Merck & Co., Inc. Financial Ratios — MRK Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	15.62	14.94	10.64	26.83	9.36	8.42	5.38	14.22	21.22	14.49	24.94	24.54	0.62	28.4	26.13
Return on Assets (%)	5.95	5.84	4.16	11.7	4.45	3.98	2.61	7.3	11.79	8.03	13.23	13.52	0.34	15.3	14.37
Return on Capital (%)	11.23	10.44	7.41	17.98	6.96	6.2	3.82	9.89	20.46	13.16	17.04	16.85	0.63	18.87	17.17
Return on Invested Capital (%)	10.37	9.36	8.08	6.2	8.66	6.66	3.98	11.21	11.6	7.66	17.91	21.36	0.77	21.38	19.76
Gross Margin (%)	64.89	65.21	61.5	60.3	62.19	64.75	67.82	68.06	69.29	67.2	72.02	70.63	73.17	76.32	74.8
EBITDA Margin (%)	34.14	35.66	33.28	31.66	35.25	27.56	28.6	31.8	28.72	21.76	33.7	37.43	11.35	38.52	42.99
Operating Margin (%)	18.68	20.9	17.41	15.82	19.11	13.81	16.94	21.12	20.26	13.36	27.1	30.84	4.91	31.51	34.01
Incremental Operating Margin (%)	272.86	-115.51	68.4	54.68	-31.54	-662.78	412.06	98.25	31.67	-99.21	106.47	48.05	-1,842.31	426.03	223.72
Pretax Margin (%)	15.26	18.49	12.59	40.92	13.67	11.7	16.25	20.57	18.33	14.12	28.5	27.74	3.14	31.07	32.41
Profit Margin (%)	13.05	13.05	10	28.22	11.25	9.85	5.97	14.71	25.16	17.02	26.79	24.49	0.61	26.68	28.08
Net Income to Common Margin (%)	13.02	13.05	10	28.22	11.25	9.85	5.97	14.71	25.16	17.02	26.79	24.49	0.61	26.68	28.08
Effective Tax Rate (%)	12.84	27.92	18.54	30.95	17.44	15.41	62.92	28.82	21.82	22.86	10.96	11.66	80.04	14.06	13.31
Dvd Payout Ratio (%)	73.82	81.43	113.97	43.92	114.32	129.33	211.59	83.88	416	314.05	56.66	48.25	1,913.88	45.72	44.75
Sustainable Growth Rate (%)	4.09	2.77	-1.49	15.05	-1.34	-2.47	-6	2.29	-67.06	-31.02	10.81	12.7	-11.17	15.42	14.44

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	17,515	20,569	25,060	21,403	26,412	24,842	24,410	25,114	26,346	31,791	33,102	30,691	35,055	37,111	49,339
ST Debt	1,990	4,315	4,521	2,704	2,583	568	3,057	5,308	3,610	6,431	2,412	1,946	1,372	2,649	2,589
LT Debt	15,525	16,254	20,539	18,699	23,829	24,274	21,353	19,806	22,736	25,360	30,690	28,745	33,683	34,462	46,750
Total Debt/EBITDA	1.07	1.22	1.71	1.6	1.9	2.26	2.13	1.87	2.34	3.52	2.02	1.38	5.14	1.5	1.77
Net Debt/EBITDA	0.24	0.42	0.64	1.04	1.28	1.67	1.6	1.28	1.48	2.63	1.52	0.81	4.13	0.97	1.24
Total Debt/EBIT	1.95	2.08	3.27	3.2	3.5	4.52	3.59	2.81	3.32	5.73	2.51	1.68	11.87	1.84	2.23
Net Debt/EBIT	0.44	0.72	1.23	2.09	2.37	3.33	2.7	1.92	2.1	4.28	1.89	0.98	9.55	1.18	1.57
EBITDA to Interest Expense	23.6	23.61	18.29	18.27	20.72	15.83	15.22	17.42	12.58	10.87	20.36	23.07	5.96	19.45	20.59
EBITDA-CapEx/Interest Expense	23.6	23.61	18.29	16.9	20.72	15.83	15.22	17.42	12.58	10.87	20.36	23.07	5.96	19.45	20.59
