Co-movers

daily closes · 501dMethod

Moved together

MRKwithUL

×0.19co-movement · UL on MRK · 501d

r 0.27scale to r 0.75

Shared co-movers1with MRKwith UL

NVSNovartis AGr 0.51r 0.46

MRK, solidUL, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

MRKMerck & Co., Inc.

149.66+2.28%· post 149.47

Mkt cap$368.9BRevenue$16.6BQ2 FY26Revenue$65.0BFY25

ULUnilever PLC

65.27+1.69%· post 65.45

ClosedOct 30 '26

Mkt cap$142.3BRevenue—Revenue—

vs

Compare

ClosedOct 30 '26

MRKMerck & Co., Inc.

vs

ULUnilever PLC

149.66+2.28%post 149.47

Price

65.27+1.69%post 65.45

$368.9B

Mkt cap

$142.3B

Q2 FY26$16.6B

Revenue

—

FY25$65.0B

Revenue

—

MRK compared with UL: revenue, margins and what each company keeps, and the suppliers and customers both name