Stock Analysis on Net
Stock Analysis on Net

Merck & Co. Inc. (NYSE:MRK)

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Common-Size Balance Sheet: Assets
Quarterly Data

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

Microsoft Excel
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
Short-term investments
Accounts receivable, net of allowance for doubtful accounts
Inventories, excludes inventories classified in Other assets
Other current assets
Current assets
Investments
Property, plant and equipment, at cost, net of accumulated depreciation
Goodwill
Other intangibles, net
Other assets
Noncurrent assets
Total assets

Based on: 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 overall asset structure maintains a consistent split between current and noncurrent assets, with noncurrent assets typically comprising between 63% and 73% of the total balance sheet. While the distribution remains relatively stable over the observed period, there are notable shifts in liquidity and the valuation of intangible assets.

Current Asset Dynamics
Current assets fluctuate between a low of 27.21% in March 2026 and a high of 36.71% in September 2025. This volatility is primarily driven by cash and cash equivalents, which exhibit significant swings, peaking at 14.03% in September 2025 before dropping to 4.14% by March 2026. Accounts receivable remain a stable component, generally maintaining a range between 8.6% and 10.7%. Conversely, inventories show a gradual downward trend, decreasing from 7.05% in March 2021 to 5.03% by March 2026.
Noncurrent Asset Evolution
Noncurrent assets show a gradual transition in composition. Property, plant, and equipment remain relatively constant, fluctuating within a narrow band of 18% to 22%. Goodwill exhibits a steady long-term decline, falling from 22.25% in March 2021 to 16.77% in March 2026. Other intangible assets demonstrate the most significant instability; after peaking at 21.70% in December 2021, they trended downward to 11.82% by September 2025, before spiking sharply to 20.01% in March 2026, suggesting a major asset acquisition or revaluation at the end of the period.
Other Asset Trends
A consistent upward trend is observed in other assets, which grew from 11.54% in March 2021 to 15.39% by March 2026. Other current assets also showed a general increase, rising from 5.82% to 8.26% over the same timeframe. This indicates a progressive shift of total asset weight toward miscellaneous and non-core asset categories.

The balance sheet concludes the period with a marked shift in liquidity and intangible valuations. The simultaneous sharp decline in cash and the sharp increase in other intangible assets in March 2026 suggest a strategic deployment of liquid capital into long-term intangible assets.