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Merck & Co.
MRKHealthcareGenerated Aug 19, 2026, 10:33 PM UTC
MRK (Merck & Co.) analytical snapshot. Revenue grew +1.3% YoY to $65.01B. 5-year revenue CAGR +5.9%; 10y CAGR +5.6%. Net margin at 28.08% (expanding ▲). Market cap $375.50B at $152.20 per share. Trailing P/E 20.91, P/S 5.78, P/B 8.95. EV/Operating income ≈ 1059.60 (EV $386.75B). Risk: Moderate. Macro: Risk-on · Supportive. Composite analytical score 0 (data confidence 82%). Descriptive analytics from public filings — not investment advice.
Free SEC analysis
— computed from SEC filings, free to readFilings & Ownership
Latest annual report (10-K) filed Feb 24, 2026. Latest quarterly report (10-Q) filed Aug 7, 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 Aug 7, 2026.
- 5 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 16 sell transactions — net selling $28.0M.
- ~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 |
| Insider | Date | Net | Buys/Sells |
|---|---|---|---|
| Guindo Chirfi | Aug 13, 2026 | -$1.4M | 0/1 |
| Zachary Jennifer | Aug 13, 2026 | -$10.7M | 0/1 |
| DeLuca Richard R. | Aug 12, 2026 | -$5.9M | 0/5 |
| DeLuca Richard R. | Aug 10, 2026 | -$788.8K | 0/3 |
| Maraldo David R. | Aug 7, 2026 | -$2.4M | 0/3 |
| Williams David Michael | Aug 7, 2026 | -$6.8M | 0/3 |
| Date | Form | Description |
|---|---|---|
| Aug 4, 2026 | 8-K | FORM 8-K |
| 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 |
SEC Filing Deep-Analysis
4 risk signal(s), 1 watch item(s) detected from XBRL filing diff analysis. Revenue grew +1.3% but receivables grew +14.6% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- Receivables outpacing revenue: Accounts receivable grew +14.6% YoY vs revenue growth of +1.3%. The +13.3% spread suggests extended credit terms, channel stuffing risk, or collection deterioration. Investigate the allowance for doubtful accounts and DSO trend.
- Free cash flow deteriorating: FCF declined +31.7% YoY (from $18.10B to $12.36B). With OCF at $16.47B and capex at $4.11B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
- Interest coverage deteriorating below 3x: Interest coverage fell from 15.09x to 0.32x. Operating income of $365.0M covers interest of $1.15B only 0.32x — approaching the threshold where debt service becomes constrained. Monitor for covenant breaches.
- Restatement of financial statements: The term "restatement of" "previously issued" appears in 5 recent filing(s) (vs 1 in the prior period). This risk language is ongoing.
- R&D intensity declining: R&D as % of revenue fell from 28.0% to 24.3%. This may signal reduced innovation investment — potentially impacting long-term competitive position. Compare with peer R&D trends.
- Endogenous analysis: Revenue grew +1.3% but receivables grew +14.6% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- Endogenous analysis: Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.
- 2 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- Ongoing high-severity risk language: Restatement of financial statements.
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $64.17B | $65.01B | $843.0M | +1.3% |
| Operating income | $14.52B | $365.0M | $-14.15B | -97.5% |
| Net income | $17.12B | $18.25B | $1.14B | +6.6% |
| Operating cash flow | $21.47B | $16.47B | $-5.00B | -23.3% |
| Capex | $3.37B | $4.11B | $740.0M | +21.9% |
| Total assets | $117.11B | $136.87B | $19.76B | +16.9% |
| Long-term debt | $34.46B | $46.75B | $12.29B | +35.7% |
| Cash & equivalents | $13.24B | $14.56B | $1.32B | +10.0% |
| Stockholders equity | $46.31B | $52.61B | $6.29B | +13.6% |
| Inventory | $6.11B | $6.66B | $549.0M | +9.0% |
| Accounts receivable | $10.28B | $11.78B | $1.50B | +14.6% |
| R&D expense | $17.94B | $15.79B | $-2.15B | -12.0% |
| SG&A expense | $10.82B | $10.73B | $-83.0M | -0.8% |
| Interest expense | $962.0M | $1.15B | $184.0M | +19.1% |
| Type | Concepts |
|---|---|
| Added | ProceedsFromShortTermDebt, RepaymentsOfShortTermDebt |
| Removed | AccrualForEnvironmentalLossContingencies, AdvertisingExpense, AmortizationOfIntangibleAssets, BuildingsAndImprovementsGross, BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1, BusinessCombinationContingentConsiderationLiability, BusinessCombinationContingentConsiderationLiabilityCurrent, ConstructionInProgressGross, CurrentFederalTaxExpenseBenefit, CurrentForeignTaxExpenseBenefit |
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Restatement of financial statements | high | 5 | 1 | Ongoing |
| Impairment charge | medium | 5 | 4 | Ongoing |
| Restructuring | medium | 5 | 15 | Ongoing |
| Off-balance sheet arrangements | medium | 5 | 2 | Ongoing |
| Related party transactions | low | 5 | 0 | NEW |
Fundamentals
Revenue grew +1.3% YoY to $65.01B. 5-year revenue CAGR +5.9%; 10y CAGR +5.6%. Net margin at 28.08% (expanding ▲).
