratio 46.3%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Dividend per share 3.28 USD · Payout ratio 45.1%
- Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Dividend per share 0.73 USD · Payout ratio 39.2%
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Dividend per share 0.77 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Dividend per share 0.77 USD · Payout ratio 41.2%
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Dividend per share 0.77 USD · Payout ratio 36.0%
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Dividend per share 0.77 USD · Payout ratio 62.1%
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Dividend per share 0.81 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Dividend per share 0.81 USD · Payout ratio 40.3%
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Dividend per share 0.81 USD · Payout ratio 46.0%
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Dividend per share 0.81 USD · Payout ratio 34.9%
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Dividend per share 0.85 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Dividend per share 0.85 USD · Payout ratio not available
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Dividend per share 0.85 USD · Payout ratio not available
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 65.0B USD · Net income 18.3B USD · Net margin 28.1%
Figures over time
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Money flow in fiscal year 2025
Of 100 USD of revenue, 74.8 USD gross profit and 28.1 USD net income remained.
Money flow as a table
| Item | Amount | of revenue |
|---|---|---|
| Revenue | 65.0B USD | 100.0% |
| Gross profit | 48.6B USD | 74.8% |
| Cost of revenue | 16.4B USD | 25.2% |
| Net income | 18.3B USD | 28.1% |
| Research & development | 15.8B USD | 24.3% |
| Interest expense | 1.4B USD | 2.1% |
| Taxes | 2.8B USD | 4.3% |
| Remaining costs & other | 10.4B USD | 16.0% |
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
Margins
The net margin rose in 5 years from 14.7% to 28.1%.
Gross marginNet margin- Fiscal year 2016: Gross margin 64.8% · Net margin 9.8%
- Fiscal year 2017: Gross margin 67.8% · Net margin 6.0%
- Fiscal year 2018: Gross margin 68.1% · Net margin 14.7%
- Fiscal year 2019: Gross margin 69.9% · Net margin 21.0%
- Fiscal year 2020: Gross margin 67.7% · Net margin 14.7%
- Fiscal year 2021: Gross margin 72.0% · Net margin 26.8%
- Fiscal year 2022: Gross margin 70.6% · Net margin 24.5%
- Fiscal year 2023: Gross margin 73.2% · Net margin 0.6%
- Fiscal year 2024: Gross margin 76.3% · Net margin 26.7%
- Fiscal year 2025: Gross margin 74.8% · Net margin 28.1%
Returns
Return on equity rose in 5 years from 27.9% to 34.7%.
Return on equityReturn on assets- Fiscal year 2016: Return on equity 9.8% · Return on assets 4.1%
- Fiscal year 2017: Return on equity 7.0% · Return on assets 2.7%
- Fiscal year 2018: Return on equity 23.3% · Return on assets 7.5%
- Fiscal year 2019: Return on equity 38.0% · Return on assets 11.7%
- Fiscal year 2020: Return on equity 27.9% · Return on assets 7.7%
- Fiscal year 2021: Return on equity 34.2% · Return on assets 12.3%
- Fiscal year 2022: Return on equity 31.6% · Return on assets 13.3%
- Fiscal year 2023: Return on equity 1.0% · Return on assets 0.3%
- Fiscal year 2024: Return on equity 37.0% · Return on assets 14.6%
- Fiscal year 2025: Return on equity 34.7% · Return on assets 13.3%
Equity and long-term debt
The equity ratio rose in 5 years from 27.6% to 38.4%.
EquityLong-term debt in USD Long-term debt, depending on the filing, includes the current portion or leases.- Fiscal year 2016: Equity 40.1B USD · Long-term debt 24.3B USD
- Fiscal year 2017: Equity 34.3B USD · Long-term debt 21.4B USD
- Fiscal year 2018: Equity 26.7B USD · Long-term debt 19.8B USD
- Fiscal year 2019: Equity 25.9B USD · Long-term debt 22.7B USD
- Fiscal year 2020: Equity 25.3B USD · Long-term debt 25.4B USD
- Fiscal year 2021: Equity 38.2B USD · Long-term debt 30.7B USD
- Fiscal year 2022: Equity 46.0B USD · Long-term debt 28.7B USD
- Fiscal year 2023: Equity 37.6B USD · Long-term debt 33.7B USD
- Fiscal year 2024: Equity 46.3B USD · Long-term debt 34.5B USD
- Fiscal year 2025: Equity 52.6B USD · Long-term debt 46.8B USD
Liquidity (current ratio)
The current ratio rose in 5 years from 1.02 to 1.54.
