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Merck & Co., Inc.

MRKCIK 0000310158Pharmaceuticals

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Intrinsic Value

MRK Intrinsic Valuation

Review the filing-backed discounted cash flow baseline, scenario range, and capital structure context for a fundamentals-first fair value read.

Intrinsic Value

MRK Intrinsic Valuation

Review the filing-backed discounted cash flow baseline, scenario range, and capital structure context for a fundamentals-first fair value read.

Intrinsic value

Filing-backed DCF baseline

Automated free-cash-flow DCF baseline for Merck & Co., Inc., derived from annual filing data.

Read the DCF guide

DCF fair value

$60.10

Implied equity value $151B

Current price

—

Latest available quote for the primary listing.

Margin of safety

N/A

Live market price unavailable. Refreshing the route will retry the quote.

Fair value range

$49.07 – $74.45

Bear

$49.07

Base

$60.10

Bull

$74.45

Model assumptions

Cash flow base

$12B

Basis

Operating cash flow less capex (firm-value proxy)

Growth

9.4%

Discount

10.5%

Terminal

2.5%

Horizon

Assumption sensitivity

vs base per share

Base case$60.10Baseline

Growth +1 pt$73.92+$13.82

Intrinsic value

Filing-backed DCF baseline

Automated free-cash-flow DCF baseline for Merck & Co., Inc., derived from annual filing data.

Read the DCF guide

DCF fair value

$60.10

Implied equity value $151B

Current price

—

Latest available quote for the primary listing.

Margin of safety

N/A

Live market price unavailable. Refreshing the route will retry the quote.

Fair value range

$49.07 – $74.45

Bear

$49.07

Base

$60.10

Bull

$74.45

Model assumptions

Cash flow base

$12B

Basis

Operating cash flow less capex (firm-value proxy)

Growth

9.4%

Discount

10.5%

Terminal

2.5%

Horizon

Assumption sensitivity

vs base per share

Base case$60.10Baseline

Growth +1 pt$73.92+$13.82

What the market is pricing in

Market expectations cannot be backed out until price, share count, cash-flow base, discount rate, terminal growth, and the EV-to-equity bridge are all available.
Growth anchor: Median of 3Y revenue CAGR, 5Y revenue CAGR, and 5Y free cash flow CAGR. Scenario-derived from +/-2 pts growth and +/-1 pt discount.
Net debt reduces equity value relative to firm value before the per-share target is calculated.

Intrinsic EV-to-equity bridge

Enterprise value

Discounted free cash flows

$184B

Less total debt

− $49B

Plus cash and equivalents

+ $16B

Equity value

After the bridge

$151B

Diluted shares

2,507,000,000

Fair value / share

$60.10