Merck vs Pfizer
Merck reported revenue of $65.0 billion in fiscal 2025, about the same as Pfizer's $62.6 billion in fiscal 2025. Merck's revenue grew 1.3% in its latest year, and Pfizer's fell 1.6%. Free cash flow was $12.4 billion at Merck and $9.1 billion at Pfizer.
Side by side
| Merck | Pfizer | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $65.0B | $62.6B |
| Revenue growth | 1.3% | −1.6% |
| Revenue growth a year, last 5 years | 9.4% | 8.5% |
| Gross margin | 74.8% | 74.3% |
| Operating margin | — | — |
| Net margin | 28.1% | 12.4% |
| Free cash flow | $12.4B | $9.1B |
| Free cash flow margin | 19.0% | 14.5% |
| Return on capital | 24.8% | 7.2% |
| Net debt to EBITDA | 1.2x | 3.2x |
| Dividends and buybacks | $13.3B | $9.8B |
| Change in diluted share count | −1.3% | 0.2% |
| Last close | $140.61 | $29.79 |
| P/E at the last close | 111.6× | 39.2× |
| Insider trades, last 12 months | sold $72.0 million | bought $3.0 million, sold $134,661 |
| Piotroski F-score | 4 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ 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
MerckPfizer
Operating margin
Percent of revenue
MerckPfizer
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
MerckPfizer