Merck & Co., Inc.

MRKNYSEHealthcare● Active

$120.79

+$0.53(+0.44%)

Market Cap$298.3B

P/E Ratio—

52W High$125.14

52W Low$76.66

Avg Volume9.5M

Open$120.94

Beta0.22

Free Cash Flow Financials Revenue

Merck & Co., Inc. (MRK) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

MRK · free cash flow · updated Jun 8, 2026

Core FCF metrics

MRK · FCF · TTM · margin & CAGR

Free cash flow was $12.36B for FY2025 (fiscal year ending 2025-12-31), down 31.7% year-over-year The FCF margin was 19.0%. Five-year CAGR stands at +16.2%.

FY2025 Free Cash Flow$12.36B▼ -31.7% YoY

Trailing 12M (TTM)$14.12Btrailing 4 quarters sum

FCF Margin19.0%$12.36B ÷ revenue

3-Year CAGR-5.6%FY2022 → FY2025

5-Year CAGR+16.2%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

MRK · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$16.47B(4.11B)$12.36B▼ 31.7%19.0%

FY2024$21.47B(3.37B)$18.10B▲ +97.9%28.2%

FY2023$13.01B(3.86B)$9.14B▼ 37.8%15.2%

FY2022$19.09B(4.39B)$14.71B▲ +52.2%24.8%

FY2021$14.11B(4.45B)$9.66B▲ +65.9%19.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

MRK · P/FCF · FCF yield · FCF per share

Merck & Co., Inc. (MRK) trades at a FCF yield of 4.73% and a price-to-free-cash-flow ratio of 21.4x. FCF per share stands at $5.64, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

4.73%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$5.64

TTM FCF ÷ Shares Outstanding

Price / FCF

x21.4

Share Price ÷ FCF per Share

EV / FCF (TTM)

x24.2

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

MRK · cash flow statement · operating / investing / financing

For FY2025, Merck & Co., Inc. generated $16.47B in operating cash flow and spent 4.11B in capital expenditures, yielding $12.36B in free cash flow.

Operating Activities

+$16.47B

Cash from core business operations

2025-12-31

Investing Activities

−$13.74B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$1.92B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($16.47B) − |CapEx| (4.11B) = FCF ($12.36B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

MRK vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Merck & Co., Inc.YOU

MRK

$12.36B-31.7%19.0%

63%

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Merck & Co., Inc. (MRK) reported free cash flow of $12.36B for FY2025 (fiscal year ending 2025-12-31), down 31.7% year-over-year. The FCF margin was 19.0%.

Based on available data, Merck & Co., Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $18.10B in FY2024. The 5-year CAGR stands at +16.2%.

Merck & Co., Inc.'s FCF yield is 4.73% and price-to-FCF ratio is 21.4x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

MRK free cash flow · 8 questions

Merck & Co., Inc. free cash flow was $12.36B for FY2025, down 31.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $14.12B.

MRK free cash flowMRK FCFMRK FCF 2025MRK free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Merck & Co., Inc. · Merck & Co., Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026