Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Merck & Co. Inc. (NYSE:MRK)

Analysis of Solvency Ratios
Quarterly Data

Beginner level

Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.

Solvency Ratios (Summary)

Merck & Co. Inc., solvency ratios (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Debt Ratios
Debt to equity 1.12 1.07 1.02 0.97 0.96 0.94 0.94 0.73 0.72 0.70 0.71 0.71 0.63 0.71 0.62 0.57 0.56 0.59 0.59 0.58 0.57 0.63
Debt to capital 0.53 0.52 0.50 0.49 0.49 0.48 0.48 0.42 0.42 0.41 0.42 0.41 0.39 0.42 0.38 0.36 0.36 0.37 0.37 0.37 0.36 0.39
Debt to assets 0.34 0.33 0.31 0.31 0.32 0.31 0.30 0.28 0.27 0.27 0.28 0.29 0.27 0.29 0.26 0.26 0.25 0.26 0.26 0.26 0.26 0.28
Financial leverage 3.28 3.24 3.26 3.10 3.04 2.99 3.09 2.63 2.61 2.56 2.56 2.40 2.35 2.42 2.38 2.25 2.23 2.25 2.28 2.22 2.21 2.27

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-26), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-08), 10-K (filing date: 2019-02-27), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-28), 10-Q (filing date: 2016-11-07), 10-Q (filing date: 2016-08-08), 10-Q (filing date: 2016-05-09), 10-K (filing date: 2016-02-26), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-07).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Merck & Co. Inc.’s debt to equity ratio deteriorated from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Merck & Co. Inc.’s debt to capital ratio deteriorated from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Merck & Co. Inc.’s debt to assets ratio deteriorated from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Merck & Co. Inc.’s financial leverage ratio decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.

Debt to Equity

Merck & Co. Inc., debt to equity calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Loans payable and current portion of long-term debt 4,718  6,361  3,610  3,411  3,816  3,175  5,308  3,656  3,379  2,055  3,057  5,157  3,181  5,037  568  1,487  644  2,113  2,585  2,543  2,483  4,728 
Long-term debt, excluding current portion 26,156  21,637  22,736  22,677  22,771  22,721  19,806  19,936  19,959  21,501  21,353  21,838  21,706  23,437  24,274  23,656  23,642  23,656  23,929  24,124  24,069  25,506 
Total debt 30,874  27,998  26,346  26,088  26,587  25,896  25,114  23,592  23,338  23,556  24,410  26,995  24,887  28,474  24,842  25,143  24,286  25,769  26,514  26,667  26,552  30,234 
 
