Merck & Co Inc
MRK—
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Merck & Co Inc AI Insights
Informational only. Not investment advice.Snapshot
- R&D spend of 16.5B TTM (25.7% of revenue) is 440x industry median - massive pipeline investment sustaining competitive moat[Research and Development]
- ROE of 39.5% TTM vs industry median of -38.8% - exceptional capital efficiency in capital-intensive pharma[Return on Equity]
- Goodwill of 21.6B is 42% of equity - acquisition-driven growth creates impairment risk if pipeline fails[Goodwill]
Watch Triggers
- Research and Development: R&D/Revenue drops below 20% — Signals pipeline maturity or cost-cutting that could impair long-term growth
- Operating Margin: Falls below 30% TTM — Would indicate pricing pressure or loss of exclusivity on key drugs
- Debt to Equity: Exceeds 1.0x — Limits M&A flexibility and increases refinancing risk
Bull Case
Operating margin of 34.9% TTM vs industry median of 0% - pricing power and scale create durable profitability advantage
Operating MarginGross MarginNet Margin
P/E of 12.7x vs industry median 20.2x despite superior profitability - valuation discount for large-cap pharma
P/E RatioP/S RatioROE
Bear Case
Total debt of 41.4B with 5.9B net issuance TTM - leverage increasing to fund acquisitions and dividends
Total DebtDebt to EquityNet Long Term Debt Issuance
Intangibles of 36.9B (71% of equity) - patent expirations and pipeline failures could trigger material writedowns
Goodwill and Other Intangible AssetsTangible Book Value
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
FCF generation to expand as R&D investments mature into commercial products
1-3ymed
- 13B FCF TTM on 64.2B revenue (20.3% margin)
- Operating margin 34.9% provides reinvestment capacity
- Debt/equity 0.80 allows continued M&A optionality
FCF TTM 13.0B vs industry median negativeOperating cash flow 17.1B TTMNet debt 23.2B manageable at 0.84x EBITDA
Valuation Context
Caveats
Public Strategies Rankings
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MRK Fundamentals
Manufacturing → Chemical Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$299.04B | — | ||
$333.81B | — | ||
17 | — | ||
$65.01B | +1.3% | — | |
$7.28 | +9.5% | — | |
34.0% | +2.5% | — | |
28.1% | +1.4% | — | |
$12.36B | -31.7% | — | |
36.9% | -3.9% | — | |
Beta 5Y (Monthly) | unknown | — |
MRK Dividend History
105 dividends
2026
$0.850003/16/26$0.8500
2025
$3.280012/15/25$0.8500
09/15/25$0.8100
06/16/25$0.8100
03/17/25$0.8100
2024
$3.120012/16/24$0.8100
09/16/24$0.7700
06/17/24$0.7700
03/14/24$0.7700
2023
$2.960012/14/23$0.7700
09/14/23$0.7300
06/14/23$0.7300
03/14/23$0.7300
2022
$2.800012/14/22$0.7300
09/14/22$0.6900
06/14/22$0.6900
03/14/22$0.6900
2021
$2.640012/14/21$0.6900
09/14/21$0.6500
06/14/21$0.6500
03/12/21$0.6500
2020
$2.480012/14/20$0.6500
09/14/20$0.6100
06/12/20$0.6100
03/13/20$0.6100
2019
$2.260012/13/19$0.6100
09/13/19$0.5500
06/14/19$0.5500
03/14/19$0.5500
2018
$1.990012/14/18$0.5500
09/14/18$0.4800
06/14/18$0.4800
03/14/18$0.4800
2017
$1.890012/14/17$0.4800
09/14/17$0.4700
06/13/17$0.4700
03/13/17$0.4700
2016
$1.850012/13/16$0.4700
09/13/16$0.4600
06/13/16$0.4600
03/11/16$0.4600
2015
$1.810012/11/15$0.4600
09/11/15$0.4500
06/11/15$0.4500
03/12/15$0.4500
2014
$1.770012/11/14$0.4500
09/11/14$0.4400
06/12/14$0.4400
03/13/14$0.4400
2013
$1.730012/12/13$0.4400
09/12/13$0.4300
06/13/13$0.4300
03/13/13$0.4300
2012
$1.690012/13/12$0.4300
09/13/12$0.4200
06/13/12$0.4200
03/13/12$0.4200
2011
$1.560012/13/11$0.4200
09/13/11$0.3800
06/13/11$0.3800
03/11/11$0.3800
2010
$1.520012/13/10$0.3800
09/13/10$0.3800
06/11/10$0.3800
03/11/10$0.3800
2009
$1.520012/11/09$0.3800
09/02/09$0.3800
06/04/09$0.3800
03/04/09$0.3800
2008
$1.520012/03/08$0.3800
09/03/08$0.3800
06/04/08$0.3800
03/05/08$0.3800
2007
$1.520012/05/07$0.3800
09/05/07$0.3800
06/06/07$0.3800
03/07/07$0.3800
