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Merck Valuation Multiples
Discover revenue and EBITDA valuation multiples for Merck and similar public comparables like AstraZeneca, Novartis, Roche, Amgen and more.
Merck Overview
About Merck
Merck makes pharmaceutical products to treat several conditions in a number of therapeutic areas, including cardiometabolic disease, cancer, and infections. Within cancer, the firm's immuno-oncology platform, led by Keytruda, is a major contributor to overall sales. The company also has a substantial vaccine business aimed at preventing pediatric diseases, as well as Gardasil for human papillomavirus. Additionally, Merck sells animal health-related drugs. From a geographical perspective, 47% of the company's sales are generated from US human health (pharmaceuticals and vaccines).
Founded
1970
HQ
Employees
75.0K
Website
Sectors
Financials (LTM)
EV
$335B
Merck Financials
Merck reported last 12-month revenue of $65B and EBITDA of $28B.
In the same LTM period, Merck generated $53B in gross profit, $28B in EBITDA, and $21B in net income.
Revenue (LTM)
Merck P&L
In the most recent fiscal year, Merck reported revenue of $65B and EBITDA of $30B.
Merck expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $65B | XXX | $65B | XXX | XXX | XXX |
| Gross Profit | $53B | XXX | $49B | XXX | XXX | XXX |
| Gross Margin | 81% | XXX | 75% | XXX | XXX | XXX |
| EBITDA | $28B | XXX | $30B | XXX | XXX | XXX |
| EBITDA Margin | 43% | XXX | 46% | XXX | XXX | XXX |
| EBIT Margin | 38% | XXX | 41% | XXX | XXX | XXX |
| Net Profit | $21B | XXX | $23B | XXX | XXX | XXX |
| Net Margin | 32% | XXX | 35% | XXX | XXX | XXX |
| Net Debt | — | — | $35B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Merck Stock Performance
Merck has current market cap of $300B, and enterprise value of $335B.
Market Cap Evolution
Merck's stock price is $121.41.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $335B | $300B | 0.0% | XXX | XXX | XXX | $9.11 |
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Start Free TrialMerck Valuation Multiples
Merck trades at 5.1x EV/Revenue multiple, and 11.9x EV/EBITDA.
EV / Revenue (LTM)
Merck Financial Valuation Multiples
As of March 7, 2026, Merck has market cap of $300B and EV of $335B.
Equity research analysts estimate Merck's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Merck has a P/E ratio of 14.5x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $300B | XXX | $300B | XXX | XXX | XXX |
| EV (current) | $335B | XXX | $335B | XXX | XXX | XXX |
| EV/Revenue | 5.1x | XXX | 5.2x | XXX | XXX | XXX |
| EV/EBITDA | 11.9x | XXX | 11.3x | XXX | XXX | XXX |
| EV/EBIT | 13.4x | XXX | 12.6x | XXX | XXX | XXX |
| EV/Gross Profit | 6.3x | XXX | 6.9x | XXX | XXX | XXX |
| P/E | 14.5x | XXX | 13.3x | XXX | XXX | XXX |
| EV/FCF | 18.9x | XXX | 18.6x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Merck Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Merck Margins & Growth Rates
Merck's revenue in the last 12 month grew by 3%.
Merck's revenue per employee in the last FY averaged $0.9M.
Merck's rule of 40 is 46% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Merck's rule of X is 51% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Merck Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 3% | XXX | 3% | XXX | XXX | XXX |
| EBITDA Margin | 43% | XXX | 46% | XXX | XXX | XXX |
| EBITDA Growth | (17%) | XXX | (28%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 46% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 51% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.9M | XXX | XXX | XXX |
| R&D Expenses to Revenue | 25% | XXX | 24% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 41% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Merck Public Comps
See public comps and valuation multiples for other Biopharmaceuticals comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| AstraZeneca | XXX | XXX | XXX | XXX | XXX | XXX |
| Novartis | XXX | XXX | XXX | XXX | XXX | XXX |
| Roche | XXX | XXX | XXX | XXX | XXX | XXX |
| Amgen | XXX | XXX | XXX | XXX | XXX | XXX |
| Gilead Sciences | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Merck M&A Activity
Merck acquired XXX companies to date.
Last acquisition by Merck was on XXXXXXXX, XXXXX. Merck acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Merck
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialMerck Investment Activity
Merck invested in XXX companies to date.
Merck made its latest investment on XXXXXXXX, XXXXX. Merck invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Merck
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Merck
| When was Merck founded? | Merck was founded in 1970. |
| Where is Merck headquartered? | Merck is headquartered in United States. |
| How many employees does Merck have? | As of today, Merck has over 75K employees. |
| Who is the CEO of Merck? | Merck's CEO is Robert M. Davis. |
| Is Merck publicly listed? | Yes, Merck is a public company listed on NYSE. |
| What is the stock symbol of Merck? | Merck trades under MRK ticker. |
| When did Merck go public? | Merck went public in 1949. |
| Who are competitors of Merck? | Merck main competitors are AstraZeneca, Novartis, Roche, Amgen. |
| What is the current market cap of Merck? | Merck's current market cap is $300B. |
| What is the current revenue of Merck? | Merck's last 12 months revenue is $65B. |
| What is the current revenue growth of Merck? | Merck revenue growth (NTM/LTM) is 3%. |
| What is the current EV/Revenue multiple of Merck? | Current revenue multiple of Merck is 5.1x. |
| Is Merck profitable? | Yes, Merck is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Merck? | Merck's last 12 months EBITDA is $28B. |
| What is Merck's EBITDA margin? | Merck's last 12 months EBITDA margin is 43%. |
| What is the current EV/EBITDA multiple of Merck? | Current EBITDA multiple of Merck is 11.9x. |
| What is the current FCF of Merck? | Merck's last 12 months FCF is $18B. |
| What is Merck's FCF margin? | Merck's last 12 months FCF margin is 27%. |
| What is the current EV/FCF multiple of Merck? | Current FCF multiple of Merck is 18.9x. |
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