Merck KGaA (0O14) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Merck KGaA €244, price €136, upside +79.4%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.
How to read this chart
60‑month range €101.64 – €211.32 · fair‑value band €171.14 – €314.19 · the €136.10 price screens below the €244.12 fair value. Dashed = 300-day average. As of Oct 1, 2026.
Merck KGaA operates as a science and technology company in Europe, North America, Latin America, Middle East and Africa, and the Asia Pacific.
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Merck KGaA operates as a science and technology company in Europe, North America, Latin America, Middle East and Africa, and the Asia Pacific. The Life Science segment offers products, solutions, and services to academic, research and diagnostic labs, biotech, and pharmaceutical companies, as well as the industrial sector; reagents, consumables, devices, instruments, software, and services for research, production, and testing to lab water instruments, microbiology and biomonitoring products, test assays, analytical reagents, and flow cytometry kits and instruments. This segment also provides traditional and novel therapies, such as ration devices, chromatography resins, single-use systems, process chemicals, and excipients for bioprocessing; contract development, manufacturing and testing services, which supports customers from preclinical phases to commercialization. The Healthcare segment discovers, develops, manufactures, and markets prescription drugs and biopharmaceuticals to the therapeutic areas of oncology, rare diseases, neurology and immunology, fertility, cardiovascular, and metabolic and endocrinological disorders. The Electronics segment offers advanced dielectric and metallic materials; photoresist, anti-reflective coating, and material lithography products; clean and selective etch chemistries; materials for chemical-mechanical planarization; high-purity gases for semiconductor manufacturing; and develops and installs delivery equipment for handling of specialty chemicals and gases for semiconductor manufacturing; develops modulating, creating, engineering, and guiding light; and material solutions in liquid crystals, OLED materials, and photoresists. It has in-licensing agreement with Abbisko Therapeutics Co. Ltd., China on drug candidates for the treatment of tenosynovial giant cell tumor. The company was founded in 1668 and is headquartered in Darmstadt, Germany. Merck KGaA is a subsidiary of E. Merck KG.
Stock analysis
Merck KGaA (0O14) currently trades at €136.10, while our model-based Fair Value estimate is €244.12, implying the stock looks roughly 44.2% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €273.27 per share, and 17 of the 25 models we run sit above the €136.10 price.
Bear case: the Asset-Based group reads lowest at €62.78, and 8 of the 25 models stay below the price. Evidence for this calculation is low.
Scenario range: €171.14 (bear) to €314.19 (bull), the price of €136.10 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 62/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Merck KGaA reported revenue of €17.5B in FY2020 versus €15.0B in FY2016, a compound +3.9%/yr. Reported net income was €2.0B in FY2020, compounding +5.1%/yr from FY2016.
Key figures
Market cap €24.6B · P/S ratio 1.17 · Dividend yield 1.6% · Net margin 11.3% · Return on equity 8.5% · Return on assets (EBIT) 6.0% · Operating margin 18.2% · Revenue (TTM) €21.0B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 34% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −8% fair-value upside, at 79%, 0O14 screens cheaper than that median.
Fair Value models
Bear €171.14Fair Value €244.12Bull €314.19
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.69/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+8.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.5%
’16
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
16.5% (2016) → 17.0% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - Specialty & Generic · 599 stocks
Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Above median
Fair Value upside+77.0% · Top 25%
Profitability
Return on equity (TTM)8.5% · Above median
Return on assets4.7% · Above median
Net margin (TTM)12.1% · Above median
Operating margin (TTM)18.2% · Top 25%
Growth and dividend
Revenue growth−2.8% · Below median
Dividend yield (TTM)1.6% · Above median
Balance sheet
Debt / equity0.56× · Highest 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Merck KGaA Fair Value". https://www.fairvalue-calculator.com/stock/0O14
Frequently asked questions
Is Merck KGaA (0O14) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of €244.12 versus a price of €136.10, about +79% upside (undervalued).
What is the fair value of 0O14?
Our model-based fair value for Merck KGaA is €244.12 (as of Oct 1, 2026), built from audited fundamentals. The current price: €136.10.
