Merck & Co., Inc. (MRK)财务
NYSE · Healthcare · Drug Manufacturers - General · 员工74,000人 · CEO Robert Davis
- 股价
- $149.52 +2.18%
- 市值
- $3690亿
- 企业价值
- $4160亿
- 最近财报
- Q3 '26 2026-09-30提交
- 下次财报
- 2027-02-02 EPS预期 $1.79
营收(TTM)$673亿+4.8% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)16.2%-22.5 百分点 对比去年同期营业利润 $109亿
净利润(TTM)$24.5亿-87.1% 对比去年同期税后,含营业外收益
自由现金流(TTM)–– 对比去年同期资本支出 –
稀释EPS(TTM)$0.97-87.2% 对比去年同期最近4个季度之和
净现金-$468亿-74.6% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $3690亿 EV $4160亿
- 营收
- $673亿 过去12个月
- 营收增速
- +3% FY2026年一致预期
- 净利润率
- 3.6% 净利润 / 营收,TTM
- P/E
- 152.6× 预期 54.4×(FY2026)
- P/S
- 5.5× 股价 / 营收,TTM
- EV / EBITDA
- 31.9× TTM
- 自由现金流
- – 过去12个月
- 净利润
- $24.5亿 过去12个月
- 营收预期
- $671亿 FY2026年一致预期
- 盈利
- 2027-02-02 营收预期 $164亿
- 股息
- $3.40 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-29):营收超预期4.4%,EPS 超预期19.1%营收$181亿,预期$173亿(+4.4%);EPS $2.49,预期$2.09(+19.1%)。
- 营收增长平稳:同比5.2%Q3 '26营收$181亿,此前四个季度的平均值为4.3%。
- 营业利润率16.2%(TTM),较去年同期-22.5 百分点营收增长4.8%,营业利润增长-56.1%。
- 税前利润的129.5%被营业外亏损吞噬税前利润$47.6亿,营业利润$109亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 稀释股数一年内减少0.8%Q3 '26稀释股数24.8亿,一年前为25亿。
- 净债务 $468亿现金 + 短期投资 $71.4亿,含租赁债务 $539亿;一年前净债务 $268亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $181亿 | $172亿 | +5.2% |
| 毛利率 | 81.4% | 75.6% | +5.9 百分点 |
| 营业利润 | $73.3亿 | $74.6亿 | -1.7% |
| 营业利润率 | 40.6% | 43.4% | -2.9 百分点 |
| 净利润 | $50.7亿 | $57.9亿 | -12.4% |
| 稀释EPS | $2.04 | $2.32 | -12.1% |
| 经营现金流 | – | $78.2亿 | – |
| 资本支出 | – | $9.87亿 | – |
| 自由现金流 | – | $68.4亿 | – |
| R&D | $45.3亿 | $35.5亿 | +27.6% |
| 股权激励费用 | – | $2.04亿 | – |
实际 vs 一致预期
2026-10-29| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $181亿 | $173亿 | +4.4% |
| EPS(一致预期口径) | $2.49 | $2.09 | +19.1% |
来自2026-10-29发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Pharmaceutical segment | $148亿 | +5.1% | 88.9% | $596亿 | +5.1% | |
| Animal Health segment | $17.8亿 | +7.8% | 10.7% | $66.9亿 | +9.3% | |
| Other Segments | $7200万 | -34.5% | 0.4% | $3.2亿 | -61.2% |
按地区划分的营收
占总额比例| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $93.7亿 | +6.0% | 56.4% | $377亿 | +9.9% | |
| EMEA | $39.2亿 | +7.1% | 23.6% | $153亿 | +8.5% | |
| CHINA | $4.08亿 | -8.5% | 2.5% | $15.9亿 | -48.0% | |
| JAPAN | $5.77亿 | -7.8% | 3.5% | $25.5亿 | -16.9% | |
| Latin America | $8.75亿 | +1.9% | 5.3% | $35.1亿 | +1.5% | |
| Asia Pacific | $8.2亿 | +4.5% | 4.9% | $30.7亿 | +0.2% | |
| International | $6.4亿 | +7.6% | 3.9% | $29亿 | +10.6% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 自由现金流
- –
- 股东回报 / FCF
- –
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 152.6× | 168.4× | 14.4× – 778.7× |
| EV / EBITDA | 31.9× | 18.4× | 10.6× – 44.5× |
| EV / 营收 | 6.2× | 4.7× | 4.3× – 5.1× |
| 股价 / FCF | 23.0× | 21.0× | 13.9× – 30.4× |
| 股价 / 净资产 | 8.8× | 5.8× | 5.0× – 7.4× |
| FCF收益率 | 4.4% | 5.1% | 3.3% – 7.2% |
| 投入资本回报率 | 5.4% | 14.1% | 0.7% – 19.0% |
| 净资产收益率 | 5.1% | 27.7% | 1.0% – 37.0% |
分析师
一致目标价 $159.95 (+7.0%)
区间 $105.00 – $180.00 · 评级 Buy
强烈买入0
