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Side-by-side financial comparison of Merck & Co. (MRK) and PDD Holdings Inc. (PDD). Click either name above to swap in a different company.
Merck & Co. is the larger business by last-quarter revenue ($16.4B vs $15.2B, roughly 1.1× PDD Holdings Inc.). PDD Holdings Inc. runs the higher net margin — 27.1% vs 18.1%, a 9.0% gap on every dollar of revenue. Over the past eight quarters, PDD Holdings Inc.'s revenue compounded faster (74.6% CAGR vs 2.0%).
Merck & Co., Inc. is an American multinational pharmaceutical company headquartered in Rahway, New Jersey. The company does business as Merck Sharp & Dohme or MSD outside the United States and Canada. The company is ranked fourth on the list of largest biomedical companies by revenue.
Pinduoduo is a Chinese online retailer, with a focus on the traditional agriculture industry. The business is the largest product of PDD Holdings, a company currently headquartered in Ireland that also owns the online marketplace Temu.
MRK vs PDD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $16.4B | $15.2B |
| Net Profit | $3.0B | $4.1B |
| Gross Margin | 66.2% | 56.7% |
| Operating Margin | 20.9% | 23.1% |
| Net Margin | 18.1% | 27.1% |
| Revenue YoY | 5.0% | — |
| Net Profit YoY | -20.8% | — |
| EPS (diluted) | $1.19 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $16.4B | — | ||
| Q3 25 | $17.3B | $15.2B | ||
| Q2 25 | $15.8B | $14.5B | ||
| Q1 25 | $15.5B | — | ||
| Q4 24 | $15.6B | — | ||
| Q3 24 | $16.7B | $14.2B | ||
| Q2 24 | $16.1B | — | ||
| Q1 24 | $15.8B | $12.0B |
| Q4 25 | $3.0B | — | ||
| Q3 25 | $5.8B | $4.1B | ||
| Q2 25 | $4.4B | $4.3B | ||
| Q1 25 | $5.1B | — | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $3.2B | $3.6B | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $4.8B | $3.9B |
| Q4 25 | 66.2% | — | ||
| Q3 25 | 77.7% | 56.7% | ||
| Q2 25 | 77.5% | 55.9% | ||
| Q1 25 | 78.0% | — | ||
| Q4 24 | 75.5% | — | ||
| Q3 24 | 75.5% | 60.0% | ||
| Q2 24 | 76.8% | — | ||
| Q1 24 | 77.6% | 62.3% |
| Q4 25 | 20.9% | — | ||
| Q3 25 | 39.0% | 23.1% | ||
| Q2 25 | 31.6% | 24.8% | ||
| Q1 25 | 38.0% | — | ||
| Q4 24 | 26.7% | — | ||
| Q3 24 | 24.6% | 24.5% | ||
| Q2 24 | 37.3% | — | ||
| Q1 24 | 35.9% | 29.9% |
| Q4 25 | 18.1% | — | ||
| Q3 25 | 33.5% | 27.1% | ||
| Q2 25 | 28.0% | 29.6% | ||
| Q1 25 | 32.7% | — | ||
| Q4 24 | 24.0% | — | ||
| Q3 24 | 19.0% | 25.1% | ||
| Q2 24 | 33.9% | — | ||
| Q1 24 | 30.2% | 32.3% |
| Q4 25 | $1.19 | — | ||
| Q3 25 | $2.32 | — | ||
| Q2 25 | $1.76 | — | ||
| Q1 25 | $2.01 | — | ||
| Q4 24 | $1.49 | — | ||
| Q3 24 | $1.24 | — | ||
| Q2 24 | $2.14 | — | ||
| Q1 24 | $1.87 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $14.6B | $13.0B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $52.6B | $55.0B |
| Total Assets | $136.9B | $86.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $14.6B | — | ||
| Q3 25 | $18.2B | $13.0B | ||
| Q2 25 | $8.6B | $8.8B | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $13.7B | — | ||
| Q3 24 | $14.6B | $9.3B | ||
| Q2 24 | $11.4B | — | ||
| Q1 24 | $5.6B | $7.7B |
| Q4 25 | $52.6B | — | ||
| Q3 25 | $51.9B | $55.0B | ||
| Q2 25 | $49.0B | $50.5B | ||
| Q1 25 | $48.3B | — | ||
| Q4 24 | $46.3B | — | ||
| Q3 24 | $44.5B | $39.7B | ||
| Q2 24 | $43.6B | — | ||
| Q1 24 | $40.4B | $30.3B |
| Q4 25 | $136.9B | — | ||
| Q3 25 | $129.5B | $86.2B | ||
| Q2 25 | $117.5B | $79.2B | ||
| Q1 25 | $115.1B | — | ||
| Q4 24 | $117.1B | — | ||
| Q3 24 | $117.5B | $66.5B | ||
| Q2 24 | $112.6B | — | ||
| Q1 24 | $105.8B | $52.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $2.9B | $6.4B |
| Free Cash FlowOCF − Capex | $1.8B | — |
| FCF MarginFCF / Revenue | 11.1% | — |
| Capex IntensityCapex / Revenue | 6.3% | — |
| Cash ConversionOCF / Net Profit | 0.96× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $12.4B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.9B | — | ||
| Q3 25 | $7.8B | $6.4B | ||
| Q2 25 | $3.3B | $3.0B | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $9.3B | $3.9B | ||
| Q2 24 | $5.6B | — | ||
| Q1 24 | $3.1B | $2.9B |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $6.8B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $8.5B | — | ||
| Q2 24 | $4.8B | — | ||
| Q1 24 | $2.2B | — |
| Q4 25 | 11.1% | — | ||
| Q3 25 | 39.6% | — | ||
| Q2 25 | 16.0% | — | ||
| Q1 25 | 7.5% | — | ||
| Q4 24 | 16.1% | — | ||
| Q3 24 | 51.1% | — | ||
| Q2 24 | 30.1% | — | ||
| Q1 24 | 14.1% | — |
| Q4 25 | 6.3% | — | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 4.8% | — | ||
| Q1 25 | 8.6% | — | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | 4.7% | — | ||
| Q2 24 | 4.9% | — | ||
| Q1 24 | 5.5% | — |
| Q4 25 | 0.96× | — | ||
| Q3 25 | 1.35× | 1.56× | ||
| Q2 25 | 0.74× | 0.70× | ||
| Q1 25 | 0.49× | — | ||
| Q4 24 | 0.92× | — | ||
| Q3 24 | 2.94× | 1.10× | ||
| Q2 24 | 1.03× | — | ||
| Q1 24 | 0.65× | 0.75× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MRK
| Pharmaceuticalsegment | $8.7B | 53% |
| Keytruda | $4.9B | 30% |
| Other | $2.7B | 16% |
| Janumet | $57.0M | 0% |
| Isentress Isentress HD | $38.0M | 0% |
| Pifeltro | $25.0M | 0% |
| Belsomra | $23.0M | 0% |
| Dificid | $17.0M | 0% |
| Delstrigo | $14.0M | 0% |
| Lagevrio | $12.0M | 0% |
| Pneumovax23 | $4.0M | 0% |
PDD
Segment breakdown not available.
