Merck & Co (6MK) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Merck & Co €112, price €128, upside -11.9%, quality 73 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Merck & Co
6MK · XETRAOvervalued / MonitorQuality is not strong enough to offset the price risk.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 28, 2026.
How to read this chart
60‑month range €52.76 – €133.72 · fair‑value band €65.43 – €158.86 · the €127.50 price screens above the €112.33 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 28, 2026.
Company profile
Merck & Co., Inc. operates as a healthcare company worldwide.
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Merck & Co., Inc. operates as a healthcare company worldwide. It offers human health pharmaceutical for various areas under the Keytruda, Keytruda Qlex, Welireg, Gardasil, ProQuad, M-M-R II, Varivax, Vaxneuvance, Capvaxive, RotaTeq, Pneumovax 23, Bridion, Prevymis, Dificid, Zerbaxa, Winrevair, Adempas/ Verquvo, Ohtuvayre, Lagevrio, Isentress/Isentress HD, Delstrigo, Pifeltro, Belsomra, Januvia, and Janumet brands. The company also provides veterinary pharmaceuticals, vaccines and health management solutions and services, such as livestock products under the Nuflor, Bovilis/Vista, Bovilis Cryptium, Banamine, Estrumate, Matrix, Resflor, Zuprevo, Revalor, Safe-Guard, M+Pac, Porcilis, Circumvent, Nobilis/Innovax, Paracox and Coccivac, Exzolt, Slice, Imvixa, Clynav, Aquavac/Norvax, Aquaflor, Flexolt brands; Allflex Livestock Intelligence solutions; and companion animal products under the Bravecto One-Month, Bravecto Injectable/Quantum, Bravecto TriUNO, Bravecto Plus, Sentinel Spectrum, Sentinel Flavor Tabs, Numelvi, Optimmune, Nobivac NXT, GilvetMab, Otomax, Mometamax, Mometamax Ultra, Posatex, Caninsulin/Vetsulin, Panacur, Safeguard, Regumate, Prestige, Scalibor/Exspot, Sure Petcare, and Home Again brands. It has development and commercialization agreement for three of Daiichi Sankyo's deruxtecan ADC candidates; AstraZeneca PLC to co-development and co-commercialize AstraZeneca's Lynparza products for multiple cancer types; licensed to develop, manufacture and commercialize LM-299, a novel investigational PD-1/VEGF bispecific antibody from LaNova; and collaboration agreement with Eisai Co., Ltd., Bayer AG, and Ridgeback Biotherapeutics LP, as well Moderna, Inc. Merck & Co., Inc. has strategic collaboration with Infinimmune, Inc. to discover and develop antibodies against multiple therapeutic targets. The company was founded in 1891 and is headquartered in Rahway, New Jersey.
Stock analysis
Merck & Co (6MK) currently trades at €127.50, while our model-based Fair Value estimate is €112.33, 11.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €120.23 per share, and 4 of the 25 models we run sit above the €127.50 price.
Bear case: the Asset-Based group reads lowest at €12.68, and 21 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: €65.43 (bear) to €158.86 (bull), the price of €127.50 sits inside 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 73/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Merck & Co reported revenue of $65.0B in FY2025 versus $48.7B in FY2021, a compound +7.5%/yr. Reported net income was $18.3B in FY2025, compounding +8.8%/yr from FY2021.
Key figures
Market cap €320B · P/E ratio 40.9 · P/S ratio 11.5 · EPS (TTM) €3.12 · Dividend yield 2.6% · Net margin 28.1% · Return on equity 18.9% · Return on assets (EBIT) 12.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 81% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 3% fair-value upside, at −12%, 6MK screens richer than that median.
Fair Value models
All 25 models by family
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Set up alert →Quality Score breakdown
Of which business quality 70 · Market factors (momentum, volatility) 84
Revenue & earnings trend
Growth Forecast
6MK screens overvalued: fair value 12% below the price. Compare with Eli Lilly and Company →
Compare Merck & Co with another stock
Price, fair value, quality and upside side by side.
Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: German Stocks
- Valuation of the Germany market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Drug Manufacturers - General stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Eli Lilly and Company LLY | $1,157 | $749.08 | −35% |
| Johnson & Johnson, JNJ | $264.74 | $168.85 | −36% |
| AbbVie Inc ABBV | $261.59 | $259.62 | −1% |
| Roche Holding RO | CHF 375.20 | CHF 326.56 | −13% |
| Novartis AG NOVN | CHF 118.06 | CHF 121.90 | +3% |
| Amgen Inc AMGN | $421.51 | $463.66 | +10% |
| Gilead Sciences, Inc GILD | $149.05 | $198.77 | +33% |
| Pfizer Inc PFE | $28.12 | $24.87 | −12% |
| Bristol-Myers Squibb Company BMY | $62.40 | $75.96 | +22% |
| Sanofi SNY | $41.23 | $70.59 | +71% |
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