Merck & Co.
Merck & Co. returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
Operating income is unavailable in the extracted statements for this period.
ROCE
% · Annual / TTM
Operating income is unavailable in the extracted statements for this period.
ROIIC
% · Annual / TTM
Operating income is unavailable in the extracted statements for this period.
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Operating income is unavailable in the extracted statements for this period.
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | — | — | 6.98% | 2.57% | — |
| FY 2026 Q1 | Mar 31, 2026 | — | — | — | 18.97% | 7.33% | — |
| FY 2025 Q4 | Dec 31, 2025 | — | — | — | 36.91% | 14.37% | — |
| FY 2025 Q3 | Sep 30, 2025 | — | — | — | 39.51% | 15.41% | — |
| FY 2025 Q2 | Jun 30, 2025 | — | — | — | 35.44% | 14.26% | — |
| FY 2025 Q1 | Mar 31, 2025 | — | — | — | 39.31% | 15.78% | — |
| FY 2024 Q4 | Dec 31, 2024 | — | — | — | 40.81% | 15.3% | — |
| FY 2024 Q3 | Sep 30, 2024 | — | — | — | 28.33% | 10.83% | — |
| FY 2024 Q2 | Jun 30, 2024 | — | — | — | 33.39% | 12.65% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | — | — | 5.29% | 2.16% | — |
| FY 2023 Q4 | Dec 31, 2023 | — | — | — | 0.87% | 0.34% | — |
| FY 2023 Q3 | Sep 30, 2023 | — | — | — | 10.75% | 4.31% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | — | — | 7.59% | 2.94% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | — | — | 29.71% | 12.15% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | — | — | 34.5% | 13.52% | — |
| FY 2022 Q3 | Sep 30, 2022 | — | — | — | 38.03% | 15.22% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | — | — | 43.32% | 16.76% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | — | — | 41.81% | 14.36% | — |
| FY 2021 Q4 | Dec 31, 2021 | — | — | — | 41.1% | 13.23% | — |
| FY 2021 Q3 | Sep 30, 2021 | — | — | — | 22.15% | 7.85% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | — | — | 18.28% | 6.15% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | — | — | 26.45% | 8% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | — | — | 27.59% | 8.03% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | — | — | 41.12% | 13.31% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | — | — | 37.91% | 12% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | — | — | 37.76% | 12.13% | — |
| FY 2019 Q4 | Dec 31, 2019 | — | — | — | 37.42% | 11.79% | — |
| FY 2019 Q3 | Sep 30, 2019 | — | — | — | 31.43% | 11.06% | — |
| FY 2019 Q2 | Jun 30, 2019 | — | — | — | 31.12% | 11.08% | — |
| FY 2019 Q1 | Mar 31, 2019 | — | — | — | — | — | — |
| FY 2018 Q4 | Dec 31, 2018 | — | — | — | — | — | — |
| FY 2018 Q3 | Sep 30, 2018 | — | — | — | — | — | — |
| FY 2018 Q2 | Jun 30, 2018 | — | — | — | — | — | — |
| FY 2011 Q1 | Mar 31, 2011 | — | — | — | 2.85% | 1.48% | — |
| FY 2010 Q4 | Dec 31, 2010 | — | — | — | 1.51% | 0.79% | — |
| FY 2010 Q3 | Sep 30, 2010 | — | — | — | 36.24% | 17.78% | — |
| FY 2010 Q2 | Jun 30, 2010 | — | — | — | 37.3% | 18.39% | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.9%, rounded from the Pharmaceuticals benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · MRK, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.