Merck KGaA (MKGAF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Merck KGaA $120, price $156, upside -22.9%, quality 62 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 KGaA
MKGAF · USOvervalued / MonitorQuality is not strong enough to offset the price risk.
What runs behind every stock
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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 Sep 29, 2026.
How to read this chart
60‑month range $113.17 – $235.71 · fair‑value band $66.10 – $169.07 · the $156.24 price screens above the $120.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.
Company profile
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 (MKGAF) currently trades at $156.24, while our model-based Fair Value estimate is $120.40, 22.9% 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 $128.78 per share, and 3 of the 26 models we run sit above the $156.24 price.
Bear case: the Dividend Discount group reads lowest at $39.96, and 23 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: $66.10 (bear) to $169.07 (bull), the price of $156.24 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 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 €21.1B in FY2025 versus €19.7B in FY2021, a compound +1.7%/yr. Reported net income was €2.6B in FY2025, compounding −3.9%/yr from FY2021.
Key figures
Market cap $67.9B · P/E ratio 23.2 · P/S ratio 2.87 · EPS (TTM) $6.76 · Dividend yield 1.4% · Net margin 12.4% · Return on equity 8.5% · Return on assets (EBIT) 8.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 11% 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 −23%, MKGAF screens richer than that median.
Fair Value models
All 26 models by family
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Set up alert →Quality Score breakdown
Of which business quality 61 · Market factors (momentum, volatility) 54
Revenue & earnings trend
Growth Forecast
Recent news
- Oxidative Stress Assay Market Outlook 2026-2035 - Featuring Profiles of Thermo Fisher Scientific, Merck KGaA, and Abcam
- Cell Culture Media Market Outlook 2026-2035 - Featuring Profiles of Thermo Fisher Scientific, Merck KGaA, and Sartorius
- Merck KGaA (XTRA:MRK) Clears Key Acquisition Hurdle After Shareholder Approval
- Bio-Techne Shareholders Approve Acquisition by Merck KGaA, Darmstadt, Germany
Compare Merck KGaA with another stock
Price, fair value, quality and upside side by side.
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 · 600 stocks
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
Context: sector, industry, market
- Is the Health Care sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA 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 - Specialty & Generic stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Takeda Pharmaceutical Company TAK | $18.90 | $11.45 | −39% |
| Teva Pharmaceutical Industries Limited TEVA | $39.31 | $20.88 | −47% |
| Sun Pharmaceutical Industries Limited SUNPHARMA | ₹1,852 | ₹1,979 | +7% |
| Galderma Group GALD | CHF 163.00 | CHF 110.32 | −32% |
| Jiangsu Hengrui Pharmaceuticals Co 600276 | ¥44.86 | ¥49.35 | +10% |
| Haleon plc HLN | $9.26 | $8.49 | −8% |
| Sandoz Group SDZ | CHF 71.16 | CHF 40.32 | −43% |
| Zoetis Inc ZTS | $70.30 | $110.50 | +57% |
| Divi's Laboratories Limited DIVISLAB | ₹9,620 | ₹1,871 | −81% |
| Hansoh Pharmaceutical Group 3692 | HK$33.52 | HK$36.87 | +10% |
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Key figures of Merck KGaA
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