Stock Analysis on Net
Stock Analysis on Net

Merck & Co. Inc. (NYSE:MRK)

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Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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Merck & Co. Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Loans payable and current portion of long-term debt
Trade accounts payable
Accrued and other current liabilities
Income taxes payable
Dividends payable
Current liabilities
Long-term debt, excluding current portion
Deferred income taxes
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Common stock, $0.50 par value
Other paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock, at cost
Total Merck & Co., Inc. stockholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The composition of liabilities and stockholders’ equity exhibited several notable shifts between 2021 and 2025. Overall, total liabilities decreased as a percentage of total liabilities and equity from 63.80% to 61.52%, while total equity increased from 36.20% to 38.48% over the same period, though with some fluctuations.

Current Liabilities
Current liabilities, representing 22.59% of the total in 2021, initially increased to 24.27% in 2024 before decreasing to 20.70% in 2025. This fluctuation was driven by changes in accrued and other current liabilities, which rose from 13.11% to 14.78% then fell to 10.57%, and income taxes payable, which increased from 1.16% to 3.45%. Trade accounts payable demonstrated a consistent, albeit gradual, decline from 4.36% to 3.22%.
Long-Term Debt
Long-term debt, excluding the current portion, showed an increasing trend, rising from 29.04% in 2021 to 34.16% in 2025. This indicates a growing reliance on long-term financing. Conversely, loans payable and the current portion of long-term debt decreased from 2.28% to 1.89% over the period.
Equity Components
Within stockholders’ equity, retained earnings experienced considerable volatility, peaking at 55.96% in 2022 before declining to 53.39% in 2025. Other paid-in capital decreased steadily from 41.85% to 32.90%. Treasury stock consistently represented a significant portion of equity, with a negative percentage ranging from -51.75% to -46.03%, indicating substantial share repurchase activity. Common stock remained relatively stable, though slightly decreasing from 1.69% to 1.31%. Accumulated other comprehensive loss also decreased in absolute value, moving from -4.19% to -3.13%.
Noncurrent Liabilities
Noncurrent liabilities decreased from 41.22% in 2021 to 36.13% in 2024, then increased to 40.83% in 2025. Deferred income taxes showed a marked decrease from 3.26% to 0.82% before a slight recovery to 1.05%, while other noncurrent liabilities also decreased from 8.93% to 5.62%.

The shifts in the balance sheet suggest a dynamic financial strategy, with adjustments in both short-term and long-term financing, alongside active management of equity through retained earnings and share repurchases. The increasing proportion of long-term debt warrants further investigation into the associated interest expense and debt covenants.