Question 1

What is Merck & Co.'s P/B ratio?

Accepted Answer

Merck & Co. (MRK) P/B ratio is 6.9× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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 P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Merck & Co.?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Merck & Co. specifically, the relevant sector benchmark is the current sector median of 3.2×.

Question 5

Is Merck & Co.'s P/B ratio high or low?

Accepted Answer

Merck & Co.'s P/B ratio of 6.9× is above its own 5-year average of 5.8× and above the sector median of 3.2×. That places the current reading at the 83th 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 P/B ratio range?

Accepted Answer

In the available daily series, Merck & Co. (MRK) P/B ratio has ranged from a low of 1.2× in 2009 to a high of 9.0× in 2024. The 5-year average is 5.8× and the 5-year median is 5.6×.

Question 7

What was Merck & Co.'s P/B ratio in 2025?

Accepted Answer

Merck & Co. (MRK) P/B ratio at the end of 2025 was 5.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Merck & Co.'s P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$260B	$52.6B	5.0×	-0.5×	Dec 31, 2025
2024	$253B	$46.3B	5.5×	-2.0×	Dec 31, 2024
2023	$278B	$37.6B	7.4×	+1.3×	Dec 31, 2023
2022	$281B	$46B	6.1×	+1.0×	Dec 31, 2022
2021	$194B	$38.2B	5.1×	-2.7×	Dec 31, 2021
2020	$197B	$25.3B	7.8×	-0.7×	Dec 31, 2020
2019	$220B	$25.9B	8.5×	+1.4×	Dec 31, 2019
2018	$189B	$26.7B	7.1×	+2.9×	Dec 31, 2018
2017	$145B	$34.3B	4.2×	+0.4×	Dec 31, 2017
2016	$154B	$40.1B	3.8×	+0.7×	Dec 31, 2016
2015	$140B	$44.7B	3.1×	-0.0×	Dec 31, 2015
2014	$154B	$48.6B	3.2×	+0.4×	Dec 31, 2014
2013	$140B	$49.8B	2.8×	+0.6×	Dec 31, 2013
2012	$118B	$53B	2.2×	+0.2×	Dec 31, 2012
2011	$109B	$54.5B	2.0×	+0.1×	Dec 31, 2011
2010	$106B	$54.4B	1.9×	+0.7×	Dec 31, 2010
2009	$73.5B	$59.1B	1.2×	-2.0×	Dec 31, 2009
2008	$61.2B	$18.8B	3.3×	-3.3×	Dec 31, 2008
2007	$120B	$18.2B	6.6×	+1.5×	Dec 31, 2007
2006	$90.2B	$17.6B	5.1×	+1.5×	Dec 31, 2006
2005	$66.3B	$18B	3.7×	-0.2×	Dec 31, 2005
2004	$67.9B	$17.3B	3.9×	-2.4×	Dec 31, 2004
2003	$98B	$15.6B	6.3×	-0.4×	Dec 31, 2003
2002	$121B	$18.2B	6.7×	—	Dec 31, 2002


Charles River (CRL)	2.6×
Danaher (DHR)	2.6×
Spruce Biosciences (SPRB)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Solventum (SOLV)	2.3×
Medtronic (MDT)	2.2×
Elevance Health (ELV)	1.9×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Baxter International (BAX)	1.4×
Zimmer Biomet Holdings (ZBH)	1.4×
Revvity (RVTY)	1.4×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Ovid Therapeutics (OVID)	0.8×
Centene (CNC)	0.8×
Teladoc Health (TDOC)	0.7×

P/B Ratio for Merck & Co. (MRK) 2002-2026

P/B Ratio daily chart for Merck & Co. (MRK)

Historical P/B Ratio for Merck & Co. (MRK) from 2002 to 2025

About P/B Ratio at Merck & Co. (MRK)

Merck & Co. P/B Ratio by Year

Merck & Co. P/B Ratio 2025: 5.0×

Merck & Co. P/B Ratio 2024: 5.5×

Merck & Co. P/B Ratio 2023: 7.4×

Merck & Co. P/B Ratio 2022: 6.1×

Merck & Co. P/B Ratio 2021: 5.1×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Merck & Co. (MRK) Key Financials