Merck & Co., Inc. (MRK) Financials

$79.46 +0.29 (+0.37%)

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

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

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

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

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	107,081	109,160	107,796	104,469	106,727	106,675	105,849	112,630	117,532	117,106
Total Current Assets	33,561	35,722	33,402	29,977	31,954	32,168	31,445	38,205	40,361	38,782
Cash & Equivalents	11,145	12,694	9,707	5,660	8,605	6,841	5,579	11,304	14,593	13,242
Short-Term Investments	103	498	680	718	168	252	40	50	0.00	447
Accounts Receivable	9,482	9,450	10,415	11,030	10,394	10,349	11,366	11,642	11,381	10,278
Inventories, net	5,614	5,911	5,863	5,930	6,131	6,358	6,510	6,469	6,244	6,109
Other Current Assets	-	7,169	-	-	6,656	8,368	7,950	8,740	8,143	8,706
Plant, Property, & Equipment, net	20,424	21,422	21,758	22,231	22,526	23,051	23,045	23,221	23,446	23,779
Plant, Property & Equipment, gross	-	39,407	-	-	-	41,317	-	-	-	42,934
Accumulated Depreciation	-	17,985	-	-	-	18,266	-	-	-	19,155
Total Noncurrent Assets	53,096	52,016	52,636	52,261	52,247	51,456	51,359	51,204	53,725	54,545
Long-Term Investments	984	1,015	1,290	1,214	1,306	252	280	357	575	463
Goodwill	21,160	21,204	21,209	21,195	21,183	21,197	21,181	21,161	21,697	21,668
Intangible Assets	21,368	20,269	19,857	19,665	19,199	18,011	17,572	16,984	17,010	16,370
Other Noncurrent Operating Assets	-	9,528	-	-	10,559	11,996	12,326	12,702	14,443	16,044
Total Liabilities & Shareholders' Equity	107,081	109,160	107,796	104,469	106,727	106,675	105,849	112,630	117,532	117,106
Total Liabilities	62,557	63,102	60,891	65,727	65,427	69,040	65,425	68,982	72,972	70,734
Total Current Liabilities	22,998	24,239	23,131	23,394	23,094	25,694	25,099	26,060	29,586	28,420
Short-Term Debt	1,936	1,946	2,672	2,839	887	1,372	3,077	3,071	3,149	2,649
Accounts Payable	3,371	4,264	3,680	3,442	3,509	3,922	3,514	3,519	3,586	4,079
Dividends Payable	1,771	1,884	1,907	1,877	1,877	1,985	2,008	1,981	1,982	2,084
Current Deferred & Payable Income Tax Liabilities	1,698	1,986	1,872	1,489	1,981	2,649	2,398	2,777	4,330	3,914
Other Current Liabilities	14,222	14,159	13,000	13,747	14,840	15,766	14,102	14,712	16,539	15,694
Total Noncurrent Liabilities	39,559	38,863	37,760	42,333	42,333	43,346	40,326	42,922	43,386	42,314
Long-Term Debt	28,482	28,745	28,074	34,072	33,972	33,683	31,142	34,717	34,982	34,462
Noncurrent Deferred & Payable Income Tax Liabilities	2,417	1,795	1,442	996	1,018	871	922	876	864	1,387
Other Noncurrent Operating Liabilities	8,660	8,323	8,244	7,265	7,343	8,792	8,262	7,329	7,540	6,465
Total Equity & Noncontrolling Interests	44,524	46,058	46,905	38,742	41,300	37,635	40,424	43,648	44,560	46,372
Total Preferred & Common Equity	44,458	45,991	46,834	38,693	41,246	37,581	40,364	43,582	44,502	46,313
Total Common Equity	44,458	45,991	46,834	38,693	41,246	37,581	40,364	43,582	44,502	46,313
Common Stock	46,031	46,167	46,255	46,007	46,146	46,297	46,386	46,150	46,318	46,492
Retained Earnings	59,928	61,081	62,039	54,198	57,082	53,895	56,697	60,187	61,384	63,069
Treasury Stock	-56,758	-56,489	-56,577	-56,612	-57,066	-57,450	-57,445	-57,394	-57,829	-58,303
Accumulated Other Comprehensive Income / (Loss)	-4,743	-4,768	-4,883	-4,900	-4,916	-5,161	-5,274	-5,361	-5,371	-4,945
Noncontrolling Interest	66	67	71	49	54	54	60	66	58	59

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

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

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

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

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

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

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

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 4/15/2025 by MarketBeat.com Staff

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Merck & Co., Inc. (MRK) Financials

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Merck & Co., Inc. (MRK) Financials

Annual Income Statements for Merck & Co., Inc.

Quarterly Income Statements for Merck & Co., Inc.

Annual Cash Flow Statements for Merck & Co., Inc.

Quarterly Cash Flow Statements for Merck & Co., Inc.

Annual Balance Sheets for Merck & Co., Inc.

Quarterly Balance Sheets for Merck & Co., Inc.

Annual Metrics and Ratios for Merck & Co., Inc.

Quarterly Metrics and Ratios for Merck & Co., Inc.

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

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