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NEW YORK STOCK EXCHANGE, INC. · Pharmaceuticals · CIK 0000310158
$147.24
-1.76% · delayed ~15 min
Last price from Oct 22, 2026
$371.93B market value
From Merck & Co., Inc.'s FY2025 10-K, filed Feb 24, 2026 · read the filing
Merck & develops and makes medicines. It took in $65.01B last year, which makes it a very large company. Of every dollar it sells, about 28 cents is left as profit.
The financial picture is led by profitability, debt and accounting, with growth worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Recent open-market selling by 4 insiders, not under a pre-arranged plan.
$18.8M sold in the last 120 days · Read the filing
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
Strong finances across the board.
From Merck & Co., Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Free cash flow
$18.10B → $12.36B
Long-term debt
$34.46B → $46.75B
Capital spending
$3.37B → $4.11B
Profit
$17.12B → $18.25B
Measured against FY2024, from the 10-K filed Feb 24, 2026
Deteriorated: -31.7%
$18.10B to $12.36BSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
How the latest move compares (quote delayed ~15 min), and what was published around it
MRK fell 1.76% on the latest quote. The average Health Care company tracked here moved +1.70%, and the S&P 500 −1.04%. That is 3.5 points below its sector and 0.7 points below the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 12% a year for the next 10 years. Over the last 10 years it grew by about 1% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 28 cents of every dollar of sales as profit, earning $18.25B last year.
Barely. Sales were roughly flat, up 1.3%.
No. At its current cash flow it could clear its debt in about 2.1 years. For every $1 it owes, it owns $1.62 in assets.
Core operating and valuation reference metrics
Whether the dividend is covered by what the business actually earns
It pays out 45 cents of every dollar of profit and keeps the rest, which leaves the payment comfortably covered. It paid out 50% of the cash its operations generated. It has paid in each of the last 12 years.
GoodNext payment expected around , projected from how regularly it has paid before rather than from a date the company has announced.
Figures from the FY2025 annual filing
Last year it earned $18.25B and generated $16.47B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 24, 2026Filing for FY2025 | FY202410-K · Feb 25, 2025Filing for FY2024 | FY202310-K · Feb 25, 2025Filing for FY2023 | FY202210-K · Feb 25, 2025Filing for FY2022 | FY202110-K · Feb 26, 2024Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $65.01B | $64.17B | $60.12B | $59.28B | $48.70B | +1.3% |
| Cost of revenue | $16.38B | $15.19B | $16.13B | $17.41B | $13.63B | +7.8% |
| Gross profit | $48.63B† | $48.98B† | $43.99B† | $41.87B† | $35.08B† | −0.7% |
| Gross marginGross profit ÷ revenueWhat is this? | 74.8% | 76.3% | 73.2% | 70.6% | 72.0% | −1.5 pts |
| Selling, general and administrative | $10.73B | $10.82B | $10.50B | $10.04B | $9.63B | −0.8% |
| Interest expense | $1.36B | $1.27B | $1.15B | $962.0M | $806.0M | +6.8% |
| Income before tax | $21.07B | $19.94B | $1.89B | $16.44B | $13.88B | +5.7% |
| Net income | $18.25B | $17.12B | $365.0M | $14.52B | $13.05B | +6.6% |
| Net marginNet income ÷ revenueWhat is this? | 28.1% | 26.7% | 0.6% | 24.5% | 26.8% | +1.4 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $7.23 | $6.76 | $0.1438 | $5.74 | $5.16 | +6.9% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| MRKMerck & Co., Inc. · this page | 9.0/10 | 5/9 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 41,494 shares at $117.89 ($4.9M)
Holds 112,391 shares after this filing.
Exercised stock options — 13,433 shares at $84.71 ($1.1M)
Holds 125,824 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Had a director or senior officer leave or join
Read the filingQuarterly report for Q2 FY2026
Revenue +5.1% · Profit margin −36.0 pts · Profit turned negative — against Q2 FY2025
Read the filingWrite down why you are following Merck & Co., Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
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Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from MRK's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 24, 2026), reported under the US GAAP taxonomy. View the source filing. Total liabilities were not tagged directly and were calculated as assets minus equity.
4 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. All four had enough reported figures. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 9.0 | 5/9 | 10-K, filed Feb 24, 2026 |
| FY2024 | 9.0 | 8/9 | 10-K, filed Feb 25, 2025 |
| FY2023 | 8.0 | 6/9 | 10-K, filed Feb 26, 2024 |
| FY2022 | 10.0 | 8/9 | 10-K, filed Feb 24, 2023 |
| FY2021 | 9.0 | 8/9 | 10-K, filed Feb 25, 2022 |
| FY2020 | 9.0 | 4/9 | 10-K, filed Feb 25, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
5 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
4.54
In the safe zone
For this model, above 2.99 is safe and below 1.81 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
-2.28
Below the threshold — nothing unusual flagged
Scores above -1.78 are the ones the model associates with earnings manipulation.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: +35.7%
$34.46B to $46.75BSignificant
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Changed: +21.9%
$3.37B to $4.11BSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +6.6%
$17.12B to $18.25BNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −1.5 pts
76.3% to 74.8%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +1.4 pts
26.7% to 28.1%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +6.9%
$6.76 to $7.23Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +10.0%
$13.24B to $14.56BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 7, 2026 — read it.
