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Merck & Co.
MRKHealthcareGenerated Jul 5, 2026, 03:30 PM UTC
MRK (Merck & Co.) analytical snapshot. Revenue grew +1.4% YoY to $60.12B. Net margin at 0.61% (contracting ▼). Return on equity 0.79%, ROA 0.31%, ROIC 0.00%. Market cap $319.99B at $129.56 per share. Trailing P/E 925.43, P/S 5.32, P/B 6.97. EV/Operating income ≈ 26.96 (EV $332.76B). Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score -11 (data confidence 82%). Descriptive analytics from public filings — not investment advice.
Free SEC analysis
— computed from SEC filings, free to readFundamentals
Revenue grew +1.4% YoY to $60.12B. Net margin at 0.61% (contracting ▼). Return on equity 0.79%, ROA 0.31%, ROIC 0.00%.
- Revenue grew +1.4% YoY to $60.12B.
- Net margin at 0.61% (contracting ▼).
- Return on equity 0.79%, ROA 0.31%, ROIC 0.00%.
- Gross margin 0.00%, operating margin 0.00%.
- Free cash flow margin 15.21% ($9.14B).
- Net income down ▼ +97.5% YoY.
- Debt/equity 0.39, current ratio 1.30, net debt $12.77B.
- Asset turnover 0.47 — capital efficiency.
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2016 | — | — | — | — | — | — | 26.68 |
| 2017 | — | — | — | — | — | — | 11.08 |
| 2018 | $39.81B | — | 0.00 | 0.00 | 9.85 | — | 11.42 |
| 2019 | $40.12B | +0.8% | 0.00 | 0.00 | 5.97 | — | 8.97 |
| 2020 | $42.29B | +5.4% | 0.00 | 0.00 | 14.71 | — | 24.01 |
| 2021 | $39.12B | -7.5% | 0.00 | 14.54 | 25.16 | — | 38.88 |
| 2022 | $41.52B | +6.1% | 0.00 | 10.88 | 17.02 | — | 18.51 |
| 2023 | $48.70B | +17.3% | 0.00 | 25.35 | 26.79 | — | 28.37 |
| 2024 | $59.28B | +21.7% | 0.00 | 0.00 | 24.49 | $14.71B | 38.63 |
| 2025 | $60.12B | +1.4% | 0.00 | 0.00 | 0.61 | $9.14B | 0.79 |
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Mar 31, 2025 | $15.53B | -1.6% | — | 32.71% |
| Jun 30, 2025 | $31.34B | -1.7% | +101.8% | 30.34% |
| Jun 30, 2025 | $15.81B | -50.4% | -49.6% | 60.14% |
| Sep 30, 2025 | $48.61B | +0.1% | +207.5% | 31.46% |
| Sep 30, 2025 | $17.28B | -64.4% | -64.5% | 88.51% |
| Mar 31, 2026 | $16.29B | +4.9% | -5.7% | -26.03% |
Filings & Ownership
Latest annual report (10-K) filed Feb 24, 2026. Latest quarterly report (10-Q) filed May 4, 2026. 5 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 24, 2026.
- Latest quarterly report (10-Q) filed May 4, 2026.
- 5 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Merck & Co.; broad institutional reporting.
- Recent filers include LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS /MA, LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS /MA, LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS /MA.
- 16 recent 13D activist/beneficial-ownership filings — potential catalyst.
- 4 recent 13G passive institutional ownership notices.
| Filer | Form | Filed |
|---|---|---|
| LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS /MA | 13F-HR | Aug 9, 2002 |
| LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS /MA | 13F-HR | Nov 2, 2001 |
| LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS /MA | 13F-HR | May 15, 2003 |
| LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS /MA | 13F-HR | Feb 1, 2002 |
| LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS /MA | 13F-HR | Nov 8, 2002 |
| Date | Form | Description |
|---|---|---|
| May 28, 2026 | 8-K | FORM 8-K |
| May 22, 2026 | 8-K | 8-K |
| Apr 30, 2026 | 8-K | FORM 8-K |
| Feb 3, 2026 | 8-K | FORM 8-K |
| Dec 4, 2025 | 8-K | 8-K |
SEC Filing Deep-Analysis
2 risk signal(s), 1 positive signal(s) detected from XBRL filing diff analysis. Free cash flow deterioration coincides with a -12.0% capex reduction. While lower capex temporarily preserves cash, it may signal underinvestment in growth assets — future revenue capacity could be constrained.
- Free cash flow deteriorating: FCF declined +37.8% YoY (from $14.71B to $9.14B). With OCF at $13.01B and capex at $3.86B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
- Material weakness in internal controls: The term "material weakness" appears in 20 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- Operating cash flow exceeds net income: OCF is 35.63x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Endogenous analysis: Free cash flow deterioration coincides with a -12.0% capex reduction. While lower capex temporarily preserves cash, it may signal underinvestment in growth assets — future revenue capacity could be constrained.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- Ongoing high-severity risk language: Material weakness in internal controls.
