Company Valuation: Merck & Co., Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 193,588 281,302 276,259 251,648 261,258 277,534 - -
Change - 45.31% -1.79% -8.91% 3.82% 6.23% - -
Enterprise Value (EV) 1 218,594 298,801 304,221 275,517 296,032 312,182 299,125 282,366
Change - 36.69% 1.81% -9.44% 7.45% 5.46% -4.18% -5.6%
P/E ratio 14.9x 19.4x 779x 14.8x 14.5x 50.1x 13.5x 11.7x
PBR 5.07x 6.12x 7.34x 5.44x 5.01x 5.7x 4.73x 3.89x
PEG - 1.7x -8x 0x 1.81x -0.7x 0x 0.8x
Capitalization / Revenue 3.97x 4.75x 4.6x 3.92x 4.02x 4.15x 3.94x 3.68x
EV / Revenue 4.49x 5.04x 5.06x 4.29x 4.55x 4.67x 4.25x 3.74x
EV / EBITDA 10.5x 11.3x 30.2x 9.88x 9.08x 17.5x 8.8x 7.7x
EV / EBIT 12.4x 13.3x 49x 11.8x 11.1x 23.8x 10.3x 8.86x
EV / FCF 25.2x 20.3x 33.3x 15.2x 24x 26.6x 13.1x 11.3x
FCF Yield 3.97% 4.92% 3.01% 6.57% 4.18% 3.75% 7.63% 8.88%
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% 2.96% 3.08% 3.27%
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 70,367 75,453
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 29,022 31,885
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 99.48 105.26 112.37 112.37 112.37
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 03/02/22 02/02/23 01/02/24 04/02/25 03/02/26 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
50.13x4.67x17.48x2.96% 278B
29.04x10.54x21.76x0.69% 883B
23.97x5.53x15.03x2.38% 540B
25.34x6.27x12.75x3.3% 367B
17x4.26x10.49x3.12% 328B
23.38x4.85x13.78x1.8% 288B
20.45x5.51x13.4x3.04% 283B
13.42x4.92x10.04x3.76% 206B
21.62x5.9x10.23x3% 181B
-48.77x5.82x32.51x2.41% 168B
Average 17.56x 5.83x 15.75x 2.64% 352.13B
Weighted average by Cap. 22.27x 6.62x 16.31x 2.29%

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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