Eli Lilly vs Merck
Eli Lilly reported revenue of $65.2 billion in fiscal 2025, about the same as Merck's $65.0 billion in fiscal 2025. Eli Lilly's revenue grew 44.7% in its latest year, and Merck's grew 1.3%. Free cash flow was $9.0 billion at Eli Lilly and $12.4 billion at Merck.
Side by side
| Eli Lilly | Merck | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $65.2B | $65.0B |
| Revenue growth | 44.7% | 1.3% |
| Revenue growth a year, last 5 years | 21.6% | 9.4% |
| Gross margin | 83.0% | 74.8% |
| Operating margin | — | — |
| Net margin | 31.7% | 28.1% |
| Free cash flow | $9.0B | $12.4B |
| Free cash flow margin | 13.8% | 19.0% |
| Return on capital | 40.8% | 24.8% |
| Net debt to EBITDA | 1.2x | 1.2x |
| Dividends and buybacks | $9.5B | $13.3B |
| Change in diluted share count | −0.5% | −1.3% |
| Last close | $1,279.14 | $140.61 |
| P/E at the last close | 42.9× | 111.6× |
| Insider trades, last 12 months | sold $2.5 billion | sold $72.0 million |
| Piotroski F-score | 8 of 9 | 4 of 9 |
Amounts in each company's own currency, US$ 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
Eli LillyMerck
Operating margin
Percent of revenue
Eli LillyMerck
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Eli LillyMerck