Merck KGaA

€148.75As of Sun 8 Nov 2026, 12:00 UTC

XETRA:MRKHealthcare

Country Germany

PE (Fwd) •••

TSR 10Y CAGR 6.18%

Div yield 1.48%

ROE 8.13%

Drug Manufacturers (Specialty & Generic)

Beta (5Y) 0.81

PE TTM 27.30

TSR TTM 33.74%

Mkt cap €64.67B

ROIC 7.55%

SE Grade™

Value

Quality

Moat

Consensus

Reference

€152

2.16%

(79.32%)

Hold 7|7|12|8|1

TTM

FYE 31 Dec EUR

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

8.590

Revenue€B

14.89

15.28

15.90

16.34

16.45

17.05

17.45

17.67

18.25

18.99

9.351

2.90%

2.88%

23.40

Revenue growth%

36.37

35.93

36.84

37.79

36.60

36.66

35.29

32.91

35.86

33.63

9.27

35.29

36.15

7.44

Gross margin%

0.75

3.51

3.72

1.59

3.66

5.91

8.18

6.87

3.92

6.58

11.03

6.58

3.82

29.81

Operating margin%

7.20

7.36

8.40

9.48

12.00

12.22

13.86

11.61

11.18

12.90

17.19

12.22

11.39

24.89

Net margin%

25.74

24.02

23.43

22.28

19.63

19.98

18.34

18.06

17.46

17.93

4.42

18.06

19.81

12.69

P/E ratio (avg)x

27.24

25.32

26.55

30.23

28.77

32.43

30.70

32.98

34.86

35.85

23.59

32.98

30.47

16.24

EV/EBITx

44.35

45.00

53.99

59.99

64.11

70.85

77.99

75.73

77.68

79.30

8.980

77.68

67.48

20.03

FCF yield (avg)%

13.19

15.71

12.96

14.77

16.88

19.54

21.15

19.65

22.48

23.96

28.30

21.15

18.21

23.18

FCF margin%

23.72

24.57

26.99

27.30

26.07

23.80

23.65

25.42

27.99

27.30

4.74

25.42

25.75

1.621

FCF / Net incomex

2.288

2.162

2.167

2.149

2.472

2.772

3.171

3.506

3.850

3.723

1.197

3.506

2.622

20.95

ROIC%

20.64

21.82

21.70

23.01

21.70

19.23

18.13

16.80

17.09

16.74

23.00

17.09

19.94

27.50

Return on equity%

14.51

13.30

12.42

10.91

13.80

13.71

13.94

11.55

8.57

5.60

6.88

11.55

12.86

4.25

Return on assets%

6.94

9.08

7.85

10.31

10.99

9.88

10.54

13.45

12.16

10.61

5.20

10.61

10.43

16.89

EPS€

4.28

4.66

4.45

4.05

3.64

4.03

3.98

3.63

3.58

3.61

18.86

(0.17%)

(2.00%)

—

9.21

EPS growth%

5.42

4.53

5.40

5.87

4.20

4.42

4.74

1.95

4.20

2.05

9.26

4.20

4.48

15.81

Bookvalue per sh€

7.42

7.66

8.87

8.62

9.11

10.62

10.53

10.06

11.55

13.45

10.09

8.09%

7.03%

—

17.90

FCF per share€

14.01

16.64

16.65

18.13

17.42

20.62

23.50

26.40

31.05

33.07

6.98

13.68%

8.64%

—

7.50

Dividend per sh€

11.09

11.07

11.79

10.93

10.91

11.09

12.47

12.48

12.21

11.10

16.50

0.35%

(0.32%)

—

14.26

Div yield (avg)%

10.06

8.26

9.97

9.64

9.39

9.51

11.78

9.93

7.08

8.08

15.20

9.51

9.57

23.34

Payout ratio%

22.44

24.28

25.40

25.53

26.40

23.47

22.41

20.76

23.16

24.00

6.90

23.16

23.74

0.424

Shares (diluted)B

0.527

0.556

0.564

0.638

0.688

0.792

0.863

0.947

1.092

0.430

11.33%

6.91%

20.38

Buyback yield%

29.56

32.13

30.66

32.24

32.38

34.73

34.60

33.76

35.20

34.83

27.72

34.73

33.07

0.268

D/E ratiox

2.018

2.247

2.132

2.509

2.549

2.611

3.025

2.862

2.699

2.838

1.114

2.838

2.580

14.86

Enterprise value€B

14.60

16.56

17.11

18.47

21.79

25.00

27.48

30.95

34.66

41.08

1.852

13.51%

12.86%

19.34

LT debt€B

1.705

1.707

1.858

2.000

1.918

2.065

2.226

2.090

2.303

2.125

15.17

2.07%

2.67%

Peers (US$72.62B)

Cap (US$)

Bayer Aktiengesellscha…

61.31B

—

Siemens Healthineers AG

55.82B

22.67x

Fresenius SE & Co. KGaA

33.19B

19.08x

Takeda Pharmaceutical…

66.54B

254.6x

Capital

TTM

10Y

Leveragex

1.239

2.750

2.350

EBIT/Intx

5.260

0.779

0.775

Own earn%

(62.69)

(1.74)

(3.70)

Sh yield%

34.64

43.69

42.08

Owners

Insiders/Inst%

8.17

30.36

Short interest%

3.15

SBC / revenue%

3.61

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

7–14

$1 testx

—

Incr. ROIC%

Merck KGaA is a science and technology company operating in Europe, North America, Latin America, Middle East and Africa, and Asia Pacific. It sells reagents, instruments, bioprocessing products and contract services to research labs, biotech, pharmaceutical and industrial customers; prescription drugs for oncology, rare diseases, immunology and fertility; and semiconductor materials, gases, liquid crystals and OLED materials.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

€18.99B

2.88%

1.00×

Cost of revenue

€11.19B

3.08%

1.02×

Operating expenses

€2.871B

2.80%

0.99×