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STOCK COMPARISON

EQL Pharma AB vs Merck KGaA: Fair Value & Quality

Both stocks run through our valuation models. Here is how EQL Pharma AB (EQL) and Merck KGaA (MRK) compare, as of Sep 25, 2026.

As of Sep 25, 2026, Fair Value Calculator sees Merck KGaA as the less overvalued of the two: EQL Pharma AB trades at SEK 23.00 versus a fair value of SEK 9.34 (-59%), while Merck KGaA trades at €134 versus €109 (-19%).
EQL Pharma AB
EQL.ST · SEK · Health Care
-59%
upside to fair value
overvalued
PriceSEK 23.00
Fair ValueSEK 9.34
Quality32/100
Merck KGaA
MRK.XETRA · EUR · Health Care
-19%
upside to fair value
overvalued
Price€134
Fair Value€109
Quality62/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

EQL Pharma ABMerck KGaA
Valuation
54.2×P/E (TTM)24.1×
2.15×P/S (TTM)3.16×
0.26×P/B2.32×
n/aEV/EBITDA13.0×
n/aPEG2.76×
−59.4%Fair value upside−18.9%
n/aDividend yield1.6%
n/aDividend per share€2.20
Profitability
-17%Operating margin18%
1.82×EBIT margin trend (5Y)1.07×
-1%Return on equity9%
-1%Return on assets5%
Growth
21%Revenue growth (YoY)-3%
18.5%Avg. growth/yr (3Y)-1.7%
19.3%Avg. growth/yr (5Y)3.8%
+14.0%Value creation/yr+7.2%
Balance & size
1.6×Interest coverage (EBIT/interest)15.5×
1.29×Debt / equity0.36×
$68MMarket cap$66B
expensiveGrowth qualitymixed

Merck KGaA leads: 6 to 7 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

EQL Pharma ABof which business quality 35 · market factors 23 Merck KGaAof which business quality 61 · market factors 66
ProfitabilityMargins and returns on capital today
29
41
Quality GrowthAre margins and returns improving?
41
40
CashflowEarnings quality: real cash, not paper profit
33
57
Fin. StrengthBalance sheet, leverage, solvency risk
30
76
InvestmentDisciplined investing over empire-building
8
80
Low VolatilityCalm price path (market factor)
50
72
MomentumPrice trend over the last 3–12 months (market factor)
16
61
52W MomentumDistance to the 52-week high (market factor)
3
68
Net IssuanceShare count: buybacks or dilution?
71
82

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyEQL Pharma ABPrice SEK 23.00Merck KGaAPrice €134
DCF Modelsn/a-20%below the price€107
Earnings-Based-69%below the priceSEK 7.24-60%below the price€53.25
Dividend Discountn/a-70%below the price€40.71
Multiples-52%below the priceSEK 11.01-12%close to the price€118
Asset-Based-74%below the priceSEK 6.06-67%below the price€44.06
Growth DCFn/a-29%below the price€94.57
Economic Profit-83%below the priceSEK 3.81-50%below the price€66.44
Growth Earnings-54%below the priceSEK 10.65-14%close to the price€115
Minimum-83%below the priceSEK 3.81-70%below the price€40.71
Maximum-52%below the priceSEK 11.01-12%close to the price€118
Median-69%below the priceSEK 7.24-40%below the price€80.50
Geometric mean-69%below the priceSEK 7.22-45%below the price€73.75

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

EQL Pharma AB: 14 of 14 models see the stock below the current price.

Merck KGaA: 23 of 26 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

EQL Pharma AB
Price SEK 23.00
Fair Value SEK 9.34
Bear SEK 7.01Bull SEK 13.85
Merck KGaA
Price €134
Fair Value €109
Bear €59.91Bull €150

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

EQL Pharma AB · Health Care

Quality score32 · bottom 25%
Fair value upside-59% · below median

Merck KGaA · Health Care

Quality score62 · above median
Fair value upside-19% · above median

Bottom line

As of Sep 25, 2026, Fair Value Calculator sees Merck KGaA as the less overvalued of the two: EQL Pharma AB trades at SEK 23.00 versus a fair value of SEK 9.34 (-59%), while Merck KGaA trades at €134 versus €109 (-19%).

Merck KGaA has the higher quality score (62/100).

Open Merck KGaA live analysis →

More comparisons

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.