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Merck & Co., Inc.

MRK · Healthcare · $370.7B mkt cap · FY2025 filings · · Wide moat ·

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Wide moat
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The five investor questions

88

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $48.7B to $65.0B, increasing; diluted EPS 5.14 to 7.28, increasing.

98

Median gross margin 70.0% over 10y, very stable.

—

Not enough years of ROIC data to score returns on capital.

74

Net debt/EBITDA 1.2x, interest coverage 17x.

97

Owner earnings changed +11.1%/yr over up to the ten most recent annual observations.

The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
130% above value if growth stopped today
$14.5B
$65.25
$105.70
$149.92
130% above value if growth stopped today

What today’s price assumes: owner earnings growing ~18%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 253% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 22, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

20 years of fundamentals

The business, in plain English

Merck & Co., Inc. booked $65.0B of revenue in FY2025 in the Healthcare sector and kept 74.8% of it as gross profit — a high-margin business by that measure. After every other cost, 28.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $24.2B (FY2007) to $65.0B (FY2025) — about 5.6% a year compounded over 18 years.

The balance sheet carried $49.3B of total debt in FY2025 against $20.0B of owner earnings — roughly 2.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 74/100.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2006–FY2025 · 20 fiscal years, normalized from MRK’s SEC filings

Sales, as filed$65.0B FY2025
$0$25B$50B2006201320202025
Revenue kept after cost of goods74.8% FY2025
0%50%2006201320202025
Standard ROIC or separately labeled Operating ROIC

Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.

Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.

Cash an owner could take out$20.0B FY2025
$0$10B$20B2006201320202025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Merck & Co., Inc. makes its money

Merck & Co., Inc.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$65.0B100%
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
Cost of revenue$16.4B25%
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
$48.6B75%
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
Income before tax$21.1B32%
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
Income tax$2.8B4%
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
$18.3B28%
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
· event Dec 31, 2025 · retrieved Oct 22, 2026 · annual-row source set

Flagship explainer

What Merck & Co., Inc. owns — and owes

Merck & Co., Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$136.9B100%
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
Cash and equivalents$14.6B11%
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
$49.3B36%
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
Stockholders’ equity$52.6B38%
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
· event Dec 31, 2025 · retrieved Oct 22, 2026 · annual-row source set

Flagship explainer

What drives Merck & Co., Inc.’s return on equity?

One or more filed inputs needed for the five-factor decomposition are unavailable.

DuPont source inputs
InputValueFiscal yearSource
Net income$18.3BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
Income before tax$21.1BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
Operating incomeUnavailableFY2025
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
Revenue$65.0BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
Ending assets$136.9BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
Beginning assets$117.1BFY2024
  • 10-K · FY 2024Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
  • 10-K · FY 2024Filing detailsAccession 0001628280-25-007732 · filed Feb 25, 2025
Ending equity$52.6BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
Beginning equity$46.3BFY2024
  • 10-K · FY 2024Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
  • 10-K · FY 2024Filing detailsAccession 0001628280-25-007732 · filed Feb 25, 2025
Source: · event Dec 31, 2025 · retrieved Oct 22, 2026 · annual-row source set

Flagship explainer

Where Merck & Co., Inc.'s cash went

Merck & Co., Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$16.5B100%
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
Depreciation and amortization$5.8B35%
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000310158-26-000063 · filed Feb 24, 2026
· event Dec 31, 2025 · retrieved Oct 22, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Merck & Co., Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