- Revenue grew +1.3% YoY to $65.01B.
- 5-year revenue CAGR +5.9%; 10y CAGR +5.6%.
- Net margin at 28.08% (expanding ▲).
- Return on equity 34.70%, ROA 13.34%, ROIC 0.00%.
- Gross margin 0.00%, operating margin 0.00%.
- Free cash flow margin 19.01% ($12.36B).
- Net income up ▲ +6.6% YoY.
- Debt/equity 0.43, current ratio 1.32, net debt $11.25B.
- Asset turnover 0.50 — capital efficiency.
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2024 | $64.17B | +6.7% | 0.00 | 0.00 | 26.68 | $18.10B | 36.96 |
| 2025 | $65.01B | +1.3% | 0.00 | 0.00 | 28.08 | $12.36B | 34.70 |
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Sep 30, 2024 | $16.66B | +4.4% | — | 18.95% |
| Mar 31, 2025 | $15.53B | -1.6% | -6.8% | 32.71% |
| Jun 30, 2025 | $15.81B | -1.9% | +1.8% | 28.01% |
| Sep 30, 2025 | $17.28B | +3.7% | +9.3% | 33.49% |
| Mar 31, 2026 | $16.29B | +4.9% | -5.7% | -26.03% |
| Jun 30, 2026 | $16.61B | +5.1% | +2.0% | -8.04% |
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Market cap $375.50B at $152.20 per share. Trailing P/E 20.91, P/S 5.78, P/B 8.95. EV/Operating income ≈ 1059.60 (EV $386.75B).
- Market cap $375.50B at $152.20 per share.
Price & Technicals
Price $152.20 — uptrend (above 200-DMA); 1-month momentum positive. RSI(14) 87.51 (overbought).
- Price $152.20 — uptrend (above 200-DMA); 1-month momentum positive.
Macro & Rates
Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.71%.
- Market regime: Risk-on · Supportive.
Risk Scorecard
Composite risk Moderate. Leverage debt/equity 0.43 (moderate). Liquidity current ratio 1.32 (adequate).
- Composite risk: Moderate.
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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 previewRevenue grew **+1.3%** YoY to $65.01B..
Peer comparison
Defensive groupHow MRK stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| DexCom Inc. DXCM | 21 | Neutral |
| Bristol-Myers Squibb BMY | 19 | Neutral |
| Eli Lilly & Co. LLY | 17 | Neutral |
| HCA Healthcare HCA | 9 | Neutral |
| Gilead Sciences GILD | 8 | Neutral |
| Johnson & Johnson JNJ | 8 | Neutral |
| Abbott Laboratories ABT | 7 | Neutral |
| Biogen Inc. BIIB | 7 | Neutral |
| Intuitive Surgical Inc. ISRG | 7 | Neutral |
| Coca-Cola Co. KO | 6 | Neutral |
| Thermo Fisher Scientific TMO | 3 | Neutral |
| Regeneron Pharmaceuticals REGN | 3 | Neutral |
| Danaher Corp. DHR | 1 | Neutral |
| Merck & Co. MRK● you | 0 | Neutral |
| Zoetis Inc. ZTS | 0 | Neutral |
| Illumina Inc. ILMN | 0 | Neutral |
| Colgate-Palmolive CL | -2 | Neutral |
| Vertex Pharmaceuticals VRTX | -2 | Neutral |
| AbbVie Inc. ABBV | -5 | Neutral |
| Procter & Gamble PG | -7 | Neutral |
| CVS Health Corp. CVS | -8 | Neutral |
| Mondelez International MDLZ | -10 | Neutral |
| Amgen Inc. AMGN | -10 | Neutral |
| Cigna Group CI | -11 | Neutral |
| Kroger Co. KR | -12 | Neutral |
| Costco Wholesale COST | -14 | Neutral |
| Walmart Inc. WMT | -14 | Neutral |
| Pfizer Inc. PFE | -15 | Neutral |
| PepsiCo Inc. PEP | -16 | Neutral |
| Sysco Corp. SYY | -16 | Neutral |
| Hershey Co. HSY | -17 | Neutral |
| Kimberly-Clark Corp. KMB | -18 | Neutral |
| Moderna Inc. MRNA | -21 | Neutral |
| UnitedHealth Group UNH | -25 | Neutral |