Merck & Co., Inc. (MRK) - Stock Research

Segment	2021	2022	2023	2024	% of Total
Ridgeback Biotherapeutics LP	$952M	$5.68B	$1.43B	$964M	77%
Bayer AG	$252M	$238M	$255M	$287M	23%

	1-Yr	4-Yr
Sales	9.6%	11.5%
Cash Flow	69.5%	29.6%
Earnings	4714.3%	24.8%
Dividends	8.1%	6.0%
Book Value	26.5%	16.3%

	1-Yr	4-Yr
ROIC	26.1%	16.2%
Gross Margin	76.3%	73.0%
FCF Yield	7.4%	5.4%
Buyback Yield	0.5%	0.5%

	Q1	Q2	Q3	Q4
2021	1.19	0.67	1.80	1.48
2022	1.70	1.55	1.28	1.18
2023	1.11	-2.35	1.86	-0.48
2024	1.87	2.15	1.24	1.48
2025	2.01	1.76	2.31	—

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Financial data for MRK from SEC EDGAR
Metric	2008	2009	2010	2017	2018	2019	2020	2021	2022
Earnings Power
Revenue	23.9B	27.4B	46.0B	40.1B	42.3B	46.8B	41.5B	48.7B	59.3B	60.1B	64.2B	64.2B
Net Income	7.8B	12.9B	861M	2.4B	6.2B	9.8B	7.1B	13.0B	14.5B	365M	17.1B	19.0B
Owner Earnings	4.6B	401M	2.9B	1.5B	6.1B	11.3B	5.5B	11.1B	16.7B	10.5B	18.6B	14.2B
Non-Recurring	1.0B	1.6B	985M	776M	632M	638M	575M	661M	337M	599M	309M	309M
Gross Margin	76.6%	67.1%	60.0%	67.8%	68.1%	69.9%	67.2%	72.0%	70.6%	73.2%	76.3%	0.0%
Op. Margin	9.7%	38.9%	-2.8%	1.2%	1.0%	24.6%	2.1%	2.8%	-2.5%	-0.8%	31.0%	0.2%
Net Margin	32.7%	47.0%	1.9%	6.0%	14.7%	21.0%	17.0%	26.8%	24.5%	0.6%	26.7%	29.6%
Returns on Capital
ROE	41.6%	21.8%	1.5%	7.0%	23.3%	38.0%	27.9%	34.2%	31.6%	1.0%	40.8%	36.7%
ROA	16.5%	11.5%	0.8%	2.7%	7.5%	11.7%	7.7%	12.3%	13.3%	0.3%	15.3%	14.7%
ROIC	34.4%	13.8%	1.2%	4.3%	13.4%	25.8%	13.9%	18.9%	19.4%	0.5%	26.1%	22.1%
Cash Flow
Free Cash Flow	5.3B	1.9B	9.1B	4.6B	8.3B	10.0B	3.2B	8.7B	14.7B	9.1B	18.1B	13.0B
CapEx	1.3B	1.5B	1.7B	1.9B	2.6B	3.5B	4.4B	4.4B	4.4B	3.9B	3.4B	4.0B
Maint. CapEx	1.6B	2.6B	7.4B	4.7B	4.5B	1.7B	1.7B	1.6B	1.8B	1.8B	2.1B	2.1B
Growth CapEx	0	0	0	0	0	1.8B	2.8B	2.9B	2.6B	2.0B	1.3B	1.9B
CapEx/OCF	19.8%	43.1%	15.5%	29.3%	23.9%	25.8%	58.1%	33.9%	23.0%	29.7%	15.7%	23.5%
D&A	1.6B	2.6B	7.4B	4.7B	4.5B	1.7B	1.7B	1.6B	1.8B	1.8B	2.1B	2.1B
Capital Allocation
Op. Cash Flow	6.6B	3.4B	10.8B	6.5B	10.9B	13.4B	7.6B	13.1B	19.1B	13.0B	21.5B	17.1B
Dividends Paid	3.3B	3.2B	4.7B	5.2B	5.2B	5.7B	6.2B	6.6B	7.0B	7.4B	7.8B	8.1B
Share Buybacks	2.7B	N/A	1.6B	4.0B	9.1B	4.8B	1.3B	840M	0	1.3B	1.3B	1.3B
Buyback Yield	7.9%	N/A	2.3%	3.3%	5.6%	2.4%	0.8%	0.5%	N/A	0.5%	0.5%	0.4%
Debt Repayment	1.4B	25M	1.3B	1.1B	4.3B	0	2.0B	2.3B	2.3B	1.8B	1.3B	1.3B
