(MRK) Merck KGaA - Ratings and Ratios
Reagents, Filtration, Antibodies, Semiconductors, Oncology
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 1.79% |
| Yield on Cost 5y | 1.58% |
| Yield CAGR 5y | 11.96% |
| Payout Consistency | 91.8% |
| Payout Ratio | 28.0% |
| Risk via 5d forecast | |
|---|---|
| Volatility | 26.3% |
| Value at Risk 5%th | 39.9% |
| Relative Tail Risk | -7.63% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.38 |
| Alpha | -14.90 |
| CAGR/Max DD | -0.27 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.318 |
| Beta | 0.134 |
| Beta Downside | 0.235 |
| Drawdowns 3y | |
|---|---|
| Max DD | 42.63% |
| Mean DD | 22.18% |
| Median DD | 19.79% |
Description: MRK Merck KGaA December 03, 2025
Merck KGaA (XETRA: MRK) is a diversified science-and-technology group organized into three core segments: Life Science, Healthcare, and Electronics. The Life Science division supplies reagents, consumables, instruments, and contract services to academic, biotech, and pharmaceutical customers; the Healthcare arm develops and markets prescription drugs and related devices across oncology, neurology, immunology, fertility, cardiovascular, metabolic and endocrine indications; the Electronics segment provides specialty materials and metrology equipment for semiconductor and display manufacturing.
In FY 2023 the company generated €24.0 billion in revenue, with the Life Science segment contributing roughly 38 % and growing at a 5 % CAGR driven by expanding biotech R&D spend and demand for single-use bioprocessing solutions. Healthcare delivered €10.5 billion in sales, supported by a pipeline that includes a late-stage colorectal-cancer candidate (in-licensed from Jiangsu Hengrui) and a tenosynovial-giant-cell-tumor program (with Abbisko). The Electronics business, while smaller (≈ €2 billion), benefits from the secular up-cycle in semiconductor fab capacity and the shift toward advanced packaging, which has lifted demand for high-purity gases and thin-film materials. R&D intensity remains high at ~ 13 % of total sales, reflecting the firm’s commitment to pipeline renewal.
For a deeper, data-driven assessment of MRK’s valuation dynamics and how these segment trends translate into upside potential, you may find a focused analysis on ValueRay worth reviewing.
Piotroski VR‑10 (Strict, 0-10) 5.5
| Net Income (2.96b TTM) > 0 and > 6% of Revenue (6% = 1.28b TTM) |
| FCFTA 0.04 (>2.0%) and ΔFCFTA -0.24pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 19.93% (prev 16.53%; Δ 3.39pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.08 (>3.0%) and CFO 3.87b > Net Income 2.96b (YES >=105%, WARN >=100%) |
| Net Debt (-2.25b) to EBITDA (6.00b) ratio: -0.38 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.49 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (435.7m) change vs 12m ago 0.18% (target <= -2.0% for YES) |
| Gross Margin 58.69% (prev 58.60%; Δ 0.09pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 42.09% (prev 41.81%; Δ 0.28pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 11.30 (EBITDA TTM 6.00b / Interest Expense TTM 359.0m) >= 6 (WARN >= 3) |
Altman Z'' 3.84
| (A) 0.08 = (Total Current Assets 12.88b - Total Current Liabilities 8.64b) / Total Assets 50.93b |
| (B) 0.48 = Retained Earnings (Balance) 24.20b / Total Assets 50.93b |
| (C) 0.08 = EBIT TTM 4.06b / Avg Total Assets 50.53b |
| (D) 1.15 = Book Value of Equity 25.12b / Total Liabilities 21.93b |
| Total Rating: 3.84 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 61.47
| 1. Piotroski 5.50pt |
| 2. FCF Yield 2.99% |
| 3. FCF Margin 9.09% |
| 4. Debt/Equity 0.42 |
| 5. Debt/Ebitda -0.38 |
| 6. ROIC - WACC (= 4.85)% |
| 7. RoE 10.11% |
| 8. Rev. Trend -26.69% |
| 9. EPS Trend -52.37% |
What is the price of MRK shares?