EBIT to Interest Expense	12.92	13.83	9.57	9.13	11.23	7.94	9.01	11.57	8.88	6.68	16.38	19	2.58	15.91	16.29
Interest Expense	695	714	801	732	672	693	754	772	893	831	806	962	1,146	1,271	1,357
Common Equity/Total Assets	38.79	39.36	38.85	48.7	46.36	48.15	49.09	53.69	57.34	53.66	52.49	57.59	52.2	55.38	54.7
Long-Term Debt/Equity (%)	27.26	29.31	39.25	38.32	53.23	60.22	61.77	73.68	87.44	99.83	80.22	62.41	89.5	74.32	88.77
Long-Term Debt/Capital (%)	25.57	25.09	29.91	26.96	32.36	34.2	31.5	28.43	30.38	31.3	34.62	30.7	37.1	33.78	37.62
Long-Term Debt/Total Assets (%)	14.77	15.31	19.44	19.05	23.44	25.45	24.3	23.97	26.94	27.69	29.04	26.33	31.58	29.43	34.16
Total Debt/Equity (%)	30.76	37.09	47.89	43.87	59	61.63	70.61	93.42	101.33	125.14	86.53	66.64	93.14	80.03	93.69
Total Debt/Capital (%)	28.85	31.75	36.5	30.86	35.87	35	36.01	36.05	35.21	39.23	37.34	32.78	38.61	36.37	39.71
Total Debt/Total Assets (%)	16.66	19.38	23.72	21.8	25.98	26.05	27.78	30.39	31.22	34.71	31.32	28.12	32.86	31.69	36.05
Net Debt to Equity	7	12.83	18.04	28.62	39.96	45.47	52.99	63.79	64.11	93.45	65.36	39.07	74.97	51.47	66.03
Net Debt/Capital (%)	8.44	13.87	17.79	22.55	27.47	28.43	29.69	27.8	25.59	32.53	31.04	22.24	33.61	26.88	31.7
EBITDA	16,403	16,855	14,653	13,374	13,922	10,970	11,473	13,450	11,236	9,034	16,413	22,191	6,826	24,720	27,945
EBITDA-CapEx	16,403	16,855	14,653	12,374	13,922	10,970	11,473	13,450	11,236	9,034	16,413	22,191	6,826	24,720	27,945
Operating Income (Loss)	8,976	9,877	7,665	6,683	7,547	5,499	6,797	8,931	7,926	5,548	13,199	18,282	2,954	20,221	22,107

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.92	0.88	0.98	0.85	0.7	0.83	0.46	0.4	0.47	0.29	0.34	0.54	0.28	0.48	0.51
Current Ratio	2.04	1.9	2	1.77	1.55	1.78	1.33	1.17	1.24	1.02	1.27	1.47	1.25	1.36	1.54
Quick Ratio	1.43	1.3	1.38	1.21	1.04	1.24	0.83	0.72	0.78	0.54	0.73	0.93	0.68	0.84	0.93
CFO/Avg Current Liab	0.78	0.58	0.64	0.44	0.67	0.57	0.36	0.54	0.61	0.41	0.55	0.79	0.52	0.79	0.58
Common Equity/Total Assets	38.79	39.36	38.85	48.7	46.36	48.15	49.09	53.69	57.34	53.66	52.49	57.59	52.2	55.38	54.7
Long-Term Debt/Equity (%)	27.26	29.31	39.25	38.32	53.23	60.22	61.77	73.68	87.44	99.83	80.22	62.41	89.5	74.32	88.77
Long-Term Debt/Capital (%)	25.57	25.09	29.91	26.96	32.36	34.2	31.5	28.43	30.38	31.3	34.62	30.7	37.1	33.78	37.62
Long-Term Debt/Total Assets (%)	14.77	15.31	19.44	19.05	23.44	25.45	24.3	23.97	26.94	27.69	29.04	26.33	31.58	29.43	34.16
Total Debt/Equity (%)	30.76	37.09	47.89	43.87	59	61.63	70.61	93.42	101.33	125.14	86.53	66.64	93.14	80.03	93.69
Total Debt/Capital (%)	28.85	31.75	36.5	30.86	35.87	35	36.01	36.05	35.21	39.23	37.34	32.78	38.61	36.37	39.71
