Common-Size Balance Sheet: Assets
Quarterly Data
Merck & Co. Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 shows a general stability in overall structure, with noncurrent assets typically dominating the balance sheet, while current assets fluctuate between 27% and 37% of total assets. A period of increased liquidity is observed peaking in late 2024 and mid-2025.
- Current Asset Trends
- Cash and cash equivalents exhibit significant volatility, ranging from a low of 4.14% in March 2026 to a high of 14.03% in September 2025, suggesting cyclical cash flow patterns or strategic capital deployments. Accounts receivable remain relatively constant, generally fluctuating between 8.6% and 10.7%, indicating a stable relationship between sales and collections. A consistent downward trend is observed in inventories, which decreased from 7.05% in March 2021 to 4.64% by September 2026.
- Intangible Asset Dynamics
- Goodwill shows a steady long-term decline, falling from 22.25% of total assets in March 2021 to 16.53% by September 2026. Other intangible assets demonstrate higher volatility, characterized by a significant peak of 21.70% in December 2021 and subsequent fluctuations, including a resurgence to 20.01% in March 2026 before settling at 18.43%.
- Fixed and Other Noncurrent Assets
- Property, plant, and equipment (PP&E) maintain a stable proportion of the asset base, consistently hovering between 18% and 22%. Conversely, "Other assets" exhibit a gradual upward trajectory, increasing from 11.54% in March 2021 to 14.99% by September 2026, indicating an expansion in miscellaneous noncurrent holdings.
Overall, the balance sheet reflects a strategic shift away from inventory and goodwill toward a higher proportion of other noncurrent assets and periodic spikes in cash liquidity. The stability of PP&E suggests that capital expenditures have scaled proportionally with the total growth of the asset base.
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