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Merck & Co. Balance Sheet 2025-2006 | MRK
Brief overview of Merck & Co.'s balance sheet structure
This overview follows the five latest available annual observations between 2015 and 2019.
Assets fell from $101.8 billion to $84.4 billion. This may reflect either deliberate optimization or a reduction in business scale.
Liabilities grew faster than assets: +2.4% versus -17.1%. A substantial part of expansion was externally funded.
The share of internal funding stands at 30.7% versus 43.9% initially, providing a reasonable foundation.
Net debt to equity stands at 0.64x; debt servicing is an important part of overall resilience.
Cash equals 11.5% of the balance sheet, compared with 8.4% five periods ago. This is the readily available cushion.
Retained earnings stand at $46.6 billion; the five-period change was +2.8%. This reflects accumulated business performance.
Conclusion
Merck & Co. has limited balance sheet resilience and depends heavily on cash generation and refinancing capacity.
Annual Balance Sheet Merck & Co.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
32.5 B | 21.5 B | 27.1 B | 16.3 B | 22.8 B | 17.5 B | 16.7 B | 17.1 B | 18.3 B | 18.3 B | 18 B | 14 B | 9.44 B | 7.12 B | 3.98 B | 4.58 B | 6.78 B | -425 M | - | - |
Long Term Debt |
46.8 B | 34.5 B | 33.7 B | 28.7 B | 30.7 B | 25.4 B | 22.7 B | 19.8 B | 21.4 B | 24.3 B | 23.9 B | 18.7 B | 20.5 B | 16.3 B | 15.5 B | 15.5 B | 16.1 B | 3.94 B | - | - |
Long Term Debt Current |
294 M | 282 M | 285 M | 281 M | 304 M | 300 M | 236 M | - | 3 B | 300 M | 2.3 B | 1 B | 2.1 B | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 36.2 B | 33.5 B | 34.7 B | 37.9 B | 37.8 B | 30.8 B | 35.5 B | 32.3 B | 31.9 B | - | - | - | - | - |
Total Current Liabilities |
28.3 B | 28.4 B | 25.7 B | 24.2 B | 23.9 B | 27.3 B | 22.2 B | 22.2 B | 18.6 B | 17.2 B | 19.2 B | 18.8 B | 17.9 B | 18.3 B | 16.2 B | 15.6 B | 15.6 B | 14.3 B | - | - |
Total Liabilities |
- | - | - | - | - | - | 58.4 B | 55.8 B | 53.3 B | 55.1 B | 57 B | 49.5 B | 53.3 B | 50.7 B | 48.2 B | - | - | - | - | - |
Retained Earnings |
73.1 B | 63.1 B | 53.9 B | 61.1 B | 53.7 B | 47.4 B | 46.6 B | 42.6 B | 41.4 B | 44.1 B | 45.3 B | 46 B | 39.3 B | 40 B | 39 B | 37.5 B | 41.4 B | 43.7 B | - | - |
Total Assets |
137 B | 117 B | 107 B | 109 B | 106 B | 91.6 B | 84.4 B | 82.6 B | 87.9 B | 95.4 B | 102 B | 98.3 B | 106 B | 106 B | 105 B | 106 B | 112 B | 47.2 B | - | - |
Cash and Cash Equivalents |
14.6 B | 13.2 B | 6.84 B | 12.7 B | 8.17 B | 8.15 B | 9.68 B | 7.96 B | 6.09 B | 6.52 B | 8.52 B | 7.44 B | 15.6 B | 13.5 B | 13.5 B | 10.9 B | 9.31 B | 4.37 B | 5.34 B | 5.91 B |
Book Value |
137 B | 117 B | 107 B | 109 B | 106 B | 91.6 B | 26 B | 26.9 B | 34.6 B | 40.3 B | 44.8 B | 48.8 B | 52.3 B | 55.5 B | 56.9 B | 106 B | 112 B | 47.2 B | - | - |
Total Shareholders Equity |
52.6 B | 46.3 B | 37.6 B | 46 B | 38.3 B | 25.4 B | 25.9 B | 26.7 B | 34.3 B | 40.1 B | 44.7 B | 48.6 B | 49.8 B | 53 B | 54.5 B | 54.4 B | 59.1 B | 18.8 B | 20.6 B | 20 B |
All numbers in USD currency
Quarterly Balance Sheet Merck & Co.
