Common-Size Balance Sheet: Assets
Quarterly Data
Merck & Co. Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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 composition of assets at the company exhibits several notable trends over the observed period from March 2021 to December 2025. Current assets fluctuate considerably, while noncurrent assets demonstrate a more stable, albeit evolving, profile. A significant shift is observed in the relative proportions of certain asset categories, particularly towards the end of the period.
- Liquidity and Current Assets
- Current assets, representing approximately 29-34% of total assets, show cyclical behavior. An initial increase from 29.62% in March 2021 to a peak of 33.22% in September 2021 is followed by a decline to 28.69% by March 2022. A subsequent rise to 34.34% in September 2024 is then observed, before decreasing to 31.79% by December 2025. Within current assets, cash and cash equivalents demonstrate substantial volatility, ranging from a low of 5.27% to a high of 14.03%. Accounts receivable, net, remains relatively stable, generally fluctuating between 8.60% and 10.74%. Inventories exhibit a gradual decline from 7.05% to 4.86% over the period, suggesting improved inventory management or potentially decreasing inventory levels. Other current assets also show variability, peaking at 8.51% in June 2025.
- Long-Term Investments and Fixed Assets
- Investments as a percentage of total assets remain relatively low, generally below 1.22%, with a slight increase towards the end of the period. Property, plant, and equipment, net of accumulated depreciation, consistently accounts for approximately 18-22% of total assets, showing a slight upward trend overall. This suggests ongoing investment in fixed assets. Goodwill represents a significant portion of assets, ranging from 15.77% to 22.25%, with a noticeable decrease towards the end of the period, falling to 15.77% in December 2025.
- Intangible Assets and Other Assets
- Other intangibles, net, initially represent a substantial portion of assets (around 15%), but decrease significantly over the period, falling to 11.82% by September 2025 and then increasing to 19.49% by December 2025. This substantial fluctuation warrants further investigation. Other assets also exhibit variability, decreasing from 12.19% to 8.73% before rising to 15.03% in June 2025 and then decreasing to 13.75% by December 2025.
- Noncurrent Assets Overall
- Noncurrent assets consistently represent the majority of the company’s asset base, ranging from approximately 66.78% to 71.36%. While generally stable, a slight downward trend is observed in the proportion of noncurrent assets towards the end of the period, coinciding with the increase in current assets. This suggests a potential shift in asset allocation strategy.
In summary, the asset composition demonstrates a dynamic interplay between current and noncurrent assets. The fluctuations in cash, inventories, and intangible assets are particularly noteworthy and may reflect strategic decisions related to liquidity management, operational efficiency, and investment in long-term growth opportunities. The observed trends suggest a potential shift in asset allocation towards the end of the analyzed period.