Merck & Co., Inc. (MRK)
Health Care · Pharmaceuticals · US stock · S&P 500 component
$145.95
▲ +0.76 (0.52%)
Fair valueOvervalued
$52 −64.3% to fair value
$26fair band $31–$73$78
Day's range
$145.61 – $147.80
52-week range
$79.67 – $156.00
About Merck & Co., Inc.
Prescription medicines, vaccines and animal health products make up the business of Merck, a global pharmaceutical company that develops, makes and markets them. Its cancer immunotherapy Keytruda and the human papillomavirus vaccine Gardasil are among its major products. It also supplies medicines for diabetes, infectious disease and other conditions. Customers include wholesalers, pharmacies, hospitals, governments and veterinarians. The business is organised mainly into a pharmaceutical division and an animal health division.
Revenue of $66.6 billion over the last twelve months comes from patented medicines, vaccines and animal health products. Revenue has grown at 3.1% a year across the last three years. The operating margin is 11.6%, the business earns 6% on the capital invested in it, and net debt is 6.1 times EBITDA. The dividend yield is 2.3%. On the site's X-Ray Score it receives 32 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $79.67 – $156.00Volume 11,230,634Daily, split-adjusted
Vitals
Market cap$360.5B
52-week range$79.67 – $156.00
Volume (last day)11,230,634
P/E (TTM)114.4
EBIT / EV yield1.9%
Free-cash-flow yield4.5%
Dividend yield2.3%
Revenue (TTM)$66.6B
Net income (TTM)$3.2B
Operating margin11.6%
Return on capital6.1%
Debt incl. leases$53.9B
Cash & securities$7.1B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$52model spread $41 – $52
Overvalued
−64.3% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is High, so the safety margin is 40%.
Price $146
Undervalued < $31Fair $31 – $73Overvalued > $73
10-year DCF (market-scaled) · excluded
$13
Peer multiples
$57
Earnings power floor (not blended)
$38
Fundamentals-adjusted multiple
$47
Growth the price implies
40.0%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Weak business, priced high
Our models put fair value below today's price, so a lot of good news may already be in the price. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Valuation
Weak
20/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield1.9%
Free-cash-flow yield4.5%
Fair value vs price0.4×
Growth
Weak
33/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)3.1%
EPS growth (3y)8.4%
Growth consistency80%
Profitability
Weak
44/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital6.1%
Operating margin11.6%
Gross profitability37.4%
Financial health
Weak
21/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score4 / 9
Net debt / EBITDA6.1×
Interest cover4.4×
Dividends
Fair
57/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.3%
Dividends vs free cash flow52%
Dividend growth5.3%
Quarterly results: last 6 quarters
-1.6%
Mar '25
-1.9%
Jun '25
+3.7%
Sep '25
+5.0%
Dec '25
+4.9%
Mar '26
+5.1%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $16.6B, diluted EPS $-0.54.
Compare with peers
ZTS Zoetis Inc.68 LLY ELI LILLY & Co61 BMY Bristol Myers Squibb C...59 JNJ Johnson & Johnson50Other Pharmaceuticals companies by X-Ray Score.
Fundamentals checklist
● 1 Good · ● 7 Average · ● 8 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldAverage
Risk models
Altman Z''Average
Piotroski F-ScoreBad
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Average
Growth consistencyBad
Balance sheet
Current ratioAverage
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginAverage
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 36/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $48.7B | $59.3B | $60.1B | $64.2B | $65.0B |
| Operating income | $14.7B | $17.4B | $3.0B | $21.2B | $22.4B |
| Net income | $12.3B | $14.5B | $365M | $17.1B | $18.3B |
| Operating cash flow | – | $19.1B | $13.0B | $21.5B | $16.5B |
| Operating margin | 30.2% | 29.4% | 5.0% | 33.0% | 34.5% |
| Free cash flow | – | $14.7B | $9.1B | $18.1B | $12.4B |
| Diluted EPS | $5.14 | $5.71 | $0.14 | $6.74 | $7.28 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 4 neutral · 0 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 0 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 143.8 | Bullish |
| EMA 10 | 145.0 | Bullish |
| SMA 20 | 145.7 | Bullish |
| EMA 20 | 145.1 | Bullish |
| SMA 50 | 144.7 | Bullish |
| EMA 50 | 142.4 | Bullish |
| SMA 100 | 133.7 | Bullish |
| EMA 100 | 135.5 | Bullish |
| SMA 200 | 123.6 | Bullish |
| EMA 200 | 124.8 | Bullish |
Oscillators (daily)
| RSI (14) | 52.18 | Neutral |
| MACD (12, 26) | 0.08 | Bullish |
| Momentum (12) | 0.44 | Bullish |
| Stochastic %K (14) | 52.81 | Neutral |
| Williams %R (14) | -47.19 | Neutral |
| CCI (20) | 16.14 | Neutral |
Pivot points (classic, last session)
S3 142.9 | S2 144.3 | S1 145.1 | Pivot 146.5 | R1 147.3 | R2 148.6 | R3 149.5 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.40 USD
Yield on today's price
2.33%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 15 Sep 2026 | 0.8500 |
| 15 Jun 2026 | 0.8500 |
| 16 Mar 2026 | 0.8500 |
| 15 Dec 2025 | 0.8500 |
| 15 Sep 2025 | 0.8100 |
| 16 Jun 2025 | 0.8100 |
| 17 Mar 2025 | 0.8100 |
| 16 Dec 2024 | 0.8100 |
| 16 Sep 2024 | 0.7700 |
| 17 Jun 2024 | 0.7700 |
| 14 Mar 2024 | 0.7700 |
| 14 Dec 2023 | 0.7700 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
MRK SEC filings
13 Oct 2026
8-KSEC EDGAR
Director or officer change
7 Aug 2026
10-QSEC EDGAR
Quarterly report
4 Aug 2026
8-KSEC EDGAR
Results of operations
28 May 2026
8-KSEC EDGAR
Shareholder vote results
22 May 2026
8-KSEC EDGAR
Other events
20 May 2026
424B5SEC EDGAR
424B5
18 May 2026
424B5SEC EDGAR
424B5
4 May 2026
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.