Pfizer (PFE) vs Merck (MRK): Stock Comparison
Data as of November 7, 2026. Refreshed weekly from SEC filings and market data.
Pfizer is cheaper on earnings, at 41.4 times against 147.8; Pfizer keeps the higher net margin (6.3% against 3.6%); Merck grew revenue faster over the last year (4.9% against 1.3%); Pfizer pays the higher dividend yield (5.9% against 2.3%). Pfizer clears 4 of this site's 8 value filters and Merck 2. Figures are as of November 7, 2026; each is on the page below with its source.
How do Pfizer and Merck compare on the numbers?
| Measure | Pfizer (PFE) | Merck (MRK) | Clearer lead |
|---|---|---|---|
| Share price | $29.39 | $146.73 | |
| Market value | $167 billion | $363 billion | |
| P/E ratio (trailing) | 41.4 | 147.8 | PFE |
| PEG ratio | n/a | 25.71 | n/a |
| Free-cash-flow yield | 7.1% | 4.4% | PFE |
| Net profit margin | 6.3% | 3.6% | PFE |
| Revenue growth, last year | 1.3% | 4.9% | MRK |
| Return on equity | 4.6% | 6.6% | MRK |
| Debt to equity | 0.70 | 1.29 | PFE |
| Dividend yield | 5.9% | 2.3% | PFE |
| Margin of safety (DCF) | +17.0% | -32.2% | PFE |
| Value filters passed (of 8) | 4 | 2 | PFE |
| Distance from 52-week high | -4.5% | -6.2% |
How have Pfizer and Merck shares done against each other?
Pfizer 61Merck 177
Each share price set to 100 on Nov 2021, to Nov 2026. Price only: dividends are not included.
From Nov 2021 to Nov 2026, Pfizer shares are down 39% and Merck shares up 77%, so Merck has pulled ahead of Pfizer by 117 points of the starting price. The deepest fall from a prior high in that window was 62% for Pfizer and 42% for Merck.
| Period | Pfizer (PFE) | Merck (MRK) |
|---|---|---|
| Last 1 year | +18.3% | +71.1% |
| Last 3 years | -5.7% | +40.6% |
| Last 5 years | -39.5% | +79.8% |
Which has grown faster, Pfizer or Merck?
Over 5 years, Pfizer grew revenue 8.5% a year and earnings per share -3.6% a year; Merck grew revenue 9.4% and earnings per share 21.2%. Its net margin averaged 18.6% at Pfizer and 21.3% at Merck.
| Measure | Pfizer (PFE) | Merck (MRK) |
|---|---|---|
| Latest fiscal year ended | Dec 2025 | Dec 2025 |
| Revenue, first year to latest | $41.7 billion to $62.6 billion | $41.5 billion to $65 billion |
| Revenue growth per year | 8.5% | 9.4% |
| Earnings per share, first year to latest | $1.63 to $1.36 | $2.78 to $7.28 |
| Earnings per share growth per year | -3.6% | 21.2% |
| Net margin, latest year | 12.4% | 28.1% |
| Net margin, average of the years | 18.6% | 21.3% |
| Free cash flow margin, latest year | 14.5% | 19.0% |
From each company's 10-K filings (SEC EDGAR), over its latest 5 years.
What growth does each share price assume?
| Measure | Pfizer (PFE) | Merck (MRK) |
|---|---|---|
| Free cash flow growth the price implies | 3.4% a year | 15.0% a year |
| Free cash flow per share | $2.07 | $6.50 |
| Margin of safety on this site's DCF | +17.0% | -32.2% |
At $29.39, Pfizer's price implies free cash flow growth of 3.4% a year, fading to 2.5% over 10 years. That is less growth than the 8% baseline.
At $146.73, Merck's price implies free cash flow growth of 15.0% a year, fading to 2.5% over 10 years. That is more growth than the 8% baseline.
The same model and baseline as every stock page. A price that asks for less growth is not a better company, only a lower bar to clear.
Where is each stronger?
