Valuation, from the filing
| Public float | $198.05B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $80.11 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 10.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 3.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 3.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
10.8× earnings today, against a median of 23.9× across 10 years on record. Below its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $198.05B | 10.8× | |
| 2024-06-28 | $313.80B | 18.3× | |
| 2023-06-30 | $292.93B | 802.5× | |
| 2022-06-30 | $230.82B | 15.9× | |
| 2021-06-30 | $196.87B | 15.1× | |
| 2020-06-30 | $195.46B | 27.7× | |
| 2019-06-30 | $215.11B | 21.9× | |
| 2018-06-30 | $161.99B | 26.0× | |
| 2017-06-30 | $174.70B | 73.0× | |
| 2016-06-30 | $159.26B | 40.6× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Pharmaceutical Preparations filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| SBC / revenue | 1.3% | 7th | |
| Net margin | 28.1% | 90th | |
| FCF margin | 19.0% | 88th | |
| Current ratio | 1.54x | 22th | |
| Long-term debt / equity | 0.89x | 78th | |
| R&D / revenue | 24.3% | 24th | |
| CapEx / revenue | 6.3% | 70th | |
| Effective tax rate | 13.3% | 42th | |
| Gross margin | 74.8% | 58th | |
| Revenue YoY growth | 1.3% | 48th |
Merck & Co., Inc. (MRK) reported revenue of $66.57B and net income of $3.17B for the fiscal year ended 2026-06-30. This page shows 1 annual period of income statement, balance sheet and cash flow figures normalized from Merck & Co., Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Pharmaceutical Preparations.
Income
| Metric | 2026-06-30 |
|---|---|
| Revenue | $66.57B |
| Cost of revenue | $18.00B |
| Gross profit | $48.57B |
| Operating income | Unavailable |
| Net income | $3.17B |
| Research & development | $30.45B |
| Weighted-average diluted shares | Unavailable |
| Pretax income | $5.95B |
| Income tax expense | $2.78B |
| Diluted EPS | Unavailable |
| Selling, general & administrative | $11.14B |
| General & administrative | Unavailable |
| Selling & marketing | Unavailable |
Balance
| Metric | 2026-06-30 |
|---|---|
| Cash & equivalents | $6.85B |
| Total assets | $129.80B |
| Current assets | $36.68B |
| Total liabilities | Unavailable |
| Current liabilities | $27.73B |
| Total equity incl. NCI | $41.98B |
| Temporary (mezzanine) equity | Unavailable |
| Inventory | $6.21B |
| Accounts receivable | $12.56B |
| Goodwill | $21.58B |
| Long-term debt | $51.08B |
| Accounts payable | $3.83B |
Cash flow
| Metric | 2026-06-30 |
|---|---|
| Operating cash flow | $19.97B |
| Capital expenditures | $3.90B |
| Investing cash flow | -$27.30B |
| Financing cash flow | $6.17B |
| Net change in cash | -$1.18B |
| Stock-based compensation | $892.00M |
| Common dividends paid | $8.30B |
| Common share repurchases | $4.21B |
| Depreciation & amortization | Unavailable |
Derived
| Metric | 2026-06-30 |
|---|---|
| Free cash flow | $16.06B |
| Gross margin | 73.0% |
| Operating margin | Unavailable |
| FCF margin | 24.1% |
| SBC / revenue | 1.3% |
| Current ratio | 1.32x |
| Revenue YoY growth | 4.6% |
| Net margin | 4.8% |
| R&D / revenue | 45.7% |
| CapEx / revenue | 5.9% |
| Long-term debt / equity | 1.22x |
| Effective tax rate | 46.7% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open MRK in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.