Question 1

What is Merck & Co.'s EV/EBITDA ratio?

Accepted Answer

Merck & Co. (MRK) EV/EBITDA ratio is 15.1× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Merck & Co.?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Merck & Co. specifically, the relevant sector benchmark is the current sector median of 15.0×.

Question 5

Is Merck & Co.'s EV/EBITDA ratio high or low?

Accepted Answer

Merck & Co.'s EV/EBITDA ratio of 15.1× is below its own 5-year average of 17.4× and above the sector median of 15.0×. That places the current reading at the 59th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Merck & Co.'s historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Merck & Co. (MRK) EV/EBITDA ratio has ranged from a low of 4.1× in 2009 to a high of 53.0× in 2024. The 5-year average is 17.4× and the 5-year median is 14.3×.

Question 7

What was Merck & Co.'s EV/EBITDA ratio in 2025?

Accepted Answer

Merck & Co. (MRK) EV/EBITDA ratio at the end of 2025 was 9.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Merck & Co.'s EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$260.48B	$32.38B	9.2×	-1.6×	Dec 31, 2025
2024	$252.78B	$25.71B	10.8×	-33.7×	Dec 31, 2024
2023	$278.46B	$6.91B	44.5×	+30.5×	Dec 31, 2023
2022	$281.37B	$21.32B	14.1×	+1.8×	Dec 31, 2022
2021	$193.67B	$17.90B	12.3×	-6.8×	Dec 31, 2021
2020	$197.36B	$11.63B	19.2×	+4.3×	Dec 31, 2020
2019	$220.18B	$16.01B	14.8×	+0.2×	Dec 31, 2019
2018	$188.89B	$14.09B	14.6×	+1.1×	Dec 31, 2018
2017	$144.67B	$11.91B	13.5×	-1.8×	Dec 31, 2017
2016	$154.29B	$10.79B	15.3×	+3.0×	Dec 31, 2016
2015	$140.09B	$12.45B	12.3×	+5.8×	Dec 31, 2015
2014	$153.69B	$24.71B	6.5×	-4.6×	Dec 31, 2014
2013	$139.70B	$13.33B	11.0×	+3.6×	Dec 31, 2013
2012	$118.16B	$16.43B	7.5×	+0.2×	Dec 31, 2012
2011	$109.32B	$15.48B	7.2×	-4.2×	Dec 31, 2011
2010	$105.86B	$9.75B	11.4×	+7.0×	Dec 31, 2010
2009	$73.48B	$18.33B	4.4×	-1.1×	Dec 31, 2009
2008	$61.19B	$11.11B	5.6×	-9.9×	Dec 31, 2008
2007	$120.20B	$7.61B	15.5×	+0.6×	Dec 31, 2007
2006	$90.21B	$5.96B	14.8×	+7.1×	Dec 31, 2006
2005	$66.28B	$7.57B	7.8×	-0.6×	Dec 31, 2005
2004	$67.86B	$8.07B	8.4×	-2.0×	Dec 31, 2004
2003	$98.00B	$9.69B	10.4×	-1.2×	Dec 31, 2003
2002	$121.28B	$10.79B	11.6×	-0.3×	Dec 31, 2002
2001	$127.35B	$11.19B	11.9×	—	Dec 31, 2001


Gilead Sciences (GILD)	13.9×
Labcorp Holdings (LH)	13.6×
Amgen (AMGN)	13.6×
Charles River (CRL)	13.2×
Regeneron Pharmaceuticals (REGN)	12.9×
GE HealthCare (GEHC)	12.9×
UnitedHealth Group (UNH)	12.7×
Pfizer (PFE)	12.4×
Henry Schein (HSIC)	12.0×
Medtronic (MDT)	11.7×
AptarGroup (ATR)	11.5×
Bristol-Myers Squibb (BMY)	11.5×
Zimmer Biomet Holdings (ZBH)	11.2×
Biogen (BIIB)	10.5×
HCA Healthcare (HCA)	10.0×
Molina Healthcare (MOH)	8.8×
DaVita (DVA)	8.5×
IQVIA (IQV)	8.2×
Incyte (INCY)	7.9×
Cigna (CI)	7.8×
Elevance Health (ELV)	6.8×
Novo Nordisk (NVO)	6.5×
Solventum (SOLV)	5.8×
Universal Health Services (UHS)	5.7×
Humana (HUM)	4.5×

EV/EBITDA for Merck & Co. (MRK)

EV/EBITDA daily chart for Merck & Co. (MRK)

Historical EV/EBITDA for Merck & Co. (MRK) from 2001 to 2025

About EV/EBITDA at Merck & Co. (MRK)

Merck & Co. EV/EBITDA by Year

Merck & Co. EV/EBITDA 2025: 9.2×

Merck & Co. EV/EBITDA 2024: 10.8×

Merck & Co. EV/EBITDA 2023: 44.5×

Merck & Co. EV/EBITDA 2022: 14.1×

Merck & Co. EV/EBITDA 2021: 12.3×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Merck & Co. (MRK) Key Financials

EV/EBITDA daily chart for Merck & Co. (MRK)

Historical EV/EBITDA for Merck & Co. (MRK) from 2001 to 2025

About EV/EBITDA at Merck & Co. (MRK)

Merck & Co. EV/EBITDA by Year

Merck & Co. EV/EBITDA 2025: 9.2×

Merck & Co. EV/EBITDA 2024: 10.8×

Merck & Co. EV/EBITDA 2023: 44.5×

Merck & Co. EV/EBITDA 2022: 14.1×

Merck & Co. EV/EBITDA 2021: 12.3×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Merck & Co.'s EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Merck & Co.?

+Is Merck & Co.'s EV/EBITDA ratio high or low?

+What is Merck & Co.'s historical EV/EBITDA ratio range?

+What was Merck & Co.'s EV/EBITDA ratio in 2025?

+Why does Merck & Co.'s EV/EBITDA ratio change over time?

Merck & Co. (MRK) Key Financials