MRK Merck margins

Relative Growth: Rel. Growth: 48

Relative Strength: Rel. Strength: 87

Relative Valuation: Rel. Valuation: 16

Relative Profitability: Rel. Profitability: 52

Gross margin

73%

Operating margin

9.6%

EBITDA margin

21.6%

Net margin

4.8%

The Merck shows a gross margin of 73%, an operating margin of 9.6%, an EBITDA margin of 21.6%, and a net margin of 4.8%. All reported margins declined year over year, led by net margin with a decline of 21 percentage points.

MRK margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Merck's margins averaged 74.98% gross, 21.4% operating, 30.64% EBITDA, and 17.44% 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 21 percentage points.

Gross margin expansion

-3.6pp

Operating margin expansion

-20.4pp

EBITDA margin expansion

-17.7pp

Net margin expansion

-21pp

MRK Gross margin

Merck's gross margin averaged 74.98% across the past 3 years. Compared with its three-year average, Merck's current gross margin is 73% and is 2 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 72.9% in Sep 2023.

MRK Operating margin

In the last 3 years, Merck had an average operating margin of 21.4%. Merck currently reports an operating margin of 9.6%, 11.8 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 30.64% in the last 3 years. The latest EBITDA margin for Merck is 21.6%, 9 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 17.44%. Merck's current net margin is 4.8% and is 12.6 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 73%, MRK stands higher than the Healthcare sector, the industry and its peers average. Looking at the Healthcare sector average of 68.5%, Merck's gross margin is 7% higher.

MRK margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Merck's gross margin?

As of Jun 30, 2026, MRK has a gross margin of 73%.

What is Merck's operating margin?

As of Jun 30, 2026, MRK has an operating margin of 9.6%.

What is Merck's EBITDA margin?

For the period ending Jun 30, 2026, MRK recorded an EBITDA margin of 21.6%.

What is Merck's net margin?

The current net margin for MRK is 4.8% as of Jun 30, 2026.

What are the average margins of MRK?

Looking back over 3 years, MRK recorded average margins of 75.0% gross, 21.4% operating, 30.6% EBITDA, and 17.4% 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 68% gross in Sep 2021, 3.9% operating in Dec 2023, 11.5% EBITDA in Dec 2023, and 0.6% net in Dec 2023.