Total Merck & Co., Inc. stockholders’ equity 27,642  26,205  25,907  26,838  27,635  27,539  26,701  32,422  32,529  33,668  34,336  38,248  39,463  39,837  40,088  43,744  43,357  43,806  44,676  45,587  46,448  47,765 
Solvency Ratio
Debt to equity1 1.12 1.07 1.02 0.97 0.96 0.94 0.94 0.73 0.72 0.70 0.71 0.71 0.63 0.71 0.62 0.57 0.56 0.59 0.59 0.58 0.57 0.63
Benchmarks
Debt to Equity, Competitors2
Abbott Laboratories 0.64 0.60 0.58 0.60 0.61 0.62 0.64 0.77 0.68 0.70 0.90 0.75 0.76 0.76 1.07 0.41 0.43 0.41 0.42 0.40 0.38 0.41
AbbVie Inc. 5.94 — — — — — — — — 10.49 7.33 5.65 6.20 7.39 7.95 5.77 6.71 6.87 8.03 6.61 5.65 11.09
Amgen Inc. 3.21 3.36 3.09 2.73 2.84 3.05 2.71 2.40 2.31 2.28 1.40 1.11 1.11 1.11 1.16 1.15 1.10 1.20 1.12 1.14 1.16 1.14
Biogen Inc. 0.66 0.48 0.45 0.43 0.46 0.43 0.46 0.43 0.48 0.42 0.47 0.51 0.56 0.57 0.54 0.54 0.57 0.63 0.70 0.62 0.05 0.05
Bristol-Myers Squibb Co. 0.95 0.94 0.91 1.41 1.56 0.40 0.52 0.54 0.60 0.60 0.68 0.57 0.56 0.59 0.41 0.44 0.45 0.47 0.47 0.48 0.49 0.48
Eli Lilly & Co. 3.99 5.60 5.88 4.50 5.68 6.44 1.30 0.97 1.06 0.81 1.18 0.90 0.87 0.73 0.74 0.60 0.64 0.54 0.55 0.53 0.55 0.55
Gilead Sciences Inc. 1.34 1.09 1.09 1.19 1.15 1.21 1.28 1.19 1.34 1.41 1.64 1.18 1.16 1.29 1.39 1.60 1.42 1.70 1.20 1.28 0.75 0.72
Illumina Inc. 0.25 0.25 0.25 0.25 0.26 0.44 0.53 0.57 0.42 0.45 0.49 0.46 0.48 0.49 0.58 0.54 0.50 0.51 0.59 0.57 0.73 0.80
Johnson & Johnson 0.48 0.45 0.47 0.50 0.48 0.50 0.51 0.48 0.51 0.51 0.57 0.48 0.48 0.46 0.39 0.37 0.36 0.32 0.28 0.28 0.27 0.28
Pfizer Inc. 0.99 0.80 0.83 0.81 0.78 0.77 0.66 0.58 0.58 0.56 0.61 0.72 0.75 0.75 0.71 0.70 0.70 0.62 0.60 0.58 0.53 0.53
Regeneron Pharmaceuticals Inc. 0.24 0.06 0.06 0.07 0.07 0.08 0.08 0.09 0.10 0.11 0.11 0.12 0.13 0.15 0.11 0.09 0.09 0.10 0.10 0.12 0.12 0.16
Vertex Pharmaceuticals Inc. 0.07 0.08 0.09 0.10 0.11 0.12 0.13 0.20 0.22 0.24 0.29 0.32 0.33 0.35 0.71 0.79 0.82 0.84 0.86 0.87 0.91 0.83
Zoetis Inc. 2.58 2.35 2.38 2.41 2.67 2.78 2.95 3.04 2.52 2.53 2.80 2.87 2.66 2.78 3.00 2.82 3.29 3.84 4.56 2.96 3.10 2.85

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-26), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-08), 10-K (filing date: 2019-02-27), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-28), 10-Q (filing date: 2016-11-07), 10-Q (filing date: 2016-08-08), 10-Q (filing date: 2016-05-09), 10-K (filing date: 2016-02-26), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-07).

1 Q2 2020 Calculation
Debt to equity = Total debt ÷ Total Merck & Co., Inc. stockholders’ equity
= 30,874 ÷ 27,642 = 1.12

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Merck & Co. Inc.’s debt to equity ratio deteriorated from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Debt to Capital