Deteriorated: turned negative
$4.43B to -$1.33BCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −36.0 pts
28.0% to -8.0%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: turned negative
$1.76 to -$0.54Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: +50.4%
$33.97B to $51.08BCritical
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Deteriorated: −4.0 pts
77.5% to 73.5%Significant
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +5.1%
$15.81B to $16.61BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: -14.5%
$8.01B to $6.85BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: -1.6%
2.51B to 2.47BNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 7, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: $2.90B narrower
-$4.24B to -$1.33BCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +18.0 pts
-26.0% to -8.0%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: $1.17 narrower
-$1.72 to -$0.54Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +28.6%
$5.33B to $6.85BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +9.4%
$46.67B to $51.08BNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
4 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 10% and 14%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 35 analysts covering this company, as of . Their views, not this site's.
Of 35 analysts publishing on this company, 8 say strong buy, 18 say buy and 9 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 1.1% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 80.2x — a high multiple relative to the current trailing profit.
Nothing unusual. Its accounting patterns look like those of companies that report earnings straightforwardly.
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| Median of peers | 8.5/10 | — | 1.0% | 21.4% | 22.19x | 2.38x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Sold on the open market — 80,315 shares at $133.46 ($10.7M)
Holds 45,509 shares after this filing.
Sold on the open market — 10,000 shares at $135.00 ($1.4M)
Holds 36,613 shares after this filing.
Sold on the open market — 20,784 shares at $130.43 ($2.7M)
Holds 134,703 shares after this filing.
Sold on the open market — 7,410 shares at $131.33 ($973.2K)
Holds 127,293 shares after this filing.
Sold on the open market — 5,427 shares at $132.35 ($718.3K)
Holds 121,866 shares after this filing.
Sold on the open market — 11,099 shares at $131.61 ($1.5M)
Holds 110,767 shares after this filing.
Sold on the open market — 600 shares at $132.04 ($79.2K)
Holds 110,167 shares after this filing.
Sold on the open market — 805 shares at $131.02 ($105.5K)
Holds 160,732 shares after this filing.
Sold on the open market — 4,945 shares at $130.23 ($644.0K)
Holds 155,787 shares after this filing.
Sold on the open market — 300 shares at $131.02 ($39.3K)
Holds 155,487 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 10,000 shares ($1.4M) on or after .
Shares originally obtained via Restricted Stock Vesting Under a Registered Plan.
Filed notice to sell 80,315 shares ($10.7M) on or after .
Shares originally obtained via Exercise of Options Under a Registered Plan.
Filed notice to sell 11,699 shares ($1.5M) on or after .
Shares originally obtained via Restricted Stock Vesting Under a Registered Plan.
Filed notice to sell 12,837 shares ($1.7M) on or after .
Shares originally obtained via Restricted Stock Vesting Under a Registered Plan.
Filed notice to sell 20,784 shares ($2.7M) on or after .
Shares originally obtained via Restricted Stock Vesting Under a Registered Plan.
Filed notice to sell 15,000 shares ($2.0M) on or after .
Shares originally obtained via Restricted Stock Vesting Under a Registered Plan.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Published results
Held a shareholder vote
Read the filingReported another event
Read the filingQuarterly report for Q1 FY2026
Profit margin −58.7 pts · Profit turned negative · Free cash flow +149.7% — against Q1 FY2025
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingAnnual report for FY2025
Profit margin +1.4 pts · Free cash flow -31.7% · Long-term debt +35.7% — against FY2024
Read the filingPublished results
Read the filingReported another event
Read the filingQuarterly report for Q3 FY2025
Profit margin +14.5 pts · Profit +83.2% · Earnings per share +86.1% — against Q3 FY2024
Read the filingPublished results
Read the filingReported another event
Read the filingQuarterly report for Q2 FY2025
Profit margin −5.9 pts · Profit -18.8% · Earnings per share -18.1% — against Q2 FY2024
Read the filingAnnounced restructuring or exit costs · Published results
Read the filingHeld a shareholder vote
Read the filingQuarterly report for Q1 FY2025
Profit margin +2.5 pts · Free cash flow -47.4% · Cash +54.7% — against Q1 FY2024
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingYahoo ·
Primary sources and further research