Merck
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 45.1% | whyThe figure most screeners publish. |
| Operating cash flow | 49.6% | whyAbsorbs working-capital swings that earnings do not. |
| Free cash flow | 66.1% | whyAfter maintaining the business. |
Spread between highest and lowest: 21.1 percentage points. Same filings, different denominators.
Coverage rating 47 / 100 — Tight. ? Peer standing 8/50Direction 30/30Stability 9/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 66.1% |
| 2024-12-31 | 43.3% |
| 2023-12-31 | 81.4% |
| 2022-12-31 | 47.7% |
| 2021-12-31 | 76.2% |
| 2020-12-31 | 106.7% |
Coverage worsened sharply this year, 43.3% to 66.1%, after no clear trend before it. One year is not a trend, but it is worth knowing which direction the last one moved.
16% of the 38 health care here pay out more — at the demanding end.
The arithmetic
- GAAP earnings — dividends declared per share $3.28 ÷ diluted EPS $7.28
- Operating cash flow — dividends paid $8,176m ÷ operating cash flow $16,472m
- Free cash flow — dividends paid $8,176m ÷ (operating cash flow $16,472m − capex $4,112m)
Where the figures came from
- 10-K filed 2026-02-24 · accession 0000310158-26-000063
Every one is public at sec.gov and free to check. That is the point — you should not have to take our word for any of it.
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell us — that is more useful to us than agreement.
What the free cash flow payout ratio measures, and where every company here sits on it.
Who else looks like this
Every figure above is computed from Merck’s own filing, and every company here is measured the same way. Screen all of them on any of these twelve measures, or on the rules two investors published — free, and nothing you screen leaves your browser.