Common-Size Balance Sheet: Assets
Quarterly Data
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Merck & Co. Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Merck & Co. Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The asset composition exhibits a consistent division between current and noncurrent assets, with noncurrent assets typically representing between 63% and 73% of the total balance sheet. Current assets generally fluctuate around 30%, indicating a stable liquidity posture, although significant quarterly volatility is observed in cash holdings.
- Liquidity and Working Capital Trends
- Cash and cash equivalents demonstrate substantial volatility, peaking at 14.03% of total assets in September 2025 before dropping sharply to 4.14% by March 2026. This suggests periodic large-scale capital deployments or cyclical fluctuations in cash inflows. Accounts receivable remain relatively stable, oscillating between 8.6% and 10.7%, reflecting a consistent collection cycle relative to the overall asset base.
- Inventories show a sustained downward trend, declining from 7.05% in March 2021 to 4.78% by June 2026. This gradual reduction suggests improvements in inventory turnover efficiency or a strategic shift in product management.
- Fixed and Intangible Asset Dynamics
- Property, plant, and equipment (PP&E) maintain a steady presence, generally ranging between 18% and 21.7%. The stability of this ratio suggests that capital expenditures are keeping pace with the growth of the total asset base.
- Goodwill exhibits a clear long-term contraction, falling from 22.25% in March 2021 to 16.63% by June 2026. This trend may indicate asset impairment or a dilution of goodwill's weight as other asset categories expand.
- Other intangible assets are characterized by high volatility. After peaking at 21.70% in December 2021, they declined steadily to a low of 11.82% in September 2025, followed by a rapid increase to 20.01% by March 2026. This sharp late-period increase is indicative of a significant acquisition or the recognition of new intangible assets.
- Other Asset Categories
- Other current assets have trended slightly upward, moving from 5.82% to 8.29% over the analyzed period. Similarly, other noncurrent assets have increased from 11.54% to 15.10%, suggesting a growing proportion of the balance sheet is held in miscellaneous long-term holdings.