ValueScreener

ValueScreener company report

Amgen Inc. (AMGN)

NASDAQ / Healthcare / Drug Manufacturers - General

Share price

434.03 USD Market dataClose of Oct 15, 2026

Market capitalisation

234.70B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 13, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

14.2% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

30.29x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

3.4% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 22.99B USDFY2016 Net income: 7.72B USDFY2017 Revenue: 22.85B USDFY2017 Net income: 1.98B USDFY2018 Revenue: 23.75B USDFY2018 Net income: 8.39B USDFY2019 Revenue: 23.36B USDFY2019 Net income: 7.84B USDFY2020 Revenue: 25.42B USDFY2020 Net income: 7.26B USDFY2021 Revenue: 25.98B USDFY2021 Net income: 5.89B USDFY2022 Revenue: 26.32B USDFY2022 Net income: 6.55B USDFY2023 Revenue: 28.19B USDFY2023 Net income: 6.72B USDFY2024 Revenue: 33.42B USDFY2024 Net income: 4.09B USDFY2025 Revenue: 36.75B USDFY2025 Net income: 7.71B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 30.29x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Healthcare sector (223 companies), 30.29x sits at the 58th percentile; the middle half of that group runs from 13.52x to 42.98x.

Is it good

Return on invested capital was 14.2% in FY2025, in the band labelled "Above the cost of capital" (12.0% to 20.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Healthcare sector (233 companies), 14.2% sits at the 77th percentile; the middle half of that group runs from -37.4% to 12.8%.

Is it safe

Interest coverage was 3.30x in FY2025, in the band labelled "Investment grade" (3.00x to 6.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Amgen Inc.'s return on invested capital stayed above the median of the Healthcare sector, year by year. (FY2016 to FY2025, 10 fiscal years of Amgen Inc. with a comparable figure)
The direction
Which way Amgen Inc.'s return on invested capital has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Amgen Inc.)
What could explain it
What in Amgen Inc.'s filed statements could explain the movements. (11 readings drawn from the statement lines Amgen Inc. filed)
What to check next
What to check next on Amgen Inc., and where in its filings. (7 questions for Amgen Inc.)
In one paragraph
One paragraph on Amgen Inc.'s returns, cash, balance sheet and price. (16 of sixteen figures read for Amgen Inc.)

These are AMGN’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research AMGNPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 13, 2026, accession 0000318154-26-000010.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Amgen Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax14.2% ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Return on equity89.1% ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Return on capital employed, pre-tax13.9% ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Return on assets8.5% ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Gross margin67.3% ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Operating margin24.7% ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Net margin21.0% ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
AMGN 21.0%
AZN 17.4%MRK 28.1%JNJ 28.5%ABBV 6.9%LLY 31.7%
6.9%31.7%
Net margin: AMGN against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Amgen Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity6.40 ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Current ratio1.14 ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Quick ratio0.90 ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Interest coverage3.30x ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Altman Z-score2.12 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Net debt46.31B ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Total assets 90.59BTotal liabilities 81.93BShareholders' equity 8.66BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Amgen Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 13, 2026, 0000318154-26-000010).

Amgen Inc: balance sheet position
Total assets90.59B FiledFY2025 10-K, filed Feb 13, 2026
Total liabilities81.93B FiledFY2025 10-K, filed Feb 13, 2026
Shareholders' equity8.66B FiledFY2025 10-K, filed Feb 13, 2026
Cash9.13B FiledFY2025 10-K, filed Feb 13, 2026
Total debt55.44B FiledFY2025 10-K, filed Feb 13, 2026
Net debt46.31B
Current ratio1.14
Debt to equity6.40

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Amgen Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings30.29x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
P/E on trailing twelve months25.66x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book27.17x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Price to sales6.40x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Enterprise value to EBIT31.01x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Enterprise value to EBITDA19.76x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Price to earnings over growth10.32 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Diluted earnings per share14.23 USD FiledFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Graham number71.77 USD ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010

We publish no fair value or price target of our own. Value AMGN on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Amgen Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Amgen Inc: valuation
Share price434.03 USD
Market capitalisation234.70B USD
Enterprise value to EBITDA19.76x
Graham number71.77 USD
Diluted earnings per share, FY202514.23 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Jul 26, 2017: low 13.28x, median 21.77x, high 71.04x, latest 25.66x. 2,317 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Amgen Inc

