MRK Merck margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 49

Gross margin

71.8%

Operating margin

8.1%

EBITDA margin

20.9%

Net margin

3.6%

The Merck shows a gross margin of 71.8%, an operating margin of 8.1%, an EBITDA margin of 20.9%, and a net margin of 3.6%. All reported margins declined year over year, led by net margin with a decline of 26 percentage points.

MRK margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Merck's margins averaged 74.89% gross, 20.98% operating, 30.66% EBITDA, and 17.09% net. All four current margins are below their three-year averages.

MRK margin expansion

Year-over-year margin changes in percentage points

All available margins contracted year over year, led by net margin with a decline of 26 percentage points.

Gross margin expansion

-5.4pp

Operating margin expansion

-25.6pp

EBITDA margin expansion

-22.1pp

Net margin expansion

-26pp

MRK Gross margin

Merck's gross margin averaged 74.89% across the past 3 years. Compared with its three-year average, Merck's current gross margin is 71.8% and is 3.1 percentage points below its three-year average. Over the last 3 years, Merck's gross margin peaked at 77.2% in Sep 2025 and reached a low of 71.8% in Sep 2026.

MRK Operating margin

In the last 3 years, Merck had an average operating margin of 20.98%. Merck currently reports an operating margin of 8.1%, 12.9 percentage points below its three-year average. Looking back over the last 3 years, Merck's operating margin reached 33.7% at its highest point in Sep 2025 and 3.9% at its lowest in Dec 2023.

MRK EBITDA margin

Merck's EBITDA margin averaged 30.66% in the last 3 years. The latest EBITDA margin for Merck is 20.9%, 9.8 percentage points below its three-year average. Over the last 3 years, Merck's EBITDA margin peaked at 43.5% in Dec 2025 and reached a low of 11.5% in Dec 2023.

MRK Net margin

Across the last 3 years, Merck recorded an average net margin of 17.09%. Merck's current net margin is 3.6% and is 13.5 percentage points below its three-year average. The highest net margin for Merck was 29.6% in Sep 2025, while the lowest was 0.6% in Dec 2023.

MRK margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 71.8%, MRK stands higher than the Healthcare sector, the industry and its peers average. Looking at the Healthcare sector average of 68.3%, Merck's gross margin is 5% higher.

MRK margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Merck's gross margin?

As of Sep 30, 2026, MRK has a gross margin of 71.8%.

What is Merck's operating margin?

As of Sep 30, 2026, MRK has an operating margin of 8.1%.

What is Merck's EBITDA margin?

For the period ending Sep 30, 2026, MRK recorded an EBITDA margin of 20.9%.

What is Merck's net margin?

The current net margin for MRK is 3.6% as of Sep 30, 2026.

What are the average margins of MRK?

Looking back over 3 years, MRK recorded average margins of 74.9% gross, 21.0% operating, 30.7% EBITDA, and 17.1% net.

What are the highest historical margins of MRK?

In the last 5 years, the highest margins reported by MRK were 77.2% gross in Sep 2025, 33.7% operating in Sep 2025, 43.5% EBITDA in Dec 2025, and 29.6% net in Sep 2025.

What are the lowest historical margins of MRK?

Across the 5-year period, MRK posted its lowest margins at 70.4% gross in Jun 2022, 3.9% operating in Dec 2023, 11.5% EBITDA in Dec 2023, and 0.6% net in Dec 2023.