Current ratio- Fiscal year 2016: Current ratio 1.78
- Fiscal year 2017: Current ratio 1.33
- Fiscal year 2018: Current ratio 1.17
- Fiscal year 2019: Current ratio 1.24
- Fiscal year 2020: Current ratio 1.02
- Fiscal year 2021: Current ratio 1.27
- Fiscal year 2022: Current ratio 1.47
- Fiscal year 2023: Current ratio 1.25
- Fiscal year 2024: Current ratio 1.36
- Fiscal year 2025: Current ratio 1.54
Cash flow
Free cash flow rose in 5 years from 5.6B USD to 12.4B USD.
Operating cash flowCapital expenditureFree cash flow in USD- Fiscal year 2016: Operating cash flow 10.4B USD · Capital expenditure 1.6B USD · Free cash flow 8.8B USD
- Fiscal year 2017: Operating cash flow 6.4B USD · Capital expenditure 1.9B USD · Free cash flow 4.6B USD
- Fiscal year 2018: Operating cash flow 10.9B USD · Capital expenditure 2.6B USD · Free cash flow 8.3B USD
- Fiscal year 2019: Operating cash flow 13.4B USD · Capital expenditure 3.5B USD · Free cash flow 10.0B USD
- Fiscal year 2020: Operating cash flow 10.3B USD · Capital expenditure 4.7B USD · Free cash flow 5.6B USD
- Fiscal year 2021: Operating cash flow 13.1B USD · Capital expenditure 4.4B USD · Free cash flow 8.7B USD
- Fiscal year 2022: Operating cash flow 19.1B USD · Capital expenditure 4.4B USD · Free cash flow 14.7B USD
- Fiscal year 2023: Operating cash flow 13.0B USD · Capital expenditure 3.9B USD · Free cash flow 9.1B USD
- Fiscal year 2024: Operating cash flow 21.5B USD · Capital expenditure 3.4B USD · Free cash flow 18.1B USD
- Fiscal year 2025: Operating cash flow 16.5B USD · Capital expenditure 4.1B USD · Free cash flow 12.4B USD
Share count
The share count fell in 5 years by 1.3% (mostly through share repurchases).
Diluted share count- Fiscal year 2016: Diluted share count 2.8B
- Fiscal year 2017: Diluted share count 2.7B
- Fiscal year 2018: Diluted share count 2.7B
- Fiscal year 2019: Diluted share count 2.6B
- Fiscal year 2020: Diluted share count 2.5B
- Fiscal year 2021: Diluted share count 2.5B
- Fiscal year 2022: Diluted share count 2.5B
- Fiscal year 2023: Diluted share count 2.5B
- Fiscal year 2024: Diluted share count 2.5B
- Fiscal year 2025: Diluted share count 2.5B
From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
Dividends and share repurchases
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
- Dividend per share
- 3.28 USD · Fiscal year 2025
- Dividend growth per year
- 3 y +5.4%5 y +5.8%10 y +6.1%
- Years without a cut
- at least 1 as far as the data goes
- Payout ratio
- of earnings 45% of free cash flow 66%
- To shareholders (5 years)
- 45.7B USD 19% through repurchases
- Share count over 5 years
- −1.3% fewer shares – each share is a larger stake
Dividend per share
The dividend per share rose in 5 years from 2.48 USD to 3.28 USD.
Dividend per share USD per share Per share as filed with the SEC, including special dividends; obvious filing errors are hidden.- Fiscal year 2016: Dividend per share 1.85 USD
- Fiscal year 2017: Dividend per share 1.89 USD
- Fiscal year 2018: Dividend per share 1.99 USD
- Fiscal year 2019: Dividend per share 2.26 USD
- Fiscal year 2020: Dividend per share 2.48 USD
- Fiscal year 2021: Dividend per share 2.64 USD
- Fiscal year 2022: Dividend per share 2.80 USD
- Fiscal year 2023: Dividend per share not available
- Fiscal year 2024: Dividend per share 3.12 USD
- Fiscal year 2025: Dividend per share 3.28 USD
Payout ratios
The payout ratio fell in 5 years from 89.2% to 45.1%.