4 holding0 exited14 not holding18/19 resolved1 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Dodge & Cox135,750 shares$17.4M · 0% of eligible reported 13FTrimmed · -300 shares (−0%)
Gardner Russo & Quinn1,642 shares$211006 · 0% of eligible reported 13FTrimmed · -499 shares (−23%)
Mairs & Power51,519 shares$6.6M · 0% of eligible reported 13FAdded to position · +1,171 shares (2%)
Oakmark / Harris Associates12,073,109 shares$1.6B · 2% of eligible reported 13FTrimmed · -293,824 shares (−2%)
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
First EagleNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Markel / Markel-GaynerNo position reportedNo position reported
Polen CapitalNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Southeastern Asset ManagementNo position reportedNo position reported
Tweedy, BrowneNo position reportedNo position reported
Yacktman Asset ManagementNo position reportedNo position reported
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
37 SEC filings
  1. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  2. 13F-HR · Q2 2026Filing detailsAccession 0000813917-26-000042 · filed Aug 14, 2026
  3. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  4. 13F-HR · Q2 2026Filing detailsAccession 0000860643-26-000005 · filed Aug 13, 2026
  5. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  6. 13F-HR · Q2 2026Filing detailsAccession 0000905567-26-000003 · filed Aug 11, 2026
  7. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  8. 13F-HR · Q2 2026Filing detailsAccession 0000919574-26-005176 · filed Aug 14, 2026
  9. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  10. 13F-HR · Q2 2026Filing detailsAccession 0001061768-26-000010 · filed Aug 13, 2026
  11. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  12. 13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
  13. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  14. 13F-HR · Q2 2026Filing detailsAccession 0001104659-26-097175 · filed Aug 14, 2026
  15. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  16. 13F-HR · Q2 2026Filing detailsAccession 0001112520-26-000014 · filed Aug 14, 2026
  17. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  18. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  19. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  20. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  21. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003035 · filed Aug 4, 2026
  22. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003402 · filed Aug 13, 2026
  23. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003496 · filed Aug 14, 2026
  24. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003728 · filed Aug 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  27. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  28. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-340443 · filed Aug 7, 2026
  29. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-349535 · filed Aug 13, 2026
  30. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-352200 · filed Aug 14, 2026
  31. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  32. 13F-HR · Q2 2026Filing detailsAccession 0001325447-26-000020 · filed Aug 5, 2026
  33. 13F-HR/A · Q2 2026 · Amendment NEW HOLDINGSFiling detailsAccession 0001325447-26-000033 · filed Aug 24, 2026
  34. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  35. 13F-HR · Q2 2026Filing detailsAccession 0001398344-26-014641 · filed Aug 14, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
  37. 13F-HR · Q2 2026Filing detailsAccession 0001569205-26-000012 · filed Aug 14, 2026
· event Jun 30, 2026 · retrieved Oct 22, 2026

Flagship explainer

What Merck & Co., Inc. insiders reported

Records still being gathered — partial as of retrieval Oct 22, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

37 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale89.2 / 100
0406080100WideNarrowShallowNo moatJul 26, 2026Oct 22, 2026

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
  4. Methodology upgraded moat-index@1.1.0moat-index@1.2.0 — readings across versions aren’t comparedJul 17, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 22, 2026.

