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Merck & Co., Inc.

Merck & Co., Inc.
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Recent & upcoming events

Oct 29
Earnings 9:00
Earnings call (第3四半期)
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Earnings 7:00
Earnings announcement (第3四半期)
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Sep 14
Ex-dividend Time TBD
Ex-dividend (predicted) $0.85
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Aug 5
Filing Time TBD
Quarterly report (10-Q) filing due (est.)
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Aug 4
Earnings 9:00
Earnings call (第2四半期)
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Earnings 7:00
Q2 earnings
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Dec 14
Est.
Ex-dividend Time TBD
Ex-dividend (predicted) $0.85
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2027
Jan 26
Est.
Earnings 6:40 approx.
FY earnings (predicted)
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Feb 24
Est.
Filing Time TBD
Annual report (10-K) filing due (est.)
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May 28
Est.
Shareholder meeting Time TBD
Annual meeting (est.)
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Past events
2026
Oct 29
Earnings 7:00
Earnings announcement (第3四半期)
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Earnings 9:00
Earnings call (第3四半期)
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KPI highlights

FY25
Revenue $65.01B YoY +1.3%
Operating income $22.11B margin 34.0%
Net income $18.25B YoY +6.6%
EPS $7.30 YoY +8.0%
P/E 32.6× Slightly rich Rough PER guide (a simplified band — fair value varies by industry and growth stage): <10 Cheap / 10–15 Slightly cheap / 15–22 Fair / 22–35 Slightly rich / ≥35 Rich
ROE 34.7% Equity ratio 38% Typical equity ratios vary a lot by industry. Banks, brokerages, and other financial companies tend to run lower ratios because leverage (using other people's capital) is core to their business model — a low ratio there isn't a sign of financial weakness.

Quarterly fundamentals

Income & cash flow Unit: $1M
Quarter FY24 Q4FY25 Q1FY25 Q2FY25 Q3FY25 Q4FY26 Q1
Revenue 15,62415,52915,80617,27616,40016,286
Operating income 4,3485,9375,5526,5544,065-3,201
Net income 3,7445,0854,4285,7872,962-4,243
Operating CF 5,1116,3025,6516,8824,9265,699

Company news

Ownership over time

Share of total shares outstanding (disclosed major holdings + undisclosed)（2013–2026）

機関投資家 59.4%未開示 40.6%20132015201720192021202320252026
機関投資家 59.4%未開示 40.6%13Q114Q215Q316Q418Q119Q220Q321Q423Q124Q225Q426Q1
機関投資家未開示・浮動株

「国内機関」は信託銀行の名義口座（年金・パッシブ・一部海外資本を含む）を集計し、実質保有者へは分解していません。分類は開示名称からの推定です。

Top shareholders — rank & share

BlackRock, Inc. 7.2%BlackRock, Inc.VANGUARD CAPITAL M 5.2%VANGUARD CAPITAL MANAGEMENT LLCSTATE STREET CORP 3.8%STATE STREET CORPWELLINGTON MANAGEM 2.7%WELLINGTON MANAGEMENT GROUP LLPVANGUARD PORTFOLIO 2.2%VANGUARD PORTFOLIO MANAGEMENT LLCGEODE CAPITAL MANA 1.9%GEODE CAPITAL MANAGEMENT, LLCCHARLES SCHWAB INV 1.6%CHARLES SCHWAB INVESTMENT MANAGEMENT INCMORGAN STANLEY 1.5%MORGAN STANLEYFMR LLC 1.4%FMR LLCBANK OF AMERICA CO 1%BANK OF AMERICA CORP /DE/20132015201720192021202320252026
BlackRock, Inc. 7.2%BlackRock, Inc.VANGUARD CAPITAL M 5.2%VANGUARD CAPITAL MANAGEMENT LLCSTATE STREET CORP 3.8%STATE STREET CORPWELLINGTON MANAGEM 2.7%WELLINGTON MANAGEMENT GROUP LLPVANGUARD PORTFOLIO 2.2%VANGUARD PORTFOLIO MANAGEMENT LLCGEODE CAPITAL MANA 1.9%GEODE CAPITAL MANAGEMENT, LLCCHARLES SCHWAB INV 1.6%CHARLES SCHWAB INVESTMENT MANAGEMENT INCMORGAN STANLEY 1.5%MORGAN STANLEYFMR LLC 1.4%FMR LLCBANK OF AMERICA CO 1%BANK OF AMERICA CORP /DE/13Q114Q215Q316Q418Q119Q220Q321Q423Q124Q225Q426Q1

Top shareholders — actual figures (as of 2026)

