Merck KGaA (DE:MRK)
XETRA:MRK
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Merck KGaA
(XETRA:MRK)
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Rating:70Outperform
Price Target:
€146.00
▲(23.21% Upside)
Action:Upgraded
Date:05/16/26
The score is driven primarily by solid financial quality (strong margins and moderate leverage) tempered by weaker recent revenue/return trends and only moderate cash conversion. Technicals are supportive with an established uptrend and positive momentum, while valuation is reasonable but not especially cheap and the dividend yield is modest.
Positive Factors
Diversified, recurring revenue base
Operating across Healthcare, Life Science and Electronics creates durable revenue diversity: recurring consumables and services in Life Science, specialty materials in Electronics and patented medicines in Healthcare. This multi-segment model reduces reliance on one cycle and supports steadier cash flows and resilience over months.
Negative Factors
Weakening revenue trend
Stagnant then falling revenue presents a structural headwind: weaker top-line limits the ability to expand margins, fund growth initiatives and maintain return levels. If the revenue decline persists without new product or market gains, it could depress long-term cash generation and strategic optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified, recurring revenue base
Operating across Healthcare, Life Science and Electronics creates durable revenue diversity: recurring consumables and services in Life Science, specialty materials in Electronics and patented medicines in Healthcare. This multi-segment model reduces reliance on one cycle and supports steadier cash flows and resilience over months.
Read all positive factors
Merck KGaA (MRK) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€57.78B
Dividend Yield1.82%
Average Volume (3M)321.00K
Price to Earnings (P/E)22.8
Beta (1Y)1.00
Revenue Growth-1.69%
EPS Growth-10.15%
CountryDE
Employees59,020
SectorGeneral
Sector StrengthN/A
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)5.82
Shares Outstanding129,242,250
10 Day Avg. Volume344,164
30 Day Avg. Volume321,004
Financial Highlights & Ratios
PEG Ratio-3.35
Price to Book (P/B)1.86
Price to Sales (P/S)2.53
P/FCF Ratio22.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€140.43Price Target Upside18.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)7.96
Revenue Forecast (FY)€21.06B
Merck KGaA Business Overview & Revenue Model
Company Description
Merck KGaA is a German science and technology company with operations divided into three core segments: Life Science, Healthcare, and Electronics. The Life Science division supplies essential tools, chemicals, and equipment to academic research in...
How the Company Makes Money
Merck KGaA generates revenue primarily by selling products and services across its three business sectors. In Healthcare, it earns money from the sale of pharmaceutical products (including certain brands marketed by the company and, in some geogra...
Merck KGaA Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
74
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 20.96B | 21.10B | 21.16B | 20.99B | 22.23B | 19.69B |
| Gross Profit | 12.27B | 11.89B | 11.95B | 11.67B | 12.84B | 11.60B |
| EBITDA | 5.97B | 5.45B | 5.55B | 5.52B | 6.28B | 5.88B |
| Net Income | 2.53B | 2.61B | 2.78B | 2.82B | 3.33B | 3.06B |
Balance Sheet | ||||||
| Total Assets | 53.07B | 52.10B | 51.57B | 48.49B | 48.53B | 45.36B |
| Cash, Cash Equivalents and Short-Term Investments | 2.74B | 2.92B | 2.71B | 2.41B | 1.64B | 1.62B |
| Total Debt | 12.04B | 11.97B | 10.27B | 9.94B | 10.40B | 10.77B |
| Total Liabilities | 23.25B | 23.44B | 21.58B | 21.74B | 22.52B | 23.95B |
| Stockholders Equity | 29.74B | 28.59B | 29.91B | 26.68B | 25.93B | 21.34B |
Cash Flow | ||||||
| Free Cash Flow | 2.42B | 2.35B | 2.40B | 1.76B | 2.45B | 3.19B |
| Operating Cash Flow | 4.19B | 3.93B | 4.59B | 3.78B | 4.26B | 4.62B |
| Investing Cash Flow | -4.60B | -4.26B | -3.05B | -1.89B | -2.74B | -1.58B |
| Financing Cash Flow | 2.17B | 628.00M | -985.00M | -1.73B | -1.55B | -2.50B |
Merck KGaA Technical Analysis
Positive
118.50
Price Trends
122.16
Positive
118.55
Positive
116.56
Positive
Market Momentum
3.24
Positive
58.70
Neutral
21.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:MRK, the sentiment is Positive. The current price of 118.5 is below the 20-day moving average (MA) of 133.25, below the 50-day MA of 122.16, and above the 200-day MA of 116.56, indicating a neutral trend. The MACD of 3.24 indicates Positive momentum. The RSI at 58.70 is Neutral, neither overbought nor oversold. The STOCH value of 21.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:MRK.
Merck KGaA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | €57.78B | 22.84 | 8.77% | 1.82% | -1.69% | -10.15% | |
68 Neutral | €2.31B | 17.73 | 21.44% | 2.34% | -1.36% | 39.24% | |
63 Neutral | €22.08B | 15.00 | 7.76% | 2.05% | 4.22% | 248.36% | |
62 Neutral | €38.19B | 18.47 | 11.59% | 2.13% | -0.33% | 0.15% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €13.63B | 92.14 | 6.05% | 0.39% | 3.20% | 70.35% | |
46 Neutral | €822.56M | -4.16 | -24.55% | ― | -5.48% | 6.43% |
* General Sector Average
DE:MRK
Merck KGaA
132.90
25.70
23.97%
DE:EVT
Evotec
4.63
-1.87
-28.75%
DE:FRE
Fresenius SE & Co. KGaA
39.61
-1.03
-2.53%
DE:SRT
Sartorius
181.60
13.73
8.18%
DE:DMP
Dermapharm Holding SE
46.55
13.67
41.60%
DE:SHL
Siemens Healthineers AG
34.23
-11.23
-24.70%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.