Stock-Based Comp	348M	415M	509M	312M	348M	417M	441M	479M	541M	645M	761M	761M
Balance Sheet
Total Assets	47.2B	112.3B	105.8B	87.9B	82.6B	84.4B	91.6B	105.7B	109.2B	106.7B	117.1B	129.5B
Intangibles	2.0B	59.8B	51.8B	32.5B	31.4B	33.6B	33.0B	44.2B	41.5B	39.2B	38.0B	38.0B
Total Liabilities	28.4B	53.3B	51.4B	53.5B	55.9B	58.5B	66.3B	67.5B	63.2B	69.1B	70.8B	16.2B
Equity	18.8B	59.1B	54.4B	34.3B	26.7B	25.9B	25.3B	38.2B	46.0B	37.6B	46.3B	51.9B
Net Debt	-1.5B	6.5B	3.3B	12.9B	10.9B	12.3B	17.3B	22.6B	15.6B	26.6B	20.8B	21.8B
Long-Term Debt	3.9B	16.1B	15.5B	21.4B	19.8B	22.7B	25.4B	30.7B	28.7B	33.7B	34.5B	N/A
Debt/Equity	0.21	0.27	0.28	0.62	0.74	0.88	1.00	0.80	0.63	0.90	0.74	0.77
Interest Coverage	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Working Capital	4.8B	12.8B	13.4B	6.2B	3.7B	5.3B	437M	6.4B	11.5B	6.5B	10.4B	10.4B
Current Assets	19.1B	28.4B	29.1B	24.8B	25.9B	27.5B	27.8B	30.3B	35.7B	32.2B	38.8B	38.8B
Current Liabilities	14.3B	15.6B	15.6B	18.6B	22.2B	22.2B	27.3B	23.9B	24.2B	25.7B	28.4B	28.4B
Retained Earnings	43.7B	41.4B	37.5B	41.4B	42.6B	46.6B	47.4B	53.7B	61.1B	53.9B	63.1B	63.1B
Per Share Data
Avg. Price	19.13	16.01	20.44	45.55	48.42	63.81	64.73	65.82	80.25	99.94	112.30	121.93
EPS	3.46	5.39	0.27	0.83	2.21	3.64	2.78	5.14	5.71	0.14	6.74	7.56
Owner EPS	2.04	0.17	0.91	0.51	2.16	4.19	2.17	4.36	6.58	4.04	7.33	5.72
Book Value	8.32	24.68	16.87	11.91	9.50	9.57	9.96	15.04	18.09	14.41	18.24	20.89
Cash Flow/Share	2.92	1.42	3.36	2.24	3.89	4.96	3.00	5.17	7.51	4.99	8.45	8.52
Dividends/Share	1.45	1.34	1.47	1.79	1.84	2.10	2.44	2.60	2.76	2.86	3.09	3.27
Shares Out.	2.3B	2.4B	3.2B	2.9B	2.8B	2.7B	2.5B	2.5B	2.5B	2.6B	2.5B	2.5B
Valuation
P/E Ratio	4.4	3.9	78.7	50.8	26.2	19.9	23.6	13.2	17.8	728.9	14.3	16.1
Price/Book	1.8	0.8	1.2	3.5	6.1	7.5	6.6	4.5	5.6	7.1	5.3	5.8
Price/Sales	1.8	1.4	1.4	3.3	3.2	3.7	4.0	3.4	3.4	4.3	4.4	4.7
EV/EBIT	14.2	5.3	N/A	269.0	431.9	18.0	206.5	145.4	N/A	N/A	13.3	2106.4
FCF Yield	15.3%	3.9%	13.5%	3.8%	5.1%	5.1%	1.9%	5.0%	5.7%	3.4%	7.4%	4.3%
Market Cap	34.5B	49.7B	67.8B	121.7B	162.7B	195.5B	166.5B	172.4B	257.8B	266.0B	244.0B	302.6B
Year-End Price	15.32	20.77	21.04	42.18	57.90	72.20	65.50	67.92	101.37	102.04	96.09	121.93

Merck & Co., Inc.

Business Description

Revenue by Segment

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