Merck & Co., Inc.
MRK · NYSE · CIK 0000310158
SIC 2834
Pharmaceutical Preparations
Category
Chemicals
Entity
operating
Incorp.
NJ
Fiscal Y/E
1231
Source: SEC EDGAR · All filings on SEC →
Investment Indicators
$111.29
-0.09 (-0.08%)
Open
$112.15
High
$113.68
Low
$111.01
Prev Close
$111.38
Volume
6,126,862
52W High
$124.22
52W Low
$70.74
50-day MA
$117.35
Quote as of: 2026-05-11
Market Cap
$279.46B
P/E
31.87
P/B
5.31
PEG
3.46
EPS
3.55
BPS
21.26
Dividend Yield
2.90%
Beta
0.20
ROE
34.70%
ROA
13.34%
Current Ratio
1.54
Net Margin
28.08%
Intrinsic Value Estimates
Multiple valuation methods, each with its own assumptions — outputs can diverge widely
Median consensus (7 methods)
$273.81B
| Method | Implied market cap | vs current |
|---|---|---|
Graham Number √(22.5 × 순이익 × 자본) | $146.99B | +90% |
Graham Formula 순이익 × (8.5 + 2 × 성장률%) | $397.66B | -30% |
Justified P/E 순이익 × 산업 평균 P/E | $273.81B | +2% |
P/B 배수 자본 × 산업 평균 P/B | $78.91B | +254% |
P/S 배수 매출 × 산업 평균 P/S | $130.02B | +115% |
DCF (Gordon) CF × (1+g) / (r − g) | $436.72B | -36% |
DDM (Gordon) D × (1+g) / (r − g) | $288.89B | -3% |
▶ Detailed analysis — formula walk-through & scenarios
Why this conclusion
Of the 7 valuation methods, 7 were applicable. Their median fair-value lands +2.1% below the current market cap → the stock trades above most formulas' estimates (overvalued). 3 methods flag overvalued, 2 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.
Graham Number
Overvalued +90.1%√(22.5 × 순이익 × 자본)
Current
$279.46B
Implied fair
$146.99B
Gap (current − fair)
+$132.47B(+90.1%)
NetIncome = $18.25B Equity = $52.61B √(22.5 × $18.25B × $52.61B) = $146.99B
- 최대 PER 15배
- 최대 PBR 1.5배
- 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula
Undervalued -29.7%순이익 × (8.5 + 2 × 성장률%)
Current
$279.46B
Implied fair
$397.66B
Gap (current − fair)
$-118.20B(-29.7%)
NetIncome = $18.25B Growth g = 6.6% → cap 6.6% Multiple = 8.5 + 2 × 6.6 = 21.8× $18.25B × 21.8 = $397.66B
- EPS 성장률 6.6%/년 가정 (직전 1년 기준)
- 무성장 기업 P/E = 8.5
- 현재 적용 배수: 21.8x
Justified P/E
Fair +2.1%순이익 × 산업 평균 P/E
Current
$279.46B
Implied fair
$273.81B
Gap (current − fair)
+$5.65B(+2.1%)
NetIncome = $18.25B Industry P/E = 15× $18.25B × 15 = $273.81B
- 산업 평균 PER 15x 가정 (사용자 정의 가능)
- 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수
Overvalued +254.2%자본 × 산업 평균 P/B
Current
$279.46B
Implied fair
$78.91B
Gap (current − fair)
+$200.55B(+254.2%)
Equity = $52.61B Industry P/B = 1.5× $52.61B × 1.5 = $78.91B
- 산업 평균 PBR 1.5x 가정
- 은행·보험·자산집약적 산업에 특히 유효
P/S 배수
Overvalued +114.9%매출 × 산업 평균 P/S
Current
$279.46B
Implied fair
$130.02B
Gap (current − fair)
+$149.44B(+114.9%)
Revenue = $65.01B Industry P/S = 2× $65.01B × 2 = $130.02B
- 산업 평균 PSR 2x 가정
- 매출 기반 — 적자 기업·신생 기업에 적용 가능
- 이익률 차이 무시
DCF (Gordon)
Undervalued -36.0%CF × (1+g) / (r − g)
Current
$279.46B
Implied fair
$436.72B
Gap (current − fair)
$-157.26B(-36.0%)
FCF = $12.36B Discount r = 4.0% + 5.0% = 9.0% Growth g = 6.0% $12.36B × (1 + 6.0%) / (9.0% − 6.0%) = $436.72B
- 현금흐름 입력: FCF (잉여현금흐름)
- 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
- 영구 성장률 6.0% (실질 GDP 수준)
DDM (Gordon)
Fair -3.3%D × (1+g) / (r − g)
Current
$279.46B
Implied fair
$288.89B
Gap (current − fair)
$-9.42B(-3.3%)
