What is Merck & Co.'s change in inventories?

Merck & Co. (MRK) reported change in inventories of $295M in Q4 2025.

How has Merck & Co.'s change in inventories changed year-over-year?

Merck & Co.'s change in inventories increased by 41.3% year-over-year, from $208.75M to $295M.

What is the long-term trend for Merck & Co.'s change in inventories?

Over 4 years (2021 to 2025), Merck & Co.'s change in inventories has grown at a 15.0% compound annual growth rate (CAGR), from $674M to $1.18B.

What does change in inventories mean?

Increase or decrease in inventory levels, directly affecting operating cash flow and working capital.

Merck & Co. MRK Change in Inventories

Change in Inventories at other companies

Bristol-Myers SquibbBMY

-$14M-108%

PfizerPFE

-$140.25M-166%

Johnson & JohnsonJNJ

$431M+195%

Regeneron PharmaceuticalsREGN

-$26.6M-117%

Phibro Animal HealthPAHC

$19.33M+40.8%

CytokineticsCYTK

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Other financials

Income statement

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Revenue$16.3B+4.9%

Gross profit$12.1B-0.2%

Net income-$4.2B-183%

EPS (diluted)-$1.72-186%

Balance sheet

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Cash & equivalents$5.4B-38.2%

Total debt$49.1B+35.8%

Total equity$45.9B-5.1%

Total assets$128.69B+11.8%

Cash flow

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Operating cash flow$3.9B+56.7%

CapEx$991.0M-25.4%

Free cash flow$2.9B+150%

Valuation

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Market cap$317.37B+61.7%

Enterprise value$361.07B+60.4%

P/E35.5×+23.6×

P/S4.8×+1.7×

Profitability

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Gross margin73.9%-2.5pp

Net margin13.6%-13.7pp

FCF margin21.5%-5.2pp

Returns & leverage

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Return on equity19%-20.3pp

Debt / equity1.1×+0.3×

Current ratio1.3×-0.1×

Where this comes from

Reported directly by Merck & Co. in its filing.

Tagged under the XBRL concept us-gaap:IncreaseDecreaseInInventories.

The official record: Merck & Co.’s 10-K, filed February 24, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Merck & Co.'s change in inventories?: Merck & Co. (MRK) reported change in inventories of $295M in Q4 2025.
How has Merck & Co.'s change in inventories changed year-over-year?: Merck & Co.'s change in inventories increased by 41.3% year-over-year, from $208.75M to $295M.
What is the long-term trend for Merck & Co.'s change in inventories?: Over 4 years (2021 to 2025), Merck & Co.'s change in inventories has grown at a 15.0% compound annual growth rate (CAGR), from $674M to $1.18B.
What does change in inventories mean?: Increase or decrease in inventory levels, directly affecting operating cash flow and working capital.