AMGEN INC (AMGN) Fundamental Analysis & Valuation

NASDAQ:AMGN • US0311621009

Current stock price

350.29 USD
+1.29 (+0.37%)
Last:

This AMGN fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

8

1. AMGN Profitability Analysis

1.1 Basic Checks

  • AMGN had positive earnings in the past year.
  • In the past year AMGN had a positive cash flow from operations.
  • Each year in the past 5 years AMGN has been profitable.
  • Each year in the past 5 years AMGN had a positive operating cash flow.
AMGN Yearly Net Income VS EBIT VS OCF VS FCFAMGN Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B

1.2 Ratios

  • The Return On Assets of AMGN (8.51%) is better than 93.04% of its industry peers.
  • The Return On Equity of AMGN (89.06%) is better than 99.42% of its industry peers.
  • AMGN has a better Return On Invested Capital (16.85%) than 96.71% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for AMGN is significantly below the industry average of 27.17%.
  • The last Return On Invested Capital (16.85%) for AMGN is above the 3 year average (14.35%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 8.51%
ROE 89.06%
ROIC 16.85%
ROA(3y)6.63%
ROA(5y)7.92%
ROE(3y)88.81%
ROE(5y)106.67%
ROIC(3y)14.35%
ROIC(5y)15.45%
AMGN Yearly ROA, ROE, ROICAMGN Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50 100 150

1.3 Margins

  • With an excellent Profit Margin value of 20.98%, AMGN belongs to the best of the industry, outperforming 93.23% of the companies in the same industry.
  • In the last couple of years the Profit Margin of AMGN has declined.
  • AMGN has a better Operating Margin (34.19%) than 96.33% of its industry peers.
  • AMGN's Operating Margin has improved in the last couple of years.
  • AMGN's Gross Margin of 73.30% is amongst the best of the industry. AMGN outperforms 81.62% of its industry peers.
  • In the last couple of years the Gross Margin of AMGN has grown nicely.
Industry RankSector Rank
OM 34.19%
PM (TTM) 20.98%
GM 73.3%
OM growth 3Y4.6%
OM growth 5Y4.15%
PM growth 3Y-5.54%
PM growth 5Y-5.99%
GM growth 3Y2.93%
GM growth 5Y1.72%
AMGN Yearly Profit, Operating, Gross MarginsAMGN Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. AMGN Health Analysis

2.1 Basic Checks

  • AMGN has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
  • The number of shares outstanding for AMGN has been increased compared to 1 year ago.
  • The number of shares outstanding for AMGN has been reduced compared to 5 years ago.
  • Compared to 1 year ago, AMGN has an improved debt to assets ratio.
AMGN Yearly Shares OutstandingAMGN Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M
AMGN Yearly Total Debt VS Total AssetsAMGN Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B 80B

2.2 Solvency

  • The Debt to FCF ratio of AMGN is 6.74, which is on the high side as it means it would take AMGN, 6.74 years of fcf income to pay off all of its debts.
  • AMGN's Debt to FCF ratio of 6.74 is amongst the best of the industry. AMGN outperforms 90.52% of its industry peers.
  • A Debt/Equity ratio of 5.78 is on the high side and indicates that AMGN has dependencies on debt financing.
  • AMGN has a worse Debt to Equity ratio (5.78) than 81.43% of its industry peers.
Industry RankSector Rank
Debt/Equity 5.78
Debt/FCF 6.74
Altman-Z N/A
ROIC/WACC1.83
WACC9.21%
AMGN Yearly LT Debt VS Equity VS FCFAMGN Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B

2.3 Liquidity

  • AMGN has a Current Ratio of 1.14. This is a normal value and indicates that AMGN is financially healthy and should not expect problems in meeting its short term obligations.
  • Looking at the Current ratio, with a value of 1.14, AMGN is doing worse than 84.72% of the companies in the same industry.
  • AMGN has a Quick Ratio of 1.14. This is a bad value and indicates that AMGN is not financially healthy enough and could expect problems in meeting its short term obligations.
  • AMGN has a worse Quick ratio (0.90) than 86.07% of its industry peers.
Industry RankSector Rank
Current Ratio 1.14
Quick Ratio 0.9
AMGN Yearly Current Assets VS Current LiabilitesAMGN Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. AMGN Growth Analysis

3.1 Past

  • AMGN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 10.24%, which is quite good.
  • The Earnings Per Share has been growing slightly by 5.65% on average over the past years.
  • The Revenue has grown by 9.95% in the past year. This is quite good.
  • The Revenue has been growing slightly by 7.65% on average over the past years.
EPS 1Y (TTM)10.24%
EPS 3Y7.29%
EPS 5Y5.65%
EPS Q2Q%-0.38%
Revenue 1Y (TTM)9.95%
Revenue growth 3Y11.77%
Revenue growth 5Y7.65%
Sales Q2Q%8.58%