Dividend D = $8.18B Discount r = 9.0% Growth g = 6.0% $8.18B × (1 + 6.0%) / (9.0% − 6.0%) = $288.89B
- 배당 입력: 실제 지급 배당
- 할인율 9.0%
- 배당 영구 성장률 6.0%
DCF sensitivity: discount rate × terminal growth
Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +34.3% | +56.7% | +79.1% | +101.5% | +123.9% |
| 2% | +10.8% | +33.0% | +55.2% | +77.3% | +99.5% |
| 3% | -12.2% | +9.8% | +31.7% | +53.7% | +75.6% |
| 4% | -34.8% | -13.0% | +8.7% | +30.4% | +52.2% |
| 5% | -56.9% | -35.4% | -13.9% | +7.7% | +29.2% |
DDM sensitivity: discount rate × dividend growth
Each cell is the discount % vs Dividend × (1+g) / (r − g) under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +103.1% | +136.9% | +170.7% | +204.6% | +238.4% |
| 2% | +67.6% | +101.1% | +134.6% | +168.1% | +201.6% |
| 3% | +32.7% | +65.9% | +99.1% | +132.3% | +165.5% |
| 4% | -1.4% | +31.5% | +64.3% | +97.2% | +130.1% |
| 5% | -34.9% | -2.3% | +30.2% | +62.8% | +95.3% |
All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.
Financial Statements
In USD millions (per-share figures shown directly) · Financials as of: 2026-02-24
Income Statement
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 65,011 | 64,168 | 60,115 | 59,283 | 48,704 |
| Cost of Revenue | 16,382 | 15,193 | 16,126 | 17,411 | 13,626 |
| Net Income | 18,254 | 17,117 | 365 | 14,519 | 13,049 |
| EPS (Basic) | 7.30 | 6.76 | 0.14 | 5.73 | 5.16 |
| EPS (Diluted) | 7.28 | 6.74 | 0.14 | 5.71 | 5.14 |
Balance Sheet
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total Assets | 136,866 | 117,106 | 106,675 | 109,160 | 105,694 |
| Current Assets | 43,516 | 38,782 | 32,168 | 35,722 | 30,266 |
| Cash & Equivalents | 14,565 | 13,242 | 6,841 | 12,694 | 8,096 |
| Current Liabilities | 28,327 | 28,420 | 25,694 | 24,239 | 23,872 |
| Total Equity | 52,606 | 46,313 | 37,581 | 45,991 | 38,184 |
Cash Flow
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating CF | 16,472 | 21,468 | — | — | — |
| Investing CF | -13,741 | -7,734 | — | — | — |
| Financing CF | -1,922 | -7,032 | — | — | — |
| CapEx | 4,112 | 3,372 | 3,863 | — | — |
| Dividends Paid | 8,176 | 7,840 | 7,445 | 7,012 | 6,610 |
📄 SEC Filings
Quarterly Report
1Q26 FORM 10-Q
2026-05-04
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Current Report
FORM 8-K
2026-04-30
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Proxy Statement
DEF 14A
2026-04-08
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Annual Report
10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025
2026-02-24
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Institutional Holdings
xslForm13F_X02/primary_doc.xml
2026-02-17
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Current Report
FORM 8-K
2026-02-03
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Current Report
8-K
2025-12-04
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Institutional Holdings
xslForm13F_X02/primary_doc.xml
2025-11-12
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Quarterly Report
3Q25 FORM 10-Q
2025-11-05
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Current Report
FORM 8-K
2025-10-30
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2026-05-07
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