AstraZeneca vs Merck
Merck reported revenue of $65.0 billion in fiscal 2025, about the same as AstraZeneca's $58.7 billion in fiscal 2025. AstraZeneca's revenue grew 8.6% in its latest year, and Merck's grew 1.3%. Free cash flow was $11.8 billion at AstraZeneca and $12.4 billion at Merck.
Side by side
| AstraZeneca | Merck | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $58.7B | $65.0B |
| Revenue growth | 8.6% | 1.3% |
| Revenue growth a year, last 5 years | 17.2% | 9.4% |
| Gross margin | 81.9% | 74.8% |
| Operating margin | 23.4% | — |
| Net margin | 17.4% | 28.1% |
| Free cash flow | $11.8B | $12.4B |
| Free cash flow margin | 20.0% | 19.0% |
| Return on capital | 16.8% | 24.8% |
| Net debt to EBITDA | — | 1.2x |
| Dividends and buybacks | $5.5B | $13.3B |
| Change in diluted share count | −0.1% | −1.3% |
| Last close | $172.06 | $140.61 |
| P/E at the last close | — | 111.6× |
| Insider trades, last 12 months | bought $3,248, sold $2.2 million | sold $72.0 million |
| Piotroski F-score | 9 of 9 | 4 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
AstraZenecaMerck
Operating margin
Percent of revenue
AstraZenecaMerck
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
AstraZenecaMerck
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the AstraZeneca and Merck pages.