Total Debt/Total Assets (%)	16.66	19.38	23.72	21.8	25.98	26.05	27.78	30.39	31.22	34.71	31.32	28.12	32.86	31.69	36.05
CFO/Total Liabilities	25.7	19.78	21.86	16.18	22.03	18.84	12.1	19.59	23.02	15.49	20.92	30.26	18.84	30.35	19.56
CFO/CapEx	- -	- -	- -	7.99	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	3.96	3.8	3.67	4.12	3.77	3.95	3.94	4.68	4.96	3.95	4.57	5.91	4.74	5.06	4.77

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	6.16	5.93	5.93	6.12	6.03	5.9	5.78	6.07	5.65	6.11	6.08	6.35	6.07	6.22	5.9
Days Sales Outstanding	59.27	61.52	61.57	59.67	60.57	61.9	63.18	60.17	64.61	59.7	60.08	57.51	60.11	58.67	61.91
Inventory Turnover	2.78	2.57	2.66	2.84	2.91	2.93	2.59	2.56	2.1	2.36	2.37	2.94	2.63	2.44	2.57
Days Inventory Outstanding	131.13	141.92	137.36	128.4	125.52	124.43	140.8	142.34	173.42	154.54	154.12	124.36	138.85	149.75	142.23
Accounts Payable Turnover	7.97	8.86	8.27	6.58	5.45	5.32	4.45	4.32	3.56	3.27	3.14	3.92	4.05	3.74	3.99
Accounts Payable Turnover Days	45.8	41.2	44.15	55.49	66.94	68.65	82.06	84.58	102.57	111.56	116.28	93.23	90.14	97.71	91.44
Cash Conversion Cycle	144.6	162.24	154.78	132.58	119.15	117.68	121.93	117.93	135.45	102.69	97.92	88.63	108.81	110.71	112.7
Inventory to Cash Days	-71.85	-80.4	-75.79	-68.73	-64.94	-62.53	-77.62	-82.17	-108.81	-94.85	-94.04	-66.85	-78.74	-91.09	-80.32
Inventories	6,254	6,535	6,226	5,571	4,700	4,866	5,096	5,440	5,978	5,554	5,953	5,911	6,358	6,109	6,658
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	6,254	6,535	6,226	5,571	4,700	4,866	5,096	5,440	5,978	5,554	5,953	5,911	6,358	6,109	6,658

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	109,318	118,160	139,702	153,685	140,085	154,286	144,673	188,894	220,183	197,358	193,899	280,925	284,231	251,449	260,479
- Cash & Cash Equivalents	13,531	13,451	15,621	7,441	8,524	6,515	6,092	7,965	9,676	8,050	8,096	12,694	6,841	13,242	14,565
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	2,426	2,443	2,561	144	91	220	233	181	94	87	73	67	54	59	56
+ Total Debt	17,515	20,569	25,060	21,403	26,412	24,842	24,410	25,114	26,346	31,791	33,102	30,691	35,055	37,111	49,339
Enterprise Value	114,287	125,031	149,837	159,513	153,161	165,007	160,818	205,325	236,173	221,186	218,978	298,491	312,247	274,930	295,309
Total Capital	60,719	64,785	68,666	69,356	73,639	70,983	67,781	69,662	74,830	81,028	88,659	93,627	90,792	102,027	124,258
Total Debt/Capital (%)	28.85	31.75	36.5	30.86	35.87	35	36.01	36.05	35.21	39.23	37.34	32.78	38.61	36.37	39.71
Total Debt / EV	0.15	0.16	0.17	0.13	0.17	0.15	0.15	0.12	0.11	0.14	0.15	0.1	0.11	0.13	0.17