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $59.28B | $60.12B | $832.0M | +1.4% |
| Operating income | $4.52B | $12.35B | $7.83B | +173.2% |
| Net income | $14.52B | $365.0M | $-14.15B | -97.5% |
| Operating cash flow | $19.09B | $13.01B | $-6.09B | -31.9% |
| Capex | $4.39B | $3.86B | $-525.0M | -12.0% |
| Total assets | $106.67B | $117.11B | $10.43B | +9.8% |
| Cash & equivalents | $6.84B | $13.24B | $6.40B | +93.6% |
| Stockholders equity | $37.58B | $46.31B | $8.73B | +23.2% |
| Inventory | $6.36B | $6.11B | $-249.0M | -3.9% |
| Accounts receivable | $10.35B | $10.28B | $-71.0M | -0.7% |
| R&D expense | $13.55B | $30.53B | $16.98B | +125.4% |
| SG&A expense | $10.04B | $10.50B | $462.0M | +4.6% |
| Interest expense | $831.0M | $806.0M | $-25.0M | -3.0% |
| Type | Concepts |
|---|---|
| Removed | AccrualForEnvironmentalLossContingencies, AdvertisingExpense, AmortizationOfIntangibleAssets, BuildingsAndImprovementsGross, BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1, BusinessCombinationContingentConsiderationLiability, BusinessCombinationContingentConsiderationLiabilityCurrent, ConstructionInProgressGross, CurrentFederalTaxExpenseBenefit, CurrentForeignTaxExpenseBenefit |
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Material weakness in internal controls | high | 20 | 2 | Ongoing |
| Impairment charge | medium | 51 | 4 | Ongoing |
| Restructuring | medium | 169 | 31 | Ongoing |
| Off-balance sheet arrangements | medium | 26 | 2 | Ongoing |
| Related party transactions | low | 7 | 0 | NEW |
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- ProValuationMarket cap $319.99B at $129.56 per share.
- ProPrice & TechnicalsPrice $129.56 — uptrend (above 200-DMA); 1-month momentum positive.
- ProMacro & RatesMarket regime: Risk-on · Supportive.
- ProRisk ScorecardComposite risk: Elevated.
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3 sections free · 4 Pro sections locked · composite -11
Macro exposure
Defensive · Low sensitivityMacro regime: Risk-on · Supportive. Merck & Co. is a defensive name (low macro sensitivity) — a supportive backdrop, though defensives lag risk-on tapes.
Analytical read
deterministic previewPrice $129.56 — uptrend (above 200-DMA); 1-month momentum positive..
Peer comparison
Defensive groupHow MRK stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Bristol-Myers Squibb BMY | 12 | Neutral |
| Cigna Group CI | 9 | Neutral |
| Procter & Gamble PG | 9 | Neutral |
| UnitedHealth Group UNH | 6 | Neutral |
| CVS Health Corp. CVS | 6 | Neutral |
| Zoetis Inc. ZTS | 3 | Neutral |
| Eli Lilly & Co. LLY | 3 | Neutral |
| Colgate-Palmolive CL | 1 | Neutral |
| Coca-Cola Co. KO | 1 | Neutral |
| Gilead Sciences GILD | 1 | Neutral |
| Intuitive Surgical Inc. ISRG | -1 | Neutral |
| Moderna Inc. MRNA | -4 | Neutral |
| Regeneron Pharmaceuticals REGN | -4 | Neutral |
| DexCom Inc. DXCM | -7 | Neutral |
| AbbVie Inc. ABBV | -7 | Neutral |
| Johnson & Johnson JNJ | -7 | Neutral |
| Vertex Pharmaceuticals VRTX | -8 | Neutral |
| Kimberly-Clark Corp. KMB | -10 | Neutral |
| Sysco Corp. SYY | -10 | Neutral |
| Danaher Corp. DHR | -11 | Neutral |
| Mondelez International MDLZ | -11 | Neutral |
| Merck & Co. MRK● you | -11 | Neutral |
| Biogen Inc. BIIB | -11 | Neutral |
| Amgen Inc. AMGN | -14 | Neutral |
| HCA Healthcare HCA | -14 | Neutral |
| Illumina Inc. ILMN | -16 | Neutral |
| Kroger Co. KR | -16 | Neutral |
| Thermo Fisher Scientific TMO | -18 | Neutral |
| Costco Wholesale COST | -18 | Neutral |
| PepsiCo Inc. PEP | -21 | Neutral |
| Walmart Inc. WMT | -25 | Neutral |
| Hershey Co. HSY | -26 | Neutral |
| Abbott Laboratories ABT | -30 | Neutral |
| Pfizer Inc. PFE | -49 | Neutral |