13 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (19 versus 17). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Seidman Christine EDirectorGrant, award, or other acquisition (A)Table II · Acquired · Phantom Stock55.9149$145.31$8,12521,490.4009Sep 30, 2026
1 filed lot
  • Table II · Phantom Stock: 55.9149 shares at $145.31 · code A · owned after 21,490.4009 ·
Karsanbhai Surendralal LancaDirectorGrant, award, or other acquisition (A)Table II · Acquired · Phantom Stock111.8299$145.31$16,2505,667.0117Sep 30, 2026
1 filed lot
  • Table II · Phantom Stock: 111.8299 shares at $145.31 · code A · owned after 5,667.0117 ·
Coe Mary EllenDirectorGrant, award, or other acquisition (A)Table II · Acquired · Phantom Stock206.4552$145.31$30,00032,419.8658Sep 30, 2026
1 filed lot
  • Table II · Phantom Stock: 206.4552 shares at $145.31 · code A · owned after 32,419.8658 ·
Guindo ChirfiEVP, Access, Policy & CommsOpen-market or private sale (S)Table I · Disposed · Common Stock10,000$135.00$1,350,00036,613.127Aug 13, 2026
1 filed lot
  • Table I · Common Stock: 10,000 shares at $135.00 · code S · owned after 36,613.127 ·
Zachary JenniferEVP, General CounselExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events54,927$109.7755$6,029,637See lot detailAug 12, 2026
2 filed lots
  • Table I · Common Stock: 41,494 shares at $117.89 · code M · owned after 112,391.254 · Paired event: 41,494 Stock Option (Right to Buy) → 41,494 Common Stock ·
  • Table I · Common Stock: 13,433 shares at $84.71 · code M · owned after 125,824.254 · Paired event: 13,433 Stock Option (Right to Buy) → 13,433 Common Stock ·
Zachary JenniferEVP, General CounselOpen-market or private sale (S)Table I · Disposed · Common Stock80,315$133.4557$10,718,49545,509.254Aug 12, 2026
1 filed lot
  • Table I · Common Stock: 80,315 shares at $133.4557 · code S · owned after 45,509.254 ·
Zachary JenniferEVP, General CounselExercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) · 2 paired events54,927—Exercise or conversion of derivative security (M)—See lot detailAug 12, 2026
2 filed lots
  • Table II · Stock Option (Right to Buy): 41,494 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 41,494 Stock Option (Right to Buy) → 41,494 Common Stock ·
  • Table II · Stock Option (Right to Buy): 13,433 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 13,433 Stock Option (Right to Buy) → 13,433 Common Stock ·
DeLuca Richard R.EVP&Pres, Merck Animal HeallthOpen-market or private sale (S)Table I · Disposed · Common Stock11,699$131.6345$1,539,992See lot detailAug 12, 2026
2 filed lots
  • Table I · Common Stock: 11,099 shares at $131.6128 · code S · owned after 110,767.07 ·
  • Table I · Common Stock: 600 shares at $132.0367 · code S · owned after 110,167.07 ·
DeLuca Richard R.EVP&Pres, Merck Animal HeallthOpen-market or private sale (S)Table I · Disposed · Common Stock12,837$131.7618$1,691,426See lot detailAug 11, 2026
2 filed lots
  • Table I · Common Stock: 7,410 shares at $131.3313 · code S · owned after 127,293.07 ·
  • Table I · Common Stock: 5,427 shares at $132.3496 · code S · owned after 121,866.07 ·
DeLuca Richard R.EVP&Pres, Merck Animal HeallthOpen-market or private sale (S)Table I · Disposed · Common Stock20,784$130.4345$2,710,951134,703.07Aug 10, 2026
1 filed lot
  • Table I · Common Stock: 20,784 shares at $130.4345 · code S · owned after 134,703.07 ·
DeLuca Richard R.EVP&Pres, Merck Animal HeallthOpen-market or private sale (S)Table I · Disposed · Common Stock6,050$130.3756$788,773See lot detailAug 6, 2026
3 filed lots
  • Table I · Common Stock: 805 shares at $131.0216 · code S · owned after 160,732.07 ·
  • Table I · Common Stock: 4,945 shares at $130.2312 · code S · owned after 155,787.07 ·
  • Table I · Common Stock: 300 shares at $131.0233 · code S · owned after 155,487.07 ·
Guindo ChirfiEVP, Access, Policy & CommsOpen-market or private sale (S)Table I · Disposed · Common Stock15,000$131.00$1,965,00046,613.127Aug 6, 2026
1 filed lot
  • Table I · Common Stock: 15,000 shares at $131.00 · code S · owned after 46,613.127 ·
Maraldo David R.EVP & Pres. MMDExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 3 paired events18,706$82.2461$1,538,495See lot detailAug 5, 2026
3 filed lots
  • Table I · Common Stock: 6,311 shares at $73.73 · code M · owned after 24,523.434 · Paired event: 6,311 Stock Option (Right to Buy) → 6,311 Common Stock ·
  • Table I · Common Stock: 9,709 shares at $87.10 · code M · owned after 27,921.434 · Paired event: 9,709 Stock Option (Right to Buy) → 9,709 Common Stock ·