买入26
持有11
卖出1
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $671亿 | +3.4% | $2.75 | -62.3% | 54.4× | 13 |
| FY2027 | $695亿 | +3.6% | $9.08 | +230.4% | 16.5× | 12 |
| FY2028 | $737亿 | +5.9% | $9.99 | +10.0% | 15.0× | 7 |
| FY2029 | $741亿 | +0.6% | $9.89 | -0.9% | 15.1× | 2 |
| FY2030 | $746亿 | +0.7% | $9.78 | -1.2% | 15.3× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Merck & Co., Inc.在近期10-Q / 10-K文件中标记的全部295项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $38.3亿 | $38.9亿 | -1.7% | $44亿 | $40.8亿 | +8.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $126亿 | $118亿 | +6.1% | $118亿 | $103亿 | +14.6% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1.08亿 | $9400万 | +14.9% | $9700万 | $8900万 | +9.0% |
| Accounts Receivable, Sale | $16亿 | -$1亿 | +1,700.0% | $16亿 | $21亿 | -23.8% |
| Accrual for Environmental Loss Contingencies | $4200万2025-12-31 | $4100万 | +2.4% | $4200万 | $4100万 | +2.4% |
| Accrued Income Taxes, Current | $42.2亿 | $41.6亿 | +1.6% | $47.3亿 | $39.1亿 | +20.7% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $227亿 | $203亿 | +12.2% | $219亿 | $192亿 | +14.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$39.4亿 | -$54.2亿 | +27.3% | -$42.9亿 | -$49.5亿 | +13.3% |
| Additional Paid in Capital, Common Stock | $450亿 | $446亿 | +0.7% | $450亿 | $447亿 | +0.7% |
| Advertising Expense | – | – | – | $23亿 | $24亿 | -4.2% |
| Amortization | $9.84亿 | $6.01亿 | +63.7% | $27.9亿 | $24亿 | +16.6% |
| Amortization of Intangible Assets | – | – | – | $28亿 | $24亿 | +16.7% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 1900万 | -100.0% | 1100万 | 600万 | +83.3% |
| Assets | $1300亿 | $1180亿 | +10.4% | $1370亿 | $1170亿 | +16.9% |
| Assets, Current | $367亿 | $371亿 | -1.0% | $435亿 | $388亿 | +12.2% |
| Assets, Fair Value Disclosure | $21.4亿 | – | – | $18.2亿 | $21.9亿 | -16.9% |
| Buildings and Improvements, Gross | $180亿2025-12-31 | $164亿 | +9.9% | $180亿 | $164亿 | +9.9% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $02025-12-31 | -$1200万 | +100.0% | -$5200万 | -$1000万 | -420.0% |
| Business Combination, Contingent Consideration, Liability | $02025-12-31 | $1.93亿 | -100.0% | $0 | $1.93亿 | -100.0% |
| Cash and Cash Equivalents, at Carrying Value | $68.5亿 | $80.1亿 | -14.5% | $146亿 | $132亿 | +10.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $68.9亿 | $80.7亿 | -14.6% | $147亿 | $133亿 | +10.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $14.9亿 | -$6.59亿 | +326.6% | $13.7亿 | $64.1亿 | -78.6% |
| Common Stock, Dividends, Per Share, Declared | $0.85 | $0.81 | +4.9% | $3.28 | $3.12 | +5.1% |
| Common Stock, Par or Stated Value Per Share | $0.50 | $0.50 | 0.0% | $0.50 | $0.50 | 0.0% |
| Common Stock, Shares Authorized | 65亿 | 65亿 | 0.0% | 65亿 | 65亿 | 0.0% |
| Common Stock, Shares, Issued | 35.8亿 | 35.8亿 | 0.0% | 35.8亿 | 35.8亿 | 0.0% |
| Common Stock, Value, Issued | $17.9亿 | $17.9亿 | 0.0% | $17.9亿 | $17.9亿 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$12.2亿 | $39.7亿 | -130.6% | $189亿 | $173亿 | +9.1% |