Payout ratio (earnings)Payout ratio (free cash flow)- Fiscal year 2016: Payout ratio (earnings) 131.2% · Payout ratio (free cash flow) 58.5%
- Fiscal year 2017: Payout ratio (earnings) 217.2% · Payout ratio (free cash flow) 113.3%
- Fiscal year 2018: Payout ratio (earnings) 85.8% · Payout ratio (free cash flow) 62.3%
- Fiscal year 2019: Payout ratio (earnings) 59.3% · Payout ratio (free cash flow) 57.1%
- Fiscal year 2020: Payout ratio (earnings) 89.2% · Payout ratio (free cash flow) 111.6%
- Fiscal year 2021: Payout ratio (earnings) 51.4% · Payout ratio (free cash flow) 76.2%
- Fiscal year 2022: Payout ratio (earnings) 49.0% · Payout ratio (free cash flow) 47.7%
- Fiscal year 2023: Payout ratio (earnings) not available · Payout ratio (free cash flow) 81.4%
- Fiscal year 2024: Payout ratio (earnings) 46.3% · Payout ratio (free cash flow) 43.3%
- Fiscal year 2025: Payout ratio (earnings) 45.1% · Payout ratio (free cash flow) 66.1%
What goes back to shareholders
Over 5 years, 45.7B USD went back to shareholders, 19% of it through share repurchases. That is 72% of the free cash flow of those years.
Dividends paidShare repurchasesNew shares issued (including employee plans)Free cash flow in USD- Fiscal year 2016: Dividends paid 5.1B USD · Share repurchases 3.4B USD · New shares issued (including employee plans) not available · Free cash flow 8.8B USD
- Fiscal year 2017: Dividends paid 5.2B USD · Share repurchases 4.0B USD · New shares issued (including employee plans) not available · Free cash flow 4.6B USD
- Fiscal year 2018: Dividends paid 5.2B USD · Share repurchases 9.1B USD · New shares issued (including employee plans) not available · Free cash flow 8.3B USD
- Fiscal year 2019: Dividends paid 5.7B USD · Share repurchases 4.8B USD · New shares issued (including employee plans) not available · Free cash flow 10.0B USD
- Fiscal year 2020: Dividends paid 6.2B USD · Share repurchases 1.3B USD · New shares issued (including employee plans) not available · Free cash flow 5.6B USD
- Fiscal year 2021: Dividends paid 6.6B USD · Share repurchases 840.0M USD · New shares issued (including employee plans) not available · Free cash flow 8.7B USD
- Fiscal year 2022: Dividends paid 7.0B USD · Share repurchases 0.0 USD · New shares issued (including employee plans) not available · Free cash flow 14.7B USD
- Fiscal year 2023: Dividends paid 7.4B USD · Share repurchases 1.3B USD · New shares issued (including employee plans) not available · Free cash flow 9.1B USD
- Fiscal year 2024: Dividends paid 7.8B USD · Share repurchases 1.3B USD · New shares issued (including employee plans) not available · Free cash flow 18.1B USD
- Fiscal year 2025: Dividends paid 8.2B USD · Share repurchases 5.1B USD · New shares issued (including employee plans) not available · Free cash flow 12.4B USD
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Valuation over time
Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users. Log in
Sector comparison
Merck & Co. next to 8 stocks of the sector Health Care we cover that are closest in revenue. Click a column header to sort the table.
| Symbol | Revenue (FY) | Growth 5 yrs | Gross margin | Op. margin | Net margin | ROE | Equity ratio | FCF margin | Piotroski |
|---|---|---|---|---|---|---|---|---|---|
| JNJ Johnson & Johnson | 94.2B USD | +2.7% | 67.9% | – | 28.5% | 32.9% | 40.9% | 20.9% | 4/9 |
| HCA HCA Healthcare | 75.6B USD | +8.0% | – | – | 9.0% | – | −9.9% | 10.2% | – |
| LLY Lilly (Eli) | 65.2B USD | +21.6% | 83.0% | – | 31.7% | 77.8% | 23.6% | 13.8% | 7/9 |
| MRK Merck & Co. this stock | 65.0B USD | +6.3% | 74.8% | – | 28.1% | 34.7% | 38.4% | 19.0% | 4/9 |
| PFE Pfizer | 62.6B USD | +8.5% | 74.3% | – | 12.4% | 9.0% | 41.5% | 14.5% | 6/9 |
| ABBV AbbVie | 61.2B USD | +6.0% | 70.2% | 24.6% | 6.9% | – | −2.4% | 29.1% | 8/9 |
| BMY Bristol Myers Squibb | 48.2B USD | +2.5% | 71.1% | – | 14.6% | 38.2% | 20.5% | 26.7% | 8/9 |
| TMO Thermo Fisher Scientific | 44.6B USD | +6.7% | – | 17.4% | 15.0% | 12.6% | 48.4% | 14.1% | – |
| ABT Abbott Laboratories | 44.3B USD | +5.1% | 56.4% | 18.2% | 14.7% | 12.5% | 60.1% | 16.7% | 6/9 |
| Median of the sector 26 symbols | 44.4B USD | +8.5% | 66.6% | 18.0% | 13.9% | 14.3% | 38.5% | 14.9% | 7/9 |
Growth 5 yrs = revenue growth per year over 5 fiscal years · Op. margin = operating margin · ROE = return on equity · FCF = free cash flow · Piotroski = F-Score (only with all 9 criteria).
