PT Merck Tbk

MERK.JK

Drug Manufacturers - Specialty & Generic · Healthcare

Price

3950.00 IDR

-30.00 (-0.75%)

Market Cap

1.77T IDR

Exchange

Indonesia Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

PT Merck Tbk is an Indonesian pharmaceutical company listed on the Jakarta Stock Exchange. It is a subsidiary of Merck KGaA, the German science and technology group. The company makes and sells prescription medicines, over-the-counter drugs, and consumer health products to hospitals, pharmacies, and patients across Indonesia. Its portfolio includes treatments for conditions like thyroid disorders, diabetes, and fertility issues, along with vitamins and wellness products.

PT Merck Tbk earns money primarily by manufacturing and selling pharmaceutical products in Indonesia, benefiting from its parent company's global research and brand reputation. It operates almost entirely within Indonesia, making it a focused domestic healthcare play in one of Southeast Asia's largest and fastest-growing populations. The company's main competitive advantage is its connection to Merck KGaA, which provides access to established drug formulas and quality standards. The key growth driver is Indonesia's expanding middle class and rising healthcare spending, while the main risk is currency volatility and potential pricing pressure from local generic drug competitors.

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

+31.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+400.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 IDR/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (18%)

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

Insider Activity

86.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

368.7B IDR cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue accelerating

PT Merck Tbk grew revenue 31% 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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

33.0%

Modest — 33.0% gross margin

Profit after running costs

Operating Margin

16.2%

Healthy — 16.2% operating margin

Return on the money invested

ROCE

45.3%

Exceptional — 45.3% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+29.2%

Fast-growing sales (+29.2% YoY)

Profit growth

EPS YoY

+160.0%

Earnings growing fast (+160.0% YoY)

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

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

93%

Modest — 93% of profit becomes cash

Spare cash per sale

FCF Margin

21.5%

Converts sales into free cash efficiently (21.5%)

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

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

187.78x

Comfortably covers interest (187.8x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

5.3x

Attractive valuation — P/E 5.3

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

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

6.88%

Healthy income — 6.88% yield

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

Dividend record

Dividend Growth

-64.5%

Dividend cut (-64.5% YoY) — warning sign

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