3.2 Future

  • AMGN is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 4.89% yearly.
  • Based on estimates for the next years, AMGN will show a small growth in Revenue. The Revenue will grow by 3.17% on average per year.
EPS Next Y4.46%
EPS Next 2Y4.2%
EPS Next 3Y4.06%
EPS Next 5Y4.89%
Revenue Next Year4.11%
Revenue Next 2Y3.28%
Revenue Next 3Y3.03%
Revenue Next 5Y3.17%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
AMGN Yearly Revenue VS EstimatesAMGN Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 10B 20B 30B 40B
AMGN Yearly EPS VS EstimatesAMGN Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 10 20 30

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Find the best growth stocksShow best growing peers

6

4. AMGN Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 16.03 indicates a correct valuation of AMGN.
  • Based on the Price/Earnings ratio, AMGN is valued cheaper than 94.58% of the companies in the same industry.
  • The average S&P500 Price/Earnings ratio is at 24.75. AMGN is valued slightly cheaper when compared to this.
  • AMGN is valuated correctly with a Price/Forward Earnings ratio of 15.35.
  • Based on the Price/Forward Earnings ratio, AMGN is valued cheaper than 95.94% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 22.10. AMGN is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 16.03
Fwd PE 15.35
AMGN Price Earnings VS Forward Price EarningsAMGN Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

  • Based on the Price/Free Cash Flow ratio, AMGN is valued cheaply inside the industry as 94.58% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 23.31
EV/EBITDA N/A
AMGN Per share dataAMGN EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 -20 40 -40 60

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • The excellent profitability rating of AMGN may justify a higher PE ratio.
PEG (NY)3.6
PEG (5Y)2.84
EPS Next 2Y4.2%
EPS Next 3Y4.06%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

7

5. AMGN Dividend Analysis

5.1 Amount

  • AMGN has a Yearly Dividend Yield of 2.85%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 1.28, AMGN pays a better dividend. On top of this AMGN pays more dividend than 98.84% of the companies listed in the same industry.
  • AMGN's Dividend Yield is rather good when compared to the S&P500 average which is at 1.89.
Industry RankSector Rank
Dividend Yield 2.85%

5.2 History

  • The dividend of AMGN is nicely growing with an annual growth rate of 9.41%!
  • AMGN has been paying a dividend for at least 10 years, so it has a reliable track record.
  • AMGN has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)9.41%
Div Incr Years13
Div Non Decr Years13
AMGN Yearly Dividends per shareAMGN Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6 8

5.3 Sustainability

  • The dividend of AMGN is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP0%
EPS Next 2Y4.2%
EPS Next 3Y4.06%
AMGN Yearly Income VS Free CF VS DividendAMGN Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B 10B

More info and screens

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AMGN Fundamentals: All Metrics, Ratios and Statistics

AMGEN INC

NASDAQ:AMGN (3/31/2026, 9:51:08 AM)