EV/Sales	2.38	2.65	3.4	3.78	3.88	4.15	4.01	4.85	6.04	5.33	4.5	5.04	5.19	4.28	4.54
EV/EBITDA	6.97	7.42	10.23	11.93	11	15.04	14.02	15.27	21.02	24.48	13.34	13.45	45.74	11.12	10.57
EV/EBIT	12.73	12.66	19.55	23.87	20.29	30.01	23.66	22.99	29.8	39.87	16.59	16.33	105.7	13.6	13.36
EV/Cash Flow to Firm	8.8	11.87	12.18	18.78	11.7	15.05	23.89	17.9	16.7	20.3	14.77	14.97	23.59	12.19	16.73
EV/Free Cash Flow to Firm	8.8	11.87	12.18	16.8	11.7	15.05	23.89	17.9	16.7	20.3	14.77	14.97	23.59	12.19	16.73
Diluted Market Cap	111,229	120,087	142,969	158,551	143,101	156,434	147,430	195,192	223,738	198,198	194,512	282,035	284,231	252,779	263,887
Diluted Enterprise Value	117,639	129,648	154,969	172,657	161,080	174,981	165,981	212,522	240,502	222,026	219,591	300,099	312,499	276,707	298,717
EV per Share	37.58	41.31	51.18	56.2	55.07	60.03	59.64	79.2	93.02	87.42	86.55	117.89	119.77	108.77	119.33
TTM Sales	48,047	47,267	44,033	42,237	39,498	39,807	40,122	42,294	39,121	41,518	48,704	59,283	60,115	64,168	65,011
TTM EBITDA	16,403	16,855	14,653	13,374	13,922	10,970	11,473	13,450	11,236	9,034	16,413	22,191	6,826	24,720	27,945
TTM Operating Income	8,976	9,877	7,665	6,683	7,547	5,499	6,797	8,931	7,926	5,548	13,199	18,282	2,954	20,221	22,107
TTM Cash Flow to Firm	12,989	10,537	12,307	8,494	13,093	10,962	6,731	11,471	14,138	10,894	14,827	19,945	13,235	22,560	17,648
TTM Free Cash Flow to Firm	12,989	10,537	12,307	9,494	13,093	10,962	6,731	11,471	14,138	10,894	14,827	19,945	13,235	22,560	17,648

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	8.98	11.98	12.27	17.64	11.41	15.08	22.85	17.87	16.65	19.33	13.79	14.77	21.85	11.77	16.02
EV/EBIT	12.73	12.66	19.55	23.87	20.29	30.01	23.66	22.99	29.8	39.87	16.59	16.33	105.7	13.6	13.36
Enterprise Value	114,287	125,031	149,837	159,513	153,161	165,007	160,818	205,325	236,173	221,186	218,978	298,491	312,247	274,930	295,309
Low Price	28.1	35.19	38.93	47.01	43.57	45.74	51.14	50.37	68.7	62.22	68.38	72.88	99.14	94.48	73.31
EV/Sales	2.38	2.65	3.4	3.78	3.88	4.15	4.01	4.85	6.04	5.33	4.5	5.04	5.19	4.28	4.54
EV/EBITDA	6.97	7.42	10.23	11.93	11	15.04	14.02	15.27	21.02	24.48	13.34	13.45	45.74	11.12	10.57
Price/Earnings	17.47	19.16	31.72	12.89	31.54	39.36	60.43	30.37	22.37	27.93	14.86	19.35	778.71	14.69	14.27
Price/Earnings Average	15.82	19.31	29.41	12.99	33.8	38.44	66.86	25.5	20.23	27.61	14.73	15.66	773.24	17.48	11.83
Price/Earnings High	17.56	22.46	31.96	14.12	37.98	43.77	71.75	31.87	22.78	31.46	17.72	19.69	854.64	19.88	14.59
Price/Earnings Low	13.66	17.27	25.88	11.19	27.28	32.07	57.6	20.99	17.72	22.28	13.26	12.71	708.14	13.95	9.94
