Stock Analysis on Net
Stock Analysis on Net

Merck & Co. Inc. (NYSE:MRK)

Common-Size Balance Sheet: Assets
Quarterly Data

Merck & Co. Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 5.28 4.14 10.64 14.03 6.81 7.50 11.31 12.42 10.04 5.27 6.41 8.06 5.42 9.00 11.63 10.41 9.03 8.02 7.66 10.71 9.46 7.68
Short-term investments 0.22 0.29 0.00 0.03 0.52 0.52 0.38 0.00 0.04 0.04 0.24 0.16 0.69 0.63 0.46 0.10 0.42 0.35 0.00 0.00 0.00 0.00
Accounts receivable, net of allowance for doubtful accounts 9.68 9.49 8.60 9.36 10.08 9.37 8.78 9.68 10.34 10.74 9.70 9.74 10.56 9.66 8.66 8.85 9.00 9.21 8.73 9.17 8.65 9.06
Inventories, excludes inventories classified in Other assets 4.78 5.03 4.86 4.97 5.62 5.38 5.22 5.31 5.74 6.15 5.96 5.74 5.68 5.44 5.41 5.24 5.17 5.41 5.63 5.99 6.06 7.05
Other current assets 8.29 8.26 7.68 8.32 8.51 8.07 7.43 6.93 7.76 7.51 7.84 6.24 6.35 6.25 6.57 6.74 6.36 6.24 6.61 7.35 7.44 5.82
Current assets 28.26% 27.21% 31.79% 36.71% 31.54% 30.84% 33.12% 34.34% 33.92% 29.71% 30.16% 29.94% 28.69% 30.99% 32.72% 31.34% 29.99% 29.23% 28.64% 33.22% 31.61% 29.62%
Investments 0.94 0.86 0.70 0.86 0.66 0.54 0.40 0.49 0.32 0.26 0.24 1.22 1.16 1.20 0.93 0.92 0.22 0.30 0.35 0.47 0.45 0.60
Property, plant and equipment, at cost, net of accumulated depreciation 19.83 19.76 18.50 19.79 21.47 21.54 20.31 19.95 20.62 21.77 21.61 21.11 21.28 20.18 19.62 19.07 18.73 18.51 18.24 19.86 19.92 20.14
Goodwill 16.63 16.77 15.77 16.66 18.37 18.84 18.50 18.46 18.79 20.01 19.87 19.85 20.29 19.68 19.42 19.76 19.81 19.93 20.12 20.17 20.81 22.25
Other intangibles, net 19.24 20.01 19.49 11.82 12.93 13.69 13.98 14.47 15.08 16.60 16.88 17.99 18.82 18.42 18.57 19.95 21.01 21.58 21.70 14.32 15.02 15.85
Other assets 15.10 15.39 13.75 14.15 15.03 14.57 13.70 12.29 11.28 11.64 11.25 9.89 9.75 9.54 8.73 8.95 10.25 10.44 10.96 11.97 12.19 11.54
Noncurrent assets 71.74% 72.79% 68.21% 63.29% 68.46% 69.16% 66.88% 65.66% 66.08% 70.29% 69.84% 70.06% 71.31% 69.01% 67.28% 68.66% 70.01% 70.77% 71.36% 66.78% 68.39% 70.38%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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.

AI Ask an analyst for more