Amgen (AMGN)
Health Care · $217B market cap · SEC CIK 0000318154
fundamentals score out of 100
Next reports on Nov 2, 2026, after the close, with analysts expecting $5.90 in earnings per share.
The case for AMGN
- Generated $8.1B of free cash flow in FY2025, 22% of revenue.
- Earns 89% on shareholder equity, a figure flattered by a small equity base.
- 23% of revenue drops through to net profit.
- Revenue growing 9.1% year over year.
- Earnings per share up 31.7%.
- Pays a 3.2% dividend while you wait.
The case against
- Long-term debt of $50.0B would take 5 years of operating cash flow to repay.
- Value is weak (40/100): 24.9× earnings, 5.7× sales, 3.7% free-cash yield.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 40 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 64 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 84 |
| Momentumhow the price has behaved lately | 81 |
| Stabilityhow violently it moves, what it owes and what it pays you | 61 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 24.9× |
|---|---|
| Price / book | 16.72× |
| Price / sales | 5.7× |
| Revenue growth (YoY) | +9.1% |
| EPS growth (YoY) | +31.7% |
| Gross margin | 74% |
| Operating margin | 30% |
| Net margin | 23% |
| Return on equity | 89% |
| Debt / equity | 4.90× |
| Current ratio | 1.37 |
| Dividend yield | 3.21% |
| Beta | 0.45 |
| 52-week range | $269.77 – $447.03 |
| Position in that range | 79% of the way up |
| 3-month return | +16.5% |
| 1-year return | +37.8% |
Five years of financials, as filed
Pulled from Amgen's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $36.8B | $33.4B | $28.2B | $26.3B | $26.0B |
| Operating income | $9.1B | $7.3B | $7.9B | $9.6B | $7.6B |
| Net income | $7.7B | $4.1B | $6.7B | $6.6B | $5.9B |
| Operating cash flow | $10.0B | $11.5B | $8.5B | $9.7B | $9.3B |
| Capital expenditure | $1.9B | $1.1B | $1.1B | $936M | $880M |
| Total assets | $90.6B | $91.8B | $97.2B | $65.1B | $61.2B |
| Shareholder equity | $8.7B | $5.9B | $6.2B | $3.7B | $6.7B |
| Cash | $9.1B | $12.0B | $10.9B | $7.6B | $8.0B |
| Long-term debt | $50.0B | $56.5B | $63.2B | $37.4B | $33.2B |
| Free cash flow | $8.1B | $10.4B | $7.4B | $8.8B | $8.4B |
| Operating margin | 24.7% | 21.7% | 28.0% | 36.3% | 29.4% |
| Net margin | 21.0% | 12.2% | 23.8% | 24.9% | 22.7% |
| Diluted shares | 542M | 541M | 538M | 541M | 573M |
Share count is down 5.4% over 4 years. Buybacks have been shrinking the pie.
What Amgen says it does
—Information about our Executive Officers. Code of Ethics We maintain a Code of Ethics for the Chief Executive Officer and Senior Financial Officers applicable to our principal executive officer, principal financial officer, principal accounting officer or controller and other persons performing similar functions. To view this code of ethics free of charge, please visit our website at www.amgen.com. (The website address is not intended to function as a hyperlink, and the information contained in our website is not intended to be a part of this filing.) We intend to satisfy the disclosure requirements under Item 5.05 of Form 8-K regarding an amendment to or a waiver from a provision of this code of ethics, if any, by posting such information on our website as set forth above. Item 11. EXECUTIVE COMPENSATION Information about director and executive compensation is incorporated by reference from the sections entitled COMPENSATION…
Risk factors AMGN lists in its 10-K
- Total number of shares purchased as part of publicly
- Securities Authorized for Issuance Under Existing Equity Compensation Plans
- Tariffs and trade protection measures
- Selling, general and administrative
- Nonoperating expenses/income and income taxes
- Financial condition, liquidity and capital resources
- Global economic conditions may negatively affect us and may magnify certain risks that affect our business
- Critical accounting policies and estimates
- Valuation of assets and liabilities in connection with acquisitions
- Recently issued accounting standards
- Interest-rate-sensitive financial instruments
- Foreign-currency-sensitive financial instruments
- Market-price-sensitive financial instruments
- Management’s Report on Internal Control over Financial Reporting