  1. AstraZeneca PLC (AZN)Market cap 258.50B USD
  2. Merck & Co., Inc. (MRK)Market cap 358.60B USD
  3. Johnson & Johnson (JNJ)Market cap 610.40B USD
  4. AbbVie Inc. (ABBV)Market cap 500.80B USD
  5. Eli Lilly and Company (LLY)Market cap 1.18T USD

Same industry (Drug Manufacturers - General) and size band (Mega, 200B and over), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Amgen Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield3.4% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Free cash flow8.10B USD ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Free cash flow margin22.0% ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Dividend yield2.3% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Payout ratio66.5% ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
FY2016 Free cash flow: 9.62B USDFY2016 Net income: 7.72B USDFY2017 Free cash flow: 10.51B USDFY2017 Net income: 1.98B USDFY2018 Free cash flow: 10.56B USDFY2018 Net income: 8.39B USDFY2019 Free cash flow: 8.53B USDFY2019 Net income: 7.84B USDFY2020 Free cash flow: 9.89B USDFY2020 Net income: 7.26B USDFY2021 Free cash flow: 8.38B USDFY2021 Net income: 5.89B USDFY2022 Free cash flow: 8.79B USDFY2022 Net income: 6.55B USDFY2023 Free cash flow: 7.36B USDFY2023 Net income: 6.72B USDFY2024 Free cash flow: 10.39B USDFY2024 Net income: 4.09B USDFY2025 Free cash flow: 8.10B USDFY2025 Net income: 7.71B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Amgen Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
30.29xFY2025Oct 15, 2026
27.17xFY2025Oct 15, 2026
31.01xFY2025Oct 15, 2026
3.4%FY2025Oct 15, 2026
14.2%FY2025Feb 13, 2026
2.3%FY2025Oct 15, 2026
6.40FY2025Feb 13, 2026
1.14FY2025Feb 13, 2026
6.40xFY2025Oct 15, 2026
10.32FY2025Oct 15, 2026
2.12FY2025Oct 15, 2026
-2.38FY2025Feb 13, 2026
7/9FY2025Feb 13, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Amgen Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Amgen Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202536.75B9.08B7.71B14.238.10B24.7%89.1%10-K, Feb 13, 20260000318154-26-000010
FY202433.42B7.26B4.09B7.5610.39B21.7%69.6%10-K, Feb 14, 20250000318154-25-000010
FY202328.19B7.90B6.72B12.497.36B28.0%107.8%10-K, Feb 14, 20240000318154-24-000011
FY202226.32B9.57B6.55B12.118.79B36.3%179.0%10-K, Feb 9, 20230000318154-23-000017
FY202125.98B7.64B5.89B10.288.38B29.4%88.0%10-K, Feb 16, 20220000318154-22-000010
FY202025.42B9.14B7.26B12.319.89B36.0%77.2%10-K, Feb 9, 20210000318154-21-000010
FY201923.36B9.67B7.84B12.888.53B41.4%81.1%10-K, Feb 12, 20200000318154-20-000017
FY201823.75B10.26B8.39B12.6210.56B43.2%67.2%10-K, Feb 13, 20190000318154-19-000008
FY201722.85B9.97B1.98B2.6910.51B43.6%7.8%10-K, Feb 13, 20180000318154-18-000004
FY201622.99B9.79B7.72B10.249.62B42.6%25.9%10-K, Feb 14, 20170000318154-17-000004
  • Revenue, compound annual growth FY2016 to FY2025: 5.4%
  • Earnings, compound annual growth FY2016 to FY2025: -0.0%
  • Earnings per share, compound annual growth FY2016 to FY2025: 3.7%
  • Free cash flow, compound annual growth FY2016 to FY2025: -1.9%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Amgen Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.38 ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Piotroski F-score7/9 ComputedFY2025 10-K, filed Feb 13, 2026, 0000318154-26-000010
Named tests met2 of 30 Computed
Beta0.35 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 28 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
ROIC at or above WACC; Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Figures we could not read(1)
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • One figure could not be read on this company: Price Tangible Book.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

Site map
  • Android app coming soon
  • iPhone app coming soon
ValueScreener

Discover companies, research each one to its filings, track what matters, and take your work into your own spreadsheet.

ValueScreener is a trading name of Oliva Real Estate Technologies LLC, a Delaware limited liability company. Legal notices: legal@valuescreener.ai. © 2026 Oliva Real Estate Technologies LLC. All rights reserved.

Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.