Start with its own history
At 46.83×, MRK is 53.5% below its 10-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NYSE · MRKDrug Manufacturers - GeneralUpdated Nov 4, 2026
Merck & Co., Inc. P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
46.83×
53.5% belowthe 10-year annual average
Share price150.34
÷Earnings per share3.21
Price and EPS in quote currency. Calculation details
Investors are paying 46.83 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 100.66×
3-year average269.28×3 positive annual observations
5-year average168.41×5 positive annual observations
10-year average100.66×10 positive annual observations
Peer median · TTM36.75×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 14.42× | -2.0% |
| Dec 31, 2024 | 14.72× | -98.1% |
| Dec 31, 2023 | 778.71× | +3921.7% |
| Dec 31, 2022 | 19.36× | +30.4% |
| Dec 31, 2021 | 14.85× | -46.9% |
| Dec 31, 2020 | 27.96× | +23.8% |
| Dec 31, 2019 | 22.58× | -25.6% |
| Dec 31, 2018 | 30.36× | -46.2% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 56.47× | +108.3% |
| Dec 31, 2016 | 27.12× | -13.9% |
| Dec 31, 2015 | 31.48× | +144.2% |
| Dec 31, 2014 | 12.89× | -59.5% |
| Dec 31, 2013 | 31.81× | +79.3% |
| Dec 31, 2012 | 17.75× | +1.7% |
| Dec 31, 2011 | 17.45× | -85.8% |
| Dec 31, 2010 | 122.75× | +1362.1% |
| Dec 31, 2009 | 8.40× | +5.7% |
| Dec 31, 2008 | 7.94× | -78.4% |
| Dec 31, 2007 | 36.70× | +80.1% |
| Dec 31, 2006 | 20.38× | +41.8% |
| Dec 31, 2005 | 14.37× | +23.3% |
| Dec 31, 2004 | 11.65× | -21.4% |
| Dec 31, 2003 | 14.83× | -12.9% |
| Dec 31, 2002 | 17.03× | -3.4% |
| Dec 31, 2001 | 17.63× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How MRK compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 MRK This stockMerck & Co., Inc. | 46.83× |
 PFEPfizer Inc. | 43.56× |
 JNJJohnson & Johnson | 41.89× |
 LLYEli Lilly and Company | 45.90× |
 ABBVAbbVie Inc. | 50.57× |
 AZNAstraZeneca PLC | 26.54× |
 NVSNovartis AG | 31.61× |
 RHHBYRoche Holding AG | 25.77× |
 AMGNAmgen Inc. | 27.53× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does MRK’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 36.75×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take MRK into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("MRK", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 150.34 ÷ EPS 3.21 = 46.83×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 4, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
MRK P/E ratio: common questions
The essentials behind the numbers.
Merck & Co., Inc.'s current P/E is 46.83× based on the quote data last updated Nov 4, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.