Merck & Co. Inc., debt to capital calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Loans payable and current portion of long-term debt 4,718  6,361  3,610  3,411  3,816  3,175  5,308  3,656  3,379  2,055  3,057  5,157  3,181  5,037  568  1,487  644  2,113  2,585  2,543  2,483  4,728 
Long-term debt, excluding current portion 26,156  21,637  22,736  22,677  22,771  22,721  19,806  19,936  19,959  21,501  21,353  21,838  21,706  23,437  24,274  23,656  23,642  23,656  23,929  24,124  24,069  25,506 
Total debt 30,874  27,998  26,346  26,088  26,587  25,896  25,114  23,592  23,338  23,556  24,410  26,995  24,887  28,474  24,842  25,143  24,286  25,769  26,514  26,667  26,552  30,234 
Total Merck & Co., Inc. stockholders’ equity 27,642  26,205  25,907  26,838  27,635  27,539  26,701  32,422  32,529  33,668  34,336  38,248  39,463  39,837  40,088  43,744  43,357  43,806  44,676  45,587  46,448  47,765 
Total capital 58,516  54,203  52,253  52,926  54,222  53,435  51,815  56,014  55,867  57,224  58,746  65,243  64,350  68,311  64,930  68,887  67,643  69,575  71,190  72,254  73,000  77,999 
Solvency Ratio
Debt to capital1 0.53 0.52 0.50 0.49 0.49 0.48 0.48 0.42 0.42 0.41 0.42 0.41 0.39 0.42 0.38 0.36 0.36 0.37 0.37 0.37 0.36 0.39
Benchmarks
Debt to Capital, Competitors2
Abbott Laboratories 0.39 0.38 0.37 0.38 0.38 0.38 0.39 0.43 0.40 0.41 0.47 0.43 0.43 0.43 0.52 0.29 0.30 0.29 0.30 0.28 0.28 0.29
AbbVie Inc. 0.86 1.12 1.14 1.27 1.30 1.27 1.27 1.08 1.10 0.91 0.88 0.85 0.86 0.88 0.89 0.85 0.87 0.87 0.89 0.87 0.85 0.92
Amgen Inc. 0.76 0.77 0.76 0.73 0.74 0.75 0.73 0.71 0.70 0.69 0.58 0.53 0.53 0.53 0.54 0.53 0.52 0.54 0.53 0.53 0.54 0.53
Biogen Inc. 0.40 0.32 0.31 0.30 0.31 0.30 0.31 0.30 0.33 0.30 0.32 0.34 0.36 0.36 0.35 0.35 0.36 0.39 0.41 0.38 0.04 0.05
Bristol-Myers Squibb Co. 0.49 0.48 0.48 0.59 0.61 0.28 0.34 0.35 0.37 0.38 0.40 0.36 0.36 0.37 0.29 0.30 0.31 0.32 0.32 0.33 0.33 0.32
Eli Lilly & Co. 0.80 0.85 0.85 0.82 0.85 0.87 0.57 0.49 0.51 0.45 0.54 0.47 0.47 0.42 0.42 0.37 0.39 0.35 0.35 0.35 0.35 0.36
Gilead Sciences Inc. 0.57 0.52 0.52 0.54 0.54 0.55 0.56 0.54 0.57 0.59 0.62 0.54 0.54 0.56 0.58 0.62 0.59 0.63 0.54 0.56 0.43 0.42
Illumina Inc. 0.20 0.20 0.20 0.20 0.21 0.30 0.35 0.36 0.30 0.31 0.33 0.31 0.32 0.33 0.37 0.35 0.33 0.34 0.37 0.36 0.42 0.44
Johnson & Johnson 0.33 0.31 0.32 0.33 0.33 0.33 0.34 0.33 0.34 0.34 0.37 0.32 0.32 0.32 0.28 0.27 0.27 0.24 0.22 0.22 0.21 0.22
Pfizer Inc. 0.50 0.45 0.45 0.45 0.44 0.43 0.40 0.37 0.37 0.36 0.38 0.42 0.43 0.43 0.41 0.41 0.41 0.38 0.38 0.37 0.34 0.35
Regeneron Pharmaceuticals Inc. 0.20 0.06 0.06 0.06 0.07 0.07 0.07 0.08 0.09 0.10 0.10 0.10 0.11 0.13 0.10 0.08 0.08 0.09 0.09 0.11 0.10 0.14
Vertex Pharmaceuticals Inc. 0.06 0.08 0.08 0.09 0.10 0.11 0.12 0.17 0.18 0.19 0.22 0.24 0.25 0.26 0.42 0.44 0.45 0.46 0.46 0.47 0.48 0.45
Zoetis Inc. 0.72 0.70 0.70 0.71 0.73 0.74 0.75 0.75 0.72 0.72 0.74 0.74 0.73 0.74 0.75 0.74 0.77 0.79 0.82 0.75 0.76 0.74

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-26), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-08), 10-K (filing date: 2019-02-27), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-28), 10-Q (filing date: 2016-11-07), 10-Q (filing date: 2016-08-08), 10-Q (filing date: 2016-05-09), 10-K (filing date: 2016-02-26), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-07).

1 Q2 2020 Calculation
Debt to capital = Total debt ÷ Total capital
= 30,874 ÷ 58,516 = 0.53

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Merck & Co. Inc.’s debt to capital ratio deteriorated from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Debt to Assets

Merck & Co. Inc., debt to assets calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Loans payable and current portion of long-term debt 4,718  6,361  3,610  3,411  3,816  3,175  5,308  3,656  3,379  2,055  3,057  5,157  3,181  5,037  568  1,487  644  2,113  2,585  2,543  2,483  4,728 
Long-term debt, excluding current portion 26,156  21,637  22,736  22,677  22,771  22,721  19,806  19,936  19,959  21,501  21,353  21,838  21,706  23,437  24,274  23,656  23,642  23,656  23,929  24,124  24,069  25,506 
Total debt 30,874  27,998  26,346  26,088  26,587  25,896  25,114  23,592  23,338  23,556  24,410  26,995  24,887  28,474  24,842  25,143  24,286  25,769  26,514  26,667  26,552  30,234 
 