Holder Shares held Ratio Source
その他機関投資家（13F 3598社） 678,604,727 21.8% 13F
BlackRock, Inc. 225,830,330 7.2% 13F
VANGUARD CAPITAL MANAGEMENT LLC 160,987,624 5.2% 13F
STATE STREET CORP 119,325,673 3.8% 13F
WELLINGTON MANAGEMENT GROUP LLP 84,314,971 2.7% 13F
VANGUARD PORTFOLIO MANAGEMENT LLC 67,304,305 2.2% 13F
GEODE CAPITAL MANAGEMENT, LLC 59,558,154 1.9% 13F
CHARLES SCHWAB INVESTMENT MANAGEMENT INC 49,765,225 1.6% 13F
MORGAN STANLEY 47,632,487 1.5% 13F
FMR LLC 44,516,010 1.4% 13F
BANK OF AMERICA CORP /DE/ 30,774,221 1.0% 13F
NORTHERN TRUST CORP 27,090,023 0.9% 13F
Fisher Asset Management, LLC 26,436,284 0.8% 13F
PRICE T ROWE ASSOCIATES INC /MD/ 23,042,842 0.7% 13F
Invesco Ltd. 21,855,101 0.7% 13F
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 20,414,819 0.7% 13F
GOLDMAN SACHS GROUP INC 20,133,379 0.6% 13F
Legal & General Group Plc 19,538,545 0.6% 13F
Bank of New York Mellon Corp 18,713,363 0.6% 13F
FRANKLIN RESOURCES INC 16,267,205 0.5% 13F
AMERIPRISE FINANCIAL INC 16,262,708 0.5% 13F
DIMENSIONAL FUND ADVISORS LP 15,456,039 0.5% 13F
VANGUARD FIDUCIARY TRUST CO 13,964,179 0.4% 13F
UBS Group AG 13,933,630 0.4% 13F
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 13,794,969 0.4% 13F
Amundi 13,764,954 0.4% 13F

Source：SEC EDGAR（DEF 14A・13D/G・13F）　Classification inferred from disclosed names

F-Score (Piotroski)

4/9 1 of 9 items lack data

Checks financial health against 9 criteria and shows how many are met as a fraction (more ✓ marks is healthier). Items with no data are shown as “—” — they're simply excluded from judgment, not counted against the score.

✓ Positive ROA ROA 13.3%
✓ Positive operating cash flow $16.47B
✗ ROA improved YoY 14.6% → 13.3%
✗ Operating CF exceeds net income (accrual quality) OCF $16.47B / net income $18.25B
✗ Equity ratio improved* Substitute for the original “decrease in long-term debt” 39.5% → 38.4%
✓ Current ratio improved 1.36× → 1.54×
✓ No dilution (shares outstanding did not increase) 2,526,036,240 → 2,472,392,003
— Gross margin improved No data
✗ Asset turnover improved 0.55× → 0.47×

This score is reference information based on our own financial metrics. It is NOT a credit rating issued by a credit rating agency under Article 66-27 of the Financial Instruments and Exchange Act, and is NOT investment advice or a recommendation. Make investment decisions at your own responsibility.

Fact checklist

FY25
Equity ratio 38.4%
Current ratio 1.5×
Years of positive operating CF 12 of last 12 yrs
Payout ratio 94%
Latest fiscal year result Profit (net income $18.25B)

Performance history

Last 10 years
$0.0B$16.3B$32.5B$48.8B$65.0B FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25

Income & assets

Unit: $1M
Item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Revenue 39,80740,12242,29439,12141,51848,70459,28360,11564,16865,011
Operating income ————5,54813,19918,2822,95420,22122,107
Ordinary income ——————————
Net income 3,9202,3946,2209,8437,06713,04914,51936517,11718,254
Total assets 95,37787,87282,63784,39791,588105,694109,160106,675117,106136,866
Equity 40,08834,33626,70125,90725,31738,18445,99137,58146,31352,606

A “—” means data wasn't available for that period — it's not a display error or an unusual value.

Indicators & cash flow

*Split-adjustedUnit: $1M
Item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
EPS $1.35$0.84$2.23$3.66$2.66$5.16$5.73$0.14$6.76$7.30
ROE 9.8%7.0%23.3%38.0%27.9%34.2%31.6%1.0%37.0%34.7%
Operating CF 10,3766,45110,92213,44010,25313,12219,09513,00621,46816,472
Investing CF -3,2102,6794,314-2,629-9,443-16,421-4,960-14,083-7,734-13,741
Financing CF -9,044-10,006-13,160-8,861-2,8323,097-9,119-4,810-7,032-1,922
FCF ————5,8249,66114,7079,14318,09612,360

A “—” means data wasn't available for that period — it's not a display error or an unusual value.

Source: SEC EDGAR (10-K, etc.) (fetched 2026-07-03) *Some metrics supplemented from additional sources

Key financial metrics

High ROE ✓ 3-year revenue growth ✓ Dividend grower ✓

Sector positioning

Relative standing within the sector
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Data provided by Twelve Data