Figures of the last fiscal year from SEC annual reports (peers as of Oct 28, 2026). Median across all companies of the sector we cover (from 5 stocks; several share classes of one company count once). Signed-in users also see P/E, P/S and dividend yield in the comparison. Describes the reported figures – not investment advice.
Key figures with traffic lights
Each light follows a simple, disclosed rule. The comparison is with the sector median Sector medianThe middle value of all companies in a sector: half are above it, half below. Unlike the average, single outliers hardly distort it.Example: Margins 4%, 8%, 10%, 12%, 60% → median 10%, average 18.8%.More in the Academy: Lesson putting the P/E in context of all 63 symbols in the Health Care sector on our list (current members of the S&P 500 and other lists).
Revenue growth
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+6.3% per year, last 5 years
Sector Health Care: median +7.8% (60 symbols)
What does this mean? Revenue: over 5 years it grew by 6.3% per year on average, but more slowly than the median company in the sector (+7.8%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net income (total)
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+20.9% per year, last 5 years
Sector Health Care: median +7.5% (46 symbols)
per share: +21.2% per year (5 years, split-adjusted)
What does this mean? Total net income: over 5 years it grew by 20.9% per year on average – at least as fast as the median company in the sector (+7.5%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net margin
Profit marginThe share of revenue that is left as profit after all costs.Example: Profit €60m on €500m revenue → margin 12%.More in the Academy: Lesson revenue, profit and margin28.1% last fiscal year
Sector Health Care: median 12.9% (63 symbols)
What does this mean? Of every 100 USD in revenue, 28.08 USD remained as profit – at least as much as the median company in the sector (12.9%). Five years ago the margin was 14.7%.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
Debt / equity
Debt-to-equity ratioFinancial debt (loans, bonds) divided by equity. A high value amplifies good and bad years alike. The key figures bar in the chart only uses long-term financial debt.Example: Financial debt €300m, equity €500m → 0.6.More in the Academy: Lesson debt, dividends and growth1.22 latest balance sheet
Sector Health Care: median 0.66 (49 symbols)
What does this mean? For every 1 USD of equity there is 1.22 USD of financial debt – more than the median company in the sector (0.66). More debt amplifies good and bad years alike.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
Payout ratio
Payout ratioThe share of profit that a company pays out as a dividend. Above 100% it pays out more than it earns.Example: Dividend €1, earnings per share €2.50 → payout ratio 40%.More in the Academy: Lesson debt, dividends and growth45% Dividend / earnings per share
Sector Health Care: median 28% (31 symbols)
What does this mean? Of every 1 USD of earnings per share, 0.45 USD went to shareholders as a dividend. The rest stays in the company. Median company in the sector: 28%.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
Profitable years
Profitable yearsHow many of the last fiscal years ended with a profit rather than a loss on the bottom line. The figure shows how consistently a company earns.Example: Profit in 9 of 10 years → one loss year.More in the Academy: Lesson revenue, profit and margin10 of 10 fiscal years with a profit