Total assets 90,615  84,913  84,397  83,331  83,965  82,354  82,637  85,130  85,040  86,041  87,872  91,676  92,804  96,561  95,377  98,335  96,475  98,755  101,779  101,232  102,582  108,345 
Solvency Ratio
Debt to assets1 0.34 0.33 0.31 0.31 0.32 0.31 0.30 0.28 0.27 0.27 0.28 0.29 0.27 0.29 0.26 0.26 0.25 0.26 0.26 0.26 0.26 0.28
Benchmarks
Debt to Assets, Competitors2
Abbott Laboratories 0.29 0.27 0.27 0.28 0.28 0.28 0.29 0.33 0.30 0.31 0.37 0.33 0.34 0.34 0.42 0.22 0.22 0.22 0.22 0.20 0.20 0.21
AbbVie Inc. 0.58 0.74 0.75 0.65 0.65 0.65 0.68 0.61 0.60 0.54 0.53 0.55 0.56 0.56 0.56 0.56 0.56 0.59 0.60 0.59 0.58 0.57
Amgen Inc. 0.53 0.52 0.50 0.50 0.52 0.52 0.51 0.51 0.51 0.50 0.44 0.45 0.44 0.44 0.45 0.45 0.44 0.46 0.44 0.44 0.45 0.44
Biogen Inc. 0.29 0.23 0.22 0.22 0.23 0.22 0.23 0.23 0.25 0.23 0.25 0.28 0.30 0.31 0.28 0.30 0.30 0.32 0.33 0.32 0.03 0.04
Bristol-Myers Squibb Co. 0.36 0.36 0.36 0.43 0.45 0.17 0.21 0.22 0.23 0.23 0.24 0.25 0.25 0.26 0.20 0.20 0.21 0.21 0.21 0.23 0.23 0.22
Eli Lilly & Co. 0.39 0.42 0.39 0.40 0.41 0.42 0.29 0.28 0.29 0.26 0.30 0.31 0.30 0.27 0.27 0.25 0.26 0.23 0.22 0.22 0.22 0.23
Gilead Sciences Inc. 0.43 0.40 0.40 0.42 0.41 0.42 0.43 0.42 0.44 0.44 0.48 0.45 0.44 0.46 0.46 0.48 0.44 0.48 0.43 0.44 0.31 0.32
Illumina Inc. 0.16 0.16 0.16 0.16 0.16 0.24 0.29 0.29 0.23 0.24 0.25 0.26 0.27 0.27 0.30 0.29 0.26 0.27 0.30 0.30 0.35 0.37
Johnson & Johnson 0.19 0.18 0.18 0.19 0.19 0.20 0.20 0.20 0.21 0.21 0.22 0.23 0.23 0.22 0.19 0.19 0.19 0.17 0.15 0.15 0.15 0.15
Pfizer Inc. 0.36 0.31 0.31 0.31 0.30 0.29 0.26 0.24 0.25 0.25 0.25 0.26 0.26 0.26 0.25 0.25 0.26 0.24 0.23 0.23 0.22 0.22
Regeneron Pharmaceuticals Inc. 0.15 0.05 0.05 0.05 0.05 0.06 0.06 0.07 0.07 0.08 0.08 0.08 0.09 0.09 0.07 0.06 0.06 0.06 0.06 0.08 0.09 0.11
Vertex Pharmaceuticals Inc. 0.05 0.06 0.06 0.07 0.08 0.09 0.09 0.12 0.13 0.15 0.16 0.18 0.17 0.18 0.28 0.31 0.32 0.32 0.32 0.33 0.34 0.38
Zoetis Inc. 0.59 0.56 0.56 0.57 0.59 0.59 0.60 0.62 0.58 0.57 0.58 0.61 0.59 0.58 0.58 0.58 0.59 0.60 0.62 0.54 0.55 0.57

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-26), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-08), 10-K (filing date: 2019-02-27), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-28), 10-Q (filing date: 2016-11-07), 10-Q (filing date: 2016-08-08), 10-Q (filing date: 2016-05-09), 10-K (filing date: 2016-02-26), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-07).