Price/Book Value	2.68	2.83	3.4	3.21	2.97	3.36	3.35	4.26	4.55	4.02	3.49	4.47	5.1	3.88	3.48
Price/Book Value Average	2.43	2.85	3.16	3.24	3.19	3.28	3.71	3.57	4.11	3.97	3.46	3.62	5.07	4.61	2.88
Price/Book Value High	2.69	3.32	3.43	3.52	3.58	3.74	3.98	4.47	4.63	4.52	4.17	4.55	5.6	5.25	3.56
Price/Book Value Low	2.1	2.55	2.78	2.79	2.57	2.74	3.2	2.94	3.6	3.2	3.12	2.94	4.64	3.68	2.42
Price/Tangible Book Value	10.43	8.29	8.61	9.97	31.54	31.87	68.83	-42.21	-28.9	-26.04	-32.64	61.27	-180.69	30.17	59.17
Price/Tangible Book Value Average	9.44	8.36	7.98	10.04	33.8	31.12	76.15	-35.44	-26.13	-25.74	-32.36	49.59	-179.42	35.91	49.04
Price/Tangible Book Value High	10.48	9.72	8.68	10.92	37.98	35.44	81.72	-44.3	-29.43	-29.33	-38.93	62.34	-198.31	40.83	60.48
Price/Tangible Book Value Low	8.15	7.48	7.02	8.66	27.28	25.97	65.61	-29.18	-22.89	-20.77	-29.12	40.25	-164.32	28.66	41.21
Price/Sales	2.28	2.5	3.17	3.64	3.55	3.88	3.61	4.47	5.63	4.75	3.98	4.74	4.73	3.92	4.01
Price/Sales Average	2.06	2.52	2.94	3.67	3.8	3.79	3.99	3.75	5.09	4.7	3.95	3.84	4.69	4.66	3.32
Price/Sales High	2.29	2.93	3.2	3.99	4.27	4.31	4.28	4.69	5.73	5.35	4.75	4.82	5.19	5.3	4.1
Price/Sales Low	1.78	2.25	2.59	3.16	3.07	3.16	3.44	3.09	4.46	3.79	3.55	3.11	4.3	3.72	2.79
Price/Cash Flow	8.83	11.79	11.99	19.24	11.17	14.87	22.43	17.29	16.38	19.25	13.74	14.71	21.85	11.71	15.81
Price/Cash Flow Average	8	11.89	11.12	19.38	11.97	14.52	24.81	14.52	14.81	19.03	13.62	11.91	21.7	13.94	13.11
Price/Cash Flow High	8.87	13.82	12.08	21.07	13.46	16.54	26.63	18.15	16.69	21.68	16.39	14.97	23.98	15.85	16.16
Price/Cash Flow Low	6.9	10.63	9.78	16.7	9.66	12.12	21.38	11.96	12.98	15.35	12.26	9.66	19.87	11.12	11.01
Price/Free Cash Flow Average	8.13	12.08	11.38	17.77	12.23	14.72	25.28	15.01	15.05	19.11	13.67	11.95	21.7	14.01	13.28
Price/Free Cash Flow High	9.03	14.05	12.36	19.32	13.75	16.77	27.13	18.75	16.96	21.77	16.44	15.03	23.98	15.94	16.37
Price/Free Cash Flow Low	7.02	10.8	10.01	15.31	9.87	12.29	21.78	12.35	13.19	15.42	12.3	9.7	19.87	11.18	11.16
EV/Sales Average	2.19	2.72	3.21	4	4.26	4.25	4.45	4.16	5.52	5.27	4.46	4.14	5.17	5.04	3.86
EV/Sales High	2.42	3.13	3.47	4.32	4.73	4.78	4.74	5.1	6.16	5.93	5.26	5.13	5.66	5.68	4.63
EV/Sales Low	1.91	2.46	2.86	3.49	3.52	3.62	3.9	3.5	4.89	4.37	4.07	3.42	4.77	4.09	3.33
EV/EBITDA Average	6.43	7.63	9.66	12.63	12.08	15.43	15.57	13.08	19.21	24.24	13.24	11.06	45.49	13.07	8.97
EV/EBITDA High	7.09	8.79	10.42	13.64	13.41	17.33	16.59	16.03	21.45	27.25	15.62	13.69	49.84	14.73	10.77
EV/EBITDA Low	5.6	6.89	8.6	11.03	10	13.15	13.64	11	17.02	20.06	12.07	9.13	42.01	10.63	7.74