  • Table I · Common Stock: 2,686 shares at $84.71 · code M · owned after 20,898.434 · Paired event: 2,686 Stock Option (Right to Buy) → 2,686 Common Stock ·
Maraldo David R.EVP & Pres. MMDOpen-market or private sale (S)Table I · Disposed · Common Stock18,706$128.7179$2,407,797See lot detailAug 5, 2026
3 filed lots
  • Table I · Common Stock: 6,311 shares at $128.7179 · code S · owned after 18,212.434 ·
  • Table I · Common Stock: 9,709 shares at $128.7179 · code S · owned after 18,212.434 ·
  • Table I · Common Stock: 2,686 shares at $128.7179 · code S · owned after 18,212.434 ·
Maraldo David R.EVP & Pres. MMDExercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) · 3 paired events18,706—Exercise or conversion of derivative security (M)—See lot detailAug 5, 2026
3 filed lots
  • Table II · Stock Option (Right to Buy): 6,311 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 3,154 · Paired event: 6,311 Stock Option (Right to Buy) → 6,311 Common Stock ·
  • Table II · Stock Option (Right to Buy): 9,709 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 9,709 Stock Option (Right to Buy) → 9,709 Common Stock ·
  • Table II · Stock Option (Right to Buy): 2,686 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 5,374 · Paired event: 2,686 Stock Option (Right to Buy) → 2,686 Common Stock ·
Williams David MichaelEVP,Chief Info&Digital OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 3 paired events52,847$74.4863$3,936,377See lot detailAug 5, 2026
3 filed lots
  • Table I · Common Stock: 4,600 shares at $77.62 · code M · owned after 36,316.037 · Paired event: 4,600 Stock Option (Right to Buy) → 4,600 Common Stock ·
  • Table I · Common Stock: 13,542 shares at $75.36 · code M · owned after 45,258.037 · Paired event: 13,542 Stock Option (Right to Buy) → 13,542 Common Stock ·
  • Table I · Common Stock: 34,705 shares at $73.73 · code M · owned after 66,421.037 · Paired event: 34,705 Stock Option (Right to Buy) → 34,705 Common Stock ·
Williams David MichaelEVP,Chief Info&Digital OfficerOpen-market or private sale (S)Table I · Disposed · Common Stock52,847$128.7707$6,805,145See lot detailAug 5, 2026
3 filed lots
  • Table I · Common Stock: 4,600 shares at $128.7707 · code S · owned after 31,716.037 ·
  • Table I · Common Stock: 13,542 shares at $128.7707 · code S · owned after 31,716.037 ·
  • Table I · Common Stock: 34,705 shares at $128.7707 · code S · owned after 31,716.037 ·
Williams David MichaelEVP,Chief Info&Digital OfficerExercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) · 3 paired events52,847—Exercise or conversion of derivative security (M)—See lot detailAug 5, 2026
3 filed lots
  • Table II · Stock Option (Right to Buy): 4,600 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 4,600 Stock Option (Right to Buy) → 4,600 Common Stock ·
  • Table II · Stock Option (Right to Buy): 13,542 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 13,542 Stock Option (Right to Buy) → 13,542 Common Stock ·
  • Table II · Stock Option (Right to Buy): 34,705 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 34,705 Stock Option (Right to Buy) → 34,705 Common Stock ·

Source-event as of . Retrieved .

Track record

How Merck & Co., Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored MRK on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100Indexed price · log scale 201120142017202020232025

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, MRK did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Healthcare context

#8 of 708 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #6IRMD IRADIMED CORPORATION90.6Wide moat
  2. #7ISRG Intuitive Surgical, Inc.89.8Wide moat
  3. #9LFVN LIFEVANTAGE CORP89.2Wide moat
  4. #10ZTS Zoetis Inc.88.9Wide moat

Compare MRK with its nearest peers →All Healthcare companies on the Index →

Common questions about MRK

Does Merck & Co., Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Merck & Co., Inc. (MRK) 89.2 out of 100 — a Wide moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 88, pricing power 98, returns on capital not measurable from the filings, balance-sheet safety 74, capital allocation 97.
Is MRK trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $65.25 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $149.92, that is 130% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has MRK's Moat Score changed over time?
The record logs 37 readings since Jul 17, 2026; the latest reads 89.2 out of 100 (wide moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 17, 2026, Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MRK. See the disclaimer.