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | 2010-Q1 | 2009-Q3 | 2009-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
51.1 B | 46.7 B | 40 B | 34 B | 33.5 B | 35 B | 34.7 B | 31.1 B | 34 B | 34.1 B | 28.1 B | 28.7 B | 28.5 B | - | 30.6 B | 30.7 B | 22.9 B | 24 B | 24 B | 25.4 B | 25.4 B | 25.4 B | 25.4 B | 22.7 B | 22.7 B | 22.7 B | 22.7 B | 19.8 B | 19.8 B | 19.8 B | 19.8 B | 21.4 B | 21.4 B | 21.4 B | 21.4 B | 24.3 B | 24.3 B | 24.3 B | 24.3 B | 23.8 B | 23.8 B | 23.8 B | 23.8 B | 18.7 B | 18.7 B | 18.7 B | 18.7 B | 20.5 B | 20.5 B | 20.5 B | 20.5 B | 16.3 B | 16.3 B | 16.3 B | 16.3 B | 15.5 B | 15.5 B | 15.5 B | 15.5 B | 14 B | 13.8 B | 15.3 B | 8.03 B | 7.91 B |
Total Non Current Liabilities |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 12.6 B | 12.3 B |
Retained Earnings |
63.3 B | 66.7 B | 72.2 B | 68.5 B | 66.1 B | 61.4 B | 60.2 B | 56.7 B | 57.1 B | 54.2 B | 62 B | 61.1 B | 59.9 B | - | 56.3 B | 53.7 B | 51.7 B | 48.8 B | 48.9 B | 47.4 B | 47.4 B | 47.4 B | 47.4 B | 46.6 B | 46.6 B | 46.6 B | 46.6 B | 42.6 B | 42.6 B | 42.6 B | 42.6 B | 41.4 B | 41.4 B | 41.4 B | 41.4 B | 44.1 B | 44.1 B | 44.1 B | 44.1 B | 45.3 B | 45.3 B | 45.3 B | 45.3 B | 46 B | 46 B | 46 B | 46 B | 39.3 B | 39.3 B | 39.3 B | 39.3 B | 40 B | 40 B | 40 B | 40 B | 39 B | 39 B | 39 B | 39 B | 39.2 B | 40.1 B | 40.5 B | 10.7 B | 10.4 B |
Total Assets |
130 B | 129 B | 130 B | 118 B | 115 B | 118 B | 113 B | 106 B | 107 B | 104 B | 108 B | 109 B | 107 B | - | 107 B | 106 B | 93.5 B | 90.7 B | 90.8 B | 91.6 B | 91.6 B | 91.6 B | 91.6 B | 84.4 B | 84.4 B | 84.4 B | 84.4 B | 82.6 B | 82.6 B | 82.6 B | 82.6 B | 87.9 B | 87.9 B | 87.9 B | 87.9 B | 95.4 B | 95.4 B | 95.4 B | 95.4 B | 102 B | 102 B | 102 B | 102 B | 98.2 B | 98.3 B | 98.3 B | 98.3 B | 106 B | 106 B | 106 B | 106 B | 106 B | 106 B | 106 B | 106 B | 105 B | 105 B | 105 B | 105 B | 108 B | 106 B | 112 B | 30.5 B | 29.5 B |
Cash and Cash Equivalents |
6.85 B | 5.33 B | 18.2 B | 8.01 B | 8.63 B | 14.7 B | 11.4 B | 5.67 B | 8.67 B | 5.71 B | 9.79 B | 12.7 B | 11.3 B | 9.75 B | 8.61 B | 8.1 B | 10 B | 8.58 B | 6.98 B | 8.05 B | 8.05 B | 8.05 B | 8.06 B | 9.68 B | 9.68 B | 9.68 B | 9.68 B | 7.96 B | 7.96 B | 7.96 B | 7.96 B | 6.09 B | 6.09 B | 6.09 B | 6.09 B | 6.52 B | 6.52 B | 6.52 B | 6.52 B | 8.52 B | 8.52 B | 8.52 B | 8.52 B | 7.44 B | 7.44 B | 7.44 B | 7.44 B | 15.6 B | 15.6 B | 15.6 B | 15.6 B | 13.5 B | 13.5 B | 13.5 B | 13.5 B | 13.5 B | 13.5 B | 13.5 B | 13.5 B | 9.87 B | 8.67 B | 8.24 B | 4.31 B | 2.99 B |
Book Value |
130 B | 129 B | 130 B | 118 B | 115 B | 118 B | 113 B | 106 B | 107 B | 104 B | 108 B | 109 B | 107 B | - | 107 B | 106 B | 93.5 B | 90.7 B | 90.8 B | 91.6 B | 91.6 B | 91.6 B | 91.6 B | 84.4 B | 84.4 B | 84.4 B | 84.4 B | 82.6 B | 82.6 B | 82.6 B | 82.6 B | 87.9 B | 87.9 B | 87.9 B | 87.9 B | 95.4 B | 95.4 B | 95.4 B | 95.4 B | 102 B | 102 B | 102 B | 102 B | 98.2 B | 98.3 B | 98.3 B | 98.3 B | 106 B | 106 B | 106 B | 106 B | 106 B | 106 B | 106 B | 106 B | 105 B | 105 B | 105 B | 105 B | 108 B | 106 B | 112 B | 30.5 B | 29.5 B |
Total Shareholders Equity |
41.9 B | 45.9 B | 51.8 B | 49 B | 48.3 B | 44.6 B | 43.6 B | 40.4 B | 41.3 B | 38.7 B | 46.9 B | 46 B | 44.5 B | 43.3 B | 41 B | 38.2 B | 35.9 B | 33.3 B | 26.9 B | 25.3 B | 25.3 B | 25.3 B | 25.3 B | 25.9 B | 25.9 B | 25.9 B | 25.9 B | 26.7 B | 26.7 B | 26.7 B | 26.7 B | 34.3 B | 34.3 B | 34.3 B | 34.3 B | 40.1 B | 40.1 B | 40.1 B | 40.1 B | 44.7 B | 44.7 B | 44.7 B | 44.7 B | 48.6 B | 48.6 B | 48.6 B | 48.6 B | 49.8 B | 49.8 B | 49.8 B | 49.8 B | 53 B | 53 B | 53 B | 53 B | 54.5 B | 54.5 B | 54.5 B | 54.5 B | 55.6 B | 55.2 B | 57.9 B | 12.9 B | 12 B |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Merck & Co., providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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