PT Merck Tbk

MERK.JK

Drug Manufacturers - Specialty & Generic · Healthcare

Price

4000.00 IDR

+0.00 (+0.00%)

Market Cap

1.79T IDR

Exchange

Indonesia Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Jul 25, 2026 · filings through Mar 31, 2026

Operating in Indonesia, PT Merck Tbk is a pharmaceutical company focused on the production and distribution of medicinal products. Its business operations are structured into three main divisions: Biopharma, Consumer Health, and an 'Others' segment. The company provides healthcare solutions addressing a broad spectrum of therapeutic areas, including conditions related to the cardiovascular system, metabolism, oncology, endocrinology, fertility, and neurodegenerative disorders, alongside general pharmaceutical offerings. Furthermore, PT Merck Tbk is actively involved in the discovery, development, production, and commercialization of both pharmaceutical and biological prescription drugs. These medicines target specific conditions such as colorectal and head and neck cancers, multiple sclerosis, infertility, growth hormone imbalances, diabetes, and various thyroid conditions like hyperthyroidism and hypothyroidism. Beyond its core pharmaceutical activities, the company also engages in property leasing and management. Established in 1970 and headquartered in East Jakarta, Indonesia, the company was originally known as PT Merck Indonesia Tbk before adopting its current name, PT Merck Tbk, in June 2002. It operates as a subsidiary of Merck Holding GmbH.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+31.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+394.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Cash Position

Cash flow positive

$543.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

PT Merck Tbk grew revenue 32% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 448.0M (2021) → 448.0M (2025)

Score breakdown

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Quality

Gross Margin

39.4%

Modest — 39.4% gross margin

Operating Margin

24.0%

Excellent — 24.0% operating margin

ROCE

6.5%

Weak — 6.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+26.6%

Fast-growing sales (26.6% YoY)

EPS YoY

+107.8%

Earnings growing fast (107.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

149%

Turns 149% of profit into real cash

FCF Margin

33.1%

Converts sales into free cash efficiently (33.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

227.36x

Comfortably covers interest (227.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

6.1x

Attractive valuation — P/E 6.1

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

6.88%

Healthy income — 6.88% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-64.5%

Dividend cut (-64.5% YoY) — warning sign

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