1 Q2 2020 Calculation
Debt to assets = Total debt ÷ Total assets
= 30,874 ÷ 90,615 = 0.34

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Merck & Co. Inc.’s debt to assets ratio deteriorated from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Financial Leverage

Merck & Co. Inc., financial leverage calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Total assets 90,615  84,913  84,397  83,331  83,965  82,354  82,637  85,130  85,040  86,041  87,872  91,676  92,804  96,561  95,377  98,335  96,475  98,755  101,779  101,232  102,582  108,345 
Total Merck & Co., Inc. stockholders’ equity 27,642  26,205  25,907  26,838  27,635  27,539  26,701  32,422  32,529  33,668  34,336  38,248  39,463  39,837  40,088  43,744  43,357  43,806  44,676  45,587  46,448  47,765 
Solvency Ratio
Financial leverage1 3.28 3.24 3.26 3.10 3.04 2.99 3.09 2.63 2.61 2.56 2.56 2.40 2.35 2.42 2.38 2.25 2.23 2.25 2.28 2.22 2.21 2.27
Benchmarks
Financial Leverage, Competitors2
Abbott Laboratories 2.25 2.21 2.18 2.15 2.16 2.19 2.20 2.33 2.24 2.26 2.47 2.26 2.25 2.26 2.56 1.90 1.93 1.91 1.94 1.98 1.92 1.97
AbbVie Inc. 10.17 — — — — — — — — 19.52 13.89 10.29 11.15 13.14 14.26 10.30 11.92 11.57 13.45 11.28 9.78 19.39
Amgen Inc. 6.10 6.50 6.17 5.45 5.50 5.91 5.31 4.69 4.54 4.56 3.17 2.49 2.51 2.54 2.60 2.54 2.50 2.62 2.55 2.57 2.59 2.60
Biogen Inc. 2.26 2.08 2.04 1.96 2.03 1.91 1.94 1.85 1.95 1.86 1.88 1.79 1.88 1.85 1.88 1.82 1.89 2.00 2.08 1.96 1.33 1.30
Bristol-Myers Squibb Co. 2.61 2.59 2.52 3.25 3.44 2.29 2.49 2.47 2.65 2.59 2.86 2.30 2.27 2.28 2.08 2.16 2.20 2.22 2.23 2.11 2.11 2.16
Eli Lilly & Co. 10.25 13.35 15.07 11.20 13.91 15.32 4.47 3.41 3.67 3.05 3.88 2.89 2.90 2.68 2.77 2.41 2.49 2.31 2.44 2.39 2.46 2.39
Gilead Sciences Inc. 3.10 2.71 2.74 2.87 2.79 2.86 2.98 2.81 3.02 3.18 3.44 2.60 2.66 2.82 3.02 3.36 3.22 3.57 2.80 2.91 2.40 2.23
Illumina Inc. 1.59 1.57 1.59 1.60 1.61 1.85 1.85 1.93 1.80 1.84 1.91 1.77 1.79 1.80 1.95 1.89 1.94 1.91 1.99 1.93 2.06 2.16
Johnson & Johnson 2.51 2.53 2.65 2.67 2.55 2.54 2.56 2.41 2.47 2.48 2.61 2.10 2.12 2.06 2.01 1.93 1.93 1.88 1.88 1.86 1.86 1.89
Pfizer Inc. 2.77 2.56 2.65 2.62 2.62 2.64 2.51 2.35 2.36 2.25 2.41 2.83 2.89 2.89 2.88 2.82 2.72 2.58 2.59 2.56 2.40 2.39
Regeneron Pharmaceuticals Inc. 1.59 1.30 1.34 1.33 1.35 1.36 1.34 1.37 1.38 1.43 1.43 1.44 1.47 1.61 1.57 1.52 1.52 1.57 1.53 1.57 1.36 1.41
Vertex Pharmaceuticals Inc. 1.36 1.38 1.37 1.43 1.39 1.39 1.41 1.59 1.61 1.65 1.75 1.79 1.97 1.96 2.50 2.55 2.60 2.60 2.66 2.64 2.65 2.22
Zoetis Inc. 4.38 4.19 4.26 4.21 4.56 4.70 4.93 4.94 4.37 4.43 4.85 4.67 4.55 4.75 5.14 4.87 5.54 6.40 7.41 5.44 5.61 5.03

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-26), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-08), 10-K (filing date: 2019-02-27), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-28), 10-Q (filing date: 2016-11-07), 10-Q (filing date: 2016-08-08), 10-Q (filing date: 2016-05-09), 10-K (filing date: 2016-02-26), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-07).

1 Q2 2020 Calculation
Financial leverage = Total assets ÷ Total Merck & Co., Inc. stockholders’ equity
= 90,615 ÷ 27,642 = 3.28

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Merck & Co. Inc.’s financial leverage ratio decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.