EV/EBIT Average	11.74	13.03	18.47	25.28	22.28	30.77	26.28	19.7	27.23	39.46	16.46	13.42	105.11	15.98	11.34
EV/EBIT High	12.96	14.99	19.93	27.3	24.74	34.57	28	24.14	30.41	44.36	19.42	16.62	115.17	18.01	13.62
EV/EBIT Low	10.23	11.75	16.43	22.07	18.44	26.24	23.02	16.56	24.12	32.67	15.01	11.08	97.07	12.99	9.78
Last Price	35.95	39.04	47.72	54.15	50.37	56.13	53.65	72.86	86.72	78	76.64	110.95	109.02	99.48	105.26
High Price	36.14	45.77	48.08	59.31	60.66	62.42	63.7	76.46	88.33	87.86	91.4	112.89	119.65	134.63	107.59
Enterprise Value Average	105,414	128,687	141,537	168,913	168,119	169,220	178,608	175,933	215,843	218,940	217,291	245,416	310,499	323,187	250,710
Enterprise Value High	116,306	148,090	152,755	182,436	186,682	190,123	190,325	215,557	241,035	246,134	256,321	303,901	340,213	364,224	301,075
Enterprise Value Low	91,858	116,068	125,969	147,527	139,153	144,274	156,456	147,917	191,194	181,259	198,080	202,596	286,740	262,739	216,245

Shares Outstanding	3,041	3,027	2,928	2,838	2,781	2,749	2,697	2,593	2,539	2,530	2,528	2,538	2,532	2,528	2,475
Diluted Weighted Avg Shares	3,094	3,076	2,996	2,928	2,841	2,787	2,748	2,679	2,580	2,541	2,538	2,542	2,607	2,541	2,507
Basic Weighted Avg Shares	3,041	3,027	2,928	2,838	2,781	2,749	2,697	2,593	2,539	2,530	2,530	2,532	2,607	2,528	2,475
Revenue per Share	15.8	15.62	15.04	14.88	14.2	14.48	14.88	16.31	15.41	16.41	19.25	23.41	23.06	25.39	26.27
EBITDA per Share	5.39	5.57	5.01	4.71	5.01	3.99	4.25	5.19	4.43	3.57	6.49	8.76	2.62	9.78	11.29
Operating Income per Share	2.95	3.26	2.62	2.35	2.71	2	2.52	3.44	3.12	2.19	5.22	7.22	1.13	8	8.93
Basic EPS, GAAP	2.06	2.04	1.5	4.2	1.6	1.43	0.89	2.4	3.88	2.79	5.16	5.73	0.14	6.77	7.38
Basic EPS from Cont Ops	2.1	2.08	1.54	4.2	1.6	1.43	0.9	2.39	2.21	1.79	4.88	5.74	0.14	6.78	7.38
Diluted EPS, GAAP	2.02	2.01	1.47	4.07	1.56	1.41	0.87	2.32	3.82	2.78	5.14	5.71	0.14	6.74	7.28
Diluted EPS from Cont Ops	2.07	2.05	1.51	4.08	1.57	1.41	0.88	2.31	2.17	1.78	4.87	5.71	0.14	6.74	7.28
Dividend per Share	1.58	1.73	1.8	1.85	1.84	1.86	1.92	1.99	2.24	2.46	2.61	2.77	2.86	3.1	3.3
Cash Flow per Share	4.07	3.31	3.98	2.81	4.51	3.77	2.39	4.21	5.29	4.05	5.58	7.54	4.99	8.49	6.66
Free Cash Flow per Basic Share	4.07	3.31	3.98	2.46	4.51	3.77	2.39	4.21	5.29	4.05	5.58	7.54	4.99	8.49	6.66
Cash & Equivalents per Share	4.92	5.33	5.97	5.54	4.83	5.22	3.15	3.42	4.12	3.18	3.2	5.21	2.72	5.42	5.89
Book Value per Share	13.41	13.8	14.02	16.85	16.95	16.71	16	17.11	19.06	19.43	21.93	24.83	21.36	25.66	30.25
Tangible Book Value per Share	3.45	4.71	5.54	5.43	1.6	1.76	0.78	-1.73	-3	-3	-2.35	1.81	-0.6	3.3	1.78

Merck & Co., Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)