What does this mean? In 10 of the last 10 fiscal years the bottom line showed a profit. There were no losses in this period.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
All figures as a table
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 65.0B | 18.3B | 28.1% | 7.28 | 3.28 | 45% |
| 2024 | Dec 31, 2024 | 64.2B | 17.1B | 26.7% | 6.74 | 3.12 | 46% |
| 2023 | Dec 31, 2023 | 60.1B | 365.0M | 0.6% | 0.14 | 2.96 | 2,114% |
| 2022 | Dec 31, 2022 | 59.3B | 14.5B | 24.5% | 5.71 | 2.80 | 49% |
| 2021 | Dec 31, 2021 | 48.7B | 13.0B | 26.8% | 5.14 | 2.64 | 51% |
| 2020 | Dec 31, 2020 | 48.0B | 7.1B | 14.7% | 2.78 | 2.48 | 89% |
| 2019 | Dec 31, 2019 | 46.8B | 9.8B | 21.0% | 3.81 | 2.26 | 59% |
| 2018 | Dec 31, 2018 | 42.3B | 6.2B | 14.7% | 2.32 | 1.99 | 86% |
| 2017 | Dec 31, 2017 | 40.1B | 2.4B | 6.0% | 0.87 | 1.89 | 217% |
| 2016 | Dec 31, 2016 | 39.8B | 3.9B | 9.8% | 1.41 | 1.85 | 131% |
| Quarter | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| Q2/26 | Jun 30, 2026 | 16.6B | −1.3B | −8.0% | −0.54 | 0.85 | – |
| Q1/26 | Mar 31, 2026 | 16.3B | −4.2B | −26.0% | −1.72 | 0.85 | – |
| Q4/25* | Dec 31, 2025 | 16.4B | 3.0B | 18.1% | – | 0.85 | – |
| Q3/25 | Sep 30, 2025 | 17.3B | 5.8B | 33.5% | 2.32 | 0.81 | 35% |
| Q2/25 | Jun 30, 2025 | 15.8B | 4.4B | 28.0% | 1.76 | 0.81 | 46% |
| Q1/25 | Mar 31, 2025 | 15.5B | 5.1B | 32.7% | 2.01 | 0.81 | 40% |
| Q4/24* | Dec 31, 2024 | 15.6B | 3.7B | 24.0% | – | 0.81 | – |
| Q3/24 | Sep 30, 2024 | 16.7B | 3.2B | 19.0% | 1.24 | 0.77 | 62% |
| Q2/24 | Jun 30, 2024 | 16.1B | 5.5B | 33.9% | 2.14 | 0.77 | 36% |
| Q1/24 | Mar 31, 2024 | 15.8B | 4.8B | 30.2% | 1.87 | 0.77 | 41% |
| Q4/23* | Dec 31, 2023 | 14.6B | −1.2B | −8.4% | – | 0.77 | – |
| Q3/23 | Sep 30, 2023 | 16.0B | 4.7B | 29.7% | 1.86 | 0.73 | 39% |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
Insiders
Insider transactionsExecutives, directors and major shareholders (over 10%) of US companies report their own transactions in their company’s stock to the SEC within two business days (Form 4). Purchases in the market count as more meaningful than sales (often taxes, estate planning).Example: Three executives acquire stock worth a total of 2 million USD within two weeks → “purchases by several insiders”.More in the Academy: Glossary| Period | Purchases | Sales | Net |
|---|---|---|---|
| 3 months | $00 people | $30.0M5 people | −$30.0M |
| 6 months | $00 people | $30.0M5 people | −$30.0M |
| 12 months | $00 people | $72.0M11 people | −$72.0M |
Latest transactions
- Aug 13, 2026 Guindo Chirfi Officer Open-market sale 10,000 shares · $1.4M · SEC
- Aug 12, 2026 Zachary Jennifer Officer Open-market sale 80,315 shares · $10.7M · SEC
- Aug 12, 2026 DeLuca Richard R. Officer Open-market sale 600 shares · $79.2K · SEC
- Aug 12, 2026 DeLuca Richard R. Officer Open-market sale 11,099 shares · $1.5M · SEC
- Aug 11, 2026 DeLuca Richard R. Officer Open-market sale 5,427 shares · $718.3K · SEC
- Aug 11, 2026 DeLuca Richard R. Officer Open-market sale 7,410 shares · $973.2K · SEC
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
Trend score +25
Price vs. EMA 50-15
Price vs. EMA 200+15
EMA 50 vs. EMA 200+20
ADX (trend strength)+0
Highs and lows-10
Relative strength+15
Volatility and trend strength
ADX 14 (trend strength)15.9
Rel. strength 60 d+9.9%
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
More stocks from Health Care
News
Latest news
Pharma: Krebsimpfstoff-Daten von Moderna und Merck vorzeitig veröffentlicht – Aktien fallen Handelsblatt Unternehmen · Oct 22, 21:52
Zukauf: Merck kauft britische Silence Therapeutics für Milliardensumme Handelsblatt Unternehmen · Oct 19, 14:43
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