Where Pfizer leads
- Lower P/E: 41.4 against 147.8
- Higher free-cash-flow yield: 7.1% against 4.4%
- Higher net margin: 6.3% against 3.6%
- Less debt for its equity: 0.70 against 1.29
- Higher dividend yield: 5.9% against 2.3%
- Higher margin of safety on this site's DCF: +17.0% against -32.2%
- More of the 8 value filters: 4 against 2
Where Merck leads
- Faster revenue growth last year: 4.9% against 1.3%
- Higher return on equity: 6.6% against 4.6%
- Faster earnings-per-share growth over its filed record: 21.2% against -3.6%
- A higher net margin in its latest filed year: 28.1% against 12.4%
- A higher average net margin: 21.3% against 18.6%
- A higher free-cash-flow margin in its latest filed year: 19.0% against 14.5%
About the same on: revenue growth per year. A lead needs a clear gap (10% apart on a ratio, 1 point on a percentage), so a rounding difference never names a winner. A lead on one measure is not a verdict on the company.
How do the businesses differ?
Pfizer. Pfizer develops and sells prescription drugs and vaccines across cancer, heart health, infections and rare disease, and expanded its cancer portfolio by buying Seagen in 2023.
Merck. Merck makes prescription drugs, vaccines and animal-health products. Keytruda, a cancer immunotherapy, is its biggest product, and it also sells vaccines such as Gardasil. It is called MSD outside the US and Canada.
Both are in the Pharmaceuticals industry on this site.
What stands out about Pfizer
- Misses 2 of the 8 value filters. It fails Trailing P/E < 25 (41.44) and EPS Growth YoY > -5% (-9.1%); the other 4 pass and 2 were not evaluated.
- Strongest against peers: dividend yield. At 5.86% (peer median 2.29%) it ranks 1st of 11 among pharma & biotech stocks this site tracks.
- Weakest against peers: revenue growth. At 1.3% (peer median 6.5%) it ranks 13th of 15 among pharma & biotech stocks this site tracks.
What stands out about Merck
- Misses 4 of the 8 value filters. It fails Trailing P/E < 25 (147.79), PEG Ratio < 1.5 (25.71) and Price/Book < 8 (8.65) and 1 more; the other 2 pass and 2 were not evaluated.
- The margin of safety is falling. It went from -27% on Oct 7 to -32% on Nov 7 across 8 weekly readings.
- Weakest against peers: P/E ratio. At 147.8× (peer median 37.6×) it ranks 12th of 12 among pharma & biotech stocks this site tracks.
Frequently asked questions about Pfizer and Merck
Which is cheaper, Pfizer or Merck?
On trailing earnings, Pfizer is cheaper: Pfizer trades at 41.4 times and Merck at 147.8 times. On free cash flow, the yields are 7.1% and 4.4%. Cheaper is not the same as better value: read the growth each price assumes below.
Which pays the higher dividend, Pfizer or Merck?
Pfizer pays the higher yield: Pfizer 5.9% and Merck 2.3% over the last year.
Which has grown faster, Pfizer or Merck?
Over their latest filed five years, Pfizer grew revenue 8.5% a year and Merck 9.4%; earnings per share grew -3.6% and 21.2% a year.
Which has more debt, Pfizer or Merck?
Merck has more debt for its equity: debt to equity is 0.70 for Pfizer and 1.29 for Merck. A very high figure can also come from buybacks that shrank equity.
Which is more profitable, Pfizer or Merck?
Pfizer keeps more of each sales dollar as profit: 6.3% for Pfizer and 3.6% for Merck, with a return on equity of 4.6% and 6.6%.
Which passes more of the 8 value filters?
Pfizer clears more: Pfizer 4 of 8 and Merck 2 of 8. The filters are this site's own value rules, not a prediction.
Where do these numbers come from?
Prices, ratios and yield are from this site's weekly data as of November 7, 2026; growth and margins by year are from each company's 10-K filings (sources on Pfizer and Merck). The DCF is the same model on every stock page. See Editorial Standards. Educational, not investment advice.