Merck & Co., Inc. (MRK) Fundamental Analysis
Merck & Co., Inc. is assessed below across growth, profitability, cash generation and balance-sheet strength, sourced directly from its SEC filings. Profitability has been inconsistent across recent quarters, a turnaround profile where the direction of travel matters more than any single period. Cash generation is healthy, funding the business from its own operations. The latest filing shows a mixed picture across the four dimensions.
Beat Index assesses Merck & Co., Inc. across twenty analysis tabs, spanning market multiples, revenue and income, margins, cash flow, returns, liquidity and leverage, working capital, intrinsic value, commitments, insider activity, risk, and its latest 10-Q reads strongest on cash generation while flagging revenue growth, profit margins and balance-sheet strength for closer review. Every figure is taken as-reported from SEC EDGAR filings, with no vendor adjustments.
At a glance
- PositiveCash Generation: FCF margin 27%
- WatchGrowth: Revenue +5% YoY
- ConcernProfitability: Loss-making (-8% margin)
Trend matrix, last 4 quarters
| Dimension | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 |
|---|---|---|---|---|
| Growth | Revenue +5% YoY | Revenue +5% YoY | Revenue +5% YoY | Revenue +4% YoY |
| Profitability | Loss-making (-8% margin) | Loss-making (-26% margin) | Net margin 18% | Net margin 33% |
| Cash Generation | FCF margin 27% | FCF margin 18% | FCF margin 11% | FCF margin 40% |
| Balance Sheet | Debt/equity 1.3x | Debt/equity 1.1x | Debt/equity 0.9x | Debt/equity 0.8x |
Quarterly financials
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|---|
| Revenue | $16.61B | $16.29B | $16.40B | $17.28B | $15.81B |
| Cash & equivalents | $6.85B | $5.33B | $14.56B | $18.17B | $8.01B |
| Net income | -$1.33B | -$4.24B | $2.96B | $5.79B | $4.43B |
| Operating cash flow | $5.37B | $3.92B | $2.86B | $7.82B | $3.29B |
| Free cash flow | $4.48B | $2.93B | $1.82B | $6.83B | $2.53B |
Figures in USD, as reported to the SEC. Longer history is available in the full analysis.
What's inside the full dashboard
Twenty analysis tabs. Every financial figure comes from SEC filings, with no estimates.
- Market Multiples: What buyers have actually paid for this business, week by week, against what they pay today.
- Cash Flow: Free cash flow generation and operating cash flow trends.
- Intrinsic Value: Discounted cash flow (DCF) valuation against your own discount rate.
- Priced In: The move the options market is pricing in, including around earnings, read from your own Alpaca account once connected.
- Liquidity & Leverage: Balance-sheet strength: assets, liabilities, debt and liquidity ratios.
- Margins: Gross, operating, and net profit margin analysis.
- Returns: Return on equity, return on assets, and return on invested capital.
- Revenue & Income: Revenue growth, composition, and year-over-year income trends.
- Working Capital: Working-capital efficiency, cash conversion and asset-turnover metrics.
- Risk: Debt levels, liquidity ratios, and financial risk indicators.
- Insider: Insider stock transactions and executive activity.
- Commitments: Operating leases, purchase commitments, and future obligations.
To see more, create a free account.
Create free accountUnlock the full Merck & Co., Inc. dashboard
Live valuation, management commentary, and peer comparison, all sourced directly from SEC filings. Free to access.