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Merck KGaA
XETRA:MRK

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Merck KGaA
XETRA:MRK
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Price: 111.9 EUR -0.13% Market Closed
Market Cap: €48.7B

EV/EBIT

13.2
Current
24%
Cheaper
vs 3-y average of 17.2

Enterprise Value to EBIT (EV/EBIT) ratio compares a company`s total enterprise value to its earnings before interest and taxes. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBIT
13.2
=
Enterprise Value
€54.3B
/
EBIT
€4.3B

Enterprise Value to EBIT (EV/EBIT) ratio compares a company`s total enterprise value to its earnings before interest and taxes. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBIT
13.2
=
Enterprise Value
€54.3B
/
EBIT
€4.3B

Valuation Scenarios

Merck KGaA is trading below its 3-year average

If EV/EBIT returns to its 3-Year Average (17.2), the stock would be worth €146.32 (31% upside from current price).

Statistics
Positive Scenarios
4/4
Maximum Downside
No Downside Scenarios
Maximum Upside
+39%
Average Upside
32%
Scenario EV/EBIT Value Implied Price Upside/Downside
Current Multiple 13.2 €111.9
0%
3-Year Average 17.2 €146.32
+31%
5-Year Average 18.3 €155.72
+39%
Industry Average 18.4 €155.94
+39%
Country Average 15.5 €132.09
+18%

Forward EV/EBIT
Today’s price vs future ebit

Today's Enterprise Value EBIT Forward EV/EBIT
€54.3B
/
Jan 2026
€4.3B
=
13.2
Current
€54.3B
/
Dec 2026
€4.2B
=
12.8
Forward
€54.3B
/
Dec 2027
€4.7B
=
11.7
Forward
€54.3B
/
Dec 2028
€5B
=
10.8
Forward
€54.3B
/
Dec 2029
€5.1B
=
10.6
Forward
€54.3B
/
Dec 2030
€5.5B
=
9.8
Forward
€54.3B
/
Dec 2031
€5.8B
=
9.4
Forward
€54.3B
/
Dec 2032
€6.1B
=
8.9
Forward
€54.3B
/
Dec 2033
€6.2B
=
8.8
Forward

Forward EV/EBIT shows whether today’s EV/EBIT still looks high or low once future ebit are taken into account.

Peer Comparison

All Multiples
EV/EBIT
P/E
All Countries
Close
Market Cap EV/EBIT P/E
DE
Merck KGaA
XETRA:MRK
48.7B EUR 13.2 18.7
US
Eli Lilly and Co
NYSE:LLY
835.2B USD 29.2 40.5
US
Johnson & Johnson
NYSE:JNJ
547.8B USD 21.4 26
CH
Roche Holding AG
SIX:ROG
248.4B CHF 13.4 20.1
UK
AstraZeneca PLC
LSE:AZN
216.4B GBP 21.9 28
CH
Novartis AG
SIX:NOVN
223.1B CHF 15.6 19.5
US
Merck & Co Inc
NYSE:MRK
276.9B USD 11.5 15.2
IE
Endo International PLC
LSE:0Y5F
244.4B USD 970 -83.6
DK
Novo Nordisk A/S
CSE:NOVO B
1.1T DKK 9.8 11.4
US
Pfizer Inc
NYSE:PFE
153.5B USD 10.1 19.8
US
Bristol-Myers Squibb Co
NYSE:BMY
118.2B USD 8.9 16.8
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
DE
Merck KGaA
XETRA:MRK
Average EV/EBIT: 102.3
13.2
6%
2.2
US
Eli Lilly and Co
NYSE:LLY
29.2
22%
1.3
US
Johnson & Johnson
NYSE:JNJ
21.4
13%
1.6
CH
Roche Holding AG
SIX:ROG
13.4
6%
2.2
UK
AstraZeneca PLC
LSE:AZN
21.9
21%
1
CH
Novartis AG
SIX:NOVN
15.6
9%
1.7
US
Merck & Co Inc
NYSE:MRK
11.5
6%
1.9
IE
E
Endo International PLC
LSE:0Y5F
970
N/A N/A
DK
Novo Nordisk A/S
CSE:NOVO B
9.8
2%
4.9
US
Pfizer Inc
NYSE:PFE
10.1
-4%
N/A
US
Bristol-Myers Squibb Co
NYSE:BMY
8.9
-6%
N/A
P/E Multiple
Earnings Growth PEG
DE
Merck KGaA
XETRA:MRK
Average P/E: 21.6
18.7
17%
1.1
US
Eli Lilly and Co
NYSE:LLY
40.5
32%
1.3
US
Johnson & Johnson
NYSE:JNJ
26
8%
3.3
CH
Roche Holding AG
SIX:ROG
20.1
14%
1.4
UK
AstraZeneca PLC
LSE:AZN
28
25%
1.1
CH
Novartis AG
SIX:NOVN
19.5
14%
1.4
US
Merck & Co Inc
NYSE:MRK
15.2
14%
1.1
IE
E
Endo International PLC
LSE:0Y5F
Negative Multiple: -83.6 N/A N/A
DK
Novo Nordisk A/S
CSE:NOVO B
11.4
0%
N/A
US
Pfizer Inc
NYSE:PFE
19.8
22%
0.9
US
Bristol-Myers Squibb Co
NYSE:BMY
16.8
16%
1

Market Distribution

In line with most companies in Germany
Percentile
39th
Based on 2 187 companies
39th percentile
13.2
Low
0.1 — 10.6
Typical Range
10.6 — 23.1
High
23.1 —
Distribution Statistics
Germany
Min 0.1
30th Percentile 10.6
Median 15.5
70th Percentile 23.1
Max 672.9

Merck KGaA
Glance View

In the heart of Darmstadt, Germany, Merck KGaA stands as a testament to innovation and resilience, tracing its roots back to 1668. A bastion of scientific advancement and a pioneer in the world of chemistry and pharmaceuticals, Merck has evolved through centuries of discovery and transformation. Originally a humble pharmacy, Merck has grown into a global powerhouse with a unique structure, being one of the oldest pharmaceutical and chemical companies in the world still owned by the founding family. Though its path has been influenced by numerous historical events, Merck has adeptly navigated the shifting sands of time, transforming itself into a multifaceted conglomerate that thrives on its dual strategy—life sciences and performance materials. In the modern age, Merck KGaA operates through three well-defined sectors: Healthcare, Life Science, and Electronics. Its Healthcare division plays a formidable role, developing innovative drugs, with a focus on oncology, neurology, and immunology, providing cutting-edge treatments that improve patient lives globally. Meanwhile, the Life Science arm caters to researchers and scientists, offering an extensive portfolio of lab materials, high-tech tools, and equipment essential for groundbreaking research across various industries. The Electronics division, dedicated to performance materials, supplies high-quality substances crucial for the electronics and automotive industries, including liquid crystals and highly sophisticated semiconductor solutions. Through these divisions, Merck KGaA not only generates substantial revenue but also drives progress by supplying critical products that are indispensable to the modern technological landscape.

MRK Intrinsic Value
142.64 EUR
Undervaluation 22%
Intrinsic Value
Price €111.9
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