Company Valuation: Merck & Co., Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 193,588 281,302 276,259 251,648 261,258 274,842 - -
Change - 45.31% -1.79% -8.91% 3.82% 5.2% - -
Enterprise Value (EV) 1 218,594 298,801 304,221 275,517 296,032 309,490 296,433 279,674
Change - 36.69% 1.81% -9.44% 7.45% 4.55% -4.22% -5.65%
P/E ratio 14.9x 19.4x 779x 14.8x 14.5x 49.6x 13.4x 11.6x
PBR 5.07x 6.12x 7.34x 5.44x 5.01x 5.65x 4.68x 3.85x
PEG - 1.7x -8x 0x 1.81x -0.7x 0x 0.7x
Capitalization / Revenue 3.97x 4.75x 4.6x 3.92x 4.02x 4.11x 3.91x 3.63x
EV / Revenue 4.49x 5.04x 5.06x 4.29x 4.55x 4.63x 4.21x 3.69x
EV / EBITDA 10.5x 11.3x 30.2x 9.88x 9.08x 17.3x 8.72x 7.63x
EV / EBIT 12.4x 13.3x 49x 11.8x 11.1x 23.6x 10.2x 8.7x
EV / FCF 25.2x 20.3x 33.3x 15.2x 24x 26.4x 13.2x 11.9x
FCF Yield 3.97% 4.92% 3.01% 6.57% 4.18% 3.79% 7.6% 8.44%
Dividend per Share 2 2.64 2.8 2.96 3.12 3.28 3.33 3.463 3.674
Rate of return 3.44% 2.52% 2.72% 3.14% 3.12% 2.99% 3.11% 3.3%
EPS 2 5.14 5.71 0.14 6.74 7.28 2.241 8.312 9.604
Distribution rate 51.4% 49% 2,114% 46.3% 45.1% 149% 41.7% 38.3%
Net sales 1 48,704 59,283 60,115 64,168 65,011 66,849 70,372 75,703
EBITDA 1 20,910 26,431 10,083 27,897 32,617 17,864 34,004 36,649
EBIT 1 17,696 22,522 6,211 23,398 26,779 13,097 29,055 32,157
Net income 1 13,049 14,519 365 17,117 18,254 5,556 20,425 23,378
Net Debt 1 25,006 17,499 27,962 23,869 34,774 34,648 21,591 4,832
Reference price 2 76.64 110.95 109.02 99.48 105.26 111.28 111.28 111.28
Nbr of stocks (in thousands) 2,525,944 2,535,396 2,534,023 2,529,636 2,482,023 2,469,824 - -
Announcement Date 2/3/22 2/2/23 2/1/24 2/4/25 2/3/26 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
49.69x4.63x17.34x2.99% 275B
27.83x10.14x20.87x0.72% 846B
23.65x5.46x14.84x2.41% 533B
24.57x6.1x12.42x3.41% 356B
16.67x4.18x10.31x3.18% 324B
22.88x4.76x13.54x1.83% 282B
20.12x5.43x13.2x3.09% 278B
13.18x4.82x9.89x3.84% 203B
21.33x5.83x10.12x3.04% 179B
-47.96x5.67x34.54x2.46% 163B
Average 17.20x 5.70x 15.71x 2.7% 343.84B
Weighted average by Cap. 21.72x 6.42x 16.00x 2.34%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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