350.29

+1.29 (+0.37%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryBiotechnology
Earnings (Last)02-03
Earnings (Next)04-29
Inst Owners85.05%
Inst Owner Change2.63%
Ins Owners0.06%
Ins Owner Change3.94%
Market Cap188.83B
Revenue(TTM)36.75B
Net Income(TTM)7.71B
Analysts70.95
Price Target360.65 (2.96%)
Short Float %2.66%
Short Ratio4.96
Dividend
Industry RankSector Rank
Dividend Yield 2.85%
Yearly Dividend9.01
Dividend Growth(5Y)9.41%
DP0%
Div Incr Years13
Div Non Decr Years13
Ex-Date05-15
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)9.92%
Min EPS beat(2)9.56%
Max EPS beat(2)10.28%
EPS beat(4)4
Avg EPS beat(4)10.8%
Min EPS beat(4)9.56%
Max EPS beat(4)11.73%
EPS beat(8)7
Avg EPS beat(8)6.29%
EPS beat(12)11
Avg EPS beat(12)5.41%
EPS beat(16)14
Avg EPS beat(16)4.51%
Revenue beat(2)2
Avg Revenue beat(2)3.3%
Min Revenue beat(2)2.11%
Max Revenue beat(2)4.49%
Revenue beat(4)3
Avg Revenue beat(4)1.61%
Min Revenue beat(4)-0.84%
Max Revenue beat(4)4.49%
Revenue beat(8)4
Avg Revenue beat(8)0.19%
Revenue beat(12)5
Avg Revenue beat(12)-0.22%
Revenue beat(16)6
Avg Revenue beat(16)-0.27%
PT rev (1m)0.11%
PT rev (3m)7.76%
EPS NQ rev (1m)-1.38%
EPS NQ rev (3m)-6.12%
EPS NY rev (1m)1.29%
EPS NY rev (3m)1.9%
Revenue NQ rev (1m)-0.53%
Revenue NQ rev (3m)-0.65%
Revenue NY rev (1m)0.1%
Revenue NY rev (3m)2.33%
Valuation
Industry RankSector Rank
PE 16.03
Fwd PE 15.35
P/S 5.14
P/FCF 23.31
P/OCF 18.96
P/B 21.81
P/tB N/A
EV/EBITDA N/A
EPS(TTM)21.85
EY6.24%
EPS(NY)22.82
Fwd EY6.52%
FCF(TTM)15.03
FCFY4.29%
OCF(TTM)18.47
OCFY5.27%
SpS68.17
BVpS16.06
TBVpS-59.91
PEG (NY)3.6
PEG (5Y)2.84
Graham Number88.86
Profitability
Industry RankSector Rank
ROA 8.51%
ROE 89.06%
ROCE 19.3%
ROIC 16.85%
ROICexc 19.6%
ROICexgc 73.08%
OM 34.19%
PM (TTM) 20.98%
GM 73.3%
FCFM 22.04%
ROA(3y)6.63%
ROA(5y)7.92%
ROE(3y)88.81%
ROE(5y)106.67%
ROIC(3y)14.35%
ROIC(5y)15.45%
ROICexc(3y)16.88%
ROICexc(5y)18.44%
ROICexgc(3y)72.7%
ROICexgc(5y)79.08%
ROCE(3y)16.43%
ROCE(5y)17.69%
ROICexgc growth 3Y-3.21%
ROICexgc growth 5Y2.03%
ROICexc growth 3Y4.63%
ROICexc growth 5Y5.17%
OM growth 3Y4.6%
OM growth 5Y4.15%
PM growth 3Y-5.54%
PM growth 5Y-5.99%
GM growth 3Y2.93%
GM growth 5Y1.72%
F-Score7
Asset Turnover0.41
Health
Industry RankSector Rank
Debt/Equity 5.78
Debt/FCF 6.74
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales 5.06%
Interest Coverage 250
Cash Conversion N/A
Profit Quality 105.05%
Current Ratio 1.14
Quick Ratio 0.9
Altman-Z N/A
F-Score7
WACC9.21%
ROIC/WACC1.83
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)4.09%
Cap/Sales(5y)3.84%
Profit Quality(3y)156.25%
Profit Quality(5y)149.01%
High Growth Momentum
Growth
EPS 1Y (TTM)10.24%
EPS 3Y7.29%
EPS 5Y5.65%
EPS Q2Q%-0.38%
EPS Next Y4.46%
EPS Next 2Y4.2%
EPS Next 3Y4.06%
EPS Next 5Y4.89%
Revenue 1Y (TTM)9.95%
Revenue growth 3Y11.77%
Revenue growth 5Y7.65%
Sales Q2Q%8.58%
Revenue Next Year4.11%
Revenue Next 2Y3.28%
Revenue Next 3Y3.03%
Revenue Next 5Y3.17%
EBIT growth 1Y73.11%
EBIT growth 3Y16.9%
EBIT growth 5Y12.12%
EBIT Next Year31.85%
EBIT Next 3Y9.8%
EBIT Next 5Y8.55%
FCF growth 1Y-22.07%
FCF growth 3Y-2.67%
FCF growth 5Y-3.91%
OCF growth 1Y-13.33%
OCF growth 3Y0.81%
OCF growth 5Y-1.05%

AMGEN INC / AMGN Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for AMGEN INC?

ChartMill assigns a fundamental rating of 5 / 10 to AMGN.


What is the valuation status of AMGEN INC (AMGN) stock?

ChartMill assigns a valuation rating of 6 / 10 to AMGEN INC (AMGN). This can be considered as Fairly Valued.


What is the profitability of AMGN stock?

AMGEN INC (AMGN) has a profitability rating of 8 / 10.


How financially healthy is AMGEN INC?

The financial health rating of AMGEN INC (AMGN) is 3 / 10.


What is the earnings growth outlook for AMGEN INC?

The Earnings per Share (EPS) of AMGEN INC (AMGN) is expected to grow by 4.46% in the next year.