Over the past week, the price has changed by +0.94%, over one month by +8.87%, over three months by +10.69% and over the past year by -7.29%.
Is MRK a buy, sell or hold?
What are the forecasts/targets for the MRK price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 144.2 | 13.5% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 130.6 | 2.8% |
MRK Fundamental Data Overview January 10, 2026
P/E Trailing = 18.7794
P/E Forward = 14.8588
P/S = 2.6102
P/B = 1.9135
P/EG = 2.7216
Revenue TTM = 21.27b EUR
EBIT TTM = 4.06b EUR
EBITDA TTM = 6.00b EUR
Long Term Debt = 6.37b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 1.65b EUR (from shortTermDebt, last quarter)
Debt = 12.10b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = -2.25b EUR (from netDebt column, last quarter)
Enterprise Value = 64.70b EUR (55.52b + Debt 12.10b - CCE 2.92b)
Interest Coverage Ratio = 11.30 (Ebit TTM 4.06b / Interest Expense TTM 359.0m)
EV/FCF = 33.45x (Enterprise Value 64.70b / FCF TTM 1.93b)
FCF Yield = 2.99% (FCF TTM 1.93b / Enterprise Value 64.70b)
FCF Margin = 9.09% (FCF TTM 1.93b / Revenue TTM 21.27b)
Net Margin = 13.90% (Net Income TTM 2.96b / Revenue TTM 21.27b)
Gross Margin = 58.69% ((Revenue TTM 21.27b - Cost of Revenue TTM 8.79b) / Revenue TTM)
Gross Margin QoQ = 60.42% (prev 57.60%)
Tobins Q-Ratio = 1.27 (Enterprise Value 64.70b / Total Assets 50.93b)
Interest Expense / Debt = 1.04% (Interest Expense 126.0m / Debt 12.10b)
Taxrate = 20.05% (225.0m / 1.12b)
NOPAT = 3.24b (EBIT 4.06b * (1 - 20.05%))
Current Ratio = 1.49 (Total Current Assets 12.88b / Total Current Liabilities 8.64b)
Debt / Equity = 0.42 (Debt 12.10b / totalStockholderEquity, last quarter 28.94b)
Debt / EBITDA = -0.38 (Net Debt -2.25b / EBITDA 6.00b)
Debt / FCF = -1.16 (Net Debt -2.25b / FCF TTM 1.93b)
Total Stockholder Equity = 29.23b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.85% (Net Income 2.96b / Total Assets 50.93b)
RoE = 10.11% (Net Income TTM 2.96b / Total Stockholder Equity 29.23b)
RoCE = 11.40% (EBIT 4.06b / Capital Employed (Equity 29.23b + L.T.Debt 6.37b))
RoIC = 10.26% (NOPAT 3.24b / Invested Capital 31.61b)
WACC = 5.41% (E(55.52b)/V(67.63b) * Re(6.41%) + D(12.10b)/V(67.63b) * Rd(1.04%) * (1-Tc(0.20)))
Discount Rate = 6.41% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 81.65 | Cagr: 0.11%
[DCF Debug] Terminal Value 85.42% ; FCFF base≈1.97b ; Y1≈1.81b ; Y5≈1.61b
Fair Price DCF = 391.9 (EV 48.39b - Net Debt -2.25b = Equity 50.65b / Shares 129.2m; r=5.90% [WACC]; 5y FCF grow -10.45% → 2.90% )
EPS Correlation: -52.37 | EPS CAGR: 0.13% | SUE: -2.29 | # QB: 0
Revenue Correlation: -26.69 | Revenue CAGR: 0.53% | SUE: 1.12 | # QB: 1
EPS next Year (2026-12-31): EPS=8.28 | Chg30d=-0.010 | Revisions Net=-8 | Growth EPS=-0.9% | Growth Revenue=+1.2%