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Merck & Co. MRK Debt-to-equity

Debt-to-equity at other companies

Bristol-Myers Squibb logo
Bristol-Myers SquibbBMY
2.2×-0.6×
Pfizer logo
PfizerPFE
0.7×0.0×
Johnson & Johnson logo
Johnson & JohnsonJNJ
0.7×0.0×
Regeneron Pharmaceuticals logo
Regeneron PharmaceuticalsREGN
0.1×0.0×
Revolution Medicines, Inc. logo
Revolution Medicines, Inc.RVMD
0.1×0.0×
Amgen logo
AmgenAMGN
6.2×-3.0×

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$285.12B+31.2%
Enterprise value$328.82B+34.2%
P/E31.9×+19.4×
P/S4.3×+0.9×

Profitability

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Gross margin73.9%-2.5pp
Net margin13.6%-13.7pp

Returns & leverage

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Return on equity19%-20.3pp
Current ratio1.3×-0.1×

Where this comes from

Calculated from Merck & Co.’s reported figures.

Based on the most recent quarter.

The official record: Merck & Co.’s 10-Q, filed May 4, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Merck & Co.'s debt-to-equity?
Merck & Co. (MRK) reported debt-to-equity of 1.1× in Q1 2026.
How has Merck & Co.'s debt-to-equity changed year-over-year?
Merck & Co.'s debt-to-equity increased by 43.1% year-over-year, from 0.7× to 1.1×.
What is the long-term trend for Merck & Co.'s debt-to-equity?
Over 4 years (2021 to 2025), Merck & Co.'s debt-to-equity has grown at a -5.1% compound annual growth rate (CAGR), from 4.1× to 3.3×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.