2006
$1.520012/06/06$0.3800
08/30/06$0.3800
05/31/06$0.3800
03/08/06$0.3800
2005
$1.520011/30/05$0.3800
08/31/05$0.3800
06/01/05$0.3800
03/02/05$0.3800
2004
$1.500012/01/04$0.3800
09/01/04$0.3800
06/02/04$0.3700
03/03/04$0.3700
2003
$1.460012/03/03$0.3700
09/03/03$0.3700
06/04/03$0.3600
03/05/03$0.3600
2002
$1.420012/04/02$0.3600
09/04/02$0.3600
06/05/02$0.3500
03/06/02$0.3500
2001
$1.380012/05/01$0.3500
08/30/01$0.3500
05/31/01$0.3400
03/07/01$0.3400
2000
$1.260012/06/00$0.3400
08/30/00$0.3400
05/31/00$0.2900
03/01/00$0.2900
MRK Stock Splits
No stock splits
MRK SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/24/26 | 12/31/25 | 10-K | |
11/05/25 | 09/30/25 | 10-Q | |
08/05/25 | 06/30/25 | 10-Q | |
05/02/25 | 03/31/25 | 10-Q | |
02/25/25 | 12/31/24 | Unknown | |
11/06/24 | 09/30/24 | 10-Q | |
08/05/24 | 06/30/24 | 10-Q | |
05/03/24 | 03/31/24 | 10-Q | |
02/26/24 | 12/31/23 | 10-K | |
11/03/23 | 09/30/23 | 10-Q | |
08/07/23 | 06/30/23 | 10-Q | |
05/05/23 | 03/31/23 | 10-Q | |
02/24/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/05/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
02/25/22 | 12/31/21 | 10-K | |
11/05/21 | 09/30/21 | 10-Q | |
08/09/21 | 06/30/21 | 10-Q | |
05/05/21 | 03/31/21 | 10-Q | |
02/25/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/05/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
02/26/20 | 12/31/19 | 10-K | |
11/05/19 | 09/30/19 | 10-Q | |
08/06/19 | 06/30/19 | 10-Q | |
05/08/19 | 03/31/19 | 10-Q | |
02/27/19 | 12/31/18 | 10-K | |
11/06/18 | 09/30/18 | 10-Q | |
08/07/18 | 06/30/18 | 10-Q | |
05/08/18 | 03/31/18 | 10-Q | |
02/27/18 | 12/31/17 | 10-K | |
11/07/17 | 09/30/17 | 10-Q | |
08/08/17 | 06/30/17 | 10-Q | |
05/09/17 | 03/31/17 | 10-Q | |
02/28/17 | 12/31/16 | 10-K | |
11/07/16 | 09/30/16 | 10-Q | |
08/08/16 | 06/30/16 | 10-Q | |
05/09/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
11/05/15 | 09/30/15 | 10-Q | |
08/06/15 | 06/30/15 | 10-Q | |
05/07/15 | 03/31/15 | 10-Q | |
02/27/15 | 12/31/14 | 10-K | |
11/10/14 | 09/30/14 | 10-Q | |
08/07/14 | 06/30/14 | 10-Q | |
05/08/14 | 03/31/14 | 10-Q | |
02/27/14 | 12/31/13 | 10-K | |
11/07/13 | 09/30/13 | 10-Q | |
08/07/13 | 06/30/13 | 10-Q | |
05/09/13 | 03/31/13 | 10-Q | |
02/28/13 | 12/31/12 | 10-K | |
11/09/12 | 09/30/12 | 10-Q | |
08/07/12 | 06/30/12 | 10-Q | |
05/08/12 | 03/31/12 | 10-Q | |
02/28/12 | 12/31/11 | 10-K | |
11/08/11 | 09/30/11 | 10-Q | |
08/08/11 | 06/30/11 | 10-Q | |
05/09/11 | 03/31/11 | 10-Q | |
02/28/11 | 12/31/10 | 10-K | |
11/08/11 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
03/01/10 | 12/31/09 | 10-K | |
11/08/10 | 09/30/09 | 10-Q | |
11/02/09 | 09/30/09 | 10-Q | |
08/03/09 | 06/30/09 | 10-Q | |
05/04/09 | 03/31/09 | 10-Q | |
02/27/09 | 12/31/08 | 10-K | |
10/29/08 | 09/30/08 | 10-Q | |
08/01/08 | 06/30/08 | 10-Q | |
05/06/08 | 03/30/08 | Unknown | -- |
02/29/08 | 12/31/07 | 10-K | |
10/26/07 | 09/30/07 | 10-Q | |
07/27/07 | 06/30/07 | 10-Q | |
04/27/07 | 03/30/07 | Unknown | -- |
02/28/07 | 12/31/06 | 10-K | |
10/27/06 | 09/30/06 | 10-Q | |
07/28/06 | 06/30/06 | 10-Q | |
04/27/06 | 03/30/06 | Unknown | -- |
02/28/06 | 12/31/05 | 10-K | |
10/28/05 | 09/30/05 | 8-K | |
07/28/05 | 06/30/05 | 10-Q | |
04/26/05 | 03/30/05 | Unknown | -- |
03/09/05 | 12/31/04 | 10-K | |
10/28/04 | 09/30/04 | 8-K | |
08/03/04 | 06/30/04 | 10-Q | |
04/28/04 | 03/30/04 | Unknown | -- |
02/26/04 | 12/31/03 | 10-K | |
11/07/03 | 09/30/03 | 10-Q | |
07/31/03 | 06/30/03 | 8-K | |
05/13/03 | 03/30/03 | Unknown | -- |
03/10/03 | 12/31/02 | ARS | |
11/13/02 | 09/30/02 | 10-Q | |
08/13/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
03/29/02 | 12/31/01 | ARS | |
11/13/01 | 09/30/01 | 10-Q | |
08/13/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
03/13/01 | 12/31/00 | 10-K | |
11/13/00 | 09/30/00 | 10-Q | |
08/09/00 | 06/30/00 | 10-Q | |
05/09/00 | 03/30/00 | Unknown | -- |