What is the quality score of 0O14?
Merck KGaA has a Quality Score of 62/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Merck KGaA (0O14)?
Our model-based price target is the fair value of €244.12 (as of Oct 1, 2026) from 25 valuation models. Cautious scenario €171.14, optimistic scenario €314.19. It is a calculation from audited fundamentals, not an analyst target.
What is the Merck KGaA stock forecast for 2026?
Our models put fair value at €244.12, about +79% upside versus a price of €136.10 (undervalued). Cautious scenario €171.14, optimistic scenario €314.19. The calculation is refreshed regularly with new filings.
What is the revenue of Merck KGaA (0O14)?
Merck KGaA reported trailing-twelve-month revenue of about €21.0B (latest available figure, as of Oct 1, 2026).
Does Merck KGaA pay a dividend?
Merck KGaA currently shows a dividend yield of about 1.62% relative to its recent price (as of Oct 1, 2026).
What is the intrinsic value of Merck KGaA (0O14)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Merck KGaA it is €244.12 per share (as of Oct 1, 2026), against a price of €136.10. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Merck KGaA stock overvalued or undervalued in 2026?
As of Oct 1, 2026, 0O14 trades below its calculated fair value: price €136.10, fair value €244.12, a gap of about +79% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0O14?
No. The price is what the market pays today (€136.10); the fair value is what the company's own numbers justify (€244.12). For Merck KGaA the two are €108.02 per share apart. That gap is exactly why we show both numbers side by side.
How much is Merck KGaA worth?
The market values Merck KGaA at about €24.6B (market capitalisation, as of Oct 1, 2026). Per share that is €136.10; our models calculate a fair value of €244.12 per share.
What do the bullish and bearish scenarios say about 0O14?
Our models span a range for Merck KGaA: cautious scenario €171.14, base €244.12, optimistic €314.19 per share (as of Oct 1, 2026, price €136.10). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Merck KGaA (0O14)?
Balance-sheet figures for Merck KGaA (as of Oct 1, 2026): return on equity 8.5%, debt of 0.56 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is 0O14 from its 52-week high?
Merck KGaA trades at €136.10, about 8% below its 52-week high of €147.30 and 34% above the low of €101.64 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €244.12 is for.
Which stocks are comparable to Merck KGaA?
From the same area (Healthcare) we also value Takeda Pharmaceutical Company, Teva Pharmaceutical Industries Limited, Sun Pharmaceutical Industries Limited, Galderma Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Merck KGaA stock attractive at the current price?
The data as of Oct 1, 2026: price €136.10, calculated fair value €244.12 (+79%), Quality Score 62/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0O14 calculated?
We run Merck KGaA through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €244.12, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Merck KGaA currently trades 44 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Merck KGaA (0O14)?
The closing price on Oct 2, 2026 was €136.10. Our model-based fair value is €244.12, about +79% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Merck KGaA right now?
The price is below even our cautious bear case (€171.14). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€171.14 to €314.19) leaves room in how you read the outcome.
Key figures of Merck KGaA
How large is the market capitalisation of Merck KGaA (0O14)?
The market capitalisation of Merck KGaA is €24.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Merck KGaA (0O14)?
The price-to-sales ratio of Merck KGaA is 1.17 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Merck KGaA (0O14)?
The dividend yield of Merck KGaA is 1.6%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Merck KGaA (0O14)?
The net margin of Merck KGaA is 11.3% (fiscal year 2020). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Merck KGaA (0O14)?
The return on equity (ROE) of Merck KGaA is 8.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Merck KGaA (0O14)?
On an EBIT basis the return on assets of Merck KGaA is 6.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Merck KGaA (0O14)?
The operating margin of Merck KGaA is 18.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Merck KGaA (0O14)?
Revenue at Merck KGaA is growing −2.8% versus a year earlier (3y avg +6.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Merck KGaA (0O14)?
Earnings per share at Merck KGaA are growing −10.1% versus a year earlier. How much earnings per share grew versus a year earlier.
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