MRK's free cash flow for Q3 2025 was $0.82. For the 2025 fiscal year, MRK's free cash flow was decreased by $ and operating cash flow was $0.39. See a summary of the company’s cash flow.

Ratios	TTM	Dec 24	Dec 23	Dec 22	Dec 21
Liquidity Ratios
Current Ratio	1.66	1.25	1.47	1.27	1.02
Quick Ratio	1.44	1.00	1.23	1.02	0.79
Cash Ratio	0.63	0.27	0.52	0.34	0.30
Solvency Ratio	0.38	0.06	0.29	0.24	0.16
Operating Cash Flow Ratio	0.60	0.51	0.79	0.59	0.38
Short-Term Operating Cash Flow Coverage	12.15	9.48	9.81	5.85	1.59
Net Current Asset Value	$ -11.81B	$ -36.87B	$ -27.38B	$ -37.17B	$ -38.42B
Leverage Ratios
Debt-to-Assets Ratio	0.37	0.34	0.28	0.31	0.35
Debt-to-Equity Ratio	0.80	0.97	0.67	0.87	1.26
Debt-to-Capital Ratio	0.44	0.49	0.40	0.46	0.56
Long-Term Debt-to-Capital Ratio	0.44	0.47	0.38	0.45	0.50
Financial Leverage Ratio	2.14	2.84	2.37	2.77	3.62
Debt Service Coverage Ratio	9.04	2.14	6.67	5.09	1.17
Interest Coverage Ratio	19.76	2.58	20.17	17.00	7.31
Debt to Market Cap	0.18	0.12	0.11	0.17	0.16
Interest Debt Per Share	17.04	14.35	12.50	13.40	12.89
Net Debt to EBITDA	0.89	4.26	0.84	1.40	2.33
Profitability Margins
Gross Profit Margin	78.32%	73.17%	70.63%	72.02%	67.20%
EBIT Margin	35.44%	5.05%	29.36%	30.15%	16.12%
EBITDA Margin	40.75%	11.49%	35.95%	36.75%	24.52%
Operating Profit Margin	36.42%	4.91%	32.72%	28.14%	14.63%
Pretax Profit Margin	33.96%	3.14%	27.74%	28.50%	21.17%
Net Profit Margin	29.63%	0.61%	24.49%	26.79%	17.02%
Continuous Operations Profit Margin	29.65%	0.63%	24.50%	25.37%	10.89%
Net Income Per EBT	87.24%	19.32%	88.29%	94.02%	80.39%
EBT Per EBIT	93.26%	63.95%	84.77%	101.28%	144.68%
Return on Assets (ROA)	17.11%	0.34%	13.30%	12.35%	7.72%
Return on Equity (ROE)	38.95%	0.97%	31.57%	34.17%	27.91%
Return on Capital Employed (ROCE)	28.33%	3.65%	22.84%	16.75%	9.46%
Return on Invested Capital (ROIC)	24.31%	0.71%	19.73%	14.48%	6.90%
Return on Tangible Assets	25.61%	0.54%	21.45%	21.22%	12.45%
Earnings Yield	8.33%	0.13%	5.17%	6.73%	3.58%
Efficiency Ratios
Receivables Turnover	5.30	5.81	6.27	5.28	5.73
Payables Turnover	3.36	4.11	4.08	2.96	3.15
Inventory Turnover	2.16	2.54	2.95	2.29	2.16
Fixed Asset Turnover	2.51	2.45	2.77	2.53	2.31
Asset Turnover	0.58	0.56	0.54	0.46	0.45
Working Capital Turnover Ratio	4.29	6.70	6.63	14.26	14.57
Cash Conversion Cycle	129.06	117.97	92.71	105.17	116.80
Days of Sales Outstanding	68.87	62.84	58.18	69.17	63.65
Days of Inventory Outstanding	168.87	143.91	123.92	159.46	169.13
Days of Payables Outstanding	108.68	88.77	89.39	123.46	115.98
Operating Cycle	237.74	206.74	182.10	228.64	232.77
Cash Flow Ratios
Operating Cash Flow Per Share	6.83	4.99	7.54	5.58	4.05
Free Cash Flow Per Share	5.22	3.51	5.81	3.82	2.20
CapEx Per Share	1.61	1.48	1.73	1.76	1.85
Free Cash Flow to Operating Cash Flow	0.76	0.70	0.77	0.68	0.54
Dividend Paid and CapEx Coverage Ratio	1.41	1.15	1.68	1.28	0.94
Capital Expenditure Coverage Ratio	4.25	3.37	4.35	3.17	2.19
Operating Cash Flow Coverage Ratio	0.41	0.36	0.62	0.43	0.32
Operating Cash Flow to Sales Ratio	0.27	0.22	0.32	0.29	0.25
Free Cash Flow Yield	5.68%	3.22%	5.24%	4.98%	2.82%
Valuation Ratios
Price-to-Earnings (P/E) Ratio	11.97	778.71	19.35	14.86	27.92
Price-to-Sales (P/S) Ratio	3.57	4.73	4.74	3.98	4.75
Price-to-Book (P/B) Ratio	4.40	7.56	6.11	5.08	7.79
Price-to-Free Cash Flow (P/FCF) Ratio	17.57	31.09	19.10	20.07	35.44
Price-to-Operating Cash Flow Ratio	13.36	21.85	14.71	13.74	19.25
Price-to-Earnings Growth (PEG) Ratio	0.73	-7.98	1.75	0.17	-1.02
Price-to-Fair Value	4.40	7.56	6.11	5.08	7.79
Enterprise Value Multiple	9.65	45.41	14.02	12.23	21.72
Enterprise Value	253.04B	313.66B	298.92B	218.91B	221.07B
EV to EBITDA	9.67	45.41	14.02	12.23	21.72
EV to Sales	3.94	5.22	5.04	4.49	5.32
EV to Free Cash Flow	19.39	34.31	20.33	22.66	39.70
EV to Operating Cash Flow	14.83	24.12	15.65	15.52	21.56
Tangible Book Value Per Share	5.98	-0.60	1.81	-2.35	-3.73
Shareholders’ Equity Per Share	20.76	14.41	18.16	15.09	10.01
Tax and Other Ratios
Effective Tax Rate	0.13	0.80	0.12	0.11	0.19
Revenue Per Share	25.71	23.06	23.41	19.25	16.41
Net Income Per Share	7.62	0.14	5.73	5.16	2.79
Tax Burden	0.87	0.19	0.88	0.94	0.80
Interest Burden	0.96	0.62	0.94	0.95	1.31
Research & Development to Revenue	0.25	0.51	0.23	0.25	0.32
SG&A to Revenue	<0.01	0.14	0.13	0.16	0.17
Stock-Based Compensation to Revenue	0.01	0.01	<0.01	<0.01	0.01
Income Quality	0.90	35.63	1.31	1.14	1.45

Currency in USD

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