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Merck & Co. MRK Free cash flow margin

Free cash flow margin at other companies

Bristol-Myers Squibb logo
Bristol-Myers SquibbBMY
24.6%-2.9pp
Pfizer logo
PfizerPFE
18%+8.8pp
Johnson & Johnson logo
Johnson & JohnsonJNJ
18.5%-4.3pp
Regeneron Pharmaceuticals logo
Regeneron PharmaceuticalsREGN
27.6%+5.5pp
United Therapeutics logo
United TherapeuticsUTHR
32.1%-5.6pp
Revolution Medicines, Inc. logo
Revolution Medicines, Inc.RVMD
-74,273.9%-75,457pp

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
Debt / equity1.1×+0.3×
Current ratio1.3×-0.1×

Where this comes from

Calculated from Merck & Co.’s reported figures.

Based on trailing twelve months.

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 free cash flow margin?
Merck & Co. (MRK) reported free cash flow margin of 21.5% in Q1 2026.
How has Merck & Co.'s free cash flow margin changed year-over-year?
Merck & Co.'s free cash flow margin decreased by 19.5% year-over-year, from 26.7% to 21.5%.
What is the long-term trend for Merck & Co.'s free cash flow margin?
Over 4 years (2021 to 2025), Merck & Co.'s free cash flow margin has grown at a 10.3% compound annual growth rate (CAGR), from 60.2% to 89.1%.
What does free cash flow margin mean?
How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?
A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?
Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.