Stock Analysis on Net

Merck & Co. Inc. (NYSE:MRK)

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Enterprise Value (EV)

Microsoft Excel

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Current Enterprise Value (EV)

Merck & Co. Inc., current enterprise value calculation

Microsoft Excel
Current share price (P)
No. shares of common stock outstanding
US$ in millions
Common equity (market value)1
Add: Noncontrolling interests (per books)
Total equity
Add: Loans payable and current portion of long-term debt (per books)
Add: Long-term debt, excluding current portion (per books)
Total equity and debt
Less: Cash and cash equivalents
Less: Short-term investments
Enterprise value (EV)

Based on: 10-K (reporting date: 2024-12-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×


Historical Enterprise Value (EV)

Merck & Co. Inc., EV calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Share price1, 2
No. shares of common stock outstanding1
US$ in millions
Common equity (market value)3
Add: Noncontrolling interests (book value)
Total equity
Add: Loans payable and current portion of long-term debt (book value)
Add: Long-term debt, excluding current portion (book value)
Total equity and debt
Less: Cash and cash equivalents
Less: Short-term investments
Enterprise value (EV)

Based on: 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), 10-K (reporting date: 2020-12-31).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Merck & Co. Inc. Annual Report.

3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×

Common equity (market value)
The common equity shows an upward trend from 2020 through 2023, increasing from approximately 188.8 billion US dollars to 326.3 billion US dollars. However, in 2024, there is a noticeable decline to 231.0 billion US dollars, indicating a reversal after a period of growth.
Total equity
Total equity closely mirrors the trend of common equity, rising steadily from 188.9 billion US dollars in 2020 to 326.4 billion US dollars in 2023. Similarly, this figure decreases significantly to 231.0 billion US dollars in 2024, suggesting a possible contraction in shareholder equity or adjustments in equity components.
Total equity and debt
There is a consistent upward movement in total equity and debt from 220.7 billion US dollars in 2020 to a peak of 361.4 billion US dollars in 2023. The figure then declines substantially to 268.1 billion US dollars in 2024. This pattern indicates the total capitalization expanded over the first four years and contracted in the last year, which may point to changes in leverage or asset valuation.
Enterprise value (EV)
The enterprise value follows a similar trajectory as total equity and debt, increasing steadily from 212.6 billion US dollars in 2020 to 354.3 billion US dollars in 2023. In 2024, the EV decreases notably to 254.4 billion US dollars, suggesting a reduction in overall firm valuation that could be linked to market conditions or operational factors affecting investor perceptions.