| Construction in Progress, Gross | $91.7亿2025-12-31 | $79.8亿 | +14.8% | $91.7亿 | $79.8亿 | +14.8% |
| Cost of Goods and Services Sold | $44亿 | $35.6亿 | +23.6% | $164亿 | $152亿 | +7.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $4.99亿 | $9.44亿 | -47.1% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $40.7亿 | $31.2亿 | +30.4% |
| Current Income Tax Expense (Benefit) | – | – | – | $44.8亿 | $40.5亿 | +10.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | -$9600万 | -$1500万 | -540.0% |
| Debt Instrument, Fair Value Disclosure | $499亿 | $313亿 | +59.4% | $456亿 | $326亿 | +39.9% |
| Debt Securities, Available-for-sale | $2.92亿 | $7.07亿 | -58.7% | $1.01亿 | $5.36亿 | -81.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Amortized Cost | $2.92亿 | $7.07亿 | -58.7% | $1.01亿 | $5.36亿 | -81.2% |
| Debt, Current | $28.3亿 | $14.3亿 | +97.0% | $25.9亿 | $26.5亿 | -2.3% |
| Debt, Long-term and Short-term, Combined Amount | $539亿 | $354亿 | +52.3% | $493亿 | $371亿 | +32.9% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$15.9亿 | -$14.8亿 | -7.5% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$8300万 | $2.12亿 | -139.2% |
| Deferred Income Tax Expense (Benefit) | -$5.44亿 | -$4.48亿 | -21.4% | -$16.7亿 | -$12.5亿 | -33.8% |
| Deferred Income Tax Liabilities, Net | $14.3亿 | $14.3亿 | +0.4% | $14.4亿 | $13.9亿 | +3.7% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$300万 | $1400万 | -121.4% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $1.4亿2025-12-31 | $7100万 | +97.2% | $1.4亿 | $7100万 | +97.2% |
| Deferred Tax Assets, Gross | $75.6亿2025-12-31 | $59.8亿 | +26.4% | $75.6亿 | $59.8亿 | +26.4% |
| Deferred Tax Assets, in Process Research and Development | $41.3亿2025-12-31 | $30.6亿 | +35.0% | $41.3亿 | $30.6亿 | +35.0% |
| Deferred Tax Assets, Inventory | $7200万2025-12-31 | $8400万 | -14.3% | $7200万 | $8400万 | -14.3% |
| Deferred Tax Assets, Net | $11.7亿2025-12-31 | $22.1亿 | -47.3% | $11.7亿 | $22.1亿 | -47.3% |
| Deferred Tax Assets, Net of Valuation Allowance | $67.3亿2025-12-31 | $52.7亿 | +27.8% | $67.3亿 | $52.7亿 | +27.8% |
| Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $3.84亿2025-12-31 | $3.24亿 | +18.5% | $3.84亿 | $3.24亿 | +18.5% |
| Deferred Tax Assets, Other | $12.4亿2025-12-31 | $8.02亿 | +54.1% | $12.4亿 | $8.02亿 | +54.1% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | $1.17亿2025-12-31 | $2.24亿 | -47.8% | $1.17亿 | $2.24亿 | -47.8% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $3.82亿2025-12-31 | $4亿 | -4.5% | $3.82亿 | $4亿 | -4.5% |
| Deferred Tax Assets, Valuation Allowance | $8.24亿2025-12-31 | $7.1亿 | +16.1% | $8.24亿 | $7.1亿 | +16.1% |
| Deferred Tax Liabilities, Gross | $55.7亿2025-12-31 | $30.6亿 | +82.2% | $55.7亿 | $30.6亿 | +82.2% |
| Deferred Tax Liabilities, Intangible Assets | $32.7亿2025-12-31 | $9.78亿 | +234.6% | $32.7亿 | $9.78亿 | +234.6% |
| Deferred Tax Liabilities, Inventory | $4.51亿2025-12-31 | $4.13亿 | +9.2% | $4.51亿 | $4.13亿 | +9.2% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
数据截至 2026-11-01